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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

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

(Name and address of agents for service)

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

Date of fiscal year end: August 31

Date of reporting period: February 28, 2021

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Semi-Annual Report	February 28, 2021
	Fundamental Equity Growth Funds
	Capital Growth
	Concentrated Growth
	Flexible Cap
	Growth Opportunities
	Small Cap Growth
	Small/Mid Cap Growth
	Strategic Growth
	Technology Opportunities
	U.S. Equity ESG

Goldman Sachs Fundamental Equity Growth Funds

∎ CAPITAL GROWTH

∎ CONCENTRATED GROWTH

∎ FLEXIBLE CAP

∎ GROWTH OPPORTUNITIES

∎ SMALL CAP GROWTH

∎ SMALL/MID CAP GROWTH

∎ STRATEGIC GROWTH

∎ TECHNOLOGY OPPORTUNITIES

∎ U.S. EQUITY ESG

TABLE OF CONTENTS
Fund Basics	1
Schedules of Investments	19
Financial Statements	41
Financial Highlights	52
Capital Growth	52
Concentrated Growth	60
Flexible Cap	67
Growth Opportunities	74
Small Cap Growth	82
Small/Mid Cap Growth	89
Strategic Growth	97
Technology Opportunities	105
U.S. Equity ESG	112
Notes to Financial Statements	119
Other Information	144

NOT FDIC-INSURED May Lose Value No Bank Guarantee

FUND BASICS

Capital Growth Fund

as of February 28, 2021

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)1			Russell 1000® Index2
Class A		11.22	%		11.78	%
Class C		10.84			11.78
Institutional		11.41			11.78
Service		11.16			11.78
Investor		11.36			11.78
Class R6		11.43			11.78
Class R		11.12			11.78
Class P		11.44			11.78

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

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

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 2/28/20213
Holding	% of Net Assets			Line of Business
Microsoft Corp.		5.1	%	Software
Apple, Inc.		4.9		Technology Hardware, Storage & Peripherals
Amazon.com, Inc.		4.3		Internet & Direct Marketing Retail
Alphabet, Inc., Class A		2.2		Interactive Media & Services
Facebook, Inc., Class A		1.9		Interactive Media & Services
Alphabet, Inc., Class C		1.8		Interactive Media & Services
Visa, Inc., Class A		1.7		IT Services
American Express Co.		1.6		Consumer Finance
PayPal Holdings, Inc.		1.5		IT Services
Eli Lilly and Co.		1.4		Pharmaceuticals

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

1

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁴

As of February 28, 2021

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

2

FUND BASICS

Concentrated Growth Fund

as of February 28, 2021

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)1			Russell 1000® Growth  Index2
Class A		5.93	%		5.34	%
Class C		5.56			5.34
Institutional		6.10			5.34
Investor		6.10			5.34
Class R6		6.11			5.34
Class R		5.81			5.34
Class P		6.12			5.34

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 Russell 1000^® Growth Index is an unmanaged index that measures the performance of those Russell 1000^® companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000^® Growth Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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 2/28/20213
Holding	% of Net Assets			Line of Business
Microsoft Corp.		8.2	%	Software
Apple, Inc.		7.5		Technology Hardware, Storage & Peripherals
Alphabet, Inc., Class A		6.4		Interactive Media & Services
Visa, Inc., Class A		4.8		IT Services
Amazon.com, Inc.		4.7		Internet & Direct Marketing Retail
PayPal Holdings, Inc.		3.8		IT Services
Eli Lilly and Co.		3.2		Pharmaceuticals
NVIDIA Corp.		3.1		Semiconductors & Semiconductor Equipment
Marvell Technology Group Ltd.		3.1		Semiconductors & Semiconductor Equipment
NXP Semiconductors NV		3.0		Semiconductors & Semiconductor Equipment

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

3

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁴

As of February 28, 2021

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

4

FUND BASICS

Flexible Cap Fund

as of February 28, 2021

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)1			S&P 500® Index2
Class A		9.61	%		9.74	%
Class C		9.31			9.74
Institutional		9.86			9.74
Investor		9.77			9.74
Class R6		9.90			9.74
Class R		9.52			9.74
Class P		9.83			9.74

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

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

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 2/28/20213
Holding	% of Net Assets			Line of Business
Microsoft Corp.		5.9	%	Software
Apple, Inc.		5.9		Technology Hardware, Storage & Peripherals
Amazon.com, Inc.		4.6		Internet & Direct Marketing Retail
Alphabet, Inc., Class A		2.3		Interactive Media & Services
Facebook, Inc., Class A		2.2		Interactive Media & Services
JPMorgan Chase & Co.		2.0		Banks
Alphabet, Inc., Class C		1.9		Interactive Media & Services
Visa, Inc., Class A		1.6		IT Services
UnitedHealth Group, Inc.		1.4		Health Care Providers & Services
Walt Disney Co. (The)		1.4		Entertainment

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

5

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁴

As of February 28, 2021

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

6

FUND BASICS

Growth Opportunities Fund

as of February 28, 2021

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)1			Russell Midcap® Growth  Index2
Class A		20.54	%		18.96	%
Class C		20.19			18.96
Institutional		20.73			18.96
Service		20.46			18.96
Investor		20.71			18.96
Class R6		20.75			18.96
Class R		20.34			18.96
Class P		20.75			18.96

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

²  The Russell Midcap^® Growth Index is an unmanaged market capitalization weighted index that measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap^® Growth Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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 2/28/20213
Holding	% of Net Assets			Line of Business
Veeva Systems, Inc., Class A		2.6	%	Health Care Technology
Cadence Design Systems, Inc.		2.3		Software
RingCentral, Inc., Class A		2.3		Software
Palo Alto Networks, Inc.		2.3		Software
HubSpot, Inc.		2.0		Software
DocuSign, Inc.		2.0		Software
Amphenol Corp., Class A		1.9		Electronic Equipment, Instruments & Components
Rockwell Automation, Inc.		1.9		Electrical Equipment
Match Group, Inc.		1.9		Interactive Media & Services
Etsy, Inc.		1.8		Internet & Direct Marketing Retail

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

7

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁴

As of February 28, 2021

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

8

FUND BASICS

Small Cap Growth Fund

as of February 28, 2021

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)1			Russell 2000® Growth  Index2
Class A		36.75	%		37.33	%
Class C		36.22			37.33
Institutional		37.00			37.33
Investor		36.93			37.33
Class R6		36.99			37.33
Class R		36.56			37.33
Class P		36.92			37.33

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

²  The Russell 2000^® Growth Index (with dividends reinvested) is an unmanaged index of common stock prices that measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000^® Growth Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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 2/28/20213
Holding	% of Net Assets			Line of Business
Halozyme Therapeutics, Inc.		1.8	%	Biotechnology
Quanterix Corp.		1.7		Life Sciences Tools & Services
Brooks Automation, Inc.		1.6		Semiconductors & Semiconductor Equipment
Crocs, Inc.		1.6		Textiles, Apparel & Luxury Goods
Colfax Corp.		1.5		Machinery
RBC Bearings, Inc.		1.5		Machinery
Workiva, Inc.		1.5		Software
Omnicell, Inc.		1.4		Health Care Technology
YETI Holdings, Inc.		1.4		Leisure Products
Kratos Defense & Security Solutions, Inc.		1.4		Aerospace & Defense

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

9

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁴

As of February 28, 2021

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

10

FUND BASICS

Small/Mid Cap Growth Fund

as of February 28, 2021

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)1			Russell 2500® Growth Index2
Class A		29.47	%		32.45	%
Class C		28.97			32.45
Institutional		29.68			32.45
Service		29.34			32.45
Investor		29.63			32.45
Class R6		29.65			32.45
Class R		29.32			32.45
Class P		29.69			32.45

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

²  The Russell 2500^® Growth Index is an unmanaged index that measures the performance of the small to mid-cap growth segment of the US equity universe. The Russell 2500^® Growth Index is constructed to provide a comprehensive and unbiased barometer of the small- to mid-cap growth market. Based on ongoing empirical research of investment manager behavior, the methodology used to determine growth probability approximates the aggregate small- to mid-cap growth manager’s opportunity set. The Russell 2500^® Growth Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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 2/28/20213
Holding	% of Net Assets			Line of Business
Generac Holdings, Inc.		2.4	%	Electrical Equipment
HubSpot, Inc.		2.2		Software
Guardant Health, Inc.		2.1		Health Care Providers & Services
Zendesk, Inc.		1.8		Software
PerkinElmer, Inc.		1.8		Life Sciences Tools & Services
Bio-Techne Corp.		1.8		Life Sciences Tools & Services
Entegris, Inc.		1.7		Semiconductors & Semiconductor Equipment
Colfax Corp.		1.7		Machinery
Molina Healthcare, Inc.		1.6		Health Care Providers & Services
Dynatrace, Inc.		1.6		Software

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

11

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁴

As of February 28, 2021

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

12

FUND BASICS

Strategic Growth Fund

as of February 28, 2021

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)1			Russell 1000® Growth Index2
Class A		8.26	%		5.34	%
Class C		7.93			5.34
Institutional		8.46			5.34
Service		8.17			5.34
Investor		8.31			5.34
Class R6		8.42			5.34
Class R		8.12			5.34
Class P		8.42			5.34

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 Russell 1000^® Growth Index is an unmanaged index that measures the performance of those Russell 1000^® companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000^® Growth Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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 2/28/20213
Holding	% of Net Assets			Line of Business
Apple, Inc.		8.4	%	Technology Hardware, Storage & Peripherals
Microsoft Corp.		7.3		Software
Amazon.com, Inc.		5.4		Internet & Direct Marketing Retail
Alphabet, Inc., Class A		4.5		Interactive Media & Services
Visa, Inc., Class A		3.5		IT Services
Facebook, Inc., Class A		3.4		Interactive Media & Services
NVIDIA Corp.		3.1		Semiconductors & Semiconductor Equipment
Alphabet, Inc., Class C		2.7		Interactive Media & Services
Tesla, Inc.		2.6		Automobiles
PayPal Holdings, Inc.		2.6		IT Services

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

13

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁴

As of February 28, 2021

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

14

FUND BASICS

Technology Opportunities Fund

as of February 28, 2021

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)1			NASDAQ Composite Total Return Index2
Class A		8.00	%		12.43	%
Class C		7.59			12.43
Institutional		8.14			12.43
Service		7.85			12.43
Investor		8.15			12.43
Class R6		8.13			12.43
Class P		8.13			12.43

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

²  The NASDAQ Composite Index includes all domestic and international based common type stocks listed on The NASDAQ Stock Market. The NASDAQ Composite Index is a broad based Index. It is not possible to invest directly in an index.

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 2/28/20213
Holding	% of Net Assets			Line of Business
Microsoft Corp.		8.4	%	Software
Alphabet, Inc., Class C		6.1		Interactive Media & Services
Facebook, Inc., Class A		5.3		Interactive Media & Services
Amazon.com, Inc.		4.6		Internet & Direct Marketing Retail
PayPal Holdings, Inc.		4.4		IT Services
Visa, Inc., Class A		4.2		IT Services
Alphabet, Inc., Class A		4.0		Interactive Media & Services
Marvell Technology Group Ltd.		3.0		Semiconductors & Semiconductor Equipment
Apple, Inc.		3.0		Technology Hardware, Storage & Peripherals
Walt Disney Co. (The)		2.8		Entertainment

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

15

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁴

As of February 28, 2021

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

16

FUND BASICS

U.S. Equity ESG Fund

as of February 28, 2021

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)1			S&P 500® Index2
Class A		12.49	%		9.74	%
Class C		12.07			9.74
Institutional		12.65			9.74
Investor		12.63			9.74
Class R6		12.64			9.74
Class R		12.37			9.74
Class P		12.65			9.74

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

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

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 2/28/20213
Holding	% of Net Assets			Line of Business
Microsoft Corp.		6.4	%	Software
Apple, Inc.		5.4		Technology Hardware, Storage & Peripherals
Alphabet, Inc., Class A		5.3		Interactive Media & Services
JPMorgan Chase & Co.		3.7		Banks
Visa, Inc., Class A		3.3		IT Services
Walt Disney Co. (The)		3.3		Entertainment
Eli Lilly and Co.		3.1		Pharmaceuticals
American Express Co.		2.7		Consumer Finance
Union Pacific Corp.		2.7		Road & Rail
NextEra Energy, Inc.		2.6		Electric Utilities

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

17

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁴

As of February 28, 2021

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

18

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 97.5%
Aerospace & Defense – 1.4%
	26,233	Boeing Co. (The)*	$	5,561,658
	15,006	HEICO Corp.		1,887,455
	26,621	L3Harris Technologies, Inc.		4,842,626
	8,576	Northrop Grumman Corp.		2,501,276
				14,793,015
Airlines – 0.2%
	45,214	United Airlines Holdings, Inc.*		2,381,874
Auto Components – 0.6%
	42,960	Aptiv PLC*		6,437,126
Automobiles – 0.8%
	11,811	Tesla, Inc.*		7,978,331
Banks – 2.4%
	70,349	JPMorgan Chase & Co.		10,353,262
	14,988	M&T Bank Corp.		2,262,289
	26,424	Pinnacle Financial Partners, Inc.		2,144,836
	9,927	SVB Financial Group*		5,016,709
	98,686	Truist Financial Corp.		5,621,154
				25,398,250
Beverages – 1.8%
	125,565	Coca-Cola Co. (The)		6,151,429
	102,803	Coca-Cola European Partners PLC (United Kingdom)		5,237,813
	27,707	Constellation Brands, Inc., Class A		5,933,177
	22,387	Monster Beverage Corp.*		1,964,236
				19,286,655
Biotechnology – 1.6%
	38,595	ACADIA Pharmaceuticals, Inc.*		1,889,997
	17,143	Agios Pharmaceuticals, Inc.*		813,264
	8,208	Biogen, Inc.*		2,239,799
	21,888	BioMarin Pharmaceutical, Inc.*		1,694,788
	105,611	Genmab A/S ADR (Denmark)*		3,577,044
	24,567	Ionis Pharmaceuticals, Inc.*		1,287,311
	18,636	Neurocrine Biosciences, Inc.*		2,040,828
	18,146	Sarepta Therapeutics, Inc.*		1,579,791
	10,353	Seagen, Inc.*		1,564,442
				16,687,264
Building Products – 0.2%
	16,554	Trane Technologies PLC		2,536,735
Capital Markets – 2.5%
	22,389	Bank of New York Mellon Corp. (The)		943,920
	5,193	BlackRock, Inc.		3,606,539
	35,181	Charles Schwab Corp. (The)		2,171,371
	6,807	CME Group, Inc.		1,359,358
	21,277	Intercontinental Exchange, Inc.		2,347,066
	140,363	Morgan Stanley		10,789,704
	7,279	Northern Trust Corp.		692,451
	11,639	Raymond James Financial, Inc.		1,358,737
	9,078	S&P Global, Inc.		2,989,930
				26,259,076
Common Stocks – (continued)
Chemicals – 1.9%
	33,934	Ecolab, Inc.		7,104,422
	35,396	Linde PLC (United Kingdom)		8,646,181
	7,135	Sherwin-Williams Co. (The)		4,854,226
				20,604,829
Commercial Services & Supplies – 0.1%
	5,686	Waste Connections, Inc.		555,465
Communications Equipment – 0.9%
	201,288	Cisco Systems, Inc.		9,031,792
Construction Materials – 0.9%
	26,855	Martin Marietta Materials, Inc.		9,046,644
Consumer Finance – 2.2%
	128,195	American Express Co.		17,339,656
	63,904	Discover Financial Services		6,011,449
				23,351,105
Containers & Packaging – 0.5%
	63,708	Ball Corp.		5,440,026
Diversified Consumer Services – 0.1%
	7,245	Bright Horizons Family Solutions, Inc.*		1,156,737
Diversified Financial Services – 1.4%
	62,253	Berkshire Hathaway, Inc., Class B*		14,972,469
Diversified Telecommunication Services – 0.2%
	42,696	Verizon Communications, Inc.		2,361,089
Electric Utilities – 0.9%
	118,333	NextEra Energy, Inc.		8,695,109
	20,943	Xcel Energy, Inc.		1,227,050
				9,922,159
Electrical Equipment – 0.3%
	24,984	Eaton Corp. PLC		3,252,667
Electronic Equipment, Instruments & Components – 0.6%
	49,248	Amphenol Corp., Class A		6,189,489
Entertainment – 2.9%
	21,746	Activision Blizzard, Inc.		2,079,135
	24,105	Electronic Arts, Inc.		3,229,347
	18,130	Live Nation Entertainment, Inc.*		1,611,032
	18,763	Netflix, Inc.*		10,110,442
	75,624	Walt Disney Co. (The)*		14,295,961
				31,325,917
Equity Real Estate Investment Trusts (REITs) – 2.6%
	23,187	Alexandria Real Estate Equities, Inc. REIT		3,702,732
	16,424	American Tower Corp. REIT		3,549,719
	29,579	CyrusOne, Inc. REIT		1,941,270
	2,124	Equinix, Inc. REIT		1,377,074
	21,937	Equity LifeStyle Properties, Inc. REIT		1,352,416
	40,139	Healthpeak Properties, Inc. REIT		1,167,644
	88,429	Host Hotels & Resorts, Inc. REIT		1,467,037

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	84,773	Invitation Homes, Inc. REIT	$	2,470,285
	34,506	Life Storage, Inc. REIT		2,895,053
	57,854	Prologis, Inc. REIT		5,731,596
	23,394	Welltower, Inc. REIT		1,588,453
				27,243,279
Food & Staples Retailing – 0.8%
	66,369	Walmart, Inc.		8,622,661
Food Products – 1.2%
	74,920	McCormick & Co., Inc.		6,314,258
	126,020	Mondelez International, Inc., Class A		6,699,223
				13,013,481
Gas Utilities – 0.2%
	22,527	Atmos Energy Corp.		1,906,009
Health Care Equipment & Supplies – 4.4%
	245,316	Boston Scientific Corp.*		9,513,355
	31,996	Danaher Corp.		7,028,561
	37,293	Hologic, Inc.*		2,688,452
	22,087	Insulet Corp.*		5,722,742
	10,235	Intuitive Surgical, Inc.*		7,541,148
	18,816	West Pharmaceutical Services, Inc.		5,280,710
	55,203	Zimmer Biomet Holdings, Inc.		9,001,401
				46,776,369
Health Care Providers & Services – 2.7%
	128,218	CVS Health Corp.		8,735,492
	30,781	Guardant Health, Inc.*		4,530,348
	12,501	Humana, Inc.		4,746,005
	32,856	UnitedHealth Group, Inc.		10,915,420
				28,927,265
Health Care Technology – 0.8%
	118,986	American Well Corp., Class A*		2,911,587
	21,036	Veeva Systems, Inc., Class A*		5,892,394
				8,803,981
Hotels, Restaurants & Leisure – 2.0%
	33,493	Las Vegas Sands Corp.		2,096,662
	41,390	McDonald’s Corp.		8,532,135
	19,326	Wyndham Hotels & Resorts, Inc.		1,261,601
	32,564	Wynn Resorts Ltd.*		4,289,656
	45,897	Yum! Brands, Inc.		4,751,716
				20,931,770
Household Durables – 0.1%
	8,907	Lennar Corp., Class A		739,014
Household Products – 1.2%
	105,552	Procter & Gamble Co. (The)		13,038,839
Industrial Conglomerates – 1.6%
	591,899	General Electric Co.		7,422,413
	48,200	Honeywell International, Inc.		9,753,270
				17,175,683
Common Stocks – (continued)
Insurance – 1.5%
	12,818	Allstate Corp. (The)		1,366,399
	15,375	American International Group, Inc.		675,731
	32,647	Chubb Ltd.		5,307,749
	25,209	Globe Life, Inc.		2,354,521
	2,412	Markel Corp.*		2,626,186
	24,458	Marsh & McLennan Cos., Inc.		2,818,051
	3,476	Progressive Corp. (The)		298,762
	7,332	Reinsurance Group of America, Inc.		896,190
				16,343,589
Interactive Media & Services – 6.1%
	11,288	Alphabet, Inc., Class A*		22,823,320
	9,122	Alphabet, Inc., Class C*		18,580,237
	77,239	Facebook, Inc., Class A*		19,898,311
	45,513	Snap, Inc., Class A*		2,988,384
				64,290,252
Internet & Direct Marketing Retail – 4.7%
	14,643	Amazon.com, Inc.*		45,289,774
	14,180	Etsy, Inc.*		3,123,429
	20,076	Farfetch Ltd., Class A (United Kingdom)*		1,322,607
				49,735,810
IT Services – 6.5%
	7,278	Accenture PLC, Class A		1,826,050
	15,156	Booz Allen Hamilton Holding Corp.		1,169,134
	42,930	Cognizant Technology Solutions Corp., Class A		3,154,496
	7,506	EPAM Systems, Inc.*		2,804,317
	79,107	Fidelity National Information Services, Inc.		10,916,766
	18,477	Fiserv, Inc.*		2,131,692
	45,289	International Business Machines Corp.		5,386,221
	21,619	Mastercard, Inc., Class A		7,649,883
	60,472	PayPal Holdings, Inc.*		15,713,649
	3,036	Snowflake, Inc., Class A*		787,963
	84,694	Visa, Inc., Class A		17,988,159
				69,528,330
Leisure Products – 0.2%
	24,912	Brunswick Corp.		2,201,473
Life Sciences Tools & Services – 0.9%
	12,603	Adaptive Biotechnologies Corp.*		712,952
	7,705	Illumina, Inc.*		3,385,654
	29,404	PerkinElmer, Inc.		3,707,550
	3,318	Thermo Fisher Scientific, Inc.		1,493,366
				9,299,522
Machinery – 1.5%
	23,900	Deere & Co.		8,343,968
	39,735	Illinois Tool Works, Inc.		8,033,622
				16,377,590
Media – 0.9%
	191,271	Comcast Corp., Class A		10,083,807

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Shares		Description	Value
Common Stocks – (continued)
Metals & Mining – 0.2%
	61,702	Freeport-McMoRan, Inc.*	$	2,092,315
Multiline Retail – 0.7%
	11,766	Dollar General Corp.		2,223,656
	47,985	Dollar Tree, Inc.*		4,712,127
				6,935,783
Multi-Utilities – 0.8%
	58,493	Ameren Corp.		4,110,303
	84,200	CMS Energy Corp.		4,556,062
				8,666,365
Oil, Gas & Consumable Fuels – 1.7%
	106,984	Cheniere Energy, Inc.*		7,209,652
	78,014	Chevron Corp.		7,801,400
	49,477	ConocoPhillips		2,573,299
				17,584,351
Personal Products – 0.7%
	27,760	Estee Lauder Cos., Inc. (The), Class A		7,935,474
Pharmaceuticals – 3.1%
	49,000	AstraZeneca PLC ADR (United Kingdom)(a)		2,370,620
	181,882	Bristol-Myers Squibb Co.		11,154,823
	40,048	Catalent, Inc.*		4,553,858
	73,655	Eli Lilly and Co.		15,091,173
				33,170,474
Professional Services – 0.4%
	41,242	TransUnion		3,472,989
	3,826	Verisk Analytics, Inc.		626,890
				4,099,879
Road & Rail – 2.0%
	25,040	Norfolk Southern Corp.		6,311,582
	22,404	Old Dominion Freight Line, Inc.		4,811,707
	50,878	Union Pacific Corp.		10,478,833
				21,602,122
Semiconductors & Semiconductor Equipment – 4.5%
	48,006	Advanced Micro Devices, Inc.*		4,056,987
	17,953	KLA Corp.		5,587,512
	160,257	Marvell Technology Group Ltd.		7,737,208
	24,210	Micron Technology, Inc.*		2,215,941
	13,386	NVIDIA Corp.		7,343,292
	43,161	NXP Semiconductors NV (Netherlands)		7,879,041
	19,137	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)		2,410,114
	61,086	Texas Instruments, Inc.		10,523,285
				47,753,380
Software – 10.0%
	22,582	Adobe, Inc.*		10,380,268
	14,823	Atlassian Corp. PLC, Class A*		3,523,427
	18,926	Bill.com Holdings, Inc.*		3,122,979
Common Stocks – (continued)
Software – (continued)
	13,185	HubSpot, Inc.*		6,790,275
	12,556	Intuit, Inc.		4,898,598
	234,260	Microsoft Corp.		54,437,339
	14,063	Palo Alto Networks, Inc.*		5,038,913
	4,771	Paycom Software, Inc.*		1,785,499
	39,255	Qualtrics International, Inc., Class A*		1,491,690
	10,017	ServiceNow, Inc.*		5,343,669
	23,106	Splunk, Inc.*		3,304,389
	23,428	Workday, Inc., Class A*		5,744,077
				105,861,123
Specialty Retail – 2.1%
	17,751	Advance Auto Parts, Inc.		2,846,373
	4,539	Burlington Stores, Inc.*		1,174,784
	29,706	Lowe’s Cos., Inc.		4,745,533
	5,563	O’Reilly Automotive, Inc.*		2,488,497
	3,759	RH*		1,843,301
	40,746	Ross Stores, Inc.		4,752,613
	13,751	Ulta Beauty, Inc.*		4,432,360
				22,283,461
Technology Hardware, Storage & Peripherals – 4.9%
	428,155	Apple, Inc.		51,918,075
Textiles, Apparel & Luxury Goods – 1.5%
	11,883	Lululemon Athletica, Inc.*		3,703,693
	66,706	NIKE, Inc., Class B		8,990,635
	34,153	PVH Corp.		3,413,934
				16,108,262
Water Utilities – 0.4%
	28,947	American Water Works Co., Inc.		4,107,000
Wireless Telecommunication Services – 0.2%
	21,190	T-Mobile US, Inc.*		2,542,164
	TOTAL COMMON STOCKS
	(Cost $605,458,385)		$	1,036,667,666
Shares		Dividend Rate	Value
Investment Company – 0.3%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	3,237,339	0.036%	$	3,237,339
	(Cost $3,237,339)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $608,695,724)		$	1,039,905,005

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.0%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	5,000	0.036%	$	5,000
	(Cost $5,000)
	TOTAL INVESTMENTS – 97.8%
	(Cost $608,700,724)		$	1,039,910,005
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.2%			22,897,634
	NET ASSETS – 100.0%		$	1,062,807,639

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

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 98.2%
Aerospace & Defense – 1.3%
	11,477	Boeing Co. (The)*	$	2,433,239
Auto Components – 1.9%
	23,318	Aptiv PLC*		3,493,969
Beverages – 1.4%
	31,010	Monster Beverage Corp.*		2,720,817
Biotechnology – 3.2%
	24,851	BioMarin Pharmaceutical, Inc.*		1,924,213
	61,539	Genmab A/S ADR (Denmark)*		2,084,326
	24,315	Sarepta Therapeutics, Inc.*		2,116,864
				6,125,403
Chemicals – 1.5%
	13,922	Ecolab, Inc.		2,914,710
Entertainment – 4.2%
	31,484	Live Nation Entertainment, Inc.*		2,797,668
	9,696	Netflix, Inc.*		5,224,690
				8,022,358
Equity Real Estate Investment Trusts (REITs) – 1.9%
	16,957	American Tower Corp. REIT		3,664,916
Food & Staples Retailing – 1.1%
	16,613	Walmart, Inc.		2,158,361
Food Products – 1.1%
	25,582	McCormick & Co., Inc.		2,156,051
Health Care Equipment & Supplies – 5.5%
	132,291	Boston Scientific Corp.*		5,130,245
	12,205	Danaher Corp.		2,681,072
	10,120	Insulet Corp.*		2,622,092
				10,433,409
Health Care Providers & Services – 1.3%
	6,363	Humana, Inc.		2,415,713
Health Care Technology – 1.2%
	8,114	Veeva Systems, Inc., Class A*		2,272,813
Hotels, Restaurants & Leisure – 1.5%
	13,561	McDonald’s Corp.		2,795,465
Interactive Media & Services – 9.5%
	5,976	Alphabet, Inc., Class A*		12,082,934
	2,021	Alphabet, Inc., Class C*		4,116,494
	28,098	Snap, Inc., Class A*		1,844,915
				18,044,343
Internet & Direct Marketing Retail – 4.7%
	2,850	Amazon.com, Inc.*		8,814,851
IT Services – 11.9%
	31,427	Fidelity National Information Services, Inc.		4,336,926
	27,962	PayPal Holdings, Inc.*		7,265,925
	7,531	Snowflake, Inc., Class A*		1,954,596
Common Stocks – (continued)
IT Services – (continued)
	42,720	Visa, Inc., Class A		9,073,301
				22,630,748
Life Sciences Tools & Services – 1.5%
	6,470	Illumina, Inc.*		2,842,983
Pharmaceuticals – 3.2%
	29,170	Eli Lilly and Co.		5,976,641
Professional Services – 1.3%
	14,564	Verisk Analytics, Inc.		2,386,311
Road & Rail – 1.7%
	36,078	CSX Corp.		3,302,941
Semiconductors & Semiconductor Equipment – 9.2%
	122,130	Marvell Technology Group Ltd.		5,896,436
	10,806	NVIDIA Corp.		5,927,955
	31,061	NXP Semiconductors NV (Netherlands)		5,670,186
				17,494,577
Software – 14.9%
	12,061	Adobe, Inc.*		5,544,080
	67,260	Microsoft Corp.		15,629,879
	17,449	Splunk, Inc.*		2,495,382
	18,691	Workday, Inc., Class A*		4,582,659
				28,252,000
Specialty Retail – 1.5%
	24,823	Ross Stores, Inc.		2,895,355
Technology Hardware, Storage & Peripherals – 7.5%
	116,698	Apple, Inc.		14,150,799
Textiles, Apparel & Luxury Goods – 4.2%
	7,935	Lululemon Athletica, Inc.*		2,473,181
	40,377	NIKE, Inc., Class B		5,442,012
				7,915,193
	TOTAL COMMON STOCKS
	(Cost $98,335,657)		$	186,313,966
Shares		Dividend Rate	Value
Investment Company – 0.4%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	850,967	0.036%	$	850,967
	(Cost $850,967)
	TOTAL INVESTMENTS – 98.6%
	(Cost $99,186,624)		$	187,164,933
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.4%			2,497,757
	NET ASSETS – 100.0%		$	189,662,690

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Schedule of Investments (continued)

February 28, 2021 (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)	Represents an affiliated issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS FLEXIBLE CAP FUND

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 98.8%
Automobiles – 1.2%
	469	Tesla, Inc.*	$	316,810
Banks – 5.0%
	1,595	Bank of America Corp.		55,363
	2,779	East West Bancorp, Inc.		200,533
	3,579	JPMorgan Chase & Co.		526,721
	1,145	M&T Bank Corp.		172,826
	389	SVB Financial Group*		196,585
	3,520	Truist Financial Corp.		200,499
				1,352,527
Beverages – 1.8%
	3,236	Coca-Cola Co. (The)		158,532
	2,062	Coca-Cola European Partners PLC (United Kingdom)		105,059
	568	Constellation Brands, Inc., Class A		121,631
	1,245	Monster Beverage Corp.*		109,236
				494,458
Biotechnology – 1.6%
	1,445	BioMarin Pharmaceutical, Inc.*		111,886
	3,181	Genmab A/S ADR (Denmark)*		107,741
	1,239	Neurocrine Biosciences, Inc.*		135,683
	833	Sarepta Therapeutics, Inc.*		72,521
				427,831
Building Products – 0.6%
	1,045	Trane Technologies PLC		160,136
Capital Markets – 1.7%
	1,398	Cboe Global Markets, Inc.		138,346
	1,462	Raymond James Financial, Inc.		170,674
	491	S&P Global, Inc.		161,716
				470,736
Chemicals – 0.5%
	693	Ecolab, Inc.		145,086
Communications Equipment – 0.9%
	4,965	Juniper Networks, Inc.		115,585
	789	Motorola Solutions, Inc.		138,454
				254,039
Construction Materials – 0.6%
	497	Martin Marietta Materials, Inc.		167,424
Consumer Finance – 1.5%
	1,590	American Express Co.		215,063
	2,092	Discover Financial Services		196,795
				411,858
Containers & Packaging – 0.9%
	1,430	Ball Corp.		122,108
	973	Packaging Corp. of America		128,455
				250,563
Diversified Financial Services – 1.0%
	1,061	Berkshire Hathaway, Inc., Class B*		255,181
Common Stocks – (continued)
Diversified Telecommunication Services – 0.9%
	1,518	AT&T, Inc.		42,337
	3,565	Verizon Communications, Inc.		197,145
				239,482
Electrical Equipment – 1.1%
	1,351	Eaton Corp. PLC		175,886
	542	Rockwell Automation, Inc.		131,858
				307,744
Electronic Equipment, Instruments & Components – 0.4%
	3,705	Vontier Corp.*		116,337
Energy Equipment & Services – 0.5%
	5,991	Baker Hughes Co.		146,660
Entertainment – 2.1%
	775	Electronic Arts, Inc.		103,827
	151	Netflix, Inc.*		81,366
	2,001	Walt Disney Co. (The)*		378,269
				563,462
Equity Real Estate Investment Trusts (REITs) – 2.6%
	750	AvalonBay Communities, Inc. REIT		131,812
	496	Essex Property Trust, Inc. REIT		126,376
	3,303	Invitation Homes, Inc. REIT		96,249
	3,030	MGM Growth Properties LLC, Class A REIT		100,051
	412	SBA Communications Corp. REIT		105,114
	1,311	Simon Property Group, Inc. REIT		148,038
				707,640
Food & Staples Retailing – 0.9%
	1,774	Walmart, Inc.		230,478
Food Products – 1.3%
	1,379	Lamb Weston Holdings, Inc.		110,003
	1,064	McCormick & Co., Inc.		89,674
	2,657	Mondelez International, Inc., Class A		141,246
				340,923
Health Care Equipment & Supplies – 3.0%
	4,543	Boston Scientific Corp.*		176,178
	1,072	Danaher Corp.		235,486
	1,783	Hologic, Inc.*		128,536
	461	West Pharmaceutical Services, Inc.		129,380
	937	Zimmer Biomet Holdings, Inc.		152,787
				822,367
Health Care Providers & Services – 3.5%
	2,208	Centene Corp.*		129,256
	2,724	CVS Health Corp.		185,586
	378	Humana, Inc.		143,508
	992	Quest Diagnostics, Inc.		114,665
	1,148	UnitedHealth Group, Inc.		381,389
				954,404

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

GOLDMAN SACHS FLEXIBLE CAP FUND

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Health Care Technology – 0.5%
	463	Veeva Systems, Inc., Class A*	$	129,691
Hotels, Restaurants & Leisure – 2.1%
	2,384	Las Vegas Sands Corp.		149,239
	1,245	McDonald’s Corp.		256,644
	1,451	Yum! Brands, Inc.		150,222
				556,105
Household Durables – 0.6%
	1,900	Lennar Corp., Class A		157,643
Household Products – 1.6%
	1,258	Church & Dwight Co., Inc.		99,067
	2,662	Procter & Gamble Co. (The)		328,837
				427,904
Independent Power and Renewable Electricity Producers – 0.6%
	5,698	AES Corp. (The)		151,339
Industrial Conglomerates – 0.8%
	1,106	Honeywell International, Inc.		223,799
Insurance – 2.1%
	1,320	Allstate Corp. (The)		140,712
	1,564	American Financial Group, Inc.		166,879
	1,323	Globe Life, Inc.		123,568
	2,872	Hartford Financial Services Group, Inc. (The)		145,582
				576,741
Interactive Media & Services – 6.7%
	310	Alphabet, Inc., Class A*		626,792
	249	Alphabet, Inc., Class C*		507,178
	2,261	Facebook, Inc., Class A*		582,479
	670	Match Group, Inc.*		102,410
				1,818,859
Internet & Direct Marketing Retail – 4.6%
	398	Amazon.com, Inc.*		1,230,986
IT Services – 5.3%
	529	Accenture PLC, Class A		132,726
	1,293	Booz Allen Hamilton Holding Corp.		99,742
	2,084	Cognizant Technology Solutions Corp., Class A		153,132
	1,274	Fidelity National Information Services, Inc.		175,812
	1,902	International Business Machines Corp.		226,205
	370	Mastercard, Inc., Class A		130,925
	400	PayPal Holdings, Inc.*		103,940
	1,975	Visa, Inc., Class A		419,470
				1,441,952
Leisure Products – 0.5%
	1,443	Brunswick Corp.		127,518
Life Sciences Tools & Services – 1.5%
	125	Mettler-Toledo International, Inc.*		139,506
	938	PerkinElmer, Inc.		118,272
Common Stocks – (continued)
Life Sciences Tools & Services – (continued)
	1,060	PRA Health Sciences, Inc.*		156,255
				414,033
Machinery – 3.1%
	607	Cummins, Inc.		153,692
	2,091	Fortive Corp.		137,630
	1,833	Graco, Inc.		127,119
	656	IDEX Corp.		128,031
	766	Illinois Tool Works, Inc.		154,870
	1,667	ITT, Inc.		138,328
				839,670
Media – 1.5%
	5,805	Comcast Corp., Class A		306,040
	2,174	Liberty Media Corp.-Liberty SiriusXM, Class A*		96,547
				402,587
Metals & Mining – 0.6%
	4,733	Freeport-McMoRan, Inc.*		160,496
Multiline Retail – 0.5%
	739	Dollar General Corp.		139,664
Multi-Utilities – 1.6%
	1,399	Ameren Corp.		98,308
	1,836	CMS Energy Corp.		99,346
	2,229	Public Service Enterprise Group, Inc.		119,987
	985	Sempra Energy		114,240
				431,881
Oil, Gas & Consumable Fuels – 2.2%
	1,852	Cheniere Energy, Inc.*		124,806
	2,825	Chevron Corp.		282,500
	2,152	Phillips 66		178,724
				586,030
Personal Products – 0.6%
	577	Estee Lauder Cos., Inc. (The), Class A		164,941
Pharmaceuticals – 2.8%
	4,293	Bristol-Myers Squibb Co.		263,290
	1,325	Eli Lilly and Co.		271,479
	1,403	Johnson & Johnson		222,319
				757,088
Professional Services – 0.5%
	797	Verisk Analytics, Inc.		130,588
Road & Rail – 1.2%
	1,998	CSX Corp.		182,917
	607	Old Dominion Freight Line, Inc.		130,365
				313,282
Semiconductors & Semiconductor Equipment – 3.5%
	1,275	Intel Corp.		77,495
	1,082	Microchip Technology, Inc.		165,146
	868	MKS Instruments, Inc.		143,133

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

GOLDMAN SACHS FLEXIBLE CAP FUND

Shares		Description	Value
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – (continued)
	271	NVIDIA Corp.	$	148,665
	899	NXP Semiconductors NV (Netherlands)		164,112
	1,492	Texas Instruments, Inc.		257,027
				955,578
Software – 10.0%
	613	Adobe, Inc.*		281,778
	1,230	Cadence Design Systems, Inc.*		173,541
	571	Intuit, Inc.		222,770
	6,909	Microsoft Corp.		1,605,513
	416	Palo Alto Networks, Inc.*		149,057
	989	Proofpoint, Inc.*		119,590
	182	salesforce.com, Inc.*		39,403
	464	Workday, Inc., Class A*		113,763
				2,705,415
Specialty Retail – 2.7%
	713	Advance Auto Parts, Inc.		114,330
	424	Home Depot, Inc. (The)		109,536
	1,303	Lowe’s Cos., Inc.		208,154
	343	O’Reilly Automotive, Inc.*		153,434
	408	Ulta Beauty, Inc.*		131,511
				716,965
Technology Hardware, Storage & Peripherals – 6.6%
	13,216	Apple, Inc.		1,602,572
	2,727	NetApp, Inc.		170,710
				1,773,282
Trading Companies & Distributors – 0.5%
	2,956	Fastenal Co.		137,070
Water Utilities – 0.4%
	825	American Water Works Co., Inc.		117,051
	TOTAL COMMON STOCKS
	(Cost $18,027,218)		$	26,724,304

Shares		Dividend Rate	Value
Investment Company – 1.1%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	298,315	0.036%	$	298,315
	(Cost $298,315)
	TOTAL INVESTMENTS – 99.9%
	(Cost $18,325,533)		$	27,022,619
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%			24,988
	NET ASSETS – 100.0%		$	27,047,607

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

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 99.7%
Aerospace & Defense – 0.5%
	57,177	HEICO Corp.	$	7,191,723
Beverages – 1.0%
	277,083	Coca-Cola European Partners PLC (United Kingdom)		14,117,379
Biotechnology – 3.8%
	168,098	Agios Pharmaceuticals, Inc.*		7,974,569
	118,695	BioMarin Pharmaceutical, Inc.*		9,190,554
	54,407	Exact Sciences Corp.*		7,405,881
	142,003	Genmab A/S ADR (Denmark)*		4,809,642
	127,422	Neurocrine Biosciences, Inc.*		13,953,983
	71,702	Seagen, Inc.*		10,834,889
				54,169,518
Building Products – 2.0%
	376,173	AZEK Co., Inc. (The)*		16,592,991
	77,409	Trane Technologies PLC		11,862,155
				28,455,146
Capital Markets – 2.1%
	38,507	MarketAxess Holdings, Inc.		21,407,582
	21,114	MSCI, Inc.		8,752,175
				30,159,757
Chemicals – 0.4%
	156,002	Danimer Scientific, Inc.*(a)		5,948,356
Construction Materials – 1.2%
	50,240	Martin Marietta Materials, Inc.		16,924,349
Consumer Finance – 1.4%
	207,380	Discover Financial Services		19,508,237
Containers & Packaging – 1.8%
	301,995	Ball Corp.		25,787,353
Diversified Consumer Services – 0.9%
	133,018	Chegg, Inc.*		12,840,228
Electrical Equipment – 2.9%
	111,694	AMETEK, Inc.		13,176,541
	113,047	Rockwell Automation, Inc.		27,502,074
				40,678,615
Electronic Equipment, Instruments & Components – 2.2%
	219,406	Amphenol Corp., Class A		27,574,946
	29,954	Keysight Technologies, Inc.*		4,239,090
				31,814,036
Entertainment – 1.7%
	153,882	Live Nation Entertainment, Inc.*		13,673,954
	33,683	Spotify Technology SA*		10,353,481
				24,027,435
Equity Real Estate Investment Trusts (REITs) – 1.5%
	139,442	Equity LifeStyle Properties, Inc. REIT		8,596,599
	118,432	Simon Property Group, Inc. REIT		13,373,342
				21,969,941
Common Stocks – (continued)
Food Products – 2.3%
	241,756	McCormick & Co., Inc.		20,375,196
	475,121	Utz Brands, Inc.		12,006,307
				32,381,503
Health Care Equipment & Supplies – 10.0%
	33,712	Align Technology, Inc.*		19,118,412
	399,299	Boston Scientific Corp.*		15,484,815
	272,006	Hologic, Inc.*		19,608,913
	42,497	IDEXX Laboratories, Inc.*		22,105,665
	81,650	Insulet Corp.*		21,155,515
	360,304	OraSure Technologies, Inc.*		3,819,222
	84,102	West Pharmaceutical Services, Inc.		23,603,226
	108,815	Zimmer Biomet Holdings, Inc.		17,743,374
				142,639,142
Health Care Providers & Services – 2.3%
	102,186	Centene Corp.*		5,981,968
	162,809	Guardant Health, Inc.*		23,962,229
	100,404	Signify Health, Inc., Class A*		3,315,340
				33,259,537
Health Care Technology – 3.3%
	209,345	American Well Corp., Class A*		5,122,672
	113,983	Certara, Inc.*		3,949,511
	132,634	Veeva Systems, Inc., Class A*		37,152,110
				46,224,293
Hotels, Restaurants & Leisure – 2.5%
	47,825	Wingstop, Inc.		6,511,374
	137,909	Wynn Resorts Ltd.*		18,166,752
	106,637	Yum! Brands, Inc.		11,040,129
				35,718,255
Household Products – 1.1%
	206,837	Church & Dwight Co., Inc.		16,288,414
Interactive Media & Services – 3.7%
	72,331	Bumble, Inc., Class A*		4,868,600
	172,921	Match Group, Inc.*		26,430,975
	258,128	Pinterest, Inc., Class A*		20,799,954
				52,099,529
Internet & Direct Marketing Retail – 3.5%
	117,477	Etsy, Inc.*		25,876,659
	104,440	Expedia Group, Inc.		16,814,840
	4,122	MercadoLibre, Inc. (Argentina)*		6,752,289
				49,443,788
IT Services – 3.0%
	58,345	Akamai Technologies, Inc.*		5,513,603
	48,172	Okta, Inc.*		12,594,569
	60,734	Twilio, Inc., Class A*		23,861,174
				41,969,346
Life Sciences Tools & Services – 2.1%
	48,169	10X Genomics, Inc., Class A*		8,573,600
	8,987	Mettler-Toledo International, Inc.*		10,029,941

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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Shares		Description	Value
Common Stocks – (continued)
Life Sciences Tools & Services – (continued)
	85,030	PerkinElmer, Inc.	$	10,721,433
				29,324,974
Machinery – 1.7%
	28,222	Cummins, Inc.		7,145,810
	95,353	Graco, Inc.		6,612,731
	133,590	ITT, Inc.		11,085,298
				24,843,839
Multiline Retail – 1.3%
	188,139	Dollar Tree, Inc.*		18,475,250
Oil, Gas & Consumable Fuels – 0.4%
	91,656	Cheniere Energy, Inc.*		6,176,698
Pharmaceuticals – 1.5%
	181,247	Catalent, Inc.*		20,609,596
Professional Services – 4.1%
	141,605	Booz Allen Hamilton Holding Corp.		10,923,410
	26,762	CoStar Group, Inc.*		22,045,465
	149,780	Verisk Analytics, Inc.		24,541,453
				57,510,328
Road & Rail – 1.2%
	80,137	Old Dominion Freight Line, Inc.		17,211,024
Semiconductors & Semiconductor Equipment – 7.3%
	63,312	Cree, Inc.*		7,183,379
	124,282	Entegris, Inc.		13,075,709
	42,833	KLA Corp.		13,330,915
	231,403	Marvell Technology Group Ltd.		11,172,137
	107,797	Microchip Technology, Inc.		16,453,056
	90,302	MKS Instruments, Inc.		14,890,800
	115,452	ON Semiconductor Corp.*		4,649,252
	73,413	Teradyne, Inc.		9,441,646
	103,410	Xilinx, Inc.		13,474,323
				103,671,217
Software – 18.6%
	177,761	Anaplan, Inc.*		11,552,687
	55,903	ANSYS, Inc.*		19,062,364
	61,620	Avalara, Inc.*		9,670,643
	32,235	Bill.com Holdings, Inc.*		5,319,097
	57,538	C3.ai, Inc., Class A*(a)		6,470,724
	230,019	Cadence Design Systems, Inc.*		32,453,381
	48,317	Coupa Software, Inc.*		16,730,244
	123,078	DocuSign, Inc.*		27,896,860
	267,961	Dynatrace, Inc.*		13,333,739
	55,088	HubSpot, Inc.*		28,370,320
	89,215	Palo Alto Networks, Inc.*		31,966,627
	24,856	Paycom Software, Inc.*		9,302,109
	84,622	RingCentral, Inc., Class A*		32,000,656
	139,447	Splunk, Inc.*		19,942,315
				264,071,766
Common Stocks – (continued)
Specialty Retail – 4.6%
	83,727	Burlington Stores, Inc.*		21,670,222
	52,331	O’Reilly Automotive, Inc.*		23,409,226
	60,921	Ulta Beauty, Inc.*		19,636,666
				64,716,114
Textiles, Apparel & Luxury Goods – 1.8%
	80,196	Lululemon Athletica, Inc.*		24,995,489
	TOTAL COMMON STOCKS
	(Cost $951,070,791)		$	1,415,222,175
Shares		Dividend Rate	Value
Investment Company – 0.4%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	6,219,751	0.036%	$	6,219,751
	(Cost $6,219,751)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $957,290,542)		$	1,421,441,926
Securities Lending Reinvestment Vehicle – 0.9%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	12,260,776	0.036%	$	12,260,776
	(Cost $12,260,776)
	TOTAL INVESTMENTS – 101.0%
	(Cost $969,551,318)		$	1,433,702,702
	LIABILITIES IN EXCESS OF OTHER ASSETS – (1.0)%			(14,102,745	)
	NET ASSETS – 100.0%		$	1,419,599,957

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

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS SMALL CAP GROWTH FUND

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 98.7%
Aerospace & Defense – 3.4%
	1,745	AeroVironment, Inc.*	$	192,090
	11,810	Kratos Defense & Security Solutions, Inc.*		324,775
	2,680	Maxar Technologies, Inc.		128,238
	2,165	Moog, Inc., Class A		168,134
				813,237
Auto Components – 1.3%
	2,362	Fox Factory Holding Corp.*		300,328
Automobiles – 0.8%
	2,772	Winnebago Industries, Inc.		192,931
Beverages – 1.0%
	3,860	Celsius Holdings, Inc.*		229,786
Biotechnology – 14.7%
	4,015	4D Molecular Therapeutics, Inc.*		168,550
	1,539	Acceleron Pharma, Inc.*		209,550
	5,495	Agios Pharmaceuticals, Inc.*		260,683
	4,832	Akouos, Inc.*		98,428
	2,791	Allogene Therapeutics, Inc.*		96,876
	2,467	Applied Molecular Transport, Inc.*(a)		120,562
	3,804	ARYA Sciences Acquisition Corp III, Class A*		59,723
	5,939	Avidity Biosciences, Inc.*		143,308
	3,015	Beam Therapeutics, Inc.*		268,727
	2,819	Coherus Biosciences, Inc.*		45,780
	5,001	Concert Pharmaceuticals, Inc.*		33,457
	3,558	Constellation Pharmaceuticals, Inc.*		89,662
	5,090	Cytokinetics, Inc.*		95,336
	4,503	Dyne Therapeutics, Inc.*		83,170
	3,428	FibroGen, Inc.*		171,503
	2,453	Generation Bio Co.*		85,659
	9,583	Halozyme Therapeutics, Inc.*		433,631
	651	IGM Biosciences, Inc.*		56,917
	6,755	Inozyme Pharma, Inc.*(a)		135,100
	2,167	Kiniksa Pharmaceuticals Ltd., Class A*		44,575
	2,657	Kronos Bio, Inc.*(a)		77,239
	1,857	ORIC Pharmaceuticals, Inc.*		60,167
	619	Pharvaris BV (Netherlands)*		23,516
	2,260	PMV Pharmaceuticals, Inc.*		85,044
	1,034	PTC Therapeutics, Inc.*		59,041
	2,213	Relay Therapeutics, Inc.*		91,330
	2,111	Repare Therapeutics, Inc. (Canada)*		69,452
	1,374	REVOLUTION Medicines, Inc.*		62,764
	3,900	Sutro Biopharma, Inc.*		86,580
	2,762	Y-mAbs Therapeutics, Inc.*		97,139
	1,464	Zentalis Pharmaceuticals, Inc.*		61,546
				3,475,015
Building Products – 2.5%
	4,734	AZEK Co., Inc. (The)*		208,817
	2,492	Gibraltar Industries, Inc.*		217,676
	1,466	Masonite International Corp.*		160,850
				587,343
Common Stocks – (continued)
Capital Markets – 1.4%
	1,468	Houlihan Lokey, Inc.		93,306
	3,882	Open Lending Corp., Class A*		148,448
	3,023	Virtu Financial, Inc., Class A		82,437
				324,191
Chemicals – 1.5%
	2,034	Ashland Global Holdings, Inc.		171,100
	1,551	Balchem Corp.		185,127
				356,227
Commercial Services & Supplies – 0.6%
	963	Tetra Tech, Inc.		133,250
Construction & Engineering – 1.2%
	2,399	Ameresco, Inc., Class A*		137,031
	1,997	Dycom Industries, Inc.*		152,930
				289,961
Diversified Telecommunication Services – 0.9%
	1,273	Bandwidth, Inc., Class A*		201,592
Electrical Equipment – 1.3%
	2,913	Allied Motion Technologies, Inc.		141,397
	3,308	Plug Power, Inc.*		160,041
				301,438
Electronic Equipment, Instruments & Components – 2.5%
	1,240	908 Devices, Inc.*		65,956
	2,536	Badger Meter, Inc.		275,384
	1,857	Novanta, Inc.*		245,737
				587,077
Food Products – 1.0%
	1,467	Freshpet, Inc.*		228,676
Health Care Equipment & Supplies – 5.9%
	5,580	Axonics Modulation Technologies, Inc.*		280,730
	1,476	Hill-Rom Holdings, Inc.		157,445
	2,138	Neogen Corp.*		175,145
	1,120	Nevro Corp.*		185,002
	12,689	OraSure Technologies, Inc.*		134,503
	1,572	Outset Medical, Inc.*		78,270
	2,285	Shockwave Medical, Inc.*		266,797
	1,146	Tandem Diabetes Care, Inc.*		110,004
				1,387,896
Health Care Providers & Services – 1.5%
	3,844	Castle Biosciences, Inc.*		292,452
	1,387	National Research Corp.		71,666
				364,118
Health Care Technology – 2.1%
	2,675	Omnicell, Inc.*		339,458
	2,027	Simulations Plus, Inc.		145,376
				484,834

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

GOLDMAN SACHS SMALL CAP GROWTH FUND

Shares		Description	Value
Common Stocks – (continued)
Hotels, Restaurants & Leisure – 4.6%
	1,077	Churchill Downs, Inc.	$	248,388
	1,659	Shake Shack, Inc., Class A*		196,558
	3,351	Texas Roadhouse, Inc.		304,539
	1,245	Wingstop, Inc.		169,507
	2,707	Wyndham Hotels & Resorts, Inc.		176,713
				1,095,705
Household Durables – 1.7%
	5,978	Purple Innovation, Inc.*		219,931
	968	TopBuild Corp.*		184,317
				404,248
Insurance – 0.9%
	1,609	Goosehead Insurance, Inc., Class A		208,430
Internet & Direct Marketing Retail – 2.6%
	900	Poshmark, Inc., Class A*(a)		52,254
	4,046	PubMatic, Inc., Class A*(a)		262,221
	6,700	Revolve Group, Inc.*		308,870
				623,345
IT Services – 0.7%
	2,987	BigCommerce Holdings, Inc. Series 1*		176,562
Leisure Products – 2.4%
	3,210	Malibu Boats, Inc., Class A*		239,273
	4,765	YETI Holdings, Inc.*		327,689
				566,962
Life Sciences Tools & Services – 3.6%
	3,432	NeoGenomics, Inc.*		174,929
	8,954	Pacific Biosciences of California, Inc.*		273,724
	5,378	Quanterix Corp.*		407,383
				856,036
Machinery – 8.8%
	2,104	Chart Industries, Inc.*		301,061
	7,864	Colfax Corp.*		348,768
	7,878	Evoqua Water Technologies Corp.*		193,405
	4,932	Federal Signal Corp.		179,574
	2,425	Franklin Electric Co., Inc.		182,021
	1,253	John Bean Technologies Corp.		184,905
	708	Proto Labs, Inc.*		103,141
	1,748	RBC Bearings, Inc.*		347,957
	3,977	Shyft Group, Inc. (The)		130,804
	930	Watts Water Technologies, Inc., Class A		106,104
				2,077,740
Pharmaceuticals – 1.6%
	1,650	Atea Pharmaceuticals, Inc.*(a)		124,344
	4,714	Omeros Corp.*(a)		93,997
	5,265	Provention Bio, Inc.*		66,971
	5,260	Theravance Biopharma, Inc.*		87,158
				372,470
Professional Services – 1.7%
	3,135	ManTech International Corp., Class A		245,032
Common Stocks – (continued)
Professional Services – (continued)
	1,711	Science Applications International Corp.		147,368
				392,400
Road & Rail – 0.9%
	1,089	Saia, Inc.*		218,377
Semiconductors & Semiconductor Equipment – 9.1%
	2,552	Ambarella, Inc.*		287,075
	4,601	Brooks Automation, Inc.		382,619
	6,689	Cohu, Inc.*		290,637
	6,639	FormFactor, Inc.*		301,211
	4,653	MACOM Technology Solutions Holdings, Inc.*		299,421
	3,489	Power Integrations, Inc.		308,323
	3,707	Semtech Corp.*		271,760
				2,141,046
Software – 12.6%
	8,604	8x8, Inc.*		294,343
	10,052	BTRS Holdings, Inc.*(a)		169,879
	4,568	Domo, Inc., Class B*		291,119
	6,572	Medallia, Inc.*		265,312
	6,518	PagerDuty, Inc.*		291,615
	9,551	Ping Identity Holding Corp.*		223,780
	3,286	Rapid7, Inc.*		250,525
	4,696	Sailpoint Technologies Holdings, Inc.*		264,760
	6,162	Sumo Logic, Inc.*(a)		187,202
	5,195	Tenable Holdings, Inc.*		212,527
	5,832	Vertex, Inc., Class A*		179,334
	3,388	Workiva, Inc.*		342,696
				2,973,092
Specialty Retail – 1.7%
	8,963	Leslie’s, Inc.*		217,621
	383	RH*		187,812
				405,433
Textiles, Apparel & Luxury Goods – 2.2%
	4,784	Crocs, Inc.*		367,029
	474	Deckers Outdoor Corp.*		154,576
				521,605
	TOTAL COMMON STOCKS
	(Cost $17,236,637)		$	23,291,351
Shares		Dividend Rate	Value
Investment Company – 3.7%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	881,172	0.036%	$	881,172
	(Cost $881,172)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $18,117,809)		$	24,172,523

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

GOLDMAN SACHS SMALL CAP GROWTH FUND

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 2.8%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	649,259	0.036%	$	649,259
	(Cost $649,259)
	TOTAL INVESTMENTS – 105.2%
	(Cost $18,767,068)		$	24,821,782
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (5.2)%			(1,235,433	)
	NET ASSETS – 100.0%		$	23,586,349

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.

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 98.0%
Aerospace & Defense – 2.5%
	175,833	HEICO Corp., Class A	$	20,354,428
	766,839	Kratos Defense & Security Solutions, Inc.*		21,088,073
	95,881	Teledyne Technologies, Inc.*		35,571,851
				77,014,352
Air Freight & Logistics – 0.6%
	173,012	XPO Logistics, Inc.*		20,173,199
Auto Components – 0.8%
	196,614	Fox Factory Holding Corp.*		24,999,470
Biotechnology – 11.7%
	676,523	Agios Pharmaceuticals, Inc.*		32,094,251
	314,358	Allogene Therapeutics, Inc.*		10,911,366
	180,760	Alnylam Pharmaceuticals, Inc.*		26,770,556
	201,601	Arena Pharmaceuticals, Inc.*		16,198,640
	99,474	Argenx SE ADR (Netherlands)*		32,894,062
	408,149	Beam Therapeutics, Inc.*(a)		36,378,320
	1,079,389	Exelixis, Inc.*		23,379,566
	193,741	Galapagos NV ADR (Belgium)*		16,003,007
	839,209	Halozyme Therapeutics, Inc.*		37,974,207
	389,451	Neurocrine Biosciences, Inc.*		42,648,779
	50,953	Novavax, Inc.*		11,781,862
	202,536	Relay Therapeutics, Inc.*		8,358,661
	174,791	REVOLUTION Medicines, Inc.*		7,984,453
	113,445	Turning Point Therapeutics, Inc.*		13,376,300
	56,835	Twist Bioscience Corp.*		7,822,770
	194,813	Ultragenyx Pharmaceutical, Inc.*		27,573,832
	331,989	Y-mAbs Therapeutics, Inc.*		11,676,053
				363,826,685
Building Products – 2.6%
	265,772	Allegion PLC		28,910,678
	798,441	AZEK Co., Inc. (The)*		35,219,232
	59,058	Lennox International, Inc.		16,522,657
				80,652,567
Capital Markets – 1.1%
	141,753	Evercore, Inc., Class A		16,977,757
	296,918	Stifel Financial Corp.		18,135,751
				35,113,508
Chemicals – 3.2%
	329,664	Ashland Global Holdings, Inc.		27,731,336
	521,539	RPM International, Inc.		41,535,366
	136,320	Scotts Miracle-Gro Co. (The)		29,056,608
				98,323,310
Commercial Services & Supplies – 0.8%
	169,696	Tetra Tech, Inc.		23,480,836
Containers & Packaging – 1.1%
	187,945	Avery Dennison Corp.		32,929,843
Distributors – 0.9%
	87,010	Pool Corp.		29,128,338
Common Stocks – (continued)
Diversified Telecommunication Services – 0.6%
	127,673	Bandwidth, Inc., Class A*		20,218,296
Electrical Equipment – 2.9%
	228,031	Generac Holdings, Inc.*		75,149,896
	179,065	Plug Power, Inc.*		8,663,165
	212,327	Shoals Technologies Group, Inc., Class A*		6,926,107
				90,739,168
Electronic Equipment, Instruments & Components – 2.6%
	361,553	Badger Meter, Inc.		39,261,040
	305,918	Novanta, Inc.*		40,482,129
				79,743,169
Food Products – 1.4%
	276,994	Freshpet, Inc.*		43,177,825
Health Care Equipment & Supplies – 4.3%
	71,398	iRhythm Technologies, Inc.*		11,487,938
	184,918	Neogen Corp.*		15,148,483
	154,251	Nevro Corp.*		25,479,180
	265,327	Tandem Diabetes Care, Inc.*		25,468,739
	78,640	Teleflex, Inc.		31,308,157
	89,567	West Pharmaceutical Services, Inc.		25,136,978
				134,029,475
Health Care Providers & Services – 4.3%
	243,258	Castle Biosciences, Inc.*		18,507,068
	443,804	Guardant Health, Inc.*		65,319,073
	226,771	Molina Healthcare, Inc.*		49,154,882
				132,981,023
Health Care Technology – 0.6%
	437,490	American Well Corp., Class A*		10,705,380
	225,218	Certara, Inc.*		7,803,804
				18,509,184
Hotels, Restaurants & Leisure – 2.7%
	237,384	Choice Hotels International, Inc.		24,894,460
	74,828	Churchill Downs, Inc.		17,257,582
	329,024	Texas Roadhouse, Inc.		29,901,701
	92,955	Wingstop, Inc.		12,655,823
				84,709,566
Interactive Media & Services – 0.4%
	189,250	Bumble, Inc., Class A*(a)		12,738,417
Internet & Direct Marketing Retail – 1.8%
	158,161	Etsy, Inc.*		34,838,123
	273,477	Stitch Fix, Inc., Class A*		20,869,030
				55,707,153
IT Services – 2.2%
	100,334	MongoDB, Inc.*		38,721,901
	406,032	Shift4 Payments, Inc., Class A*		31,061,448
				69,783,349

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Leisure Products – 1.5%
	322,724	Brunswick Corp.	$	28,519,120
	281,229	YETI Holdings, Inc.*		19,340,118
				47,859,238
Life Sciences Tools & Services – 6.2%
	169,292	10X Genomics, Inc., Class A*		30,132,283
	130,415	Berkeley Lights, Inc.*		8,081,818
	150,465	Bio-Techne Corp.		54,421,686
	444,224	PerkinElmer, Inc.		56,012,204
	284,500	Quanterix Corp.*		21,550,875
	107,390	Repligen Corp.*		22,808,562
				193,007,428
Machinery – 6.3%
	237,611	Chart Industries, Inc.*		33,999,758
	1,209,295	Colfax Corp.*		53,632,233
	172,408	IDEX Corp.		33,648,869
	86,526	Proto Labs, Inc.*		12,605,108
	197,191	RBC Bearings, Inc.*		39,252,841
	236,805	Xylem, Inc.		23,576,306
				196,715,115
Pharmaceuticals – 1.4%
	220,867	Atea Pharmaceuticals, Inc.*(a)		16,644,537
	784,234	Elanco Animal Health, Inc.*		25,769,929
				42,414,466
Professional Services – 2.1%
	430,066	Booz Allen Hamilton Holding Corp.		33,175,291
	267,002	Jacobs Engineering Group, Inc.		30,726,590
				63,901,881
Semiconductors & Semiconductor Equipment – 8.8%
	1,040,743	Allegro MicroSystems, Inc. (Japan)*		27,205,022
	183,247	Brooks Automation, Inc.		15,238,821
	151,545	Enphase Energy, Inc.*		26,681,013
	511,488	Entegris, Inc.		53,813,652
	503,027	Lattice Semiconductor Corp.*		24,205,659
	259,828	MKS Instruments, Inc.		42,845,637
	118,987	Monolithic Power Systems, Inc.		44,563,011
	305,483	Teradyne, Inc.		39,288,169
				273,840,984
Software – 16.4%
	200,799	Anaplan, Inc.*		13,049,927
	113,375	Asana, Inc., Class A*		3,926,176
	303,585	Avalara, Inc.*		47,644,630
	172,412	Bill.com Holdings, Inc.*		28,449,704
	278,683	Blackline, Inc.*		34,562,266
	627,004	Duck Creek Technologies, Inc.*		29,657,289
	978,006	Dynatrace, Inc.*		48,665,579
	315,953	Elastic NV*		42,460,924
	132,190	HubSpot, Inc.*		68,077,850
	319,197	JFrog Ltd. (Israel)*(a)		17,073,847
	154,212	nCino, Inc.*		10,545,017
Common Stocks – (continued)
Software – (continued)
	440,992	Rapid7, Inc.*		33,621,230
	556,536	Sumo Logic, Inc.*(a)		16,907,564
	184,588	Varonis Systems, Inc.*		33,879,281
	763,471	Vertex, Inc., Class A*		23,476,733
	389,976	Zendesk, Inc.*		56,991,093
				508,989,110
Specialty Retail – 4.0%
	216,004	Five Below, Inc.*		40,202,665
	387,906	Floor & Decor Holdings, Inc., Class A*		36,885,982
	74,917	RH*		36,737,049
	214,033	Vroom, Inc.*		9,470,960
				123,296,656
Textiles, Apparel & Luxury Goods – 1.3%
	127,316	Deckers Outdoor Corp.*		41,519,021
Trading Companies & Distributors – 0.9%
	182,633	SiteOne Landscape Supply, Inc.*		28,949,157
	TOTAL COMMON STOCKS
	(Cost $2,035,240,094)		$	3,048,471,789
Shares		Dividend Rate	Value
Investment Company – 1.5%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	46,766,661	0.036%	$	46,766,661
	(Cost $46,766,661)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $2,082,006,755)		$	3,095,238,450
Securities Lending Reinvestment Vehicle – 1.7%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	51,347,800	0.036%	$	51,347,800
	(Cost $51,347,800)
	TOTAL INVESTMENTS – 101.2%
	(Cost $2,133,354,555)		$	3,146,586,250
	LIABILITIES IN EXCESS OF      OTHER ASSETS – (1.2)%			(34,624,860	)
	NET ASSETS – 100.0%		$	3,111,961,390

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

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

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

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 99.4%
Aerospace & Defense – 0.6%
	4,915	Boeing Co. (The)*	$	1,042,029
Auto Components – 0.8%
	9,476	Aptiv PLC*		1,419,884
Automobiles – 2.6%
	7,182	Tesla, Inc.*		4,851,441
Beverages – 1.5%
	34,458	Coca-Cola Co. (The)		1,688,097
	13,467	Monster Beverage Corp.*		1,181,595
				2,869,692
Biotechnology – 2.0%
	8,994	BioMarin Pharmaceutical, Inc.*		696,405
	33,686	Genmab A/S ADR (Denmark)*		1,140,945
	8,844	Sarepta Therapeutics, Inc.*		769,959
	7,855	Seagen, Inc.*		1,186,969
				3,794,278
Capital Markets – 1.7%
	30,923	Charles Schwab Corp. (The)		1,908,568
	10,558	Intercontinental Exchange, Inc.		1,164,653
				3,073,221
Chemicals – 1.6%
	4,710	Ecolab, Inc.		986,086
	3,757	Linde PLC (United Kingdom)		917,722
	1,493	Sherwin-Williams Co. (The)		1,015,748
				2,919,556
Construction Materials – 0.4%
	2,337	Martin Marietta Materials, Inc.		787,265
Diversified Consumer Services – 0.5%
	10,589	Chegg, Inc.*		1,022,156
Electronic Equipment, Instruments & Components – 0.9%
	13,014	Amphenol Corp., Class A		1,635,600
Entertainment – 2.9%
	14,854	Live Nation Entertainment, Inc.*		1,319,927
	7,538	Netflix, Inc.*		4,061,851
				5,381,778
Equity Real Estate Investment Trusts (REITs) – 1.4%
	6,517	American Tower Corp. REIT		1,408,519
	1,826	Equinix, Inc. REIT		1,183,869
				2,592,388
Food & Staples Retailing – 0.6%
	9,289	Walmart, Inc.		1,206,827
Food Products – 0.9%
	8,933	McCormick & Co., Inc.		752,873
	16,021	Mondelez International, Inc., Class A		851,677
				1,604,550
Common Stocks – (continued)
Health Care Equipment & Supplies – 4.1%
	51,247	Boston Scientific Corp.*		1,987,359
	6,916	Danaher Corp.		1,519,238
	4,302	Insulet Corp.*		1,114,648
	2,060	Intuitive Surgical, Inc.*		1,517,808
	5,079	West Pharmaceutical Services, Inc.		1,425,421
				7,564,474
Health Care Providers & Services – 1.6%
	9,796	Guardant Health, Inc.*		1,441,775
	3,907	Humana, Inc.		1,483,293
				2,925,068
Health Care Technology – 0.9%
	22,789	American Well Corp., Class A*		557,647
	3,796	Veeva Systems, Inc., Class A*		1,063,297
				1,620,944
Hotels, Restaurants & Leisure – 1.4%
	13,042	Las Vegas Sands Corp.		816,429
	8,609	McDonald’s Corp.		1,774,659
				2,591,088
Interactive Media & Services – 11.1%
	4,067	Alphabet, Inc., Class A*		8,223,108
	2,490	Alphabet, Inc., Class C*		5,071,781
	24,163	Facebook, Inc., Class A*		6,224,872
	14,934	Snap, Inc., Class A*		980,567
				20,500,328
Internet & Direct Marketing Retail – 6.2%
	3,214	Amazon.com, Inc.*		9,940,677
	6,807	Etsy, Inc.*		1,499,378
				11,440,055
IT Services – 10.5%
	15,862	Fidelity National Information Services, Inc.		2,188,956
	12,182	Mastercard, Inc., Class A		4,310,601
	3,473	Okta, Inc.*		908,016
	18,320	PayPal Holdings, Inc.*		4,760,452
	3,179	Snowflake, Inc., Class A*		825,077
	30,111	Visa, Inc., Class A		6,395,275
				19,388,377
Life Sciences Tools & Services – 2.3%
	6,799	10X Genomics, Inc., Class A*		1,210,154
	20,170	Adaptive Biotechnologies Corp.*		1,141,017
	4,403	Illumina, Inc.*		1,934,722
				4,285,893
Machinery – 0.7%
	3,880	Deere & Co.		1,354,586
Personal Products – 1.0%
	6,691	Estee Lauder Cos., Inc. (The), Class A		1,912,689

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Shares		Description	Value
Common Stocks – (continued)
Pharmaceuticals – 2.9%
	38,888	Bristol-Myers Squibb Co.	$	2,385,001
	14,128	Eli Lilly and Co.		2,894,686
				5,279,687
Professional Services – 0.8%
	8,575	Verisk Analytics, Inc.		1,405,014
Road & Rail – 1.4%
	12,909	Union Pacific Corp.		2,658,738
Semiconductors & Semiconductor Equipment – 6.4%
	44,096	Marvell Technology Group Ltd.		2,128,955
	10,587	NVIDIA Corp.		5,807,816
	11,546	NXP Semiconductors NV (Netherlands)		2,107,722
	13,309	QUALCOMM, Inc.		1,812,553
				11,857,046
Software – 16.5%
	8,426	Adobe, Inc.*		3,873,179
	4,757	Atlassian Corp. PLC, Class A*		1,130,739
	5,596	Bill.com Holdings, Inc.*		923,396
	9,515	C3.ai, Inc., Class A*(a)		1,070,057
	3,557	HubSpot, Inc.*		1,831,855
	57,779	Microsoft Corp.		13,426,684
	23,945	Qualtrics International, Inc., Class A*		909,910
	3,603	ServiceNow, Inc.*		1,922,056
	12,662	Splunk, Inc.*		1,810,793
	15,073	Workday, Inc., Class A*		3,695,598
				30,594,267
Specialty Retail – 2.1%
	19,412	Ross Stores, Inc.		2,264,216
	5,334	Ulta Beauty, Inc.*		1,719,308
				3,983,524
Technology Hardware, Storage & Peripherals – 8.4%
	127,496	Apple, Inc.		15,460,165
Textiles, Apparel & Luxury Goods – 2.7%
	3,233	Lululemon Athletica, Inc.*		1,007,661
	23,170	NIKE, Inc., Class B		3,122,853
	8,266	PVH Corp.		826,269
				4,956,783
	TOTAL COMMON STOCKS
	(Cost $78,966,290)		$	183,979,391

Shares		Dividend Rate	Value
Investment Company – 0.8%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,420,481	0.036%	$	1,420,481
	(Cost $1,420,481)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $80,386,771)		$	185,399,872
Securities Lending Reinvestment Vehicle – 0.6%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,055,303	0.036%	$	1,055,303
	(Cost $1,055,303)
	TOTAL INVESTMENTS – 100.8%
	(Cost $81,442,074)		$	186,455,175
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.8)%			(1,456,107	)
	NET ASSETS – 100.0%		$	184,999,068

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

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 98.9%
Communications Equipment – 2.0%
	367,140	Cisco Systems, Inc.	$	16,473,572
Entertainment – 4.9%
	176,549	Activision Blizzard, Inc.		16,879,850
	122,892	Walt Disney Co. (The)*		23,231,504
				40,111,354
Equity Real Estate Investment Trusts (REITs) – 3.8%
	67,318	American Tower Corp. REIT		14,549,439
	25,618	Equinix, Inc. REIT		16,609,174
				31,158,613
Interactive Media & Services – 15.4%
	16,174	Alphabet, Inc., Class A*		32,702,372
	24,409	Alphabet, Inc., Class C*		49,717,716
	168,495	Facebook, Inc., Class A*		43,407,682
				125,827,770
Internet & Direct Marketing Retail – 6.9%
	12,132	Amazon.com, Inc.*		37,523,427
	261,900	Meituan, Class B (China)*(a)		11,763,097
	4,476	MercadoLibre, Inc. (Argentina)*		7,332,180
				56,618,704
IT Services – 17.2%
	58,874	Accenture PLC, Class A		14,771,487
	66,773	Akamai Technologies, Inc.*		6,310,048
	158,171	Fidelity National Information Services, Inc.		21,827,598
	98,136	Fiserv, Inc.*		11,321,950
	48,353	Mastercard, Inc., Class A		17,109,709
	137,063	PayPal Holdings, Inc.*		35,615,821
	160,821	Visa, Inc., Class A		34,156,772
				141,113,385
Semiconductors & Semiconductor Equipment – 18.8%
	157,296	Advanced Micro Devices, Inc.*		13,293,085
	41,385	KLA Corp.		12,880,254
	22,558	Lam Research Corp.		12,794,672
	509,172	Marvell Technology Group Ltd.		24,582,824
	83,843	Microchip Technology, Inc.		12,796,957
	31,548	NVIDIA Corp.		17,306,602
	107,348	NXP Semiconductors NV (Netherlands)		19,596,377
	168,561	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)		21,228,572
	111,107	Texas Instruments, Inc.		19,140,403
				153,619,746
Software – 26.9%
	36,641	Adobe, Inc.*		16,842,768
	52,288	Atlassian Corp. PLC, Class A*		12,428,858
	42,281	HubSpot, Inc.*		21,774,715
	58,998	Intuit, Inc.		23,017,480
	296,807	Microsoft Corp.		68,972,011
	39,880	Palo Alto Networks, Inc.*		14,289,403
	41,472	Paycom Software, Inc.*		15,520,481
Common Stocks – (continued)
Software – (continued)
	103,349	Qualtrics International, Inc., Class A*		3,927,262
	20,920	ServiceNow, Inc.*		11,159,983
	72,283	Splunk, Inc.*		10,337,192
	87,750	Workday, Inc., Class A*		21,514,545
				219,784,698
Technology Hardware, Storage & Peripherals – 3.0%
	201,693	Apple, Inc.		24,457,293
	TOTAL COMMON STOCKS
	(Cost $400,830,851)		$	809,165,135
Shares		Dividend Rate	Value
Investment Company – 0.2%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,303,664	0.036%	$	1,303,664
	(Cost $1,303,664)
	TOTAL INVESTMENTS – 99.1%
	(Cost $402,134,515)		$	810,468,799
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.9%			7,784,498
	NET ASSETS – 100.0%		$	818,253,297

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:
ADR	—American Depositary Receipt
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS U.S. EQUITY ESG FUND

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 99.2%
Auto Components – 2.6%
	2,058	Aptiv PLC*	$	308,371
Banks – 3.7%
	3,077	JPMorgan Chase & Co.		452,842
Biotechnology – 0.5%
	825	BioMarin Pharmaceutical, Inc.*		63,880
Building Products – 0.7%
	1,806	AZEK Co., Inc. (The)*		79,663
Capital Markets – 5.6%
	350	BlackRock, Inc.		243,075
	845	CME Group, Inc.		168,747
	3,522	Morgan Stanley		270,736
				682,558
Chemicals – 4.3%
	1,012	Danimer Scientific, Inc.*(a)		38,588
	1,196	Ecolab, Inc.		250,395
	946	Linde PLC (United Kingdom)		231,079
				520,062
Communications Equipment – 2.4%
	6,474	Cisco Systems, Inc.		290,488
Consumer Finance – 2.7%
	2,435	American Express Co.		329,358
Containers & Packaging – 1.9%
	2,760	Ball Corp.		235,676
Diversified Telecommunication Services – 2.0%
	4,290	Verizon Communications, Inc.		237,237
Electric Utilities – 2.6%
	4,305	NextEra Energy, Inc.		316,331
Electrical Equipment – 3.9%
	2,042	Eaton Corp. PLC		265,848
	839	Rockwell Automation, Inc.		204,112
				469,960
Entertainment – 3.3%
	2,088	Walt Disney Co. (The)*		394,716
Equity Real Estate Investment Trusts (REITs) – 1.9%
	543	American Tower Corp. REIT		117,359
	178	Equinix, Inc. REIT		115,404
				232,763
Health Care Equipment & Supplies – 2.2%
	1,202	Danaher Corp.		264,043
Health Care Providers & Services – 3.6%
	3,605	CVS Health Corp.		245,609
	504	Humana, Inc.		191,343
				436,952
Common Stocks – (continued)
Hotels, Restaurants & Leisure – 2.0%
	1,175	McDonald’s Corp.		242,214
Household Products – 2.4%
	2,340	Procter & Gamble Co. (The)		289,060
Industrial Conglomerates – 2.0%
	19,604	General Electric Co.		245,834
Interactive Media & Services – 5.3%
	316	Alphabet, Inc., Class A*		638,924
IT Services – 3.3%
	1,891	Visa, Inc., Class A		401,629
Machinery – 2.3%
	782	Deere & Co.		273,012
Media – 2.3%
	5,217	Comcast Corp., Class A		275,040
Pharmaceuticals – 5.0%
	3,745	Bristol-Myers Squibb Co.		229,681
	1,845	Eli Lilly and Co.		378,022
				607,703
Road & Rail – 2.7%
	1,577	Union Pacific Corp.		324,799
Semiconductors & Semiconductor Equipment – 7.3%
	1,745	Cree, Inc.*		197,988
	4,517	Marvell Technology Group Ltd.		218,081
	399	NVIDIA Corp.		218,883
	1,455	Texas Instruments, Inc.		250,653
				885,605
Software – 9.5%
	458	Adobe, Inc.*		210,529
	3,350	Microsoft Corp.		778,473
	656	Workday, Inc., Class A*		160,838
				1,149,840
Specialty Retail – 2.0%
	2,046	Ross Stores, Inc.		238,645
Technology Hardware, Storage & Peripherals – 5.4%
	5,372	Apple, Inc.		651,409
Textiles, Apparel & Luxury Goods – 2.2%
	2,006	NIKE, Inc., Class B		270,369
Water Utilities – 1.6%
	1,348	American Water Works Co., Inc.		191,254
	TOTAL COMMON STOCKS
	(Cost $8,712,965)		$	12,000,237

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

GOLDMAN SACHS U.S. EQUITY ESG FUND

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Dividend Rate	Value
Investment Company – 0.4%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	50,998	0.036%	$	50,998
	(Cost $50,998)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $8,763,963)		$	12,051,235
Securities Lending Reinvestment Vehicle – 0.3%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	38,200	0.036%	$	38,200
	(Cost $38,200)
	TOTAL INVESTMENTS – 99.9%
	(Cost $8,802,163)		$	12,089,435
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%			7,546
	NET ASSETS – 100.0%		$	12,096,981

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

Investment Abbreviations:

PLC—Public Limited Company

REIT—Real Estate Investment Trust

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Assets and Liabilities

February 28, 2021 (Unaudited)

		Capital Growth Fund		Concentrated Growth Fund		Flexible Cap Fund
Assets:
	Investments in unaffiliated issuers, at value (cost $605,458,385, $98,335,657 and $18,027,218, respectively)(a)	$	1,036,667,666	$	186,313,966	$	26,724,304
	Investments in affiliated issuers, at value (cost $3,237,339, $850,967 and $298,315, respectively)		3,237,339		850,967		298,315
	Investments in securities lending reinvestment vehicle, at value which equals cost		5,000		—		—
	Cash		21,252,615		46,945		97,811
	Receivables:
	Investments sold		3,933,189		7,530,868		—
	Dividends		983,440		114,830		28,973
	Fund shares sold		175,267		3,738		3,123
	Reimbursement from investment adviser		44,674		22,034		25,036
	Foreign tax reclaims		2,054		—		—
	Other assets		68,300		45,039		61,882
	Total assets		1,066,369,544		194,928,387		27,239,444
	Liabilities:
	Payables:
	Investments purchased		1,688,786		4,981,248		46,005
	Fund shares redeemed		604,391		1,779		314
	Management fees		583,107		114,614		11,444
	Distribution and Service fees and Transfer Agency fees		294,564		8,647		3,738
	Upon return of securities loaned		5,000		—		—
	Accrued expenses		386,057		159,409		130,336
	Total liabilities		3,561,905		5,265,697		191,837
	Net Assets:
	Paid-in capital		604,019,522		84,516,622		17,915,536
	Total distributable earnings		458,788,117		105,146,068		9,132,071
	NET ASSETS	$	1,062,807,639	$	189,662,690	$	27,047,607
	Net Assets:
	Class A	$	828,917,785	$	9,601,886	$	6,459,232
	Class C		17,308,572		1,056,198		1,264,115
	Institutional		79,921,531		14,434,704		1,162,136
	Service		1,647,554		—		—
	Investor		11,833,240		216,386		41,318
	Class R6		4,206,134		857,969		249,612
	Class R		10,519,739		34,703		55,146
	Class P		108,453,084		163,460,844		17,816,048
	Total Net Assets	$	1,062,807,639	$	189,662,690	$	27,047,607
	Shares Outstanding $0.001 par value (unlimited number of shares authorized):
	Class A		28,720,810		421,645		452,514
	Class C		1,033,652		61,979		105,437
	Institutional		2,381,888		578,691		74,448
	Service		60,461		—		—
	Investor		400,840		9,252		2,713
	Class R6		125,540		34,483		16,026
	Class R		388,489		1,606		4,064
	Class P		3,237,899		6,572,033		1,143,264
	Net asset value, offering and redemption price per share:(b)
	Class A		$28.86		$22.77		$14.27
	Class C		16.75		17.04		11.99
	Institutional		33.55		24.94		15.61
	Service		27.25		—		—
	Investor		29.52		23.39		15.23
	Class R6		33.50		24.88		15.58
	Class R		27.08		21.61		13.57
	Class P		33.49		24.87		15.58

(a) Includes loaned securities having a market value of $4,838 for Capital Growth Fund.

(b) Maximum public offering price per share for Class A Shares of the Capital Growth, Concentrated Growth and Flexible Cap Funds is $30.54, $24.10 and $15.10, 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. 41

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Assets and Liabilities (continued)

February 28, 2021 (Unaudited)

	Growth Opportunities Fund		Small Cap Growth Fund		Small/Mid Cap Growth Fund
Assets:
Investments in unaffiliated issuers, at value (cost $951,070,791, $17,236,637 and $2,035,240,094, respectively)(a)	$	1,415,222,175	$	23,291,351	$	3,048,471,789
Investments in affiliated issuers, at value (cost $6,219,751, $881,172 and $46,766,661, respectively)		6,219,751		881,172		46,766,661
Investments in securities lending reinvestment vehicle, at value which equals cost		12,260,776		649,259		51,347,800
Cash		—		510,362		394,197
Receivables:
Investments sold		2,685,135		111,944		18,379,364
Fund shares sold		1,348,878		3,208		6,699,558
Dividends		581,758		2,940		822,412
Reimbursement from investment adviser		134,431		26,399		87,612
Securities lending income		49,586		353		17,279
Other assets		88,138		53,401		147,614
Total assets		1,438,590,628		25,530,389		3,173,134,286
Liabilities:
Payables:
Upon return of securities loaned		12,260,776		649,259		51,347,800
Fund shares redeemed		4,368,214		—		622,894
Management fees		1,040,097		15,693		2,012,932
Due to custodian		664,836		—		—
Distribution and Service fees and Transfer Agency fees		232,613		1,026		447,566
Investments purchased		—		1,138,122		6,109,297
Accrued expenses		424,135		139,940		632,407
Total liabilities		18,990,671		1,944,040		61,172,896
Net Assets:
Paid-in capital		875,772,918		15,895,788		1,913,312,921
Total distributable earnings		543,827,039		7,690,561		1,198,648,469
NET ASSETS	$	1,419,599,957	$	23,586,349	$	3,111,961,390
Net Assets:
Class A	$	383,264,009	$	534,711	$	401,402,628
Class C		28,017,533		152,770		167,627,534
Institutional		481,300,543		17,269,929		1,200,731,483
Service		31,889,820		—		23,506,051
Investor		100,498,954		87,969		698,262,828
Class R6		246,736,750		88,128		113,985,835
Class R		55,822,006		87,387		16,371,066
Class P		92,070,342		5,365,455		490,073,965
Total Net Assets	$	1,419,599,957	$	23,586,349	$	3,111,961,390
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		23,379,597		32,858		15,228,229
Class C		7,225,807		9,466		8,449,347
Institutional		20,060,743		1,057,143		40,441,158
Service		2,214,589		—		936,938
Investor		5,421,230		5,389		24,756,747
Class R6		10,269,126		5,394		3,834,778
Class R		3,870,046		5,380		664,995
Class P		3,829,959		328,579		16,485,430
Net asset value, offering and redemption price per share:(b)
Class A		$16.39		$16.27		$26.36
Class C		3.88		16.14		19.84
Institutional		23.99		16.34		29.69
Service		14.40		—		25.09
Investor		18.54		16.32		28.20
Class R6		24.03		16.34		29.72
Class R		14.42		16.24		24.62
Class P		24.04		16.33		29.73

(a) Includes loaned securities having a market value of $11,786,679, $624,495 and $48,754,938 for Growth Opportunities, Small Cap Growth and Small/Mid Cap Growth Funds, respectively.

(b) Maximum public offering price per share for Class A Shares of the Growth Opportunities, Small Cap Growth and Small/Mid Cap Growth Funds is $17.34, $17.22 and $27.89, 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.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Assets and Liabilities (continued)

February 28, 2021 (Unaudited)

	Strategic Growth Fund		Technology Opportunities Fund		U.S. Equity ESG Fund
Assets:
Investments in unaffiliated issuers, at value (cost $78,966,290, $400,830,851 and $8,712,965, respectively)(a)	$	183,979,391	$	809,165,135	$	12,000,237
Investments in affiliated issuers, at value (cost $1,420,481, $1,303,664 and $50,998, respectively)		1,420,481		1,303,664		50,998
Investments in securities lending reinvestment vehicle, at value which equals cost		1,055,303		—		38,200
Cash		467,235		—		67,430
Receivables:
Investments sold		432,122		5,478,183		—
Dividends		97,469		361,144		11,868
Fund shares sold		87,312		4,113,652		2,043
Reimbursement from investment adviser		23,299		55,939		17,319
Securities lending income		925		—		396
Other assets		56,656		101,507		55,100
Total assets		187,620,193		820,579,224		12,243,591
Liabilities:
Payables:
Upon return of securities loaned		1,055,303		—		38,200
Fund shares redeemed		896,281		798,030		1,688
Investments purchased		371,084		—		—
Management fees		105,837		612,293		5,216
Distribution and Service fees and Transfer Agency fees		21,563		200,839		4,060
Due to custodian		—		529,093		—
Accrued expenses		171,057		185,672		97,446
Total liabilities		2,621,125		2,325,927		146,610
Net Assets:
Paid-in capital		68,929,245		378,222,522		8,568,460
Total distributable earnings		116,069,823		440,030,775		3,528,521
NET ASSETS	$	184,999,068	$	818,253,297	$	12,096,981
Net Assets:
Class A	$	38,560,421	$	443,185,707	$	6,062,923
Class C		4,658,752		28,423,782		2,157,248
Institutional		56,912,575		163,782,764		1,535,089
Service		485,868		36,705,881		—
Investor		2,694,214		42,737,686		379,515
Class R6		697,212		1,744,841		1,087,248
Class R		44,840		—		25,779
Class P		80,945,186		101,672,636		849,179
Total Net Assets	$	184,999,068	$	818,253,297	$	12,096,981
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		3,734,636		15,101,947		384,237
Class C		876,011		1,383,536		145,254
Institutional		4,691,810		4,734,861		96,231
Service		48,421		1,299,663		—
Investor		223,330		1,266,332		23,770
Class R6		57,631		50,408		68,126
Class R		4,625		—		1,622
Class P		6,702,324		2,937,457		53,238
Net asset value, offering and redemption price per share:(b)
Class A		$10.33		$29.35		$15.78
Class C		5.32		20.54		14.85
Institutional		12.13		34.59		15.95
Service		10.03		28.24		—
Investor		12.06		33.75		15.97
Class R6		12.10		34.61		15.96
Class R		9.69		—		15.90
Class P		12.08		34.61		15.95

(a) Includes loaned securities having a market value of $1,016,526 and $36,643 for Strategic Growth and U.S. Equity ESG Funds, respectively.

(b) Maximum public offering price per share for Class A Shares of the Strategic Growth, Technology Opportunities and U.S. Equity ESG Funds is $10.93, $31.06 and $16.70, 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. 43

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Operations

For the Six Months Ended February 28, 2021 (Unaudited)

	Capital Growth Fund			Concentrated Growth Fund			Flexible Cap Fund
Investment income:
Dividends — unaffiliated issuer (net of foreign withholding taxes of $10,259, $3,545 and $96, respectively)	$	4,937,785		$	464,689		$	154,498
Securities lending income — unaffiliated issuer		13,763			6,066			—
Dividends — affiliated issuers		392			170			21
Total investment income		4,951,940			470,925			154,519
Expenses:
Management fees		3,524,198			702,904			66,573
Distribution and Service (12b-1) fees(a)		1,072,996			15,904			12,480
Transfer Agency fees(a)		688,754			35,397			8,510
Custody, accounting and administrative services		103,711			18,333			12,093
Registration fees		66,073			53,058			74,365
Printing and mailing costs		62,448			8,294			6,871
Professional fees		46,709			55,821			47,093
Service fees — Class C		19,853			1,369			1,571
Trustee fees		10,663			10,097			9,983
Shareholder administration fees — Service Shares		2,016			—			—
Other		10,806			6,508			3,714
Total expenses		5,608,227			907,685			243,253
Less — expense reductions		(282,984	)		(152,014	)		(153,771	)
Net expenses		5,325,243			755,671			89,482
NET INVESTMENT INCOME (LOSS)		(373,303	)		(284,746	)		65,037
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		46,640,359			18,691,162			521,527
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		60,782,461			(7,232,271	)		1,655,711
Net realized and unrealized gain		107,422,820			11,458,891			2,177,238
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	107,049,517		$	11,174,145		$	2,242,275

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

	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Capital Growth	$	986,560	$	59,558	$	2,016	$	24,862	$	631,403	$	12,706	$	13,307	$	323	$	7,696	$	412	$	7,956	$	14,951
Concentrated Growth		11,714		4,108		—		82		7,497		876		2,786		—		159		119		26		23,934
Flexible Cap		7,638		4,713		—		129		4,889		1,005		125		—		31		35		41		2,384

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Operations (continued)

For the Six Months Ended February 28, 2021 (Unaudited)

	Growth Opportunities Fund			Small Cap Growth Fund			Small/Mid Cap Growth Fund
Investment income:
Dividends — unaffiliated issuer (net of foreign withholding taxes of $5,711, $— and $—, respectively)	$	2,515,092		$	12,821		$	3,036,487
Securities lending income — unaffiliated issuer		108,366			930			187,774
Dividends — affiliated issuers		1,132			38			5,451
Total investment income		2,624,590			13,789			3,229,712
Expenses:
Management fees		6,198,615			73,768			11,129,258
Distribution and Service (12b-1) fees(a)		735,323			985			1,148,748
Transfer Agency fees(a)		578,777			3,630			1,180,770
Custody, accounting and administrative services		83,940			23,415			157,687
Registration fees		75,508			28,750			96,648
Printing and mailing costs		66,816			19,352			82,892
Professional fees		48,433			48,051			46,496
Shareholder administration fees — Service Shares		37,664			—			53,795
Service fees — Class C		34,993			140			204,970
Trustee fees		10,880			9,976			11,650
Amortization of offering costs		—			10,861			—
Other		8,162			9,832			16,932
Total expenses		7,879,111			228,760			14,129,846
Less — expense reductions		(767,623	)		(148,376	)		(326,295	)
Net expenses		7,111,488			80,384			13,803,551
NET INVESTMENT LOSS		(4,486,898	)		(66,595	)		(10,573,839	)
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		141,686,194			2,319,097			312,219,954
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		116,499,216			2,758,502			384,370,594
Net realized and unrealized gain		258,185,410			5,077,599			696,590,548
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	253,698,512		$	5,011,004		$	686,016,709

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

	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Growth Opportunities	$	461,135	$	104,979	$	37,664	$	131,545	$	295,128	$	22,396	$	92,326	$	6,026	$	73,684	$	34,487	$	42,095	$	12,635
Small Cap Growth		376		420		—		189		240		90		2,638		—		61		11		61		529
Small/Mid Cap Growth		442,021		614,908		53,795		38,024		282,895		131,181		212,996		8,607		463,128		14,144		12,168		55,651

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Operations (continued)

For the Six Months Ended February 28, 2021 (Unaudited)

	Strategic Growth Fund			Technology Opportunities Fund			U.S. Equity ESG Fund
Investment income:
Dividends — unaffiliated issuer (net of foreign withholding taxes of $1,375, $37,226 and $—, respectively)	$	491,328		$	2,000,209		$	70,422
Securities lending income — unaffiliated issuer		10,696			—			591
Dividends — affiliated issuers		84			1,880			10
Total investment income		502,108			2,002,089			71,023
Expenses:
Management fees		644,834			3,618,166			31,277
Registration fees		66,735			59,337			53,861
Distribution and Service (12b-1) fees(a)		64,363			679,645			14,804
Transfer Agency fees(a)		59,039			450,815			7,051
Professional fees		46,699			46,627			48,664
Custody, accounting and administrative services		19,368			49,972			10,006
Printing and mailing costs		13,948			50,568			6,594
Trustee fees		10,095			10,497			9,975
Service fees — Class C		5,776			34,718			2,530
Shareholder administration fees — Service Shares		604			46,414			—
Other		8,099			5,262			3,673
Total expenses		939,560			5,052,021			188,435
Less — expense reductions		(161,956	)		(475,413	)		(129,413	)
Net expenses		777,604			4,576,608			59,022
NET INVESTMENT INCOME (LOSS)		(275,496	)		(2,574,519	)		12,001
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		15,922,992			52,929,520			353,061
Foreign currency transactions		—			(523	)		—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(968,229	)		10,411,818			984,581
Net realized and unrealized gain		14,954,763			63,340,815			1,337,642
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	14,679,267		$	60,766,296		$	1,349,643

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

	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Strategic Growth	$	46,291	$	17,328	$	604	$	140	$	29,627	$	3,697	$	11,412	$	96	$	2,220	$	93	$	44	$	11,850
Technology Opportunities		529,078		104,153		46,414		—		338,612		22,220		30,995		7,426		40,074		220		—		11,268
U.S. Equity ESG		7,155		7,589		—		60		4,579		1,619		238		—		288		183		19		125

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets

		Capital Growth Fund						Concentrated Growth Fund
		For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020
	From operations:
	Net investment income (loss)	$	(373,303	)	$	2,641,405		$	(284,746	)	$	(131,790	)
	Net realized gain		46,640,359			35,198,989			18,691,162			13,618,666
	Net change in unrealized gain (loss)		60,782,461			143,218,010			(7,232,271	)		42,115,306
��	Net increase in net assets resulting from operations		107,049,517			181,058,404			11,174,145			55,602,182
	Distributions to shareholders:
	From distributable earnings:
	Class A Shares		(29,785,751	)		(29,383,082	)		(589,089	)		(570,407	)
	Class C Shares		(947,434	)		(1,094,018	)		(92,741	)		(82,505	)
	Institutional Shares		(2,366,718	)		(2,359,339	)		(802,544	)		(939,102	)
	Service Shares		(56,146	)		(70,266	)		—			—
	Investor Shares		(371,777	)		(310,127	)		(12,344	)		(11,029	)
	Class R6 Shares		(92,242	)		(78,605	)		(45,645	)		(40,913	)
	Class R Shares		(385,347	)		(366,639	)		(2,170	)		(3,148	)
	Class P Shares		(3,547,586	)		(3,401,935	)		(9,334,560	)		(10,103,292	)
	Total distributions to shareholders		(37,553,001	)		(37,064,011	)		(10,879,093	)		(11,750,396	)
	From share transactions:
	Proceeds from sales of shares		38,189,201			32,027,024			6,561,731			6,673,794
	Reinvestment of distributions		35,802,172			35,117,504			10,783,130			11,629,845
	Cost of shares redeemed		(57,153,198	)		(126,823,345	)		(13,795,115	)		(25,388,297	)
	Net increase (decrease) in net assets resulting from share transactions		16,838,175			(59,678,817	)		3,549,746			(7,084,658	)
	TOTAL INCREASE		86,334,691			84,315,576			3,844,798			36,767,128
	Net assets:
	Beginning of period		976,472,948			892,157,372			185,817,892			149,050,764
	End of period	$	1,062,807,639		$	976,472,948		$	189,662,690		$	185,817,892

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets (continued)

	Flexible Cap Fund						Growth Opportunities Fund
	For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020
From operations:
Net investment income (loss)	$	65,037		$	158,714		$	(4,486,898	)	$	(5,206,960	)
Net realized gain		521,527			1,298,428			141,686,194			255,049,975
Net change in unrealized gain		1,655,711			2,881,593			116,499,216			47,781,792
Net increase in net assets resulting from operations		2,242,275			4,338,735			253,698,512			297,624,807
Distributions to shareholders:
From distributable earnings:
Class A Shares		(348,337	)		(329,577	)		(80,419,726	)		(84,857,623	)
Class C Shares		(76,792	)		(83,942	)		(15,392,994	)		(17,520,548	)
Institutional Shares		(30,388	)		(35,557	)		(73,299,105	)		(101,191,952	)
Service Shares		—			—			(7,330,638	)		(7,618,287	)
Investor Shares		(2,137	)		(4,078	)		(17,952,306	)		(18,957,577	)
Class R6 Shares		(13,001	)		(12,478	)		(36,107,697	)		(39,106,235	)
Class R Shares		(2,962	)		(2,314	)		(12,453,846	)		(12,585,464	)
Class P Shares		(868,917	)		(648,520	)		(13,547,235	)		(13,993,377	)
Total distributions to shareholders		(1,342,534	)		(1,116,466	)		(256,503,547	)		(295,831,063	)
From share transactions:
Proceeds from sales of shares		2,423,563			2,838,561			144,183,055			246,951,218
Reinvestment of distributions		1,342,533			1,116,467			239,672,958			272,525,182
Cost of shares redeemed		(1,147,087	)		(2,328,449	)		(220,582,010	)		(526,294,400	)
Net increase (decrease) in net assets resulting from share transactions		2,619,009			1,626,579			163,274,003			(6,818,000	)
TOTAL INCREASE (DECREASE)		3,518,750			4,848,848			160,468,968			(5,024,256	)
Net assets:
Beginning of period		23,528,857			18,680,009			1,259,130,989			1,264,155,245
End of period	$	27,047,607		$	23,528,857		$	1,419,599,957		$	1,259,130,989

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets (continued)

	Small Cap Growth Fund						Small/Mid Cap Growth Fund
	For the Six Months Ended February 28, 2021 (Unaudited)			For the period October 31, 2019* to August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020
From operations:
Net investment loss	$	(66,595	)	$	(38,007	)	$	(10,573,839	)	$	(10,626,178	)
Net realized gain		2,319,097			681,031			312,219,954			333,727,471
Net change in unrealized gain		2,758,502			3,296,117			384,370,594			235,696,580
Net increase in net assets resulting from operations		5,011,004			3,939,141			686,016,709			558,797,873
Distributions to shareholders:
From distributable earnings:
Class A Shares		(22,970	)		(82	)		(49,888,744	)		(39,805,523	)
Class C Shares		(8,216	)		(18	)		(30,046,612	)		(27,720,082	)
Institutional Shares		(953,009	)		(8,547	)		(138,905,563	)		(106,605,505	)
Service Shares		—			—			(6,207,186	)		(2,626,257	)
Investor Shares		(5,612	)		(104	)		(77,471,106	)		(52,201,231	)
Class R6 Shares		(5,676	)		(117	)		(12,136,651	)		(7,519,351	)
Class R Shares		(5,508	)		(61	)		(2,365,428	)		(2,127,370	)
Class P Shares		(250,100	)		(117	)		(46,974,296	)		(24,025,405	)
Total distributions to shareholders		(1,251,091	)		(9,046	)		(363,995,586	)		(262,630,724	)
From share transactions:
Proceeds from sales of shares		5,313,022			10,431,165			611,179,710			584,729,950
Reinvestment of distributions		1,251,091			9,047			339,495,791			237,385,247
Cost of shares redeemed		(544,656	)		(563,328	)		(445,918,864	)		(834,560,777	)
Net increase (decrease) in net assets resulting from share transactions		6,019,457			9,876,884			504,756,637			(12,445,580	)
TOTAL INCREASE		9,779,370			13,806,979			826,777,760			283,721,569
Net assets:
Beginning of period		13,806,979			—			2,285,183,630			2,001,462,061
End of period	$	23,586,349		$	13,806,979		$	3,111,961,390		$	2,285,183,630

* Commencement of operations.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets (continued)

	Strategic Growth Fund						Technology Opportunities Fund
	For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020
From operations:
Net investment loss	$	(275,496	)	$	(17,349	)	$	(2,574,519	)	$	(2,837,247	)
Net realized gain		15,922,992			24,739,132			52,928,997			64,543,294
Net change in unrealized gain (loss)		(968,229	)		34,445,849			10,411,818			186,929,345
Net increase in net assets resulting from operations		14,679,267			59,167,632			60,766,296			248,635,392
Distributions to shareholders:
From distributable earnings:
Class A Shares		(5,753,616	)		(4,611,552	)		(37,649,057	)		(46,818,272	)
Class C Shares		(1,246,700	)		(998,734	)		(3,403,030	)		(4,769,848	)
Institutional Shares		(7,620,404	)		(7,359,404	)		(11,618,167	)		(10,990,995	)
Service Shares		(79,067	)		(100,316	)		(3,325,261	)		(4,475,409	)
Investor Shares		(382,725	)		(235,813	)		(3,999,623	)		(2,550,857	)
Class R6 Shares		(84,348	)		(54,771	)		(113,026	)		(32,559	)
Class R Shares		(6,717	)		(41,983	)		—			—
Class P Shares		(10,678,493	)		(10,817,531	)		(5,859,003	)		(3,525,530	)
Total distributions to shareholders		(25,852,070	)		(24,220,104	)		(65,967,167	)		(73,163,470	)
From share transactions:
Proceeds from sales of shares		11,600,377			27,015,766			101,180,570			203,785,120
Reinvestment of distributions		25,398,921			23,784,787			62,828,022			68,777,718
Cost of shares redeemed		(24,888,826	)		(62,657,586	)		(111,395,437	)		(155,360,052	)
Net increase (decrease) in net assets resulting from share transactions		12,110,472			(11,857,033	)		52,613,155			117,202,786
TOTAL INCREASE		937,669			23,090,495			47,412,284			292,674,708
Net assets:
Beginning of period		184,061,399			160,970,904			770,841,013			478,166,305
End of period	$	184,999,068		$	184,061,399		$	818,253,297		$	770,841,013

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets (continued)

	U.S. Equity ESG Fund
	For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020
From operations:
Net investment income	$	12,001		$	72,576
Net realized gain		353,061			1,207,438
Net change in unrealized gain		984,581			419,704
Net increase in net assets resulting from operations		1,349,643			1,699,718
Distributions to shareholders:
From distributable earnings:
Class A Shares		(600,873	)		(177,225	)
Class C Shares		(212,062	)		(59,804	)
Institutional Shares		(138,080	)		(39,352	)
Investor Shares		(38,039	)		(11,386	)
Class R6 Shares		(127,443	)		(123,480	)
Class R Shares		(2,431	)		(824	)
Class P Shares		(91,452	)		(100,044	)
Total distributions to shareholders		(1,210,380	)		(512,115	)
From share transactions:
Proceeds from sales of shares		825,295			2,753,884
Reinvestment of distributions		1,123,800			486,610
Cost of shares redeemed		(954,933	)		(6,067,463	)
Net increase (decrease) in net assets resulting from share transactions		994,162			(2,826,969	)
TOTAL INCREASE (DECREASE)		1,133,425			(1,639,366	)
Net assets:
Beginning of period		10,963,556			12,602,922
End of period	$	12,096,981		$	10,963,556

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Capital Growth Fund
	Class A Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	26.94		$	22.93		$	32.46		$	28.92		$	24.15		$	24.80
Net investment income (loss)(a)		(0.02	)		0.05			0.08			0.02			0.04			0.03
Net realized and unrealized gain (loss)		3.00			4.93			(0.28	)		6.01			5.07			1.37
Total from investment operations		2.98			4.98			(0.20	)		6.03			5.11			1.40
Distributions to shareholders from net investment income		(0.06	)		(0.08	)		—	(b)		(0.02	)		(0.01	)		—
Distributions to shareholders from net realized gains		(1.00	)		(0.89	)		(9.33	)		(2.47	)		(0.33	)		(2.05	)
Total distributions		(1.06	)		(0.97	)		(9.33	)		(2.49	)		(0.34	)		(2.05	)
Net asset value, end of period	$	28.86		$	26.94		$	22.93		$	32.46		$	28.92		$	24.15
Total Return(c)		11.22	%		22.26	%		3.72	%		22.01	%		21.47	%		5.79	%
Net assets, end of period (in 000’s)	$	828,918		$	776,919		$	708,827		$	745,362		$	671,371		$	630,091
Ratio of net expenses to average net assets		1.12	%(d)		1.14	%		1.14	%		1.14	%		1.15	%		1.15	%
Ratio of total expenses to average net assets		1.18	%(d)		1.22	%		1.22	%		1.31	%		1.51	%		1.51	%
Ratio of net investment income (loss) to average net assets		(0.13	)%(d)		0.23	%		0.36	%		0.06	%		0.14	%		0.11	%
Portfolio turnover rate(e)		19	%		47	%		55	%		93	%		48	%		45	%

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

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

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

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Capital Growth Fund
	Class C Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	16.05		$	14.05		$	24.01		$	22.13		$	18.68		$	19.77
Net investment loss(a)		(0.07	)		(0.06	)		(0.07	)		(0.16	)		(0.12	)		(0.12	)
Net realized and unrealized gain (loss)		1.77			2.95			(0.56	)		4.51			3.90			1.08
Total from investment operations		1.70			2.89			(0.63	)		4.35			3.78			0.96
Distributions to shareholders from net realized gains		(1.00	)		(0.89	)		(9.33	)		(2.47	)		(0.33	)		(2.05	)
Net asset value, end of period	$	16.75		$	16.05		$	14.05		$	24.01		$	22.13		$	18.68
Total Return(b)		10.84	%		21.37	%		3.01	%		21.11	%		20.59	%		4.98	%
Net assets, end of period (in 000’s)	$	17,309		$	16,596		$	18,674		$	65,983		$	62,701		$	68,960
Ratio of net expenses to average net assets		1.87	%(c)		1.89	%		1.89	%		1.89	%		1.90	%		1.90	%
Ratio of total expenses to average net assets		1.92	%(c)		1.97	%		1.97	%		2.06	%		2.26	%		2.26	%
Ratio of net investment loss to average net assets		(0.87	)%(c)		(0.45	)%		(0.41	)%		(0.70	)%		(0.61	)%		(0.64	)%
Portfolio turnover rate(d)		19	%		47	%		55	%		93	%		48	%		45	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 53

GOLDMAN SACHS CAPITAL GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Capital Growth Fund
	Institutional Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	31.19		$	26.39		$	35.76		$	31.60		$	26.35		$	26.82
Net investment income(a)		0.04			0.16			0.20			0.13			0.15			0.13
Net realized and unrealized gain (loss)		3.47			5.70			(0.17	)		6.62			5.54			1.49
Total from investment operations		3.51			5.86			0.03			6.75			5.69			1.62
Distributions to shareholders from net investment income		(0.15	)		(0.17	)		(0.07	)		(0.12	)		(0.11	)		(0.04	)
Distributions to shareholders from net realized gains		(1.00	)		(0.89	)		(9.33	)		(2.47	)		(0.33	)		(2.05	)
Total distributions		(1.15	)		(1.06	)		(9.40	)		(2.59	)		(0.44	)		(2.09	)
Net asset value, end of period	$	33.55		$	31.19		$	26.39		$	35.76		$	31.60		$	26.35
Total Return(b)		11.41	%		22.71	%		4.14	%		22.50	%		21.96	%		6.19	%
Net assets, end of period (in 000’s)	$	79,922		$	64,708		$	60,169		$	77,293		$	165,948		$	141,442
Ratio of net expenses to average net assets		0.75	%(c)		0.76	%		0.75	%		0.75	%		0.75	%		0.75	%
Ratio of total expenses to average net assets		0.81	%(c)		0.84	%		0.83	%		0.93	%		1.11	%		1.11	%
Ratio of net investment income to average net assets		0.25	%(c)		0.58	%		0.74	%		0.40	%		0.54	%		0.50	%
Portfolio turnover rate(d)		19	%		47	%		55	%		93	%		48	%		45	%

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

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

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Capital Growth Fund
	Service Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	25.46		$	21.73		$	31.33		$	28.00		$	23.40		$	24.12
Net investment income (loss)(a)		(0.04	)		0.03			0.06			(0.01	)		—			—	(b)
Net realized and unrealized gain (loss)		2.84			4.66			(0.33	)		5.81			4.93			1.33
Total from investment operations		2.80			4.69			(0.27	)		5.80			4.93			1.33
Distributions to shareholders from net investment income		(0.01	)		(0.07	)		—			—			—			—
Distributions to shareholders from net realized gains		(1.00	)		(0.89	)		(9.33	)		(2.47	)		(0.33	)		(2.05	)
Total distributions		(1.01	)		(0.96	)		(9.33	)		(2.47	)		(0.33	)		(2.05	)
Net asset value, end of period	$	27.25		$	25.46		$	21.73		$	31.33		$	28.00		$	23.40
Total Return(c)		11.16	%		22.12	%		3.57	%		21.91	%		21.36	%		5.66	%
Net assets, end of period (in 000’s)	$	1,648		$	1,814		$	1,546		$	1,802		$	1,437		$	1,561
Ratio of net expenses to average net assets		1.25	%(d)		1.26	%		1.25	%		1.25	%		1.25	%		1.25	%
Ratio of total expenses to average net assets		1.31	%(d)		1.34	%		1.33	%		1.41	%		1.61	%		1.61	%
Ratio of net investment income (loss) to average net assets		(0.27	)%(d)		0.13	%		0.25	%		(0.04	)%		0.02	%		0.01	%
Portfolio turnover rate(e)		19	%		47	%		55	%		93	%		48	%		45	%

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

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 55

GOLDMAN SACHS CAPITAL GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Capital Growth Fund
	Investor Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	27.56		$	23.43		$	32.94		$	29.31		$	24.48		$	25.07
Net investment income(a)		0.02			0.11			0.15			0.09			0.11			0.08
Net realized and unrealized gain (loss)		3.07			5.05			(0.28	)		6.11			5.13			1.40
Total from investment operations		3.09			5.16			(0.13	)		6.20			5.24			1.48
Distributions to shareholders from net investment income		(0.13	)		(0.14	)		(0.05	)		(0.10	)		(0.08	)		(0.02	)
Distributions to shareholders from net realized gains		(1.00	)		(0.89	)		(9.33	)		(2.47	)		(0.33	)		(2.05	)
Total distributions		(1.13	)		(1.03	)		(9.38	)		(2.57	)		(0.41	)		(2.07	)
Net asset value, end of period	$	29.52		$	27.56		$	23.43		$	32.94		$	29.31		$	24.48
Total Return(b)		11.36	%		22.56	%		3.96	%		22.35	%		21.77	%		6.05	%
Net assets, end of period (in 000’s)	$	11,833		$	8,703		$	6,649		$	9,259		$	8,496		$	4,297
Ratio of net expenses to average net assets		0.87	%(c)		0.89	%		0.89	%		0.89	%		0.90	%		0.90	%
Ratio of total expenses to average net assets		0.93	%(c)		0.96	%		0.97	%		1.06	%		1.26	%		1.26	%
Ratio of net investment income to average net assets		0.13	%(c)		0.46	%		0.60	%		0.31	%		0.43	%		0.35	%
Portfolio turnover rate(d)		19	%		47	%		55	%		93	%		48	%		45	%

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

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

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Capital Growth Fund
	Class R6 Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	31.14		$	26.35		$	35.75		$	31.60		$	26.34		$	26.82
Net investment income(a)		0.04			0.16			0.19			0.20			0.16			0.13
Net realized and unrealized gain (loss)		3.47			5.69			(0.17	)		6.55			5.55			1.49
Total from investment operations		3.51			5.85			0.02			6.75			5.71			1.62
Distributions to shareholders from net investment income		(0.15	)		(0.17	)		(0.09	)		(0.13	)		(0.12	)		(0.05	)
Distributions to shareholders from net realized gains		(1.00	)		(0.89	)		(9.33	)		(2.47	)		(0.33	)		(2.05	)
Total distributions		(1.15	)		(1.06	)		(9.42	)		(2.60	)		(0.45	)		(2.10	)
Net asset value, end of period	$	33.50		$	31.14		$	26.35		$	35.75		$	31.60		$	26.34
Total Return(b)		11.43	%		22.71	%		4.12	%		22.53	%		21.99	%		6.19	%
Net assets, end of period (in 000’s)	$	4,206		$	2,454		$	2,313		$	60		$	16		$	10
Ratio of net expenses to average net assets		0.74	%(c)		0.75	%		0.74	%		0.74	%		0.75	%		0.74	%
Ratio of total expenses to average net assets		0.80	%(c)		0.83	%		0.83	%		0.90	%		1.10	%		1.09	%
Ratio of net investment income to average net assets		0.28	%(c)		0.59	%		0.75	%		0.60	%		0.56	%		0.52	%
Portfolio turnover rate(d)		19	%		47	%		55	%		93	%		48	%		45	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 57

GOLDMAN SACHS CAPITAL GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Capital Growth Fund
	Class R Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	25.32		$	21.63		$	31.26		$	28.01		$	23.44		$	24.19
Net investment income (loss)(a)		(0.05	)		—	(b)		0.02			(0.06	)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss)		2.83			4.62			(0.32	)		5.81			4.93			1.33
Total from investment operations		2.78			4.62			(0.30	)		5.75			4.90			1.30
Distributions to shareholders from net investment income		(0.02	)		(0.04	)		—			(0.03	)		—			—
Distributions to shareholders from net realized gains		(1.00	)		(0.89	)		(9.33	)		(2.47	)		(0.33	)		(2.05	)
Total distributions		(1.02	)		(0.93	)		(9.33	)		(2.50	)		(0.33	)		(2.05	)
Net asset value, end of period	$	27.08		$	25.32		$	21.63		$	31.26		$	28.01		$	23.44
Total Return(c)		11.12	%		21.90	%		3.47	%		21.73	%		21.19	%		5.51	%
Net assets, end of period (in 000’s)	$	10,520		$	10,097		$	8,559		$	8,887		$	8,093		$	3,450
Ratio of net expenses to average net assets		1.37	%(d)		1.39	%		1.39	%		1.39	%		1.40	%		1.40	%
Ratio of total expenses to average net assets		1.43	%(d)		1.47	%		1.47	%		1.56	%		1.77	%		1.76	%
Ratio of net investment income (loss) to average net assets		(0.38	)%(d)		0.01	%		0.11	%		(0.20	)%		(0.10	)%		(0.15	)%
Portfolio turnover rate(e)		19	%		47	%		55	%		93	%		48	%		45	%

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

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

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

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Capital Growth Fund
	Class P Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	31.13		$	26.34		$	35.74		$	33.39
Net investment income(b)		0.04			0.16			0.20			0.09
Net realized and unrealized gain (loss)		3.47			5.69			(0.18	)		2.26
Total from investment operations		3.51			5.85			0.02			2.35
Distributions to shareholders from net investment income		(0.15	)		(0.17	)		(0.09	)		—
Distributions to shareholders from net realized gains		(1.00	)		(0.89	)		(9.33	)		—
Total distributions		(1.15	)		(1.06	)		(9.42	)		—
Net asset value, end of period	$	33.49		$	31.13		$	26.34		$	35.74
Total Return(c)		11.44	%		22.73	%		4.13	%		7.04	%
Net assets, end of period (in 000’s)	$	108,453		$	95,182		$	85,422		$	104,131
Ratio of net expenses to average net assets		0.74	%(d)		0.75	%		0.74	%		0.74	%(d)
Ratio of total expenses to average net assets		0.80	%(d)		0.83	%		0.82	%		0.85	%(d)
Ratio of net investment income to average net assets		0.25	%(d)		0.59	%		0.75	%		0.72	%(d)
Portfolio turnover rate(e)		19	%		47	%		55	%		93	%

(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. 59

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Concentrated Growth Fund
	Class A Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	22.91		$	17.55		$	19.33		$	17.62		$	15.06		$	16.06
Net investment income (loss)(a)		(0.07	)		(0.08	)		(0.03	)		(0.01	)		0.02			—	(b)
Net realized and unrealized gain		1.38			6.92			0.35			3.82			2.64			0.81
Total from investment operations		1.31			6.84			0.32			3.81			2.66			0.81
Distributions to shareholders from net investment income		—			—			—			—	(c)		(0.03	)		—
Distributions to shareholders from net realized gains		(1.45	)		(1.48	)		(2.10	)		(2.10	)		(0.07	)		(1.81	)
Total distributions		(1.45	)		(1.48	)		(2.10	)		(2.10	)		(0.10	)		(1.81	)
Net asset value, end of period	$	22.77		$	22.91		$	17.55		$	19.33		$	17.62		$	15.06
Total Return(d)		5.93	%		41.52	%		3.58	%		23.68	%		17.75	%		5.10	%
Net assets, end of period (in 000’s)	$	9,602		$	9,302		$	6,735		$	5,633		$	5,462		$	6,573
Ratio of net expenses to average net assets		1.12	%(e)		1.16	%		1.16	%		1.17	%		1.20	%		1.22	%
Ratio of total expenses to average net assets		1.33	%(e)		1.37	%		1.45	%		1.51	%		1.65	%		1.63	%
Ratio of net investment income (loss) to average net assets		(0.62	)%(e)		(0.44	)%		(0.18	)%		(0.05	)%		0.11	%		0.03	%(b)
Portfolio turnover rate(f)		21	%		36	%		40	%		44	%		54	%(g)		55	%

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

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

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

(e) Annualized.

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

(g) On July 28, 2017, Goldman Sachs Concentrated Growth Fund acquired all of the net assets of Goldman Sachs Focused Growth Fund pursuant to an Agreement and Plan of Reorganization. Portfolio turnover excludes purchases and sales of securities by Goldman Sachs Focused Growth Fund (acquired fund) prior to the merger date.

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Concentrated Growth Fund
	Class C Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	17.56		$	13.87		$	15.88		$	14.93		$	12.84		$	14.05
Net investment loss(a)		(0.12	)		(0.17	)		(0.13	)		(0.12	)		(0.08	)		(0.09	)(b)
Net realized and unrealized gain		1.05			5.34			0.22			3.17			2.24			0.69
Total from investment operations		0.93			5.17			0.09			3.05			2.16			0.60
Distributions to shareholders from net realized gains		(1.45	)		(1.48	)		(2.10	)		(2.10	)		(0.07	)		(1.81	)
Net asset value, end of period	$	17.04		$	17.56		$	13.87		$	15.88		$	14.93		$	12.84
Total Return(c)		5.56	%		40.47	%		2.81	%		22.74	%		16.88	%		4.27	%
Net assets, end of period (in 000’s)	$	1,056		$	1,162		$	823		$	2,137		$	2,210		$	2,192
Ratio of net expenses to average net assets		1.87	%(d)		1.91	%		1.91	%		1.92	%		1.95	%		1.98	%
Ratio of total expenses to average net assets		2.08	%(d)		2.10	%		2.21	%		2.26	%		2.40	%		2.38	%
Ratio of net investment loss to average net assets		(1.36	)%(d)		(1.23	)%		(0.98	)%		(0.80	)%		(0.61	)%		(0.71	)%(b)
Portfolio turnover rate(e)		21	%		36	%		40	%		44	%		54	%(f)		55	%

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

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

(c) 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.

(f) On July 28, 2017, Goldman Sachs Concentrated Growth Fund acquired all of the net assets of Goldman Sachs Focused Growth Fund pursuant to an Agreement and Plan of Reorganization. Portfolio turnover excludes purchases and sales of securities by Goldman Sachs Focused Growth Fund (acquired fund) prior to the merger date.

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Concentrated Growth Fund
	Institutional Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	24.92		$	18.93		$	20.61		$	18.65		$	15.94		$	16.88
Net investment income (loss)(a)		(0.04	)		(0.01	)		0.03			0.06			0.09			0.07	(b)
Net realized and unrealized gain		1.51			7.50			0.41			4.07			2.78			0.84
Total from investment operations		1.47			7.49			0.44			4.13			2.87			0.91
Distributions to shareholders from net investment income		—			(0.02	)		(0.02	)		(0.07	)		(0.09	)		(0.04	)
Distributions to shareholders from net realized gains		(1.45	)		(1.48	)		(2.10	)		(2.10	)		(0.07	)		(1.81	)
Total distributions		(1.45	)		(1.50	)		(2.12	)		(2.17	)		(0.16	)		(1.85	)
Net asset value, end of period	$	24.94		$	24.92		$	18.93		$	20.61		$	18.65		$	15.94
Total Return(c)		6.10	%		41.98	%		3.98	%		24.13	%		18.22	%		5.47	%
Net assets, end of period (in 000’s)	$	14,435		$	13,744		$	12,497		$	15,286		$	142,623		$	134,818
Ratio of net expenses to average net assets		0.80	%(d)		0.81	%		0.80	%		0.81	%		0.82	%		0.82	%
Ratio of total expenses to average net assets		0.96	%(d)		1.01	%		1.07	%		1.20	%		1.26	%		1.23	%
Ratio of net investment income (loss) to average net assets		(0.29	)%(d)		(0.07	)%		0.17	%		0.31	%		0.51	%		0.43	%(b)
Portfolio turnover rate(e)		21	%		36	%		40	%		44	%		54	%(f)		55	%

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

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

(c) 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.

(f) On July 28, 2017, Goldman Sachs Concentrated Growth Fund acquired all of the net assets of Goldman Sachs Focused Growth Fund pursuant to an Agreement and Plan of Reorganization. Portfolio turnover excludes purchases and sales of securities by Goldman Sachs Focused Growth Fund (acquired fund) prior to the merger date.

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Concentrated Growth Fund
	Investor Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	23.46		$	17.90		$	19.66		$	17.88		$	15.28		$	16.26
Net investment income (loss)(a)		(0.04	)		(0.03	)		0.01			0.03			0.07			0.04	(b)
Net realized and unrealized gain		1.42			7.07			0.36			3.88			2.67			0.81
Total from investment operations		1.38			7.04			0.37			3.91			2.74			0.85
Distributions to shareholders from net investment income		—			—	(c)		(0.03	)		(0.03	)		(0.07	)		(0.02	)
Distributions to shareholders from net realized gains		(1.45	)		(1.48	)		(2.10	)		(2.10	)		(0.07	)		(1.81	)
Total distributions		(1.45	)		(1.48	)		(2.13	)		(2.13	)		(0.14	)		(1.83	)
Net asset value, end of period	$	23.39		$	23.46		$	17.90		$	19.66		$	17.88		$	15.28
Total Return(d)		6.10	%		41.87	%		3.83	%		23.94	%		18.14	%		5.31	%
Net assets, end of period (in 000’s)	$	216		$	189		$	133		$	463		$	780		$	452
Ratio of net expenses to average net assets		0.87	%(e)		0.91	%		0.91	%		0.92	%		0.95	%		0.97	%
Ratio of total expenses to average net assets		1.08	%(e)		1.11	%		1.22	%		1.26	%		1.41	%		1.38	%
Ratio of net investment income (loss) to average net assets		(0.36	)%(e)		(0.18	)%		0.03	%		0.17	%		0.45	%		0.27	%(b)
Portfolio turnover rate(f)		21	%		36	%		40	%		44	%		54	%(g)		55	%

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

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

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

(e) Annualized.

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

(g) On July 28, 2017, Goldman Sachs Concentrated Growth Fund acquired all of the net assets of Goldman Sachs Focused Growth Fund pursuant to an Agreement and Plan of Reorganization. Portfolio turnover excludes purchases and sales of securities by Goldman Sachs Focused Growth Fund (acquired fund) prior to the merger date.

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Concentrated Growth Fund
	Class R6 Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	24.86		$	18.88		$	20.60		$	18.65		$	15.95		$	16.88
Net investment income (loss)(a)		(0.03	)		(0.01	)		0.04			0.06			0.13			0.07	(b)
Net realized and unrealized gain		1.50			7.49			0.39			4.06			2.74			0.85
Total from investment operations		1.47			7.48			0.43			4.12			2.87			0.92
Distributions to shareholders from net investment income		—			(0.02	)		(0.05	)		(0.07	)		(0.10	)		(0.04	)
Distributions to shareholders from net realized gains		(1.45	)		(1.48	)		(2.10	)		(2.10	)		(0.07	)		(1.81	)
Total distributions		(1.45	)		(1.50	)		(2.15	)		(2.17	)		(0.17	)		(1.85	)
Net asset value, end of period	$	24.88		$	24.86		$	18.88		$	20.60		$	18.65		$	15.95
Total Return(c)		6.11	%		42.05	%		4.00	%		24.09	%		18.17	%		5.56	%
Net assets, end of period (in 000’s)	$	858		$	806		$	538		$	99		$	68		$	10
Ratio of net expenses to average net assets		0.79	%(d)		0.80	%		0.79	%		0.80	%		0.82	%		0.81	%
Ratio of total expenses to average net assets		0.95	%(d)		0.98	%		1.04	%		1.09	%		1.32	%		1.21	%
Ratio of net investment income (loss) to average net assets		(0.28	)%(d)		(0.07	)%		0.22	%		0.34	%		0.74	%		0.44	%(b)
Portfolio turnover rate(e)		21	%		36	%		40	%		44	%		54	%(f)		55	%

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

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

(c) 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.

(f) On July 28, 2017, Goldman Sachs Concentrated Growth Fund acquired all of the net assets of Goldman Sachs Focused Growth Fund pursuant to an Agreement and Plan of Reorganization. Portfolio turnover excludes purchases and sales of securities by Goldman Sachs Focused Growth Fund (acquired fund) prior to the merger date.

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Concentrated Growth Fund
	Class R Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	21.84		$	16.84		$	18.68		$	17.13		$	14.65		$	15.71
Net investment loss(a)		(0.09	)		(0.12	)		(0.07	)		(0.05	)		(0.02	)		(0.04	)(b)
Net realized and unrealized gain		1.31			6.60			0.33			3.70			2.57			0.79
Total from investment operations		1.22			6.48			0.26			3.65			2.55			0.75
Distributions to shareholders from net realized gains		(1.45	)		(1.48	)		(2.10	)		(2.10	)		(0.07	)		(1.81	)
Net asset value, end of period	$	21.61		$	21.84		$	16.84		$	18.68		$	17.13		$	14.65
Total Return(c)		5.81	%		41.12	%		3.36	%		23.37	%		17.46	%		4.81	%
Net assets, end of period (in 000’s)	$	35		$	33		$	36		$	34		$	25		$	22
Ratio of net expenses to average net assets		1.37	%(d)		1.41	%		1.41	%		1.42	%		1.45	%		1.48	%
Ratio of total expenses to average net assets		1.58	%(d)		1.66	%		1.70	%		1.75	%		1.91	%		1.89	%
Ratio of net investment loss to average net assets		(0.86	)%(d)		(0.69	)%		(0.43	)%		(0.29	)%		(0.14	)%		(0.25	)%(b)
Portfolio turnover rate(e)		21	%		36	%		40	%		44	%		54	%(f)		55	%

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

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

(c) 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.

(f) On July 28, 2017, Goldman Sachs Concentrated Growth Fund acquired all of the net assets of Goldman Sachs Focused Growth Fund pursuant to an Agreement and Plan of Reorganization. Portfolio turnover excludes purchases and sales of securities by Goldman Sachs Focused Growth Fund (acquired fund) prior to the merger date.

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Concentrated Growth Fund
	Class P Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	24.85		$	18.88		$	20.60		$	18.54
Net investment income (loss)(b)		(0.03	)		(0.01	)		0.03			0.02
Net realized and unrealized gain		1.50			7.48			0.40			2.04
Total from investment operations		1.47			7.47			0.43			2.06
Distributions to shareholders from net investment income		—			(0.02	)		(0.05	)		—
Distributions to shareholders from net realized gains		(1.45	)		(1.48	)		(2.10	)		—
Total distributions		(1.45	)		(1.50	)		(2.15	)		—
Net asset value, end of period	$	24.87		$	24.85		$	18.88		$	20.60
Total Return(c)		6.12	%		42.00	%		4.01	%		11.11	%
Net assets, end of period (in 000’s)	$	163,461		$	160,582		$	128,289		$	143,078
Ratio of net expenses to average net assets		0.79	%(d)		0.80	%		0.79	%		0.79	%(d)
Ratio of total expenses to average net assets		0.95	%(d)		0.99	%		1.06	%		0.72	%(d)
Ratio of net investment income (loss) to average net assets		(0.28	)%(d)		(0.06	)%		0.18	%		0.32	%(d)
Portfolio turnover rate(e)		21	%		36	%		40	%		44	%

(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.

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

GOLDMAN SACHS FLEXIBLE CAP FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Flexible Cap Fund
	Class A Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	13.78		$	11.93		$	12.66		$	14.09		$	11.74		$	11.90
Net investment income (loss)(a)		0.02			0.07			0.09			0.09			—	(b)		(0.02	)
Net realized and unrealized gain		1.27			2.48			0.15			2.17			2.36			0.59
Total from investment operations		1.29			2.55			0.24			2.26			2.36			0.57
Distributions to shareholders from net investment income		(0.06	)		(0.08	)		(0.10	)		(0.01	)		—			—
Distributions to shareholders from net realized gains		(0.74	)		(0.62	)		(0.87	)		(3.68	)		(0.01	)		(0.73	)
Total distributions		(0.80	)		(0.70	)		(0.97	)		(3.69	)		(0.01	)		(0.73	)
Net asset value, end of period	$	14.27		$	13.78		$	11.93		$	12.66		$	14.09		$	11.74
Total Return(c)		9.61	%		22.18	%		3.07	%		18.82	%		20.14	%		4.93	%
Net assets, end of period (in 000’s)	$	6,459		$	5,843		$	5,383		$	5,490		$	5,627		$	5,927
Ratio of net expenses to average net assets		0.96	%(d)		1.00	%		0.97	%		0.95	%		1.20	%		1.22	%
Ratio of total expenses to average net assets		2.23	%(d)		2.47	%		2.88	%		2.47	%		3.01	%		3.07	%
Ratio of net investment income (loss) to average net assets		0.31	%(d)		0.58	%		0.74	%		0.73	%		(0.01	)%		(0.21	)%
Portfolio turnover rate(e)		19	%		69	%		50	%		157	%		47	%		46	%

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

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 67

GOLDMAN SACHS FLEXIBLE CAP FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Flexible Cap Fund
	Class C Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.67		$	10.23		$	11.00		$	12.75		$	10.71		$	11.00
Net investment loss(a)		(0.03	)		(0.02	)		—	(b)		—	(b)		(0.09	)		(0.10	)
Net realized and unrealized gain		1.09			2.10			0.13			1.93			2.14			0.54
Total from investment operations		1.06			2.08			0.13			1.93			2.05			0.44
Distributions to shareholders from net investment income		—			(0.02	)		(0.03	)		—			—			—
Distributions to shareholders from net realized gains		(0.74	)		(0.62	)		(0.87	)		(3.68	)		(0.01	)		(0.73	)
Total distributions		(0.74	)		(0.64	)		(0.90	)		(3.68	)		(0.01	)		(0.73	)
Net asset value, end of period	$	11.99		$	11.67		$	10.23		$	11.00		$	12.75		$	10.71
Total Return(c)		9.31	%		21.16	%		2.30	%		18.00	%		19.18	%		4.12	%
Net assets, end of period (in 000’s)	$	1,264		$	1,516		$	1,288		$	1,304		$	1,512		$	1,474
Ratio of net expenses to average net assets		1.71	%(d)		1.75	%		1.72	%		1.70	%		1.95	%		1.97	%
Ratio of total expenses to average net assets		2.98	%(d)		3.19	%		3.63	%		3.20	%		3.76	%		3.82	%
Ratio of net investment loss to average net assets		(0.45	)%(d)		(0.16	)%		—	%(e)		(0.02	)%		(0.75	)%		(0.96	)%
Portfolio turnover rate(f)		19	%		69	%		50	%		157	%		47	%		46	%

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

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

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

(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.

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

GOLDMAN SACHS FLEXIBLE CAP FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Flexible Cap Fund
	Institutional Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	15.01		$	12.94		$	13.61		$	14.88		$	12.35		$	12.44
Net investment income(a)		0.05			0.12			0.13			0.14			0.05			0.02
Net realized and unrealized gain		1.40			2.70			0.19			2.33			2.49			0.62
Total from investment operations		1.45			2.82			0.32			2.47			2.54			0.64
Distributions to shareholders from net investment income		(0.11	)		(0.13	)		(0.12	)		(0.06	)		—			—
Distributions to shareholders from net realized gains		(0.74	)		(0.62	)		(0.87	)		(3.68	)		(0.01	)		(0.73	)
Total distributions		(0.85	)		(0.75	)		(0.99	)		(3.74	)		(0.01	)		(0.73	)
Net asset value, end of period	$	15.61		$	15.01		$	12.94		$	13.61		$	14.88		$	12.35
Total Return(b)		9.86	%		22.53	%		3.47	%		19.29	%		20.61	%		5.29	%
Net assets, end of period (in 000’s)	$	1,162		$	594		$	587		$	1,633		$	11,111		$	9,330
Ratio of net expenses to average net assets		0.59	%(c)		0.62	%		0.59	%		0.59	%		0.82	%		0.82	%
Ratio of total expenses to average net assets		1.85	%(c)		2.11	%		2.41	%		2.01	%		2.62	%		2.68	%
Ratio of net investment income to average net assets		0.72	%(c)		0.95	%		1.08	%		1.04	%		0.38	%		0.20	%
Portfolio turnover rate(d)		19	%		69	%		50	%		157	%		47	%		46	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 69

GOLDMAN SACHS FLEXIBLE CAP FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Flexible Cap Fund
	Investor Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	14.66		$	12.65		$	13.35		$	14.63		$	12.16		$	12.27
Net investment income(a)		0.04			0.10			0.12			0.12			0.05			—	(b)
Net realized and unrealized gain		1.36			2.64			0.18			2.28			2.43			0.62
Total from investment operations		1.40			2.74			0.30			2.40			2.48			0.62
Distributions to shareholders from net investment income		(0.09	)		(0.11	)		(0.13	)		—			—			—
Distributions to shareholders from net realized gains		(0.74	)		(0.62	)		(0.87	)		(3.68	)		(0.01	)		(0.73	)
Total distributions		(0.83	)		(0.73	)		(1.00	)		(3.68	)		(0.01	)		(0.73	)
Net asset value, end of period	$	15.23		$	14.66		$	12.65		$	13.35		$	14.63		$	12.16
Total Return(c)		9.77	%		22.43	%		3.40	%		19.08	%		20.43	%		5.20	%
Net assets, end of period (in 000’s)	$	41		$	38		$	70		$	68		$	379		$	197
Ratio of net expenses to average net assets		0.71	%(d)		0.76	%		0.72	%		0.70	%		0.95	%		0.97	%
Ratio of total expenses to average net assets		1.98	%(d)		2.66	%		2.63	%		2.08	%		2.83	%		2.76	%
Ratio of net investment income to average net assets		0.56	%(d)		0.78	%		0.99	%		0.88	%		0.35	%		0.03	%
Portfolio turnover rate(e)		19	%		69	%		50	%		157	%		47	%		46	%

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

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

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

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

GOLDMAN SACHS FLEXIBLE CAP FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Flexible Cap Fund
	Class R6 Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	14.98		$	12.91		$	13.61		$	14.88		$	12.35		$	12.44
Net investment income(a)		0.05			0.13			0.14			0.15			0.05			0.03
Net realized and unrealized gain		1.40			2.69			0.18			2.32			2.49			0.61
Total from investment operations		1.45			2.82			0.32			2.47			2.54			0.64
Distributions to shareholders from net investment income		(0.11	)		(0.13	)		(0.15	)		(0.06	)		—			—
Distributions to shareholders from net realized gains		(0.74	)		(0.62	)		(0.87	)		(3.68	)		(0.01	)		(0.73	)
Total distributions		(0.85	)		(0.75	)		(1.02	)		(3.74	)		(0.01	)		(0.73	)
Net asset value, end of period	$	15.58		$	14.98		$	12.91		$	13.61		$	14.88		$	12.35
Total Return(b)		9.90	%		22.60	%		3.47	%		19.27	%		20.61	%		5.29	%
Net assets, end of period (in 000’s)	$	250		$	226		$	202		$	14		$	12		$	10
Ratio of net expenses to average net assets		0.58	%(c)		0.61	%		0.59	%		0.58	%		0.82	%		0.81	%
Ratio of total expenses to average net assets		1.85	%(c)		2.10	%		2.59	%		2.09	%		2.61	%		2.66	%
Ratio of net investment income to average net assets		0.69	%(c)		0.96	%		1.17	%		1.11	%		0.39	%		0.22	%
Portfolio turnover rate(d)		19	%		69	%		50	%		157	%		47	%		46	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 71

GOLDMAN SACHS FLEXIBLE CAP FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Flexible Cap Fund
	Class R Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	13.13		$	11.40		$	12.14		$	13.67		$	11.42		$	11.63
Net investment income (loss)(a)		—	(b)		0.04			0.05			0.06			(0.03	)		(0.05	)
Net realized and unrealized gain		1.22			2.36			0.16			2.09			2.29			0.57
Total from investment operations		1.22			2.40			0.21			2.15			2.26			0.52
Distributions to shareholders from net investment income		(0.04	)		(0.05	)		(0.08	)		—			—			—
Distributions to shareholders from net realized gains		(0.74	)		(0.62	)		(0.87	)		(3.68	)		(0.01	)		(0.73	)
Total distributions		(0.78	)		(0.67	)		(0.95	)		(3.68	)		(0.01	)		(0.73	)
Net asset value, end of period	$	13.57		$	13.13		$	11.40		$	12.14		$	13.67		$	11.42
Total Return(c)		9.52	%		21.78	%		2.89	%		18.50	%		19.83	%		4.61	%
Net assets, end of period (in 000’s)	$	55		$	49		$	39		$	49		$	39		$	37
Ratio of net expenses to average net assets		1.21	%(d)		1.25	%		1.22	%		1.20	%		1.45	%		1.47	%
Ratio of total expenses to average net assets		2.48	%(d)		2.63	%		3.13	%		2.74	%		3.28	%		3.33	%
Ratio of net investment income (loss) to average net assets		0.06	%(d)		0.33	%		0.49	%		0.48	%		(0.23	)%		(0.45	)%
Portfolio turnover rate(e)		19	%		69	%		50	%		157	%		47	%		46	%

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

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

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

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

GOLDMAN SACHS FLEXIBLE CAP FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Flexible Cap Fund
	Class P Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	14.99		$	12.92		$	13.61		$	12.75
Net investment income(b)		0.05			0.13			0.14			0.09
Net realized and unrealized gain		1.39			2.69			0.19			0.77
Total from investment operations		1.44			2.82			0.33			0.86
Distributions to shareholders from net investment income		(0.11	)		(0.13	)		(0.15	)		—
Distributions to shareholders from net realized gains		(0.74	)		(0.62	)		(0.87	)		—
Total distributions		(0.85	)		(0.75	)		(1.02	)		—
Net asset value, end of period	$	15.58		$	14.99		$	12.92		$	13.61
Total Return(c)		9.83	%		22.58	%		3.56	%		6.75	%
Net assets, end of period (in 000’s)	$	17,816		$	15,263		$	11,110		$	12,616
Ratio of net expenses to average net assets		0.58	%(d)		0.61	%		0.58	%		0.58	%(d)
Ratio of total expenses to average net assets		1.85	%(d)		1.94	%		2.47	%		3.14	%(d)
Ratio of net investment income to average net assets		0.69	%(d)		0.96	%		1.13	%		1.79	%(d)
Portfolio turnover rate(e)		19	%		69	%		50	%		157	%

(a) Commenced operations on April 17, 2018.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 73

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Opportunities Fund
	Class A Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	17.14		$	18.14		$	23.42		$	23.97		$	21.70		$	23.84
Net investment loss(a)		(0.07	)		(0.10	)		(0.09	)		(0.14	)		(0.12	)		(0.10	)(b)
Net realized and unrealized gain		3.37			4.13			0.69			4.20			2.94			0.77
Total from investment operations		3.30			4.03			0.60			4.06			2.82			0.67
Distributions to shareholders from net realized gains		(4.05	)		(5.03	)		(5.88	)		(4.61	)		(0.55	)		(2.81	)
Net asset value, end of period	$	16.39		$	17.14		$	18.14		$	23.42		$	23.97		$	21.70
Total Return(c)		20.54	%		28.84	%		8.00	%		19.37	%		13.40	%		3.39	%
Net assets, end of period (in 000’s)	$	383,264		$	347,644		$	331,433		$	421,605		$	486,115		$	631,053
Ratio of net expenses to average net assets		1.24	%(d)		1.25	%		1.27	%		1.30	%		1.30	%		1.32	%
Ratio of total expenses to average net assets		1.37	%(d)		1.41	%		1.39	%		1.40	%		1.43	%		1.42	%
Ratio of net investment loss to average net assets		(0.85	)%(d)		(0.64	)%		(0.51	)%		(0.60	)%		(0.56	)%		(0.47	)%(b)
Portfolio turnover rate(e)		27	%		65	%		69	%		60	%		61	%		55	%

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

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

(c) 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.

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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Opportunities Fund
	Class C Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	6.78		$	10.16		$	16.11		$	17.95		$	16.52		$	18.95
Net investment loss(a)		(0.04	)		(0.09	)		(0.13	)		(0.22	)		(0.22	)		(0.20	)(b)
Net realized and unrealized gain		1.19			1.74			0.06			2.99			2.20			0.58
Total from investment operations		1.15			1.65			(0.07	)		2.77			1.98			0.38
Distributions to shareholders from net realized gains		(4.05	)		(5.03	)		(5.88	)		(4.61	)		(0.55	)		(2.81	)
Net asset value, end of period	$	3.88		$	6.78		$	10.16		$	16.11		$	17.95		$	16.52
Total Return(c)		20.19	%		27.86	%		7.24	%		18.52	%		12.49	%		2.66	%
Net assets, end of period (in 000’s)	$	28,018		$	28,894		$	40,072		$	77,990		$	91,086		$	128,788
Ratio of net expenses to average net assets		1.99	%(d)		2.00	%		2.02	%		2.05	%		2.05	%		2.07	%
Ratio of total expenses to average net assets		2.12	%(d)		2.16	%		2.14	%		2.15	%		2.18	%		2.17	%
Ratio of net investment loss to average net assets		(1.60	)%(d)		(1.38	)%		(1.25	)%		(1.35	)%		(1.32	)%		(1.23	)%(b)
Portfolio turnover rate(e)		27	%		65	%		69	%		60	%		61	%		55	%

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

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

(c) 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. 75

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Opportunities Fund
	Institutional Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	23.41		$	22.93		$	27.78		$	27.54		$	24.76		$	26.71
Net investment loss(a)		(0.06	)		(0.06	)		(0.04	)		(0.07	)		(0.05	)		(0.03	)(b)
Net realized and unrealized gain		4.69			5.57			1.07			4.92			3.38			0.89
Total from investment operations		4.63			5.51			1.03			4.85			3.33			0.86
Distributions to shareholders from net realized gains		(4.05	)		(5.03	)		(5.88	)		(4.61	)		(0.55	)		(2.81	)
Net asset value, end of period	$	23.99		$	23.41		$	22.93		$	27.78		$	27.54		$	24.76
Total Return(c)		20.73	%		29.33	%		8.34	%		19.78	%		13.81	%		3.76	%
Net assets, end of period (in 000’s)	$	481,301		$	442,693		$	491,659		$	1,178,239		$	1,670,808		$	2,160,714
Ratio of net expenses to average net assets		0.90	%(d)		0.91	%		0.93	%		0.96	%		0.95	%		0.95	%
Ratio of total expenses to average net assets		1.00	%(d)		1.03	%		1.00	%		1.01	%		1.03	%		1.02	%
Ratio of net investment loss to average net assets		(0.51	)%(d)		(0.29	)%		(0.17	)%		(0.26	)%		(0.21	)%		(0.11	)%(b)
Portfolio turnover rate(e)		27	%		65	%		69	%		60	%		61	%		55	%

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

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

(c) 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.

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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Opportunities Fund
	Service Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	15.50		$	16.89		$	22.29		$	23.05		$	20.92		$	23.11
Net investment loss(a)		(0.08	)		(0.11	)		(0.11	)		(0.17	)		(0.15	)		(0.13	)(b)
Net realized and unrealized gain		3.03			3.75			0.59			4.02			2.83			0.75
Total from investment operations		2.95			3.64			0.48			3.85			2.68			0.62
Distributions to shareholders from net realized gains		(4.05	)		(5.03	)		(5.88	)		(4.61	)		(0.55	)		(2.81	)
Net asset value, end of period	$	14.40		$	15.50		$	16.89		$	22.29		$	23.05		$	20.92
Total Return(c)		20.46	%		28.64	%		7.82	%		19.21	%		13.22	%		3.27	%
Net assets, end of period (in 000’s)	$	31,890		$	27,723		$	27,094		$	34,211		$	33,159		$	37,432
Ratio of net expenses to average net assets		1.40	%(d)		1.41	%		1.43	%		1.46	%		1.45	%		1.45	%
Ratio of total expenses to average net assets		1.50	%(d)		1.53	%		1.51	%		1.51	%		1.53	%		1.52	%
Ratio of net investment loss to average net assets		(1.01	)%(d)		(0.79	)%		(0.67	)%		(0.76	)%		(0.71	)%		(0.61	)%(b)
Portfolio turnover rate(e)		27	%		65	%		69	%		60	%		61	%		55	%

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

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

(c) 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. 77

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Opportunities Fund
	Investor Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	18.90		$	19.47		$	24.59		$	24.90		$	22.46		$	24.52
Net investment loss(a)		(0.06	)		(0.07	)		(0.05	)		(0.08	)		(0.07	)		(0.05	)(b)
Net realized and unrealized gain		3.75			4.53			0.81			4.38			3.06			0.80
Total from investment operations		3.69			4.46			0.76			4.30			2.99			0.75
Distributions to shareholders from net realized gains		(4.05	)		(5.03	)		(5.88	)		(4.61	)		(0.55	)		(2.81	)
Net asset value, end of period	$	18.54		$	18.90		$	19.47		$	24.59		$	24.90		$	22.46
Total Return(c)		20.71	%		29.15	%		8.33	%		19.64	%		13.71	%		3.64	%
Net assets, end of period (in 000’s)	$	100,499		$	81,928		$	77,012		$	93,889		$	132,003		$	135,930
Ratio of net expenses to average net assets		0.99	%(d)		1.00	%		1.01	%		1.05	%		1.05	%		1.07	%
Ratio of total expenses to average net assets		1.12	%(d)		1.16	%		1.15	%		1.15	%		1.18	%		1.17	%
Ratio of net investment loss to average net assets		(0.60	)%(d)		(0.39	)%		(0.25	)%		(0.35	)%		(0.31	)%		(0.23	)%(b)
Portfolio turnover rate(e)		27	%		65	%		69	%		60	%		61	%		55	%

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

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

(c) 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.

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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Opportunities Fund
	Class R6 Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	23.44		$	22.95		$	27.80		$	27.55		$	24.77		$	26.71
Net investment loss(a)		(0.06	)		(0.06	)		(0.04	)		(0.07	)		(0.04	)		(0.04	)(b)
Net realized and unrealized gain		4.70			5.58			1.07			4.93			3.37			0.91
Total from investment operations		4.64			5.52			1.03			4.86			3.33			0.87
Distributions to shareholders from net realized gains		(4.05	)		(5.03	)		(5.88	)		(4.61	)		(0.55	)		(2.81	)
Net asset value, end of period	$	24.03		$	23.44		$	22.95		$	27.80		$	27.55		$	24.77
Total Return(c)		20.75	%		29.35	%		8.35	%		19.80	%		13.80	%		3.81	%
Net assets, end of period (in 000’s)	$	246,737		$	211,480		$	181,988		$	231,077		$	118,634		$	44,865
Ratio of net expenses to average net assets		0.89	%(d)		0.90	%		0.92	%		0.95	%		0.93	%		0.93	%
Ratio of total expenses to average net assets		0.99	%(d)		1.02	%		1.00	%		0.99	%		1.01	%		1.01	%
Ratio of net investment loss to average net assets		(0.50	)%(d)		(0.28	)%		(0.16	)%		(0.25	)%		(0.18	)%		(0.19	)%(b)
Portfolio turnover rate(e)		27	%		65	%		69	%		60	%		61	%		55	%

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

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

(c) 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. 79

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Opportunities Fund
	Class R Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	15.53		$	16.92		$	22.33		$	23.11		$	20.99		$	23.21
Net investment loss(a)		(0.08	)		(0.12	)		(0.13	)		(0.19	)		(0.17	)		(0.15	)(b)
Net realized and unrealized gain		3.02			3.76			0.60			4.02			2.84			0.74
Total from investment operations		2.94			3.64			0.47			3.83			2.67			0.59
Distributions to shareholders from net realized gains		(4.05	)		(5.03	)		(5.88	)		(4.61	)		(0.55	)		(2.81	)
Net asset value, end of period	$	14.42		$	15.53		$	16.92		$	22.33		$	23.11		$	20.99
Total Return(c)		20.34	%		28.58	%		7.75	%		19.06	%		13.13	%		3.12	%
Net assets, end of period (in 000’s)	$	55,822		$	48,780		$	45,005		$	54,359		$	59,225		$	63,105
Ratio of net expenses to average net assets		1.49	%(d)		1.50	%		1.51	%		1.55	%		1.55	%		1.57	%
Ratio of total expenses to average net assets		1.62	%(d)		1.66	%		1.64	%		1.65	%		1.68	%		1.67	%
Ratio of net investment loss to average net assets		(1.10	)%(d)		(0.89	)%		(0.76	)%		(0.85	)%		(0.81	)%		(0.73	)%(b)
Portfolio turnover rate(e)		27	%		65	%		69	%		60	%		61	%		55	%

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

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

(c) 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.

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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Opportunities Fund
	Class P Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	23.45		$	22.96		$	27.80		$	26.35
Net investment loss(b)		(0.06	)		(0.06	)		(0.04	)		(0.04	)
Net realized and unrealized gain		4.70			5.58			1.08			1.49
Total from investment operations		4.64			5.52			1.04			1.45
Distributions to shareholders from net realized gains		(4.05	)		(5.03	)		(5.88	)		—
Net asset value, end of period	$	24.04		$	23.45		$	22.96		$	27.80
Total Return(c)		20.75	%		29.34	%		8.38	%		5.50	%
Net assets, end of period (in 000’s)	$	92,070		$	69,989		$	69,893		$	94,794
Ratio of net expenses to average net assets		0.89	%(d)		0.90	%		0.92	%		0.95	%(d)
Ratio of total expenses to average net assets		0.99	%(d)		1.02	%		1.00	%		1.00	%(d)
Ratio of net investment loss to average net assets		(0.50	)%(d)		(0.28	)%		(0.16	)%		(0.36	)%(d)
Portfolio turnover rate(e)		27	%		65	%		69	%		60	%

(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. 81

GOLDMAN SACHS SMALL CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Fund
	Class A Shares
	Six Months Ended February 28, 2021 (Unaudited)			Period Ended August 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	12.81		$	10.00
Net investment loss(b)		(0.09	)		(0.09	)
Net realized and unrealized gain		4.67			2.92
Total from investment operations		4.58			2.83
Distributions to shareholders from net investment income		(0.02	)		(0.02	)
Distributions to shareholders from net realized gains		(1.10	)		—
Total distributions		(1.12	)		(0.02	)
Net asset value, end of period	$	16.27		$	12.81
Total Return(c)		36.75	%		28.30	%
Net assets, end of period (in 000’s)	$	535		$	175
Ratio of net expenses to average net assets		1.28	%(d)		1.30	%(d)
Ratio of total expenses to average net assets		2.92	%(d)		8.30	%(d)
Ratio of net investment loss to average net assets		(1.13	)%(d)		(0.94	)%(d)
Portfolio turnover rate(e)		44	%		70	%

(a) Commenced operations on October 31, 2019.

(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.

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

GOLDMAN SACHS SMALL CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Fund
	Class C Shares
	Six Months Ended February 28, 2021 (Unaudited)			Period Ended August 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	12.74		$	10.00
Net investment loss(b)		(0.14	)		(0.15	)
Net realized and unrealized gain		4.64			2.89
Total from investment operations		4.50			2.74
Distributions to shareholders from net investment income		—			—	(c)
Distributions to shareholders from net realized gains		(1.10	)		—
Total distributions		(1.10	)		—	(c)
Net asset value, end of period	$	16.14		$	12.74
Total Return(d)		36.22	%		27.44	%
Net assets, end of period (in 000’s)	$	153		$	91
Ratio of net expenses to average net assets		2.03	%(e)		2.06	%(e)
Ratio of total expenses to average net assets		3.68	%(e)		9.80	%(e)
Ratio of net investment loss to average net assets		(1.87	)%(e)		(1.70	)%(e)
Portfolio turnover rate(f)		44	%		70	%

(a) Commenced operations on October 31, 2019.

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

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

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 83

GOLDMAN SACHS SMALL CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Fund
	Institutional Shares
	Six Months Ended February 28, 2021 (Unaudited)			Period Ended August 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	12.84		$	10.00
Net investment loss(b)		(0.06	)		(0.05	)
Net realized and unrealized gain		4.69			2.91
Total from investment operations		4.63			2.86
Distributions to shareholders from net investment income		(0.03	)		(0.02	)
Distributions to shareholders from net realized gains		(1.10	)		—
Total distributions		(1.13	)		(0.02	)
Net asset value, end of period	$	16.34		$	12.84
Total Return(c)		37.00	%		28.68	%
Net assets, end of period (in 000’s)	$	17,270		$	10,516
Ratio of net expenses to average net assets		0.91	%(d)		0.93	%(d)
Ratio of total expenses to average net assets		2.55	%(d)		8.24	%(d)
Ratio of net investment loss to average net assets		(0.75	)%(d)		(0.58	)%(d)
Portfolio turnover rate(e)		44	%		70	%

(a) Commenced operations on October 31, 2019.

(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.

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

GOLDMAN SACHS SMALL CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Fund
	Investor Shares
	Six Months Ended February 28, 2021 (Unaudited)			Period Ended August 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	12.83		$	10.00
Net investment loss(b)		(0.06	)		(0.06	)
Net realized and unrealized gain		4.67			2.91
Total from investment operations		4.61			2.85
Distributions to shareholders from net investment income		(0.02	)		(0.02	)
Distributions to shareholders from net realized gains		(1.10	)		—
Total distributions		(1.12	)		(0.02	)
Net asset value, end of period	$	16.32		$	12.83
Total Return(c)		36.93	%		28.55	%
Net assets, end of period (in 000’s)	$	88		$	64
Ratio of net expenses to average net assets		1.03	%(d)		1.06	%(d)
Ratio of total expenses to average net assets		2.68	%(d)		9.22	%(d)
Ratio of net investment loss to average net assets		(0.87	)%(d)		(0.69	)%(d)
Portfolio turnover rate(e)		44	%		70	%

(a) Commenced operations on October 31, 2019.

(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. 85

GOLDMAN SACHS SMALL CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Fund
	Class R6 Shares
	Six Months Ended February 28, 2021 (Unaudited)			Period Ended August 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	12.84		$	10.00
Net investment loss(b)		(0.05	)		(0.05	)
Net realized and unrealized gain		4.68			2.91
Total from investment operations		4.63			2.86
Distributions to shareholders from net investment income		(0.03	)		(0.02	)
Distributions to shareholders from net realized gains		(1.10	)		—
Total distributions		(1.13	)		(0.02	)
Net asset value, end of period	$	16.34		$	12.84
Total Return(c)		36.99	%		28.68	%
Net assets, end of period (in 000’s)	$	88		$	64
Ratio of net expenses to average net assets		0.90	%(d)		0.93	%(d)
Ratio of total expenses to average net assets		2.55	%(d)		9.08	%(d)
Ratio of net investment loss to average net assets		(0.74	)%(d)		(0.55	)%(d)
Portfolio turnover rate(e)		44	%		70	%

(a) Commenced operations on October 31, 2019.

(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.

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

GOLDMAN SACHS SMALL CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Fund
	Class R Shares
	Six Months Ended February 28, 2021 (Unaudited)			Period Ended August 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	12.79		$	10.00
Net investment loss(b)		(0.10	)		(0.11	)
Net realized and unrealized gain		4.65			2.91
Total from investment operations		4.55			2.80
Distributions to shareholders from net investment income		—			(0.01	)
Distributions to shareholders from net realized gains		(1.10	)		—
Total distributions		(1.10	)		(0.01	)
Net asset value, end of period	$	16.24		$	12.79
Total Return(c)		36.56	%		28.05	%
Net assets, end of period (in 000’s)	$	87		$	64
Ratio of net expenses to average net assets		1.53	%(d)		1.56	%(d)
Ratio of total expenses to average net assets		3.18	%(d)		9.73	%(d)
Ratio of net investment loss to average net assets		(1.37	)%(d)		(1.19	)%(d)
Portfolio turnover rate(e)		44	%		70	%

(a) Commenced operations on October 31, 2019.

(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. 87

GOLDMAN SACHS SMALL CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Fund
	Class P Shares
	Six Months Ended February 28, 2021 (Unaudited)			Period Ended August 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	12.84		$	10.00
Net investment loss(b)		(0.05	)		(0.05	)
Net realized and unrealized gain		4.67			2.91
Total from investment operations		4.62			2.86
Distributions to shareholders from net investment income		(0.03	)		(0.02	)
Distributions to shareholders from net realized gains		(1.10	)		—
Total distributions		(1.13	)		(0.02	)
Net asset value, end of period	$	16.33		$	12.84
Total Return(c)		36.92	%		28.68	%
Net assets, end of period (in 000’s)	$	5,365		$	2,831
Ratio of net expenses to average net assets		0.90	%(d)		0.90	%(d)
Ratio of total expenses to average net assets		2.54	%(d)		6.73	%(d)
Ratio of net investment loss to average net assets		(0.74	)%(d)		(0.55	)%(d)
Portfolio turnover rate(e)		44	%		70	%

(a) Commenced operations on October 31, 2019.

(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.

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Growth Fund
	Class A Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	23.56		$	20.53		$	23.94		$	21.81		$	19.85		$	20.72
Net investment loss(a)		(0.12	)		(0.15	)		(0.12	)(b)		(0.14	)(c)		(0.12	)(d)		(0.14	)(e)
Net realized and unrealized gain		6.76			6.20			0.36			5.15			2.77			—
Total from investment operations		6.64			6.05			0.24			5.01			2.65			(0.14	)
Distributions to shareholders from net realized gains		(3.84	)		(3.02	)		(3.65	)		(2.88	)		(0.69	)		(0.73	)
Net asset value, end of period	$	26.36		$	23.56		$	20.53		$	23.94		$	21.81		$	19.85
Total Return(f)		29.47	%		33.09	%		4.33	%		25.22	%		13.78	%		(0.56	)%
Net assets, end of period (in 000’s)	$	401,403		$	309,715		$	295,072		$	346,289		$	351,253		$	736,221
Ratio of net expenses to average net assets		1.21	%(g)		1.27	%		1.26	%		1.28	%		1.29	%		1.31	%
Ratio of total expenses to average net assets		1.27	%(g)		1.32	%		1.32	%		1.35	%		1.46	%		1.45	%
Ratio of net investment loss to average net assets		(0.97	)%(g)		(0.74	)%		(0.59	)%(b)		(0.64	)%(c)		(0.62	)%(d)		(0.73	)%(e)
Portfolio turnover rate(h)		37	%		76	%		76	%		59	%		60	%		67	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.11% of average net assets.

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

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

(f) 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.

(g) Annualized.

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

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Growth Fund
	Class C Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	18.59		$	16.90		$	20.60		$	19.27		$	17.75		$	18.74
Net investment loss(a)		(0.17	)		(0.25	)		(0.22	)(b)		(0.27	)(c)		(0.24	)(d)		(0.25	)(e)
Net realized and unrealized gain (loss)		5.26			4.96			0.17			4.48			2.45			(0.01	)
Total from investment operations		5.09			4.71			(0.05	)		4.21			2.21			(0.26	)
Distributions to shareholders from net realized gains		(3.84	)		(3.02	)		(3.65	)		(2.88	)		(0.69	)		(0.73	)
Net asset value, end of period	$	19.84		$	18.59		$	16.90		$	20.60		$	19.27		$	17.75
Total Return(f)		28.97	%		32.18	%		3.50	%		24.30	%		12.98	%		(1.34	)%
Net assets, end of period (in 000’s)	$	167,628		$	153,835		$	166,172		$	232,881		$	217,385		$	265,282
Ratio of net expenses to average net assets		1.96	%(g)		2.02	%		2.01	%		2.03	%		2.04	%		2.06	%
Ratio of total expenses to average net assets		2.02	%(g)		2.08	%		2.07	%		2.10	%		2.21	%		2.20	%
Ratio of net investment loss to average net assets		(1.72	)%(g)		(1.55	)%		(1.35	)%(b)		(1.38	)%(c)		(1.36	)%(d)		(1.48	)%(e)
Portfolio turnover rate(h)		37	%		76	%		76	%		59	%		60	%		67	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.11% of average net assets.

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

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

(f) 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.

(g) Annualized.

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

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Growth Fund
	Institutional Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	26.09		$	22.36		$	25.63		$	23.08		$	20.89		$	21.69
Net investment loss(a)		(0.09	)		(0.09	)		(0.06	)(b)		(0.07	)(c)		(0.05	)(d)		(0.07	)(e)
Net realized and unrealized gain		7.53			6.84			0.44			5.50			2.93			—
Total from investment operations		7.44			6.75			0.38			5.43			2.88			(0.07	)
Distributions to shareholders from net realized gains		(3.84	)		(3.02	)		(3.65	)		(2.88	)		(0.69	)		(0.73	)
Net asset value, end of period	$	29.69		$	26.09		$	22.36		$	25.63		$	23.08		$	20.89
Total Return(f)		29.68	%		33.55	%		4.62	%		25.69	%		14.21	%		(0.21	)%
Net assets, end of period (in 000’s)	$	1,200,731		$	921,412		$	853,375		$	1,067,540		$	1,149,459		$	1,235,282
Ratio of net expenses to average net assets		0.90	%(g)		0.94	%		0.93	%		0.92	%		0.92	%		0.93	%
Ratio of total expenses to average net assets		0.90	%(g)		0.95	%		0.93	%		0.96	%		1.06	%		1.05	%
Ratio of net investment loss to average net assets		(0.66	)%(g)		(0.39	)%		(0.26	)%(b)		(0.27	)%(c)		(0.24	)%(d)		(0.35	)%(e)
Portfolio turnover rate(h)		37	%		76	%		76	%		59	%		60	%		67	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.11% of average net assets.

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

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

(f) 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.

(g) Annualized.

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

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Growth Fund
	Service Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	22.60		$	19.84		$	23.32		$	21.33		$	19.46		$	20.35
Net investment loss(a)		(0.14	)		(0.18	)		(0.15	)(b)		(0.17	)(c)		(0.14	)(d)		(0.16	)(e)
Net realized and unrealized gain		6.47			5.96			0.32			5.04			2.70			—
Total from investment operations		6.33			5.78			0.17			4.87			2.56			(0.16	)
Distributions to shareholders from net realized gains		(3.84	)		(3.02	)		(3.65	)		(2.88	)		(0.69	)		(0.73	)
Net asset value, end of period	$	25.09		$	22.60		$	19.84		$	23.32		$	21.33		$	19.46
Total Return(f)		29.34	%		32.87	%		4.13	%		25.12	%		13.59	%		(0.67	)%
Net assets, end of period (in 000’s)	$	23,506		$	32,215		$	18,395		$	18,210		$	16,520		$	13,956
Ratio of net expenses to average net assets		1.40	%(g)		1.44	%		1.43	%		1.42	%		1.42	%		1.43	%
Ratio of total expenses to average net assets		1.40	%(g)		1.45	%		1.44	%		1.46	%		1.56	%		1.55	%
Ratio of net investment loss to average net assets		(1.14	)%(g)		(0.92	)%		(0.75	)%(b)		(0.77	)%(c)		(0.73	)%(d)		(0.85	)%(e)
Portfolio turnover rate(h)		37	%		76	%		76	%		59	%		60	%		67	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.11% of average net assets.

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

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

(f) 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.

(g) Annualized.

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

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Growth Fund
	Investor Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	24.96		$	21.53		$	24.85		$	22.48		$	20.39		$	21.21
Net investment loss(a)		(0.10	)		(0.10	)		(0.07	)(b)		(0.09	)(c)		(0.08	)(d)		(0.09	)(e)
Net realized and unrealized gain		7.18			6.55			0.40			5.34			2.86			—
Total from investment operations		7.08			6.45			0.33			5.25			2.78			(0.09	)
Distributions to shareholders from net realized gains		(3.84	)		(3.02	)		(3.65	)		(2.88	)		(0.69	)		(0.73	)
Net asset value, end of period	$	28.20		$	24.96		$	21.53		$	24.85		$	22.48		$	20.39
Total Return(f)		29.63	%		33.44	%		4.57	%		25.57	%		14.06	%		(0.31	)%
Net assets, end of period (in 000’s)	$	698,263		$	495,629		$	409,019		$	529,670		$	437,309		$	313,812
Ratio of net expenses to average net assets		0.96	%(g)		1.02	%		1.01	%		1.03	%		1.04	%		1.06	%
Ratio of total expenses to average net assets		1.02	%(g)		1.07	%		1.07	%		1.10	%		1.21	%		1.20	%
Ratio of net investment loss to average net assets		(0.72	)%(g)		(0.47	)%		(0.34	)%(b)		(0.38	)%(c)		(0.36	)%(d)		(0.48	)%(e)
Portfolio turnover rate(h)		37	%		76	%		76	%		59	%		60	%		67	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.11% of average net assets.

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

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

(f) 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.

(g) Annualized.

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

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Growth Fund
	Class R6 Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	26.12		$	22.38		$	25.64		$	23.09		$	20.89		$	21.69
Net investment loss(a)		(0.09	)		(0.08	)		(0.05	)(b)		(0.06	)(c)		(0.04	)(d)		(0.06	)(e)
Net realized and unrealized gain (loss)		7.53			6.84			0.44			5.49			2.93			(0.01	)
Total from investment operations		7.44			6.76			0.39			5.43			2.89			(0.07	)
Distributions to shareholders from net realized gains		(3.84	)		(3.02	)		(3.65	)		(2.88	)		(0.69	)		(0.73	)
Net asset value, end of period	$	29.72		$	26.12		$	22.38		$	25.64		$	23.09		$	20.89
Total Return(f)		29.65	%		33.56	%		4.67	%		25.68	%		14.26	%		(0.21	)%
Net assets, end of period (in 000’s)	$	113,986		$	73,863		$	54,916		$	39,263		$	22,660		$	9,785
Ratio of net expenses to average net assets		0.89	%(g)		0.93	%		0.92	%		0.91	%		0.90	%		0.92	%
Ratio of total expenses to average net assets		0.89	%(g)		0.94	%		0.93	%		0.95	%		1.04	%		1.04	%
Ratio of net investment loss to average net assets		(0.64	)%(g)		(0.38	)%		(0.23	)%(b)		(0.25	)%(c)		(0.18	)%(d)		(0.28	)%(e)
Portfolio turnover rate(h)		37	%		76	%		76	%		59	%		60	%		67	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.11% of average net assets.

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

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

(f) 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.

(g) Annualized.

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

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Growth Fund
	Class R Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	22.24		$	19.58		$	23.08		$	21.17		$	19.34		$	20.26
Net investment loss(a)		(0.15	)		(0.19	)		(0.16	)(b)		(0.19	)(c)		(0.17	)(d)		(0.18	)(e)
Net realized and unrealized gain (loss)		6.37			5.87			0.31			4.98			2.69			(0.01	)
Total from investment operations		6.22			5.68			0.15			4.79			2.52			(0.19	)
Distributions to shareholders from net realized gains		(3.84	)		(3.02	)		(3.65	)		(2.88	)		(0.69	)		(0.73	)
Net asset value, end of period	$	24.62		$	22.24		$	19.58		$	23.08		$	21.17		$	19.34
Total Return(f)		29.32	%		32.78	%		4.07	%		24.92	%		13.47	%		(0.83	)%
Net assets, end of period (in 000’s)	$	16,371		$	13,209		$	15,856		$	24,215		$	26,918		$	34,493
Ratio of net expenses to average net assets		1.46	%(g)		1.52	%		1.51	%		1.53	%		1.54	%		1.56	%
Ratio of total expenses to average net assets		1.52	%(g)		1.57	%		1.57	%		1.61	%		1.71	%		1.70	%
Ratio of net investment loss to average net assets		(1.22	)%(g)		(1.00	)%		(0.85	)%(b)		(0.90	)%(c)		(0.86	)%(d)		(0.98	)%(e)
Portfolio turnover rate(h)		37	%		76	%		76	%		59	%		60	%		67	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.11% of average net assets.

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

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

(f) 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.

(g) Annualized.

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

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Growth Fund
	Class P Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	26.12		$	22.38		$	25.64		$	23.61
Net investment loss(b)		(0.09	)		(0.08	)		(0.05	)(c)		(0.03	)(d)
Net realized and unrealized gain		7.54			6.84			0.44			2.06
Total from investment operations		7.45			6.76			0.39			2.03
Distributions to shareholders from net realized gains		(3.84	)		(3.02	)		(3.65	)		—
Net asset value, end of period	$	29.73		$	26.12		$	22.38		$	25.64
Total Return(e)		29.69	%		33.56	%		4.67	%		8.60	%
Net assets, end of period (in 000’s)	$	490,074		$	285,307		$	188,657		$	245,612
Ratio of net expenses to average net assets		0.88	%(f)		0.93	%		0.92	%		0.90	%(f)
Ratio of total expenses to average net assets		0.89	%(f)		0.94	%		0.92	%		0.91	%(f)
Ratio of net investment loss to average net assets		(0.64	)%(f)		(0.38	)%		(0.25	)%(c)		(0.36	)%(d)(f)
Portfolio turnover rate(g)		37	%		76	%		76	%		59	%

(a) Commenced operations on April 17, 2018.

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

(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets.

(d) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.11% of average net assets.

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

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Growth Fund
	Class A Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.24		$	9.25		$	13.83		$	13.79		$	11.91		$	11.86
Net investment income (loss)(a)		(0.03	)		(0.03	)		(0.01	)		(0.02	)		0.02			0.02
Net realized and unrealized gain (loss)		0.89			3.58			(0.30	)		3.03			2.26			0.74
Total from investment operations		0.86			3.55			(0.31	)		3.01			2.28			0.76
Distributions to shareholders from net investment income		—			—			—			—			(0.04	)		(0.02	)
Distributions to shareholders from net realized gains		(1.77	)		(1.56	)		(4.27	)		(2.97	)		(0.36	)		(0.69	)
Total distributions		(1.77	)		(1.56	)		(4.27	)		(2.97	)		(0.40	)		(0.71	)
Net asset value, end of period	$	10.33		$	11.24		$	9.25		$	13.83		$	13.79		$	11.91
Total Return(b)		8.26	%		43.98	%		2.86	%		25.59	%		19.79	%		6.48	%
Net assets, end of period (in 000’s)	$	38,560		$	36,688		$	28,311		$	30,174		$	46,114		$	46,093
Ratio of net expenses to average net assets		1.12	%(c)		1.14	%		1.14	%		1.14	%		1.15	%		1.15	%
Ratio of total expenses to average net assets		1.30	%(c)		1.35	%		1.40	%		1.39	%		1.55	%		1.54	%
Ratio of net investment income (loss) to average net assets		(0.57	)%(c)		(0.35	)%		(0.07	)%		(0.15	)%		0.15	%		0.19	%
Portfolio turnover rate(d)		12	%		39	%		28	%		40	%		54	%		56	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 97

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Growth Fund
	Class C Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	6.63		$	6.09		$	10.81		$	11.46		$	10.00		$	10.12
Net investment loss(a)		(0.04	)		(0.07	)		(0.06	)		(0.09	)		(0.06	)		(0.05	)
Net realized and unrealized gain (loss)		0.50			2.17			(0.39	)		2.41			1.88			0.62
Total from investment operations		0.46			2.10			(0.45	)		2.32			1.82			0.57
Distributions to shareholders from net realized gains		(1.77	)		(1.56	)		(4.27	)		(2.97	)		(0.36	)		(0.69	)
Net asset value, end of period	$	5.32		$	6.63		$	6.09		$	10.81		$	11.46		$	10.00
Total Return(b)		7.93	%		42.88	%		2.07	%		24.61	%		18.89	%		5.70	%
Net assets, end of period (in 000’s)	$	4,659		$	4,522		$	4,142		$	9,081		$	9,326		$	11,103
Ratio of net expenses to average net assets		1.87	%(c)		1.89	%		1.89	%		1.89	%		1.90	%		1.90	%
Ratio of total expenses to average net assets		2.05	%(c)		2.11	%		2.14	%		2.13	%		2.30	%		2.29	%
Ratio of net investment loss to average net assets		(1.32	)%(c)		(1.25	)%		(0.83	)%		(0.85	)%		(0.60	)%		(0.56	)%
Portfolio turnover rate(d)		12	%		39	%		28	%		40	%		54	%		56	%

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

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

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Growth Fund
	Institutional Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	12.88		$	10.39		$	14.92		$	14.67		$	12.64		$	12.53
Net investment income (loss)(a)		(0.01	)		0.01			0.03			0.04			0.07			0.07
Net realized and unrealized gain (loss)		1.03			4.07			(0.26	)		3.25			2.40			0.78
Total from investment operations		1.02			4.08			(0.23	)		3.29			2.47			0.85
Distributions to shareholders from net investment income		—	(b)		(0.03	)		(0.03	)		(0.07	)		(0.08	)		(0.05	)
Distributions to shareholders from net realized gains		(1.77	)		(1.56	)		(4.27	)		(2.97	)		(0.36	)		(0.69	)
Total distributions		(1.77	)		(1.59	)		(4.30	)		(3.04	)		(0.44	)		(0.74	)
Net asset value, end of period	$	12.13		$	12.88		$	10.39		$	14.92		$	14.67		$	12.64
Total Return(c)		8.46	%		44.36	%		3.31	%		26.11	%		20.29	%		6.89	%
Net assets, end of period (in 000’s)	$	56,913		$	60,474		$	52,461		$	75,470		$	211,311		$	294,952
Ratio of net expenses to average net assets		0.75	%(d)		0.76	%		0.75	%		0.75	%		0.75	%		0.75	%
Ratio of total expenses to average net assets		0.93	%(d)		0.98	%		1.00	%		0.99	%		1.14	%		1.14	%
Ratio of net investment income (loss) to average net assets		(0.20	)%(d)		0.10	%		0.32	%		0.31	%		0.51	%		0.59	%
Portfolio turnover rate(e)		12	%		39	%		28	%		40	%		54	%		56	%

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

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 99

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Growth Fund
	Service Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.97		$	9.08		$	13.67		$	13.70		$	11.85		$	11.81
Net investment income (loss)(a)		(0.04	)		(0.04	)		(0.01	)		(0.03	)		0.01			0.01
Net realized and unrealized gain (loss)		0.87			3.49			(0.31	)		3.00			2.24			0.73
Total from investment operations		0.83			3.45			(0.32	)		2.97			2.25			0.74
Distributions to shareholders from net investment income		—			—			—			(0.03	)		(0.04	)		(0.01	)
Distributions to shareholders from net realized gains		(1.77	)		(1.56	)		(4.27	)		(2.97	)		(0.36	)		(0.69	)
Total distributions		(1.77	)		(1.56	)		(4.27	)		(3.00	)		(0.40	)		(0.70	)
Net asset value, end of period	$	10.03		$	10.97		$	9.08		$	13.67		$	13.70		$	11.85
Total Return(b)		8.17	%		43.67	%		2.79	%		25.48	%		19.66	%		6.40	%
Net assets, end of period (in 000’s)	$	486		$	505		$	622		$	597		$	478		$	272
Ratio of net expenses to average net assets		1.25	%(c)		1.26	%		1.25	%		1.25	%		1.25	%		1.25	%
Ratio of total expenses to average net assets		1.43	%(c)		1.53	%		1.53	%		1.48	%		1.65	%		1.64	%
Ratio of net investment income (loss) to average net assets		(0.69	)%(c)		(0.47	)%		(0.14	)%		(0.21	)%		0.09	%		0.11	%
Portfolio turnover rate(d)		12	%		39	%		28	%		40	%		54	%		56	%

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

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

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Growth Fund
	Investor Shares
	Six Months Ended February 28, 2021 (Unaudited)			��	Year Ended August 31,
					2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	12.83			$	10.34		$	14.89		$	14.66		$	12.63		$	12.53
Net investment income (loss)(a)		(0.02	)			(0.01	)		0.02			0.02			0.06			0.05
Net realized and unrealized gain (loss)		1.02				4.07			(0.27	)		3.24			2.40			0.78
Total from investment operations		1.00				4.06			(0.25	)		3.26			2.46			0.83
Distributions to shareholders from net investment income		—				(0.01	)		(0.03	)		(0.06	)		(0.07	)		(0.04	)
Distributions to shareholders from net realized gains		(1.77	)			(1.56	)		(4.27	)		(2.97	)		(0.36	)		(0.69	)
Total distributions		(1.77	)			(1.57	)		(4.30	)		(3.03	)		(0.43	)		(0.73	)
Net asset value, end of period	$	12.06			$	12.83		$	10.34		$	14.89		$	14.66		$	12.63
Total Return(b)		8.31	%			44.28	%		3.14	%		25.90	%		20.15	%		6.69	%
Net assets, end of period (in 000’s)	$	2,694			$	2,758		$	1,533		$	2,578		$	2,264		$	829
Ratio of net expenses to average net assets		0.87	%(c)			0.89	%		0.89	%		0.89	%		0.90	%		0.90	%
Ratio of total expenses to average net assets		1.05	%(c)			1.06	%		1.14	%		1.12	%		1.30	%		1.29	%
Ratio of net investment income (loss) to average net assets		(0.33	)%(c)			(0.09	)%		0.16	%		0.15	%		0.48	%		0.44	%
Portfolio turnover rate(d)		12	%			39	%		28	%		40	%		54	%		56	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 101

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Growth Fund
	Class R6 Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	12.86		$	10.37		$	14.91		$	14.66		$	12.63		$	12.53
Net investment income (loss)(a)		(0.01	)		0.01			0.04			0.04			0.08			0.07
Net realized and unrealized gain (loss)		1.02			4.07			(0.27	)		3.25			2.40			0.77
Total from investment operations		1.01			4.08			(0.23	)		3.29			2.48			0.84
Distributions to shareholders from net investment income		—	(b)		(0.03	)		(0.04	)		(0.07	)		(0.09	)		(0.05	)
Distributions to shareholders from net realized gains		(1.77	)		(1.56	)		(4.27	)		(2.97	)		(0.36	)		(0.69	)
Total distributions		(1.77	)		(1.59	)		(4.31	)		(3.04	)		(0.45	)		(0.74	)
Net asset value, end of period	$	12.10		$	12.86		$	10.37		$	14.91		$	14.66		$	12.63
Total Return(c)		8.42	%		44.49	%		3.33	%		26.15	%		20.33	%		6.83	%
Net assets, end of period (in 000’s)	$	697		$	509		$	477		$	15		$	12		$	10
Ratio of net expenses to average net assets		0.74	%(d)		0.75	%		0.74	%		0.74	%		0.75	%		0.76	%
Ratio of total expenses to average net assets		0.92	%(d)		0.99	%		1.03	%		0.97	%		1.14	%		1.15	%
Ratio of net investment income (loss) to average net assets		(0.19	)%(d)		0.10	%		0.40	%		0.30	%		0.57	%		0.59	%
Portfolio turnover rate(e)		12	%		39	%		28	%		40	%		54	%		56	%

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

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

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

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Growth Fund
	Class R Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.67		$	8.88		$	13.49		$	13.56		$	11.75		$	11.74
Net investment loss(a)		(0.04	)		(0.06	)		(0.03	)		(0.04	)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss)		0.83			3.41			(0.31	)		2.96			2.23			0.73
Total from investment operations		0.79			3.35			(0.34	)		2.92			2.22			0.72
Distributions to shareholders from net investment income		—			—			—			(0.02	)		(0.05	)		(0.02	)
Distributions to shareholders from net realized gains		(1.77	)		(1.56	)		(4.27	)		(2.97	)		(0.36	)		(0.69	)
Total distributions		(1.77	)		(1.56	)		(4.27	)		(2.99	)		(0.41	)		(0.71	)
Net asset value, end of period	$	9.69		$	10.67		$	8.88		$	13.49		$	13.56		$	11.75
Total Return(b)		8.12	%		43.52	%		2.67	%		25.29	%		19.56	%		6.18	%
Net assets, end of period (in 000’s)	$	45		$	66		$	292		$	255		$	169		$	81
Ratio of net expenses to average net assets		1.37	%(c)		1.40	%		1.39	%		1.39	%		1.40	%		1.40	%
Ratio of total expenses to average net assets		1.56	%(c)		1.75	%		1.65	%		1.62	%		1.80	%		1.79	%
Ratio of net investment loss to average net assets		(0.80	)%(c)		(0.66	)%		(0.31	)%		(0.34	)%		(0.07	)%		(0.05	)%
Portfolio turnover rate(d)		12	%		39	%		28	%		40	%		54	%		56	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 103

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Growth Fund
	Class P Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	12.84		$	10.35		$	14.90		$	13.53
Net investment income (loss)(b)		(0.01	)		0.01			0.04			0.01
Net realized and unrealized gain (loss)		1.02			4.07			(0.28	)		1.36
Total from investment operations		1.01			4.08			(0.24	)		1.37
Distributions to shareholders from net investment income		—	(c)		(0.03	)		(0.04	)		—
Distributions to shareholders from net realized gains		(1.77	)		(1.56	)		(4.27	)		—
Total distributions		(1.77	)		(1.59	)		(4.31	)		—
Net asset value, end of period	$	12.08		$	12.84		$	10.35		$	14.90
Total Return(d)		8.42	%		44.56	%		3.26	%		10.13	%
Net assets, end of period (in 000’s)	$	80,945		$	78,539		$	73,132		$	104,590
Ratio of net expenses to average net assets		0.74	%(e)		0.75	%		0.74	%		0.74	%(e)
Ratio of total expenses to average net assets		0.92	%(e)		0.98	%		0.99	%		0.96	%(e)
Ratio of net investment income (loss) to average net assets		(0.19	)%(e)		0.12	%		0.32	%		0.22	%(e)
Portfolio turnover rate(f)		12	%		39	%		28	%		40	%

(a) Commenced operations on April 17, 2018.

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

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

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

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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Technology Opportunities Fund
	Class A Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	29.76		$	23.17		$	27.91		$	23.04		$	18.73		$	17.93
Net investment loss(a)		(0.11	)		(0.13	)		(0.12	)		(0.16	)		(0.15	)		(0.12	)(b)
Net realized and unrealized gain		2.35			10.43			0.44			6.79			5.37			2.50
Total from investment operations		2.24			10.30			0.32			6.63			5.22			2.38
Distributions to shareholders from net realized gains		(2.65	)		(3.71	)		(5.06	)		(1.76	)		(0.91	)		(1.58	)
Net asset value, end of period	$	29.35		$	29.76		$	23.17		$	27.91		$	23.04		$	18.73
Total Return(c)		8.00	%		51.05	%		4.73	%		30.46	%		29.17	%		13.71	%
Net assets, end of period (in 000’s)	$	443,186		$	429,267		$	305,666		$	312,289		$	268,746		$	233,097
Ratio of net expenses to average net assets		1.25	%(d)		1.28	%		1.34	%		1.38	%		1.42	%		1.47	%
Ratio of total expenses to average net assets		1.41	%(d)		1.46	%		1.48	%		1.48	%		1.53	%		1.55	%
Ratio of net investment loss to average net assets		(0.73	)%(d)		(0.55	)%		(0.53	)%		(0.65	)%		(0.74	)%		(0.68	)%(b)
Portfolio turnover rate(e)		20	%		41	%		27	%		46	%		19	%		22	%

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

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 105

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Technology Opportunities Fund
	Class C Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	21.68		$	17.94		$	23.05		$	19.45		$	16.07		$	15.70
Net investment loss(a)		(0.15	)		(0.23	)		(0.24	)		(0.29	)		(0.25	)		(0.22	)(b)
Net realized and unrealized gain		1.66			7.68			0.19			5.65			4.54			2.17
Total from investment operations		1.51			7.45			(0.05	)		5.36			4.29			1.95
Distributions to shareholders from net realized gains		(2.65	)		(3.71	)		(5.06	)		(1.76	)		(0.91	)		(1.58	)
Net asset value, end of period	$	20.54		$	21.68		$	17.94		$	23.05		$	19.45		$	16.07
Total Return(c)		7.59	%		49.93	%		3.97	%		29.49	%		28.18	%		12.87	%
Net assets, end of period (in 000’s)	$	28,424		$	30,011		$	24,948		$	57,207		$	50,779		$	52,843
Ratio of net expenses to average net assets		1.99	%(d)		2.03	%		2.10	%		2.13	%		2.17	%		2.22	%
Ratio of total expenses to average net assets		2.15	%(d)		2.21	%		2.23	%		2.23	%		2.28	%		2.30	%
Ratio of net investment loss to average net assets		(1.48	)%(d)		(1.31	)%		(1.31	)%		(1.40	)%		(1.49	)%		(1.43	)%(b)
Portfolio turnover rate(e)		20	%		41	%		27	%		46	%		19	%		22	%

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

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

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

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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Technology Opportunities Fund
	Institutional Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	34.57		$	26.28		$	30.78		$	25.15		$	20.29		$	19.22
Net investment loss(a)		(0.08	)		(0.07	)		(0.04	)		(0.07	)		(0.07	)		(0.05	)(b)
Net realized and unrealized gain		2.75			12.07			0.60			7.46			5.84			2.70
Total from investment operations		2.67			12.00			0.56			7.39			5.77			2.65
Distributions to shareholders from net realized gains		(2.65	)		(3.71	)		(5.06	)		(1.76	)		(0.91	)		(1.58	)
Net asset value, end of period	$	34.59		$	34.57		$	26.28		$	30.78		$	25.15		$	20.29
Total Return(c)		8.14	%		51.49	%		5.12	%		30.95	%		29.66	%		14.22	%
Net assets, end of period (in 000’s)	$	163,783		$	157,267		$	74,728		$	87,522		$	85,095		$	83,746
Ratio of net expenses to average net assets		0.98	%(d)		0.99	%		0.98	%		0.99	%		1.02	%		1.07	%
Ratio of total expenses to average net assets		1.04	%(d)		1.08	%		1.09	%		1.09	%		1.13	%		1.15	%
Ratio of net investment loss to average net assets		(0.46	)%(d)		(0.27	)%		(0.17	)%		(0.26	)%		(0.34	)%		(0.27	)%(b)
Portfolio turnover rate(e)		20	%		41	%		27	%		46	%		19	%		22	%

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

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 107

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Technology Opportunities Fund
	Service Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	28.77		$	22.56		$	27.35		$	22.64		$	18.44		$	17.69
Net investment loss(a)		(0.13	)		(0.17	)		(0.15	)		(0.18	)		(0.16	)		(0.14	)(b)
Net realized and unrealized gain		2.25			10.09			0.42			6.65			5.27			2.47
Total from investment operations		2.12			9.92			0.27			6.47			5.11			2.33
Distributions to shareholders from net realized gains		(2.65	)		(3.71	)		(5.06	)		(1.76	)		(0.91	)		(1.58	)
Net asset value, end of period	$	28.24		$	28.77		$	22.56		$	27.35		$	22.64		$	18.44
Total Return(c)		7.85	%		50.71	%		4.62	%		30.28	%		29.03	%		13.61	%
Net assets, end of period (in 000’s)	$	36,706		$	41,024		$	29,084		$	33,109		$	18,919		$	11,186
Ratio of net expenses to average net assets		1.48	%(d)		1.49	%		1.48	%		1.49	%		1.51	%		1.57	%
Ratio of total expenses to average net assets		1.54	%(d)		1.58	%		1.59	%		1.59	%		1.63	%		1.65	%
Ratio of net investment loss to average net assets		(0.96	)%(d)		(0.77	)%		(0.67	)%		(0.75	)%		(0.83	)%		(0.79	)%(b)
Portfolio turnover rate(e)		20	%		41	%		27	%		46	%		19	%		22	%

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

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

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

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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Technology Opportunities Fund
	Investor Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	33.79		$	25.78		$	30.33		$	24.84		$	20.08		$	19.07
Net investment loss(a)		(0.08	)		(0.08	)		(0.07	)		(0.11	)		(0.10	)		(0.08	)(b)
Net realized and unrealized gain		2.69			11.80			0.58			7.36			5.77			2.67
Total from investment operations		2.61			11.72			0.51			7.25			5.67			2.59
Distributions to shareholders from net realized gains		(2.65	)		(3.71	)		(5.06	)		(1.76	)		(0.91	)		(1.58	)
Net asset value, end of period	$	33.75		$	33.79		$	25.78		$	30.33		$	24.84		$	20.08
Total Return(c)		8.15	%		51.40	%		5.01	%		30.76	%		29.46	%		14.00	%
Net assets, end of period (in 000’s)	$	42,738		$	48,387		$	19,207		$	22,520		$	23,317		$	6,741
Ratio of net expenses to average net assets		1.00	%(d)		1.02	%		1.09	%		1.13	%		1.16	%		1.22	%
Ratio of total expenses to average net assets		1.16	%(d)		1.21	%		1.23	%		1.23	%		1.28	%		1.30	%
Ratio of net investment loss to average net assets		(0.48	)%(d)		(0.31	)%		(0.29	)%		(0.40	)%		(0.46	)%		(0.43	)%(b)
Portfolio turnover rate(e)		20	%		41	%		27	%		46	%		19	%		22	%

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

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 109

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Technology Opportunities Fund
	Class R6 Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	34.59		$	26.29		$	30.78		$	25.08
Net investment loss(b)		(0.08	)		(0.08	)		(0.02	)		(0.04	)
Net realized and unrealized gain		2.75			12.09			0.59			5.74
Total from investment operations		2.67			12.01			0.57			5.70
Distributions to shareholders from net realized gains		(2.65	)		(3.71	)		(5.06	)		—
Net asset value, end of period	$	34.61		$	34.59		$	26.29		$	30.78
Total Return(c)		8.13	%		51.51	%		5.15	%		22.73	%
Net assets, end of period (in 000’s)	$	1,745		$	1,330		$	138		$	12
Ratio of net expenses to average net assets		0.97	%(d)		0.97	%		0.97	%		0.98	%(d)
Ratio of total expenses to average net assets		1.03	%(d)		1.06	%		1.09	%		1.08	%(d)
Ratio of net investment loss to average net assets		(0.45	)%(d)		(0.28	)%		(0.07	)%		(0.20	)%(d)
Portfolio turnover rate(e)		20	%		41	%		27	%		46	%

(a) Commenced operations on December 29, 2017.

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

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

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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Technology Opportunities Fund
	Class P Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	34.59		$	26.29		$	30.79		$	27.83
Net investment income (loss)(b)		(0.07	)		(0.07	)		(0.04	)		0.01
Net realized and unrealized gain		2.74			12.08			0.60			2.95
Total from investment operations		2.67			12.01			0.56			2.96
Distributions to shareholders from net realized gains		(2.65	)		(3.71	)		(5.06	)		—
Net asset value, end of period	$	34.61		$	34.59		$	26.29		$	30.79
Total Return(c)		8.13	%		51.51	%		5.11	%		10.64	%
Net assets, end of period (in 000’s)	$	101,673		$	63,555		$	24,396		$	24,951
Ratio of net expenses to average net assets		0.97	%(d)		0.98	%		0.97	%		0.97	%(d)
Ratio of total expenses to average net assets		1.02	%(d)		1.07	%		1.08	%		1.14	%(d)
Ratio of net investment income (loss) to average net assets		(0.44	)%(d)		(0.25	)%		(0.16	)%		0.08	%(d)
Portfolio turnover rate(e)		20	%		41	%		27	%		46	%

(a) Commenced operations on April 17, 2018.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 111

GOLDMAN SACHS U.S EQUITY ESG FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity ESG Fund
	Class A Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	15.63		$	13.59		$	14.00		$	14.84		$	13.08		$	13.92
Net investment income(a)		0.02			0.09			0.12			0.11			0.07			0.09
Net realized and unrealized gain		1.82			2.56			0.64			2.15			1.76			0.50
Total from investment operations		1.84			2.65			0.76			2.26			1.83			0.59
Distributions to shareholders from net investment income		(0.07	)		(0.15	)		(0.08	)		(0.09	)		(0.07	)		(0.07	)
Distributions to shareholders from net realized gains		(1.62	)		(0.46	)		(1.09	)		(3.01	)		—	(b)		(1.36	)
Total distributions		(1.69	)		(0.61	)		(1.17	)		(3.10	)		(0.07	)		(1.43	)
Net asset value, end of period	$	15.78		$	15.63		$	13.59		$	14.00		$	14.84		$	13.08
Total Return(c)		12.49	%		19.93	%		6.80	%		17.50	%		14.06	%		4.39	%
Net assets, end of period (in 000’s)	$	6,063		$	5,448		$	3,878		$	2,533		$	1,880		$	2,124
Ratio of net expenses to average net assets		1.01	%(d)		1.05	%		1.03	%		1.04	%		1.17	%		1.22	%
Ratio of total expenses to average net assets		3.29	%(d)		3.30	%		4.26	%		5.12	%		4.64	%		3.60	%
Ratio of net investment income to average net assets		0.24	%(d)		0.64	%		0.90	%		0.81	%		0.53	%		0.67	%
Portfolio turnover rate(e)		20	%		65	%		47	%		71	%		77	%		49	%

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

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

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

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

GOLDMAN SACHS U.S EQUITY ESG FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity ESG Fund
	Class C Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	14.79		$	12.91		$	13.40		$	14.36		$	12.69		$	13.56
Net investment income (loss)(a)		(0.04	)		(0.01	)		0.02			0.01			(0.02	)		(0.01	)
Net realized and unrealized gain		1.72			2.41			0.62			2.07			1.69			0.50
Total from investment operations		1.68			2.40			0.64			2.08			1.67			0.49
Distributions to shareholders from net investment income		—			(0.06	)		(0.04	)		(0.03	)		—			—
Distributions to shareholders from net realized gains		(1.62	)		(0.46	)		(1.09	)		(3.01	)		—	(b)		(1.36	)
Total distributions		(1.62	)		(0.52	)		(1.13	)		(3.04	)		—	(b)		(1.36	)
Net asset value, end of period	$	14.85		$	14.79		$	12.91		$	13.40		$	14.36		$	12.69
Total Return(c)		12.07	%		18.97	%		6.04	%		16.66	%		13.18	%		3.66	%
Net assets, end of period (in 000’s)	$	2,157		$	1,985		$	1,487		$	172		$	178		$	195
Ratio of net expenses to average net assets		1.76	%(d)		1.80	%		1.78	%		1.80	%		1.92	%		1.97	%
Ratio of total expenses to average net assets		4.04	%(d)		4.07	%		4.97	%		5.86	%		5.38	%		4.33	%
Ratio of net investment income (loss) to average net assets		(0.51	)%(d)		(0.11	)%		0.18	%		0.05	%		(0.18	)%		(0.10	)%
Portfolio turnover rate(e)		20	%		65	%		47	%		71	%		77	%		49	%

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

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 113

GOLDMAN SACHS U.S EQUITY ESG FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity ESG Fund
	Institutional Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	15.80		$	13.73		$	14.10		$	14.92		$	13.17		$	14.01
Net investment income(a)		0.05			0.14			0.16			0.16			0.12			0.14
Net realized and unrealized gain		1.84			2.58			0.67			2.17			1.77			0.51
Total from investment operations		1.89			2.72			0.83			2.33			1.89			0.65
Distributions to shareholders from net investment income		(0.12	)		(0.19	)		(0.11	)		(0.14	)		(0.14	)		(0.13	)
Distributions to shareholders from net realized gains		(1.62	)		(0.46	)		(1.09	)		(3.01	)		—	(b)		(1.36	)
Total distributions		(1.74	)		(0.65	)		(1.20	)		(3.15	)		(0.14	)		(1.49	)
Net asset value, end of period	$	15.95		$	15.80		$	13.73		$	14.10		$	14.92		$	13.17
Total Return(c)		12.65	%		20.29	%		7.27	%		17.92	%		14.43	%		4.84	%
Net assets, end of period (in 000’s)	$	1,535		$	1,009		$	791		$	4,969		$	3,499		$	4,754
Ratio of net expenses to average net assets		0.67	%(d)		0.70	%		0.67	%		0.68	%		0.79	%		0.82	%
Ratio of total expenses to average net assets		2.87	%(d)		2.99	%		3.97	%		4.65	%		4.28	%		3.16	%
Ratio of net investment income to average net assets		0.59	%(d)		0.99	%		1.22	%		1.20	%		0.88	%		1.10	%
Portfolio turnover rate(e)		20	%		65	%		47	%		71	%		77	%		49	%

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

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

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

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

GOLDMAN SACHS U.S EQUITY ESG FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity ESG Fund
	Investor Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	15.81		$	13.72		$	14.11		$	14.92		$	13.16		$	13.98
Net investment income(a)		0.04			0.11			0.15			0.14			0.11			0.13
Net realized and unrealized gain		1.84			2.60			0.65			2.18			1.76			0.50
Total from investment operations		1.88			2.71			0.80			2.32			1.87			0.63
Distributions to shareholders from net investment income		(0.10	)		(0.16	)		(0.10	)		(0.12	)		(0.11	)		(0.09	)
Distributions to shareholders from net realized gains		(1.62	)		(0.46	)		(1.09	)		(3.01	)		—	(b)		(1.36	)
Total distributions		(1.72	)		(0.62	)		(1.19	)		(3.13	)		(0.11	)		(1.45	)
Net asset value, end of period	$	15.97		$	15.81		$	13.72		$	14.11		$	14.92		$	13.16
Total Return(c)		12.63	%		20.23	%		7.05	%		17.86	%		14.27	%		4.67	%
Net assets, end of period (in 000’s)	$	380		$	344		$	1,064		$	235		$	188		$	156
Ratio of net expenses to average net assets		0.76	%(d)		0.85	%		0.78	%		0.79	%		0.92	%		0.97	%
Ratio of total expenses to average net assets		3.04	%(d)		3.75	%		4.06	%		4.87	%		4.47	%		3.54	%
Ratio of net investment income to average net assets		0.49	%(d)		0.76	%		1.16	%		1.06	%		0.78	%		0.97	%
Portfolio turnover rate(e)		20	%		65	%		47	%		71	%		77	%		49	%

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

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 115

GOLDMAN SACHS U.S EQUITY ESG FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity ESG Fund
	Class R6 Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	15.81		$	13.73		$	14.11		$	14.93		$	13.17		$	14.01
Net investment income(a)		0.05			0.13			0.17			0.16			0.13			0.14
Net realized and unrealized gain		1.83			2.60			0.65			2.17			1.77			0.51
Total from investment operations		1.88			2.73			0.82			2.33			1.90			0.65
Distributions to shareholders from net investment income		(0.11	)		(0.19	)		(0.11	)		(0.14	)		(0.14	)		(0.13	)
Distributions to shareholders from net realized gains		(1.62	)		(0.46	)		(1.09	)		(3.01	)		—	(b)		(1.36	)
Total distributions		(1.73	)		(0.65	)		(1.20	)		(3.15	)		(0.14	)		(1.49	)
Net asset value, end of period	$	15.96		$	15.81		$	13.73		$	14.11		$	14.93		$	13.17
Total Return(c)		12.64	%		20.37	%		7.20	%		17.94	%		14.52	%		4.86	%
Net assets, end of period (in 000’s)	$	1,087		$	1,325		$	3,229		$	11		$	11		$	10
Ratio of net expenses to average net assets		0.66	%(d)		0.71	%		0.66	%		0.68	%		0.77	%		0.81	%
Ratio of total expenses to average net assets		2.94	%(d)		3.84	%		3.76	%		4.73	%		4.20	%		3.14	%
Ratio of net investment income to average net assets		0.57	%(d)		0.96	%		1.31	%		1.16	%		0.95	%		1.09	%
Portfolio turnover rate(e)		20	%		65	%		47	%		71	%		77	%		49	%

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

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

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

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

GOLDMAN SACHS U.S EQUITY ESG FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity ESG Fund
	Class R Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	15.72		$	13.67		$	14.07		$	14.89		$	13.09		$	13.88
Net investment income(a)		—	(b)		0.05			0.08			0.08			0.04			0.07
Net realized and unrealized gain		1.84			2.57			0.67			2.16			1.76			0.50
Total from investment operations		1.84			2.62			0.75			2.24			1.80			0.57
Distributions to shareholders from net investment income		(0.04	)		(0.11	)		(0.06	)		(0.05	)		—			—
Distributions to shareholders from net realized gains		(1.62	)		(0.46	)		(1.09	)		(3.01	)		—	(b)		(1.36	)
Total distributions		(1.66	)		(0.57	)		(1.15	)		(3.06	)		—	(b)		(1.36	)
Net asset value, end of period	$	15.90		$	15.72		$	13.67		$	14.07		$	14.89		$	13.09
Total Return(c)		12.37	%		19.56	%		6.58	%		17.21	%		13.77	%		4.18	%
Net assets, end of period (in 000’s)	$	26		$	23		$	20		$	20		$	22		$	19
Ratio of net expenses to average net assets		1.26	%(d)		1.30	%		1.27	%		1.29	%		1.41	%		1.47	%
Ratio of total expenses to average net assets		3.54	%(d)		3.68	%		4.53	%		5.36	%		4.88	%		3.70	%
Ratio of net investment income (loss) to average net assets		(0.01	)%(d)		0.39	%		0.64	%		0.55	%		0.30	%		0.49	%
Portfolio turnover rate(e)		20	%		65	%		47	%		71	%		77	%		49	%

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

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 117

GOLDMAN SACHS U.S EQUITY ESG FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity ESG Fund
	Class P Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	15.80		$	13.73		$	14.11		$	13.06
Net investment income(b)		0.05			0.14			0.17			0.06
Net realized and unrealized gain		1.83			2.58			0.65			0.99
Total from investment operations		1.88			2.72			0.82			1.05
Distributions to shareholders from net investment income		(0.11	)		(0.19	)		(0.11	)		—
Distributions to shareholders from net realized gains		(1.62	)		(0.46	)		(1.09	)		—
Total distributions		(1.73	)		(0.65	)		(1.20	)		—
Net asset value, end of period	$	15.95		$	15.80		$	13.73		$	14.11
Total Return(c)		12.65	%		20.30	%		7.22	%		8.04	%
Net assets, end of period (in 000’s)	$	849		$	830		$	2,135		$	2,026
Ratio of net expenses to average net assets		0.66	%(d)		0.71	%		0.66	%		0.66	%(d)
Ratio of total expenses to average net assets		2.93	%(d)		3.98	%		3.88	%		5.72	%(d)
Ratio of net investment income to average net assets		0.58	%(d)		0.98	%		1.26	%		1.23	%(d)
Portfolio turnover rate(e)		20	%		65	%		47	%		71	%

(a) Commenced operations on April 17, 2018.

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

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

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements

February 28, 2021 (Unaudited)

1. ORGANIZATION

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

Fund	Share Classes Offered	Diversified/ Non-diversified
Capital Growth, Growth Opportunities, Small/Mid Cap Growth and Strategic Growth	A, C, Institutional, Service, Investor, R6, R and P	Diversified
Concentrated Growth, Flexible Cap, Small Cap Growth and U.S. Equity ESG Fund	A, C, Institutional, Investor, R6, R and P	Diversified
Technology Opportunities	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, 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 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.

119

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies 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 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 each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E.  Foreign Currency Translation — The accounting records and reporting currency of the Funds are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

F.  Offering Costs — Offering costs paid in connection with the initial offering of shares of Small Cap Growth Fund were amortized on a straight-line basis over 12 months from the date of commencement of operations.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. 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

120

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. 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 Fair 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.

121

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of February 28, 2021:

CAPITAL GROWTH FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	2,410,114	$	—	$	—
Europe		29,033,306		—		—
North America		1,005,224,246		—		—
Investment Company		3,237,339		—		—
Securities Lending Reinvestment Vehicle		5,000		—		—
Total	$	1,039,910,005	$	—	$	—
CONCENTRATED GROWTH FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	7,754,512	$	—	$	—
North America		178,559,454		—		—
Investment Company		850,967		—		—
Total	$	187,164,933	$	—	$	—
FLEXIBLE CAP FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	376,912	$	—	$	—
North America		26,347,392		—		—
Investment Company		298,315		—		—
Total	$	27,022,619	$	—	$	—
GROWTH OPPORTUNITIES FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	18,927,021	$	—	$	—
North America		1,389,542,865		—		—
South America		6,752,289		—		—
Investment Company		6,219,751		—		—
Securities Lending Reinvestment Vehicle		12,260,776		—		—
Total	$	1,433,702,702	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SMALL CAP GROWTH FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	23,516	$	—	$	—
North America		23,267,835		—		—
Investment Company		881,172		—		—
Securities Lending Reinvestment Vehicle		649,259		—		—
Total	$	24,821,782	$	—	$	—
SMALL/MID CAP GROWTH FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	44,278,869	$	—	$	—
Europe		48,897,069		—		—
North America		2,955,295,851		—		—
Investment Company		46,766,661		—		—
Securities Lending Reinvestment Vehicle		51,347,800		—		—
Total	$	3,146,586,250	$	—	$	—
STRATEGIC GROWTH FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	4,166,389	$	—	$	—
North America		179,813,002		—		—
Investment Company		1,420,481		—		—
Securities Lending Reinvestment Vehicle		1,055,303		—		—
Total	$	186,455,175	$	—	$	—
TECHNOLOGY OPPORTUNITIES FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	21,228,572	$	11,763,097	$	—
Europe		19,596,377		—		—
North America		749,244,909		—		—
South America		7,332,180		—		—
Investment Company		1,303,664		—		—
Total	$	798,705,702	$	11,763,097	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. The Fund utilizes fair value model prices by an independent third-party (fair value) service for certain international equity securities resulting in a Level 2 classification.

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

U.S. EQUITY ESG FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	231,079	$	—	$	—
North America		11,769,158		—		—
Investment Company		50,998		—		—
Securities Lending Reinvestment Vehicle		38,200		—		—
Total	$	12,089,435	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.

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

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

As of February 28, 2021, contractual management fees with GSAM were as stated below. The effective contractual management rates and effective net management rates represent the rates for the six month period ended February 28, 2021.

	Contractual Management Rate															Effective Contractual Management Rate			Effective Net Management Rate#
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion
Capital Growth		0.71	%		0.64	%		0.61	%		0.61	%		0.61	%		0.71	%		0.71	%
Concentrated Growth		0.76			0.68			0.65			0.64			0.62			0.76			0.76
Flexible Cap		0.55			0.50			0.47			0.46			0.45			0.55			0.55
Growth Opportunities		0.92			0.92			0.83			0.79			0.77			0.92			0.86	*
Small Cap Growth		0.85			0.85			0.77			0.73			0.71			0.85			0.85
Small/Mid Cap Growth		0.85			0.85			0.77			0.73			0.71			0.83			0.83
Strategic Growth		0.71			0.64			0.61			0.59			0.58			0.71			0.71
Technology Opportunities		0.94			0.85			0.80			0.79			0.77			0.94			0.94
U.S. Equity ESG Fund		0.55			0.50			0.47			0.46			0.45			0.55			0.55

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

*The Investment Adviser agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.86% as an annual percentage rate of the Growth Opportunities Fund’s average daily net assets. This arrangement will remain in effect through at least December 29, 2021.

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the six months ended February 28, 2021, the management fee waived by GSAM for each Fund was as follows:

Fund	Management Fee Waived
Capital Growth	$	2,484
Concentrated Growth		1,061
Flexible Cap		137
Growth Opportunities		7,014
Small Cap Growth		223
Small/Mid Cap Growth		32,793
Strategic Growth		645
Technology Opportunities		12,032
U.S. Equity ESG Fund		75

B.  Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution

services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

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

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

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

* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/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.

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended February 28, 2021, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Capital Growth	$	7,955	$	390
Concentrated Growth		1,647		—
Flexible Cap		219		—
Growth Opportunities		12,463		701
Small/Mid Cap Growth		24,568		—
Strategic Growth		1,512		—
Technology Opportunities		7,800		445
U.S. Equity ESG Fund		211		—

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.

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: 0.16% 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.

For the six months ended February 28, 2021, the transfer agency fee waivers were as follows:

Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares)
Fund	Before December 29, 2020			As of December 29, 2020*
Concentrated Growth		0.03	%		0.07	%
Growth Opportunities		0.03	%		0.02	%
Small/Mid Cap Growth		0.05	%		0.04	%
Technology Opportunities		0.11	%		0.08	%
U.S. Equity ESG Fund		0.03	%		0.02	%

* These arrangements will remain in effect through at least December 29, 2021, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to 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 Capital Growth, Concentrated Growth, Flexible Cap, Growth Opportunities, Small Cap Growth, Small/Mid Cap Growth, Strategic Growth, Technology Opportunities, and U.S. Equity ESG Funds are 0.004%, 0.004%, 0.004%, 0.004%, 0.024%, 0.044%, 0.004%, 0.004%, and 0.084%, respectively. Prior to December 29, 2020, the Other Expense limitation for Small/Mid Cap Growth was 0.064%. These Other Expense limitations will remain in place through at least December 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 transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended February 28, 2021, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Transfer Agency Fee Waiver/Credits		Other Expense Reimbursements		Total Expense Reductions
Capital Growth	$	2,484	$	—	$	280,500	$	282,984
Concentrated Growth		1,061		2,543		148,410		152,014
Flexible Cap		137		—		153,634		153,771
Growth Opportunities		411,272		89,562		266,789		767,623
Small Cap Growth		223		—		148,153		148,376
Small/Mid Cap Growth		32,793		293,502		—		326,295
Strategic Growth		645		—		161,311		161,956
Technology Opportunities		12,032		256,516		206,865		475,413
U.S. Equity ESG Fund		75		1,342		127,996		129,413

G.  Line of Credit Facility — As of February 28, 2021, 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 February 28, 2021, the Funds did not have any borrowings under the facility.

I.  Other Transactions with Affiliates — For the six months ended February 28, 2021, Goldman Sachs earned $1,959, $20, $5,632, $392, $11,354, $504 and $2,673 in brokerage commissions from portfolio transactions, on behalf of the Capital Growth, Flexible Cap, Growth Opportunities, Small Cap Growth, Small/Mid Cap Growth, Strategic Growth, and Technology Opportunities Funds, respectively.

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The table below shows the transactions in and earnings from investments in the Government Money Market Fund — Institutional Shares for the six months ended February 28, 2021:

Fund	Beginning Value as of August 31, 2020		Purchases at Cost		Proceeds from Sales			Market Value as of February 28, 2021		Shares as of February 28, 2021		Dividend Income
Capital Growth	$	1,589,879	$	20,823,092	$	(19,175,632	)	$	3,237,339		3,237,339	$	392
Concentrated Growth		950,092		9,618,665		(9,717,790	)		850,967		850,967		170
Flexible Cap		100,184		1,941,106		(1,742,975	)		298,315		298,315		21
Growth Opportunities		1,701,230		139,498,312		(134,979,791	)		6,219,751		6,219,751		1,132
Small Cap Growth		76,393		5,321,681		(4,516,902	)		881,172		881,172		38
Small/Mid Cap Growth		25,252,010		453,237,334		(431,722,683	)		46,766,661		46,766,661		5,451
Strategic Growth		91,121		14,692,210		(13,362,850	)		1,420,481		1,420,481		84
Technology Opportunities		21,043,925		67,778,356		(87,518,617	)		1,303,664		1,303,664		1,880
U.S. Equity ESG Fund		118,383		761,758		(829,143	)		50,998		50,998		10

As of February 28, 2021, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of outstanding shares of the following Funds:

Fund	Class A			Class C			Institutional			Investor			Class P			Class R			Class R6
Concentrated Growth		—	%		—	%		—	%		17	%		—	%		100	%		—	%
Flexible Cap		—			—			—			100			—			70			8
Small Cap Growth		16			57			38			100			—			100			100
Stategic Growth		—			—			—			—			—			36			—
U.S. Equity ESG		—			—			35			7			—			100			—

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5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2021, were as follows:

Fund	Purchases		Sales
Capital Growth	$	188,772,341	$	224,179,126
Concentrated Growth		38,826,333		48,329,387
Flexible Cap		5,770,700		4,649,270
Growth Opportunities		364,791,524		464,017,338
Small Cap Growth		11,973,368		7,446,354
Small/Mid Cap Growth		1,087,451,687		981,900,026
Strategic Growth		21,482,312		36,220,727
Technology Opportunities		153,243,214		156,285,658
U.S. Equity ESG Fund		2,209,394		2,418,890

6. SECURITIES LENDING

The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan.

Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Capital Growth, Concentrated Growth, Growth Opportunities, Small Cap Growth, Small/Mid Cap Growth, Strategic Growth and U.S. Equity ESG Funds invest the cash collateral received in connection with securities lending transactions in the Government Money Market Fund, an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ 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

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

6. SECURITIES LENDING (continued)

default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 28, 2021, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended February 28, 2021, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investments in the Government Money Market Fund for the six months ended February 28, 2021:

Fund	Beginning Value as of August 31, 2020		Purchases at Cost		Proceeds from Sales				Ending Value as of February 28, 2021
Capital Growth	$	—	$	27,102,127	$	(27,097,127)		��	$	5,000
Concentrated Growth		—		12,396,078		(12,396,078	)			—
Flexible Cap		—		—		—				—
Growth Opportunities		—		100,296,754		(88,035,978	)			12,260,776
Small Cap Growth				1,514,506		(865,247	)			649,259
Small/Mid Cap Growth		13,387,318		278,523,844		(240,563,362	)			51,347,800
Strategic Growth		—		14,859,351		(13,804,048	)			1,055,303
Technology Opportunities		—		—		—				—
U.S. Equity ESG		—		568,566		(530,366	)			38,200

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2020, the Funds’ certain timing differences on a tax basis were as follows:

	Capital Growth			Concentrated Growth		Flexible Cap Growth		Growth Opportunitites		Small Cap Growth			Small/ Mid Cap Growth			Strategic Growth			Technology Opportunities			U.S. Equity ESG Fund
Qualified Late Year Loss Deferral and Post October Losses	$	(5,794,504	)	$	—	$	—	$	—	$	(34,211	)	$	(7,413,820	)	$	(41,547	)	$	(1,830,687	)	$	(9,848	)

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7. TAX INFORMATION (continued)

As of February 28, 2021, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Capital Growth			Concentrated Growth			Flexible Cap Growth			Growth Opportunities			Small Cap Growth			Small/Mid Cap Growth			Strategic Growth			Technology Opportunities			U.S. Equity ESG Fund
Tax Cost	$	615,890,832		$	99,506,992		$	18,436,960		$	975,554,820		$	18,819,325		$	2,136,498,248		$	81,692,652		$	403,008,486		$	8,826,101
Gross unrealized gain		437,615,642			89,238,830			9,014,430			472,649,445			6,396,095			1,039,627,581			105,646,374			410,644,957			3,372,981
Gross unrealized loss		(13,596,469	)		(1,580,889	)		(428,771	)		(14,501,563	)		(393,638	)		(29,539,579	)		(883,851	)		(3,184,644	)		(109,647	)
Net unrealized gains (losses)	$	424,019,173		$	87,657,941		$	8,585,659		$	458,147,882		$	6,002,457		$	1,010,088,002		$	104,762,523		$	407,460,313		$	3,263,334

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, differences to the tax treatment of underlying fund investments, and 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.

8. OTHER RISKS

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invest. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or problems with 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.

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.

Industry Concentration Risk — The Technology Opportunities Fund invests primarily in equity investments in high-quality technology, media, or service companies that adopt or use technology to improve their cost structure, revenue opportunities or competitive advantage. Because of its focus on technology, media and service companies, the Technology Opportunities Fund is subject to greater risk of loss as a result of adverse economic, business or other developments than if its investments were diversified across different industry sectors. The Technology Opportunities Fund may also invest in a relatively few number of issuers. Thus, the Technology Opportunities Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and may be more susceptible to greater losses because of these developments.

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

8. OTHER RISKS (continued)

Under normal circumstances, the Concentrated Growth Fund and the U.S. Equity ESG Fund intend to invest in up to approximately 40 and 50 companies, respectively. As a result of the relatively small number of issuers in which a Fund generally invests, it may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by a Fund may affect the overall value of the Fund more than it would affect a mutual fund that holds more investments. In particular, a Fund may be more susceptible to adverse developments affecting any single issuer in the Fund and may be susceptible to greater losses because of these developments.

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 the Funds’ 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, 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.

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.

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10. OTHER MATTERS

On October 22, 2020, Goldman Sachs announced a settlement of matters involving 1Malaysia Development Bhd. (1MDB), a Malaysian sovereign wealth fund, with the United States Department of Justice as well as criminal and civil authorities in the UK, Singapore and Hong Kong. Further information regarding the 1MDB settlement can be found at https://www.goldmansachs.com/media-relations/press-releases/current/goldman-sachs-2020-10-22.html. The 1MDB settlement will not materially adversely affect GSAM’s ability to serve as investment manager.

11. SUBSEQUENT EVENTS

At a special meeting of the shareholders of the Goldman Sachs Trust held on April 16, 2021, the Strategic Growth Fund’s shareholders approved a proposal to change the Fund’s sub-classification under the Act, from “diversified” to “non-diversified” and eliminated the related fundamental investment restriction. Accordingly, effective April 16, 2021, the Strategic Growth Fund is “non-diversified” and may invest a greater portion of its assets in one or more issuers or in fewer issuers than “diversified” mutual funds.

Other than 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.

133

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS

	Capital Growth Fund
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		310,076		$	8,760,490			509,128		$	11,684,562
Reinvestment of distributions		1,027,779			28,450,840			1,181,420			27,979,749
Shares redeemed		(1,457,068	)		(40,411,798	)		(3,761,845	)		(85,901,304	)
		(119,213	)		(3,200,468	)		(2,071,297	)		(46,236,993	)
Class C Shares
Shares sold		206,242			3,415,502			170,312			2,318,595
Reinvestment of distributions		58,241			934,178			71,152			1,004,660
Shares redeemed		(265,039	)		(4,315,749	)		(536,412	)		(7,409,929	)
		(556	)		33,931			(294,948	)		(4,086,674	)
Institutional Shares
Shares sold		440,468			14,868,789			165,989			4,497,004
Reinvestment of distributions		61,338			1,978,574			70,107			1,922,071
Shares redeemed		(194,808	)		(6,304,503	)		(441,460	)		(11,580,510	)
		306,998			10,542,860			(205,364	)		(5,161,435	)
Service Shares
Shares sold		2,955			82,364			16,235			372,217
Reinvestment of distributions		2,075			54,101			3,047			68,220
Shares redeemed		(15,837	)		(385,690	)		(19,150	)		(388,887	)
		(10,807	)		(249,225	)		132			51,550
Investor Shares
Shares sold		96,411			2,817,645			136,874			3,218,458
Reinvestment of distributions		13,102			371,777			12,797			310,127
Shares redeemed		(24,472	)		(706,245	)		(117,666	)		(2,785,148	)
		85,041			2,483,177			32,005			743,437
Class R6 Shares
Shares sold		52,273			1,759,001			23,451			624,213
Reinvestment of distributions		2,625			84,554			2,870			78,575
Shares redeemed		(8,162	)		(261,878	)		(35,280	)		(950,712	)
		46,736			1,581,677			(8,959	)		(247,924	)
Class R Shares
Shares sold		24,653			642,577			94,899			2,152,097
Reinvestment of distributions		14,679			380,562			15,822			352,167
Shares redeemed		(49,566	)		(1,253,552	)		(107,748	)		(2,347,836	)
		(10,234	)		(230,413	)		2,973			156,428
Class P Shares
Shares sold		177,214			5,842,833			269,239			7,159,878
Reinvestment of distributions		110,152			3,547,586			124,310			3,401,935
Shares redeemed		(106,716	)		(3,513,783	)		(578,888	)		(15,459,019	)
		180,650			5,876,636			(185,339	)		(4,897,206	)
NET INCREASE (DECREASE)		478,615		$	16,838,175			(2,730,797	)	$	(59,678,817	)

134

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Concentrated Growth Fund
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		41,008		$	918,627			53,997		$	994,775
Reinvestment of distributions		23,289			511,420			28,021			488,414
Shares redeemed		(48,649	)		(1,114,367	)		(59,729	)		(1,101,894	)
		15,648			315,680			22,289			381,295
Class C Shares
Shares sold		14,078			245,784			39,614			508,211
Reinvestment of distributions		5,634			92,741			4,844			65,059
Shares redeemed		(23,873	)		(406,099	)		(37,662	)		(536,353	)
		(4,161	)		(67,574	)		6,796			36,917
Institutional Shares
Shares sold		41,208			991,814			24,191			478,401
Reinvestment of distributions		32,623			784,250			48,540			919,091
Shares redeemed		(46,586	)		(1,157,703	)		(181,552	)		(3,448,442	)
		27,245			618,361			(108,821	)		(2,050,950	)
Investor Shares
Shares sold		632			14,767			755			11,837
Reinvestment of distributions		548			12,344			619			11,029
Shares redeemed		—			—			(730	)		(13,288	)
		1,180			27,111			644			9,578
Class R6 Shares
Shares sold		2,647			68,101			12,509			258,679
Reinvestment of distributions		1,903			45,645			2,165			40,913
Shares redeemed		(2,474	)		(60,995	)		(10,757	)		(218,738	)
		2,076			52,751			3,917			80,854
Class R Shares
Shares sold		—			—			176			2,986
Reinvestment of distributions		104			2,170			123			2,047
Shares redeemed		—			—			(918	)		(15,755	)
		104			2,170			(619	)		(10,722	)
Class P Shares
Shares sold		173,621			4,322,638			219,615			4,418,905
Reinvestment of distributions		389,427			9,334,560			534,993			10,103,292
Shares redeemed		(451,758	)		(11,055,951	)		(1,089,383	)		(20,053,827	)
		111,290			2,601,247			(334,775	)		(5,531,630	)
NET INCREASE (DECREASE)		153,382		$	3,549,746			(410,569	)	$	(7,084,658	)

135

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Flexible Cap Fund
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		34,745		$	477,650			31,470		$	379,391
Reinvestment of distributions		25,327			348,337			27,095			329,577
Shares redeemed		(31,644	)		(441,588	)		(85,587	)		(1,011,671	)
		28,428			384,399			(27,022	)		(302,703	)
Class C Shares
Shares sold		3,772			44,524			22,339			220,974
Reinvestment of distributions		6,672			76,792			8,140			83,942
Shares redeemed		(34,854	)		(399,905	)		(26,577	)		(259,968	)
		(24,410	)		(278,589	)		3,902			44,948
Institutional Shares
Shares sold		38,255			612,251			17,400			221,848
Reinvestment of distributions		2,015			30,388			2,684			35,557
Shares redeemed		(5,398	)		(81,075	)		(25,854	)		(328,449	)
		34,872			561,564			(5,770	)		(71,044	)
Investor Shares
Shares sold		—			—			506			6,675
Reinvestment of distributions		146			2,137			315			4,078
Shares redeemed		—			—			(3,781	)		(50,058	)
		146			2,137			(2,960	)		(39,305	)
Class R6 Shares
Shares sold		844			13,159			3,902			52,182
Reinvestment of distributions		864			13,001			944			12,478
Shares redeemed		(776	)		(11,883	)		(5,409	)		(71,382	)
		932			14,277			(563	)		(6,722	)
Class R Shares
Shares sold		77			1,029			137			1,550
Reinvestment of distributions		227			2,962			200			2,314
Shares redeemed		(1	)		(16	)		(4	)		(45	)
		303			3,975			333			3,819
Class P Shares
Shares sold		81,211			1,274,950			160,203			1,955,941
Reinvestment of distributions		57,745			868,916			49,025			648,521
Shares redeemed		(14,115	)		(212,620	)		(50,921	)		(606,876	)
		124,841			1,931,246			158,307			1,997,586
NET INCREASE		165,112		$	2,619,009			126,227		$	1,626,579

136

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Growth Opportunities Fund
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		2,377,418		$	40,283,097			3,557,918		$	52,567,974
Reinvestment of distributions		4,768,671			74,105,140			5,640,613			77,784,047
Shares redeemed		(4,044,304	)		(67,691,994	)		(7,191,542	)		(109,881,675	)
		3,101,785			46,696,243			2,006,989			20,470,346
Class C Shares
Shares sold		429,949			1,914,131			919,073			5,231,584
Reinvestment of distributions		4,148,159			15,265,226			2,761,788			15,134,597
Shares redeemed		(1,613,395	)		(7,811,117	)		(3,364,985	)		(21,480,985	)
		2,964,713			9,368,240			315,876			(1,114,804	)
Institutional Shares
Shares sold		1,891,015			45,552,560			6,074,577			121,027,748
Reinvestment of distributions		2,934,286			66,696,305			4,948,888			92,940,121
Shares redeemed		(3,673,203	)		(87,347,141	)		(13,552,375	)		(269,388,899	)
		1,152,098			24,901,724			(2,528,910	)		(55,421,030	)
Service Shares
Shares sold		218,311			3,347,310			424,825			5,812,784
Reinvestment of distributions		523,212			7,141,844			561,939			7,013,003
Shares redeemed		(315,123	)		(4,612,748	)		(802,783	)		(10,436,556	)
		426,400			5,876,406			183,981			2,389,231
Investor Shares
Shares sold		603,476			11,708,916			925,508			15,193,353
Reinvestment of distributions		1,022,341			17,952,306			1,249,675			18,957,577
Shares redeemed		(538,723	)		(10,345,621	)		(1,797,301	)		(26,657,889	)
		1,087,094			19,315,601			377,882			4,493,041
Class R6 Shares
Shares sold		1,010,877			24,219,311			1,723,177			34,918,433
Reinvestment of distributions		1,443,405			32,851,908			1,839,234			34,577,597
Shares redeemed		(1,207,055	)		(29,064,514	)		(2,468,722	)		(49,771,961	)
		1,247,227			28,006,705			1,093,689			19,724,069
Class R Shares
Shares sold		335,901			5,114,889			629,794			8,750,163
Reinvestment of distributions		885,453			12,112,994			969,214			12,124,863
Shares redeemed		(492,541	)		(7,445,891	)		(1,117,506	)		(15,506,141	)
		728,813			9,781,992			481,502			5,368,885
Class P Shares
Shares sold		516,280			12,042,841			164,784			3,449,179
Reinvestment of distributions		594,960			13,547,235			743,933			13,993,377
Shares redeemed		(265,744	)		(6,262,984	)		(967,912	)		(20,170,294	)
		845,496			19,327,092			(59,195	)		(2,727,738	)
NET INCREASE (DECREASE)		11,553,626		$	163,274,003			1,871,814		$	(6,818,000	)

137

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small Cap Growth Fund
	For the Six Months Ended February 28, 2021 (Unaudited)						For the period October 31, 2019* to August 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		23,145		$	368,750			24,816		$	260,087
Reinvestment of distributions		1,558			22,970			8			83
Shares redeemed		(5,543	)		(92,079	)		(11,126	)		(117,360	)
		19,160			299,641			13,698			142,810	��
Class C Shares
Shares sold		1,735			28,826			7,167			67,619
Reinvestment of distributions		562			8,216			2			18
		2,297			37,042			7,169			67,637
Institutional Shares
Shares sold		188,265			3,136,296			829,480			7,210,281
Reinvestment of distributions		64,374			953,009			806			8,547
Shares redeemed		(14,283	)		(238,038	)		(11,499	)		(108,704	)
		238,356			3,851,267			818,787			7,110,124
Investor Shares
Shares sold		—			—			5,000			50,000
Reinvestment of distributions		379			5,612			10			104
		379			5,612			5,010			50,104
Class R6 Shares
Shares sold		—			—			5,000			50,000
Reinvestment of distributions		383			5,676			11			117
		383			5,676			5,011			50,117
Class R Shares
Shares sold		—			—			5,000			50,000
Reinvestment of distributions		374			5,508			6			61
		374			5,508			5,006			50,061
Class P Shares
Shares sold		105,665			1,779,150			251,440			2,743,178
Reinvestment of distributions		16,894			250,100			11			117
Shares redeemed		(14,493	)		(214,539	)		(30,938	)		(337,264	)
		108,066			1,814,711			220,513			2,406,031
NET INCREASE		369,015		$	6,019,457			1,075,194		$	9,876,884

* Commencement of Operations

138

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small/Mid Cap Growth Fund
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,808,910		$	46,765,469			3,787,265		$	73,547,275
Reinvestment of distributions		1,836,091			44,874,070			1,906,384			35,840,022
Shares redeemed		(1,562,662	)		(40,018,998	)		(6,922,792	)		(131,322,470	)
		2,082,339			51,620,541			(1,229,143	)		(21,935,173	)
Class C Shares
Shares sold		412,285			8,211,902			606,585			9,332,945
Reinvestment of distributions		1,601,630			29,518,042			1,697,652			25,311,985
Shares redeemed		(1,841,326	)		(36,507,294	)		(3,857,818	)		(59,971,098	)
		172,589			1,222,650			(1,553,581	)		(25,326,168	)
Institutional Shares
Shares sold		6,921,990			199,752,638			10,993,756			239,838,233
Reinvestment of distributions		4,377,026			120,455,750			4,259,079			88,461,069
Shares redeemed		(6,169,703	)		(178,025,837	)		(18,101,436	)		(383,808,691	)
		5,129,313			142,182,551			(2,848,601	)		(55,509,389	)
Service Shares
Shares sold		1,533,582			33,870,850			994,719			20,782,076
Reinvestment of distributions		260,883			6,070,740			130,447			2,354,561
Shares redeemed		(2,282,925	)		(56,628,466	)		(627,094	)		(11,735,697	)
		(488,460	)		(16,686,876	)		498,072			11,400,940
Investor Shares
Shares sold		5,240,745			147,090,245			5,938,295			127,370,352
Reinvestment of distributions		2,963,694			77,470,953			2,624,916			52,183,322
Shares redeemed		(3,307,722	)		(88,929,060	)		(7,704,411	)		(158,699,905	)
		4,896,717			135,632,138			858,800			20,853,769
Class R6 Shares
Shares sold		1,100,661			31,782,116			981,189			21,371,966
Reinvestment of distributions		431,371			11,884,258			354,195			7,363,714
Shares redeemed		(525,329	)		(15,192,502	)		(961,271	)		(20,831,469	)
		1,006,703			28,473,872			374,113			7,904,211
Class R Shares
Shares sold		135,801			3,305,468			187,440			3,412,058
Reinvestment of distributions		98,410			2,247,682			103,778			1,845,169
Shares redeemed		(163,111	)		(3,925,350	)		(507,184	)		(9,368,570	)
		71,100			1,627,800			(215,966	)		(4,111,343	)
Class P Shares
Shares sold		4,802,003			140,401,022			4,245,963			89,075,046
Reinvestment of distributions		1,705,056			46,974,296			1,155,623			24,025,405
Shares redeemed		(944,008	)		(26,691,357	)		(2,908,213	)		(58,822,878	)
		5,563,051			160,683,961			2,493,373			54,277,573
NET INCREASE (DECREASE)		18,433,352		$	504,756,637			(1,622,933	)	$	(12,445,580	)

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Strategic Growth Fund
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		338,009		$	3,644,190			553,235		$	4,903,579
Reinvestment of distributions		539,120			5,353,462			513,629			4,304,210
Shares redeemed		(407,409	)		(4,353,141	)		(862,216	)		(7,517,379	)
		469,720			4,644,511			204,648			1,690,410
Class C Shares
Shares sold		124,587			770,900			141,767			736,027
Reinvestment of distributions		242,301			1,240,583			188,776			938,217
Shares redeemed		(172,615	)		(985,371	)		(328,543	)		(1,733,964	)
		194,273			1,026,112			2,000			(59,720	)
Institutional Shares
Shares sold		271,542			3,362,224			829,394			7,933,508
Reinvestment of distributions		651,729			7,599,286			762,714			7,331,386
Shares redeemed		(925,420	)		(11,476,474	)		(1,949,649	)		(19,965,455	)
		(2,149	)		(514,964	)		(357,541	)		(4,700,561	)
Service Shares
Shares sold		6,181			62,910			9,552			90,934
Reinvestment of distributions		8,193			79,067			12,249			100,316
Shares redeemed		(11,942	)		(119,328	)		(44,300	)		(322,197	)
		2,432			22,649			(22,499	)		(130,947	)
Investor Shares
Shares sold		27,831			348,626			699,635			6,739,272
Reinvestment of distributions		32,993			382,724			24,665			235,813
Shares redeemed		(52,492	)		(651,304	)		(657,615	)		(5,547,277	)
		8,332			80,046			66,685			1,427,808
Class R6 Shares
Shares sold		18,008			220,868			22,653			245,561
Reinvestment of distributions		5,037			58,588			5,708			54,757
Shares redeemed		(5,032	)		(63,545	)		(34,804	)		(358,218	)
		18,013			215,911			(6,443	)		(57,900	)
Class R Shares
Shares sold		161			1,617			14,367			116,717
Reinvestment of distributions		720			6,717			321			2,557
Shares redeemed		(2,418	)		(26,787	)		(41,401	)		(357,139	)
		(1,537	)		(18,453	)		(26,713	)		(237,865	)
Class P Shares
Shares sold		255,789			3,189,042			623,912			6,250,168
Reinvestment of distributions		919,738			10,678,494			1,128,927			10,817,531
Shares redeemed		(592,168	)		(7,212,876	)		(2,698,348	)		(26,855,957	)
		583,359			6,654,660			(945,509	)		(9,788,258	)
NET INCREASE (DECREASE)		1,272,443		$	12,110,472			(1,085,372	)	$	(11,857,033	)

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Technology Opportunities Fund
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		756,519		$	21,981,750			2,497,794		$	57,989,772
Reinvestment of distributions		1,253,567			34,974,532			2,085,573			43,609,325
Shares redeemed		(1,333,750	)		(38,423,450	)		(3,350,577	)		(77,184,340	)
		676,336			18,532,832			1,232,790			24,414,757
Class C Shares
Shares sold		123,785			2,581,601			411,605			7,006,981
Reinvestment of distributions		172,234			3,368,893			269,706			4,131,894
Shares redeemed		(296,535	)		(6,136,366	)		(687,548	)		(11,865,762	)
		(516	)		(185,872	)		(6,237	)		(726,887	)
Institutional Shares
Shares sold		825,680			28,035,747			2,457,174			67,343,687
Reinvestment of distributions		340,510			11,192,560			433,094			10,502,518
Shares redeemed		(980,703	)		(33,450,308	)		(1,184,364	)		(30,880,214	)
		185,487			5,777,999			1,705,904			46,965,991
Service Shares
Shares sold		168,852			4,668,841			740,768			16,455,724
Reinvestment of distributions		123,618			3,320,385			218,520			4,425,035
Shares redeemed		(418,871	)		(11,616,517	)		(822,663	)		(18,106,252	)
		(126,401	)		(3,627,291	)		136,625			2,774,507
Investor Shares
Shares sold		261,449			8,717,158			875,798			22,475,983
Reinvestment of distributions		124,715			3,999,623			107,586			2,550,857
Shares redeemed		(551,644	)		(18,843,842	)		(296,616	)		(7,844,763	)
		(165,480	)		(6,127,061	)		686,768			17,182,077
Class R6 Shares
Shares sold		9,461			330,829			40,331			1,174,805
Reinvestment of distributions		3,436			113,026			1,342			32,559
Shares redeemed		(933	)		(31,126	)		(8,472	)		(199,381	)
		11,964			412,729			33,201			1,007,983
Class P Shares
Shares sold		1,007,906			34,864,644			1,140,621			31,338,168
Reinvestment of distributions		178,139			5,859,003			145,323			3,525,530
Shares redeemed		(86,097	)		(2,893,828	)		(376,367	)		(9,279,340	)
		1,099,948			37,829,819			909,577			25,584,358
NET INCREASE		1,681,338		$	52,613,155			4,698,628		$	117,202,786

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	U.S. Equity ESG Fund
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		16,224		$	255,451			128,411		$	1,726,402
Reinvestment of distributions		40,273			600,840			12,565			176,323
Shares redeemed		(20,776	)		(326,679	)		(77,681	)		(1,056,288	)
		35,721			529,612			63,295			846,437
Class C Shares
Shares sold		1,789			26,115			19,484			254,410
Reinvestment of distributions		15,158			212,062			4,445			59,055
Shares redeemed		(5,886	)		(86,667	)		(4,920	)		(60,492	)
		11,061			151,510			19,009			252,973
Institutional Shares
Shares sold		29,112			480,624			8,620			115,908
Reinvestment of distributions		3,494			52,836			1,252			17,743
Shares redeemed		(188	)		(3,047	)		(3,698	)		(48,507	)
		32,418			530,413			6,174			85,144
Investor Shares
Shares sold		249			3,940			5,965			82,388
Reinvestment of distributions		2,516			38,039			737			10,448
Shares redeemed		(748	)		(12,061	)		(62,468	)		(875,883	)
		2,017			29,918			(55,766	)		(783,047	)
Class R6 Shares
Shares sold		3,687			59,165			41,308			574,818
Reinvestment of distributions		8,342			126,140			8,674			122,997
Shares redeemed		(27,693	)		(445,327	)		(201,316	)		(2,732,496	)
		(15,664	)		(260,022	)		(151,334	)		(2,034,681	)
Class R Shares
Reinvestment of distributions		162			2,431			—			—
		162			2,431			—			—
Class P Shares
Reinvestment of distributions		6,053			91,452			7,056			100,044
Shares redeemed		(5,371	)		(81,152	)		(110,018	)		(1,293,839	)
		682			10,300			(102,962	)		(1,193,795	)
NET INCREASE (DECREASE)		66,397		$	994,162			(221,584	)	$	(2,826,969	)

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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 9-10, 2021, 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 period from January 1, 2020 through December 31, 2020 (the “Reporting Period”). Among other things, the annual report and related materials discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of the COVID-19 pandemic on liquidity and management of liquidity risk during the Reporting Period, including during stressed market conditions caused by the COVID-19 pandemic. The report concluded that the Program continues to be 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 February 28, 2021 (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), 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 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 September 1, 2020 through February 28, 2021, which represents a period of 181 days of a 365 day year.

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

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

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

	Capital Growth Fund							Concentrated Growth Fund							Flexible Cap Fund							Growth Opportunities Fund							Small Cap Growth Fund
Share Class	Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid for the 6 months ended 2/28/2021*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid for the 6 months ended 2/28/2021*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid for the 6 months ended 2/28/2021*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid for the 6 months ended 2/28/2021*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid for the 6 months ended 2/28/2021*
Class A
Actual	$	1,000.00	$	1,112.24		$	5.87	$	1,000.00	$	1,059.31		$	5.72	$	1,000.00	$	1,096.08		$	4.99	$	1,000.00	$	1,205.40		$	6.78	$	1,000.00	$	1,367.50		$	7.51
Hypothetical 5% return		1,000.00		1,019.24	+		5.61		1,000.00		1,019.24	+		5.61		1,000.00		1,020.03	+		4.81		1,000.00		1,018.65	+		6.21		1,000.00		1,018.45	+		6.41
Class C
Actual		1,000.00		1,108.35			9.78		1,000.00		1,055.60			9.53		1,000.00		1,093.13			8.87		1,000.00		1,201.93			10.86		1,000.00		1,362.16			11.89
Hypothetical 5% return		1,000.00		1,015.52	+		9.35		1,000.00		1,015.52	+		9.35		1,000.00		1,016.31	+		8.55		1,000.00		1,014.93	+		9.94		1,000.00		1,014.73	+		10.14
Institutional
Actual		1,000.00		1,114.05			3.93		1,000.00		1,060.98			4.09		1,000.00		1,098.63			3.07		1,000.00		1,207.32			4.93		1,000.00		1,369.96			5.35
Hypothetical 5% return		1,000.00		1,021.08	+		3.76		1,000.00		1,020.83	+		4.01		1,000.00		1,021.87	+		2.96		1,000.00		1,020.33	+		4.51		1,000.00		1,020.28	+		4.56
Service
Actual		1,000.00		1,111.57			6.54		1,000.00		N/A			N/A		1,000.00		N/A			N/A		1,000.00		1,204.61			7.65		1,000.00		N/A			N/A
Hypothetical 5% return		1,000.00		1,018.60	+		6.26		1,000.00		N/A			N/A		1,000.00		N/A			N/A		1,000.00		1,017.85	+		7.00		1,000.00		N/A			N/A
Investor
Actual		1,000.00		1,113.58			4.56		1,000.00		1,060.95			4.45		1,000.00		1,097.73			3.69		1,000.00		1,207.14			5.42		1,000.00		1,369.25			6.05
Hypothetical 5% return		1,000.00		1,020.48	+		4.36		1,000.00		1,020.48	+		4.36		1,000.00		1,021.27	+		3.56		1,000.00		1,019.89	+		4.96		1,000.00		1,019.69	+		5.16
Class R6
Actual		1,000.00		1,114.35			3.88		1,000.00		1,061.13			4.04		1,000.00		1,099.01			3.02		1,000.00		1,207.55			4.87		1,000.00		1,369.95			5.29
Hypothetical 5% return		1,000.00		1,021.12	+		3.71		1,000.00		1,020.88	+		3.96		1,000.00		1,021.92	+		2.91		1,000.00		1,020.38	+		4.46		1,000.00		1,020.33	+		4.51
Class R
Actual		1,000.00		1,111.21			7.17		1,000.00		1,058.06			6.99		1,000.00		1,095.20			6.29		1,000.00		1,203.35			8.14		1,000.00		1,365.57			8.97
Hypothetical 5% return		1,000.00		1,018.00	+		6.85		1,000.00		1,018.00	+		6.85		1,000.00		1,018.79	+		6.06		1,000.00		1,017.41	+		7.45		1,000.00		1,017.21	+		7.65
Class P
Actual		1,000.00		1,114.37			3.88		1,000.00		1,061.15			4.04		1,000.00		1,098.28			3.02		1,000.00		1,207.46			4.87		1,000.00		1,369.25			5.29
Hypothetical 5% return		1,000.00		1,021.12	+		3.71		1,000.00		1,020.88	+		3.96		1,000.00		1,021.92	+		2.91		1,000.00		1,020.38	+		4.46		1,000.00		1,020.33	+		4.51

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

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2021. 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 Shares			Class C Shares			Institutional Shares			Service Shares			Investor Shares			Class R6 Shares			Class R Shares			Class P Shares
Capital Growth Fund		1.12	%		1.87	%		0.75	%		1.25	%		0.87	%		0.74	%		1.37	%		0.74	%
Concentrated Growth Fund		1.12			1.87			0.80			N/A			0.87			0.79			1.37			0.79
Flexible Cap Fund		0.96			1.71			0.59			N/A			0.71			0.58			1.21			0.58
Growth Opportunities Fund		1.24			1.99			0.90			1.40			0.99			0.89			1.49			0.89
Small Cap Growth Fund		1.28			2.03			0.91			N/A			1.03			0.90			1.53			0.90

144

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Fund Expenses — Six Month Period Ended February 28, 2021 (Unaudited) (continued)

	Small/Mid Cap Growth Fund							Strategic Growth Fund							Technology Opportunities Fund							U.S. Equity ESG Fund
Share Class	Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid for the 6 months ended 2/28/2021*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid for the 6 months ended 2/28/2021*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid for the 6 months ended 2/28/2021*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid for the 6 months ended 2/28/2021*
Class A
Actual	$	1,000.00	$	1,294.69		$	6.88	$	1,000.00	$	1,082.55		$	5.78	$	1,000.00	$	1,080.02		$	6.45	$	1,000.00	$	1,124.93		$	5.32
Hypothetical 5% return		1,000.00		1,018.79	+		6.06		1,000.00		1,019.24	+		5.61		1,000.00		1,018.60	+		6.26		1,000.00		1,019.79	+		5.06
Class C
Actual		1,000.00		1,289.67			11.13		1,000.00		1,079.29			9.64		1,000.00		1,075.94			10.24		1,000.00		1,120.66			9.25
Hypothetical 5% return		1,000.00		1,015.08	+		9.79		1,000.00		1,015.52	+		9.35		1,000.00		1,014.93	+		9.94		1,000.00		1,016.07	+		8.80
Institutional
Actual		1,000.00		1,296.82			5.13		1,000.00		1,084.61			3.88		1,000.00		1,081.35			5.06		1,000.00		1,126.51			3.53
Hypothetical 5% return		1,000.00		1,020.33	+		4.51		1,000.00		1,021.08	+		3.76		1,000.00		1,019.93	+		4.91		1,000.00		1,021.47	+		3.36
Service
Actual		1,000.00		1,293.43			7.96		1,000.00		1,081.70			6.45		1,000.00		1,078.55			7.63		1,000.00		N/A			N/A
Hypothetical 5% return		1,000.00		1,017.85	+		7.00		1,000.00		1,018.60	+		6.26		1,000.00		1,017.46	+		7.40		1,000.00		N/A			N/A
Investor
Actual		1,000.00		1,296.29			5.47		1,000.00		1,083.15			4.49		1,000.00		1,081.46			5.16		1,000.00		1,126.30			4.01
Hypothetical 5% return		1,000.00		1,020.03	+		4.81		1,000.00		1,020.48	+		4.36		1,000.00		1,019.84	+		5.01		1,000.00		1,021.03	+		3.81
Class R6
Actual		1,000.00		1,296.46			5.07		1,000.00		1,084.20			3.82		1,000.00		1,081.30			5.01		1,000.00		1,126.42			3.48
Hypothetical 5% return		1,000.00		1,020.38	+		4.46		1,000.00		1,021.12	+		3.71		1,000.00		1,019.98	+		4.86		1,000.00		1,021.52	+		3.31
Class R
Actual		1,000.00		1,293.19			8.30		1,000.00		1,081.23			7.07		1,000.00		N/A			N/A		1,000.00		1,123.71			6.63
Hypothetical 5% return		1,000.00		1,017.55	+		7.30		1,000.00		1,018.00	+		6.85		1,000.00		N/A			N/A		1,000.00		1,018.55	+		6.31
Class P
Actual		1,000.00		1,296.90			5.01		1,000.00		1,084.24			3.82		1,000.00		1,081.30			5.01		1,000.00		1,126.46			3.48
Hypothetical 5% return		1,000.00		1,020.43	+		4.41		1,000.00		1,021.12	+		3.71		1,000.00		1,019.98	+		4.86		1,000.00		1,021.52	+		3.31

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

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2021. 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 Shares			Class C Shares			Institutional Shares			Service Shares			Investor Shares			Class R6 Shares			Class R Shares			Class P Shares
Small/Mid Cap Growth Fund		1.21	%		1.96	%		0.90	%		1.40	%		0.96	%		0.89	%		1.46	%		0.88	%
Strategic Growth Fund		1.12			1.87			0.75			1.25			0.87			0.74			1.37			0.74
Technology Opportunities Fund		1.25			1.99			0.98			1.48			1.00			0.97			N/A			0.97
U.S. Equity ESG Fund		1.01			1.76			0.67			N/A			0.76			0.66			1.26			0.66

145

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 Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.95 trillion in assets under supervision as of December 31, 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

∎ U.S. Equity ESG Fund⁵

∎ 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 Fund

∎ Emerging Markets Equity Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

∎ 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 Fund⁶

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income 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

∎ Strategic Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

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 on business of August 30, 2020, the Goldman Sachs Blue Chip Fund was renamed the Goldman Sachs U.S. Equity ESG Fund.

⁶  Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

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

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

TRUSTEES Jessica Palmer, Chair 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.

Fund holdings and allocations shown are as of February 28, 2021 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).

© 2021 Goldman Sachs. All rights reserved. 236970-OTU-1390647 EQGRWSAR-21

Goldman Sachs Funds

Semi-Annual Report	February 28, 2021
	Fundamental Equity Value Funds
	Equity Income
	Focused Value
	Large Cap Value
	Mid Cap Value
	Small Cap Value
	Small/Mid Cap Value

Goldman Sachs Fundamental Equity Value Funds

∎ EQUITY INCOME

∎ FOCUSED VALUE

∎ LARGE CAP VALUE

∎ MID CAP VALUE

∎ SMALL CAP VALUE

∎ SMALL/MID CAP VALUE

TABLE OF CONTENTS
Fund Basics	1
Schedules of Investments	13
Financial Statements	29
Financial Highlights	36
Equity Income	36
Focused Value	44
Large Cap Value	51
Mid Cap Value	59
Small Cap Value	67
Small/Mid Cap Value	75
Notes to Financial Statements	82
Other Information	102

NOT FDIC-INSURED May Lose Value No Bank Guarantee

FUND BASICS

Equity Income Fund

as of February 28, 2021

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)1			Russell 1000® Value Index2
Class A		10.55	%		19.15	%
Class C		10.12			19.15
Institutional		10.72			19.15
Service		10.47			19.15
Investor		10.67			19.15
Class R6		10.73			19.15
Class R		10.42			19.15
Class P		10.73			19.15

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

²  The unmanaged Russell 1000 Value Index is a market capitalization weighted index of the 1,000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 Value Index figures do not reflect any deduction of fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

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 2/28/213
Holding	% of Net Assets			Line of Business
JPMorgan Chase & Co.		4.3	%	Banks
Johnson & Johnson		2.9		Pharmaceuticals
Verizon Communications, Inc.		2.8		Diversified Telecommunication Services
Chevron Corp.		2.7		Oil, Gas & Consumable Fuels
Medtronic PLC		2.6		Health Care Equipment & Supplies
Comcast Corp., Class A		2.5		Media
Eli Lilly and Co.		2.4		Pharmaceuticals
Linde PLC		2.2		Chemicals
Walmart, Inc.		2.1		Food & Staples Retailing
Bristol-Myers Squibb Co.		2.1		Pharmaceuticals

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

1

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of February 28, 2021

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. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. 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 the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

2

FUND BASICS

Focused Value Fund

as of February 28, 2021

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)1			Russell 1000® Value Index2
Class A		18.05	%		19.15	%
Class C		17.59			19.15
Institutional		18.27			19.15
Investor		18.24			19.15
Class R6		18.31			19.15
Class R		17.97			19.15
Class P		18.21			19.15

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

²  The unmanaged Russell 1000 Value Index is a market capitalization weighted index of the 1,000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 Value Index figures do not reflect any deduction of fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

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 2/28/213
Holding	% of Net Assets			Line of Business
JPMorgan Chase & Co.		4.5	%	Banks
Walt Disney Co. (The)		4.3		Entertainment
Alphabet, Inc., Class A		4.0		Interactive Media & Services
NXP Semiconductors NV		3.7		Semiconductors & Semiconductor Equipment
Honeywell International, Inc.		3.7		Industrial Conglomerates
Zimmer Biomet Holdings, Inc.		3.4		Health Care Equipment & Supplies
Comcast Corp., Class A		3.3		Media
American Express Co.		3.3		Consumer Finance
Truist Financial Corp.		3.1		Banks
General Electric Co.		3.1		Industrial Conglomerates

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

3

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of February 28, 2021

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. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. 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 the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

4

FUND BASICS

Large Cap Value Fund

as of February 28, 2021

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)1			Russell 1000® Value Index2
Class A		16.52	%		19.15	%
Class C		16.01			19.15
Institutional		16.74			19.15
Service		16.36			19.15
Investor		16.63			19.15
Class R6		16.69			19.15
Class R		16.38			19.15
Class P		16.68			19.15

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

²  The unmanaged Russell 1000 Value Index is a market capitalization weighted index of the 1,000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 Value Index figures do not reflect any deduction of fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

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 2/28/213
Holding	% of Net Assets			Line of Business
JPMorgan Chase & Co.		4.1	%	Banks
Walt Disney Co. (The)		2.8		Entertainment
Verizon Communications, Inc.		2.2		Diversified Telecommunication Services
Chevron Corp.		2.2		Oil, Gas & Consumable Fuels
NextEra Energy, Inc.		2.1		Electric Utilities
Alphabet, Inc., Class A		2.0		Interactive Media & Services
Honeywell International, Inc.		2.0		Industrial Conglomerates
Truist Financial Corp.		2.0		Banks
Comcast Corp., Class A		2.0		Media
American Express Co.		1.9		Consumer Finance

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

5

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of February 28, 2021

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. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. 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 the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

6

FUND BASICS

Mid Cap Value Fund

as of February 28, 2021

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)1			Russell Midcap® Value  Index2
Class A		26.09	%		26.53	%
Class C		25.63			26.53
Institutional		26.32			26.53
Service		26.02			26.53
Investor		26.26			26.53
Class R6		26.36			26.53
Class R		25.97			26.53
Class P		26.33			26.53

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

²  The Russell Midcap Value^® Index is an unmanaged index of common stock prices that measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap Value Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

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 2/28/213
Holding	% of Net Assets			Line of Business
Zimmer Biomet Holdings, Inc.		2.0	%	Health Care Equipment & Supplies
Corteva, Inc.		1.8		Chemicals
AMETEK, Inc.		1.8		Electrical Equipment
M&T Bank Corp.		1.8		Banks
Marvell Technology Group Ltd.		1.8		Semiconductors & Semiconductor Equipment
SVB Financial Group		1.7		Banks
ITT, Inc.		1.7		Machinery
Freeport-McMoRan, Inc.		1.7		Metals & Mining
United Airlines Holdings, Inc.		1.7		Airlines
Pinnacle Financial Partners, Inc.		1.6		Banks

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

7

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of February 28, 2021

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. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. 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 the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

8

FUND BASICS

Small Cap Value Fund

as of February 28, 2021

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)1			Russell 2000® Value Index2
Class A		39.70	%		46.42	%
Class C		39.20			46.42
Institutional		39.95			46.42
Service		39.60			46.42
Investor		39.89			46.42
Class R6		39.96			46.42
Class R		39.51			46.42
Class P		39.93			46.42

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

²  The Russell 2000 Value Index is an unmanaged index of common stock prices that measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Value Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

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 2/28/213
Holding	% of Net Assets			Line of Business
Darling Ingredients, Inc.		1.2	%	Food Products
Avient Corp.		1.1		Chemicals
Boyd Gaming Corp.		1.1		Hotels, Restaurants & Leisure
ChampionX Corp.		1.1		Energy Equipment & Services
MasTec, Inc.		1.1		Construction & Engineering
KBR, Inc.		1.0		IT Services
Performance Food Group Co.		1.0		Food & Staples Retailing
Rexnord Corp.		1.0		Machinery
Glacier Bancorp, Inc.		0.9		Banks
Chart Industries, Inc.		0.9		Machinery

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

9

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of February 28, 2021

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. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. Underlying sector allocations of Exchange Traded Funds held by the Fund are not reflected in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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.

10

FUND BASICS

Small/Mid Cap Value Fund

as of February 28, 2021

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)1			Russell 2500® Value Index2
Class A		34.39	%		37.53	%
Class C		33.96			37.53
Institutional		34.59			37.53
Investor		34.50			37.53
Class R6		34.63			37.53
Class R		34.21			37.53
Class P		34.54			37.53

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

²  The Russell 2500 Value Index is composed of the smallest 2,500 of the 3,000 largest U.S. companies based on total market capitalization with lower price-to-book ratios and lower forecast growth values. It is calculated by Frank Russell Company, and reflects reinvestment of all dividends and capital gains. The Russell 2500 Value Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

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 2/28/213
Holding	% of Net Assets			Line of Business
L Brands, Inc.		1.4	%	Specialty Retail
Catalent, Inc.		1.1		Pharmaceuticals
Crown Holdings, Inc.		1.0		Containers & Packaging
XPO Logistics, Inc.		1.0		Air Freight & Logistics
AECOM		1.0		Construction & Engineering
Avient Corp.		1.0		Chemicals
Signature Bank		0.9		Banks
East West Bancorp, Inc.		0.9		Banks
Timken Co. (The)		0.9		Machinery
Performance Food Group Co.		0.9		Food & Staples Retailing

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

11

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of February 28, 2021

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. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. 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 the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

12

GOLDMAN SACHS EQUITY INCOME FUND

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 99.9%
Aerospace & Defense – 1.4%
	17,483	Northrop Grumman Corp.	$	5,099,092
Banks – 7.9%
	110,668	JPMorgan Chase & Co.		16,287,010
	44,800	M&T Bank Corp.		6,762,112
	115,039	Truist Financial Corp.		6,552,621
				29,601,743
Beverages – 1.6%
	121,664	Coca-Cola Co. (The)		5,960,319
Biotechnology – 0.9%
	15,694	Amgen, Inc.		3,529,895
Capital Markets – 4.7%
	6,897	BlackRock, Inc.		4,789,966
	23,534	CME Group, Inc.		4,699,740
	50,980	Morgan Stanley		3,918,833
	39,420	Singapore Exchange Ltd. ADR (Singapore)		4,412,675
				17,821,214
Chemicals – 3.2%
	16,880	Ecolab, Inc.		3,533,997
	34,138	Linde PLC (United Kingdom)		8,338,889
				11,872,886
Commercial Services & Supplies – 1.3%
	54,008	Republic Services, Inc.		4,811,573
Communications Equipment – 2.5%
	168,199	Cisco Systems, Inc.		7,547,089
	72,985	Juniper Networks, Inc.		1,699,091
				9,246,180
Construction & Engineering – 0.6%
	91,943	Vinci SA ADR (France)		2,391,437
Consumer Finance – 1.9%
	53,705	American Express Co.		7,264,138
Containers & Packaging – 1.2%
	88,665	International Paper Co.		4,402,217
Diversified Telecommunication Services – 2.7%
	187,058	Verizon Communications, Inc.		10,344,307
Electric Utilities – 1.7%
	45,730	NextEra Energy, Inc.		3,360,241
	50,148	Xcel Energy, Inc.		2,938,171
				6,298,412
Electrical Equipment – 1.9%
	54,996	Eaton Corp. PLC		7,159,929
Electronic Equipment, Instruments & Components – 1.0%
	30,425	TE Connectivity Ltd.		3,956,163
Entertainment – 2.0%
	40,238	Walt Disney Co. (The)*		7,606,592
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – 6.5%
	23,107	Alexandria Real Estate Equities, Inc. REIT		3,689,957
	10,359	American Tower Corp. REIT		2,238,891
	26,718	AvalonBay Communities, Inc. REIT		4,695,688
	70,879	Duke Realty Corp. REIT		2,782,001
	105,431	Hudson Pacific Properties, Inc. REIT		2,697,979
	42,205	Prologis, Inc. REIT		4,181,249
	80,232	Ventas, Inc. REIT		4,244,273
				24,530,038
Food & Staples Retailing – 2.1%
	61,683	Walmart, Inc.		8,013,855
Food Products – 1.3%
	35,905	Archer-Daniels-Midland Co.		2,031,505
	56,580	Mondelez International, Inc., Class A		3,007,793
				5,039,298
Health Care Equipment & Supplies – 3.9%
	84,619	Medtronic PLC		9,897,885
	30,304	Zimmer Biomet Holdings, Inc.		4,941,370
				14,839,255
Health Care Providers & Services – 2.5%
	82,400	CVS Health Corp.		5,613,912
	9,808	Humana, Inc.		3,723,607
				9,337,519
Hotels, Restaurants & Leisure – 4.2%
	178,419	Aramark		6,622,913
	32,224	McDonald’s Corp.		6,642,655
	23,759	Starbucks Corp.		2,566,685
				15,832,253
Household Products – 3.0%
	33,903	Kimberly-Clark Corp.		4,350,772
	54,857	Procter & Gamble Co. (The)		6,776,485
				11,127,257
Industrial Conglomerates – 1.7%
	30,783	Honeywell International, Inc.		6,228,940
Insurance – 2.3%
	23,729	Chubb Ltd.		3,857,861
	32,582	Travelers Cos., Inc. (The)		4,740,681
				8,598,542
IT Services – 4.4%
	20,565	Accenture PLC, Class A		5,159,759
	49,278	Cognizant Technology Solutions Corp., Class A		3,620,947
	33,262	Fidelity National Information Services, Inc.		4,590,156
	26,071	International Business Machines Corp.		3,100,624
				16,471,486

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

GOLDMAN SACHS EQUITY INCOME FUND

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Machinery – 3.5%
	21,185	Deere & Co.	$	7,396,107
	28,302	Illinois Tool Works, Inc.		5,722,099
				13,118,206
Media – 2.5%
	176,390	Comcast Corp., Class A		9,299,281
Metals & Mining – 1.9%
	81,864	Rio Tinto PLC ADR (Australia)		7,154,914
Multi-Utilities – 3.8%
	59,373	Ameren Corp.		4,172,141
	35,975	CMS Energy Corp.		1,946,607
	56,580	National Grid PLC ADR (United Kingdom)		3,162,256
	42,664	Sempra Energy		4,948,171
				14,229,175
Oil, Gas & Consumable Fuels – 3.2%
	101,976	Chevron Corp.		10,197,600
	49,063	Royal Dutch Shell PLC, Class B ADR (Netherlands)		1,907,569
				12,105,169
Pharmaceuticals – 7.4%
	129,083	Bristol-Myers Squibb Co.		7,916,660
	44,357	Eli Lilly and Co.		9,088,306
	68,424	Johnson & Johnson		10,842,467
				27,847,433
Road & Rail – 1.0%
	18,794	Union Pacific Corp.		3,870,812
Semiconductors & Semiconductor Equipment – 3.8%
	12,089	KLA Corp.		3,762,460
	73,940	Marvell Technology Group Ltd.		3,569,823
	23,706	QUALCOMM, Inc.		3,228,520
	22,689	Texas Instruments, Inc.		3,908,634
				14,469,437
Software – 0.5%
	8,706	Microsoft Corp.		2,023,100
Specialty Retail – 2.1%
	30,270	Home Depot, Inc. (The)		7,819,952
Water Utilities – 1.8%
	47,247	American Water Works Co., Inc.		6,703,404
	TOTAL INVESTMENTS – 99.9%
	(Cost $299,192,101)		$	376,025,423
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%			517,471
	NET ASSETS – 100.0%		$	376,542,894

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

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS FOCUSED VALUE FUND

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 93.8%
Aerospace & Defense – 1.9%
	2,773	L3Harris Technologies, Inc.	$	504,436
Automobiles – 2.3%
	11,656	General Motors Co.		598,303
Banks – 9.3%
	8,110	JPMorgan Chase & Co.		1,193,549
	2,972	M&T Bank Corp.		448,594
	14,490	Truist Financial Corp.		825,350
				2,467,493
Beverages – 2.3%
	12,161	Coca-Cola Co. (The)		595,767
Capital Markets – 2.7%
	1,013	BlackRock, Inc.		703,529
Chemicals – 4.5%
	3,210	Ecolab, Inc.		672,046
	2,126	Linde PLC (United Kingdom)		519,318
				1,191,364
Commercial Services & Supplies – 1.7%
	4,509	Waste Connections, Inc.		440,484
Construction Materials – 1.9%
	1,475	Martin Marietta Materials, Inc.		496,883
Consumer Finance – 3.3%
	6,377	American Express Co.		862,553
Electric Utilities – 2.6%
	9,216	NextEra Energy, Inc.		677,192
Entertainment – 5.6%
	2,651	Electronic Arts, Inc.		355,154
	5,940	Walt Disney Co. (The)*		1,122,898
				1,478,052
Equity Real Estate Investment Trusts (REITs) – 5.1%
	4,001	Alexandria Real Estate Equities, Inc. REIT		638,919
	4,101	AvalonBay Communities, Inc. REIT		720,751
				1,359,670
Food Products – 1.9%
	9,366	Mondelez International, Inc., Class A		497,896
Health Care Equipment & Supplies – 5.6%
	15,271	Boston Scientific Corp.*		592,210
	5,506	Zimmer Biomet Holdings, Inc.		897,808
				1,490,018
Health Care Providers & Services – 2.0%
	1,426	Humana, Inc.		541,381
Hotels, Restaurants & Leisure – 1.6%
	6,750	Las Vegas Sands Corp.		422,550
Industrial Conglomerates – 6.8%
	64,987	General Electric Co.		814,937
	4,785	Honeywell International, Inc.		968,245
				1,783,182
Common Stocks – (continued)
Interactive Media & Services – 4.0%
	525	Alphabet, Inc., Class A*		1,061,503
IT Services – 3.8%
	7,448	Cognizant Technology Solutions Corp., Class A		547,279
	3,398	Fidelity National Information Services, Inc.		468,924
				1,016,203
Machinery – 2.0%
	2,599	Illinois Tool Works, Inc.		525,466
Media – 3.3%
	16,660	Comcast Corp., Class A		878,315
Multi-Utilities – 2.6%
	9,866	Ameren Corp.		693,284
Oil, Gas & Consumable Fuels – 2.8%
	7,379	Chevron Corp.		737,900
Pharmaceuticals – 5.1%
	10,890	Bristol-Myers Squibb Co.		667,884
	3,267	Eli Lilly and Co.		669,375
				1,337,259
Road & Rail – 3.1%
	3,939	Union Pacific Corp.		811,276
Semiconductors & Semiconductor Equipment – 3.7%
	5,391	NXP Semiconductors NV (Netherlands)		984,127
Software – 2.3%
	2,630	Microsoft Corp.		611,159
	TOTAL COMMON STOCKS
	(Cost $22,325,996)		$	24,767,245

Shares	Dividend Rate			Value
Investment Company – 3.3%(a)
Goldman Sachs Financial Square Government Fund – Institutional Shares
874,527		0.036	%	$	874,527
(Cost $874,527)
TOTAL INVESTMENTS – 97.1%
(Cost $23,200,523)				$	25,641,772
OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.9%					752,812
NET ASSETS – 100.0%				$	26,394,584

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

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

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

GOLDMAN SACHS LARGE CAP VALUE FUND

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 98.7%
Aerospace & Defense – 1.4%
	34,200	L3Harris Technologies, Inc.	$	6,221,322
Airlines – 1.2%
	100,584	United Airlines Holdings, Inc.*		5,298,765
Automobiles – 1.1%
	98,861	General Motors Co.		5,074,535
Banks – 9.2%
	124,167	JPMorgan Chase & Co.		18,273,657
	47,400	M&T Bank Corp.		7,154,556
	156,526	Truist Financial Corp.		8,915,721
	191,093	Wells Fargo & Co.		6,911,834
				41,255,768
Beverages – 2.5%
	127,314	Coca-Cola Co. (The)		6,237,113
	22,780	Constellation Brands, Inc., Class A		4,878,109
				11,115,222
Biotechnology – 0.8%
	2,761	Biogen, Inc.*		753,422
	10,065	BioMarin Pharmaceutical, Inc.*		779,333
	23,190	Genmab A/S ADR (Denmark)*		785,445
	9,572	Neurocrine Biosciences, Inc.*		1,048,230
				3,366,430
Capital Markets – 3.5%
	10,658	BlackRock, Inc.		7,401,981
	110,230	Morgan Stanley		8,473,380
				15,875,361
Chemicals – 2.7%
	25,049	Ecolab, Inc.		5,244,259
	27,919	Linde PLC (United Kingdom)		6,819,774
				12,064,033
Commercial Services & Supplies – 0.7%
	30,426	Waste Connections, Inc.		2,972,316
Communications Equipment – 1.9%
	143,631	Cisco Systems Inc/Delaware		6,444,723
	91,278	Juniper Networks, Inc.		2,124,952
				8,569,675
Construction Materials – 1.1%
	14,276	Martin Marietta Materials, Inc.		4,809,156
Consumer Finance – 1.9%
	64,437	American Express Co.		8,715,749
Containers & Packaging – 1.0%
	33,781	Packaging Corp. of America		4,459,768
Diversified Financial Services – 1.0%
	19,031	Berkshire Hathaway, Inc., Class B*		4,577,146
Diversified Telecommunication Services – 2.2%
	177,560	Verizon Communications, Inc.		9,819,068
Common Stocks – (continued)
Electric Utilities – 3.1%
	126,693	NextEra Energy, Inc.		9,309,402
	74,816	Xcel Energy, Inc.		4,383,469
				13,692,871
Electrical Equipment – 1.0%
	33,663	Eaton Corp. PLC		4,382,586
Entertainment – 3.7%
	29,002	Electronic Arts, Inc.		3,885,398
	66,463	Walt Disney Co. (The)*		12,564,165
				16,449,563
Equity Real Estate Investment Trusts (REITs) – 5.5%
	23,012	Alexandria Real Estate Equities, Inc. REIT		3,674,786
	25,277	AvalonBay Communities, Inc. REIT		4,442,433
	49,813	Equity Residential REIT		3,258,268
	39,788	Extra Space Storage, Inc. REIT		5,001,351
	39,009	Prologis, Inc. REIT		3,864,622
	64,481	Welltower, Inc. REIT		4,378,260
				24,619,720
Food & Staples Retailing – 1.6%
	53,753	Walmart, Inc.		6,983,590
Food Products – 0.9%
	77,157	Mondelez International, Inc., Class A		4,101,666
Gas Utilities – 0.5%
	26,447	Atmos Energy Corp.		2,237,681
Health Care Equipment & Supplies – 4.5%
	163,157	Boston Scientific Corp.*		6,327,229
	62,462	Medtronic PLC		7,306,180
	41,504	Zimmer Biomet Holdings, Inc.		6,767,642
				20,401,051
Health Care Providers & Services – 1.1%
	12,459	Humana, Inc.		4,730,059
Hotels, Restaurants & Leisure – 3.7%
	49,149	Hilton Worldwide Holdings, Inc.*		6,078,748
	48,058	Las Vegas Sands Corp.		3,008,431
	35,730	McDonald’s Corp.		7,365,382
				16,452,561
Household Products – 0.5%
	19,519	Procter & Gamble Co. (The)		2,411,182
Industrial Conglomerates – 3.7%
	618,416	General Electric Co.		7,754,937
	44,295	Honeywell International, Inc.		8,963,093
				16,718,030
Insurance – 2.6%
	21,113	Allstate Corp. (The)		2,250,646
	35,778	American Financial Group, Inc.		3,817,512
	34,484	Chubb Ltd.		5,606,409
				11,674,567

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

GOLDMAN SACHS LARGE CAP VALUE FUND

Shares		Description	Value
Common Stocks – (continued)
Interactive Media & Services – 2.0%
	4,533	Alphabet, Inc., Class A*	$	9,165,318
IT Services – 4.5%
	69,048	Cognizant Technology Solutions Corp., Class A		5,073,647
	53,296	Fidelity National Information Services, Inc.		7,354,848
	36,497	International Business Machines Corp.		4,340,588
	16,324	Visa, Inc., Class A		3,467,055
				20,236,138
Leisure Products – 0.9%
	47,297	Brunswick Corp.		4,179,636
Life Sciences Tools & Services – 1.0%
	9,495	Thermo Fisher Scientific, Inc.		4,273,510
Machinery – 2.5%
	20,030	Deere & Co.		6,992,874
	21,389	Illinois Tool Works, Inc.		4,324,428
				11,317,302
Media – 2.0%
	168,278	Comcast Corp., Class A		8,871,616
Metals & Mining – 0.9%
	123,366	Freeport-McMoRan, Inc.*		4,183,341
Multi-Utilities – 1.5%
	51,802	Ameren Corp.		3,640,127
	60,384	CMS Energy Corp.		3,267,378
				6,907,505
Oil, Gas & Consumable Fuels – 3.4%
	96,584	Chevron Corp.		9,658,400
	106,660	ConocoPhillips		5,547,387
				15,205,787
Pharmaceuticals – 4.3%
	122,913	Bristol-Myers Squibb Co.		7,538,254
	17,758	Eli Lilly and Co.		3,638,437
	52,175	Johnson & Johnson		8,267,650
				19,444,341
Road & Rail – 2.9%
	21,921	Norfolk Southern Corp.		5,525,407
	36,257	Union Pacific Corp.		7,467,492
				12,992,899
Semiconductors & Semiconductor Equipment – 3.5%
	19,280	Cree, Inc.*		2,187,509
	6,918	KLA Corp.		2,153,089
	63,490	Marvell Technology Group Ltd.		3,065,297
	18,880	NXP Semiconductors NV (Netherlands)		3,446,544
	28,587	Texas Instruments, Inc.		4,924,683
				15,777,122
Common Stocks – (continued)
Software – 0.9%
	9,935	Microsoft Corp.		2,308,695
	13,421	Splunk, Inc.*		1,919,337
				4,228,032
Specialty Retail – 2.9%
	90,402	L Brands, Inc.*		4,941,373
	12,379	O’Reilly Automotive, Inc.*		5,537,498
	20,830	Ross Stores, Inc.		2,429,611
				12,908,482
Water Utilities – 0.9%
	28,398	American Water Works Co., Inc.		4,029,108
	TOTAL COMMON STOCKS
	(Cost $345,874,444)		$	442,769,578

Shares	Dividend Rate			Value
Investment Company – 1.1%(a)
Goldman Sachs Financial Square Government Fund – Institutional Shares
4,759,736		0.036	%	$	4,759,736
(Cost $4,759,736)
TOTAL INVESTMENTS – 99.8%
(Cost $350,634,180)				$	447,529,314
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%					883,723
NET ASSETS – 100.0%				$	448,413,037

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

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 99.1%
Aerospace & Defense – 1.1%
	30,609	L3Harris Technologies, Inc.	$	5,568,083
	12,382	TransDigm Group, Inc.*		7,140,328
				12,708,411
Airlines – 2.3%
	395,367	JetBlue Airways Corp.*		7,286,614
	359,160	United Airlines Holdings, Inc.*		18,920,549
				26,207,163
Auto Components – 1.4%
	109,687	Aptiv PLC*		16,435,500
Banks – 7.7%
	245,389	East West Bancorp, Inc.		17,707,270
	132,343	M&T Bank Corp.		19,975,852
	223,986	Pinnacle Financial Partners, Inc.		18,180,944
	53,494	Signature Bank		11,679,880
	39,044	SVB Financial Group*		19,731,276
				87,275,222
Beverages – 2.1%
	247,686	Coca-Cola European Partners PLC (United Kingdom)		12,619,602
	49,655	Constellation Brands, Inc., Class A		10,633,121
				23,252,723
Biotechnology – 0.7%
	52,953	Ionis Pharmaceuticals, Inc.*		2,774,737
	42,763	Neurocrine Biosciences, Inc.*		4,682,976
				7,457,713
Building Products – 0.8%
	56,280	Trane Technologies PLC		8,624,347
Capital Markets – 2.1%
	193,574	Bank of New York Mellon Corp. (The)		8,161,080
	54,437	Evercore, Inc., Class A		6,519,919
	81,748	Raymond James Financial, Inc.		9,543,262
				24,224,261
Chemicals – 2.6%
	109,724	Ashland Global Holdings, Inc.		9,229,983
	449,227	Corteva, Inc.		20,282,599
				29,512,582
Communications Equipment – 2.2%
	272,124	Juniper Networks, Inc.		6,335,047
	48,235	Motorola Solutions, Inc.		8,464,278
	638,384	Viavi Solutions, Inc.*		10,332,245
				25,131,570
Construction Materials – 1.0%
	34,085	Martin Marietta Materials, Inc.		11,482,214
Common Stocks – (continued)
Consumer Finance – 1.7%
	199,069	Ally Financial, Inc.		8,261,364
	114,621	Discover Financial Services		10,782,397
				19,043,761
Containers & Packaging – 2.3%
	156,859	Ball Corp.		13,394,190
	95,931	Packaging Corp. of America		12,664,811
				26,059,001
Diversified Financial Services – 0.5%
	92,639	Voya Financial, Inc.		5,584,279
Electric Utilities – 1.4%
	184,613	Alliant Energy Corp.		8,521,736
	131,517	Xcel Energy, Inc.		7,705,581
				16,227,317
Electrical Equipment – 3.0%
	170,041	AMETEK, Inc.		20,059,737
	59,617	Rockwell Automation, Inc.		14,503,624
				34,563,361
Electronic Equipment, Instruments & Components – 1.2%
	144,926	National Instruments Corp.		6,434,714
	216,009	Vontier Corp.*		6,782,683
				13,217,397
Entertainment – 0.8%
	108,001	Live Nation Entertainment, Inc.*		9,596,969
Equity Real Estate Investment Trusts (REITs) – 10.9%
	56,381	Alexandria Real Estate Equities, Inc. REIT		9,003,482
	55,018	AvalonBay Communities, Inc. REIT		9,669,414
	94,276	Boston Properties, Inc. REIT		9,345,580
	69,039	Camden Property Trust REIT		7,190,412
	85,888	CyrusOne, Inc. REIT		5,636,829
	369,780	Duke Realty Corp. REIT		14,513,865
	121,299	Equity LifeStyle Properties, Inc. REIT		7,478,083
	27,534	Essex Property Trust, Inc. REIT		7,015,388
	315,751	Healthpeak Properties, Inc. REIT		9,185,197
	190,511	Highwoods Properties, Inc. REIT		7,612,820
	236,982	Invitation Homes, Inc. REIT		6,905,655
	102,256	Life Storage, Inc. REIT		8,579,278
	226,343	MGM Growth Properties LLC, Class A REIT		7,473,846
	197,150	Welltower, Inc. REIT		13,386,485
				122,996,334
Food & Staples Retailing – 0.6%
	132,567	Performance Food Group Co.*		7,190,434
Food Products – 1.7%
	76,241	McCormick & Co., Inc.		6,425,591
	405,758	Nomad Foods Ltd. (United Kingdom)*		9,584,004
	107,570	Utz Brands, Inc.		2,718,294
				18,727,889

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

GOLDMAN SACHS MID CAP VALUE FUND

Shares		Description	Value
Common Stocks – (continued)
Gas Utilities – 0.7%
	91,200	Atmos Energy Corp.	$	7,716,432
Health Care Equipment & Supplies – 3.6%
	28,433	Cooper Cos., Inc. (The)		10,978,835
	94,280	Hologic, Inc.*		6,796,645
	140,452	Zimmer Biomet Holdings, Inc.		22,902,103
				40,677,583
Health Care Providers & Services – 1.2%
	80,701	Centene Corp.*		4,724,237
	59,938	Quest Diagnostics, Inc.		6,928,233
	76,072	Signify Health, Inc., Class A*		2,511,897
				14,164,367
Health Care Technology – 0.3%
	83,483	Certara, Inc.*		2,892,686
Hotels, Restaurants & Leisure – 2.9%
	154,097	Wyndham Hotels & Resorts, Inc.		10,059,452
	106,716	Wynn Resorts Ltd.*		14,057,699
	86,065	Yum! Brands, Inc.		8,910,310
				33,027,461
Independent Power and Renewable Electricity Producers – 1.0%
	180,160	AES Corp. (The)		4,785,050
	93,886	NextEra Energy Partners LP		6,819,879
				11,604,929
Insurance – 4.9%
	9,215	Alleghany Corp.		5,956,852
	84,999	American Financial Group, Inc.		9,069,393
	69,217	Arthur J Gallagher & Co.		8,292,197
	135,468	Brown & Brown, Inc.		6,217,981
	70,923	Globe Life, Inc.		6,624,208
	11,586	Markel Corp.*		12,614,837
	56,078	Reinsurance Group of America, Inc.		6,854,414
				55,629,882
Interactive Media & Services – 1.0%
	34,993	Bumble, Inc., Class A*		2,355,379
	112,904	Twitter, Inc.*		8,700,382
				11,055,761
Internet & Direct Marketing Retail – 1.4%
	97,407	Expedia Group, Inc.		15,682,527
IT Services – 1.3%
	102,703	Booz Allen Hamilton Holding Corp.		7,922,510
	32,764	WEX, Inc.*		6,826,379
				14,748,889
Leisure Products – 0.9%
	115,511	Brunswick Corp.		10,207,707
Life Sciences Tools & Services – 0.7%
	66,467	PerkinElmer, Inc.		8,380,824
Common Stocks – (continued)
Machinery – 5.8%
	59,431	Cummins, Inc.		15,047,929
	200,089	Fortive Corp.		13,169,858
	136,660	Graco, Inc.		9,477,371
	41,634	IDEX Corp.		8,125,708
	232,959	ITT, Inc.		19,330,938
				65,151,804
Media – 1.6%
	53,445	Liberty Broadband Corp., Class C*		7,990,562
	217,966	Liberty Media Corp.-Liberty SiriusXM, Class A*		9,679,870
				17,670,432
Metals & Mining – 2.1%
	243,337	Allegheny Technologies, Inc.*		4,784,005
	558,558	Freeport-McMoRan, Inc.*		18,940,702
				23,724,707
Multiline Retail – 0.7%
	83,493	Dollar Tree, Inc.*		8,199,013
Multi-Utilities – 2.5%
	154,126	Ameren Corp.		10,830,434
	170,570	CMS Energy Corp.		9,229,543
	149,751	Public Service Enterprise Group, Inc.		8,061,096
				28,121,073
Oil, Gas & Consumable Fuels – 3.4%
	173,289	Cheniere Energy, Inc.*		11,677,946
	192,113	Hess Corp.		12,589,165
	98,290	Pioneer Natural Resources Co.		14,602,945
				38,870,056
Pharmaceuticals – 1.4%
	135,637	Catalent, Inc.*		15,423,283
Road & Rail – 1.3%
	69,703	Old Dominion Freight Line, Inc.		14,970,113
Semiconductors & Semiconductor Equipment – 5.5%
	64,556	Cree, Inc.*		7,324,524
	76,702	Entegris, Inc.		8,069,817
	410,176	Marvell Technology Group Ltd.		19,803,297
	63,842	Microchip Technology, Inc.		9,744,205
	40,247	MKS Instruments, Inc.		6,636,730
	277,217	ON Semiconductor Corp.*		11,163,529
				62,742,102
Software – 0.5%
	40,547	Splunk, Inc.*		5,798,626
Specialty Retail – 3.8%
	78,939	Advance Auto Parts, Inc.		12,657,869
	37,881	Burlington Stores, Inc.*		9,804,360
	230,217	L Brands, Inc.*		12,583,661
	15,419	RH*		7,561,015
				42,606,905

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

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Textiles, Apparel & Luxury Goods – 0.8%
	194,101	Capri Holdings Ltd.*	$	9,058,694
Trading Companies & Distributors – 0.8%
	189,728	Fastenal Co.		8,797,687
Water Utilities – 0.9%
	70,791	American Water Works Co., Inc.		10,043,827
	TOTAL COMMON STOCKS
	(Cost $833,874,510)		$	1,122,485,818

Shares	Dividend Rate			Value
Investment Company – 0.5%(a)
Goldman Sachs Financial Square Government Fund – Institutional Shares
6,015,624		0.036	%	$	6,015,624
(Cost $6,015,624)
TOTAL INVESTMENTS – 99.6%
(Cost $839,890,134)				$	1,128,501,442
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.4%					3,852,421
NET ASSETS – 100.0%				$	1,132,353,863

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

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

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 99.7%
Aerospace & Defense – 1.3%
	722,953	AAR Corp.	$	28,759,071
	38,040	Cubic Corp.		2,641,878
	257,228	Ducommun, Inc.*		13,993,203
	474,400	Kaman Corp.		23,084,304
				68,478,456
Air Freight & Logistics – 0.2%
	478,521	Air Transport Services Group, Inc.*		12,699,947
Airlines – 0.8%
	75,686	Allegiant Travel Co.*		19,087,252
	394,397	SkyWest, Inc.		22,232,159
				41,319,411
Auto Components – 1.5%
	1,235,271	Adient PLC*		45,803,849
	95,764	Cooper Tire & Rubber Co.		5,481,531
	555,590	Goodyear Tire & Rubber Co. (The)*		9,339,468
	108,261	Visteon Corp.*		13,767,552
	268,861	Workhorse Group, Inc.*(a)		4,347,482
				78,739,882
Banks – 16.4%
	333,164	Amalgamated Bank, Class A		5,850,360
	889,352	Ameris Bancorp		42,368,729
	825,789	Atlantic Union Bankshares Corp.		30,331,230
	1,142,572	BancorpSouth Bank		34,345,714
	94,220	Bank of Hawaii Corp.		8,244,250
	619,056	Banner Corp.		32,054,720
	1,314,245	Brookline Bancorp, Inc.		18,701,706
	442,106	Cadence BanCorp		9,072,015
	927,949	Columbia Banking System, Inc.		41,098,861
	529,629	Community Bank System, Inc.		37,704,289
	833,262	ConnectOne Bancorp, Inc.		19,356,676
	1,497,655	CVB Financial Corp.		32,064,794
	686,618	FB Financial Corp.		29,119,469
	624,080	First Financial Bankshares, Inc.		27,871,413
	828,845	First Merchants Corp.		34,852,932
	460,896	First Midwest Bancorp, Inc.		9,116,523
	184,733	First of Long Island Corp. (The)		3,432,339
	397,418	German American Bancorp, Inc.		15,658,269
	889,319	Glacier Bancorp, Inc.		48,201,090
	567,203	Great Western Bancorp, Inc.		15,218,056
	603,268	Heritage Financial Corp.		15,618,609
	1,135,322	Home BancShares, Inc.		27,747,270
	438,153	Independent Bank Corp.		37,466,463
	566,606	Lakeland Financial Corp.		39,067,484
	1,054,176	OceanFirst Financial Corp.		22,907,244
	820,261	Pacific Premier Bancorp, Inc.		33,056,518
	442,961	PacWest Bancorp		16,052,907
	350,390	Pinnacle Financial Partners, Inc.		28,441,156
	950,864	Renasant Corp.		37,349,938
	502,069	South State Corp.		39,593,161
	576,948	Towne Bank		16,639,180
	518,493	TriCo Bancshares		22,331,494
	1,246,810	United Community Banks, Inc.		41,219,539
				872,154,398
Common Stocks – (continued)
Beverages – 0.5%
	1,829,878	Primo Water Corp.		26,148,957
Biotechnology – 0.8%
	234,723	Arena Pharmaceuticals, Inc.*		18,859,993
	82,445	Emergent BioSolutions, Inc.*		7,914,720
	63,234	Novavax, Inc.*		14,621,598
				41,396,311
Building Products – 1.5%
	95,579	AZEK Co., Inc. (The)*		4,215,990
	88,376	Builders FirstSource, Inc.*		3,823,587
	273,345	Gibraltar Industries, Inc.*		23,876,686
	238,472	Griffon Corp.		5,866,411
	1,776,134	Resideo Technologies, Inc.*		42,662,739
				80,445,413
Capital Markets – 2.0%
	245,625	Hamilton Lane, Inc., Class A		21,958,875
	233,829	Houlihan Lokey, Inc.		14,862,171
	234,779	PJT Partners, Inc., Class A		16,368,792
	742,424	Stifel Financial Corp.		45,347,258
	174,787	Virtu Financial, Inc., Class A		4,766,442
				103,303,538
Chemicals – 2.5%
	1,397,917	Avient Corp.		60,417,973
	340,311	HB Fuller Co.		19,081,238
	342,607	Kraton Corp.*		12,741,554
	293,758	Livent Corp.*		5,469,774
	32,315	Quaker Chemical Corp.		9,125,110
	1,487,683	Tronox Holdings PLC, Class A		27,284,106
				134,119,755
Commercial Services & Supplies – 1.0%
	547,134	ABM Industries, Inc.		23,625,246
	273,829	Brady Corp., Class A		14,351,378
	245,186	Casella Waste Systems, Inc., Class A*		14,201,173
				52,177,797
Communications Equipment – 0.7%
	481,678	NetScout Systems, Inc.*		13,592,953
	1,587,773	Viavi Solutions, Inc.*		25,698,106
				39,291,059
Construction & Engineering – 2.5%
	431,246	Arcosa, Inc.		24,464,586
	242,595	EMCOR Group, Inc.		23,621,475
	640,330	MasTec, Inc.*		55,548,627
	1,045,698	WillScot Mobile Mini Holdings Corp.*		28,997,206
				132,631,894
Construction Materials – 0.4%
	730,064	Summit Materials, Inc., Class A*		20,230,073

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Consumer Finance – 0.7%
	178,442	FirstCash, Inc.	$	11,298,947
	318,443	Green Dot Corp., Class A*		15,049,616
	251,340	Oportun Financial Corp.*		4,101,869
	123,953	PROG Holdings, Inc.		6,197,650
				36,648,082
Diversified Financial Services – 0.1%
	167,562	Alerus Financial Corp.		4,609,631
Diversified Telecommunication Services – 0.5%
	2,124,172	Vonage Holdings Corp.*		28,081,554
Electric Utilities – 1.9%
	398,457	ALLETE, Inc.		24,756,133
	277,271	IDACORP, Inc.		23,911,851
	336,127	MGE Energy, Inc.		21,411,290
	770,868	Portland General Electric Co.		32,499,795
				102,579,069
Electronic Equipment, Instruments & Components – 2.0%
	589,374	CTS Corp.		18,960,162
	234,692	FARO Technologies, Inc.*		21,934,314
	632,322	Knowles Corp.*		13,145,974
	189,037	Rogers Corp.*		34,306,435
	1,397,595	TTM Technologies, Inc.*		19,734,041
				108,080,926
Energy Equipment & Services – 1.5%
	686,831	Cactus, Inc., Class A		21,889,304
	2,684,439	ChampionX Corp.*		57,098,018
				78,987,322
Entertainment – 0.5%
	727,190	Cinemark Holdings, Inc.		16,325,415
	270,228	IMAX Corp.*		5,585,613
	37,302	Live Nation Entertainment, Inc.*		3,314,656
				25,225,684
Equity Real Estate Investment Trusts (REITs) – 8.5%
	1,852,435	Acadia Realty Trust REIT		35,029,546
	3,605,651	Colony Capital, Inc. REIT		21,345,454
	163,607	CyrusOne, Inc. REIT		10,737,527
	146,472	EastGroup Properties, Inc. REIT		19,936,304
	1,126,959	Healthcare Realty Trust, Inc. REIT		32,524,037
	489,384	Highwoods Properties, Inc. REIT		19,555,785
	688,956	Hudson Pacific Properties, Inc. REIT		17,630,384
	384,358	Life Storage, Inc. REIT		32,247,636
	510,561	National Health Investors, Inc. REIT		34,855,999
	1,261,290	Park Hotels & Resorts, Inc. REIT		27,433,057
	2,004,545	Pebblebrook Hotel Trust REIT		45,422,990
	1,560,293	Physicians Realty Trust REIT		26,524,981
	749,933	Preferred Apartment Communities, Inc., Class A REIT		6,171,949
	124,893	PS Business Parks, Inc. REIT		18,092,000
	2,262,551	RLJ Lodging Trust REIT		35,522,051
	177,880	Safehold, Inc. REIT		13,563,350
	960,809	STAG Industrial, Inc. REIT		30,313,524
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	471,439	Terreno Realty Corp. REIT		26,419,441
				453,326,015
Food & Staples Retailing – 1.0%
	993,995	Performance Food Group Co.*		53,914,289
Food Products – 2.3%
	1,000,244	Darling Ingredients, Inc.*		63,055,382
	665,328	Hostess Brands, Inc.*		9,574,070
	49,830	Sanderson Farms, Inc.		7,599,075
	521,926	Simply Good Foods Co. (The)*		15,224,581
	969,134	Utz Brands, Inc.		24,490,016
				119,943,124
Gas Utilities – 0.8%
	131,799	Chesapeake Utilities Corp.		13,935,108
	438,768	ONE Gas, Inc.		29,384,293
				43,319,401
Health Care Equipment & Supplies – 1.8%
	646,612	Avanos Medical, Inc.*		29,731,220
	234,370	CONMED Corp.		28,841,572
	220,489	LivaNova PLC*		17,096,717
	177,095	Merit Medical Systems, Inc.*		9,867,734
	155,240	NuVasive, Inc.*		9,365,629
				94,902,872
Health Care Providers & Services – 1.8%
	435,520	Acadia Healthcare Co., Inc.*		24,058,125
	233,805	AMN Healthcare Services, Inc.*		17,037,370
	538,713	Owens & Minor, Inc.		18,321,629
	721,345	Tenet Healthcare Corp.*		36,803,022
				96,220,146
Health Care Technology – 0.3%
	1,127,510	Allscripts Healthcare Solutions, Inc.*		17,397,479
Hotels, Restaurants & Leisure – 5.2%
	1,009,850	Boyd Gaming Corp.*		59,278,195
	451,766	Brinker International, Inc.		30,986,630
	376,119	Caesars Entertainment, Inc.*		35,144,559
	169,839	Jack in the Box, Inc.		17,383,022
	255,930	Marriott Vacations Worldwide Corp.*		43,433,880
	292,840	Penn National Gaming, Inc.*		33,905,015
	641,293	SeaWorld Entertainment, Inc.*		31,846,611
	426,651	Travel + Leisure Co.		25,782,520
				277,760,432
Household Durables – 1.9%
	11,450	Helen of Troy Ltd.*		2,482,360
	144,489	Installed Building Products, Inc.*		15,801,317
	334,465	Meritage Homes Corp.*		28,198,744
	207,374	Purple Innovation, Inc.*		7,629,290
	965,127	Taylor Morrison Home Corp.*		26,550,644
	571,476	Tupperware Brands Corp.*		17,470,021
				98,132,376

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Shares		Description	Value
Common Stocks – (continued)
Independent Power and Renewable Electricity Producers – 0.3%
	605,948	Clearway Energy, Inc., Class A	$	15,845,540
Insurance – 3.4%
	210,008	AMERISAFE, Inc.		12,289,668
	665,564	BRP Group, Inc., Class A*		17,657,413
	367,528	CNO Financial Group, Inc.		8,842,724
	119,297	Enstar Group Ltd.*		25,361,349
	136,167	Kemper Corp.		10,296,949
	75,405	Kinsale Capital Group, Inc.		13,275,804
	157,378	Palomar Holdings, Inc.*		13,397,589
	183,045	Primerica, Inc.		25,851,445
	207,226	RLI Corp.		21,621,961
	477,722	Selective Insurance Group, Inc.		32,403,883
				180,998,785
Internet & Direct Marketing Retail – 0.1%
	113,815	Magnite, Inc.*		5,562,139
IT Services – 1.3%
	1,746,831	KBR, Inc.		54,151,761
	182,125	ManTech International Corp., Class A		14,234,890
				68,386,651
Leisure Products – 0.6%
	705,411	Callaway Golf Co.		19,716,238
	145,752	Malibu Boats, Inc., Class A*		10,864,354
				30,580,592
Life Sciences Tools & Services – 0.9%
	451,247	Luminex Corp.		14,674,553
	105,840	PRA Health Sciences, Inc.*		15,601,874
	239,448	Syneos Health, Inc.*		18,521,303
				48,797,730
Machinery – 6.4%
	410,977	Astec Industries, Inc.		27,913,558
	326,048	Chart Industries, Inc.*		46,654,208
	323,063	CIRCOR International, Inc.*		11,504,274
	776,301	Colfax Corp.*		34,428,949
	428,559	Columbus McKinnon Corp.		21,573,660
	831,507	Federal Signal Corp.		30,275,170
	833,499	Kennametal, Inc.		31,139,523
	1,149,752	Rexnord Corp.		51,681,353
	465,711	SPX FLOW, Inc.*		28,669,169
	196,584	Timken Co. (The)		15,402,356
	733,185	TriMas Corp.*		24,627,684
	133,801	Watts Water Technologies, Inc., Class A		15,265,356
				339,135,260
Media – 0.9%
	211,891	Nexstar Media Group, Inc., Class A		29,145,607
	1,109,201	TEGNA, Inc.		20,220,734
				49,366,341
Common Stocks – (continued)
Metals & Mining – 2.7%
	456,434	Alcoa Corp.*		11,205,455
	961,661	Allegheny Technologies, Inc.*		18,906,255
	1,092,789	Arconic Corp.*		23,953,935
	2,749,882	Cleveland-Cliffs, Inc.		36,683,426
	2,250,908	Coeur Mining, Inc.*		20,280,681
	586,845	Commercial Metals Co.		14,759,152
	871,576	Constellium SE*		11,539,666
	206,018	Warrior Met Coal, Inc.		3,949,365
				141,277,935
Mortgage Real Estate Investment Trusts (REITs) – 1.6%
	1,249,370	KKR Real Estate Finance Trust, Inc. REIT		23,025,889
	1,340,940	PennyMac Mortgage Investment Trust REIT		25,437,632
	4,623,948	Two Harbors Investment Corp. REIT		33,384,905
				81,848,426
Multiline Retail – 0.1%
	55,697	Big Lots, Inc.		3,538,987
Oil, Gas & Consumable Fuels – 3.2%
	867,924	Brigham Minerals, Inc., Class A		12,419,992
	1,086,892	CNX Resources Corp.*		13,705,708
	1,649,851	Devon Energy Corp.		35,537,791
	1,517,996	EQT Corp.*		27,005,149
	949,408	Golar LNG Ltd. (Cameroon)*		10,718,816
	428,921	Matador Resources Co.*		8,960,160
	287,216	PDC Energy, Inc.*		10,038,199
	823,336	Rattler Midstream LP		9,056,696
	182,465	Renewable Energy Group, Inc.*		14,190,303
	1,901,754	Viper Energy Partners LP		29,819,503
				171,452,317
Paper & Forest Products – 0.1%
	114,569	Domtar Corp.		4,244,781
Pharmaceuticals – 0.1%
	164,937	Intra-Cellular Therapies, Inc.*		5,843,718
Professional Services – 1.0%
	424,099	ASGN, Inc.*		39,428,484
	159,799	ICF International, Inc.		13,335,227
				52,763,711
Real Estate Management & Development – 0.3%
	861,758	Kennedy-Wilson Holdings, Inc.		16,166,580
Road & Rail – 1.0%
	396,181	ArcBest Corp.		23,370,717
	148,353	Saia, Inc.*		29,749,227
				53,119,944
Semiconductors & Semiconductor Equipment – 2.2%
	381,589	Allegro MicroSystems, Inc. (Japan)*		9,974,736
	746,937	Cohu, Inc.*		32,454,413
	152,113	MACOM Technology Solutions Holdings, Inc.*		9,788,471

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – (continued)
	537,084	Onto Innovation, Inc.*	$	33,546,267
	132,399	Semtech Corp.*		9,706,171
	117,650	Silicon Laboratories, Inc.*		18,322,811
				113,792,869
Software – 0.8%
	283,212	Bottomline Technologies DE, Inc.*		12,710,555
	1,067,268	Cloudera, Inc.*		17,225,705
	227,314	InterDigital, Inc.		14,404,888
				44,341,148
Specialty Retail – 4.2%
	644,408	Abercrombie & Fitch Co., Class A		17,637,447
	1,567,518	American Eagle Outfitters, Inc.		40,285,213
	149,585	At Home Group, Inc.*		3,768,046
	902,479	Bed Bath & Beyond, Inc.		24,240,586
	10,434	Burlington Stores, Inc.*		2,700,528
	30,908	Five Below, Inc.*		5,752,597
	112,117	Group 1 Automotive, Inc.		17,091,116
	96,780	Lithia Motors, Inc., Class A		36,190,881
	474,782	Rent-A-Center, Inc.		27,423,408
	32,868	RH*		16,117,481
	258,506	Signet Jewelers Ltd.*		12,868,429
	21,795	Sleep Number Corp.*		2,988,748
	56,886	Sonic Automotive, Inc., Class A		2,623,013
	313,076	Zumiez, Inc.*		14,113,466
				223,800,959
Textiles, Apparel & Luxury Goods – 1.8%
	530,840	Capri Holdings Ltd.*		24,774,303
	344,628	Crocs, Inc.*		26,439,860
	8,137	Deckers Outdoor Corp.*		2,653,557
	597,307	Tapestry, Inc.		25,170,517
	464,319	Wolverine World Wide, Inc.		16,227,949
				95,266,186
Thrifts & Mortgage Finance – 2.2%
	2,453,649	MGIC Investment Corp.		29,885,445
	912,176	NMI Holdings, Inc., Class A*		20,852,343
	136,473	Provident Financial Services, Inc.		2,760,849
	357,678	Walker & Dunlop, Inc.		35,646,189
	973,907	Washington Federal, Inc.		29,431,470
				118,576,296
Trading Companies & Distributors – 1.3%
	640,310	Beacon Roofing Supply, Inc.*		30,626,027
	451,531	Herc Holdings, Inc.*		39,626,361
				70,252,388
Water Utilities – 0.3%
	248,027	SJW Group		15,546,332
	TOTAL COMMON STOCKS
	(Cost $3,531,592,198)		$	5,292,770,908
Exchange-Traded Fund – 0.2%
	81,010	iShares Russell 2000 Value ETF
	(Cost $12,315,051)		$	12,281,116

Shares	Dividend Rate	Value
Investment Company – 0.4%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
23,686,984	0.036%	$	23,686,984
(Cost $23,686,984)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $3,567,594,233)		$	5,328,739,008

Securities Lending Reinvestment Vehicle – 0.1%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
5,933,827	0.036	%	$	5,933,827
(Cost $5,933,827)
TOTAL INVESTMENTS – 100.4%
(Cost $3,573,528,060)			$	5,334,672,835
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.4)%				(22,347,281	)
NET ASSETS – 100.0%			$	5,312,325,554

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

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

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 97.8%
Aerospace & Defense – 1.1%
	16,812	AAR Corp.	$	668,781
	2,679	Curtiss-Wright Corp.		296,003
	12,984	Hexcel Corp.*		698,020
				1,662,804
Air Freight & Logistics – 1.0%
	12,838	XPO Logistics, Inc.*		1,496,911
Airlines – 1.1%
	3,716	Allegiant Travel Co.*		937,138
	13,790	SkyWest, Inc.		777,342
				1,714,480
Auto Components – 1.2%
	33,868	Adient PLC*		1,255,826
	3,079	Lear Corp.		511,391
				1,767,217
Banks – 10.4%
	8,827	Bank of Hawaii Corp.		772,363
	7,284	Cadence BanCorp		149,468
	18,968	Columbia Banking System, Inc.		840,093
	13,404	Commerce Bancshares, Inc.		992,298
	10,133	Community Bank System, Inc.		721,368
	8,013	Cullen/Frost Bankers, Inc.		836,557
	18,596	East West Bancorp, Inc.		1,341,887
	18,628	First Financial Bankshares, Inc.		831,926
	17,851	Glacier Bancorp, Inc.		967,524
	8,311	Independent Bank Corp.		710,674
	26,896	PacWest Bancorp		974,711
	15,450	Pinnacle Financial Partners, Inc.		1,254,077
	11,117	Prosperity Bancshares, Inc.		816,766
	6,332	Signature Bank		1,382,529
	12,796	South State Corp.		1,009,093
	27,156	Synovus Financial Corp.		1,148,970
	12,152	Wintrust Financial Corp.		895,116
				15,645,420
Beverages – 0.7%
	356	Boston Beer Co., Inc. (The), Class A*		366,221
	43,466	Primo Water Corp.		621,129
				987,350
Biotechnology – 0.2%
	3,495	Emergent BioSolutions, Inc.*		335,520
Building Products – 1.7%
	21,551	AZEK Co., Inc. (The)*		950,614
	5,545	Gibraltar Industries, Inc.*		484,356
	48,493	Resideo Technologies, Inc.*		1,164,802
				2,599,772
Capital Markets – 2.0%
	6,124	Hamilton Lane, Inc., Class A		547,486
	6,462	Houlihan Lokey, Inc.		410,725
	7,847	LPL Financial Holdings, Inc.		1,032,194
	14,577	Stifel Financial Corp.		890,363
Common Stocks – (continued)
Capital Markets – (continued)
	4,838	Virtu Financial, Inc., Class A		131,932
				3,012,700
Chemicals – 2.9%
	12,735	Ashland Global Holdings, Inc.		1,071,268
	33,264	Avient Corp.		1,437,670
	12,444	Axalta Coating Systems Ltd.*		340,219
	13,349	Huntsman Corp.		364,428
	39,284	Tronox Holdings PLC, Class A		720,468
	5,469	Westlake Chemical Corp.		468,092
				4,402,145
Communications Equipment – 1.0%
	13,889	Ciena Corp.*		724,589
	46,906	Viavi Solutions, Inc.*		759,174
				1,483,763
Construction & Engineering – 3.1%
	25,388	AECOM*		1,469,711
	6,773	Jacobs Engineering Group, Inc.		779,437
	13,700	MasTec, Inc.*		1,188,475
	14,819	Quanta Services, Inc.		1,242,573
				4,680,196
Construction Materials – 0.2%
	1,760	Vulcan Materials Co.		293,902
Consumer Finance – 1.4%
	24,300	Ally Financial, Inc.		1,008,450
	4,917	FirstCash, Inc.		311,344
	5,099	Green Dot Corp., Class A*		240,979
	10,604	OneMain Holdings, Inc.		497,434
				2,058,207
Containers & Packaging – 1.8%
	4,499	Avery Dennison Corp.		788,270
	16,011	Crown Holdings, Inc.*		1,530,011
	2,518	Packaging Corp. of America		332,426
				2,650,707
Diversified Consumer Services – 0.5%
	3,826	Chegg, Inc.*		369,324
	7,257	frontdoor, Inc.*		380,049
				749,373
Diversified Financial Services – 0.5%
	13,112	Voya Financial, Inc.		790,391
Diversified Telecommunication Services – 0.4%
	49,276	Vonage Holdings Corp.*		651,429
Electric Utilities – 1.6%
	6,467	ALLETE, Inc.		401,795
	14,124	Alliant Energy Corp.		651,964
	8,738	IDACORP, Inc.		753,565
	13,933	Portland General Electric Co.		587,415
				2,394,739

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Electrical Equipment – 1.1%
	5,110	Hubbell, Inc.	$	907,076
	5,873	Regal Beloit Corp.		802,663
				1,709,739
Electronic Equipment, Instruments & Components – 2.6%
	43,550	Flex Ltd.*		792,175
	2,675	Littelfuse, Inc.		696,088
	20,079	National Instruments Corp.		891,508
	13,500	Trimble, Inc.*		1,000,890
	17,476	Vontier Corp.*		548,746
				3,929,407
Energy Equipment & Services – 0.7%
	50,518	ChampionX Corp.*		1,074,518
Entertainment – 1.4%
	20,813	Cinemark Holdings, Inc.		467,252
	22,730	Liberty Media Corp.-Liberty Formula One, Class C*		997,847
	7,308	Live Nation Entertainment, Inc.*		649,389
				2,114,488
Equity Real Estate Investment Trusts (REITs) – 9.2%
	19,711	Americold Realty Trust REIT		690,674
	9,456	Camden Property Trust REIT		984,842
	15,579	Cousins Properties, Inc. REIT		522,520
	21,685	CubeSmart REIT		801,478
	11,676	CyrusOne, Inc. REIT		766,296
	19,195	Duke Realty Corp. REIT		753,404
	6,793	EastGroup Properties, Inc. REIT		924,595
	16,131	Equity LifeStyle Properties, Inc. REIT		994,476
	23,545	Healthcare Realty Trust, Inc. REIT		679,509
	25,953	Highwoods Properties, Inc. REIT		1,037,082
	21,627	Hudson Pacific Properties, Inc. REIT		553,435
	8,416	Life Storage, Inc. REIT		706,102
	4,447	Mid-America Apartment Communities, Inc. REIT		599,144
	9,223	National Health Investors, Inc. REIT		629,654
	38,446	Pebblebrook Hotel Trust REIT		871,186
	2,445	PS Business Parks, Inc. REIT		354,183
	54,500	RLJ Lodging Trust REIT		855,650
	3,720	Sun Communities, Inc. REIT		565,254
	9,408	Terreno Realty Corp. REIT		527,224
				13,816,708
Food & Staples Retailing – 0.9%
	23,845	Performance Food Group Co.*		1,293,353
Food Products – 2.1%
	16,664	Darling Ingredients, Inc.*		1,050,499
	11,371	Hostess Brands, Inc.*		163,629
	10,655	Lamb Weston Holdings, Inc.		849,949
	4,875	Post Holdings, Inc.*		468,292
	24,646	Utz Brands, Inc.		622,804
				3,155,173
Common Stocks – (continued)
Gas Utilities – 0.7%
	5,466	Atmos Energy Corp.		462,478
	9,523	ONE Gas, Inc.		637,756
				1,100,234
Health Care Equipment & Supplies – 2.0%
	7,118	Avanos Medical, Inc.*		327,286
	6,559	DENTSPLY SIRONA, Inc.		348,086
	10,115	Globus Medical, Inc., Class A*		632,188
	8,399	Hill-Rom Holdings, Inc.		895,921
	11,342	Integra LifeSciences Holdings Corp.*		775,112
				2,978,593
Health Care Providers & Services – 1.0%
	14,758	Acadia Healthcare Co., Inc.*		815,232
	13,733	Tenet Healthcare Corp.*		700,658
				1,515,890
Hotels, Restaurants & Leisure – 3.8%
	18,950	Boyd Gaming Corp.*		1,112,365
	11,171	Brinker International, Inc.		766,219
	11,355	Caesars Entertainment, Inc.*		1,061,011
	4,391	Marriott Vacations Worldwide Corp.*		745,197
	3,145	Penn National Gaming, Inc.*		364,128
	17,429	SeaWorld Entertainment, Inc.*		865,524
	14,346	Travel + Leisure Co.		866,929
				5,781,373
Household Durables – 1.3%
	901	Helen of Troy Ltd.*		195,337
	5,371	Installed Building Products, Inc.*		587,373
	6,873	Meritage Homes Corp.*		579,463
	22,303	Taylor Morrison Home Corp.*		613,555
				1,975,728
Independent Power and Renewable Electricity Producers – 0.3%
	14,533	Clearway Energy, Inc., Class A		380,038
Industrial Conglomerates – 0.7%
	7,781	Carlisle Cos., Inc.		1,130,190
Insurance – 4.2%
	8,320	American Financial Group, Inc.		887,744
	17,389	Brown & Brown, Inc.		798,155
	11,452	Globe Life, Inc.		1,069,617
	3,278	Hanover Insurance Group, Inc. (The)		378,117
	7,883	Kemper Corp.		596,113
	1,621	Kinsale Capital Group, Inc.		285,393
	5,174	Primerica, Inc.		730,724
	2,348	RenaissanceRe Holdings Ltd. (Bermuda)		392,069
	7,511	Selective Insurance Group, Inc.		509,471
	10,952	W R Berkley Corp.		759,302
				6,406,705
IT Services – 1.3%
	3,433	CACI International, Inc., Class A*		759,860
	16,939	Genpact Ltd.		685,013
	2,828	WEX, Inc.*		589,214
				2,034,087

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Shares		Description	Value
Common Stocks – (continued)
Leisure Products – 0.9%
	10,760	Brunswick Corp.	$	950,861
	14,814	Callaway Golf Co.		414,051
				1,364,912
Life Sciences Tools & Services – 2.2%
	9,077	PerkinElmer, Inc.		1,144,519
	6,557	PRA Health Sciences, Inc.*		966,567
	15,496	Syneos Health, Inc.*		1,198,616
				3,309,702
Machinery – 5.3%
	4,751	Chart Industries, Inc.*		679,821
	26,441	Colfax Corp.*		1,172,658
	12,554	Donaldson Co., Inc.		739,556
	44,240	Gates Industrial Corp. PLC*		663,600
	12,984	Graco, Inc.		900,441
	14,535	ITT, Inc.		1,206,114
	27,940	Rexnord Corp.		1,255,903
	16,644	Timken Co. (The)		1,304,057
				7,922,150
Media – 0.5%
	4,942	Nexstar Media Group, Inc., Class A		679,772
Metals & Mining – 1.5%
	20,504	Allegheny Technologies, Inc.*		403,108
	14,538	Arconic Corp.*		318,673
	31,425	Coeur Mining, Inc.*		283,139
	23,232	Commercial Metals Co.		584,285
	24,267	Constellium SE*		321,295
	9,808	Steel Dynamics, Inc.		407,817
				2,318,317
Mortgage Real Estate Investment Trusts (REITs) – 1.1%
	24,147	KKR Real Estate Finance Trust, Inc. REIT		445,029
	25,995	PennyMac Mortgage Investment Trust REIT		493,125
	95,358	Two Harbors Investment Corp. REIT		688,485
				1,626,639
Oil, Gas & Consumable Fuels – 2.6%
	15,904	Cheniere Energy, Inc.*		1,071,770
	48,261	Devon Energy Corp.		1,039,542
	29,868	EQT Corp.*		531,352
	5,160	Pioneer Natural Resources Co.		766,621
	28,251	Viper Energy Partners LP		442,976
				3,852,261
Pharmaceuticals – 1.1%
	14,582	Catalent, Inc.*		1,658,119
Professional Services – 1.9%
	13,066	ASGN, Inc.*		1,214,746
	11,501	Robert Half International, Inc.		894,663
	8,693	Science Applications International Corp.		748,728
				2,858,137
Common Stocks – (continued)
Real Estate Management & Development – 0.6%
	38,307	Cushman & Wakefield PLC*		592,993
	15,849	Kennedy-Wilson Holdings, Inc.		297,327
				890,320
Road & Rail – 1.1%
	10,759	ArcBest Corp.		634,673
	3,936	Old Dominion Freight Line, Inc.		845,335
	1,225	Saia, Inc.*		245,649
				1,725,657
Semiconductors & Semiconductor Equipment – 2.9%
	22,769	Allegro MicroSystems, Inc. (Japan)*		595,182
	7,665	Cree, Inc.*		869,671
	6,089	Entegris, Inc.		640,624
	3,528	First Solar, Inc.*		285,838
	4,646	MKS Instruments, Inc.		766,125
	30,549	ON Semiconductor Corp.*		1,230,208
				4,387,648
Software – 0.6%
	20,301	Nuance Communications, Inc.*		905,425
Specialty Retail – 5.3%
	12,921	Abercrombie & Fitch Co., Class A		353,648
	41,555	American Eagle Outfitters, Inc.		1,067,963
	15,731	Bed Bath & Beyond, Inc.		422,535
	2,206	Burlington Stores, Inc.*		570,957
	2,243	Dick’s Sporting Goods, Inc.		160,083
	3,223	Five Below, Inc.*		599,865
	25,343	Gap, Inc. (The)*		632,308
	39,397	L Brands, Inc.*		2,153,440
	1,766	Lithia Motors, Inc., Class A		660,396
	10,457	Rent-A-Center, Inc.		603,996
	1,446	RH*		709,075
	1,685	Signet Jewelers Ltd.*		83,879
				8,018,145
Textiles, Apparel & Luxury Goods – 2.2%
	20,434	Capri Holdings Ltd.*		953,655
	10,025	Crocs, Inc.*		769,118
	640	Deckers Outdoor Corp.*		208,710
	27,677	Tapestry, Inc.		1,166,309
	6,428	Wolverine World Wide, Inc.		224,659
				3,322,451
Thrifts & Mortgage Finance – 1.2%
	63,656	MGIC Investment Corp.		775,330
	14,966	NMI Holdings, Inc., Class A*		342,123
	20,947	Washington Federal, Inc.		633,018
				1,750,471
Trading Companies & Distributors – 0.7%
	11,962	Beacon Roofing Supply, Inc.*		572,143
	1,993	Watsco, Inc.		484,498
				1,056,641
	TOTAL COMMON STOCKS
	(Cost $109,662,892)		$	147,420,017

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares	Dividend Rate			Value
Investment Company – 2.9%(a)
Goldman Sachs Financial Square Government Fund – Institutional Shares
4,416,463		0.036	%	$	4,416,463
(Cost $4,416,463)
TOTAL INVESTMENTS – 100.7%
(Cost $114,079,355)				$	151,836,480
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.7)%					(1,116,208	)
NET ASSETS – 100.0%				$	150,720,272

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

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

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Assets and Liabilities

February 28, 2021 (Unaudited)

	Equity Income Fund		Focused Value Fund		Large Cap Value Fund
Assets:
Investments in unaffiliated issuers, at value (cost $299,192,101, $22,325,996, and $345,874,444, respectively)	$	376,025,423	$	24,767,245	$	442,769,578
Investments in affiliated issuers, at value (cost $0, $874,527 and $4,759,736, respectively)		—		874,527		4,759,736
Cash		—		257,827		951,689
Receivables:
Dividends		712,143		36,247		735,447
Investments sold		400,721		—		—
Fund shares sold		109,396		1,025,917		235,289
Foreign tax reclaims		36,636		242		54,936
Reimbursement from investment adviser		28,288		16,995		59,775
Other assets		79,145		38,014		65,996
Total assets		377,391,752		27,017,014		449,632,446
Liabilities:
Payables:
Management fees		200,885		12,389		257,614
Due to custodian		152,401		—		—
Fund shares redeemed		149,559		—		318,763
Distribution and Service fees and Transfer Agency fees		104,664		715		55,612
Investments purchased		—		476,686		365,821
Accrued expenses		241,349		132,640		221,599
Total liabilities		848,858		622,430		1,219,409
Net Assets:
Paid-in capital		301,295,810		23,554,363		347,598,718
Total distributable earnings		75,247,084		2,840,221		100,814,319
NET ASSETS	$	376,542,894	$	26,394,584	$	448,413,037
Net Assets:
Class A	$	305,229,495	$	235,490	$	81,036,631
Class C		5,632,612		68,181		16,427,051
Institutional		28,232,993		5,332,794		163,573,857
Service		91,207		—		827,845
Investor		2,600,834		11,657		3,403,666
Class R6		5,593,000		11,657		1,653,750
Class R		1,237,357		38,194		2,996,388
Class P		27,925,396		20,696,611		178,493,849
Total Net Assets	$	376,542,894	$	26,394,584	$	448,413,037
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		7,327,910		18,040		5,164,998
Class C		142,265		5,277		1,108,834
Institutional		665,400		407,489		10,316,015
Service		2,182		—		52,954
Investor		62,548		893		217,059
Class R6		131,805		892		101,697
Class R		29,876		2,940		197,284
Class P		658,257		1,583,660		10,977,856
Net asset value, offering and redemption price per share:(a)
Class A		$41.65		$13.05		$15.69
Class C		39.59		12.92		14.81
Institutional		42.43		13.09		15.86
Service		41.81		—		15.63
Investor		41.58		13.06		15.68
Class R6		42.43		13.07		16.26
Class R		41.42		12.99		15.19
Class P		42.42		13.07		16.26

(a) Maximum public offering price per share for Class A Shares of the Equity Income, Focused Value and Large Cap Value Funds is $44.07, $13.81 and $16.60, 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. 29

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Assets and Liabilities (continued)

February 28, 2021 (Unaudited)

	Mid Cap Value Fund		Small Cap Value Fund		Small/Mid Cap Value Fund
Assets:
Investments in unaffiliated issuers, at value (cost $833,874,510, $3,543,907,249, and $109,662,892, respectively)(a)	$	1,122,485,818	$	5,305,052,024	$	147,420,017
Investments in affiliated issuers, at value (cost $6,015,624, $23,686,984 and $4,416,463, respectively)		6,015,624		23,686,984		4,416,463
Investments in securities lending reinvestment vehicle, at value which equals cost		—		5,933,827		—
Cash		7,682,598		—		178,325
Receivables:
Investments sold		2,108,182		27,895,164		806,775
Fund shares sold		1,796,247		8,171,799		253,995
Dividends		1,153,100		3,294,080		116,450
Reimbursement from investment adviser		18,433		200,750		28,969
Foreign tax reclaims		6,591		208,183		4,469
Securities lending income		1,629		4,953		16
Other assets		68,084		136,508		63,082
Total assets		1,141,336,306		5,374,584,272		153,288,561
Liabilities:
Payables:
Investments purchased		6,755,626		14,175,817		2,322,659
Fund shares redeemed		966,668		24,626,854		8,435
Management fees		650,547		3,698,122		89,798
Distribution and Service fees and Transfer Agency fees		212,975		347,751		5,313
Upon return of securities loaned		—		5,933,827		—
Due to custodian		—		12,655,561		—
Accrued expenses		396,627		820,786		142,084
Total liabilities		8,982,443		62,258,718		2,568,289
Net Assets:
Paid-in capital		803,604,377		3,556,634,160		118,815,276
Total distributable earnings		328,749,486		1,755,691,394		31,904,996
NET ASSETS	$	1,132,353,863	$	5,312,325,554	$	150,720,272
Net Assets:
Class A	$	489,829,567	$	485,806,262	$	1,385,869
Class C		16,108,779		2,942,564		1,326,750
Institutional		302,268,908		2,817,151,164		14,030,084
Service		32,174,002		35,646,625		—
Investor		37,929,762		161,857,386		3,422,273
Class R6		69,628,529		1,443,782,176		72,859,423
Class R		19,342,419		65,369,032		74,003
Class P		165,071,897		299,770,345		57,621,870
Total Net Assets	$	1,132,353,863	$	5,312,325,554	$	150,720,272
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		12,488,474		8,581,982		89,984
Class C		474,843		73,723		88,771
Institutional		7,614,177		45,436,036		899,249
Service		839,036		653,336		—
Investor		992,957		2,886,894		220,601
Class R6		1,755,261		23,298,114		4,674,863
Class R		511,068		1,186,715		4,811
Class P		4,161,960		4,837,121		3,697,726
Net asset value, offering and redemption price per share:(b)
Class A		$39.22		$56.61		$15.40
Class C		33.92		39.91		14.95
Institutional		39.70		62.00		15.60
Service		38.35		54.56		—
Investor		38.20		56.07		15.51
Class R6		39.67		61.97		15.59
Class R		37.85		55.08		15.38
Class P		39.66		61.97		15.58

(a) Includes loaned securities having a market value of $–, $5,115,803 and $— for Mid Cap Value, Small Cap Value and Small/Mid Cap Value Funds, respectively.

(b) Maximum public offering price per share for Class A Shares of the Mid Cap Value, Small Cap Value and Small/Mid Cap Value Funds is $41.50, $59.90 and $16.30, 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.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Operations

For the Six Months Ended February 28, 2021 (Unaudited)

	Equity Income Fund			Focused Value Fund			Large Cap Value Fund
Investment income:
Dividends — unaffiliated issuer (net of foreign withholding taxes of $–, $311 and $4,641, respectively)	$	4,036,126		$	106,739		$	3,827,011
Dividends — affiliated issuers		104			54			502
Securities lending income — unaffiliated issuer		1,459			—			—
Total investment income		4,037,689			106,793			3,827,513
Expenses:
Management fees		1,232,358			48,468			1,554,501
Distribution and Service fees(a)		390,427			472			167,145
Transfer Agency fees(a)		252,140			2,376			134,477
Registration fees		65,198			49,446			61,118
Professional fees		47,813			46,593			46,587
Printing and mailing costs		40,567			8,974			23,367
Custody, accounting and administrative services		26,816			10,183			31,301
Trustee fees		10,221			9,974			10,255
Service fees — Class C		6,625			54			20,967
Shareholder Administration fees — Service Shares		188			—			1,026
Other		9,159			4,124			9,257
Total expenses		2,081,512			180,664			2,060,001
Less — expense reductions		(269,749	)		(129,441	)		(336,151	)
Net expenses		1,811,763			51,223			1,723,850
NET INVESTMENT INCOME		2,225,926			55,570			2,103,663
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		11,531,222			796,464			10,897,308
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		22,725,678			1,445,862			51,710,333
Net realized and unrealized gain		34,256,900			2,242,326			62,607,641
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	36,482,826		$	2,297,896		$	64,711,304

(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		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Equity Income	$	367,419	$	19,875	$	188	$	2,945	$	235,149	$	4,240	$	5,120	$	30	$	2,463	$	801	$	943	$	3,394
Focused Value		202		161		—		109		129		34		349		—		25		5		35		1,799
Large Cap Value		95,706		62,904		1,026		7,509		61,253		13,420		29,891		164		2,657		273		2,403		24,416

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Operations (continued)

For the Six Months Ended February 28, 2021 (Unaudited)

	Mid Cap Value Fund			Small Cap Value Fund			Small/Mid Cap Value Fund
Investment income:
Dividends — unaffiliated issuer (net of foreign withholding taxes of $3,607, $– and $–, respectively)	$	6,196,691		$	27,441,010		$	702,924
Dividends — affiliated issuers		489			1,846			162
Securities lending income — unaffiliated issuer		4,954			126,588			422
Total investment income		6,202,134			27,569,444			703,508
Expenses:
Management fees		3,854,611			22,209,812			471,833
Distribution and Service fees(a)		704,726			751,945			5,607
Transfer Agency fees(a)		506,285			1,263,989			20,635
Registration fees		75,439			85,738			75,358
Printing and mailing costs		69,011			213,940			9,913
Custody, accounting and administrative services		68,875			293,873			17,283
Service fees — Class C		19,874			3,311			1,344
Professional fees		46,778			47,372			46,808
Shareholder Administration fees — Service Shares		38,186			47,528			—
Trustee fees		10,673			12,461			10,040
Other		8,337			24,947			4,459
Total expenses		5,402,795			24,954,916			663,280
Less — expense reductions		(3,063	)		(651,981	)		(162,484	)
Net expenses		5,399,732			24,302,935			500,796
NET INVESTMENT INCOME		802,402			3,266,509			202,712
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		89,046,865			366,059,326			5,821,215
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		150,707,458			1,287,431,661			29,606,050
Net realized and unrealized gain		239,754,323			1,653,490,987			35,427,265
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	240,556,725		$	1,656,757,496		$	35,629,977

(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		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Mid Cap Value	$	562,559	$	59,619	$	38,186	$	44,361	$	360,040	$	12,719	$	55,100	$	6,110	$	27,564	$	9,185	$	14,196	$	21,371
Small Cap Value		546,454		9,935		47,528		148,028		349,733		2,119		517,559		7,605		103,722		199,353		47,369		36,529
Small/Mid Cap Value		1,368		4,032		—		207		875		860		1,771		—		1,273		8,967		66		6,823

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Changes in Net Assets

	Equity Income Fund						Focused Value Fund
	For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020
From operations:
Net investment income	$	2,225,926		$	5,876,288		$	55,570		$	97,729
Net realized gain (loss)		11,531,222			(13,778,505	)		796,464			(263,076	)
Net change in unrealized gain		22,725,678			17,898,586			1,445,862			749,647
Net increase in net assets resulting from operations		36,482,826			9,996,369			2,297,896			584,300
Distributions to shareholders:
From distributable earnings:
Class A Shares		(2,028,211	)		(17,532,636	)		(2,864	)		(896	)
Class C Shares		(16,714	)		(409,370	)		(390	)		(328	)
Institutional Shares		(214,636	)		(1,216,336	)		(19,225	)		(13,526	)
Service Shares		(963	)		(9,520	)		—			—
Investor Shares		(25,762	)		(148,693	)		(715	)		(521	)
Class R6 Shares		(44,857	)		(352,619	)		(749	)		(557	)
Class R Shares		(6,688	)		(83,278	)		(1,033	)		(358	)
Class P Shares		(182,619	)		(751,373	)		(221,552	)		(141,442	)
From return of capital:
Total distributions to shareholders		(2,520,450	)		(20,503,825	)		(246,528	)		(157,628	)
From share transactions:
Proceeds from sales of shares		19,723,778			27,017,610			16,320,230			5,277,622
Reinvestment of distributions		2,468,708			20,013,288			246,527			157,628
Cost of shares redeemed		(29,235,739	)		(48,563,613	)		(2,032,775	)		(1,754,963	)
Net increase (decrease) in net assets resulting from share transactions		(7,043,253	)		(1,532,715	)		14,533,982			3,680,287
TOTAL INCREASE (DECREASE)		26,919,123			(12,040,171	)		16,585,350			4,106,959
Net assets:
Beginning of period		349,623,771			361,663,942			9,809,234			5,702,275
End of period	$	376,542,894		$	349,623,771		$	26,394,584		$	9,809,234

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Changes in Net Assets (continued)

	Large Cap Value Fund						Mid Cap Value Fund
	For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020
From operations:
Net investment income	$	2,103,663		$	5,602,606		$	802,402		$	6,756,368
Net realized gain (loss)		10,897,308			11,871,508			89,046,865			(18,287,118	)
Net change in unrealized gain (loss)		51,710,333			(8,987,506	)		150,707,458			6,802,943
Net increase (decrease) in net assets resulting from operations		64,711,304			8,486,608			240,556,725			(4,727,807	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(2,596,115	)		(4,777,394	)		(1,732,461	)		(15,695,026	)
Class C Shares		(463,197	)		(1,128,907	)		—			(730,806	)
Institutional Shares		(5,488,119	)		(8,924,042	)		(1,983,199	)		(11,197,871	)
Service Shares		(26,170	)		(55,313	)		(69,711	)		(1,246,153	)
Investor Shares		(118,038	)		(239,744	)		(214,960	)		(1,409,539	)
Class R6 Shares		(68,223	)		(112,182	)		(461,696	)		(1,788,686	)
Class R Shares		(95,537	)		(208,225	)		(26,075	)		(644,977	)
Class P Shares		(5,747,841	)		(10,614,391	)		(1,049,073	)		(4,380,812	)
From return of capital:
Class A Shares		—			—			—			(496,723	)
Class C Shares		—			—			—			(23,129	)
Institutional Shares		—			—			—			(354,394	)
Service Shares		—			—			—			(39,439	)
Investor Shares		—			—			—			(44,610	)
Class R6 Shares		—			—			—			(56,609	)
Class R Shares		—			—			—			(20,412	)
Class P Shares		—			—			—			(138,646	)
Total distributions to shareholders		(14,603,240	)		(26,060,198	)		(5,537,175	)		(38,267,832	)
From share transactions:
Proceeds from sales of shares		21,448,935			39,333,770			64,890,768			168,041,377
Reinvestment of distributions		14,548,855			25,541,835			5,131,888			35,333,367
Cost of shares redeemed		(33,871,431	)		(126,591,157	)		(150,082,111	)		(387,348,378	)
Net increase (decrease) in net assets resulting from share transactions		1,926,359			(61,715,552	)		(80,059,455	)		(183,973,634	)
TOTAL INCREASE (DECREASE)		52,034,423			(79,289,142	)		154,960,095			(226,969,273	)
Net assets:
Beginning of period		396,378,614			475,667,756			977,393,768			1,204,363,041
End of period	$	448,413,037		$	396,378,614		$	1,132,353,863		$	977,393,768

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Changes in Net Assets (continued)

	Small Cap Value Fund						Small/Mid Cap Value Fund
	For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020
From operations:
Net investment income	$	3,266,509		$	34,972,897		$	202,712		$	854,786
Net realized gain (loss)		366,059,326			(193,640,071	)		5,821,215			(8,209,215	)
Net change in unrealized gain (loss)		1,287,431,661			(309,976,878	)		29,606,050			1,696,171
Net increase (decrease) in net assets resulting from operations		1,656,757,496			(468,644,052	)		35,629,977			(5,658,258	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(884,665	)		(27,617,788	)		(4,199	)		(7,146	)
Class C Shares		—			(455,913	)		—			—
Institutional Shares		(13,501,670	)		(150,441,897	)		(60,427	)		(64,934	)
Service Shares		(18,081	)		(2,760,504	)		—			—
Investor Shares		(585,487	)		(7,064,182	)		(7,543	)		(29,922	)
Class R6 Shares		(7,311,413	)		(65,209,388	)		(439,348	)		(605,200	)
Class R Shares		—			(3,705,297	)		—			(584	)
Class P Shares		(1,337,472	)		(10,863,518	)		(332,143	)		(508,457	)
From return of capital:
Total distributions to shareholders		(23,638,788	)		(268,118,487	)		(843,660	)		(1,216,243	)
From share transactions:
Proceeds from sales of shares		517,325,174			1,187,909,742			26,262,249			19,961,483
Reinvestment of distributions		23,006,156			258,783,478			842,799			1,215,128
Cost of shares redeemed		(1,380,267,048	)		(1,736,309,339	)		(12,328,255	)		(31,021,453	)
Net increase (decrease) in net assets resulting from share transactions		(839,935,718	)		(289,616,119	)		14,776,793			(9,844,842	)
TOTAL INCREASE (DECREASE)		793,182,990			(1,026,378,658	)		49,563,110			(16,719,343	)
Net assets:
Beginning of period		4,519,142,564			5,545,521,222			101,157,162			117,876,505
End of period	$	5,312,325,554		$	4,519,142,564		$	150,720,272		$	101,157,162

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

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Income Fund
	Class A Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	37.94		$	38.96		$	38.26		$	35.17		$	32.53		$	30.47
Net investment income(a)		0.24			0.62			0.67			0.67			0.61			0.68
Net realized and unrealized gain		3.74			0.58			0.99			3.12			2.60			2.02
Total from investment operations		3.98			1.20			1.66			3.79			3.21			2.70
Distributions to shareholders from net investment income		(0.27	)		(0.65	)		(0.66	)		(0.70	)		(0.57	)		(0.64	)
Distributions to shareholders from net realized gains		—			(1.57	)		(0.30	)		—			—			—
Total distributions		(0.27	)		(2.22	)		(0.96	)		(0.70	)		(0.57	)		(0.64	)
Net asset value, end of period	$	41.65		$	37.94		$	38.96		$	38.26		$	35.17		$	32.53
Total Return(b)		10.55	%		3.08	%		4.53	%		10.88	%		9.93	%		9.01	%
Net assets, end of period (in 000’s)	$	305,229		$	292,009		$	312,148		$	318,960		$	327,650		$	359,003
Ratio of net expenses to average net assets		1.05	%(c)		1.08	%		1.09	%		1.12	%		1.13	%		1.13	%
Ratio of total expenses to average net assets		1.21	%(c)		1.25	%		1.25	%		1.27	%		1.24	%		1.26	%
Ratio of net investment income to average net assets		1.21	%(c)		1.67	%		1.79	%		1.81	%		1.77	%		2.22	%
Portfolio turnover rate(d)		17	%		42	%		42	%		69	%		43	%		61	%

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

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

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Income Fund
	Class C Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	36.06		$	37.12		$	36.41		$	33.50		$	31.01		$	29.08
Net investment income(a)		0.08			0.34			0.38			0.37			0.33			0.43
Net realized and unrealized gain		3.57			0.54			0.96			2.98			2.48			1.93
Total from investment operations		3.65			0.88			1.34			3.35			2.81			2.36
Distributions to shareholders from net investment income		(0.12	)		(0.37	)		(0.33	)		(0.44	)		(0.32	)		(0.43	)
Distributions to shareholders from net realized gains		—			(1.57	)		(0.30	)		—			—			—
Total distributions		(0.12	)		(1.94	)		(0.63	)		(0.44	)		(0.32	)		(0.43	)
Net asset value, end of period	$	39.59		$	36.06		$	37.12		$	36.41		$	33.50		$	31.01
Total Return(b)		10.12	%		2.33	%		3.82	%		10.06	%		9.10	%		8.21	%
Net assets, end of period (in 000’s)	$	5,633		$	5,477		$	8,116		$	16,982		$	18,460		$	22,371
Ratio of net expenses to average net assets		1.80	%(c)		1.83	%		1.85	%		1.87	%		1.88	%		1.88	%
Ratio of total expenses to average net assets		1.96	%(c)		2.00	%		2.00	%		2.02	%		1.99	%		2.01	%
Ratio of net investment income to average net assets		0.45	%(c)		0.94	%		1.05	%		1.06	%		1.02	%		1.47	%
Portfolio turnover rate(d)		17	%		42	%		42	%		69	%		43	%		61	%

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

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

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Income Fund
	Institutional Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	38.65		$	39.66		$	38.92		$	35.77		$	33.07		$	30.96
Net investment income(a)		0.31			0.76			0.83			0.81			0.77			0.82
Net realized and unrealized gain		3.80			0.58			1.01			3.18			2.64			2.06
Total from investment operations		4.11			1.34			1.84			3.99			3.41			2.88
Distributions to shareholders from net investment income		(0.33	)		(0.78	)		(0.80	)		(0.84	)		(0.71	)		(0.77	)
Distributions to shareholders from net realized gains		—			(1.57	)		(0.30	)		—			—			—
Total distributions		(0.33	)		(2.35	)		(1.10	)		(0.84	)		(0.71	)		(0.77	)
Net asset value, end of period	$	42.43		$	38.65		$	39.66		$	38.92		$	35.77		$	33.07
Total Return(b)		10.72	%		3.41	%		4.94	%		11.30	%		10.38	%		9.46	%
Net assets, end of period (in 000’s)	$	28,233		$	22,592		$	19,906		$	24,658		$	37,415		$	31,409
Ratio of net expenses to average net assets		0.73	%(c)		0.74	%		0.73	%		0.73	%		0.73	%		0.73	%
Ratio of total expenses to average net assets		0.84	%(c)		0.86	%		0.86	%		0.87	%		0.84	%		0.86	%
Ratio of net investment income to average net assets		1.53	%(c)		2.00	%		2.17	%		2.17	%		2.19	%		2.61	%
Portfolio turnover rate(d)		17	%		42	%		42	%		69	%		43	%		61	%

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

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

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

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Income Fund
	Service Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	38.08		$	39.10		$	38.39		$	35.28		$	32.53		$	30.46
Net investment income(a)		0.19			0.57			0.61			0.63			0.57			0.65
Net realized and unrealized gain		3.77			0.57			1.01			3.13			2.61			2.02
Total from investment operations		3.96			1.14			1.62			3.76			3.18			2.67
Distributions to shareholders from net investment income		(0.23	)		(0.59	)		(0.61	)		(0.65	)		(0.43	)		(0.60	)
Distributions to shareholders from net realized gains		—			(1.57	)		(0.30	)		—			—			—
Total distributions		(0.23	)		(2.16	)		(0.91	)		(0.65	)		(0.43	)		(0.60	)
Net asset value, end of period	$	41.81		$	38.08		$	39.10		$	38.39		$	35.28		$	32.53
Total Return(b)		10.47	%		2.89	%		4.40	%		10.77	%		9.84	%		8.88	%
Net assets, end of period (in 000’s)	$	91		$	161		$	175		$	84		$	86		$	324
Ratio of net expenses to average net assets		1.23	%(c)		1.24	%		1.23	%		1.23	%		1.23	%		1.23	%
Ratio of total expenses to average net assets		1.34	%(c)		1.37	%		1.36	%		1.38	%		1.33	%		1.36	%
Ratio of net investment income to average net assets		0.99	%(c)		1.52	%		1.60	%		1.70	%		1.66	%		2.11	%
Portfolio turnover rate(d)		17	%		42	%		42	%		69	%		43	%		61	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 39

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Income Fund
	Investor Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	37.88		$	38.91		$	38.20		$	35.12		$	32.49		$	30.41
Net investment income(a)		0.29			0.71			0.76			0.76			0.75			0.76
Net realized and unrealized gain		3.72			0.58			1.00			3.11			2.55			2.02
Total from investment operations		4.01			1.29			1.76			3.87			3.30			2.78
Distributions to shareholders from net investment income		(0.31	)		(0.75	)		(0.75	)		(0.79	)		(0.67	)		(0.70	)
Distributions to shareholders from net realized gains		—			(1.57	)		(0.30	)		—			—			—
Total distributions		(0.31	)		(2.32	)		(1.05	)		(0.79	)		(0.67	)		(0.70	)
Net asset value, end of period	$	41.58		$	37.88		$	38.91		$	38.20		$	35.12		$	32.49
Total Return(b)		10.67	%		3.33	%		4.82	%		11.15	%		10.21	%		9.27	%
Net assets, end of period (in 000’s)	$	2,601		$	2,384		$	2,321		$	2,851		$	2,623		$	743
Ratio of net expenses to average net assets		0.80	%(c)		0.83	%		0.85	%		0.87	%		0.88	%		0.88	%
Ratio of total expenses to average net assets		0.96	%(c)		0.99	%		1.00	%		1.02	%		1.00	%		1.01	%
Ratio of net investment income to average net assets		1.49	%(c)		1.92	%		2.04	%		2.07	%		2.17	%		2.47	%
Portfolio turnover rate(d)		17	%		42	%		42	%		69	%		43	%		61	%

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

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

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

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Income Fund
	Class R6 Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	38.65		$	39.66		$	38.92		$	35.76		$	33.06		$	30.97
Net investment income(a)		0.31			0.76			0.80			0.83			0.77			0.82
Net realized and unrealized gain		3.81			0.58			1.04			3.17			2.64			2.04
Total from investment operations		4.12			1.34			1.84			4.00			3.41			2.86
Distributions to shareholders from net investment income		(0.34	)		(0.78	)		(0.80	)		(0.84	)		(0.71	)		(0.77	)
Distributions to shareholders from net realized gains		—			(1.57	)		(0.30	)		—			—			—
Total distributions		(0.34	)		(2.35	)		(1.10	)		(0.84	)		(0.71	)		(0.77	)
Net asset value, end of period	$	42.43		$	38.65		$	39.66		$	38.92		$	35.76		$	33.06
Total Return(b)		10.73	%		3.42	%		4.95	%		11.34	%		10.39	%		9.40	%
Net assets, end of period (in 000’s)	$	5,593		$	5,378		$	5,973		$	13		$	11		$	10
Ratio of net expenses to average net assets		0.72	%(c)		0.73	%		0.72	%		0.72	%		0.73	%		0.73	%
Ratio of total expenses to average net assets		0.83	%(c)		0.86	%		0.85	%		0.86	%		0.84	%		0.86	%
Ratio of net investment income to average net assets		1.53	%(c)		2.00	%		2.08	%		2.22	%		2.20	%		2.62	%
Portfolio turnover rate(d)		17	%		42	%		42	%		69	%		43	%		61	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 41

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Income Fund
	Class R Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	37.73		$	38.75		$	38.05		$	34.98		$	32.35		$	30.32
Net investment income(a)		0.19			0.53			0.57			0.57			0.53			0.60
Net realized and unrealized gain		3.72			0.57			1.00			3.10			2.59			2.00
Total from investment operations		3.91			1.10			1.57			3.67			3.12			2.60
Distributions to shareholders from net investment income		(0.22	)		(0.55	)		(0.57	)		(0.60	)		(0.49	)		(0.57	)
Distributions to shareholders from net realized gains		—			(1.57	)		(0.30	)		—			—			—
Total distributions		(0.22	)		(2.12	)		(0.87	)		(0.60	)		(0.49	)		(0.57	)
Net asset value, end of period	$	41.42		$	37.73		$	38.75		$	38.05		$	34.98		$	32.35
Total Return(b)		10.42	%		2.82	%		4.29	%		10.59	%		9.68	%		8.71	%
Net assets, end of period (in 000’s)	$	1,237		$	1,131		$	1,525		$	1,492		$	1,571		$	1,477
Ratio of net expenses to average net assets		1.30	%(c)		1.33	%		1.34	%		1.37	%		1.38	%		1.38	%
Ratio of total expenses to average net assets		1.46	%(c)		1.50	%		1.50	%		1.52	%		1.49	%		1.51	%
Ratio of net investment income to average net assets		0.96	%(c)		1.42	%		1.54	%		1.55	%		1.54	%		1.96	%
Portfolio turnover rate(d)		17	%		42	%		42	%		69	%		43	%		61	%

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

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

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

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Income Fund
	Class P Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	38.64		$	39.65		$	38.92		$	37.37
Net investment income(b)		0.31			0.76			0.82			0.31
Net realized and unrealized gain		3.81			0.59			1.01			1.48
Total from investment operations		4.12			1.35			1.83			1.79
Distributions to shareholders from net investment income		(0.34	)		(0.79	)		(0.80	)		(0.24	)
Distributions to shareholders from net realized gains		—			(1.57	)		(0.30	)		—
Total distributions		(0.34	)		(2.36	)		(1.10	)		(0.24	)
Net asset value, end of period	$	42.42		$	38.64		$	39.65		$	38.92
Total Return(c)		10.73	%		3.43	%		4.92	%		4.84	%
Net assets, end of period (in 000’s)	$	27,925		$	20,492		$	11,500		$	10,835
Ratio of net expenses to average net assets		0.72	%(d)		0.73	%		0.72	%		0.72	%(d)
Ratio of total expenses to average net assets		0.83	%(d)		0.85	%		0.85	%		0.95	%(d)
Ratio of net investment income to average net assets		1.53	%(d)		2.04	%		2.16	%		2.20	%(d)
Portfolio turnover rate(e)		17	%		42	%		42	%		69	%

(a) Commenced operations on April 17, 2018.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 43

GOLDMAN SACHS FOCUSED VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Focused Value Fund
	Class A Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.25		$	10.69		$	11.08		$	11.10		$	9.89		$	9.28
Net investment income(a)		0.03			0.09			0.08			0.05			0.10			0.12
Net realized and unrealized gain		1.99			0.62			0.09			0.87			1.22			0.52
Total from investment operations		2.02			0.71			0.17			0.92			1.32			0.64
Distributions to shareholders from net investment income		(0.08	)		(0.04	)		(0.05	)		(0.08	)		(0.11	)		(0.03	)
Distributions to shareholders from net realized gains		(0.14	)		(0.11	)		(0.51	)		(0.86	)		—			—
Total distributions		(0.22	)		(0.15	)		(0.56	)		(0.94	)		(0.11	)		(0.03	)
Net asset value, end of period	$	13.05		$	11.25		$	10.69		$	11.08		$	11.10		$	9.89
Total Return(b)		18.05	%		6.60	%		2.10	%		8.64	%		13.42	%		6.93	%
Net assets, end of period (in 000’s)	$	235		$	148		$	63		$	52		$	50		$	25
Ratio of net expenses to average net assets		1.05	%(c)		1.09	%		1.09	%		1.12	%		1.13	%		1.13	%
Ratio of total expenses to average net assets		3.09	%(c)		4.71	%		8.11	%		4.84	%		7.96	%		14.54	%
Ratio of net investment income to average net assets		0.50	%(c)		0.83	%		0.78	%		0.50	%		0.95	%		1.33	%
Portfolio turnover rate(d)		52	%		102	%		122	%		204	%		126	%		161	%

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

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

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

GOLDMAN SACHS FOCUSED VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Focused Value Fund
	Class C Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.11		$	10.60		$	11.03		$	11.05		$	9.84		$	9.28
Net investment income (loss)(a)		(0.02	)		0.01			—			(0.03	)		0.03			0.05
Net realized and unrealized gain		1.97			0.61			0.09			0.87			1.21			0.51
Total from investment operations		1.95			0.62			0.09			0.84			1.24			0.56
Distributions to shareholders from net investment income		—			—			(0.01	)		—			(0.03	)		—	(b)
Distributions to shareholders from net realized gains		(0.14	)		(0.11	)		(0.51	)		(0.86	)		—			—
Total distributions		(0.14	)		(0.11	)		(0.52	)		(0.86	)		(0.03	)		—	(b)
Net asset value, end of period	$	12.92		$	11.11		$	10.60		$	11.03		$	11.05		$	9.84
Total Return(c)		17.59	%		5.85	%		1.27	%		7.87	%		12.64	%		6.06	%
Net assets, end of period (in 000’s)	$	68		$	32		$	30		$	30		$	48		$	25
Ratio of net expenses to average net assets		1.79	%(d)		1.85	%		1.85	%		1.87	%		1.88	%		1.88	%
Ratio of total expenses to average net assets		3.67	%(d)		5.81	%		8.79	%		5.77	%		8.66	%		15.30	%
Ratio of net investment income (loss) to average net assets		(0.38	)%(d)		0.06	%		0.05	%		(0.24	)%		0.25	%		0.58	%
Portfolio turnover rate(e)		52	%		102	%		122	%		204	%		126	%		161	%

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

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 45

GOLDMAN SACHS FOCUSED VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Focused Value Fund
	Institutional Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.29		$	10.72		$	11.13		$	11.14		$	9.92		$	9.29
Net investment income(a)		0.05			0.12			0.12			0.09			0.15			0.16
Net realized and unrealized gain		2.00			0.63			0.08			0.88			1.21			0.52
Total from investment operations		2.05			0.75			0.20			0.97			1.36			0.68
Distributions to shareholders from net investment income		(0.11	)		(0.07	)		(0.10	)		(0.12	)		(0.14	)		(0.05	)
Distributions to shareholders from net realized gains		(0.14	)		(0.11	)		(0.51	)		(0.86	)		—			—
Total distributions		(0.25	)		(0.18	)		(0.61	)		(0.98	)		(0.14	)		(0.05	)
Net asset value, end of period	$	13.09		$	11.29		$	10.72		$	11.13		$	11.14		$	9.92
Total Return(b)		18.27	%		7.00	%		2.47	%		9.06	%		13.79	%		7.33	%
Net assets, end of period (in 000’s)	$	5,333		$	871		$	776		$	1,007		$	4,802		$	3,206
Ratio of net expenses to average net assets		0.73	%(c)		0.76	%		0.73	%		0.73	%		0.73	%		0.73	%
Ratio of total expenses to average net assets		2.25	%(c)		4.65	%		7.57	%		4.40	%		7.40	%		13.52	%
Ratio of net investment income to average net assets		0.83	%(c)		1.13	%		1.16	%		0.86	%		1.39	%		1.73	%
Portfolio turnover rate(d)		52	%		102	%		122	%		204	%		126	%		161	%

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

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

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

GOLDMAN SACHS FOCUSED VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Focused Value Fund
	Investor Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.26		$	10.69		$	11.13		$	11.13		$	9.91		$	9.29
Net investment income(a)		0.04			0.11			0.11			0.08			0.13			0.15
Net realized and unrealized gain		2.00			0.63			0.07			0.88			1.22			0.51
Total from investment operations		2.04			0.74			0.18			0.96			1.35			0.66
Distributions to shareholders from net investment income		(0.10	)		(0.06	)		(0.11	)		(0.10	)		(0.13	)		(0.04	)
Distributions to shareholders from net realized gains		(0.14	)		(0.11	)		(0.51	)		(0.86	)		—			—
Total distributions		(0.24	)		(0.17	)		(0.62	)		(0.96	)		(0.13	)		(0.04	)
Net asset value, end of period	$	13.06		$	11.26		$	10.69		$	11.13		$	11.13		$	9.91
Total Return(b)		18.24	%		6.92	%		2.26	%		9.01	%		13.65	%		7.26	%
Net assets, end of period (in 000’s)	$	12		$	34		$	32		$	31		$	28		$	25
Ratio of net expenses to average net assets		0.80	%(c)		0.85	%		0.85	%		0.87	%		0.88	%		0.88	%
Ratio of total expenses to average net assets		3.03	%(c)		4.81	%		7.79	%		4.77	%		7.61	%		14.28	%
Ratio of net investment income to average net assets		0.66	%(c)		1.04	%		1.05	%		0.72	%		1.20	%		1.58	%
Portfolio turnover rate(d)		52	%		102	%		122	%		204	%		126	%		161	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 47

GOLDMAN SACHS FOCUSED VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Focused Value Fund
	Class R6 Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.27		$	10.71		$	11.14		$	11.15		$	9.92		$	9.29
Net investment income(a)		0.04			0.12			0.12			0.10			0.15			0.16
Net realized and unrealized gain		2.01			0.62			0.09			0.87			1.22			0.52
Total from investment operations		2.05			0.74			0.21			0.97			1.37			0.68
Distributions to shareholders from net investment income		(0.11	)		(0.07	)		(0.13	)		(0.12	)		(0.14	)		(0.05	)
Distributions to shareholders from net realized gains		(0.14	)		(0.11	)		(0.51	)		(0.86	)		—			—
Total distributions		(0.25	)		(0.18	)		(0.64	)		(0.98	)		(0.14	)		(0.05	)
Net asset value, end of period	$	13.07		$	11.27		$	10.71		$	11.14		$	11.15		$	9.92
Total Return(b)		18.31	%		6.92	%		2.52	%		9.06	%		13.91	%		7.34	%
Net assets, end of period (in 000’s)	$	12		$	34		$	32		$	31		$	28		$	25
Ratio of net expenses to average net assets		0.72	%(c)		0.75	%		0.72	%		0.72	%		0.71	%		0.71	%
Ratio of total expenses to average net assets		2.90	%(c)		4.67	%		7.64	%		4.64	%		7.46	%		14.11	%
Ratio of net investment income to average net assets		0.74	%(c)		1.13	%		1.16	%		0.87	%		1.37	%		1.75	%
Portfolio turnover rate(d)		52	%		102	%		122	%		204	%		126	%		161	%

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

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

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

GOLDMAN SACHS FOCUSED VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Focused Value Fund
	Class R Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.20		$	10.65		$	11.07		$	11.09		$	9.88		$	9.28
Net investment income(a)		0.01			0.06			0.06			0.02			0.07			0.10
Net realized and unrealized gain		1.99			0.61			0.09			0.87			1.22			0.52
Total from investment operations		2.00			0.67			0.15			0.89			1.29			0.62
Distributions to shareholders from net investment income		(0.07	)		(0.01	)		(0.06	)		(0.05	)		(0.08	)		(0.02	)
Distributions to shareholders from net realized gains		(0.14	)		(0.11	)		(0.51	)		(0.86	)		—			—
Total distributions		(0.21	)		(0.12	)		(0.57	)		(0.91	)		(0.08	)		(0.02	)
Net asset value, end of period	$	12.99		$	11.20		$	10.65		$	11.07		$	11.09		$	9.88
Total Return(b)		17.97	%		6.27	%		1.91	%		8.35	%		13.08	%		6.60	%
Net assets, end of period (in 000’s)	$	38		$	33		$	31		$	30		$	28		$	25
Ratio of net expenses to average net assets		1.29	%(c)		1.35	%		1.35	%		1.37	%		1.38	%		1.38	%
Ratio of total expenses to average net assets		3.26	%(c)		5.31	%		8.29	%		5.27	%		8.12	%		14.79	%
Ratio of net investment income to average net assets		0.20	%(c)		0.55	%		0.54	%		0.22	%		0.70	%		1.08	%
Portfolio turnover rate(d)		52	%		102	%		122	%		204	%		126	%		161	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 49

GOLDMAN SACHS FOCUSED VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Focused Value Fund
	Class P Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	11.28		$	10.71		$	11.15		$	10.54
Net investment income(b)		0.05			0.12			0.12			0.04
Net realized and unrealized gain		1.99			0.63			0.08			0.57
Total from investment operations		2.04			0.75			0.20			0.61
Distributions to shareholders from net investment income		(0.11	)		(0.07	)		(0.13	)		—
Distributions to shareholders from net realized gains		(0.14	)		(0.11	)		(0.51	)		—
Total distributions		(0.25	)		(0.18	)		(0.64	)		—
Net asset value, end of period	$	13.07		$	11.28		$	10.71		$	11.15
Total Return(c)		18.21	%		7.03	%		2.44	%		5.79	%
Net assets, end of period (in 000’s)	$	20,697		$	8,657		$	4,739		$	5,652
Ratio of net expenses to average net assets		0.72	%(d)		0.74	%		0.72	%		0.72	%(d)
Ratio of total expenses to average net assets		2.60	%(d)		4.45	%		7.47	%		5.91	%(d)
Ratio of net investment income to average net assets		0.79	%(d)		1.16	%		1.16	%		0.89	%(d)
Portfolio turnover rate(e)		52	%		102	%		122	%		204	%

(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.

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

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Fund
	Class A Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	13.92		$	14.42		$	16.16		$	17.25		$	16.08		$	16.45
Net investment income(a)		0.06			0.16			0.16			0.13			0.19			0.24
Net realized and unrealized gain (loss)		2.20			0.18			(0.25	)		1.35			1.26			0.95
Total from investment operations		2.26			0.34			(0.09	)		1.48			1.45			1.19
Distributions to shareholders from net investment income		(0.16	)		(0.17	)		(0.14	)		(0.21	)		(0.28	)		(0.12	)
Distributions to shareholders from net realized gains		(0.33	)		(0.67	)		(1.51	)		(2.36	)		—			(1.44	)
Total distributions		(0.49	)		(0.84	)		(1.65	)		(2.57	)		(0.28	)		(1.56	)
Net asset value, end of period	$	15.69		$	13.92		$	14.42		$	16.16		$	17.25		$	16.08
Total Return(b)		16.52	%		1.97	%		0.38	%		9.29	%		9.04	%		7.73	%
Net assets, end of period (in 000’s)	$	81,037		$	74,559		$	84,723		$	92,226		$	153,608		$	197,754
Ratio of net expenses to average net assets		1.03	%(c)		1.07	%		1.11	%		1.11	%		1.14	%		1.18	%
Ratio of total expenses to average net assets		1.25	%(c)		1.28	%		1.28	%		1.24	%		1.22	%		1.22	%
Ratio of net investment income to average net assets		0.81	%(c)		1.13	%		1.10	%		0.81	%		1.14	%		1.54	%
Portfolio turnover rate(d)		24	%		64	%		62	%		171	%		124	%		116	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 51

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Fund
	Class C Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	13.12		$	13.64		$	15.32		$	16.51		$	15.43		$	15.83
Net investment income(a)		—			0.05			0.05			0.01			0.07			0.12
Net realized and unrealized gain (loss)		2.07			0.17			(0.22	)		1.29			1.19			0.93
Total from investment operations		2.07			0.22			(0.17	)		1.30			1.26			1.05
Distributions to shareholders from net investment income		(0.05	)		(0.07	)		—			(0.13	)		(0.18	)		(0.01	)
Distributions to shareholders from net realized gains		(0.33	)		(0.67	)		(1.51	)		(2.36	)		—			(1.44	)
Total distributions		(0.38	)		(0.74	)		(1.51	)		(2.49	)		(0.18	)		(1.45	)
Net asset value, end of period	$	14.81		$	13.12		$	13.64		$	15.32		$	16.51		$	15.43
Total Return(b)		16.01	%		1.21	%		(0.28	)%		8.46	%		8.18	%		7.01	%
Net assets, end of period (in 000’s)	$	16,427		$	17,422		$	21,481		$	36,819		$	39,403		$	41,587
Ratio of net expenses to average net assets		1.78	%(c)		1.82	%		1.86	%		1.86	%		1.89	%		1.93	%
Ratio of total expenses to average net assets		1.99	%(c)		2.03	%		2.03	%		1.99	%		1.97	%		1.97	%
Ratio of net investment income to average net assets		0.06	%(c)		0.39	%		0.35	%		0.06	%		0.41	%		0.79	%
Portfolio turnover rate(d)		24	%		64	%		62	%		171	%		124	%		116	%

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

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

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

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Fund
	Institutional Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	14.08		$	14.58		$	16.32		$	17.42		$	16.25		$	16.61
Net investment income(a)		0.08			0.20			0.21			0.19			0.25			0.30
Net realized and unrealized gain (loss)		2.24			0.19			(0.26	)		1.36			1.27			0.97
Total from investment operations		2.32			0.39			(0.05	)		1.55			1.52			1.27
Distributions to shareholders from net investment income		(0.21	)		(0.22	)		(0.18	)		(0.28	)		(0.35	)		(0.19	)
Distributions to shareholders from net realized gains		(0.33	)		(0.67	)		(1.51	)		(2.37	)		—			(1.44	)
Total distributions		(0.54	)		(0.89	)		(1.69	)		(2.65	)		(0.35	)		(1.63	)
Net asset value, end of period	$	15.86		$	14.08		$	14.58		$	16.32		$	17.42		$	16.25
Total Return(b)		16.74	%		2.26	%		0.69	%		9.65	%		9.41	%		8.17	%
Net assets, end of period (in 000’s)	$	163,574		$	140,814		$	177,613		$	174,803		$	645,552		$	905,400
Ratio of net expenses to average net assets		0.73	%(c)		0.76	%		0.79	%		0.79	%		0.78	%		0.78	%
Ratio of total expenses to average net assets		0.88	%(c)		0.90	%		0.89	%		0.85	%		0.82	%		0.82	%
Ratio of net investment income to average net assets		1.11	%(c)		1.43	%		1.42	%		1.13	%		1.46	%		1.93	%
Portfolio turnover rate(d)		24	%		64	%		62	%		171	%		124	%		116	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 53

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Fund
	Service Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	13.86		$	14.36		$	16.03		$	17.14		$	15.99		$	16.36
Net investment income(a)		0.04			0.13			0.13			0.10			0.17			0.22
Net realized and unrealized gain (loss)		2.19			0.19			(0.24	)		1.35			1.23			0.96
Total from investment operations		2.23			0.32			(0.11	)		1.45			1.40			1.18
Distributions to shareholders from net investment income		(0.13	)		(0.15	)		(0.05	)		(0.20	)		(0.25	)		(0.11	)
Distributions to shareholders from net realized gains		(0.33	)		(0.67	)		(1.51	)		(2.36	)		—			(1.44	)
Total distributions		(0.46	)		(0.82	)		(1.56	)		(2.56	)		(0.25	)		(1.55	)
Net asset value, end of period	$	15.63		$	13.86		$	14.36		$	16.03		$	17.14		$	15.99
Total Return(b)		16.36	%		1.80	%		0.20	%		9.15	%		8.80	%		7.67	%
Net assets, end of period (in 000’s)	$	828		$	836		$	1,004		$	1,201		$	2,914		$	3,549
Ratio of net expenses to average net assets		1.23	%(c)		1.26	%		1.29	%		1.29	%		1.28	%		1.28	%
Ratio of total expenses to average net assets		1.38	%(c)		1.40	%		1.39	%		1.35	%		1.32	%		1.32	%
Ratio of net investment income to average net assets		0.61	%(c)		0.94	%		0.91	%		0.64	%		1.01	%		1.45	%
Portfolio turnover rate(d)		24	%		64	%		62	%		171	%		124	%		116	%

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

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

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

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Fund
	Investor Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	13.93		$	14.43		$	16.17		$	17.28		$	16.11		$	16.47
Net investment income(a)		0.08			0.19			0.20			0.17			0.25			0.27
Net realized and unrealized gain (loss)		2.20			0.19			(0.26	)		1.36			1.23			0.97
Total from investment operations		2.28			0.38			(0.06	)		1.53			1.48			1.24
Distributions to shareholders from net investment income		(0.20	)		(0.21	)		(0.17	)		(0.27	)		(0.31	)		(0.16	)
Distributions to shareholders from net realized gains		(0.33	)		(0.67	)		(1.51	)		(2.37	)		—			(1.44	)
Total distributions		(0.53	)		(0.88	)		(1.68	)		(2.64	)		(0.31	)		(1.60	)
Net asset value, end of period	$	15.68		$	13.93		$	14.43		$	16.17		$	17.28		$	16.11
Total Return(b)		16.63	%		2.22	%		0.64	%		9.61	%		9.26	%		8.05	%
Net assets, end of period (in 000’s)	$	3,404		$	3,460		$	4,191		$	7,447		$	6,516		$	3,654
Ratio of net expenses to average net assets		0.78	%(c)		0.82	%		0.86	%		0.86	%		0.88	%		0.93	%
Ratio of total expenses to average net assets		1.00	%(c)		1.03	%		1.03	%		0.99	%		0.97	%		0.97	%
Ratio of net investment income to average net assets		1.06	%(c)		1.37	%		1.35	%		1.06	%		1.47	%		1.77	%
Portfolio turnover rate(d)		24	%		64	%		62	%		171	%		124	%		116	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 55

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Fund
	Class R6 Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	14.43		$	14.92		$	16.66		$	17.45		$	16.25		$	16.61
Net investment income(a)		0.08			0.21			0.22			0.18			0.21			0.31
Net realized and unrealized gain (loss)		2.29			0.19			(0.26	)		1.39			1.34			0.96
Total from investment operations		2.37			0.40			(0.04	)		1.57			1.55			1.27
Distributions to shareholders from net investment income		(0.21	)		(0.22	)		(0.19	)		—			(0.35	)		(0.19	)
Distributions to shareholders from net realized gains		(0.33	)		(0.67	)		(1.51	)		(2.36	)		—			(1.44	)
Total distributions		(0.54	)		(0.89	)		(1.70	)		(2.36	)		(0.35	)		(1.63	)
Net asset value, end of period	$	16.26		$	14.43		$	14.92		$	16.66		$	17.45		$	16.25
Total Return(b)		16.69	%		2.29	%		0.73	%		9.67	%		9.63	%		8.21	%
Net assets, end of period (in 000’s)	$	1,654		$	1,636		$	2,172		$	1,106		$	11		$	121,773
Ratio of net expenses to average net assets		0.72	%(c)		0.75	%		0.78	%		0.78	%		0.76	%		0.76	%
Ratio of total expenses to average net assets		0.87	%(c)		0.89	%		0.89	%		0.85	%		0.79	%		0.80	%
Ratio of net investment income to average net assets		1.11	%(c)		1.43	%		1.44	%		1.12	%		1.27	%		2.05	%
Portfolio turnover rate(d)		24	%		64	%		62	%		171	%		124	%		116	%

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

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

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

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Fund
	Class R Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	13.47		$	13.97		$	15.71		$	16.86		$	15.73		$	16.12
Net investment income(a)		0.04			0.12			0.12			0.09			0.15			0.20
Net realized and unrealized gain (loss)		2.13			0.17			(0.25	)		1.32			1.22			0.94
Total from investment operations		2.17			0.29			(0.13	)		1.41			1.37			1.14
Distributions to shareholders from net investment income		(0.12	)		(0.12	)		(0.10	)		(0.20	)		(0.24	)		(0.09	)
Distributions to shareholders from net realized gains		(0.33	)		(0.67	)		(1.51	)		(2.36	)		—			(1.44	)
Total distributions		(0.45	)		(0.79	)		(1.61	)		(2.56	)		(0.24	)		(1.53	)
Net asset value, end of period	$	15.19		$	13.47		$	13.97		$	15.71		$	16.86		$	15.73
Total Return(b)		16.38	%		1.70	%		0.12	%		9.05	%		8.73	%		7.51	%
Net assets, end of period (in 000’s)	$	2,996		$	2,932		$	4,008		$	5,252		$	6,204		$	7,130
Ratio of net expenses to average net assets		1.28	%(c)		1.32	%		1.36	%		1.36	%		1.39	%		1.43	%
Ratio of total expenses to average net assets		1.50	%(c)		1.53	%		1.53	%		1.49	%		1.47	%		1.47	%
Ratio of net investment income to average net assets		0.56	%(c)		0.89	%		0.85	%		0.56	%		0.90	%		1.30	%
Portfolio turnover rate(d)		24	%		64	%		62	%		171	%		124	%		116	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 57

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Fund
	Class P Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	14.43		$	14.92		$	16.66		$	15.81
Net investment income(b)		0.08			0.21			0.21			0.08
Net realized and unrealized gain (loss)		2.29			0.19			(0.25	)		0.77
Total from investment operations		2.37			0.40			(0.04	)		0.85
Distributions to shareholders from net investment income		(0.21	)		(0.22	)		(0.19	)		—
Distributions to shareholders from net realized gains		(0.33	)		(0.67	)		(1.51	)		—
Total distributions		(0.54	)		(0.89	)		(1.70	)		—
Net asset value, end of period	$	16.26		$	14.43		$	14.92		$	16.66
Total Return(c)		16.68	%		2.29	%		0.74	%		5.38	%
Net assets, end of period (in 000’s)	$	178,494		$	154,720		$	180,475		$	248,012
Ratio of net expenses to average net assets		0.72	%(d)		0.75	%		0.78	%		0.78	%(d)
Ratio of total expenses to average net assets		0.87	%(d)		0.89	%		0.88	%		0.85	%(d)
Ratio of net investment income to average net assets		1.12	%(d)		1.45	%		1.43	%		1.26	%(d)
Portfolio turnover rate(e)		24	%		64	%		62	%		171	%

(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.

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

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Value Fund
	Class A Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	31.22		$	32.33		$	36.62		$	38.27		$	35.25		$	38.81
Net investment income(a)		—			0.16			0.16			0.08			0.19			0.32
Net realized and unrealized gain (loss)		8.13			(0.22	)		0.40			3.71			3.20			0.56
Total from investment operations		8.13			(0.06	)		0.56			3.79			3.39			0.88
Distributions to shareholders from net investment income		(0.13	)		(0.18	)		(0.14	)		(0.15	)		(0.37	)		(0.10	)
Distributions to shareholders from net realized gains		—			(0.84	)		(4.71	)		(5.29	)		—			(4.34	)
Distributions to shareholders from return of capital		—			(0.03	)		—			—			—			—
Total distributions		(0.13	)		(1.05	)		(4.85	)		(5.44	)		(0.37	)		(4.44	)
Net asset value, end of period	$	39.22		$	31.22		$	32.33		$	36.62		$	38.27		$	35.25
Total Return(b)		26.09	%		(0.41	)%		3.39	%		10.68	%		9.66	%		3.00	%
Net assets, end of period (in 000’s)	$	489,830		$	424,878		$	526,864		$	630,820		$	851,681		$	1,363,093
Ratio of net expenses to average net assets		1.21	%(c)		1.24	%		1.22	%		1.22	%		1.17	%		1.15	%
Ratio of total expenses to average net assets		1.21	%(c)		1.24	%		1.23	%		1.22	%		1.17	%		1.15	%
Ratio of net investment income to average net assets		(0.01	)%(c)		0.52	%		0.49	%		0.22	%		0.51	%		0.92	%
Portfolio turnover rate(d)		30	%		87	%		82	%		137	%		124	%		111	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 59

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Value Fund
	Class C Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	27.00		$	28.10		$	32.59		$	34.68		$	32.00		$	35.80
Net investment income (loss)(a)		(0.11	)		(0.02	)		(0.07	)		(0.17	)		(0.09	)		0.05
Net realized and unrealized gain (loss)		7.03			(0.24	)		0.29			3.33			2.92			0.49
Total from investment operations		6.92			(0.26	)		0.22			3.16			2.83			0.54
Distributions to shareholders from net investment income		—			—			—			—			(0.15	)		—
Distributions to shareholders from net realized gains		—			(0.81	)		(4.71	)		(5.25	)		—			(4.34	)
Distributions to shareholders from return of capital		—			(0.03	)		—			—			—			—
Total distributions		—			(0.84	)		(4.71	)		(5.25	)		(0.15	)		(4.34	)
Net asset value, end of period	$	33.92		$	27.00		$	28.10		$	32.59		$	34.68		$	32.00
Total Return(b)		25.63	%		(1.14	)%		2.58	%		9.86	%		8.86	%		2.20	%
Net assets, end of period (in 000’s)	$	16,109		$	16,230		$	28,175		$	78,897		$	102,928		$	141,081
Ratio of net expenses to average net assets		1.96	%(c)		1.99	%		1.98	%		1.97	%		1.92	%		1.90	%
Ratio of total expenses to average net assets		1.96	%(c)		1.99	%		1.98	%		1.97	%		1.92	%		1.90	%
Ratio of net investment income (loss) to average net assets		(0.76	)%(c)		(0.07	)%		(0.24	)%		(0.53	)%		(0.25	)%		0.16	%
Portfolio turnover rate(d)		30	%		87	%		82	%		137	%		124	%		111	%

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

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

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

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Value Fund
	Institutional Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	31.65		$	32.76		$	37.06		$	38.68		$	35.64		$	39.22
Net investment income(a)		0.06			0.26			0.29			0.21			0.34			0.46
Net realized and unrealized gain (loss)		8.25			(0.19	)		0.39			3.77			3.25			0.56
Total from investment operations		8.31			0.07			0.68			3.98			3.59			1.02
Distributions to shareholders from net investment income		(0.26	)		(0.30	)		(0.27	)		(0.26	)		(0.55	)		(0.26	)
Distributions to shareholders from net realized gains		—			(0.84	)		(4.71	)		(5.34	)		—			(4.34	)
Distributions to shareholders from return of capital		—			(0.04	)		—			—			—			—
Total distributions		(0.26	)		(1.18	)		(4.98	)		(5.60	)		(0.55	)		(4.60	)
Net asset value, end of period	$	39.70		$	31.65		$	32.76		$	37.06		$	38.68		$	35.64
Total Return(b)		26.32	%		(0.03	)%		3.78	%		11.13	%		10.12	%		3.39	%
Net assets, end of period (in 000’s)	$	302,269		$	271,283		$	346,004		$	555,930		$	1,424,886		$	3,687,681
Ratio of net expenses to average net assets		0.84	%(c)		0.86	%		0.84	%		0.83	%		0.77	%		0.75	%
Ratio of total expenses to average net assets		0.84	%(c)		0.86	%		0.84	%		0.83	%		0.77	%		0.75	%
Ratio of net investment income to average net assets		0.36	%(c)		0.82	%		0.89	%		0.58	%		0.91	%		1.31	%
Portfolio turnover rate(d)		30	%		87	%		82	%		137	%		124	%		111	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 61

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Value Fund
	Service Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	30.50		$	31.58		$	35.89		$	37.61		$	34.63		$	38.21
Net investment income(a)		(0.02	)		0.13			0.12			0.04			0.15			0.28
Net realized and unrealized gain (loss)		7.95			(0.24	)		0.38			3.65			3.15			0.54
Total from investment operations		7.93			(0.10	)		0.50			3.69			3.30			0.82
Distributions to shareholders from net investment income		(0.08	)		(0.11	)		(0.10	)		(0.12	)		(0.32	)		(0.06	)
Distributions to shareholders from net realized gains		—			(0.84	)		(4.71	)		(5.29	)		—			(4.34	)
Distributions to shareholders from return of capital		—			(0.03	)		—			—			—			—
Total distributions		(0.08	)		(0.98	)		(4.81	)		(5.41	)		(0.32	)		(4.40	)
Net asset value, end of period	$	38.35		$	30.50		$	31.58		$	35.89		$	37.61		$	34.63
Total Return(b)		26.02	%		(0.52	)%		3.25	%		10.58	%		9.56	%		2.87	%
Net assets, end of period (in 000’s)	$	32,174		$	30,424		$	47,597		$	65,727		$	87,438		$	139,677
Ratio of net expenses to average net assets		1.34	%(c)		1.36	%		1.34	%		1.33	%		1.27	%		1.25	%
Ratio of total expenses to average net assets		1.34	%(c)		1.36	%		1.34	%		1.33	%		1.28	%		1.25	%
Ratio of net investment income to average net assets		(0.14	)%(c)		0.43	%		0.38	%		0.11	%		0.40	%		0.84	%
Portfolio turnover rate(d)		30	%		87	%		82	%		137	%		124	%		111	%

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

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

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

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Value Fund
	Investor Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	30.44		$	31.55		$	35.89		$	37.57		$	34.63		$	38.23
Net investment income(a)		0.04			0.22			0.23			0.17			0.27			0.39
Net realized and unrealized gain (loss)		7.94			(0.19	)		0.37			3.63			3.17			0.55
Total from investment operations		7.98			0.03			0.60			3.80			3.44			0.94
Distributions to shareholders from net investment income		(0.22	)		(0.26	)		(0.23	)		(0.18	)		(0.50	)		(0.20	)
Distributions to shareholders from net realized gains		—			(0.84	)		(4.71	)		(5.30	)		—			(4.34	)
Distributions to shareholders from return of capital		—			(0.04	)		—			—			—			—
Total distributions		(0.22	)		(1.14	)		(4.94	)		(5.48	)		(0.50	)		(4.54	)
Net asset value, end of period	$	38.20		$	30.44		$	31.55		$	35.89		$	37.57		$	34.63
Total Return(b)		26.26	%		(0.16	)%		3.63	%		10.98	%		9.94	%		3.24	%
Net assets, end of period (in 000’s)	$	37,930		$	33,249		$	41,809		$	51,375		$	77,446		$	220,429
Ratio of net expenses to average net assets		0.96	%(c)		0.99	%		0.97	%		0.97	%		0.92	%		0.90	%
Ratio of total expenses to average net assets		0.96	%(c)		0.99	%		0.98	%		0.97	%		0.92	%		0.90	%
Ratio of net investment income to average net assets		0.24	%(c)		0.72	%		0.74	%		0.47	%		0.73	%		1.16	%
Portfolio turnover rate(d)		30	%		87	%		82	%		137	%		124	%		111	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 63

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Value Fund
	Class R6 Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	31.62		$	32.74		$	37.04		$	38.66		$	35.64		$	39.23
Net investment income(a)		0.07			0.25			0.27			0.22			0.36			0.47
Net realized and unrealized gain (loss)		8.24			(0.18	)		0.41			3.76			3.22			0.56
Total from investment operations		8.31			0.07			0.68			3.98			3.58			1.03
Distributions to shareholders from net investment income		(0.26	)		(0.27	)		(0.27	)		(0.27	)		(0.56	)		(0.28	)
Distributions to shareholders from net realized gains		—			(0.84	)		(4.71	)		(5.33	)		—			(4.34	)
Distributions to shareholders from return of capital		—			(0.08	)		—			—			—			—
Total distributions		(0.26	)		(1.19	)		(4.98	)		(5.60	)		(0.56	)		(4.62	)
Net asset value, end of period	$	39.67		$	31.62		$	32.74		$	37.04		$	38.66		$	35.64
Total Return(b)		26.36	%		(0.05	)%		3.79	%		11.10	%		10.13	%		3.41	%
Net assets, end of period (in 000’s)	$	69,629		$	54,633		$	50,538		$	39,520		$	73,505		$	372,313
Ratio of net expenses to average net assets		0.83	%(c)		0.85	%		0.82	%		0.82	%		0.75	%		0.73	%
Ratio of total expenses to average net assets		0.83	%(c)		0.85	%		0.83	%		0.82	%		0.75	%		0.73	%
Ratio of net investment income to average net assets		0.37	%(c)		0.82	%		0.85	%		0.60	%		0.97	%		1.39	%
Portfolio turnover rate(d)		30	%		87	%		82	%		137	%		124	%		111	%

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

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

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

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Value Fund
	Class R Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	30.09		$	31.20		$	35.52		$	37.28		$	34.38		$	38.00
Net investment income (loss)(a)		(0.04	)		0.10			0.08			(0.01	)		0.09			0.22
Net realized and unrealized gain (loss)		7.85			(0.24	)		0.37			3.61			3.13			0.55
Total from investment operations		7.81			(0.14	)		0.45			3.60			3.22			0.77
Distributions to shareholders from net investment income		(0.05	)		(0.10	)		(0.06	)		(0.09	)		(0.32	)		(0.05	)
Distributions to shareholders from net realized gains		—			(0.84	)		(4.71	)		(5.27	)		—			(4.34	)
Distributions to shareholders from return of capital		—			(0.03	)		—			—			—			—
Total distributions		(0.05	)		(0.97	)		(4.77	)		(5.36	)		(0.32	)		(4.39	)
Net asset value, end of period	$	37.85		$	30.09		$	31.20		$	35.52		$	37.28		$	34.38
Total Return(c)		25.97	%		(0.65	)%		3.10	%		10.43	%		9.40	%		2.72	%
Net assets, end of period (in 000’s)	$	19,342		$	17,015		$	21,916		$	28,103		$	34,193		$	40,111
Ratio of net expenses to average net assets		1.46	%(d)		1.49	%		1.47	%		1.47	%		1.42	%		1.40	%
Ratio of total expenses to average net assets		1.46	%(d)		1.49	%		1.48	%		1.47	%		1.43	%		1.40	%
Ratio of net investment income (loss) to average net assets		(0.26	)%(d)		0.32	%		0.25	%		(0.03	)%		0.25	%		0.66	%
Portfolio turnover rate(e)		30	%		87	%		82	%		137	%		124	%		111	%

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

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 65

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Value Fund
	Class P Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	31.62		$	32.73		$	37.04		$	35.64
Net investment income(b)		0.07			0.26			0.29			0.13
Net realized and unrealized gain (loss)		8.23			(0.19	)		0.39			1.27
Total from investment operations		8.30			0.07			0.68			1.40
Distributions to shareholders from net investment income		(0.26	)		(0.33	)		(0.28	)		—
Distributions to shareholders from net realized gains		—			(0.84	)		(4.71	)		—
Distributions to shareholders from return of capital		—			(0.01	)		—			—
Total distributions		(0.26	)		(1.18	)		(4.99	)		—
Net asset value, end of period	$	39.66		$	31.62		$	32.73		$	37.04
Total Return(c)		26.33	%		(0.02	)%		3.80	%		3.93	%
Net assets, end of period (in 000’s)	$	165,072		$	129,680		$	141,460		$	172,003
Ratio of net expenses to average net assets		0.83	%(d)		0.85	%		0.83	%		0.86	%(d)
Ratio of total expenses to average net assets		0.83	%(d)		0.85	%		0.83	%		0.86	%(d)
Ratio of net investment income to average net assets		0.37	%(d)		0.82	%		0.89	%		0.94	%(d)
Portfolio turnover rate(e)		30	%		87	%		82	%		137	%

(a) Commenced operations on April 17, 2018.

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

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

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Fund
	Class A Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	40.60		$	47.20		$	59.98		$	56.63		$	52.52		$	49.78
Net investment income(a)		(0.04	)		0.20			0.20			0.04			0.16			0.20
Net realized and unrealized gain (loss)		16.15			(4.48	)		(7.12	)		9.70			5.92			5.11
Total from investment operations		16.11			(4.28	)		(6.92	)		9.74			6.08			5.31
Distributions to shareholders from net investment income		(0.10	)		(0.26	)		(0.02	)		(0.08	)		(0.22	)		(0.16	)
Distributions to shareholders from net realized gains		—			(2.06	)		(5.84	)		(6.31	)		(1.75	)		(2.41	)
Total distributions		(0.10	)		(2.32	)		(5.86	)		(6.39	)		(1.97	)		(2.57	)
Net asset value, end of period	$	56.61		$	40.60		$	47.20		$	59.98		$	56.63		$	52.52
Total Return(b)		39.70	%		(9.92	)%		(11.16	)%		18.15	%		11.56	%		11.22	%
Net assets, end of period (in 000’s)	$	485,806		$	413,666		$	594,825		$	803,918		$	851,497		$	928,091
Ratio of net expenses to average net assets		1.31	%(c)		1.34	%		1.34	%		1.33	%		1.34	%		1.35	%
Ratio of total expenses to average net assets		1.36	%(c)		1.37	%		1.36	%		1.36	%		1.38	%		1.39	%
Ratio of net investment income to average net assets		(0.18	)%(c)		0.47	%		0.39	%		0.07	%		0.29	%		0.42	%
Portfolio turnover rate(d)		26	%		75	%		47	%		55	%		68	%		46	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 67

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Fund
	Class C Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	28.68		$	33.97		$	45.37		$	44.50		$	41.75		$	40.23
Net investment loss(a)		(0.15	)		(0.02	)		(0.13	)		(0.31	)		(0.20	)		(0.13	)
Net realized and unrealized gain (loss)		11.38			(3.21	)		(5.43	)		7.49			4.70			4.06
Total from investment operations		11.23			(3.23	)		(5.56	)		7.18			4.50			3.93
Distributions to shareholders from net investment income		—			—			—			—			—			—	(b)
Distributions to shareholders from net realized gains		—			(2.06	)		(5.84	)		(6.31	)		(1.75	)		(2.41	)
Total distributions		—			(2.06	)		(5.84	)		(6.31	)		(1.75	)		(2.41	)
Net asset value, end of period	$	39.91		$	28.68		$	33.97		$	45.37		$	44.50		$	41.75
Total Return(c)		39.20	%		(10.61	)%		(11.83	)%		17.26	%		10.72	%		10.40	%
Net assets, end of period (in 000’s)	$	2,943		$	3,220		$	8,867		$	37,157		$	37,357		$	47,925
Ratio of net expenses to average net assets		2.06	%(d)		2.09	%		2.09	%		2.08	%		2.09	%		2.10	%
Ratio of total expenses to average net assets		2.10	%(d)		2.12	%		2.11	%		2.11	%		2.13	%		2.14	%
Ratio of net investment loss to average net assets		(0.92	)%(d)		(0.05	)%		(0.36	)%		(0.69	)%		(0.45	)%		(0.33	)%
Portfolio turnover rate(e)		26	%		75	%		47	%		55	%		68	%		46	%

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

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

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

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Fund
	Institutional Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	44.52		$	51.56		$	64.90		$	60.78		$	56.20		$	53.10
Net investment income(a)		0.05			0.35			0.43			0.28			0.41			0.42
Net realized and unrealized gain (loss)		17.70			(4.87	)		(7.71	)		10.46			6.34			5.45
Total from investment operations		17.75			(4.52	)		(7.28	)		10.74			6.75			5.87
Distributions to shareholders from net investment income		(0.27	)		(0.46	)		(0.22	)		(0.31	)		(0.42	)		(0.36	)
Distributions to shareholders from net realized gains		—			(2.06	)		(5.84	)		(6.31	)		(1.75	)		(2.41	)
Total distributions		(0.27	)		(2.52	)		(6.06	)		(6.62	)		(2.17	)		(2.77	)
Net asset value, end of period	$	62.00		$	44.52		$	51.56		$	64.90		$	60.78		$	56.20
Total Return(b)		39.95	%		(9.60	)%		(10.81	)%		18.62	%		12.00	%		11.66	%
Net assets, end of period (in 000’s)	$	2,817,151		$	2,454,781		$	3,114,853		$	4,304,041		$	4,393,986		$	4,476,848
Ratio of net expenses to average net assets		0.96	%(c)		0.96	%		0.95	%		0.94	%		0.94	%		0.95	%
Ratio of total expenses to average net assets		0.99	%(c)		0.99	%		0.97	%		0.97	%		0.98	%		0.99	%
Ratio of net investment income to average net assets		0.18	%(c)		0.74	%		0.78	%		0.45	%		0.69	%		0.82	%
Portfolio turnover rate(d)		26	%		75	%		47	%		55	%		68	%		46	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 69

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Fund
	Service Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	39.10		$	45.50		$	58.10		$	55.04		$	51.10		$	48.50
Net investment income (loss)(a)		(0.07	)		0.16			0.14			(0.03	)		0.09			0.15
Net realized and unrealized gain (loss)		15.55			(4.35	)		(6.90	)		9.42			5.77			4.96
Total from investment operations		15.48			(4.19	)		(6.76	)		9.39			5.86			5.11
Distributions to shareholders from net investment income		(0.02	)		(0.15	)		—			(0.02	)		(0.17	)		(0.10	)
Distributions to shareholders from net realized gains		—			(2.06	)		(5.84	)		(6.31	)		(1.75	)		(2.41	)
Total distributions		(0.02	)		(2.21	)		(5.84	)		(6.33	)		(1.92	)		(2.51	)
Net asset value, end of period	$	54.56		$	39.10		$	45.50		$	58.10		$	55.04		$	51.10
Total Return(b)		39.60	%		(10.04	)%		(11.26	)%		18.02	%		11.44	%		11.11	%
Net assets, end of period (in 000’s)	$	35,647		$	39,295		$	75,860		$	110,636		$	145,996		$	119,315
Ratio of net expenses to average net assets		1.46	%(c)		1.46	%		1.45	%		1.44	%		1.44	%		1.45	%
Ratio of total expenses to average net assets		1.49	%(c)		1.49	%		1.47	%		1.47	%		1.48	%		1.49	%
Ratio of net investment income (loss) to average net assets		(0.32	)%(c)		0.39	%		0.29	%		(0.06	)%		0.17	%		0.32	%
Portfolio turnover rate(d)		26	%		75	%		47	%		55	%		68	%		46	%

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

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

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Fund
	Investor Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	40.26		$	46.84		$	59.60		$	56.32		$	52.23		$	49.55
Net investment income(a)		0.01			0.27			0.32			0.18			0.29			0.32
Net realized and unrealized gain (loss)		16.02			(4.39	)		(7.09	)		9.64			5.90			5.07
Total from investment operations		16.03			(4.12	)		(6.77	)		9.82			6.19			5.39
Distributions to shareholders from net investment income		(0.22	)		(0.40	)		(0.15	)		(0.23	)		(0.35	)		(0.30	)
Distributions to shareholders from net realized gains		—			(2.06	)		(5.84	)		(6.31	)		(1.75	)		(2.41	)
Total distributions		(0.22	)		(2.46	)		(5.99	)		(6.54	)		(2.10	)		(2.71	)
Net asset value, end of period	$	56.07		$	40.26		$	46.84		$	59.60		$	56.32		$	52.23
Total Return(b)		39.89	%		(9.70	)%		(10.94	)%		18.44	%		11.84	%		11.50	%
Net assets, end of period (in 000’s)	$	161,857		$	115,491		$	132,434		$	173,176		$	168,986		$	162,661
Ratio of net expenses to average net assets		1.06	%(c)		1.09	%		1.09	%		1.08	%		1.09	%		1.10	%
Ratio of total expenses to average net assets		1.11	%(c)		1.12	%		1.11	%		1.11	%		1.13	%		1.14	%
Ratio of net investment income to average net assets		0.06	%(c)		0.64	%		0.64	%		0.31	%		0.53	%		0.67	%
Portfolio turnover rate(d)		26	%		75	%		47	%		55	%		68	%		46	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 71

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Fund
	Class R6 Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	44.50		$	51.53		$	64.88		$	60.77		$	56.19		$	53.10
Net investment income(a)		0.05			0.35			0.42			0.27			0.38			0.37
Net realized and unrealized gain (loss)		17.70			(4.85	)		(7.70	)		10.47			6.39			5.51
Total from investment operations		17.75			(4.50	)		(7.28	)		10.74			6.77			5.88
Distributions to shareholders from net investment income		(0.28	)		(0.47	)		(0.23	)		(0.32	)		(0.44	)		(0.38	)
Distributions to shareholders from net realized gains		—			(2.06	)		(5.84	)		(6.31	)		(1.75	)		(2.41	)
Total distributions		(0.28	)		(2.53	)		(6.07	)		(6.63	)		(2.19	)		(2.79	)
Net asset value, end of period	$	61.97		$	44.50		$	51.53		$	64.88		$	60.77		$	56.19
Total Return(b)		39.96	%		(9.58	)%		(10.81	)%		18.63	%		12.03	%		11.68	%
Net assets, end of period (in 000’s)	$	1,443,782		$	1,229,047		$	1,302,069		$	1,146,132		$	759,095		$	317,289
Ratio of net expenses to average net assets		0.95	%(c)		0.95	%		0.94	%		0.93	%		0.92	%		0.93	%
Ratio of total expenses to average net assets		0.98	%(c)		0.98	%		0.96	%		0.96	%		0.96	%		0.98	%
Ratio of net investment income to average net assets		0.19	%(c)		0.74	%		0.77	%		0.44	%		0.63	%		0.71	%
Portfolio turnover rate(d)		26	%		75	%		47	%		55	%		68	%		46	%

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

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

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Fund
	Class R Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	39.48		$	45.96		$	58.69		$	55.60		$	51.62		$	48.95
Net investment income (loss)(a)		(0.09	)		0.13			0.07			(0.11	)		0.02			0.08
Net realized and unrealized gain (loss)		15.69			(4.42	)		(6.96	)		9.51			5.82			5.03
Total from investment operations		15.60			(4.29	)		(6.89	)		9.40			5.84			5.11
Distributions to shareholders from net investment income		—			(0.13	)		—			—			(0.11	)		(0.03	)
Distributions to shareholders from net realized gains		—			(2.06	)		(5.84	)		(6.31	)		(1.75	)		(2.41	)
Total distributions		—			(2.19	)		(5.84	)		(6.31	)		(1.86	)		(2.44	)
Net asset value, end of period	$	55.08		$	39.48		$	45.96		$	58.69		$	55.60		$	51.62
Total Return(b)		39.51	%		(10.16	)%		11.37	%		17.85	%		11.28	%		10.96	%
Net assets, end of period (in 000’s)	$	65,369		$	57,272		$	84,684		$	123,288		$	124,039		$	122,526
Ratio of net expenses to average net assets		1.56	%(c)		1.59	%		1.59	%		1.58	%		1.59	%		1.60	%
Ratio of total expenses to average net assets		1.60	%(c)		1.62	%		1.61	%		1.61	%		1.63	%		1.64	%
Ratio of net investment income (loss) to average net assets		(0.42	)%(c)		0.30	%		0.15	%		(0.19	)%		0.04	%		0.18	%
Portfolio turnover rate(d)		26	%		75	%		47	%		55	%		68	%		46	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 73

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Fund
	Class P Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	44.50		$	51.53		$	64.88		$	60.80
Net investment income(b)		0.04			0.34			0.43			0.11
Net realized and unrealized gain (loss)		17.71			(4.85	)		(7.71	)		3.97
Total from investment operations		17.75			(4.51	)		(7.28	)		4.08
Distributions to shareholders from net investment income		(0.28	)		(0.46	)		(0.23	)		—
Distributions to shareholders from net realized gains		—			(2.06	)		(5.84	)		—
Total distributions		(0.28	)		(2.52	)		(6.07	)		—
Net asset value, end of period	$	61.97		$	44.50		$	51.53		$	64.88
Total Return(c)		39.93	%		(9.56	)%		(10.80	)%		6.71	%
Net assets, end of period (in 000’s)	$	299,770		$	206,370		$	231,930		$	317,224
Ratio of net expenses to average net assets		0.95	%(d)		0.95	%		0.94	%		0.93	%(d)
Ratio of total expenses to average net assets		0.98	%(d)		0.98	%		0.96	%		0.97	%(d)
Ratio of net investment income to average net assets		0.17	%(d)		0.74	%		0.79	%		0.46	%(d)
Portfolio turnover rate(e)		26	%		75	%		47	%		55	%

(a) Commenced operations on April 17, 2018.

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

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

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Value Fund
	Class A Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.50		$	11.99		$	13.58		$	12.37		$	11.18		$	10.46
Net investment income(a)		—			0.06			0.07			0.04			0.07			0.08	(b)
Net realized and unrealized gain (loss)		3.95			(0.48	)		(0.88	)		1.72			1.19			0.70
Total from investment operations		3.95			(0.42	)		(0.81	)		1.76			1.26			0.78
Distributions to shareholders from net investment income		(0.05	)		(0.07	)		(0.02	)		(0.08	)		(0.07	)		(0.01	)
Distributions to shareholders from net realized gains		—			—			(0.76	)		(0.47	)		—			(0.05	)
Total distributions		(0.05	)		(0.07	)		(0.78	)		(0.55	)		(0.07	)		(0.06	)
Net asset value, end of period	$	15.40		$	11.50		$	11.99		$	13.58		$	12.37		$	11.18
Total Return(c)		34.39	%		(3.56	)%		(5.42	)%		14.47	%		11.30	%		7.49	%
Net assets, end of period (in 000’s)	$	1,386		$	988		$	1,467		$	1,699		$	1,497		$	1,128
Ratio of net expenses to average net assets		1.21	%(d)		1.23	%		1.23	%		1.23	%		1.24	%		1.26	%
Ratio of total expenses to average net assets		1.48	%(d)		1.50	%		1.56	%		1.47	%		1.73	%		2.25	%
Ratio of net investment income to average net assets		(0.02	)%(d)		0.49	%		0.61	%		0.34	%		0.58	%		0.78	%(b)
Portfolio turnover rate(e)		29	%		76	%		73	%		105	%		108	%		109	%

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

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 75

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Value Fund
	Class C Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.17		$	11.67		$	13.30		$	12.14		$	11.01		$	10.37
Net investment loss(a)		(0.05	)		(0.01	)		(0.02	)		(0.06	)		(0.02	)		—	(b)(c)
Net realized and unrealized gain (loss)		3.83			(0.49	)		(0.85	)		1.69			1.17			0.69
Total from investment operations		3.78			(0.50	)		(0.87	)		1.63			1.15			0.69
Distributions to shareholders from net investment income		—			—			—			—			(0.02	)		—
Distributions to shareholders from net realized gains		—			—			(0.76	)		(0.47	)		—			(0.05	)
Total distributions		—			—			(0.76	)		(0.47	)		(0.02	)		(0.05	)
Net asset value, end of period	$	14.95		$	11.17		$	11.67		$	13.30		$	12.14		$	11.01
Total Return(d)		33.96	%		(4.36	)%		(6.07	)%		13.63	%		10.48	%		6.71	%
Net assets, end of period (in 000’s)	$	1,327		$	948		$	994		$	1,140		$	1,126		$	618
Ratio of net expenses to average net assets		1.96	%(e)		1.98	%		1.98	%		1.98	%		1.99	%		2.01	%
Ratio of total expenses to average net assets		2.23	%(e)		2.24	%		2.31	%		2.22	%		2.47	%		2.99	%
Ratio of net investment income (loss) to average net assets		(0.77	)%(e)		(0.07	)%		(0.15	)%		(0.44	)%		(0.17	)%		0.04	%(c)
Portfolio turnover rate(f)		29	%		76	%		73	%		105	%		108	%		109	%

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

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

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

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

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Value Fund
	Institutional Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.67		$	12.18		$	13.74		$	12.50		$	11.29		$	10.53
Net investment income(a)		0.02			0.09			0.12			0.08			0.12			0.12	(b)
Net realized and unrealized gain (loss)		4.01			(0.47	)		(0.88	)		1.75			1.20			0.71
Total from investment operations		4.03			(0.38	)		(0.76	)		1.83			1.32			0.83
Distributions to shareholders from net investment income		(0.10	)		(0.13	)		(0.04	)		(0.12	)		(0.11	)		(0.02	)
Distributions to shareholders from net realized gains		—			—			(0.76	)		(0.47	)		—			(0.05	)
Total distributions		(0.10	)		(0.13	)		(0.80	)		(0.59	)		(0.11	)		(0.07	)
Net asset value, end of period	$	15.60		$	11.67		$	12.18		$	13.74		$	12.50		$	11.29
Total Return(c)		34.59	%		(3.26	)%		(5.00	)%		14.93	%		11.71	%		7.96	%
Net assets, end of period (in 000’s)	$	14,030		$	7,054		$	6,223		$	5,666		$	42,085		$	39,176
Ratio of net expenses to average net assets		0.84	%(d)		0.85	%		0.84	%		0.84	%		0.84	%		0.87	%
Ratio of total expenses to average net assets		1.11	%(d)		1.12	%		1.17	%		1.08	%		1.35	%		1.84	%
Ratio of net investment income to average net assets		0.37	%(d)		0.78	%		0.99	%		0.58	%		0.97	%		1.18	%(b)
Portfolio turnover rate(e)		29	%		76	%		73	%		105	%		108	%		109	%

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

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 77

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Value Fund
	Investor Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.59		$	12.09		$	13.67		$	12.44		$	11.23		$	10.49
Net investment income(a)		0.02			0.08			0.10			0.08			0.10			0.11	(b)
Net realized and unrealized gain (loss)		3.97			(0.47	)		(0.88	)		1.73			1.19			0.71
Total from investment operations		3.99			(0.39	)		(0.78	)		1.81			1.29			0.82
Distributions to shareholders from net investment income		(0.07	)		(0.11	)		(0.04	)		(0.11	)		(0.08	)		(0.03	)
Distributions to shareholders from net realized gains		—			—			(0.76	)		(0.47	)		—			(0.05	)
Total distributions		(0.07	)		(0.11	)		(0.80	)		(0.58	)		(0.08	)		(0.08	)
Net asset value, end of period	$	15.51		$	11.59		$	12.09		$	13.67		$	12.44		$	11.23
Total Return(c)		34.50	%		(3.32	)%		(5.19	)%		14.82	%		11.52	%		7.81	%
Net assets, end of period (in 000’s)	$	3,422		$	1,435		$	3,253		$	5,541		$	3,250		$	2,846
Ratio of net expenses to average net assets		0.96	%(d)		0.98	%		0.98	%		0.98	%		0.99	%		1.01	%
Ratio of total expenses to average net assets		1.23	%(d)		1.26	%		1.30	%		1.22	%		1.48	%		2.03	%
Ratio of net investment income to average net assets		0.30	%(d)		0.74	%		0.85	%		0.61	%		0.82	%		1.08	%(b)
Portfolio turnover rate(e)		29	%		76	%		73	%		105	%		108	%		109	%

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

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

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

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Value Fund
	Class R6 Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.66		$	12.16		$	13.75		$	12.51		$	11.29		$	10.53
Net investment income(a)		0.02			0.09			0.12			0.10			0.12			0.12	(b)
Net realized and unrealized gain (loss)		4.01			(0.46	)		(0.89	)		1.73			1.21			0.72
Total from investment operations		4.03			(0.37	)		(0.77	)		1.83			1.33			0.84
Distributions to shareholders from net investment income		(0.10	)		(0.13	)		(0.06	)		(0.12	)		(0.11	)		(0.03	)
Distributions to shareholders from net realized gains		—			—			(0.76	)		(0.47	)		—			(0.05	)
Total distributions		(0.10	)		(0.13	)		(0.82	)		(0.59	)		(0.11	)		(0.08	)
Net asset value, end of period	$	15.59		$	11.66		$	12.16		$	13.75		$	12.51		$	11.29
Total Return(c)		34.63	%		(3.17	)%		(5.06	)%		14.94	%		11.80	%		7.98	%
Net assets, end of period (in 000’s)	$	72,859		$	52,507		$	57,055		$	60,931		$	61,251		$	10
Ratio of net expenses to average net assets		0.83	%(d)		0.84	%		0.83	%		0.83	%		0.83	%		0.88	%
Ratio of total expenses to average net assets		1.11	%(d)		1.11	%		1.16	%		1.07	%		1.08	%		1.90	%
Ratio of net investment income to average net assets		0.36	%(d)		0.79	%		1.00	%		0.75	%		0.97	%		1.14	%(b)
Portfolio turnover rate(e)		29	%		76	%		73	%		105	%		108	%		109	%

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

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 79

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Value Fund
	Class R Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.46		$	11.96		$	13.56		$	12.35		$	11.15		$	10.45
Net investment income(a)		(0.02	)		0.03			0.04			0.01			0.04			0.05	(c)
Net realized and unrealized gain (loss)		3.94			(0.49	)		(0.87	)		1.72			1.19			0.70
Total from investment operations		3.92			(0.46	)		(0.83	)		1.73			1.23			0.75
Distributions to shareholders from net investment income		—			(0.04	)		(0.01	)		(0.05	)		(0.03	)		—
Distributions to shareholders from net realized gains		—			—			(0.76	)		(0.47	)		—			(0.05	)
Total distributions		—			(0.04	)		(0.77	)		(0.52	)		(0.03	)		(0.05	)
Net asset value, end of period	$	15.38		$	11.46		$	11.96		$	13.56		$	12.35		$	11.15
Total Return(d)		34.21	%		(3.85	)%		(5.65	)%		14.20	%		11.06	%		7.24	%
Net assets, end of period (in 000’s)	$	74		$	74		$	160		$	207		$	131		$	132
Ratio of net expenses to average net assets		1.46	%(e)		1.48	%		1.48	%		1.48	%		1.49	%		1.52	%
Ratio of total expenses to average net assets		1.74	%(e)		1.76	%		1.81	%		1.72	%		2.00	%		2.50	%
Ratio of net investment income (loss) to average net assets		(0.27	)%(e)		0.29	%		0.36	%		0.09	%		0.32	%		0.49	%(c)
Portfolio turnover rate(f)		29	%		76	%		73	%		105	%		108	%		109	%

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

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

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

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

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Value Fund
	Class P Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	11.66		$	12.16		$	13.75		$	13.26
Net investment income(b)		0.02			0.09			0.12			0.05
Net realized and unrealized gain (loss)		4.00			(0.46	)		(0.89	)		0.44
Total from investment operations		4.02			(0.37	)		(0.77	)		0.49
Distributions to shareholders from net investment income		(0.10	)		(0.13	)		(0.06	)		—
Distributions to shareholders from net realized gains		—			—			(0.76	)		—
Total distributions		(0.10	)		(0.13	)		(0.82	)		—
Net asset value, end of period	$	15.58		$	11.66		$	12.16		$	13.75
Total Return(c)		34.54	%		(3.17	)%		(5.05	)%		3.70	%
Net assets, end of period (in 000’s)	$	57,622		$	38,153		$	48,725		$	54,660
Ratio of net expenses to average net assets		0.83	%(d)		0.84	%		0.83	%		0.83	%(d)
Ratio of total expenses to average net assets		1.11	%(d)		1.11	%		1.16	%		1.09	%(d)
Ratio of net investment income to average net assets		0.36	%(d)		0.79	%		1.00	%		0.99	%(d)
Portfolio turnover rate(e)		29	%		76	%		73	%		105	%

(a) Commenced operations on April 17, 2018.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 81

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements

February 28, 2021 (Unaudited)

1. ORGANIZATION

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

Fund	Share Classes Offered	Diversified/ Non-diversified
Focused Value	A, C, Institutional, Investor, P, R and R6	Non-diversified
Equity Income, Large Cap Value, Mid Cap Value, Small Cap Value	A, C, Institutional, Service, Investor, P, R and R6	Diversified
Small/Mid Cap Value	A, C, Institutional, Investor, P, R and R6	Diversified

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class 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 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

82

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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
Equity Income	Quarterly	Annually
Focused Value, Large Cap Value, Mid Cap Value, Small Cap Value and Small/Mid Cap Value	Annually	Annually

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

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

E.  Foreign Currency Translation — The accounting records and reporting currency of the Funds are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

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 level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. 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’

83

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. 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.

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

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

84

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of February 28, 2021:

EQUITY INCOME FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	4,412,675	$	—	$	—
Europe		15,800,151		—		—
North America		348,657,683		—		—
Oceania		7,154,914		—		—
Total	$	376,025,423	$	—	$	—
FOCUSED VALUE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	1,503,445	$	—	$	—
North America		23,263,800		—		—
Investment Company		874,527		—		—
Total	$	25,641,772	$	—	$	—
LARGE CAP VALUE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	11,051,763	$	—	$	—
North America		431,717,815		—		—
Investment Company		4,759,736		—		—
Total	$	447,529,314	$	—	$	—
MID CAP VALUE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	22,203,606	$	—	$	—
North America		1,100,282,212		—		—
Investment Company		6,015,624		—		—
Total	$	1,128,501,442	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SMALL CAP VALUE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	10,718,816	$	—	$	—
Asia		9,974,736		—		—
North America		5,284,358,472		—		—
Investment Company		23,686,984		—		—
Securities Lending Reinvestment Vehicle		5,933,827		—		—
Total	$	5,334,672,835	$	—	$	—
SMALL/MID CAP VALUE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	595,182	$	—	$	—
North America		146,824,835		—		—
Investment Company		4,416,463		—		—
Total	$	151,836,480	$	—	$	—

(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 noted in table.

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

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended February 28, 2021, 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
Equity Income		0.69	%		0.62	%		0.59	%		0.58	%		0.57	%		0.69	%		0.69	%
Focused Value		0.69			0.62			0.59			0.58			0.57			0.69			0.69
Large Cap Value		0.75			0.68			0.65			0.64			0.63			0.75			0.69	*
Mid Cap Value		0.75			0.75			0.68			0.65			0.64			0.75			0.75
Small Cap Value		0.98			0.98			0.88			0.84			0.82			0.92			0.92
Small/Mid Cap Value		0.80			0.80			0.72			0.68			0.67			0.80			0.80

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

* Effective December 29, 2020, GSAM agreed to waive a portion of its management fee with respect to the Large Cap Value Fund in order to achieve an effective net management fee rate of 0.69% as an annual percentage of the Fund’s average daily net assets. This arrangement will remain in effect through at least December 29, 2021, and prior to such date, GSAM may not terminate the arrangement without the approval of the Board of Trustees.

The Funds invest in Institutional Shares of Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”) which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the six months ended February 28, 2021, the management fee waived by GSAM for each Fund was as follows:

Fund	Management Fee Waived
Equity Income	$	702
Focused Value		356
Large Cap Value		127,815
Mid Cap Value		3,063
Small Cap Value		10,934
Small/Mid Cap Value		983

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

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

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

	Distribution and/or Service Plan Rates
	Class A*			Class C			Service			Class R*
Distribution and/or Service Plan		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 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.

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended February 28, 2021, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Equity Income	$	4,349	$	—
Focused Value		101		—
Large Cap Value		1,988		—
Mid Cap Value		4,999		—
Small Cap Value		2,358		—
Small/Mid Cap Value		57		—

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.

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: 0.16% 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.

For the six months ended February 28, 2021, the transfer agency fee waivers were as follows:

Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares)
Fund	Before December 29, 2020			As of December 29, 2020*
Large Cap Value Fund		0.07	%		0.06	%
Equity Income Fund		0.04	%		0.06	%
Focused Value Fund		0.04	%		0.06	%
Small Cap Value Fund		—			0.05	%

* These arrangements will remain in effect through at least December 29, 2021, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

percentage rate of average daily net assets for Equity Income, Focused Value, Large Cap Value, Small Cap Value and Small/Mid Cap Value Funds is 0.004% and for Mid Cap Value Fund is 0.104%. These Other Expense limitations will remain in place through at least December 29, 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 transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

Goldman Sachs may voluntarily waive a portion of any payments under a Fund’s Distribution and Service Plan, Service Plan and Shareholder Administration Plan, and Transfer Agency Agreement, and these waivers are in addition to what is stipulated in any contractual fee waiver arrangements (as applicable). These temporary waivers may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.

For the six months ended February 28, 2021, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Transfer Agency Fee Waiver/ Credits		Other Expense Reimbursements		Total Expense Reductions
Equity Income	$	702	$	76,418	$	192,629	$	269,749
Focused Value		356		72		129,013		129,441
Large Cap Value		127,815		34,743		173,593		336,151
Mid Cap Value		3,063		—		—		3,063
Small Cap Value		10,934		59,288		581,759		651,981
Small/Mid Cap Value		983		—		161,501		162,484

G.  Line of Credit Facility — As of February 28, 2021, 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 February 28, 2021, the Funds did not have any borrowings under the facility.

H.  Other Transactions with Affiliates — The table below shows the transactions in and earnings from the investments by the Funds in the Government Money Market Fund for the six months ended February 28, 2021:

Fund	Beginning value as of August 31, 2020		Purchases at Cost		Proceeds from Sales			Ending value as of February 28, 2021		Shares as of February 28, 2021		Dividend Income
Equity Income	$	1,485,827	$	12,409,069	$	(13,894,896	)	$	—	$	—	$	104
Focused Value		116,661		9,948,840		(9,190,974	)		874,527		874,527		54
Large Cap Value		3,050,807		26,738,697		(25,029,768	)		4,759,736		4,759,736		502
Mid Cap Value		—		99,106,101		(93,090,477	)		6,015,624		6,015,624		489
Small Cap Value		4,535,074		477,445,402		(458,293,492	)		23,686,984		23,686,984		1,846
Small/Mid Cap Value		—		20,095,916		(15,679,453	)		4,416,463		4,416,463		162

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of February 28, 2021, the Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following funds:

Fund	Class A			Class C			Institutional			Investor			Class R6			Class R			Class P
Focused Value		—	%		17	%		—	%		100	%		100	%		31	%		—	%
Small/Mid Cap Value		—			—			—			—			—			20			—

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2021, were as follows:

Fund		Purchases		Sales and Maturities
Equity Income		$	61,725,540	$	67,033,181
Focused Value			20,254,410		7,428,581
Large Cap Value			99,672,005		112,048,007
Mid Cap Value			308,416,266		393,645,866
Small Cap Value	��		1,224,889,617		2,087,210,353
Small/Mid Cap Value			45,214,810		34,182,895

6. SECURITIES LENDING

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

The Funds invest the cash collateral received in connection with securities lending transactions in the Government Money Market Fund, an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

6. SECURITIES LENDING (continued)

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 February 28, 2021, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended February 28, 2021, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investments in the Government Money Market Fund for the six months ended February 28, 2021:

Fund	Beginning value as of August 31, 2020		Purchase at Cost		Proceeds from Sales			Ending value as of February 28, 2021
Equity Income	$	600,080	$	3,872,542	$	(4,472,622	)	$	—
Mid Cap Value		6,163,823		15,584,009		(21,747,832	)		—
Small Cap Value		25,114,389		133,273,654		(152,454,216	)		5,933,827
Small/Mid Cap Value		219,900		2,515,040		(2,734,940	)		—

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2020, the Funds’ capital loss carryforward and certain timing differences on a tax basis were as follows:

	Equity Income			Focused Value			Large Cap Value			Mid Cap Value			Small Cap Value			Small/ Mid Cap Value
Capital loss carryforwards:
Perpetual Short-Term	$	—		$	—		$	—		$	—		$	(46,420,689	)	$	(1,546,844	)
Perpetual Long-Term	$	(2,090,486	)	$	—		$	—		$	—		$	—		$	—
Total capital loss carryovers	$	(2,090,486	)	$	—		$	—		$	—		$	(46,420,689	)	$	(1,546,844	)
Timing differences (Qualified Late Year Loss Deferral	$	(11,646,699	)	$	(61,632	)	$	(5,147,631	)	$	(30,560,776	)	$	(275,123,563	)	$	(8,394,491	)

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

7. TAX INFORMATION (continued)

As of February 28, 2021, the Fund’s aggregate security unrealized gains and losses based on cost for U.S federal income tax purposes were as follows:

	Equity Income Fund			Focused Value Fund			Large Cap Value Fund			Mid Cap Value Fund			Small Cap Value Fund			Small/Mid Cap Value Fund
Tax Cost	$	299,241,385		$	23,556,350		$	354,005,952		$	853,503,272		$	3,614,672,749		$	115,779,837
Gross unrealized gain		82,930,740			2,627,002			102,947,468			297,617,923			1,865,814,873			40,053,378
Gross unrealized loss		(6,146,701	)		(541,580	)		(9,424,106	)		(22,619,753	)		(145,814,787	)		(3,996,736	)
Net unrealized gain	$	76,784,039		$	2,085,422		$	93,523,362		$	274,998,170		$	1,720,000,086		$	36,056,642

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, and differences related to the tax treatment of underlying fund investments.

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

8. OTHER RISKS

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

Dividend-Paying Investments Risk — A Fund’s investments in dividend-paying securities could cause a 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. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a 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 a 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 United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or problems with registration, settlement or custody, may 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.

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.

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

8. OTHER RISKS (continued)

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

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

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. These risks may be more pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries. 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 Focused Value Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

9. INDEMNIFICATIONS

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

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

10. OTHER MATTERS

On October 22, 2020, Goldman Sachs announced a settlement of matters involving 1Malaysia Development Bhd. (1MDB), a Malaysian sovereign wealth fund, with the United States Department of Justice as well as criminal and civil authorities in the UK, Singapore and Hong Kong. Further information regarding the 1MDB settlement can be found at https://www.goldmansachs.com/media-relations/press-releases/current/goldman-sachs-2020-10-22.html. The 1MDB settlement will not materially adversely affect GSAM’s ability to serve as investment manager.

11. SUBSEQUENT EVENT

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

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Equity Income Fund
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		71,877		$	2,831,416			229,198		$	8,334,088
Reinvestment		51,760			1,982,215			447,033			17,177,416
Shares redeemed		(491,587	)		(19,431,332	)		(991,362	)		(36,324,580	)
		(367,950	)		(14,617,701	)		(315,131	)		(10,813,076	)
Class C Shares
Shares sold		16,231			635,247			19,753			694,804
Reinvestment		457			16,625			9,369			345,797
Shares redeemed		(26,286	)		(978,269	)		(95,896	)		(3,260,186	)
		(9,598	)		(326,397	)		(66,774	)		(2,219,585	)
Institutional Shares
Shares sold		200,904			7,731,240			152,713			5,725,739
Reinvestment		5,354			209,041			29,967			1,167,826
Shares redeemed		(125,380	)		(4,845,723	)		(100,115	)		(3,717,733	)
		80,878			3,094,558			82,565			3,175,832
Service Shares
Shares sold		—			—			3			100
Reinvestment		23			901			216			8,319
Shares redeemed		(2,069	)		(84,917	)		(455	)		(18,051	)
		(2,046	)		(84,016	)		(236	)		(9,632	)
Investor Shares
Shares sold		49,944			1,847,259			27,234			981,695
Reinvestment		681			25,762			3,885			148,693
Shares redeemed		(51,001	)		(2,028,575	)		(27,845	)		(980,116	)
		(376	)		(155,554	)		3,274			150,272
Class R6 Shares
Shares sold		13,961			559,892			22,265			831,682
Reinvestment		1,149			44,857			9,024			352,619
Shares redeemed		(22,445	)		(890,569	)		(42,762	)		(1,547,746	)
		(7,335	)		(285,820	)		(11,473	)		(363,445	)
Class R Shares
Shares sold		867			34,005			3,070			115,279
Reinvestment		176			6,688			1,600			61,245
Shares redeemed		(1,150	)		(47,516	)		(14,039	)		(475,013	)
		(107	)		(6,823	)		(9,369	)		(298,489	)
Class P Shares
Shares sold		146,010			6,084,719			285,806			10,334,223
Reinvestment		4,672			182,619			19,541			751,373
Shares redeemed		(22,682	)		(928,838	)		(65,131	)		(2,240,188	)
		128,000			5,338,500			240,216			8,845,408
NET INCREASE/(DECREASE)		(178,534	)	$	(7,043,253	)		(76,928	)	$	(1,532,715	)

95

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Focused Value Fund
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		6,859		$	89,561			10,516		$	103,695
Reinvestment		233			2,864			78			896
Shares redeemed		(2,240	)		(28,076	)		(3,328	)		(35,000	)
		4,852			64,349			7,266			69,591
Class C Shares
Shares sold		4,376			55,724			—			—
Reinvestment		32			390			28			328
Shares redeemed		(2,016	)		(25,058	)		—			—
		2,392			31,056			28			328
Institutional Shares
Shares sold		403,085			5,137,335			3,678			36,000
Reinvestment		1,558			19,225			1,167			13,526
Shares redeemed		(74,330	)		(932,872	)		—			—
		330,313			4,223,688			4,845			49,526
Investor Shares
Reinvestment		58			715			45			521
Shares redeemed		(2,160	)		(27,117	)		—			—
		(2,102	)		(26,402	)		45			521
Class R6 Shares
Reinvestment		61			749			48			557
Shares redeemed		(2,182	)		(27,410	)		—			—
		(2,121	)		(26,661	)		48			557
Class R Shares
Shares sold		2,009			25,005			—			—
Reinvestment		85			1,033			31			358
Shares redeemed		(2,088	)		(26,067	)		—			—
		6			(29	)		31			358
Class P Shares
Shares sold		883,012			11,012,613			493,259			5,137,927
Reinvestment		17,987			221,552			12,220			141,442
Shares redeemed		(85,090	)		(966,184	)		(180,182	)		(1,719,963	)
		815,909			10,267,981			325,297			3,559,406
NET INCREASE/(DECREASE)		1,149,249		$	14,533,982			337,560		$	3,680,287

96

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Large Cap Value Fund
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		168,135		$	2,502,833			386,613		$	5,266,125
Reinvestment		162,305			2,413,491			298,925			4,482,803
Shares redeemed		(521,357	)		(7,691,518	)		(1,203,250	)		(16,167,723	)
		(190,917	)		(2,775,194	)		(517,712	)		(6,418,795	)
Class C Shares
Shares sold		19,681			277,015			33,194			431,506
Reinvestment		33,099			462,331			76,995			1,087,870
Shares redeemed		(272,336	)		(3,784,039	)		(356,987	)		(4,573,900	)
		(219,556	)		(3,044,693	)		(246,798	)		(3,054,524	)
Institutional Shares
Shares sold		714,420			10,739,971			1,320,839			17,273,248
Reinvestment		361,313			5,436,359			579,508			8,786,383
Shares redeemed		(758,825	)		(11,401,083	)		(4,081,453	)		(57,927,064	)
		316,908			4,775,247			(2,181,106	)		(31,867,433	)
Service Shares
Shares sold		2,388			35,874			6,329			87,929
Reinvestment		692			10,246			1,053			15,722
Shares redeemed		(10,431	)		(155,486	)		(17,011	)		(233,542	)
		(7,351	)		(109,366	)		(9,629	)		(129,891	)
Investor Shares
Shares sold		12,931			188,694			50,524			714,528
Reinvestment		7,936			118,038			15,988			239,744
Shares redeemed		(52,264	)		(752,673	)		(108,501	)		(1,478,132	)
		(31,397	)		(445,941	)		(41,989	)		(523,860	)
Class R6 Shares
Shares sold		21,441			313,721			20,426			282,346
Reinvestment		4,213			65,011			7,116			110,527
Shares redeemed		(37,287	)		(572,540	)		(59,729	)		(841,724	)
		(11,633	)		(193,808	)		(32,187	)		(448,851	)
Class R Shares
Shares sold		12,488			174,346			48,042			601,189
Reinvestment		6,648			95,537			14,096			204,395
Shares redeemed		(39,534	)		(579,402	)		(131,311	)		(1,708,958	)
		(20,398	)		(309,519	)		(69,173	)		(903,374	)
Class P Shares
Shares sold		461,452			7,216,481			1,252,345			14,676,899
Reinvestment		372,659			5,747,842			683,416			10,614,391
Shares redeemed		(579,606	)		(8,934,690	)		(3,307,653	)		(43,660,114	)
		254,505			4,029,633			(1,371,892	)		(18,368,824	)
NET INCREASE/(DECREASE)		90,161		$	1,926,359			(4,470,486	)	$	(61,715,552	)

97

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Mid Cap Value Fund
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		474,472		$	16,808,862			1,462,153		$	44,185,577
Reinvestment		44,871			1,625,681			448,655			15,125,065
Shares redeemed		(1,640,284	)		(57,184,064	)		(4,599,003	)		(140,817,910	)
		(1,120,941	)		(38,749,521	)		(2,688,195	)		(81,507,268	)
Class C Shares
Shares sold		22,677			714,260			59,183			1,562,938
Reinvestment		—			—			21,940			639,105
Shares redeemed		(148,926	)		(4,491,000	)		(482,559	)		(12,808,402	)
		(126,249	)		(3,776,740	)		(401,436	)		(10,606,359	)
Institutional Shares
Shares sold		517,603			18,659,822			1,799,443			52,742,609
Reinvestment		47,467			1,739,185			297,359			10,160,261
Shares redeemed		(1,523,315	)		(51,630,405	)		(4,087,541	)		(127,141,314	)
		(958,245	)		(31,231,398	)		(1,990,739	)		(64,238,444	)
Service Shares
Shares sold		36,788			1,258,585			125,414			3,600,498
Reinvestment		1,886			66,820			35,593			1,171,369
Shares redeemed		(197,283	)		(6,606,969	)		(670,629	)		(20,177,249	)
		(158,609	)		(5,281,564	)		(509,622	)		(15,405,382	)
Investor Shares
Shares sold		86,842			3,064,912			184,165			5,476,121
Reinvestment		6,094			214,953			44,223			1,454,013
Shares redeemed		(192,230	)		(6,434,631	)		(461,350	)		(13,655,472	)
		(99,294	)		(3,154,766	)		(232,962	)		(6,725,338	)
Class R6 Shares
Shares sold		252,834			8,923,865			625,333			18,941,033
Reinvestment		11,214			410,672			48,892			1,669,401
Shares redeemed		(236,383	)		(8,365,963	)		(490,436	)		(15,224,407	)
		27,665			968,574			183,789			5,386,027
Class R Shares
Shares sold		89,743			3,024,549			195,531			5,217,356
Reinvestment		729			25,504			18,303			594,695
Shares redeemed		(144,823	)		(4,810,938	)		(350,810	)		(10,017,755	)
		(54,351	)		(1,760,885	)		(136,976	)		(4,205,704	)
Class P Shares
Shares sold		333,011			12,435,913			1,148,507			36,315,245
Reinvestment		28,655			1,049,073			132,360			4,519,458
Shares redeemed		(300,927	)		(10,558,142	)		(1,501,890	)		(47,505,869	)
		60,739			2,926,844			(221,023	)		(6,671,166	)
NET INCREASE/(DECREASE)		(2,429,285	)	$	(80,059,456	)		(5,997,164	)	$	(183,973,634	)

98

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small Cap Value Fund
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		546,400		$	25,967,138			1,596,036		$	64,703,525
Reinvestment		15,527			780,234			489,214			24,251,852
Shares redeemed		(2,168,721	)		(102,514,104	)		(4,497,850	)		(191,651,785	)
		(1,606,794	)		(75,766,732	)		(2,412,600	)		(102,696,408	)
Class C Shares
Shares sold		17,124			596,236			17,457			551,502
Reinvestment		—			—			9,946			348,108
Shares redeemed		(55,698	)		(1,704,877	)		(176,111	)		(5,227,096	)
		(38,574	)		(1,108,641	)		(148,708	)		(4,327,486	)
Institutional Shares
Shares sold		4,618,333			241,216,803			12,946,460			564,333,088
Reinvestment		238,033			13,094,190			2,681,940			145,860,418
Shares redeemed		(14,555,819	)		(766,493,312	)		(20,910,025	)		(975,609,347	)
		(9,699,453	)		(512,182,319	)		(5,281,625	)		(265,415,841	)
Service Shares
Shares sold		130,570			5,523,242			273,152			10,478,056
Reinvestment		362			17,550			55,828			2,662,203
Shares redeemed		(482,593	)		(21,809,524	)		(991,281	)		(43,692,687	)
		(351,661	)		(16,268,732	)		(662,301	)		(30,552,428	)
Investor Shares
Shares sold		789,419			39,651,106			1,164,040			47,831,966
Reinvestment		11,766			585,347			143,535			7,062,623
Shares redeemed		(782,851	)		(37,864,883	)		(1,266,322	)		(53,884,434	)
		18,334			2,371,570			41,253			1,010,155
Class R6 Shares
Shares sold		3,299,762			169,361,294			9,345,715			430,038,206
Reinvestment		130,800			7,191,362			1,180,724			64,189,653
Shares redeemed		(7,750,232	)		(412,459,812	)		(8,174,988	)		(369,771,737	)
		(4,319,670	)		(235,907,156	)		2,351,451			124,456,122
Class R Shares
Shares sold		99,551			4,693,579			337,273			12,358,142
Reinvestment		—			—			73,604			3,545,103
Shares redeemed		(363,384	)		(16,615,841	)		(803,072	)		(33,210,279	)
		(263,833	)		(11,922,262	)		(392,195	)		(17,307,034	)
Class P Shares
Shares sold		568,001			30,315,776			1,361,647			57,615,257
Reinvestment		24,327			1,337,472			199,821			10,863,518
Shares redeemed		(392,303	)		(20,804,694	)		(1,425,012	)		(63,261,974	)
		200,025			10,848,554			136,456			5,216,801
NET INCREASE/(DECREASE)		(16,061,626	)	$	(839,935,718	)		(6,368,269	)	$	(289,616,119	)

99

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small/Mid Cap Value Fund
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		19,381		$	263,717			29,384		$	354,871
Reinvestment		302			4,187			550			7,146
Shares redeemed		(15,558	)		(192,486	)		(66,412	)		(738,596	)
		4,125			75,418			(36,478	)		(376,579	)
Class C Shares
Shares sold		10,880			147,750			17,292			194,135
Reinvestment		—			—			—			—
Shares redeemed		(6,982	)		(86,958	)		(17,578	)		(190,853	)
		3,898			60,792			(286	)		3,282
Institutional Shares
Shares sold		361,999			5,278,317			203,391			2,221,517
Reinvestment		4,243			59,578			4,849			63,819
Shares redeemed		(71,393	)		(981,639	)		(114,906	)		(1,293,991	)
		294,849			4,356,256			93,334			991,345
Investor Shares
Shares sold		125,174			1,895,960			25,034			288,631
Reinvestment		540			7,543			2,288			29,922
Shares redeemed		(28,901	)		(344,152	)		(172,493	)		(1,873,035	)
		96,813			1,559,351			(145,171	)		(1,554,482	)
Class R6 Shares
Shares sold		763,141			10,739,852			1,153,473			12,846,150
Reinvestment		31,315			439,348			46,058			605,200
Shares redeemed		(623,590	)		(8,500,776	)		(1,386,202	)		(15,813,637	)
		170,866			2,678,424			(186,671	)		(2,362,287	)
Class R Shares
Shares sold		97			1,236			938			9,766
Reinvestment		—			—			45			584
Shares redeemed		(1,705	)		(25,879	)		(7,957	)		(76,904	)
		(1,608	)		(24,643	)		(6,974	)		(66,554	)
Class P Shares
Shares sold		559,025			7,935,417			347,145			4,046,413
Reinvestment		23,674			332,143			38,695			508,457
Shares redeemed		(158,179	)		(2,196,365	)		(1,119,273	)		(11,034,437	)
		424,520			6,071,195			(733,433	)		(6,479,567	)
NET INCREASE/(DECREASE)		993,463		$	14,776,793			(1,015,679	)	$	(9,844,842	)

100

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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 9-10, 2021, 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 period from January 1, 2020 through December 31, 2020 (the “Reporting Period”). Among other things, the annual report and related materials discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of the COVID-19 pandemic on liquidity and management of liquidity risk during the Reporting Period, including during stressed market conditions caused by the COVID-19 pandemic. The report concluded that the Program continues to be 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.

101

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Fund Expenses — Six Month Period Ended February 28, 2021 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6, Class R and 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), 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 September 1, 2020 through February 28, 2021, which represents a period of 181 days of a 365 day year.

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

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

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

	Equity Income Fund							Focused Value Fund							Large Cap Value Fund
Share Class	Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid for the 6 months ended 2/28/2021*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid for the 6 months ended 2/28/2021*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid for the 6 months ended 2/28/2021*
Class A
Actual	$	1,000.00	$	1,105.49			5.48	$	1,000.00	$	1,180.55		$	5.68	$	1,000.00	$	1,165.24		$	5.53
Hypothetical 5% return		1,000.00		1,019.59	+		5.26		1,000.00		1,019.59	+		5.26		1,000.00		1,019.69	+		5.16
Class C
Actual		1,000.00	$	1,101.16			9.38		1,000.00		1,175.92			9.66		1,000.00		1,160.05			9.53
Hypothetical 5% return		1,000.00		1,015.87	+		9.00		1,000.00		1,015.92	+		8.95		1,000.00		1,015.97	+		8.90
Institutional
Actual		1,000.00	$	1,107.24			3.81		1,000.00		1,182.70			3.95		1,000.00		1,167.37			3.92
Hypothetical 5% return		1,000.00		1,021.17	+		3.66		1,000.00		1,021.17	+		3.66		1,000.00		1,021.17	+		3.66
Service
Actual		1,000.00	$	1,104.67			6.42		1,000.00		N/A			N/A		1,000.00		1,163.56			6.60
Hypothetical 5% return		1,000.00		1,018.70	+		6.16		1,000.00		N/A			N/A		1,000.00		1,018.70	+		6.16
Investor
Actual		1,000.00	$	1,106.70			4.18		1,000.00		1,182.36			4.33		1,000.00		1,166.28			4.19
Hypothetical 5% return		1,000.00		1,020.83	+		4.01		1,000.00		1,020.83	+		4.01		1,000.00		1,020.93	+		3.91
Class R6
Actual		1,000.00	$	1,107.28			3.76		1,000.00		1,183.12			3.90		1,000.00		1,166.86			3.87
Hypothetical 5% return		1,000.00		1,021.22	+		3.61		1,000.00		1,021.22	+		3.61		1,000.00		1,021.22	+		3.61
Class R
Actual		1,000.00	$	1,104.17			6.78		1,000.00		1,179.65			6.97		1,000.00		1,163.81			6.87
Hypothetical 5% return		1,000.00		1,018.35	+		6.51		1,000.00		1,018.40	+		6.46		1,000.00		1,018.45	+		6.41
Class P
Actual		1,000.00	$	1,107.32			3.76		1,000.00		1,182.12			3.90		1,000.00		1,166.84			3.87
Hypothetical 5% return		1,000.00		1,021.22	+		3.61		1,000.00		1,021.22	+		3.61		1,000.00		1,021.22	+		3.61

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

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2021. 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 Shares			Class C Shares			Institutional Shares			Service Shares			Investor Shares			Class R6 Shares			Class R Shares			Class P Shares
Equity Income Fund		1.05	%		1.80	%		0.73	%		1.23	%		0.80	%		0.72	%		1.30	%		0.72	%
Focused Value Fund		1.05			1.79			0.73			N/A			0.80			0.72			1.29			0.72
Large Cap Value Fund		1.03			1.78			0.73			1.23			0.78			0.72			1.28			0.72

102

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Fund Expenses — Six Month Period Ended February 28, 2021 (Unaudited) (continued)

	Mid Cap Value Fund							Small Cap Value Fund							Small/Mid Cap Value Fund
Share Class	Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid for the 6 months ended 2/28/2021*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid for the 6 months ended 2/28/2021*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid for the 6 months ended 2/28/2021*
Class A
Actual	$	1,000.00	$	1,260.91		$	6.78	$	1,000.00	$	1,397.01		$	7.79	$	1,000.00	$	1,343.86		$	7.03
Hypothetical 5% return		1,000.00		1,018.79	+		6.06		1,000.00		1,018.30	+		6.56		1,000.00		1,018.79	+		6.06
Class C
Actual		1,000.00		1,256.30			10.96		1,000.00		1,392.05			12.22		1,000.00		1,339.61			11.37
Hypothetical 5% return		1,000.00		1,015.08	+		9.79		1,000.00		1,014.58	+		10.29		1,000.00		1,015.08	+		9.79
Institutional
Actual		1,000.00		1,263.22			4.71		1,000.00		1,399.52			5.71		1,000.00		1,345.92			4.89
Hypothetical 5% return		1,000.00		1,020.63	+		4.21		1,000.00		1,020.03	+		4.81		1,000.00		1,020.63	+		4.21
Service
Actual		1,000.00		1,260.21			7.51		1,000.00		1,396.04			8.67		1,000.00		—			—
Hypothetical 5% return		1,000.00		1,018.15	+		6.71		1,000.00		1,017.55	+		7.30		1,000.00		—			—
Investor
Actual		1,000.00		1,262.62			5.39		1,000.00		1,398.88			6.30		1,000.00		1,345.01			5.58
Hypothetical 5% return		1,000.00		1,020.03	+		4.81		1,000.00		1,019.54	+		5.31		1,000.00		1,020.03	+		4.81
Class R6
Actual		1,000.00		1,263.64			4.66		1,000.00		1,399.63			5.65		1,000.00		1,346.30			4.83
Hypothetical 5% return		1,000.00		1,020.68	+		4.16		1,000.00		1,020.08	+		4.76		1,000.00		1,020.68	+		4.16
Class R
Actual		1,000.00		1,259.68			8.18		1,000.00		1,395.14			9.26		1,000.00		1,342.06			8.48
Hypothetical 5% return		1,000.00		1,017.55	+		7.30		1,000.00		1,017.06	+		7.80		1,000.00		1,017.55	+		7.30
Class P
Actual		1,000.00		1,263.31			4.66		1,000.00		1,399.34			5.65		1,000.00		1,345.43			4.83
Hypothetical 5% return		1,000.00		1,020.68	+		4.16		1,000.00		1,020.08	+		4.76		1,000.00		1,020.68	+		4.16

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

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2021. 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 Shares			Class C Shares			Institutional Shares			Service Shares			Investor Shares			Class R6 Shares			Class R Shares			Class P Shares
Mid Cap Value Fund		1.21	%		1.96	%		0.84	%		1.34	%		0.96	%		0.83	%		1.46	%		0.83	%
Small Cap Value Fund		1.31			2.06			0.96			1.46			1.06			0.95			1.56			0.95
Small/Mid Cap Value Fund		1.21			1.96			0.84			N/A			0.96			0.83			1.46			0.83

103

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 Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.95 trillion in assets under supervision as of December 31, 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

∎ U.S. Equity ESG Fund⁵

∎ 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 Fund

∎ Emerging Markets Equity Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

∎ 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 Fund⁶

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income 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

∎ Strategic Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

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 on business of August 30, 2020, the Goldman Sachs Blue Chip Fund was renamed the Goldman Sachs U.S. Equity ESG Fund.

⁶  Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

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

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

TRUSTEES Jessica Palmer, Chair 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.

Fund holdings and allocations shown are as of February 28, 2021 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

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

© 2021 Goldman Sachs. All rights reserved. 236969-OTU-1390648 EQVALSAR-21

Goldman Sachs Funds

Semi-Annual Report	February 28, 2021
	Global Tax-Aware Equity Portfolios
	Enhanced Dividend Global Equity Portfolio
	Tax-Advantaged Global Equity Portfolio

Goldman Sachs Global Tax-Aware Equity Portfolios

∎ ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

∎ TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

TABLE OF CONTENTS
Fund Basics	1
Schedules of Investments	5
Financial Statements	9
Financial Highlights	12
Enhanced Dividend Global Equity Portfolio	12
Tax-Advantaged Global Equity Portfolio	16
Notes to Financial Statements	20
Other Information	36

NOT FDIC-INSURED May Lose Value No Bank Guarantee

FUND BASICS

Enhanced Dividend Global Equity Portfolio

as of February 28, 2021

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Portfolio Total Return (based on NAV)1			EDGE Composite Index2			Bloomberg Barclays U.S. Aggregate Bond Index3			Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) Investable Market Index (IMI) (“MSCI ACWI IMI”) (Net, USD, Unhedged)4
Class A		12.50	%		13.21	%		-1.55	%		17.45	%
Institutional		12.65			13.21			-1.55			17.45
Class R6		12.60			13.21			-1.55			17.45
Class P		12.61			13.21			-1.55			17.45

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

²  The EDGE Composite Index (“EDGE Composite”) is a composite representation prepared by the investment adviser of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range.

The EDGE Composite is comprised of MSCI ACWI IMI (90%) and the Bloomberg Barclays U.S. Aggregate Bond Index (10%). The EDGE Composite figures do not reflect any deduction for fees, expenses or taxes.

³  The Bloomberg Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment grade corporate bonds and mortgage backed and asset-backed securities.

⁴  The MSCI ACWI IMI captures large, mid and small cap representation across 23 developed markets and 27 emerging markets. With 8,939 constituents, the MSCI ACWI IMI is comprehensive, covering approximately 99% of the global equity investment opportunity set. As of February 28, 2021, the 23 developed markets in the MSCI ACWI IMI include Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the U.K. and the U.S. The 27 emerging markets include Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, South Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

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.

1

FUND BASICS

OVERALL UNDERLYING FUND WEIGHTINGS^1,2

Percentage of Net Assets

¹  The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each Underlying Fund reflects the value of that Underlying Fund as a percentage of net assets of the Portfolio. Figures in the graph above may not sum to 100% due to rounding and/or exclusion of other assets and liabilities. The above graph depicts the Portfolio’s investments but may not represent the Portfolio’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

²  Represents affiliated funds.

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.

2

FUND BASICS

Tax-Advantaged Global Equity Portfolio

as of February 28, 2021

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Portfolio Total Return (based on NAV)1			TAG Composite Index2			Bloomberg Barclays U.S. Aggregate Bond Index3			Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) Investable Market Index (IMI) (“MSCI ACWI IMI”) (Net, USD, Unhedged)4
Class A		11.01	%		13.21	%		-1.55	%		17.45	%
Institutional		11.21			13.21			-1.55			17.45
Class R6		11.29			13.21			-1.55			17.45
Class P		11.27			13.21			-1.55			17.45

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

²  The TAG Composite Index (“TAG Composite”) is a composite representation prepared by the investment adviser of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range.

The TAG Composite is comprised of the MSCI ACWI IMI (90%) and the Bloomberg Barclays U.S. Aggregate Bond Index (10%). The TAG Composite figures do not reflect any deduction for fees, expenses or taxes.

³  The Bloomberg Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment grade corporate bonds and mortgage-backed and asset-backed securities.

⁴  The MSCI ACWI IMI captures large, mid and small cap representation across 23 developed markets and 27 emerging markets. With 8,939 constituents, the MSCI ACWI IMI is comprehensive, covering approximately 99% of the global equity investment opportunity set. As of February 28, 2021, the 23 developed markets in the MSCI ACWI IMI include Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the U.K. and the U.S. The 27 emerging markets include Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, South Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

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.

3

FUND BASICS

OVERALL UNDERLYING FUND WEIGHTINGS^1,2

Percentage of Net Assets

¹  The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each Underlying Fund reflects the value of that Underlying Fund as a percentage of net assets of the Portfolio. Figures in the graph above may not sum to 100% due to rounding and/or exclusion of other assets and liabilities. The above graph depicts the Portfolio’s investments but may not represent the Portfolio’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

²  Represents affiliated funds.

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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Underlying Funds (Class R6 Shares)(a) – 98.9%
Equity – 98.9%
	13,465,719	Goldman Sachs US Equity Dividend and Premium Fund	$	194,175,667
	13,281,460	Goldman Sachs International Equity Dividend and Premium Fund		93,899,924
	4,494,303	Goldman Sachs Tactical Tilt Overlay Fund		44,853,145
	1,158,685	Goldman Sachs Small Cap Equity Insights Fund		38,109,148
	1,969,191	Goldman Sachs Emerging Markets Equity Insights Fund		24,417,966
	1,308,073	Goldman Sachs International Small Cap Insights Fund		17,044,196
	562,796	Goldman Sachs MLP Energy Infrastructure Fund		11,362,852
	994,223	Goldman Sachs Global Real Estate Securities Fund		10,389,633
	865,371	Goldman Sachs Global Infrastructure Fund		9,917,147
	TOTAL UNDERLYING FUNDS (CLASS R6 SHARES)
	(Cost $311,223,636)		$	444,169,678
Shares		Dividend Rate	Value
Investment Company(a) – 0.9%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	4,023,421	0.036%	$	4,023,421
	(Cost $4,023,421)
	TOTAL INVESTMENTS – 99.8%
	(Cost $315,247,057)		$	448,193,099
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%			1,013,360
	NET ASSETS – 100.0%		$	449,206,459

The percentage shown for each investment and investment category reflects the value of the respective investment or category as a percentage of net assets.
(a)	Represents an Affiliated Issuer.

Currency Abbreviations:
AUD	—Australian Dollar
CHF	—Swiss Franc
EUR	—Euro
GBP	—British Pound
JPY	—Japanese Yen
USD	—United States Dollar

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2021, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased			Currency Sold			Settlement Date		Unrealized Gain
Morgan Stanley Co., Inc.		USD	6,133,072		CHF	5,480,844		03/17/2021	$	105,039
		USD	19,226,280		EUR	15,864,225		03/17/2021		77,919
		USD	15,006,876		JPY	1,566,272,100		03/17/2021		310,732
TOTAL									$	493,690

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased			Currency Sold			Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.		CHF	370,000		USD	418,896		03/17/2021	$	(11,956	)
		USD	3,997,242		AUD	5,409,962		03/17/2021		(165,730	)
		USD	8,370,109		GBP	6,259,415		03/17/2021		(351,347	)
TOTAL									$	(529,033	)

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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At February 28, 2021, 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		26		03/19/2021	$	4,951,960	$	219,717

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

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Underlying Funds (Class R6 Shares)(a) – 98.7%
Equity – 98.7%
	51,651,031	Goldman Sachs US Tax-Managed Equity Fund	$	1,603,764,521
	57,859,843	Goldman Sachs International Tax-Managed Equity Fund		652,080,431
	31,265,724	Goldman Sachs Tactical Tilt Overlay Fund		312,031,929
	13,588,131	Goldman Sachs Emerging Markets Equity Insights Fund		168,492,823
	9,057,009	Goldman Sachs International Small Cap Insights Fund		118,012,824
	3,883,058	Goldman Sachs MLP Energy Infrastructure Fund		78,398,932
	6,828,086	Goldman Sachs Global Real Estate Securities Fund		71,353,503
	6,019,553	Goldman Sachs Global Infrastructure Fund		68,984,072
	TOTAL UNDERLYING FUNDS (CLASS R6 SHARES)
	(Cost $1,851,639,099)		$	3,073,119,035
Shares		Dividend Rate	Value
Investment Company(a) – 1.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	31,930,365	0.036%	$	31,930,365
	(Cost $31,930,365)
	TOTAL INVESTMENTS – 99.7%
	(Cost $1,883,569,464)		$	3,105,049,400
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.3%			8,007,092
	NET ASSETS – 100.0%		$	3,113,056,492

The percentage shown for each investment and investment category reflects the value of the respective investment or category as a percentage of net assets.
(a)	Represents an Affiliated Issuer.

Currency Abbreviations:
AUD	—Australian Dollar
CHF	—Swiss Franc
EUR	—Euro
GBP	—British Pound
JPY	—Japanese Yen
USD	—United States Dollar

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2021, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased			Currency Sold			Settlement Date		Unrealized Gain
Morgan Stanley Co., Inc.		USD	2,930,569		AUD	3,800,000		03/17/2021	$	6,464
		USD	35,061,650		CHF	31,332,984		03/17/2021		600,487
		USD	119,951,770		EUR	98,923,958		03/17/2021		549,047
		USD	93,988,790		JPY	9,803,154,282		03/17/2021		2,006,970
TOTAL									$	3,162,968

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased			Currency Sold			Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.		USD	22,886,238		AUD	30,974,774		03/17/2021	$	(948,891	)
		USD	52,285,751		GBP	39,051,169		03/17/2021		(2,125,567	)
TOTAL									$	(3,074,458	)

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

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At February 28, 2021, 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		166		03/19/2021	$	31,616,360	$	1,402,808

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

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Statements of Assets and Liabilities

February 28, 2021 (Unaudited)

	Enhanced Dividend Global Equity Portfolio		Tax-Advantaged Global Equity Portfolio
Assets:
Investments in affiliated Underlying Funds, at value (cost $315,247,057 and $1,883,569,464)	$	448,193,099	$	3,105,049,400
Cash		558,008		3,209,356
Foreign currencies, at value (cost $0 and $128,355)		—		136,425
Receivables:
Collateral on certain derivative contracts(a)		824,600		5,008,600
Portfolio shares sold		228,554		3,910,731
Reimbursement from investment adviser		20,945		15,705
Dividends		62		643
Unrealized gain on forward foreign currency exchange contracts		493,690		3,162,968
Other assets		25,782		51,985
Total assets		450,344,740		3,120,545,813
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		529,033		3,074,458
Variation margin on futures		24,436		156,037
Payables:
Portfolio shares redeemed		367,425		964,206
Management fees		28,234		193,506
Investments purchased		21,258		2,779,602
Distribution and Service fees and Transfer Agency fees		11,850		72,952
Accrued expenses		156,045		248,560
Total liabilities		1,138,281		7,489,321
Net Assets:
Paid-in capital		324,845,668		1,987,683,905
Total distributable earnings (loss)		124,360,791		1,125,372,587
NET ASSETS	$	449,206,459	$	3,113,056,492
Net Assets:
Class A	$	3,900,468	$	522,211
Institutional		12,849,076		29,847,201
Class R6		12,303		8,913,986
Class P		432,444,612		3,073,773,094
Total Net Assets	$	449,206,459	$	3,113,056,492
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		298,233		27,647
Institutional		971,291		1,569,033
Class R6		932		474,989
Class P		32,774,841		163,758,751
Net asset value, offering and redemption price per share:(b)
Class A		$13.08		$18.89
Institutional		13.23		19.02
Class R6		13.20		18.77
Class P		13.19		18.77

(a) Segregated for initial margin and/or collateral on transactions as follows:

Portfolio	Forwards		Futures
Enhanced Dividend Global Equity	$	500,000	$	324,600
Tax-Advantaged Global Equity		2,990,000		2,018,600

(b) Maximum public offering price per share for Class A Shares of the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios is $13.84 and $19.99, respectively.

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

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Statements of Operations

For the Six Months Ended February 28, 2021 (Unaudited)

	Enhanced Dividend Global Equity Portfolio			Tax-Advantaged Global Equity Portfolio
Investment income:
Dividends from affiliated Underlying Funds	$	6,465,863		$	38,079,060
Expenses:
Management fees		345,626			2,136,562
Transfer Agency fees(a)		72,593			429,135
Professional fees		54,852			54,852
Custody, accounting and administrative services		46,745			154,611
Registration fees		30,349			40,224
Printing and mailing costs		18,279			30,953
Trustee fees		9,809			11,541
Distribution and Service (12b-1) fees		5,162			609
Other		10,537			26,329
Total expenses		593,952			2,884,816
Less — expense reductions		(298,904	)		(1,111,874	)
Net expenses		295,048			1,772,942
NET INVESTMENT INCOME		6,170,815			36,306,118
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments in affiliated Underlying Funds		10,613,927			12,215,826
Investments — unaffiliated issuers		—			(58,624	)
Futures contracts		892,980			5,251,842
Forward foreign currency exchange contracts		(2,888,131	)		(16,656,278	)
Foreign currency transactions		—			593
Capital gain distributions from affiliated Underlying Funds		10,816,766			149,649
Net change in unrealized gain (loss) on:
Investments in affiliated Underlying Funds		28,558,224			258,095,349
Futures contracts		(469,124	)		(2,540,215	)
Forward foreign currency exchange contracts		2,506,736			14,613,626
Foreign currency translation		—			(1,238	)
Net realized and unrealized gain		50,031,378			271,070,530
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	56,202,193		$	307,376,648

(a) Class specific Transfer Agency fees were as follows:

	Transfer Agency Fees
Portfolio	Class A		Institutional		Class R6		Class P
Enhanced Dividend Global Equity	$	3,303	$	3,134	$	2	$	66,154
Tax-Advantaged Global Equity		390		6,013		985		421,747

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

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Statements of Changes in Net Assets

	Enhanced Dividend Global Equity Portfolio						Tax-Advantaged Global Equity Portfolio
	For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020
From operations:
Net investment income	$	6,170,815		$	10,251,549		$	36,306,118		$	35,565,081
Net realized gain (loss)		19,435,542			1,167,191			903,008			(26,849,863	)
Net change in unrealized gain		30,595,836			5,865,666			270,167,522			278,676,219
Net increase in net assets resulting from operations		56,202,193			17,284,406			307,376,648			287,391,437
Distributions to shareholders:
From distributable earnings:
Class A Shares		(45,537	)		(311,665	)		(4,264	)		(4,637	)
Institutional Shares		(192,865	)		(1,087,162	)		(336,299	)		(648,419	)
Class R6 Shares		(152	)		(476	)		(103,968	)		(158	)
Class P Shares		(5,958,071	)		(25,246,149	)		(34,570,994	)		(42,914,283	)
Return of capital
Class A Shares		—			(8,162	)		—			—
Institutional Shares		—			(26,731	)		—			—
Class R6 Shares		—			(12	)		—			—
Class P Shares		—			(613,732	)		—			—
Total distributions to shareholders		(6,196,625	)		(27,294,089	)		(35,015,525	)		(43,567,497	)
From share transactions:
Proceeds from sales of shares		21,284,438			26,713,852			209,743,024			307,373,807
Reinvestment of distributions		6,180,892			26,879,858			34,861,505			43,449,706
Cost of shares redeemed		(92,430,777	)		(187,103,975	)		(149,094,156	)		(636,876,111	)
Net increase (decrease) in net assets resulting from share transactions		(64,965,447	)		(133,510,265	)		95,510,373			(286,052,598	)
TOTAL INCREASE (DECREASE)		(14,959,879	)		(143,519,948	)		367,871,496			(42,228,658	)
Net Assets:
Beginning of period		464,166,338			607,686,286			2,745,184,996			2,787,413,654
End of period	$	449,206,459		$	464,166,338		$	3,113,056,492		$	2,745,184,996

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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Enhanced Dividend Global Equity Portfolio
	Class A Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.76		$	11.50		$	12.34		$	11.70		$	10.68		$	10.69
Net investment income(a)(b)		0.13			0.17			0.19			0.15			0.17			0.11
Net realized and unrealized gain (loss)		1.33			0.59			(0.44	)		0.88			1.12			0.52
Total from investment operations		1.46			0.76			(0.25	)		1.03			1.29			0.63
Distributions to shareholders from net investment income		(0.14	)		(0.22	)		(0.27	)		(0.25	)		(0.20	)		(0.31	)
Distributions to shareholders from net realized gains		—			(0.27	)		(0.32	)		(0.14	)		(0.07	)		(0.33	)
Distributions to shareholders from return of capital		—			(0.01	)		—			—			—			—
Total distributions		(0.14	)		(0.50	)		(0.59	)		(0.39	)		(0.27	)		(0.64	)
Net asset value, end of period	$	13.08		$	11.76		$	11.50		$	12.34		$	11.70		$	10.68
Total return(c)		12.50	%		6.71	%		(1.78	)%		8.94	%		12.25	%		6.32	%
Net assets, end of period (in 000s)	$	3,900		$	5,501		$	8,661		$	10,418		$	9,289		$	4,993
Ratio of net expenses to average net assets(d)		0.50	%(e)		0.51	%		0.52	%		0.52	%		0.53	%		0.53	%
Ratio of total expenses to average net assets(d)		0.63	%(e)		0.64	%		0.65	%		0.62	%		0.63	%		0.64	%
Ratio of net investment income to average net assets(b)		2.16	%(e)		1.54	%		1.62	%		1.21	%		1.54	%		1.09	%
Portfolio turnover rate(f)		8	%		13	%		15	%		20	%		8	%		19	%

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

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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 turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the portfolio turnover rate may be higher.

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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Enhanced Dividend Global Equity Portfolio
	Institutional Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.90		$	11.63		$	12.48		$	11.80		$	10.76		$	10.76
Net investment income(a)(b)		0.15			0.22			0.23			0.17			0.22			0.16
Net realized and unrealized gain (loss)		1.34			0.59			(0.44	)		0.93			1.12			0.51
Total from investment operations		1.49			0.81			(0.21	)		1.10			1.34			0.67
Distributions to shareholders from net investment income		(0.16	)		(0.26	)		(0.32	)		(0.28	)		(0.23	)		(0.34	)
Distributions to shareholders from net realized gains		—			(0.27	)		(0.32	)		(0.14	)		(0.07	)		(0.33	)
Distributions to shareholders from return of capital		—			(0.01	)		—			—			—			—
Total distributions		(0.16	)		(0.54	)		(0.64	)		(0.42	)		(0.30	)		(0.67	)
Net asset value, end of period	$	13.23		$	11.90		$	11.63		$	12.48		$	11.80		$	10.76
Total return(c)		12.65	%		7.17	%		(1.46	)%		9.45	%		12.66	%		6.67	%
Net assets, end of period (in 000s)	$	12,849		$	19,695		$	25,244		$	33,490		$	637,000		$	507,845
Ratio of net expenses to average net assets(d)		0.13	%(e)		0.13	%		0.13	%		0.13	%		0.13	%		0.13	%
Ratio of total expenses to average net assets(d)		0.26	%(e)		0.26	%		0.26	%		0.23	%		0.24	%		0.24	%
Ratio of net investment income to average net assets(b)		2.46	%(e)		1.90	%		2.00	%		1.43	%		1.93	%		1.58	%
Portfolio turnover rate(f)		8	%		13	%		15	%		20	%		8	%		19	%

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

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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 turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the portfolio turnover rate may be higher.

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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Enhanced Dividend Global Equity Portfolio
	Class R6 Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,						December 29, 2017* to August 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	11.88		$	11.60		$	12.46		$	12.17
Net investment income(a)(b)		0.16			0.21			0.23			0.10
Net realized and unrealized gain (loss)		1.33			0.61			(0.45	)		0.31
Total from investment operations		1.49			0.82			(0.22	)		0.41
Distributions to shareholders from net investment income		(0.17	)		(0.26	)		(0.32	)		(0.12	)
Distributions to shareholders from net realized gains		—			(0.27	)		(0.32	)		—
Distributions to shareholders from return of capital		—			(0.01	)		—			—
Total distributions		(0.17	)		(0.54	)		(0.64	)		(0.12	)
Net asset value, end of period	$	13.20		$	11.88		$	11.60		$	12.46
Total return(c)		12.60	%		7.28	%		(1.54	)%		3.39	%
Net assets, end of period (in 000s)	$	12		$	11		$	10		$	10
Ratio of net expenses to average net assets(d)		0.13	%(e)		0.12	%		0.12	%		0.12	%(e)
Ratio of total expenses to average net assets(d)		0.21	%(e)		0.22	%		0.23	%		0.18	%(e)
Ratio of net investment income to average net assets(b)		2.66	%(e)		1.87	%		2.01	%		1.27	%(e)
Portfolio turnover rate(f)		8	%		13	%		15	%		20	%

 * Commencement of operations.

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

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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 turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the portfolio turnover rate may be higher.

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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Enhanced Dividend Global Equity Portfolio
	Class P Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,						April 17, 2018* to August 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	11.87		$	11.60		$	12.45		$	12.18
Net investment income(a)(b)		0.17			0.22			0.23			0.11
Net realized and unrealized gain (loss)		1.32			0.59			(0.44	)		0.23
Total from investment operations		1.49			0.81			(0.21	)		0.34
Distributions to shareholders from net investment income		(0.17	)		(0.26	)		(0.32	)		(0.07	)
Distributions to shareholders from net realized gains		—			(0.27	)		(0.32	)		—
Distributions to shareholders from return of capital		—			(0.01	)		—			—
Total distributions		(0.17	)		(0.54	)		(0.64	)		(0.07	)
Net asset value, end of period	$	13.19		$	11.87		$	11.60		$	12.45
Total return(c)		12.61	%		7.20	%		(1.45	)%		2.80	%
Net assets, end of period (in 000s)	$	432,445		$	438,960		$	573,771		$	636,733
Ratio of net expenses to average net assets(d)		0.12	%(e)		0.12	%		0.12	%		0.13	%(e)
Ratio of total expenses to average net assets(d)		0.25	%(e)		0.25	%		0.25	%		0.25	%(e)
Ratio of net investment income to average net assets(b)		2.68	%(e)		1.92	%		2.02	%		2.48	%(e)
Portfolio turnover rate(f)		8	%		13	%		15	%		20	%

 * Commencement of operations.

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

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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 turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the portfolio turnover rate may be higher.

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

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Tax-Advantaged Global Equity Portfolio
	Class A Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	17.16		$	15.44		$	16.51		$	14.78		$	12.91		$	12.58
Net investment income(a)(b)		0.19			0.13			0.13			0.12			0.11			0.08
Net realized and unrealized gain (loss)		1.70			1.76			(0.97	)		1.77			1.85			0.52
Total from investment operations		1.89			1.89			(0.84	)		1.89			1.96			0.60
Distributions to shareholders from net investment income		(0.16	)		(0.13	)		(0.13	)		(0.16	)		(0.09	)		(0.18	)
Distributions to shareholders from net realized gains		—			(0.04	)		(0.10	)		—			—			(0.09	)
Total distributions		(0.16	)		(0.17	)		(0.23	)		(0.16	)		(0.09	)		(0.27	)
Net asset value, end of period	$	18.89		$	17.16		$	15.44		$	16.51		$	14.78		$	12.91
Total return(c)		11.01	%		12.24	%		(4.96	)%		12.81	%		15.23	%		4.88	%
Net assets, end of period (in 000s)	$	522		$	470		$	447		$	658		$	615		$	591
Ratio of net expenses to average net assets(d)		0.50	%(e)		0.51	%		0.52	%		0.52	%		0.53	%		0.53	%
Ratio of total expenses to average net assets(d)		0.58	%(e)		0.59	%		0.61	%		0.60	%		0.61	%		0.61	%
Ratio of net investment income to average net assets(b)		2.16	%(e)		0.86	%		0.81	%		0.77	%		0.80	%		0.64	%
Portfolio turnover rate(f)		6	%		12	%		14	%		17	%		8	%		19	%

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

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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 turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the portfolio turnover rate may be higher.

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

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Tax-Advantaged Global Equity Portfolio
	Institutional Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	17.30		$	15.58		$	16.46		$	14.72		$	12.86		$	12.53
Net investment income(a)(b)		0.21			0.22			0.20			0.17			0.17			0.11
Net realized and unrealized gain (loss)		1.72			1.74			(0.96	)		1.78			1.84			0.53
Total from investment operations		1.93			1.96			(0.76	)		1.95			2.01			0.64
Distributions to shareholders from net investment income		(0.21	)		(0.20	)		(0.02	)		(0.21	)		(0.15	)		(0.22	)
Distributions to shareholders from net realized gains		—			(0.04	)		(0.10	)		—			—			(0.09	)
Total distributions		(0.21	)		(0.24	)		(0.12	)		(0.21	)		(0.15	)		(0.31	)
Net asset value, end of period	$	19.02		$	17.30		$	15.58		$	16.46		$	14.72		$	12.86
Total return(c)		11.21	%		12.60	%		(4.61	)%		13.32	%		15.74	%		5.22	%
Net assets, end of period (in 000s)	$	29,847		$	33,800		$	43,565		$	62,718		$	2,207,827		$	1,816,911
Ratio of net expenses to average net assets(d)		0.13	%(e)		0.13	%		0.13	%		0.13	%		0.13	%		0.13	%
Ratio of total expenses to average net assets(d)		0.21	%(e)		0.21	%		0.22	%		0.21	%		0.21	%		0.21	%
Ratio of net investment income to average net assets(b)		2.36	%(e)		1.41	%		1.28	%		1.06	%		1.26	%		0.92	%
Portfolio turnover rate(f)		6	%		12	%		14	%		17	%		8	%		19	%

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

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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 turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the portfolio turnover rate may be higher.

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

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Tax-Advantaged Global Equity Portfolio
	Class R6 Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,						December 29, 2017* to August 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	17.07		$	15.38		$	16.46		$	15.59
Net investment income (loss)(a)(b)		0.29			0.20			0.19			(0.01	)
Net realized and unrealized gain (loss)		1.63			1.73			(0.97	)		0.88
Total from investment operations		1.92			1.93			(0.78	)		0.87
Distributions to shareholders from net investment income		(0.22	)		(0.20	)		(0.20	)		—
Distributions to shareholders from net realized gains		—			(0.04	)		(0.10	)		—
Total distributions		(0.22	)		(0.24	)		(0.30	)		—
Net asset value, end of period	$	18.77		$	17.07		$	15.38		$	16.46
Total return(c)		11.29	%		12.58	%		(4.57	)%		5.58	%
Net assets, end of period (in 000s)	$	8,914		$	11		$	10		$	11
Ratio of net expenses to average net assets(d)		0.12	%(e)		0.12	%		0.12	%		0.12	%(e)
Ratio of total expenses to average net assets(d)		0.20	%(e)		0.18	%		0.19	%		0.18	%(e)
Ratio of net investment income (loss) to average net assets(b)		3.25	%(e)		1.25	%		1.22	%		(0.05	)%(e)
Portfolio turnover rate(f)		6	%		12	%		14	%		17	%

 * Commencement of operations.

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

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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 turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the portfolio turnover rate may be higher.

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

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Tax-Advantaged Global Equity Portfolio
	Class P Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,						April 17, 2018* to August 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	17.07		$	15.38		$	16.47		$	15.84
Net investment income(a)(b)		0.22			0.20			0.19			0.01
Net realized and unrealized gain (loss)		1.70			1.74			(0.98	)		0.62
Total from investment operations		1.92			1.94			(0.79	)		0.63
Distributions to shareholders from net investment income		(0.22	)		(0.21	)		(0.20	)		—
Distributions to shareholders from net realized gains		—			(0.04	)		(0.10	)		—
Total distributions		(0.22	)		(0.25	)		(0.30	)		—
Net asset value, end of period	$	18.77		$	17.07		$	15.38		$	16.47
Total return(c)		11.27	%		12.59	%		(4.60	)%		3.98	%
Net assets, end of period (in 000s)	$	3,073,773		$	2,710,904		$	2,743,392		$	2,797,271
Ratio of net expenses to average net assets(d)		0.12	%(e)		0.12	%		0.12	%		0.12	%(e)
Ratio of total expenses to average net assets(d)		0.20	%(e)		0.20	%		0.21	%		0.20	%(e)
Ratio of net investment income to average net assets(b)		2.54	%(e)		1.30	%		1.21	%		0.15	%(e)
Portfolio turnover rate(f)		6	%		12	%		14	%		17	%

 * Commencement of operations.

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

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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 turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the portfolio turnover rate may be higher.

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

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements

February 28, 2021 (Unaudited)

1. ORGANIZATION

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

Portfolio	Share Classes Offered	Diversified/ Non-diversified
Enhanced Dividend Global Equity and Tax-Advantaged Global Equity	A, Institutional, R6 and P	Diversified

Class A Shares are sold with a front-end sales charge of up to 5.50%. Institutional, 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 Portfolios pursuant to a management agreement (the “Agreement”) with the Trust.

The Portfolios are expected to invest primarily in a combination of domestic and international equity and fixed income underlying funds (“Underlying Funds”) which are registered under the Act, for which GSAM acts as the investment adviser. Additionally, these Portfolios may invest a portion of their assets directly in other securities and instruments, including unaffiliated exchange traded funds.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. 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. Distributions from master limited partnerships (“MLPs”) are generally recorded based on the characterization reported on the MLP’s tax return. The Goldman Sachs MLP Energy Infrastructure Fund (the “Underlying MLP Fund”) records its pro-rata share of the income/loss and capital gains/losses, allocated from the underlying partnerships and adjusts the cost basis of the underlying partnerships accordingly. Income distributions are recognized as capital gains or income in the financial statements in accordance with the character that is distributed.

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

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), 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 and Transfer Agency fees. Expenses included in the accompanying financial statements reflect the expenses of each Portfolio and do not include any expenses associated with the Underlying Funds. Because the Underlying Funds have varied expense and fee levels and the Portfolios may

20

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

Portfolio	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Enhanced Dividend Global Equity	Quarterly	Annually
Tax-Advantaged Global Equity	Annually	Annually

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

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

E.  Foreign Currency Translation — The accounting records and reporting currency of a Portfolio are maintained in United States (“U.S.”) dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Portfolios’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. 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).

21

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. 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.

Underlying Funds (including Money Market Funds) — Investments in the Underlying Funds are valued at the NAV per share on the day of valuation. Because the Portfolios invest primarily in other mutual funds that fluctuate in value, the Portfolios’ shares will correspondingly fluctuate in value. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

ii.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Portfolio deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Portfolio equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Portfolio’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Portfolio’s NAV. 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 February 28, 2021:

ENHANCED DIVIDEND GLOBAL EQUITY
Investment Type	Level 1		Level 2			Level 3
Assets
Underlying Equity Funds	$	444,169,678	$	—		$	—
Investment Company		4,023,421		—			—
Total	$	448,193,099	$	—		$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—	$	493,690		$	—
Futures Contracts		219,717		—			—
Total	$	219,717	$	493,690		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—	$	(529,033	)	$	—

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

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

TAX-ADVANTAGED GLOBAL EQUITY
Investment Type	Level 1		Level 2			Level 3
Assets
Underlying Equity Funds	$	3,073,119,035	$	—		$	—
Investment Company		31,930,365		—			—
Total	$	3,105,049,400	$	—		$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—	$	3,162,968		$	—
Futures Contracts		1,402,808		—			—
Total	$	1,402,808	$	3,162,968		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—	$	(3,074,458	)	$	—

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

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of February 28, 2021. These instruments were used as part of the Portfolios’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Portfolios’ net exposure:

Enhanced Dividend Global Equity
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts	$	493,690		Payable for unrealized loss on forward foreign currency exchange contracts	$	(529,033)
Equity	Variation margin on futures contracts		219,717	(a)	—		—
Total		$	713,407			$	(529,033)
Tax-Advantaged Global Equity
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts	$	3,162,968		Payable for unrealized loss on forward foreign currency exchange contracts	$	(3,074,458)
Equity	Variation margin on futures contracts		1,402,808	(a)	—		—
Total		$	4,565,776			$	(3,074,458)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of February 28, 2021 is reported within the Statements of Assets and Liabilities.

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4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth, by certain risk types, the Portfolios’ gains (losses) related to these derivatives and their indicative volumes for the six months ended February 28, 2021. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Enhanced Dividend Global Equity
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts	$	(2,888,131	)	$	2,506,736			8
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		892,980			(469,124	)		27
Total		$	(1,995,151	)	$	2,037,612			35
Tax-Advantaged Global Equity
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts	$	(16,656,278	)	$	14,613,626			8
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		5,251,842			(2,540,215	)		166
Total		$	(11,404,436	)	$	12,073,411			174

(a) Average number of contracts is based on the average of month end balances for the six months ended February 28, 2021.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Portfolios’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of 0.15% of each Portfolio’s average daily net assets. GSAM has agreed to waive a portion of its management fee in order to achieve an effective net rate of 0.08% as an annual percentage rate of average daily net assets of each Portfolio through at least December 29, 2021, and prior to such date, GSAM may not terminate the arrangements without the approval of the Trustees.

B.  Distribution and/or Service (12b-1) Plan — The Trust, on behalf of Class A Shares of each applicable Portfolio, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class A Shares of the Portfolios.

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Portfolios pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge. During the six months ended February 28, 2021, Goldman Sachs retained front-end sales charges of $26 for the Enhanced Dividend Global Equity Portfolio.

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

D. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Portfolios for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.16% of the average daily net assets of Class A 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.

E. 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 for the Portfolios is 0.014%. These Other Expense limitations will remain in place through at least December 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 custodian and the transfer agent, which may result in a reduction of the Portfolios’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended February 28, 2021, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Portfolio	Management Fee Waiver		Other Expense Reimbursement		Total Expense Reductions
Enhanced Dividend Global Equity	$	161,292	$	137,612	$	298,904
Tax-Advantaged Global Equity		997,064		114,810		1,111,874

F.  Line of Credit Facility — As of February 28, 2021, 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 February 28, 2021, the Portfolios did not have any borrowings under the facility.

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

G.  Other Transactions with Affiliates — The Portfolios invest primarily in Class R6 Shares of the Underlying Funds. These Underlying Funds are considered to be affiliated with the Portfolios. The tables below show the transactions in and earnings from investments in these Underlying Funds for the six months ended February 28, 2021:

Enhanced Dividend Global Equity
Underlying Funds	Beginning Value as of August 31, 2020		Purchases at Cost		Proceeds from Sales			Return of Capital on Dividends			Net Realized Gain/(Loss) from Affiliated Investment Companies			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of February 28, 2021		Shares as of February 28, 2021		Dividend Income from Affiliated Investment Companies			Capital Gain Distributions from Affiliated Investment Companies
Goldman Sachs Emerging Markets Equity Insights Fund	$	25,446,938	$	652,338	$	(7,072,708	)	$	—		$	1,994,256		$	3,397,142		$	24,417,966		1,969,191	$	308,683		$	—
Goldman Sachs Financial Square Government Fund (Institutional Shares)		514,765		80,428,595		(76,919,939	)		—			—			—			4,023,421		4,023,421		167			—
Goldman Sachs Global Infrastructure Fund		10,278,772		1,466,374		(1,815,403	)		(37,647	)		52,908			(27,857	)		9,917,147		865,371		85,919			—
Goldman Sachs Global Real Estate Securities Fund		10,759,811		552,939		(1,815,400	)		(5,015	)		(51,095	)		948,393			10,389,633		994,223		61,404			23,712
Goldman Sachs International Equity Dividend and Premium Fund		100,181,603		3,033,348		(18,653,615	)		(50,504	)		631,442			8,757,650			93,899,924		13,281,460		1,562,250			—
Goldman Sachs International Small Cap Insights Fund		16,732,048		933,800		(2,859,862	)		—			372,942			1,865,268			17,044,196		1,308,073		322,519			—
Goldman Sachs MLP Energy Infrastructure Fund		10,116,597		1,901,840		(3,205,403	)		(233,555	)		(1,314,374	)		4,097,747			11,362,852		562,796		205,475	(a)		—
Goldman Sachs Small Cap Equity Insights Fund		36,379,358		1,185,669		(10,734,063	)		—			4,169,910			7,108,274			38,109,148		1,158,685		220,186			—
Goldman Sachs Tactical Tilt Overlay Fund		42,708,276		9,423,309		(7,791,427	)		—			57,559			455,428			44,853,145		4,494,303		2,117,479			—
Goldman Sachs US Equity Dividend and Premium Fund		209,334,068		17,446,655		(39,247,248	)		(14,366	)		4,700,379			1,956,179			194,175,667		13,465,719		1,581,781			10,793,054
Total	$	462,452,236	$	117,024,867	$	(170,115,068	)	$	(341,087	)	$	10,613,927		$	28,558,224		$	448,193,099			$	6,465,863		$	10,816,766

(a) Amount includes return of capital distributions of $233,555, a portion of which represents the difference between the estimated amount related to the fiscal year ended August 31, 2020 and the final amount recorded during the period ended February 28, 2021.

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Tax-Advantaged Global Equity
Underlying Funds	Beginning Value as of August 31, 2020		Purchases at Cost		Proceeds from Sales			Return of Capital on Dividends			Net Realized Gain/(Loss) from Affiliated Investment Companies			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of February 28, 2021		Shares as of February 28, 2021		Dividend Income from Affiliated Investment Companies			Capital Gain Distributions from Affiliated Investment Companies
Goldman Sachs Emerging Markets Equity Insights Fund	$	148,158,919	$	7,886,380	$	(20,013,207	)	$	—		$	2,607,663		$	29,853,068		$	168,492,823		13,588,131	$	1,924,809		$	—
Goldman Sachs Financial Square Government Fund (Institutional Shares)		4,042,158		544,815,430		(516,927,223	)		—			—			—			31,930,365		31,930,365		1,576			—
Goldman Sachs Global Infrastructure Fund		59,940,656		11,145,936		(1,682,228	)		(219,292	)		1,541			(202,541	)		68,984,072		6,019,553		525,791			—
Goldman Sachs Global Real Estate Securities Fund		62,684,039		4,735,858		(1,682,228	)		(28,256	)		(110,133	)		5,754,223			71,353,503		6,828,086		357,102			149,649
Goldman Sachs International Small Cap Insights Fund		97,321,206		9,786,431		(2,614,517	)		—			(64,021	)		13,583,725			118,012,824		9,057,009		1,985,646			—
Goldman Sachs International Tax-Managed Equity Fund		593,013,649		34,109,275		(37,990,611	)		—			771,897			62,176,221			652,080,431		57,859,843		9,460,627			—
Goldman Sachs MLP Energy Infrastructure Fund		58,886,596		14,072,518		(10,132,228	)		(1,444,161	)		(5,347,405	)		22,363,612			78,398,932		3,883,058		1,417,505	(a)		—
Goldman Sachs Tactical Tilt Overlay Fund		248,920,435		67,004,072		(7,219,860	)		—			(119,786	)		3,447,068			312,031,929		31,265,724		13,287,029			—
Goldman Sachs US Tax-Managed Equity Fund		1,475,649,105		69,470,153		(75,111,744	)		(1,839,036	)		14,476,070			121,119,973			1,603,764,521		51,651,031		9,118,975			—
Total	$	2,748,616,763	$	763,026,053	$	(673,373,846	)	$	(3,530,745	)	$	12,215,826		$	258,095,349		$	3,105,049,400			$	38,079,060		$	149,649

(a) Amount includes return of capital distributions of $1,444,161, a portion of which represents the difference between the estimated amount related to the fiscal year ended August 31, 2020 and the final amount recorded during the period ended February 28, 2021.

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of February 28, 2021, the Portfolios were beneficial owners of 5% or more of total outstanding shares of the following Funds:

Underlying Funds	Enhanced Dividend Global Equity			Tax-Advantaged Global Equity
Goldman Sachs Emerging Markets Equity Insights Fund		—	%		9	%
Goldman Sachs Global Infrastructure Fund		5			38
Goldman Sachs Global Real Estate Securities Fund		6			40
Goldman Sachs International Equity Dividend and Premium Fund		50			—
Goldman Sachs International Tax-Managed Equity Fund		—			87
Goldman Sachs MLP Energy Infrastructure Fund		—			7
Goldman Sachs Small Cap Equity Insights Fund		7			—
Goldman Sachs Tactical Tilt Overlay Fund		—			9
Goldman Sachs U.S. Equity Dividend and Premium Fund		7			—
Goldman Sachs U.S. Tax-Managed Equity Fund		—			83

As of February 28, 2021, The Goldman Sachs Group, Inc. was the beneficial owner of the following share class of the Portfolios:

Portfolio	Class R6
Enhanced Dividend Global Equity		100	%

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2021 were as follows:

Portfolio	Purchases		Sales
Enhanced Dividend Global Equity	$	36,596,271	$	93,195,129
Tax-Advantaged Global Equity		218,210,622		180,447,423

7. TAX INFORMATION

As of the Portfolios’ most recent fiscal year end, August 31, 2020, the Portfolios’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:

	Enhanced Dividend Global Equity			Tax-Advantaged Global Equity
Capital Loss carryforwards
Perpetual Short-term	$	—		$	(771,723	)
Perpetual Long-Term		—			(1,074,750	)
Total capital loss carryforwards	$	—		$	(1,846,473	)
Timing differences (Post October Loss Deferral, Late Year Ordinary Loss Deferral)	$	(2,949,263	)	$	(28,873,902	)

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

7. TAX INFORMATION (continued)

As of February 28, 2021, the Portfolios’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Enhanced Dividend Global Equity			Tax-Advantaged Global Equity
Tax cost	$	340,477,151		$	1,952,674,060
Gross unrealized gain		134,441,304			1,156,540,108
Gross unrealized loss		(26,725,356	)		(4,164,769	)
Net unrealized gain	$	107,715,948		$	1,152,375,339

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures and net mark to market gains (loss) on foreign currency contracts.

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

8. OTHER RISKS

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

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

Dividend-Paying Investments Risk — A Portfolio’s investments in dividend-paying securities could cause a Portfolio 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. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Portfolio’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 a Portfolio to produce current income.

Energy Sector Risk — The Underlying MLP Fund concentrates its investments in the energy sector, and will therefore be susceptible to adverse economic, environmental, business, regulatory or other occurrences affecting that sector. The energy sector has historically experienced substantial price volatility. MLPs and other companies operating in the energy sector are subject to specific risks, including, among others: fluctuations in commodity prices; reduced consumer demand for commodities such as oil, natural gas or petroleum products; reduced availability of natural gas or other commodities for transporting, processing, storing or delivering; slowdowns in new construction; extreme weather or other natural disasters; and threats of attack by terrorists on energy assets. Additionally, changes in the regulatory environment for energy companies may adversely impact their profitability. Over time, depletion of natural gas reserves and other energy reserves may also affect the profitability of energy companies.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign

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8. OTHER RISKS (continued)

government regulation, less public information and less economic, political and social stability in the countries in which a Portfolio or an Underlying Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscations of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or problems with registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Portfolio or an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Portfolio or an Underlying Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, a Portfolio will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Portfolio.

Investments in the Underlying Funds — The Portfolios invest primarily in a combination of Underlying Funds, and are subject to the risk factors associated with the investments of those Underlying Funds in direct proportion to the amount of assets allocated to each. As of February 28, 2021, the Enhanced Dividend Global Equity Portfolio invested 43.3% and 20.9% of its net assets in the Goldman Sachs U.S. Equity Dividend and Premium Fund (the “U.S. Equity Dividend and Premium Fund”) and the Goldman Sachs International Equity Dividend and Premium Fund (the “International Equity Dividend and Premium Fund”), respectively. Because of the high concentration of its assets in these Underlying Funds, the Enhanced Dividend Global Equity Portfolio has greater exposure to the risks associated with these Underlying Funds than it does to the risks associated with the other Underlying Funds in which it invests. The U.S. Equity Dividend and Premium Fund invests primarily in dividend paying equity investments in large-capitalization U.S. issuers, with public stock market capitalizations within the range of the market capitalization of the S&P 500^® Index at the time of investment. This Underlying Fund expects that, under normal circumstances, it will write (sell) call options on the S&P 500^® Index or related exchange-traded funds in an amount that is between 20% and 75% of the value of its portfolio. The International Equity Dividend and Premium Fund invests primarily in dividend-paying equity investments in non-U.S. issuers with public stock market capitalizations within the range of capitalization of the Morgan Stanley Capital International (“MSCI”) Europe, Australasia, Far East (“EAFE”) Index (“MSCI EAFE Index”) at the time of investment. This Underlying Fund expects that, under normal circumstances, it will write (sell) call options on the MSCI EAFE Index, other national or regional stock market indices or related exchange-traded funds in an amount that is between 20% and 75% of the value of its portfolio.

As of February 28, 2021, the Tax-Advantaged Global Equity Portfolio invested 51.6% and 20.9% of its net assets in the Goldman Sachs U.S. Tax-Managed Equity Fund (the “U.S. Tax-Managed Equity Fund”) and the Goldman Sachs International Tax-Managed Equity Fund (the “International Tax-Managed Equity Fund”), respectively. Because of the high concentration of its assets in these Underlying Funds, the Tax-Advantaged Global Equity Portfolio has greater exposure to the risks associated with these Underlying Funds than it does to the risks associated with the other Underlying Funds in which it invests. The U.S. Tax-Managed Equity Fund invests primarily in equity investments in U.S. issuers. This Underlying Fund will seek to maintain risk, style, capitalization and industry characteristics similar to the Russell 3000 Index. The International Tax-Managed Equity Fund invests primarily in equity investments in non-U.S. issuers. This Underlying Fund will seek to maintain risk, style, capitalization and industry characteristics similar to the MSCI EAFE Index. The investment adviser may seek tax-efficiency by offsetting gains and losses, limiting portfolio turnover or selling high tax basis securities for both Underlying Funds.

The Portfolios do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Portfolios within their principal investment strategies may represent a significant portion of an Underlying Fund’s net assets.

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

31

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

8. OTHER RISKS (continued)

unexpectedly, may cause a Portfolio or an Underlying Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Portfolio’s or an Underlying Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Portfolio’s or an Underlying Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio’s or the Underlying Fund’s expense ratio. Similarly, large Portfolio or Underlying Fund share purchases may adversely affect a Portfolio’s or an Underlying Fund’s performance to the extent that the Portfolio or the Underlying Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Portfolio or an Underlying Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Portfolio or Underlying 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 Portfolio or Underlying Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Portfolio or Underlying Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Portfolio’s or Underlying 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 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 or Underlying Fund’s liquidity.

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

9. INDEMNIFICATIONS

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

10. OTHER MATTERS

On October 22, 2020, Goldman Sachs announced a settlement of matters involving 1Malaysia Development Bhd. (1MDB), a Malaysian sovereign wealth fund, with the United States Department of Justice as well as criminal and civil authorities in the UK, Singapore and Hong Kong. Further information regarding the 1MDB settlement can be found at https://www.goldmansachs.com/media-relations/press-releases/current/goldman-sachs-2020-10-22.html. The 1MDB settlement will not materially adversely affect GSAM’s ability to serve as investment manager.

32

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

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.

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Enhanced Dividend Global Equity Portfolio
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		13,502		$	170,305			37,935		$	429,619
Reinvestment of distributions		3,427			42,142			26,127			304,108
Shares redeemed		(186,242	)		(2,191,143	)		(349,960	)		(3,934,449	)
		(169,313	)		(1,978,696	)		(285,898	)		(3,200,722	)
Institutional Shares
Shares sold		87,167			1,047,488			100,714			1,172,359
Reinvestment of distributions		14,751			180,527			61,169			715,382
Shares redeemed		(785,761	)		(9,717,141	)		(678,244	)		(7,424,170	)
		(683,843	)		(8,489,126	)		(516,361	)		(5,536,429	)
Class R6 Shares
Reinvestment of distributions		13			152			42			487
		13			152			42			487
Class P Shares
Shares sold		1,606,465			20,066,645			2,177,793			25,111,874
Reinvestment of distributions		481,474			5,958,071			2,213,900			25,859,881
Shares redeemed		(6,295,427	)		(80,522,493	)		(16,881,525	)		(175,745,356	)
		(4,207,488	)		(54,497,777	)		(12,489,832	)		(124,773,601	)
NET DECREASE		(5,060,631	)	$	(64,965,447	)		(13,292,049	)	$	(133,510,265	)

33

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Tax-Advantaged Global Equity Portfolio
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		131		$	2,313			94		$	1,367
Reinvestment of distributions		232			4,264			280			4,636
Shares redeemed		(105	)		(1,961	)		(1,951	)		(29,834	)
		258			4,616			(1,577	)		(23,831	)
Institutional Shares
Shares sold		125,486			2,117,787			25,375			373,510
Reinvestment of distributions		18,178			336,299			37,605			626,183
Shares redeemed		(528,356	)		(9,243,722	)		(905,538	)		(12,132,909	)
		(384,692	)		(6,789,636	)		(842,558	)		(11,133,216	)
Class R6 Shares
Shares sold		470,969			8,072,405			—			—
Reinvestment of distributions		5,697			103,968			10			158
Shares redeemed		(2,342	)		(41,832	)		—			—
		474,324			8,134,541			10			158
Class P Shares
Shares sold		10,953,675			199,550,519			20,348,001			306,998,930
Reinvestment of distributions		1,885,862			34,416,974			2,605,468			42,818,729
Shares redeemed		(7,849,934	)		(139,806,641	)		(42,560,000	)		(624,713,368	)
		4,989,603			94,160,852			(19,606,531	)		(274,895,709	)
NET INCREASE (DECREASE)		5,079,493		$	95,510,373			(20,450,656	)	$	(286,052,598	)

34

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

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 Portfolio’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 Portfolio’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Portfolio’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 2-3, 2021, 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 period from January 1, 2020 through December 31, 2020 (the “Reporting Period”). Among other things, the annual report and related materials discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of the COVID-19 pandemic on liquidity and management of liquidity risk during the Reporting Period, including during stressed market conditions caused by the COVID-19 pandemic. The report concluded that the Program continues to be 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.

35

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Portfolio Expenses — Six Month Period Ended  February 28, 2021 (Unaudited)

As a shareholder of Class A, Institutional, Class R6 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), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A Shares); and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Institutional, Class R6 and 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 September 1, 2020 through February 28, 2021, which represents a period of 181 days of a 365 day year.

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

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

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

	Enhanced Dividend Global Equity Portfolio							Tax-Advantaged Global Equity Portfolio
Share Class	Beginning Account Value 9/01/20		Ending Account Value 2/28/21			Expenses Paid for the 6 Months Ended 2/28/21*		Beginning Account Value 9/01/20		Ending Account Value 2/28/21			Expenses Paid for the 6 Months Ended 2/28/21*
Class A
Actual	$	1,000	$	1,125.00		$	2.63	$	1,000	$	1,110.10		$	2.62
Hypothetical 5% return		1,000		1,022.32	+		2.51		1,000		1,022.32	+		2.51
Institutional
Actual		1,000		1,126.50			0.69		1,000		1,112.10			0.68
Hypothetical 5% return		1,000		1,024.15	+		0.65		1,000		1,024.15	+		0.65
Class R6
Actual		1,000		1,126.00			0.69		1,000		1,112.90			0.63
Hypothetical 5% return		1,000		1,024.15	+		0.65		1,000		1,024.20	+		0.60
Class P
Actual		1,000		1,126.10			0.63		1,000		1,112.70			0.63
Hypothetical 5% return		1,000		1,024.20	+		0.60		1,000		1,024.20	+		0.60

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

* Expenses are calculated using each Portfolio’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2021. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Portfolio	Class A			Institutional			Class R6			Class P
Enhanced Dividend Global Equity		0.50	%		0.13	%		0.13	%		0.12	%
Tax-Advantaged Global Equity		0.50			0.13			0.12			0.12

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 Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.95 trillion in assets under supervision as of December 31, 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

∎ U.S. Equity ESG Fund⁵

∎ 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 Fund

∎ Emerging Markets Equity Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

∎ 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 Fund⁶

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income 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

∎ Strategic Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

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 on business of August 30, 2020, the Goldman Sachs Blue Chip Fund was renamed the Goldman Sachs U.S. Equity ESG Fund.

⁶  Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

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

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

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

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

The Portfolios 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).

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

Goldman Sachs & Co. LLC (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

Fund holdings and allocations shown are as of February 28, 2021 and may not be representative of future investments. Portfolio holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. Diversification does not protect an investor from market risk and does not ensure a profit.

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

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

© 2021 Goldman Sachs. All rights reserved. 236968-OTU-1394673 TAGEDSAR-21

Goldman Sachs Funds

Semi-Annual Report	February 28, 2021
	Allocation Funds
	Global Managed Beta Fund
	Strategic Factor Allocation Fund
	Tactical Tilt Overlay Fund

Goldman Sachs Allocation Funds

∎ GLOBAL MANAGED BETA FUND

∎ STRATEGIC FACTOR ALLOCATION FUND

∎ TACTICAL TILT OVERLAY FUND

TABLE OF CONTENTS
Fund Basics	1
Schedule of Investments	6
Financial Statements	36
Financial Highlights	40
Global Managed Beta Fund	40
Strategic Factor Allocation Fund	41
Tactical Tilt Overlay Fund	44
Notes to Financial Statements	47
Other Information	69

NOT FDIC-INSURED May Lose Value No Bank Guarantee

FUND BASICS

Global Managed Beta Fund

as of February 28, 2021

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)1			MSCI All Country World Index Investable Market Index2
Institutional Shares		15.61	%		14.72	%

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

²  The MSCI All Country World Index Investable Market Index (Net, USD, 50% Non-US Developed Hedged to USD) captures large, mid and small cap representation across 23 developed markets and 27 emerging markets. With 8,939 constituents, the MSCI ACWI IMI is comprehensive, covering approximately 99% of the global equity investment opportunity set. As of February 28, 2021, the 23 developed markets in the MSCI ACWI IMI include Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the U.K. and the U.S. The 26 emerging markets include Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. 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.

1

FUND BASICS

FUND COMPOSITION³

³  Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Consolidated Schedule of Investments.

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.

2

FUND BASICS

Strategic Factor Allocation Fund

as of February 28, 2021

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)1			Strategic Factor Allocation Composite Index2			S&P 500® Index3			Bloomberg Barclays U.S. Aggregate Bond Index4
Institutional		3.12	%		4.12	%		9.74	%		-1.55	%
Class R6		3.14			4.12			9.74			-1.55
Class P		3.14			4.12			9.74			-1.55

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 Strategic Factor Allocation Composite Index is a blend of 50% the S&P 500^® Index and 50% the Bloomberg Barclays U.S. Aggregate Bond Index. It is not possible to invest in an unmanaged index.

³  The S&P 500^® Index is the Standard & Poor’s Composite Index of 500 stocks, an unmanaged index of common stock prices. The index figure does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

⁴  The Bloomberg Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds and mortgage-backed and asset-backed securities. The index figure does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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.

HOLDINGS AS OF 2/28/21‡
Holding	% of Net Assets			Line of Business
Goldman Sachs Financial Square Government Fund — Institutional Shares		77.1	%		Investment Companies

‡ The holdings may not be representative of the Fund’s future investments. Figures in the table above may not sum to 100% due to the exclusion of other assets and liabilities. The holdings 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

Tactical Tilt Overlay Fund

as of February 28, 2021

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)1			ICE® BofAML® U.S.  Dollar Three- Month LIBOR Constant Maturity Index2
Institutional		5.84	%		0.12	%
Class R6		5.77			0.12
Class P		5.76			0.12

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

² The ICE^® BofAML^® U.S. Dollar Three-Month LIBOR Constant Maturity Index (the “Index”) tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The Index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. The Index figure does not reflect any deductions for fees, expenses or taxes. It is not possible to invest directly in an index.

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 deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

4

FUND BASICS

FUND COMPOSITION³

³  Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent certificates of deposit and commercial paper. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. Investments in the securities lending vehicle represented 0.5% of the Fund’s net assets as of February 28, 2021. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Consolidated Schedule of Investments.

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 10.9%
Aerospace & Defense – 0.1%
	5,896	BAE Systems PLC	$	39,910
	222	Elbit Systems Ltd.		28,734
	318	General Dynamics Corp.		51,984
	171	HEICO Corp. Class A		19,795
	814	Huntington Ingalls Industries, Inc.		143,191
	643	L3Harris Technologies, Inc.		116,968
	505	Lockheed Martin Corp.		166,776
	782	Northrop Grumman Corp.		228,078
	1,270	Raytheon Technologies Corp.		91,427
	213	Safran SA*		29,035
	224	Teledyne Technologies, Inc.*		83,104
	3,850	Textron, Inc.		193,809
	297	Thales SA		28,129
	234	The Boeing Co.		49,610
				1,270,550
Air Freight & Logistics – 0.1%
	2,891	C.H. Robinson Worldwide, Inc.		262,647
	10,499	Deutsche Post AG		521,460
	506	DSV PANALPINA A/S		92,548
	1,049	Expeditors International of Washington, Inc.		96,340
	841	FedEx Corp.		214,034
	1,570	SG Holdings Co. Ltd.		36,049
	1,555	United Parcel Service, Inc. Class B		245,426
	2,164	XPO Logistics, Inc.*		252,322
	2,846	Yamato Holdings Co. Ltd.		75,103
				1,795,929
Auto Components – 0.0%
	605	Aptiv PLC		90,653
	3,965	BorgWarner, Inc.		178,425
	1,222	Bridgestone Corp.		48,274
	235	Cie Generale des Etablissements Michelin SCA		33,979
	636	Denso Corp.		38,424
	299	Koito Manufacturing Co. Ltd.		20,089
	311	Lear Corp.		51,654
	1,244	Magna International, Inc.		104,781
	735	Stanley Electric Co. Ltd.		21,928
	1,887	Sumitomo Electric Industries Ltd.		27,648
	1,259	Toyoda Gosei Co. Ltd.		32,923
	373	Toyota Industries Corp.		32,047
				680,825
Automobiles – 0.1%
	533	Bayerische Motoren Werke AG		46,056
	1,448	Daimler AG		116,079
	300	Ferrari NV		58,382
	29,715	Ford Motor Co.		347,666
	2,527	General Motors Co.		129,711
	4,700	Honda Motor Co. Ltd.		129,914
	2,501	Stellantis NV		40,538
	1,277	Tesla, Inc.*		862,613
	1,977	Toyota Motor Corp.		146,088
				1,877,047
Common Stocks – (continued)
Banks – 0.4%
	6,596	Australia & New Zealand Banking Group Ltd.	$	132,459
	4,450	Bank Hapoalim BM*		31,352
	15,743	Bank Leumi Le-Israel BM		95,484
	19,788	Bank of America Corp.		686,841
	1,831	Bank of Montreal		149,605
	391	Banque Cantonale Vaudoise		40,978
	35,149	Barclays PLC		78,443
	2,077	BNP Paribas SA*		123,472
	20,086	BOC Hong Kong Holdings Ltd.		66,736
	1,018	Canadian Imperial Bank of Commerce		93,857
	5,315	Citigroup, Inc.		350,152
	1,649	Citizens Financial Group, Inc.		71,633
	2,969	Commonwealth Bank of Australia		186,360
	3,311	Credit Agricole SA*		46,392
	1,725	Danske Bank A/S*		31,711
	2,869	DBS Group Holdings Ltd.		56,848
	2,734	DNB ASA		53,114
	2,099	Fifth Third Bancorp		72,814
	2,283	FinecoBank Banca Fineco SpA*		40,042
	398	First Republic Bank		65,571
	1,949	Hang Seng Bank Ltd.		37,642
	15,412	HSBC Holdings PLC*		92,324
	2,966	Huntington Bancshares, Inc.		45,498
	4,891	ING Groep NV		53,570
	17,150	Intesa Sanpaolo SpA*		44,093
	10,673	Israel Discount Bank Ltd. Class A		39,357
	4,046	Japan Post Bank Co. Ltd.		38,670
	9,358	JPMorgan Chase & Co.		1,377,217
	381	KBC Group NV*		27,344
	2,230	KeyCorp.		44,912
	439	M&T Bank Corp.		66,263
	3,912	Mediobanca Banca di Credito Finanziario SpA*		40,622
	21,923	Mitsubishi UFJ Financial Group, Inc.		115,308
	2,319	Mizrahi Tefahot Bank Ltd.		55,175
	3,878	Mizuho Financial Group, Inc.		57,078
	4,993	National Australia Bank Ltd.		94,803
	3,794	National Bank of Canada		238,981
	4,118	Nordea Bank Abp		37,296
	20,940	Oversea-Chinese Banking Corp. Ltd.		171,307
	1,006	Raiffeisen Bank International AG*		20,337
	2,610	Regions Financial Corp.		53,844
	7,526	Resona Holdings, Inc.		30,411
	5,754	Royal Bank of Canada		489,945
	2,594	Shinsei Bank Ltd.		37,112
	5,390	Skandinaviska Enskilda Banken AB Class A*		61,922
	4,380	Standard Chartered PLC*		28,346
	6,873	Sumitomo Mitsui Financial Group, Inc.		242,654
	1,315	Sumitomo Mitsui Trust Holdings, Inc.		43,418
	164	SVB Financial Group*		82,879

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Banks – (continued)
	4,564	Svenska Handelsbanken AB Class A*	$	48,117
	29,440	The Bank of East Asia Ltd.		69,433
	331	The Bank of Kyoto Ltd.		19,945
	2,108	The Bank of Nova Scotia		123,240
	694	The PNC Financial Services Group, Inc.		116,842
	6,279	The Toronto-Dominion Bank		380,608
	1,413	Truist Financial Corp.		80,484
	2,824	U.S. Bancorp		141,200
	3,675	United Overseas Bank Ltd.		67,488
	6,332	Wells Fargo & Co.		229,028
	4,557	Westpac Banking Corp.		83,540
				7,602,117
Beverages – 0.1%
	960	Asahi Group Holdings Ltd.		41,911
	1,475	Brown-Forman Corp. Class B		105,581
	433	Carlsberg AS Class B		67,993
	4,983	Coca-Cola Amatil Ltd.		51,448
	1,458	Coca-Cola Bottlers Japan Holdings, Inc.		25,204
	2,126	Coca-Cola European Partners PLC		108,320
	1,097	Coca-Cola HBC AG		34,400
	253	Constellation Brands, Inc. Class A		54,178
	3,438	Davide Campari-Milano NV		38,856
	2,323	Diageo PLC		91,384
	509	Heineken Holding NV		43,726
	543	Heineken NV		53,526
	2,683	Ito En Ltd.		148,421
	2,041	Keurig Dr Pepper, Inc.		62,291
	6,953	Molson Coors Beverage Co. Class B		309,061
	3,384	Monster Beverage Corp.*		296,912
	4,518	PepsiCo, Inc.		583,681
	376	Pernod Ricard SA		71,377
	191	Remy Cointreau SA		36,391
	1,619	Suntory Beverage & Food Ltd.		55,577
	6,581	The Coca-Cola Co.		322,403
				2,602,641
Biotechnology – 0.2%
	5,675	AbbVie, Inc.		611,424
	1,997	Alexion Pharmaceuticals, Inc.*		305,042
	567	Alnylam Pharmaceuticals, Inc.*		83,973
	1,515	Amgen, Inc.		340,754
	156	Argenx SE*		51,887
	1,496	Biogen, Inc.*		408,228
	474	BioMarin Pharmaceutical, Inc.*		36,702
	862	CSL Ltd.		175,675
	164	Exact Sciences Corp.*		22,324
	186	Genmab A/S*		62,382
	4,868	Gilead Sciences, Inc.		298,895
	2,486	Grifols SA		62,284
	3,263	Incyte Corp.*		256,668
	863	Ionis Pharmaceuticals, Inc.*		45,221
	604	Moderna, Inc.*		93,505
Common Stocks – (continued)
Biotechnology – (continued)
	461	Neurocrine Biosciences, Inc.*		50,484
	298	Regeneron Pharmaceuticals, Inc.*		134,270
	612	Sarepta Therapeutics, Inc.*		53,281
	1,719	Seagen, Inc.*		259,758
	1,269	Vertex Pharmaceuticals, Inc.*		269,726
				3,622,483
Building Products – 0.1%
	1,336	A.O. Smith Corp.		79,318
	1,749	Allegion PLC		190,256
	2,187	Assa Abloy AB Class B		54,860
	1,968	Carrier Global Corp.		71,891
	3,123	Cie de Saint-Gobain*		167,944
	555	Daikin Industries Ltd.		108,163
	1,121	Fortune Brands Home & Security, Inc.		93,200
	107	Geberit AG		63,085
	2,127	Johnson Controls International PLC		118,665
	529	Kingspan Group PLC*		38,456
	699	Lennox International, Inc.		195,559
	779	Lixil Corp.		21,966
	5,980	Masco Corp.		318,256
	1,502	Nibe Industrier AB Class B		47,204
	2,425	Owens Corning		196,474
	100	Rockwool International A/S Class B		36,154
	326	TOTO Ltd.		19,771
	730	Trane Technologies PLC		111,865
	25,678	Xinyi Glass Holdings Ltd.		71,848
				2,004,935
Capital Markets – 0.3%
	1,144	Ameriprise Financial, Inc.		253,099
	1,185	ASX Ltd.		61,708
	272	BlackRock, Inc.		188,904
	804	Brookfield Asset Management, Inc. Class A		32,473
	671	Cboe Global Markets, Inc.		66,402
	318	CME Group, Inc.		63,505
	3,696	Credit Suisse Group AG		53,468
	5,673	Daiwa Securities Group, Inc.		27,763
	554	Deutsche Boerse AG		90,772
	2,099	EQT AB		58,186
	850	FactSet Research Systems, Inc.		258,323
	1,041	Franklin Resources, Inc.		27,243
	8,717	Hargreaves Lansdown PLC		184,292
	4,131	Hong Kong Exchanges & Clearing Ltd.		253,986
	1,471	IGM Financial, Inc.		40,133
	1,382	Intercontinental Exchange, Inc.		152,448
	9,859	Invesco Ltd.		221,039
	2,430	Japan Exchange Group, Inc.		52,480
	1,016	KKR & Co., Inc. Class A		46,289
	1,063	London Stock Exchange Group PLC		142,845
	590	Macquarie Group Ltd.		64,583
	2,863	Magellan Financial Group Ltd.		95,660
	428	MarketAxess Holdings, Inc.		237,942

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Capital Markets – (continued)
	1,598	Moody’s Corp.	$	439,274
	5,831	Morgan Stanley		448,229
	236	MSCI, Inc.		97,827
	530	Nasdaq, Inc.		73,294
	594	Northern Trust Corp.		56,507
	160	Partners Group Holding AG		191,563
	484	Raymond James Financial, Inc.		56,502
	1,082	S&P Global, Inc.		356,367
	645	Schroders PLC		31,567
	1,766	SEI Investments Co.		98,896
	33,802	Singapore Exchange Ltd.		251,664
	1,810	St. James’s Place PLC		29,854
	1,818	State Street Corp.		132,296
	1,300	T. Rowe Price Group, Inc.		210,782
	2,889	The Bank of New York Mellon Corp.		121,800
	2,531	The Blackstone Group, Inc. Class A		175,221
	1,705	The Charles Schwab Corp.		105,233
	640	TMX Group Ltd.		61,098
	681	Tradeweb Markets, Inc. Class A		49,570
	6,478	UBS Group AG		100,787
				5,761,874
Chemicals – 0.2%
	1,010	Air Liquide SA		152,101
	382	Air Products & Chemicals, Inc.		97,647
	1,103	Akzo Nobel NV		114,061
	461	Albemarle Corp.		72,474
	1,411	Arkema SA		155,545
	773	BASF SE		63,240
	292	Celanese Corp.		40,562
	453	Chr Hansen Holding A/S*		38,844
	1,673	Corteva, Inc.		75,536
	690	Covestro AG(a)		49,960
	937	Croda International PLC		80,897
	1,346	Dow, Inc.		79,831
	2,117	DuPont de Nemours, Inc.		148,867
	1,290	Eastman Chemical Co.		140,945
	958	Ecolab, Inc.		200,567
	77	EMS-Chemie Holding AG		68,232
	268	FMC Corp.		27,253
	34	Givaudan SA		128,053
	274	International Flavors & Fragrances, Inc.		37,130
	914	Johnson Matthey PLC		39,056
	1,243	JSR Corp.		37,257
	431	Koninklijke DSM NV		71,066
	798	Linde PLC		194,927
	232	LyondellBasell Industries NV Class A		23,917
	5,794	Mitsubishi Chemical Holdings Corp.		40,517
	1,010	Mitsubishi Gas Chemical Co., Inc.		23,657
	2,131	Mitsui Chemicals, Inc.		66,014
	881	Nippon Paint Holdings Co. Ltd.		65,620
	2,221	Nippon Sanso Holdings Corp.		41,975
	771	Nitto Denko Corp.		66,180
Common Stocks – (continued)
Chemicals – (continued)
	898	Novozymes A/S Class B		55,283
	2,160	Nutrien Ltd.		116,588
	2,141	Orica Ltd.		20,762
	440	PPG Industries, Inc.		59,321
	831	RPM International, Inc.		66,181
	541	Shin-Etsu Chemical Co. Ltd.		88,667
	342	Sika AG		90,438
	312	Solvay SA		37,977
	576	Symrise AG		67,289
	2,378	Teijin Ltd.		41,026
	4,908	The Mosaic Co.		144,295
	300	The Sherwin-Williams Co.		204,102
	3,799	Toray Industries, Inc.		25,062
	349	Umicore SA		20,503
	693	Yara International ASA		33,294
				3,512,719
Commercial Services & Supplies – 0.1%
	5,689	Brambles Ltd.		43,460
	797	Cintas Corp.		258,499
	1,032	Copart, Inc.*		112,653
	1,156	Dai Nippon Printing Co. Ltd.		20,898
	1,369	GFL Environmental, Inc.		42,492
	5,644	Rentokil Initial PLC*		36,774
	861	Republic Services, Inc.		76,706
	1,058	Ritchie Bros Auctioneers, Inc.		57,739
	9,657	Rollins, Inc.		320,323
	460	Secom Co. Ltd.		40,055
	4,454	Securitas AB Class B		68,284
	796	Waste Connections, Inc.		77,761
	728	Waste Management, Inc.		80,728
				1,236,372
Communications Equipment – 0.1%
	238	Arista Networks, Inc.*		66,602
	11,477	Cisco Systems, Inc.		514,973
	1,409	F5 Networks, Inc.*		267,681
	3,543	Juniper Networks, Inc.		82,481
	508	Motorola Solutions, Inc.		89,144
	5,168	Nokia Oyj*		20,590
	6,541	Telefonaktiebolaget LM Ericsson Class B		81,736
				1,123,207
Construction & Engineering – 0.1%
	9,883	ACS Actividades de Construccion y Servicios SA		301,969
	1,919	Bouygues SA		77,689
	1,424	Eiffage SA*		146,366
	1,874	Ferrovial SA		46,509
	728	HOCHTIEF AG		65,059
	2,597	Obayashi Corp.		22,419
	6,199	Skanska AB Class B		150,000
	1,724	Vinci SA		179,296
	4,824	WSP Global, Inc.		417,807
				1,407,114

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Construction Materials – 0.0%
	1,432	CRH PLC*	$	62,165
	1,006	HeidelbergCement AG		79,568
	1,280	James Hardie Industries PLC		35,900
	1,594	LafargeHolcim Ltd.		87,936
	177	Martin Marietta Materials, Inc.		59,626
	244	Vulcan Materials Co.		40,745
				365,940
Consumer Finance – 0.0%
	4,672	Ally Financial, Inc.		193,888
	1,466	American Express Co.		198,291
	165	Capital One Financial Corp.		19,831
	1,855	Discover Financial Services		174,500
	1	Isracard Ltd.		3
	5,706	Synchrony Financial		220,708
				807,221
Containers & Packaging – 0.1%
	2,459	Amcor PLC		26,902
	402	Avery Dennison Corp.		70,434
	768	Ball Corp.		65,580
	792	CCL Industries, Inc. Class B		41,716
	919	Crown Holdings, Inc.*		87,820
	2,189	International Paper Co.		108,684
	222	Packaging Corp. of America		29,308
	476	Sealed Air Corp.		19,944
	4,627	Smurfit Kappa Group PLC		218,619
	3,410	Westrock Co.		148,642
				817,649
Distributors – 0.0%
	1,869	Genuine Parts Co.		196,899
	6,659	LKQ Corp.*		262,298
	686	Pool Corp.		229,652
				688,849
Diversified Financial Services – 0.1%
	2,417	Berkshire Hathaway, Inc. Class B*		581,313
	342	Groupe Bruxelles Lambert SA		33,829
	589	Industrivarden AB Class A*		20,929
	2,453	Industrivarden AB Class C*		80,962
	1,702	Investor AB Class B		125,741
	2,216	Kinnevik AB Class B		102,830
	1,234	L E Lundbergforetagen AB Class B*		61,374
	13,335	M&G PLC		34,346
	4,094	ORIX Corp.		69,855
	186	Sofina SA		61,478
	1,033	Tokyo Century Corp.		67,953
	1,647	Voya Financial, Inc.		99,281
	189	Wendel SE		21,562
				1,361,453
Diversified Telecommunication Services – 0.2%
	20,535	AT&T, Inc.		572,721
	1,043	BCE, Inc.		44,610
	1,059	Cellnex Telecom SA(a)		57,620
Common Stocks – (continued)
Diversified Telecommunication Services – (continued)
	10,347	Deutsche Telekom AG		188,216
	848	Elisa Oyj		50,705
	37,703	HKT Trust and HKT Ltd.		51,246
	308	Iliad SA		54,663
	4,721	Infrastrutture Wireless Italiane SpA(a)		49,148
	11,358	Koninklijke KPN NV		37,226
	7,153	Liberty Global PLC Class A*		176,143
	8,081	Liberty Global PLC Class C*		196,368
	17,204	Lumen Technologies, Inc.		211,437
	10,490	Nippon Telegraph & Telephone Corp.		271,744
	3,682	Orange SA		42,423
	64,218	PCCW Ltd.		36,830
	15,280	Singapore Telecommunications Ltd.		26,905
	14,275	Spark New Zealand Ltd.		47,341
	153	Swisscom AG		76,856
	86,846	Telecom Italia SpA		41,236
	78,061	Telecom Italia SpA RSP		41,849
	8,726	Telefonica SA		37,253
	3,393	Telenor ASA		54,844
	8,289	Telia Co. AB		33,577
	16,665	Telstra Corp. Ltd.		39,653
	2,320	TELUS Corp.		46,488
	14,582	TPG Telecom Ltd.*		77,144
	960	United Internet AG		42,290
	10,412	Verizon Communications, Inc.		575,784
				3,182,320
Electric Utilities – 0.2%
	986	Alliant Energy Corp.		45,514
	926	American Electric Power Co., Inc.		69,311
	38,024	AusNet Services		48,549
	3,420	CLP Holdings Ltd.		33,389
	959	Duke Energy Corp.		82,081
	438	Edison International		23,648
	24,944	EDP – Energias de Portugal SA		142,972
	285	Elia Group SA		30,729
	930	Emera, Inc.		36,642
	2,652	Endesa SA		65,532
	21,218	Enel SpA		200,062
	357	Entergy Corp.		30,991
	743	Evergy, Inc.		39,847
	578	Eversource Energy		45,939
	2,468	Exelon Corp.		95,265
	1,038	Fortis, Inc.		39,967
	1,136	Fortum Oyj		28,303
	32,706	HK Electric Investments & HK Electric Investments Ltd.		32,033
	2,473	Hydro One Ltd.(a)		52,507
	13,369	Iberdrola SA		167,539
	3,280	Kyushu Electric Power Co., Inc.		28,183
	11,187	Mercury NZ Ltd.		48,842
	4,096	NextEra Energy, Inc.		300,974
	8,570	NRG Energy, Inc.		312,891
	1,220	OGE Energy Corp.		35,709

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Electric Utilities – (continued)
	911	Orsted A/S(a)	$	146,832
	1,948	PG&E Corp.*		20,473
	478	Pinnacle West Capital Corp.		33,427
	3,998	Power Assets Holdings Ltd.		22,185
	1,331	PPL Corp.		34,859
	2,047	Red Electrica Corp. SA		34,198
	1,906	SSE PLC		35,326
	8,823	Terna Rete Elettrica Nazionale SpA		61,206
	2,899	The Chugoku Electric Power Co., Inc.		34,575
	2,027	The Kansai Electric Power Co., Inc.		20,257
	995	The Southern Co.		56,436
	2,586	Tohoku Electric Power Co., Inc.		22,779
	619	Verbund AG		47,055
	1,097	Xcel Energy, Inc.		64,273
				2,671,300
Electrical Equipment – 0.1%
	3,348	ABB Ltd.		96,387
	823	AMETEK, Inc.		97,089
	2,070	Ballard Power Systems, Inc.*		57,906
	1,115	Eaton Corp. PLC		145,162
	899	Emerson Electric Co.		77,224
	312	Generac Holdings, Inc.*		102,823
	726	Legrand SA		63,118
	2,971	Mitsubishi Electric Corp.		43,997
	837	Nidec Corp.		106,730
	1,957	Plug Power, Inc.*		94,680
	1,101	Prysmian SpA		35,365
	642	Rockwell Automation, Inc.		156,186
	1,076	Schneider Electric SE		159,113
	1,259	Sensata Technologies Holding PLC*		72,128
	713	Siemens Energy AG*		26,883
	1,624	Siemens Gamesa Renewable Energy SA		60,240
	1,334	Sunrun, Inc.*		83,482
	541	Vestas Wind Systems A/S		101,451
				1,579,964
Electronic Equipment, Instruments & Components – 0.2%
	1,117	Amphenol Corp. Class A		140,385
	3,244	Arrow Electronics, Inc.*		325,243
	1,258	Azbil Corp.		53,524
	2,651	CDW Corp.		415,915
	923	Cognex Corp.		76,231
	2,408	Corning, Inc.		92,082
	3,419	Halma PLC		108,236
	569	Hamamatsu Photonics KK		33,600
	615	Hexagon AB Class B		51,153
	200	Hirose Electric Co. Ltd.		29,318
	3,116	Hitachi Ltd.		143,718
	807	Ibiden Co. Ltd.		32,967
	292	IPG Photonics Corp.*		66,386
	342	Keyence Corp.		163,086
	1,580	Keysight Technologies, Inc.*		223,602
	634	Kyocera Corp.		41,037
Common Stocks – (continued)
Electronic Equipment, Instruments & Components – (continued)
	1,314	Murata Manufacturing Co. Ltd.		112,642
	994	Omron Corp.		80,648
	539	Shimadzu Corp.		19,558
	253	TDK Corp.		36,436
	970	TE Connectivity Ltd.		126,129
	967	Trimble, Inc.*		71,693
	2,472	Venture Corp. Ltd.		35,275
	481	Zebra Technologies Corp. Class A*		240,226
				2,719,090
Energy Equipment & Services – 0.0%
	6,825	Baker Hughes Co.		167,076
	5,726	Halliburton Co.		124,999
	2,574	Schlumberger N.V		71,840
	8,048	Tenaris SA		84,043
				447,958
Entertainment – 0.1%
	2,276	Activision Blizzard, Inc.		217,608
	32,886	Bollore SA		157,637
	1,535	Capcom Co. Ltd.		93,163
	1,247	Electronic Arts, Inc.		167,061
	717	Koei Tecmo Holdings Co. Ltd.		40,280
	307	Konami Holdings Corp.		19,822
	970	Liberty Media Corp.-Liberty Formula One Class C*		42,583
	461	Live Nation Entertainment, Inc.*		40,965
	797	Netflix, Inc.*		429,464
	1,675	Nexon Co. Ltd.		52,740
	214	Nintendo Co. Ltd.		130,877
	828	Roku, Inc.*		327,457
	1,122	Square Enix Holdings Co. Ltd.		63,695
	758	Take-Two Interactive Software, Inc.*		139,821
	2,535	The Walt Disney Co.*		479,216
	834	Toho Co. Ltd.		31,482
	1,312	Ubisoft Entertainment SA*		106,969
	2,042	Vivendi SA		70,678
				2,611,518
Equity Real Estate Investment Trusts (REITs) – 0.1%
	694	Alexandria Real Estate Equities, Inc.		110,825
	382	American Tower Corp.		82,562
	10,532	Ascendas Real Estate Investment Trust		23,036
	194	AvalonBay Communities, Inc.		34,096
	629	Boston Properties, Inc.		62,353
	1,496	Camden Property Trust		155,808
	814	Canadian Apartment Properties REIT		32,647
	466	Crown Castle International Corp.		72,579
	4,704	Dexus		32,269
	1,606	Digital Realty Trust, Inc.		216,376
	882	Duke Realty Corp.		34,618
	199	Equinix, Inc.		129,020
	487	Equity LifeStyle Properties, Inc.		30,024

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	484	Equity Residential	$	31,658
	99	Essex Property Trust, Inc.		25,224
	525	Extra Space Storage, Inc.		65,992
	6,503	Goodman Group		83,108
	1,001	Invitation Homes, Inc.		29,169
	736	Iron Mountain, Inc.		25,605
	3,020	Link REIT		28,507
	23,558	Mapletree Logistics Trust		32,503
	773	Mid-America Apartment Communities, Inc.		104,146
	21	Nippon Prologis REIT, Inc.		64,050
	1,532	Prologis, Inc.		151,775
	309	Public Storage		72,287
	955	Regency Centers Corp.		52,315
	222	SBA Communications Corp.		56,639
	5,894	Segro PLC		74,821
	10,224	Stockland		32,668
	764	Sun Communities, Inc.		116,090
	528	UDR, Inc.		21,738
	1,171	Ventas, Inc.		61,946
	4,756	VICI Properties, Inc.		135,546
	901	Weyerhaeuser Co.		30,517
				2,312,517
Food & Staples Retailing – 0.3%
	2,009	Aeon Co. Ltd.		60,665
	3,664	Alimentation Couche-Tard, Inc. Class B		110,127
	7,061	Carrefour SA		123,203
	16,643	Coles Group Ltd.		197,040
	392	Cosmos Pharmaceutical Corp.		56,104
	1,523	Costco Wholesale Corp.		504,113
	11,664	Empire Co. Ltd. Class A		324,183
	892	Etablissements Franz Colruyt NV		53,435
	1,837	George Weston Ltd.		134,924
	1,271	ICA Gruppen AB		60,314
	58,395	J Sainsbury PLC		184,820
	12,025	Jeronimo Martins SGPS SA		186,117
	2,127	Kesko Oyj Class B		54,120
	1,322	Kobe Bussan Co. Ltd.		33,970
	15,057	Koninklijke Ahold Delhaize NV		397,576
	1,322	Lawson, Inc.		61,911
	3,630	Loblaw Cos. Ltd.		174,939
	1,273	Metro, Inc.		52,917
	2,493	Seven & i Holdings Co. Ltd.		95,019
	3,456	Sundrug Co. Ltd.		129,957
	3,575	Sysco Corp.		284,677
	28,346	Tesco PLC		89,095
	13,425	The Kroger Co.		432,419
	1,474	Tsuruha Holdings, Inc.		189,783
	4,897	Walgreens Boots Alliance, Inc.		234,713
	6,579	Walmart, Inc.		854,744
	5,988	Welcia Holdings Co. Ltd.		190,814
	19,974	Wm Morrison Supermarkets PLC		47,700
	9,350	Woolworths Group Ltd.		285,147
				5,604,546
Common Stocks – (continued)
Food Products – 0.2%
	4,941	Ajinomoto Co., Inc.		98,450
	1,549	Archer-Daniels-Midland Co.		87,642
	4,535	Associated British Foods PLC*		150,392
	16	Barry Callebaut AG		34,612
	793	Bunge Ltd.		60,728
	2,487	Calbee, Inc.		65,490
	1,425	Campbell Soup Co.		64,809
	6	Chocoladefabriken Lindt & Spruengli AG		130,339
	5,477	Conagra Brands, Inc.		185,835
	3,958	Danone SA		269,148
	4,015	General Mills, Inc.		220,865
	1,685	Hormel Foods Corp.		78,133
	518	JDE Peet’s NV*		20,972
	1,263	Kellogg Co.		72,888
	334	Kerry Group PLC Class A		40,187
	531	Kikkoman Corp.		35,225
	361	Lamb Weston Holdings, Inc.		28,797
	1,304	McCormick & Co., Inc.		109,901
	646	MEIJI Holdings Co. Ltd.		41,096
	2,812	Mondelez International, Inc. Class A		149,486
	1,277	Mowi ASA		30,840
	7,464	Nestle SA		779,007
	396	Nissin Foods Holdings Co. Ltd.		29,925
	4,833	Orkla ASA		44,514
	1,585	Saputo, Inc.		44,638
	3,611	The a2 Milk Co. Ltd.*		25,397
	1,467	The Hershey Co.		213,669
	1,505	The J.M. Smucker Co.		168,560
	5,809	The Kraft Heinz Co.		211,331
	628	Toyo Suisan Kaisha Ltd.		26,735
	2,956	Tyson Foods, Inc. Class A		200,033
	71,609	WH Group Ltd.(a)		64,227
	28,291	Wilmar International Ltd.		111,385
	7,214	Yamazaki Baking Co. Ltd.		121,649
				4,016,905
Gas Utilities – 0.0%
	2,083	AltaGas Ltd.		31,574
	5,526	APA Group		39,666
	423	Atmos Energy Corp.		35,790
	1,419	Enagas SA		29,722
	21,641	Hong Kong & China Gas Co. Ltd.		32,660
	1,616	Naturgy Energy Group SA		40,247
	1,345	Osaka Gas Co. Ltd.		24,089
	17,060	Snam SpA		88,312
	535	Toho Gas Co. Ltd.		31,384
	1,079	Tokyo Gas Co. Ltd.		22,296
	5,044	UGI Corp.		193,236
				568,976
Health Care Equipment & Supplies – 0.4%
	3,321	Abbott Laboratories		397,789
	945	ABIOMED, Inc.*		306,700
	637	Alcon, Inc.*		43,871
	689	Align Technology, Inc.*		390,739

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Health Care Equipment & Supplies – (continued)
	1,058	Ambu A/S Class B	$	48,757
	1,170	Asahi Intecc Co. Ltd.		33,600
	1,581	Baxter International, Inc.		122,828
	562	Becton Dickinson & Co.		135,526
	1,057	BioMerieux		134,164
	2,004	Boston Scientific Corp.*		77,715
	311	Carl Zeiss Meditec AG		46,720
	1,085	Cochlear Ltd.		177,026
	904	Coloplast A/S Class B		137,700
	1,470	Danaher Corp.		322,915
	884	DENTSPLY SIRONA, Inc.		46,914
	362	DexCom, Inc.*		143,996
	934	DiaSorin SpA		183,107
	3,378	Edwards Lifesciences Corp.*		280,712
	2,547	Fisher & Paykel Healthcare Corp. Ltd.		54,161
	440	GN Store Nord A/S		36,874
	1,754	Hologic, Inc.*		126,446
	2,216	Hoya Corp.		252,019
	1,031	IDEXX Laboratories, Inc.*		536,295
	674	Insulet Corp.*		174,633
	232	Intuitive Surgical, Inc.*		170,938
	2,907	Koninklijke Philips NV*		158,714
	683	Masimo Corp.*		171,249
	1,250	Medtronic PLC		146,212
	1,735	Novocure Ltd.*		258,688
	10,304	Olympus Corp.		217,102
	1,448	ResMed, Inc.		279,145
	803	Siemens Healthineers AG(a)		44,499
	6,236	Smith & Nephew PLC		121,110
	321	Sonova Holding AG*		82,149
	433	STERIS PLC		75,688
	125	Straumann Holding AG		150,958
	679	Stryker Corp.		164,787
	775	Sysmex Corp.		80,691
	144	Teleflex, Inc.		57,329
	1,202	Terumo Corp.		44,715
	238	The Cooper Cos., Inc.		91,899
	951	Varian Medical Systems, Inc.*		166,682
	492	West Pharmaceutical Services, Inc.		138,080
	332	Zimmer Biomet Holdings, Inc.		54,136
				6,885,978
Health Care Providers & Services – 0.3%
	1,678	AmerisourceBergen Corp.		169,847
	733	Amplifon SpA*		29,157
	723	Anthem, Inc.		219,206
	3,515	Cardinal Health, Inc.		181,093
	2,915	Centene Corp.*		170,644
	1,735	Cigna Corp.		364,177
	6,115	CVS Health Corp.		416,615
	2,262	DaVita, Inc.*		231,018
	1,392	Fresenius Medical Care AG & Co. KGaA		96,372
	2,336	Fresenius SE & Co. KGaA		100,081
	1,310	HCA Healthcare, Inc.		225,359
Common Stocks – (continued)
Health Care Providers & Services – (continued)
	3,162	Henry Schein, Inc.*		195,570
	570	Humana, Inc.		216,401
	1,455	Laboratory Corp. of America Holdings*		349,069
	1,470	McKesson Corp.		249,194
	3,205	Medipal Holdings Corp.		63,672
	358	Molina Healthcare, Inc.*		77,600
	1,559	Quest Diagnostics, Inc.		180,205
	2,188	Sonic Healthcare Ltd.		53,644
	2,952	UnitedHealth Group, Inc.		980,714
	1,164	Universal Health Services, Inc. Class B		145,884
				4,715,522
Health Care Technology – 0.0%
	3,888	Cerner Corp.		268,816
	1,242	M3, Inc.		98,711
	417	Teladoc Health, Inc.*		92,195
	969	Veeva Systems, Inc. Class A*		271,427
				731,149
Hotels, Restaurants & Leisure – 0.1%
	823	Accor SA*		34,346
	5,147	Aramark		191,057
	1,836	Aristocrat Leisure Ltd.		42,950
	80	Chipotle Mexican Grill, Inc.*		115,360
	297	Darden Restaurants, Inc.		40,787
	902	Domino’s Pizza, Inc.		312,552
	7,042	Entain PLC*		139,313
	1,040	Evolution Gaming Group AB(a)		129,682	��
	382	Flutter Entertainment PLC*		73,173
	919	Hilton Worldwide Holdings, Inc.		113,662
	6,142	La Francaise des Jeux SAEM(a)		277,248
	337	Las Vegas Sands Corp.		21,096
	740	Marriott International, Inc. Class A		109,572
	1,278	McDonald’s Corp.		263,447
	779	McDonald’s Holdings Co. Japan Ltd.		38,707
	1,751	MGM Resorts International		66,170
	303	Oriental Land Co. Ltd.		51,020
	1,499	Starbucks Corp.		161,937
	85	Vail Resorts, Inc.		26,280
	2,750	Yum! Brands, Inc.		284,708
				2,493,067
Household Durables – 0.1%
	8,407	Barratt Developments PLC*		78,129
	582	Berkeley Group Holdings PLC		32,974
	1,106	D.R. Horton, Inc.		85,018
	3,672	Electrolux AB Class B		86,691
	715	Garmin Ltd.		88,674
	8,590	Husqvarna AB Class B		105,055
	1,993	Iida Group Holdings Co. Ltd.		45,341
	1,969	Lennar Corp. Class A		163,368
	1,402	Mohawk Industries, Inc.*		245,336
	5,046	Newell Brands, Inc.		116,916

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Household Durables – (continued)
	25	NVR, Inc.*	$	112,521
	2,890	Panasonic Corp.		37,362
	1,944	PulteGroup, Inc.		87,694
	247	Rinnai Corp.		25,049
	1,867	SEB SA		335,380
	3,934	Sekisui House Ltd.		74,229
	1,095	Sharp Corp.		20,813
	2,749	Sony Corp.		290,298
	255	Whirlpool Corp.		48,471
				2,079,319
Household Products – 0.1%
	1,266	Church & Dwight Co., Inc.		99,697
	5,593	Colgate-Palmolive Co.		420,594
	1,664	Essity AB Class B		49,998
	1,180	Henkel AG & Co. KGaA		110,609
	1,819	Kimberly-Clark Corp.		233,432
	2,631	Lion Corp.		50,500
	2,511	Pigeon Corp.		90,930
	1,594	Reckitt Benckiser Group PLC		133,706
	1,775	The Clorox Co.		321,364
	5,715	The Procter & Gamble Co.		705,974
	1,362	Unicharm Corp.		53,960
				2,270,764
Independent Power and Renewable Electricity Producers – 0.0%
	15,841	Meridian Energy Ltd.		65,213
	1,643	Northland Power, Inc.		54,547
	3,473	The AES Corp.		92,243
	3,652	Uniper SE		127,647
	17,160	Vistra Corp.		296,010
				635,660
Industrial Conglomerates – 0.1%
	1,237	3M Co.		216,549
	21,501	CK Hutchison Holdings Ltd.		162,255
	253	DCC PLC		20,437
	6,795	General Electric Co.		85,209
	670	Honeywell International, Inc.		135,575
	2,127	Investment AB Latour Class B		48,339
	1,385	Jardine Matheson Holdings Ltd.		72,201
	550	Keihan Holdings Co. Ltd.		24,796
	226	Roper Technologies, Inc.		85,342
	1,427	Siemens AG		220,844
				1,071,547
Insurance – 0.4%
	8,122	Admiral Group PLC		351,474
	4,284	Aegon NV		20,532
	2,561	Aflac, Inc.		122,646
	1,306	Ageas SA		73,204
	19,958	AIA Group Ltd.		251,699
	43	Alleghany Corp.		27,797
	1,201	Allianz SE		289,873
	1,395	Aon PLC Class A		317,655
	3,046	Arch Capital Group Ltd.*		109,108
Common Stocks – (continued)
Insurance – (continued)
	1,384	Arthur J. Gallagher & Co.		165,803
	7,809	Assicurazioni Generali SpA*		146,441
	525	Assurant, Inc.		64,691
	2,337	Athene Holding Ltd. Class A*		106,544
	20,657	Aviva PLC		104,657
	4,282	AXA SA		107,685
	475	Baloise Holding AG		83,079
	1,980	Brown & Brown, Inc.		90,882
	930	Chubb Ltd.		151,199
	290	Cincinnati Financial Corp.		28,382
	3,785	CNP Assurances*		68,112
	2,060	Dai-ichi Life Holdings, Inc.		36,613
	22,196	Direct Line Insurance Group PLC		99,229
	653	Erie Indemnity Co. Class A		158,091
	237	Everest Re Group Ltd.		57,309
	103	Fairfax Financial Holdings Ltd.		41,958
	1,837	Fidelity National Financial, Inc.		70,320
	4,939	Gjensidige Forsikring ASA		113,281
	828	Globe Life, Inc.		77,335
	4,402	Great-West Lifeco, Inc.		112,662
	548	Hannover Rueck SE		92,785
	4,252	iA Financial Corp., Inc.		218,481
	7,993	Insurance Australia Group Ltd.		30,683
	739	Intact Financial Corp.		82,599
	7,225	Japan Post Holdings Co. Ltd.		62,100
	23,802	Legal & General Group PLC		86,549
	2,384	Lincoln National Corp.		135,578
	5,208	Manulife Financial Corp.		103,824
	28	Markel Corp.*		30,486
	1,679	Marsh & McLennan Cos., Inc.		193,454
	12,505	Medibank Pvt. Ltd.		26,689
	3,727	MetLife, Inc.		214,675
	1,397	MS&AD Insurance Group Holdings, Inc.		39,653
	371	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		109,132
	2,321	NN Group NV		107,169
	6,961	Poste Italiane SpA(a)		78,864
	8,464	Power Corp. of Canada		204,051
	1,436	Principal Financial Group, Inc.		81,249
	643	Reinsurance Group of America, Inc.		78,594
	252	RenaissanceRe Holdings Ltd.		42,079
	5,437	RSA Insurance Group PLC		51,330
	970	SCOR SE*		32,181
	878	Sompo Holdings, Inc.		33,791
	1,730	Sun Life Financial, Inc.		83,251
	11,150	Suncorp Group Ltd.		85,424
	352	Swiss Life Holding AG		174,957
	267	Swiss Re AG		25,084
	2,559	The Allstate Corp.		272,789
	1,442	The Hartford Financial Services Group, Inc.		73,095
	2,562	The Progressive Corp.		220,204
	878	The Travelers Cos., Inc.		127,749
	1,160	Tokio Marine Holdings, Inc.		57,627
	1,146	Tryg A/S		35,988

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Insurance – (continued)
	494	W.R. Berkley Corp.	$	34,249
	592	Willis Towers Watson PLC		130,619
	380	Zurich Insurance Group AG		155,120
				7,060,413
Interactive Media & Services – 0.4%
	2,697	Adevinta ASA*		37,534
	808	Alphabet, Inc. Class A*		1,633,703
	877	Alphabet, Inc. Class C*		1,786,326
	34,991	Auto Trader Group PLC(a)		269,031
	7,528	Facebook, Inc. Class A*		1,939,363
	353	InterActiveCorp.*		86,425
	6,309	Kakaku.com, Inc.		200,996
	2,317	Match Group, Inc.*		354,153
	2,339	Pinterest, Inc. Class A*		188,477
	1,110	REA Group Ltd.		117,301
	849	Scout24 AG(a)		64,040
	1,680	SEEK Ltd.		33,233
	2,631	Snap, Inc. Class A*		172,751
	2,144	Twitter, Inc.*		165,217
	9,699	Z Holdings Corp.		59,215
	408	Zillow Group, Inc. Class A*		69,287
	656	Zillow Group, Inc. Class C*		105,832
				7,282,884
Internet & Direct Marketing Retail – 0.4%
	1,389	Amazon.com, Inc.*		4,296,080
	106	Booking Holdings, Inc.*		246,822
	842	Chewy, Inc. Class A*		85,513
	460	Delivery Hero SE*(a)		58,779
	5,246	eBay, Inc.		295,979
	459	Etsy, Inc.*		101,104
	456	Expedia Group, Inc.		73,416
	2,786	HelloFresh SE*		216,459
	231	Just Eat Takeaway.com NV*(a)		22,228
	105	MercadoLibre, Inc.*		172,002
	796	Mercari, Inc.*		38,298
	3,637	Ocado Group PLC*		111,741
	1,039	Prosus NV		123,866
	9,073	Rakuten, Inc.		101,979
	1,794	Wayfair, Inc. Class A*		518,430
	3,533	Zalando SE*(a)		363,218
	7,864	ZOZO, Inc.		246,782
				7,072,696
IT Services – 0.5%
	2,719	Accenture PLC Class A		682,197
	50	Adyen NV*(a)		116,669
	669	Afterpay Ltd.*		61,109
	897	Akamai Technologies, Inc.*		84,766
	3,368	Atos SE*		263,241
	810	Automatic Data Processing, Inc.		140,956
	169	Bechtle AG		31,823
	1,650	Black Knight, Inc.*		126,538
	619	Broadridge Financial Solutions, Inc.		88,201
	976	Capgemini SE		156,746
Common Stocks – (continued)
IT Services – (continued)
	2,194	CGI, Inc.*		163,783
	4,893	Cognizant Technology Solutions Corp. Class A		359,538
	654	Edenred		36,246
	373	EPAM Systems, Inc.*		139,357
	2,163	Fidelity National Information Services, Inc.		298,494
	2,392	Fiserv, Inc.*		275,965
	563	FleetCor Technologies, Inc.*		156,126
	745	Fujitsu Ltd.		108,083
	1,166	Gartner, Inc.*		208,761
	1,030	Global Payments, Inc.		203,930
	323	GMO Payment Gateway, Inc.		42,751
	859	GoDaddy, Inc. Class A*		69,682
	4,016	International Business Machines Corp.		477,623
	1,107	Itochu Techno-Solutions Corp.		34,025
	493	Jack Henry & Associates, Inc.		73,181
	2,170	Mastercard, Inc. Class A		767,854
	277	MongoDB, Inc.*		106,903
	1,731	NEC Corp.		94,684
	1,492	Nomura Research Institute Ltd.		46,291
	2,940	NTT Data Corp.		45,134
	376	Obic Co. Ltd.		63,340
	496	Okta, Inc.*		129,679
	522	Otsuka Corp.		24,249
	1,624	Paychex, Inc.		147,898
	2,155	PayPal Holdings, Inc.*		559,977
	235	Shopify, Inc. Class A*		304,457
	445	Snowflake, Inc. Class A*		115,495
	846	Square, Inc. Class A*		194,605
	8,664	The Western Union Co.		201,178
	356	Twilio, Inc. Class A*		139,865
	1,099	VeriSign, Inc.*		213,239
	3,198	Visa, Inc. Class A		679,223
	994	Wix.com Ltd.*		346,479
				8,580,341
Leisure Products – 0.0%
	712	Bandai Namco Holdings, Inc.		54,462
	294	Hasbro, Inc.		27,551
	639	Peloton Interactive, Inc. Class A*		76,980
	1,326	Sega Sammy Holdings, Inc.		22,359
	170	Shimano, Inc.		37,965
				219,317
Life Sciences Tools & Services – 0.1%
	442	10X Genomics, Inc. Class A*		78,672
	1,359	Agilent Technologies, Inc.		165,893
	191	Bio-Rad Laboratories, Inc. Class A*		111,640
	623	Eurofins Scientific SE*		55,301
	376	Illumina, Inc.*		165,218
	512	IQVIA Holdings, Inc.*		98,708
	248	Lonza Group AG		156,425
	367	Mettler-Toledo International, Inc.*		409,590
	865	PerkinElmer, Inc.		109,068

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Life Sciences Tools & Services – (continued)
	914	PPD, Inc.*	$	32,045
	1,504	QIAGEN NV*		74,401
	488	Sartorius Stedim Biotech		213,144
	909	Thermo Fisher Scientific, Inc.		409,123
	844	Waters Corp.*		231,155
				2,310,383
Machinery – 0.2%
	836	Alstom SA*		41,670
	1,301	Atlas Copco AB Class A		74,249
	1,042	Atlas Copco AB Class B		50,490
	984	Caterpillar, Inc.		212,426
	2,703	CNH Industrial NV*		39,898
	1,232	Cummins, Inc.		311,942
	502	Daifuku Co. Ltd.		48,212
	716	Deere & Co.		249,970
	779	Dover Corp.		96,020
	1,450	Epiroc AB Class A		30,731
	1,494	Epiroc AB Class B		29,364
	231	FANUC Corp.		57,729
	640	Fortive Corp.		42,125
	987	GEA Group AG		34,173
	474	Harmonic Drive Systems, Inc.		36,540
	289	IDEX Corp.		56,404
	874	Illinois Tool Works, Inc.		176,705
	644	Ingersoll Rand, Inc.*		29,843
	866	KION Group AG		73,174
	741	Knorr-Bremse AG		94,358
	1,111	Komatsu Ltd.		33,353
	1,042	Kone Oyj Class B		83,166
	2,478	Kubota Corp.		56,215
	502	Kurita Water Industries Ltd.		20,394
	2,964	MISUMI Group, Inc.		90,875
	787	Miura Co. Ltd.		40,944
	706	Nabtesco Corp.		30,126
	224	Nordson Corp.		43,100
	984	Otis Worldwide Corp.		62,691
	959	PACCAR, Inc.		87,259
	1,060	Parker-Hannifin Corp.		304,178
	597	Pentair PLC		33,390
	37	Rational AG		31,651
	1,093	Sandvik AB*		29,353
	407	Schindler Holding AG		109,810
	2,492	SKF AB Class B		67,898
	110	SMC Corp.		65,236
	1,517	Snap-on, Inc.		308,118
	439	Spirax-Sarco Engineering PLC		65,792
	433	Stanley Black & Decker, Inc.		75,706
	11,959	Techtronic Industries Co. Ltd.		182,015
	1,571	Volvo AB Class B*		40,218
	1,164	Westinghouse Air Brake Technologies Corp.		84,309
	397	Xylem, Inc.		39,525
	800	Yaskawa Electric Corp.		40,250
				3,811,595
Common Stocks – (continued)
Marine – 0.0%
	129	AP Moller – Maersk A/S Class A		257,750
	122	AP Moller – Maersk A/S Class B		260,922
	1,108	Kuehne & Nagel International AG		262,918
	710	Nippon Yusen KK		20,537
				802,127
Media – 0.3%
	45	Cable One, Inc.		86,168
	421	Charter Communications, Inc. Class A*		258,250
	13,055	Comcast Corp. Class A		688,259
	5,070	CyberAgent, Inc.		306,186
	2,749	Dentsu Group, Inc.		95,992
	7,658	Discovery, Inc. Class A*		406,104
	9,343	Discovery, Inc. Class C*		420,435
	6,246	Fox Corp. Class A		208,054
	6,058	Fox Corp. Class B		193,432
	2,474	Hakuhodo DY Holdings, Inc.		41,087
	744	Liberty Broadband Corp. Class A*		108,148
	857	Liberty Broadband Corp. Class C*		128,130
	4,541	Liberty Media Corp.-Liberty SiriusXM Class A*		201,666
	4,473	Liberty Media Corp.-Liberty SiriusXM Class C*		197,349
	11,532	News Corp. Class A		270,425
	2,338	Omnicom Group, Inc.		160,691
	1,940	Pearson PLC		20,439
	1,763	Publicis Groupe SA		103,667
	1,596	Quebecor, Inc. Class B		41,261
	871	Schibsted ASA Class A*		35,102
	2,073	Schibsted ASA Class B*		71,086
	5,071	SES SA		40,526
	1,717	Shaw Communications, Inc. Class B		29,885
	11,214	Sirius XM Holdings, Inc.		65,602
	6,456	The Interpublic Group of Cos., Inc.		168,631
	4,879	ViacomCBS, Inc. Class B		314,647
	8,405	WPP PLC		100,519
				4,761,741
Metals & Mining – 0.2%
	749	Agnico Eagle Mines Ltd.		41,811
	1,452	Anglo American PLC		56,339
	1,597	Antofagasta PLC		39,858
	11,926	ArcelorMittal SA*		278,488
	11,499	B2Gold Corp.		50,059
	4,303	Barrick Gold Corp.		80,305
	4,800	BHP Group Ltd.		181,442
	3,782	BHP Group PLC		120,118
	14,188	BlueScope Steel Ltd.		181,197
	603	Boliden AB		23,881
	8,534	Evolution Mining Ltd.		27,305
	18,176	Evraz PLC		145,917
	1,666	First Quantum Minerals Ltd.		35,909
	8,573	Fortescue Metals Group Ltd.		158,327
	637	Franco-Nevada Corp.		68,205
	3,127	Freeport-McMoRan, Inc.		106,037

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Metals & Mining – (continued)
	2,624	Fresnillo PLC	$	33,139
	25,606	Glencore PLC*		104,206
	8,985	Kinross Gold Corp.		55,847
	1,656	Kirkland Lake Gold Ltd.		54,159
	1,713	Lundin Mining Corp.		19,612
	1,903	Newcrest Mining Ltd.		35,761
	2,181	Newmont Corp.		118,603
	16,842	Norsk Hydro ASA		93,242
	3,676	Northern Star Resources Ltd.		28,473
	2,217	Nucor Corp.		132,621
	1,210	Pan American Silver Corp.		39,982
	1,072	Rio Tinto Ltd.		105,185
	1,918	Rio Tinto PLC		166,227
	87,313	South32 Ltd.		185,534
	818	Sumitomo Metal Mining Co. Ltd.		39,675
	1,740	Teck Resources Ltd. Class B		36,233
	3,384	voestalpine AG		133,649
	1,070	Wheaton Precious Metals Corp.		38,273
	8,134	Yamana Gold, Inc.		32,342
				3,047,961
Mortgage Real Estate Investment Trusts (REITs) – 0.0%
	3,860	AGNC Investment Corp.		61,876
Multi-Utilities – 0.1%
	10,144	AGL Energy Ltd.		72,943
	1,530	Algonquin Power & Utilities Corp.		23,697
	674	Ameren Corp.		47,362
	954	Canadian Utilities Ltd. Class A		22,579
	890	CMS Energy Corp.		48,158
	731	Consolidated Edison, Inc.		47,990
	891	Dominion Energy, Inc.		60,873
	290	DTE Energy Co.		34,139
	5,759	E.ON SE		58,721
	5,313	Engie SA*		77,353
	6,219	National Grid PLC		69,929
	1,593	NiSource, Inc.		34,409
	1,180	Public Service Enterprise Group, Inc.		63,519
	3,727	RWE AG		140,768
	354	Sempra Energy		41,057
	7,265	Suez SA		151,012
	2,984	Veolia Environnement SA		80,020
	648	WEC Energy Group, Inc.		52,255
				1,126,784
Multiline Retail – 0.1%
	789	Canadian Tire Corp. Ltd. Class A		101,951
	1,470	Dollar General Corp.		277,815
	2,091	Dollar Tree, Inc.*		205,336
	2,821	Dollarama, Inc.		107,356
	2,234	Next PLC*		236,636
	1,184	Pan Pacific International Holdings Corp.		27,767
	7,530	Ryohin Keikaku Co. Ltd.		170,611
	3,622	Target Corp.		664,420
	8,260	Wesfarmers Ltd.		314,171
				2,106,063
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – 0.1%
	1,156	Ampol Ltd.		21,974
	7,896	BP PLC		32,338
	1,320	Cabot Oil & Gas Corp.		24,433
	2,494	Cameco Corp.		39,137
	2,403	Canadian Natural Resources Ltd.		65,542
	936	Cheniere Energy, Inc.*		63,077
	1,581	Chevron Corp.		158,100
	924	Devon Energy Corp.		19,903
	1,122	Enbridge, Inc.		37,894
	15,230	ENEOS Holdings, Inc.		67,347
	594	EOG Resources, Inc.		38,349
	4,059	Exxon Mobil Corp.		220,688
	884	Idemitsu Kosan Co. Ltd.		23,252
	4,802	Kinder Morgan, Inc.		70,589
	922	Koninklijke Vopak NV		43,993
	1,020	Marathon Petroleum Corp.		55,712
	1,026	Neste Oyj		67,767
	2,436	OMV AG		117,364
	1,908	Parkland Corp.		60,631
	9,614	Royal Dutch Shell PLC Class A		196,649
	8,927	Royal Dutch Shell PLC Class B		174,999
	1,722	The Williams Cos., Inc.		39,330
	1,269	TOTAL SE		59,174
	1,670	Valero Energy Corp.		128,557
	886	Washington H Soul Pattinson & Co. Ltd.		20,390
				1,847,189
Paper & Forest Products – 0.0%
	1,106	Mondi PLC		26,690
	4,380	Oji Holdings Corp.		27,718
	2,047	Stora Enso Oyj Class R		40,318
	2,653	Svenska Cellulosa AB SCA Class B*		45,630
	1,282	UPM-Kymmene Oyj		48,978
				189,334
Personal Products – 0.1%
	1,124	Beiersdorf AG		111,059
	472	Kao Corp.		31,756
	323	Kobayashi Pharmaceutical Co. Ltd.		30,580
	902	Kose Corp.		144,988
	1,303	L’Oreal SA		475,529
	5,298	Pola Orbis Holdings, Inc.		121,408
	2,341	Shiseido Co. Ltd.		174,994
	1,777	The Estee Lauder Cos., Inc. Class A		507,973
	3,793	Unilever PLC		197,719
				1,796,006
Pharmaceuticals – 0.5%
	11,771	Astellas Pharma, Inc.		186,113
	2,903	AstraZeneca PLC		281,980
	1,418	Bausch Health Cos., Inc.*		44,626
	4,264	Bayer AG		259,000
	8,431	Bristol-Myers Squibb Co.		517,073
	1,000	Canopy Growth Corp.*		32,925
	808	Catalent, Inc.*		91,878

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Pharmaceuticals – (continued)
	2,739	Chugai Pharmaceutical Co. Ltd.	$	122,968
	3,015	Daiichi Sankyo Co. Ltd.		85,615
	1,057	Eisai Co. Ltd.		72,892
	894	Elanco Animal Health, Inc.*		29,377
	3,531	Eli Lilly & Co.		723,467
	12,934	GlaxoSmithKline PLC		215,814
	1,645	H. Lundbeck A/S		62,470
	2,520	Hikma Pharmaceuticals PLC		78,831
	1,060	Horizon Therapeutics PLC*		96,365
	4,668	Ipsen SA		397,460
	1,839	Jazz Pharmaceuticals PLC*		309,025
	7,896	Johnson & Johnson		1,251,200
	1,196	Kyowa Kirin Co. Ltd.		33,456
	7,166	Merck & Co., Inc.		520,395
	1,592	Merck KGaA		258,808
	4,550	Novartis AG		391,875
	5,249	Novo Nordisk A/S Class B		374,448
	2,118	Ono Pharmaceutical Co. Ltd.		57,130
	3,855	Orion Oyj Class B		158,145
	881	Otsuka Holdings Co. Ltd.		35,140
	11,978	Pfizer, Inc.		401,143
	2,657	Recordati Industria Chimica e Farmaceutica SpA		135,061
	2,472	Roche Holding AG		811,451
	758	Royalty Pharma PLC Class A		35,300
	2,942	Sanofi		269,989
	517	Shionogi & Co. Ltd.		26,417
	7,289	Sumitomo Dainippon Pharma Co. Ltd.		115,860
	1,029	Taisho Pharmaceutical Holdings Co. Ltd.		63,399
	2,848	Takeda Pharmaceutical Co. Ltd.		95,974
	29,039	Teva Pharmaceutical Industries Ltd. ADR*		312,460
	1,539	UCB SA		152,602
	17,127	Viatris, Inc.*		254,336
	1,414	Zoetis, Inc.		219,509
				9,581,977
Professional Services – 0.2%
	1,291	Adecco Group AG		81,251
	2,358	Booz Allen Hamilton Holding Corp.		181,896
	1,137	Bureau Veritas SA*		30,758
	90	CoStar Group, Inc.*		74,138
	340	Equifax, Inc.		55,039
	1,370	Experian PLC		43,489
	563	IHS Markit Ltd.		50,760
	483	Intertek Group PLC		36,205
	1,040	Jacobs Engineering Group, Inc.		119,683
	3,445	Leidos Holdings, Inc.		304,710
	738	Nihon M&A Center, Inc.		40,277
	5,442	Persol Holdings Co. Ltd.		108,713
	2,621	Randstad NV*		175,288
	5,854	Recruit Holdings Co. Ltd.		292,521
	6,032	RELX PLC		142,730
	7,578	Robert Half International, Inc.		589,493
Common Stocks – (continued)
Professional Services – (continued)
	130	SGS SA		371,510
	154	Teleperformance		54,555
	618	Thomson Reuters Corp.		53,758
	450	TransUnion		37,895
	398	Verisk Analytics, Inc.		65,212
	1,605	Wolters Kluwer NV		127,227
				3,037,108
Real Estate Management & Development – 0.1%
	4,949	Aroundtown SA		35,987
	390	Azrieli Group Ltd.		23,571
	9,284	CapitaLand Ltd.		21,980
	5,031	CBRE Group, Inc. Class A*		381,199
	11,922	CK Asset Holdings Ltd.		70,072
	972	Daito Trust Construction Co. Ltd.		108,466
	1,604	Deutsche Wohnen SE		75,393
	9,159	ESR Cayman Ltd.*(a)		28,952
	285	FirstService Corp.		43,243
	11,134	Hang Lung Properties Ltd.		28,844
	6,848	Henderson Land Development Co. Ltd.		29,830
	378	LEG Immobilien AG		51,573
	1,430	Sun Hung Kai Properties Ltd.		23,211
	10,882	Swire Pacific Ltd. Class A		79,756
	474	Swiss Prime Site AG		44,366
	1,665	Vonovia SE		106,042
				1,152,485
Road & Rail – 0.1%
	74	AMERCO		42,529
	8,352	Aurizon Holdings Ltd.		24,594
	1,272	Canadian National Railway Co.		138,845
	318	Canadian Pacific Railway Ltd.		113,327
	1,119	CSX Corp.		102,444
	324	East Japan Railway Co.		24,148
	679	Hankyu Hanshin Holdings, Inc.		22,703
	374	J.B. Hunt Transport Services, Inc.		54,929
	386	Kansas City Southern		81,963
	262	Keio Corp.		19,657
	3,624	Knight-Swift Transportation Holdings, Inc.		156,557
	968	Kyushu Railway Co.		25,307
	3,927	MTR Corp. Ltd.		23,548
	1,110	Nagoya Railroad Co. Ltd.		28,338
	276	Nippon Express Co. Ltd.		20,642
	333	Norfolk Southern Corp.		83,936
	939	Odakyu Electric Railway Co. Ltd.		27,598
	413	Old Dominion Freight Line, Inc.		88,700
	1,830	Tokyu Corp.		25,259
	948	Uber Technologies, Inc.*		49,059
	1,090	Union Pacific Corp.		224,496
				1,378,579
Semiconductors & Semiconductor Equipment – 0.5%
	6,306	Advanced Micro Devices, Inc.*		532,920
	1,298	Advantest Corp.		107,224

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – (continued)
	621	Analog Devices, Inc.	$	96,764
	3,847	Applied Materials, Inc.		454,677
	227	ASM International NV		61,228
	1,454	ASM Pacific Technology Ltd.		20,184
	724	ASML Holding NV		410,596
	1,123	Broadcom, Inc.		527,664
	82	Disco Corp.		25,854
	499	Enphase Energy, Inc.*		87,854
	1,962	Infineon Technologies AG		85,370
	16,309	Intel Corp.		991,261
	549	KLA Corp.		170,865
	447	Lam Research Corp.		253,534
	506	Lasertec Corp.		61,954
	2,921	Marvell Technology Group Ltd.		141,026
	2,095	Maxim Integrated Products, Inc.		195,191
	1,086	Microchip Technology, Inc.		165,756
	4,696	Micron Technology, Inc.*		429,825
	243	Monolithic Power Systems, Inc.		91,009
	1,480	NVIDIA Corp.		811,899
	1,715	NXP Semiconductors NV		313,073
	7,534	ON Semiconductor Corp.*		303,394
	1,955	Qorvo, Inc.*		341,597
	3,698	QUALCOMM, Inc.		503,631
	7,939	Renesas Electronics Corp.*		87,334
	202	Rohm Co. Ltd.		20,002
	815	Skyworks Solutions, Inc.		144,923
	235	SolarEdge Technologies, Inc.*		70,103
	1,881	STMicroelectronics NV		73,053
	2,813	Teradyne, Inc.		361,780
	3,644	Texas Instruments, Inc.		627,752
	239	Tokyo Electron Ltd.		99,667
	1,257	Xilinx, Inc.		163,787
				8,832,751
Software – 0.8%
	1,518	Adobe, Inc.*		697,779
	242	ANSYS, Inc.*		82,520
	1,433	Autodesk, Inc.*		395,508
	539	Avalara, Inc.*		84,591
	588	AVEVA Group PLC		27,931
	5,587	BlackBerry Ltd.*		56,502
	4,191	Cadence Design Systems, Inc.*		591,308
	607	Ceridian HCM Holding, Inc.*		54,424
	504	Check Point Software Technologies Ltd.*		55,561
	2,790	Citrix Systems, Inc.		372,688
	910	Cloudflare, Inc. Class A*		67,313
	316	Constellation Software, Inc.		409,146
	236	Coupa Software, Inc.*		81,717
	584	Crowdstrike Holdings, Inc. Class A*		126,144
	135	CyberArk Software Ltd.*		19,822
	346	Dassault Systemes SE		71,863
	1,041	Datadog, Inc. Class A*		99,322
	893	DocuSign, Inc.*		202,407
	9,355	Dropbox, Inc. Class A*		210,909
	1,333	Dynatrace, Inc.*		66,330
Common Stocks – (continued)
Software – (continued)
	426	Fair Isaac Corp.*		194,916
	1,758	Fortinet, Inc.*		296,838
	609	Guidewire Software, Inc.*		67,593
	225	HubSpot, Inc.*		115,875
	1,364	Intuit, Inc.		532,151
	23,176	Microsoft Corp.		5,385,639
	1,724	Nemetschek SE		108,621
	492	Nice Ltd.*		113,643
	13,370	NortonLifeLock, Inc.		260,849
	797	Open Text Corp.		35,497
	7,205	Oracle Corp.		472,967
	465	Palo Alto Networks, Inc.*		166,614
	253	Paycom Software, Inc.*		94,683
	710	PTC, Inc.*		97,227
	947	RingCentral, Inc. Class A*		358,118
	2,430	salesforce.com, Inc.*		526,095
	2,681	SAP SE		331,604
	847	ServiceNow, Inc.*		451,841
	1,616	Slack Technologies, Inc. Class A*		66,143
	496	Splunk, Inc.*		70,933
	4,599	SS&C Technologies Holdings, Inc.		304,822
	1,020	Synopsys, Inc.*		250,114
	818	TeamViewer AG*(a)		43,862
	170	Temenos AG		22,955
	19,516	The Sage Group PLC		152,497
	139	The Trade Desk, Inc. Class A*		111,949
	342	Tyler Technologies, Inc.*		158,490
	1,189	VMware, Inc. Class A*		164,332
	1,742	WiseTech Global, Ltd.		36,425
	502	Workday, Inc. Class A*		123,080
	722	Xero Ltd.*		66,077
	739	Zendesk, Inc.*		107,997
	618	Zoom Video Communications, Inc. Class A*		230,891
	435	Zscaler, Inc.*		89,188
				15,384,311
Specialty Retail – 0.3%
	1,043	Advance Auto Parts, Inc.		167,245
	291	AutoZone, Inc.*		337,537
	4,909	Best Buy Co., Inc.		492,618
	868	Burlington Stores, Inc.*		224,656
	548	CarMax, Inc.*		65,491
	196	Carvana Co.*		55,566
	240	Fast Retailing Co. Ltd.		237,955
	11,989	Hennes & Mauritz AB Class B*		282,007
	8,855	Industria de Diseno Textil SA		291,978
	17,173	JD Sports Fashion PLC*		199,602
	18,754	Kingfisher PLC*		69,511
	3,747	Lowe’s Cos., Inc.		598,583
	1,181	Nitori Holdings Co. Ltd.		220,504
	686	O’Reilly Automotive, Inc.*		306,868
	1,243	Ross Stores, Inc.		144,984
	364	Shimamura Co. Ltd.		36,373
	3,803	The Home Depot, Inc.		982,467
	5,077	The TJX Cos., Inc.		335,031

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Specialty Retail – (continued)
	2,043	Tractor Supply Co.	$	324,755
	855	Ulta Beauty, Inc.*		275,592
	17,757	Yamada Holdings Co. Ltd.		85,207
				5,734,530
Technology Hardware, Storage & Peripherals – 0.5%
	57,032	Apple, Inc.		6,915,700
	3,222	Brother Industries Ltd.		63,843
	1,951	Canon, Inc.		42,314
	2,693	Dell Technologies, Inc. Class C*		218,322
	3,575	FUJIFILM Holdings Corp.		204,419
	2,305	Hewlett Packard Enterprise Co.		33,561
	6,832	HP, Inc.		197,923
	1,340	Logitech International SA		142,462
	2,773	NetApp, Inc.		173,590
	3,283	Seagate Technology PLC		240,414
	2,067	Seiko Epson Corp.		34,255
	514	Western Digital Corp.		35,224
				8,302,027
Textiles, Apparel & Luxury Goods – 0.2%
	1,087	adidas AG*		378,912
	9,718	Burberry Group PLC*		247,395
	677	Cie Financiere Richemont SA		65,237
	626	EssilorLuxottica SA		102,121
	397	Hermes International		442,273
	231	Kering SA		146,096
	1,485	Lululemon Athletica, Inc.*		462,845
	885	LVMH Moet Hennessy Louis Vuitton SE		560,753
	4,924	Moncler SpA*		304,487
	5,352	NIKE, Inc. Class B		721,343
	2,701	Pandora A/S		262,228
	2,198	Puma SE*		234,051
	947	The Swatch Group AG		88,632
	2,803	VF Corp.		221,801
				4,238,174
Tobacco – 0.1%
	2,225	Altria Group, Inc.		97,010
	7,972	British American Tobacco PLC		276,829
	8,138	Imperial Brands PLC		151,632
	2,193	Japan Tobacco, Inc.		39,708
	5,759	Philip Morris International, Inc.		483,871
	2,528	Swedish Match AB		181,444
				1,230,494
Trading Companies & Distributors – 0.1%
	758	Ashtead Group PLC		41,183
	2,195	Brenntag SE		170,084
	1,401	Bunzl PLC		43,740
	7,976	Fastenal Co.		369,847
	2,572	Ferguson PLC		304,296
	4,427	ITOCHU Corp.		132,226
	24,929	Marubeni Corp.		186,766
	2,883	Mitsubishi Corp.		81,728
Common Stocks – (continued)
Trading Companies & Distributors – (continued)
	1,782	Mitsui & Co. Ltd.		38,160
	4,984	MonotaRO Co. Ltd.		286,540
	3,884	Sumitomo Corp.		56,600
	865	Toromont Industries Ltd.		63,009
	3,740	Toyota Tsusho Corp.		157,759
	775	United Rentals, Inc.*		230,470
	885	W.W. Grainger, Inc.		329,848
				2,492,256
Transportation Infrastructure – 0.0%
	3,378	Atlantia SpA*		63,242
	1,352	Getlink SE*		22,156
	3,655	Transurban Group		36,222
				121,620
Water Utilities – 0.0%
	648	American Water Works Co., Inc.		91,938
	585	Essential Utilities, Inc.		24,605
	2,038	Severn Trent PLC		62,416
	3,555	United Utilities Group PLC		42,553
				221,512
Wireless Telecommunication Services – 0.0%
	6,240	KDDI Corp.		194,522
	635	Rogers Communications, Inc. Class B		27,509
	4,105	SoftBank Corp.		55,509
	1,854	SoftBank Group Corp.		173,033
	1,660	T-Mobile US, Inc.*		199,150
	2,727	Tele2 AB Class B		34,468
	59,757	Vodafone Group PLC		102,294
				786,485
	TOTAL COMMON STOCKS
	(Cost $136,186,623)		$	199,708,044
Shares		Dividend Rate	Value
Preferred Stocks – 0.0%
Automobiles – 0.0%
	Volkswagen AG
	EUR211	2.470%	$	44,145
Chemicals – 0.0%
	FUCHS PETROLUB SE
	3,146	1.880		172,560
Health Care Equipment & Supplies – 0.0%
	Sartorius AG
	288	0.080		147,924
	TOTAL PREFERRED STOCKS
	(Cost $248,188)		$	364,629

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Exchange Traded Funds – 78.7%
	574,773	Goldman Sachs ActiveBeta Emerging Markets Equity ETF(b)	$	22,605,822
	5,164,778	Goldman Sachs MarketBeta International Equity ETF(b)		275,131,339
	5,162,182	Goldman Sachs MarketBeta U.S. Equity ETF(b)		275,310,523
	3,415,017	iShares Core MSCI Emerging Markets ETF		221,054,050
	1,888,846	iShares MSCI EAFE ETF		139,793,493
	1,174,293	iShares MSCI EAFE Small-Cap ETF		82,435,369
	1,209,592	Vanguard S&P 500 ETF		422,861,267
	TOTAL EXCHANGE TRADED FUNDS
	(Cost $1,113,409,775)		$	1,439,191,863
Shares		Dividend Rate	Value
Investment Company(b) – 7.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	139,760,285	0.036%	$	139,760,285
	(Cost $139,760,285)
	TOTAL INVESTMENTS – 97.3%
	(Cost $1,389,604,871)		$	1,779,024,821
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.7%			48,995,140
	NET ASSETS – 100.0%		$	1,828,019,961

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 fund.

Currency Abbreviations:
AUD	—Australian Dollar
CAD	—Canadian Dollar
CHF	—Swiss Franc
DKK	—Danish Krone
EUR	—Euro
GBP	—British Pound
HKD	—Hong Kong Dollar
ILS	—Israeli Shekel
JPY	—Japanese Yen
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
SEK	—Swedish Krona
SGD	—Singapore Dollar
USD	—U.S. Dollar
Investment Abbreviations:
ADR	—American Depositary Receipt
ETF	—Exchange Traded Fund
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2021, 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	AUD	1,970,000	USD	1,505,982		03/17/21	$	9,950
	CAD	32,370,000	USD	25,142,614		03/17/21		294,795
	CHF	320,000	USD	351,914		03/17/21		58
	DKK	240,000	USD	38,949		03/17/21		3
	GBP	3,310,000	USD	4,536,276		03/17/21		75,738
	NZD	90,000	USD	64,582		03/17/21		448
	USD	32,255,431	CHF	28,820,000		03/17/21		555,931
	USD	8,416,360	DKK	51,720,000		03/17/21		22,265
	USD	109,645,156	EUR	90,460,000		03/17/21		452,067
	USD	10,698,754	HKD	82,930,000		03/17/21		6,590
	USD	1,110,351	ILS	3,640,000		03/17/21		10,419
	USD	87,268,180	JPY	9,104,000,000		03/17/21		1,844,159
	USD	58,327	NOK	500,000		03/17/21		661
	USD	1,157,494	SEK	9,750,000		03/17/21		2,562
	USD	195,428	SGD	260,000		03/17/21		451
TOTAL							$	3,276,097

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	AUD	60,000	USD	46,262		03/17/21	$	(92	)
	CHF	1,520,000	USD	1,708,587		03/17/21		(36,719	)
	DKK	3,580,000	USD	584,643		03/17/21		(3,614	)
	EUR	6,930,000	USD	8,417,933		03/17/21		(52,821	)
	HKD	5,040,000	USD	650,144		03/17/21		(337	)
	ILS	360,000	USD	109,526		03/17/21		(742	)
	JPY	647,000,000	USD	6,179,504		03/17/21		(108,619	)
	NOK	1,250,000	USD	145,932		03/17/21		(1,767	)
	NZD	150,000	USD	108,389		03/17/21		(6	)
	SEK	5,475,000	USD	655,526		03/17/21		(6,987	)
	SGD	420,000	USD	316,189		03/17/21		(1,226	)
	USD	24,147,691	AUD	32,550,000		03/17/21		(899,824	)
	USD	3,584,481	EUR	2,970,000		03/17/21		(567	)
	USD	49,435,616	GBP	37,000,000		03/17/21		(2,118,608	)
	USD	831,531	HKD	6,450,000		03/17/21		(68	)
	USD	4,540,981	JPY	484,000,000		03/17/21		(454	)
	USD	2,023,450	NOK	17,850,000		03/17/21		(35,229	)
	USD	1,001,248	NZD	1,420,000		03/17/21		(24,782	)
	USD	10,743,076	SEK	91,275,000		03/17/21		(68,865	)
	USD	3,576,006	SGD	4,790,000		03/17/21		(16,074	)
TOTAL							$	(3,377,401	)

FUTURES CONTRACTS — At February 28, 2021, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index		459		03/19/21	$	87,421,140	$	3,563,432
E-Mini Russell 2000 Index		1,137		03/19/21		125,024,520		15,155,430
S&P Toronto Stock Exchange 60 Index		256		03/18/21		43,121,295		1,764,873
TOTAL FUTURES CONTRACTS							$	20,483,735

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS ON COMMODITY INDICES

Reference Obligation/ Index	Financing Rate Paid by the Fund(a)	Counterparty	Termination Date(b)	Notional Amount (000s)		Value			Unrealized Appreciation/ (Depreciation)*
MSGSHBC Index	0.500%	MS & Co. Int. PLC	08/26/21	$	221	$	(576,724	)	$	(576,724	)

* There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

(a) Payments made quarterly.

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

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At February 28, 2021, 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	$98.250		03/15/2021		1,219	$	3,047,500	$	4,784,575	$	1,362,691	$	3,421,884
Eurodollar Futures	98.250		06/14/2021		1,066		2,665,000		4,210,700		1,202,273		3,008,427
Eurodollar Futures	98.250		09/13/2021		1,041		2,602,500		4,059,900		1,225,865		2,834,035
TOTAL					3,326	$	8,315,000	$	13,055,175	$	3,790,829	$	9,264,346

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
Euro Stoxx 50 Index	$  3,675.000		03/19/2021		(3	)	$	(30	)	$	(1,726	)	$	(2,285	)	$	559
Euro Stoxx 50 Index	3,700.000		03/19/2021		(17	)		(170	)		(7,384	)		(5,755	)		(1,629	)
Euro Stoxx 50 Index	3,750.000		03/19/2021		(43	)		(430	)		(9,546	)		(16,834	)		7,288
Euro Stoxx 50 Index	3,775.000		03/19/2021		(40	)		(400	)		(5,985	)		(16,662	)		10,677
Euro Stoxx 50 Index	3,725.000		04/16/2021		(9	)		(90	)		(5,668	)		(4,494	)		(1,174	)
Euro Stoxx 50 Index	3,775.000		04/16/2021		(1	)		(10	)		(404	)		(478	)		74
Euro Stoxx 50 Index	3,800.000		04/16/2021		(34	)		(340	)		(10,706	)		(13,133	)		2,427
Euro Stoxx 50 Index	3,825.000		04/16/2021		(44	)		(440	)		(10,564	)		(19,396	)		8,832
Euro Stoxx 50 Index	3,825.000		05/21/2021		(7	)		(70	)		(2,778	)		(3,172	)		394
FTSE 100 Index	6,650.000		03/19/2021		(4	)		(40	)		(2,173	)		(3,053	)		880
FTSE 100 Index	6,750.000		03/19/2021		(4	)		(40	)		(1,004	)		(2,515	)		1,511
FTSE 100 Index	6,800.000		03/19/2021		(1	)		(10	)		(167	)		(1,706	)		1,539
FTSE 100 Index	6,850.000		03/19/2021		(1	)		(10	)		(111	)		(1,321	)		1,210
FTSE 100 Index	6,925.000		03/19/2021		(5	)		(50	)		(314	)		(4,165	)		3,851
FTSE 100 Index	7,050.000		03/19/2021		(4	)		(40	)		(111	)		(2,891	)		2,780
FTSE 100 Index	7,150.000		03/19/2021		(3	)		(30	)		(42	)		(2,792	)		2,750
FTSE 100 Index	6,700.000		04/16/2021		(8	)		(80	)		(6,855	)		(8,167	)		1,312
FTSE 100 Index	6,800.000		04/16/2021		(2	)		(20	)		(1,031	)		(1,764	)		733
FTSE 100 Index	6,825.000		04/16/2021		(5	)		(50	)		(2,264	)		(4,460	)		2,196
FTSE 100 Index	6,850.000		04/16/2021		(4	)		(40	)		(1,589	)		(1,903	)		314
FTSE 100 Index	6,900.000		05/21/2021		(1	)		(10	)		(703	)		(813	)		110
Nikkei 225 Index	27,875.000		03/12/2021		(1	)		(1,000	)		(15,104	)		(3,570	)		(11,534	)
Nikkei 225 Index	28,125.000		03/12/2021		(2	)		(2,000	)		(26,081	)		(8,374	)		(17,707	)
Nikkei 225 Index	28,375.000		03/12/2021		(3	)		(3,000	)		(33,210	)		(22,114	)		(11,096	)
Nikkei 225 Index	29,625.000		03/12/2021		(1	)		(1,000	)		(3,518	)		(2,896	)		(622	)
Nikkei 225 Index	29,750.000		03/12/2021		(4	)		(4,000	)		(12,008	)		(11,638	)		(370	)
Nikkei 225 Index	29,875.000		03/12/2021		(2	)		(2,000	)		(4,785	)		(5,198	)		413
Nikkei 225 Index	29,875.000		04/09/2021		(3	)		(3,000	)		(14,775	)		(11,253	)		(3,522	)
Nikkei 225 Index	30,000.000		04/09/2021		(3	)		(3,000	)		(13,650	)		(8,511	)		(5,139	)
Nikkei 225 Index	30,750.000		04/09/2021		(3	)		(3,000	)		(6,895	)		(9,413	)		2,518
Nikkei 225 Index	31,500.000		04/09/2021		(2	)		(2,000	)		(2,533	)		(5,989	)		3,456
Nikkei 225 Index	32,125.000		05/14/2021		(1	)		(1,000	)		(1,923	)		(3,803	)		1,880
S&P 500 Index	3,925.000		03/03/2021		(16	)		(1,600	)		(6,800	)		(46,297	)		39,497

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS (continued)

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
S&P 500 Index	$  4,010.000		03/10/2021		(16	)	$	(1,600	)	$	(3,280	)	$	(36,659	)	$	33,379
S&P 500 Index	4,025.000		03/17/2021		(16	)		(1,600	)		(6,400	)		(35,236	)		28,836
S&P 500 Index	3,980.000		03/24/2021		(16	)		(1,600	)		(21,760	)		(55,299	)		33,539
S&P 500 Index	3,915.000		03/31/2021		(1	)		(100	)		(4,010	)		(5,927	)		1,917
S&P 500 Index	3,950.000		03/31/2021		(13	)		(1,300	)		(35,750	)		(42,405	)		6,655
S&P 500 Index	3,955.000		03/31/2021		(13	)		(1,300	)		(33,670	)		(40,192	)		6,522
S&P 500 Index	3,960.000		03/31/2021		(13	)		(1,300	)		(31,720	)		(37,588	)		5,868
S&P 500 Index	3,965.000		03/31/2021		(16	)		(1,600	)		(36,800	)		(52,252	)		15,452
S&P 500 Index	3,970.000		03/31/2021		(13	)		(1,300	)		(28,145	)		(33,501	)		5,356
S&P 500 Index	3,980.000		03/31/2021		(2	)		(200	)		(3,821	)		(8,547	)		4,726
S&P 500 Index	3,990.000		03/31/2021		(4	)		(400	)		(6,720	)		(15,761	)		9,041
S&P 500 Index	3,995.000		03/31/2021		(1	)		(100	)		(1,580	)		(3,699	)		2,119
S&P 500 Index	4,015.000		03/31/2021		(4	)		(400	)		(4,900	)		(13,306	)		8,406
S&P 500 Index	4,050.000		03/31/2021		(3	)		(300	)		(2,310	)		(10,492	)		8,182
S&P 500 Index	4,055.000		03/31/2021		(2	)		(200	)		(1,450	)		(5,897	)		4,447
S&P 500 Index	4,050.000		04/30/2021		(4	)		(400	)		(11,420	)		(20,304	)		8,884
S&P 500 Index	4,105.000		04/30/2021		(2	)		(200	)		(3,661	)		(9,613	)		5,952
S&P 500 Index	4,115.000		04/30/2021		(3	)		(300	)		(5,055	)		(12,918	)		7,863
					(423	)	$	(43,200	)	$	(454,859	)	$	(696,411	)	$	241,552
Puts
Euro Stoxx 50 Index	3,325.000		03/19/2021		(3	)		(30	)		(702	)		(2,852	)		2,150
Euro Stoxx 50 Index	3,425.000		03/19/2021		(24	)		(240	)		(8,426	)		(25,089	)		16,663
Euro Stoxx 50 Index	3,500.000		03/19/2021		(39	)		(390	)		(19,010	)		(33,973	)		14,963
Euro Stoxx 50 Index	3,525.000		03/19/2021		(32	)		(320	)		(17,528	)		(28,743	)		11,215
Euro Stoxx 50 Index	3,575.000		03/19/2021		(6	)		(60	)		(4,177	)		(3,663	)		(514	)
Euro Stoxx 50 Index	3,375.000		04/16/2021		(9	)		(90	)		(5,342	)		(10,944	)		5,602
Euro Stoxx 50 Index	3,475.000		04/16/2021		(1	)		(10	)		(806	)		(1,129	)		323
Euro Stoxx 50 Index	3,500.000		04/16/2021		(14	)		(140	)		(12,213	)		(12,656	)		443
Euro Stoxx 50 Index	3,525.000		04/16/2021		(20	)		(200	)		(18,919	)		(16,957	)		(1,962	)
Euro Stoxx 50 Index	3,550.000		04/16/2021		(24	)		(240	)		(24,672	)		(17,348	)		(7,324	)
Euro Stoxx 50 Index	3,575.000		04/16/2021		(19	)		(190	)		(21,274	)		(21,553	)		279
Euro Stoxx 50 Index	3,475.000		05/21/2021		(1	)		(10	)		(1,322	)		(1,021	)		(301	)
Euro Stoxx 50 Index	3,500.000		05/21/2021		(6	)		(60	)		(8,455	)		(8,605	)		150
FTSE 100 Index	6,175.000		03/19/2021		(1	)		(10	)		(878	)		(1,477	)		599
FTSE 100 Index	6,250.000		03/19/2021		(5	)		(50	)		(5,364	)		(9,717	)		4,353
FTSE 100 Index	6,275.000		03/19/2021		(3	)		(30	)		(3,428	)		(3,677	)		249
FTSE 100 Index	6,325.000		03/19/2021		(1	)		(10	)		(1,317	)		(982	)		(335	)
FTSE 100 Index	6,475.000		03/19/2021		(5	)		(50	)		(10,240	)		(8,687	)		(1,553	)
FTSE 100 Index	6,550.000		03/19/2021		(4	)		(40	)		(10,310	)		(8,295	)		(2,015	)
FTSE 100 Index	6,575.000		03/19/2021		(3	)		(30	)		(8,339	)		(5,251	)		(3,088	)
FTSE 100 Index	6,200.000		04/16/2021		(5	)		(50	)		(8,463	)		(10,330	)		1,867
FTSE 100 Index	6,225.000		04/16/2021		(4	)		(40	)		(7,105	)		(5,638	)		(1,467	)
FTSE 100 Index	6,350.000		04/16/2021		(5	)		(50	)		(11,459	)		(7,658	)		(3,801	)
FTSE 100 Index	6,400.000		04/16/2021		(4	)		(40	)		(10,171	)		(9,601	)		(570	)
FTSE 100 Index	6,325.000		05/21/2021		(1	)		(10	)		(3,114	)		(3,001	)		(113	)
Nikkei 225 Index	25,500.000		03/12/2021		(1	)		(1,000	)		(366	)		(4,005	)		3,639
Nikkei 225 Index	25,750.000		03/12/2021		(1	)		(1,000	)		(440	)		(5,029	)		4,589
Nikkei 225 Index	25,875.000		03/12/2021		(2	)		(2,000	)		(994	)		(7,554	)		6,560
Nikkei 225 Index	26,125.000		03/12/2021		(3	)		(3,000	)		(1,830	)		(9,245	)		7,415
Nikkei 225 Index	27,500.000		03/12/2021		(3	)		(3,000	)		(4,362	)		(16,050	)		11,688

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS (continued)

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Nikkei 225 Index	$27,625.000		03/12/2021		(2	)	$	(2,000	)	$	(4,409	)	$	(9,631	)	$	5,222
Nikkei 225 Index	27,750.000		03/12/2021		(1	)		(1,000	)		(1,736	)		(7,286	)		5,550
Nikkei 225 Index	27,875.000		03/12/2021		(1	)		(1,000	)		(2,205	)		(3,086	)		881
Nikkei 225 Index	27,250.000		04/09/2021		(1	)		(1,000	)		(4,737	)		(6,357	)		1,620
Nikkei 225 Index	27,375.000		04/09/2021		(2	)		(2,000	)		(8,443	)		(18,001	)		9,558
Nikkei 225 Index	27,500.000		04/09/2021		(3	)		(3,000	)		(13,650	)		(14,960	)		1,310
Nikkei 225 Index	28,375.000		04/09/2021		(3	)		(3,000	)		(19,419	)		(16,937	)		(2,482	)
Nikkei 225 Index	29,125.000		04/09/2021		(2	)		(2,000	)		(18,200	)		(10,938	)		(7,262	)
Nikkei 225 Index	28,750.000		05/14/2021		(1	)		(1,000	)		(10,601	)		(7,182	)		(3,419	)
S&P 500 Index	3,720.000		03/03/2021		(16	)		(1,600	)		(36,480	)		(78,540	)		42,060
S&P 500 Index	3,820.000		03/10/2021		(16	)		(1,600	)		(118,480	)		(81,563	)		(36,917	)
S&P 500 Index	3,840.000		03/17/2021		(16	)		(1,600	)		(154,240	)		(86,010	)		(68,230	)
S&P 500 Index	3,780.000		03/24/2021		(16	)		(1,600	)		(135,760	)		(68,698	)		(67,062	)
S&P 500 Index	3,555.000		03/31/2021		(1	)		(100	)		(4,410	)		(7,976	)		3,566
S&P 500 Index	3,640.000		03/31/2021		(6	)		(600	)		(35,220	)		(49,362	)		14,142
S&P 500 Index	3,670.000		03/31/2021		(4	)		(400	)		(25,960	)		(32,413	)		6,453
S&P 500 Index	3,685.000		03/31/2021		(13	)		(1,300	)		(88,790	)		(81,735	)		(7,055	)
S&P 500 Index	3,690.000		03/31/2021		(13	)		(1,300	)		(90,285	)		(82,964	)		(7,321	)
S&P 500 Index	3,695.000		03/31/2021		(18	)		(1,800	)		(127,080	)		(137,335	)		10,255
S&P 500 Index	3,700.000		03/31/2021		(13	)		(1,300	)		(93,340	)		(85,928	)		(7,412	)
S&P 500 Index	3,705.000		03/31/2021		(13	)		(1,300	)		(94,900	)		(87,264	)		(7,636	)
S&P 500 Index	3,770.000		03/31/2021		(1	)		(100	)		(9,115	)		(5,089	)		(4,026	)
S&P 500 Index	3,780.000		03/31/2021		(3	)		(300	)		(28,305	)		(21,844	)		(6,461	)
S&P 500 Index	3,815.000		03/31/2021		(2	)		(200	)		(21,320	)		(13,084	)		(8,236	)
S&P 500 Index	3,725.000		04/30/2021		(4	)		(400	)		(46,580	)		(30,154	)		(16,426	)
S&P 500 Index	3,745.000		04/30/2021		(2	)		(200	)		(24,430	)		(20,345	)		(4,085	)
S&P 500 Index	3,775.000		04/30/2021		(3	)		(300	)		(39,615	)		(28,894	)		(10,721	)
					(425	)	$	(44,390	)	$	(1,488,736	)	$	(1,394,306	)	$	(94,430	)
TOTAL					(848	)	$	(87,590	)	$	(1,943,595	)	$	(2,090,717	)	$	147,122

Abbreviations:

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

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Dividend Rate			Value
Investment Company(a) – 77.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,469,722,865		0.036	%	$	1,469,722,865
	(Cost $1,469,722,865)
	TOTAL INVESTMENTS – 77.1% (Cost $1,469,722,865)				$	1,469,722,865
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 22.9%					436,261,711
	NET ASSETS – 100.0%				$	1,905,984,576

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

Currency Abbreviations:
AUD	—Australian Dollar
CAD	—Canadian Dollar
CHF	—Swiss Franc
EUR	—Euro
JPY	—Japanese Yen
NZD	—New Zealand Dollar
USD	—U.S. Dollar
Investment Abbreviation:
PLC	—Public Limited Company

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2021, 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	56,291,133	CAD	70,940,000		03/23/21	$	543,235
	USD	93,485,207	CHF	84,650,000		03/23/21		358,043
	USD	6,281,706	EUR	5,190,000		03/23/21		15,814
	USD	36,169,863	NZD	49,880,000		03/23/21		128,911
TOTAL							$	1,046,003

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	AUD	61,490,000	USD	47,811,260		03/23/21	$	(492,714	)
	CAD	101,560,000	USD	80,050,016		03/23/21		(239,521	)
	EUR	5,190,000	USD	6,311,715		03/23/21		(45,823	)
	JPY	4,080,190,000	USD	38,814,904		03/23/21		(526,874	)
	NZD	7,860,000	USD	5,755,611		03/23/21		(76,343	)
	USD	13,885,533	JPY	1,480,940,000		03/23/21		(11,436	)
TOTAL							$	(1,392,711	)

FUTURES CONTRACTS — At February 28, 2021, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index		5,961		03/19/21	$	1,135,332,060	$	16,060,820
Ultra Long U.S. Treasury Bonds		1,792		06/21/21		338,800,000		(1,204,073	)
Total							$	14,856,747

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
20 Year U.S. Treasury Bonds		(1,466	)		06/21/21	$	(233,414,687	)	$	1,487,710
TOTAL FUTURES CONTRACTS									$	16,344,457

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At February 28, 2021, 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)
Written option contracts
Puts
U.S. Treasury Bonds	$155.000		03/26/2021		(698	)	$	(698,000	)	$	(436,250	)	$	(239,589	)	$	(196,661	)
U.S. Treasury Bonds	162.000		03/26/2021		(712	)		(712,000	)		(2,903,625	)		(365,765	)		(2,537,860	)
U.S. Treasury Bonds	164.000		03/26/2021		(694	)		(694,000	)		(3,502,531	)		(649,299	)		(2,853,232	)
TOTAL					(2,104	)	$	(2,104,000	)	$	(6,842,406	)	$	(1,254,653	)	$	(5,587,753	)

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
S&P 500 Index	$3,450.000		03/01/2021		759	$	75,900	$	43,643	$	44,022	$	(379	)
S&P 500 Index	2,450.000		03/05/2021		443		44,300		1,107		200,053		(198,946	)
S&P 500 Index	2,500.000		03/05/2021		548		54,800		4,110		77,509		(73,399	)
S&P 500 Index	2,550.000		03/05/2021		368		36,800		4,600		40,019		(35,419	)
S&P 500 Index	2,550.000		03/12/2021		1,445		144,500		86,700		163,191		(76,491	)
S&P 500 Index	2,600.000		03/12/2021		441		44,100		30,870		50,684		(19,814	)
S&P 500 Index	2,535.000		03/19/2021		340		34,000		38,250		32,555		5,695
S&P 500 Index	2,550.000		03/19/2021		368		36,800		43,240		40,756		2,484
S&P 500 Index	2,560.000		03/19/2021		338		33,800		41,405		33,833		7,572
S&P 500 Index	2,565.000		03/19/2021		440		44,000		55,000		52,244		2,756
S&P 500 Index	2,645.000		03/19/2021		443		44,300		68,665		44,632		24,033
S&P 500 Index	2,500.000		03/26/2021		309		30,900		54,848		29,435		25,413
S&P 500 Index	2,550.000		03/26/2021		803		80,300		162,607		79,078		83,529
S&P 500 Index	2,700.000		03/26/2021		459		45,900		133,110		119,102		14,008
S&P 500 Index	2,510.000		03/31/2021		400		40,000		94,000		87,579		6,421
Total purchased option contracts					7,904	$	790,400	$	862,155	$	1,094,692	$	(232,537	)

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS (continued)

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Written option contracts
Puts
S&P 500 Index	$3,450.000		03/03/2021		(1,812	)	$	(181,200	)	$	(407,700	)	$	(498,916	)	$	91,216
S&P 500 Index	3,460.000		03/05/2021		(1,834	)		(183,400	)		(779,450	)		(606,027	)		(173,423	)
S&P 500 Index	3,490.000		03/01/2021		(1,814	)		(181,400	)		(140,585	)		(125,166	)		(15,419	)
S&P 500 Index	3,550.000		03/03/2021		(1,799	)		(179,900	)		(818,545	)		(221,277	)		(597,268	)
Total written option contracts					(7,259	)	$	(725,900	)	$	(2,146,280	)	$	(1,451,386	)	$	(694,894	)
TOTAL					645		$	64,500		$	(1,284,125	)	$	(356,694	)	$	(927,431	)

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

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations(a) – 0.3%
Banks – 0.3%
	Morgan Stanley Bank NA(SOFR + 0.300%)
$	10,000,000		0.320	%		08/25/21	$	10,002,934
	(Cost $10,003,241)

Shares	Description		Value
Exchange Traded Funds – 7.6%
2,055,666		Alerian MLP ETF(b)	$	58,483,698
2,167,042		Energy Select Sector SPDR Fund		104,343,072
899,202		Health Care Select Sector SPDR Fund		101,259,137
TOTAL EXCHANGE TRADED FUNDS (Cost $221,236,054)			$	264,085,907

Shares	Dividend Rate			Value
Investment Companies(c) – 38.7%
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,107,400,307		0.036	%	$	1,107,400,307
Goldman Sachs High Yield Floating Rate Fund – Class R6
11,018,314		3.090			103,461,967
Goldman Sachs Energy Infrastructure Fund – Class R6
8,048,707		3.980			64,228,678
Goldman Sachs MLP Energy Infrastructure Fund – Class R6
3,139,521		7.607			63,386,938
TOTAL INVESTMENT COMPANIES (Cost $1,310,357,996)				$	1,338,477,890
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $1,541,597,291)				$	1,612,566,731

Principal Amount		Interest Rate			Maturity Date		Value
Short-Term Investments – 49.9%
Certificates of Deposit – 17.6%
	Alpine Securitization LLC(d)
$	15,000,000		0.210	%		10/12/21	$	14,997,405
	Australia & New Zealand Banking Group Ltd.(a)(d) (3M USD LIBOR + 0.010%)
	5,000,000		0.200			11/29/21		5,000,000
	Banco Santander SA
	5,050,000		0.290			10/12/21		5,051,370
	Bank of America Securities, Inc.
	25,000,000		0.200			03/01/21		25,000,231
	4,795,000		0.230	(d)		05/04/21		4,795,918
	Bank of Montreal(a)
	(3M USD LIBOR + 0.040%)
	5,000,000		0.278			10/01/21		5,001,471
	(3M USD LIBOR + 0.100%)
	5,000,000		0.294			11/17/21		5,003,938
Short-Term Investments – (continued)
Certificates of Deposit – (continued)
	Bank of Nova Scotia(a)
	(SOFR + 0.150%)
	10,000,000		0.190			03/17/22		9,999,623
	(3M USD LIBOR + 0.030%)
	18,500,000		0.224			08/13/21		18,503,328
	Barclays Bank PLC
	5,000,000		0.350			12/31/21		5,001,615
	Bayerische Landesbank
	10,000,000		0.001			05/05/21		10,002,736
	Canadian Imperial Bank of Commerce(a)
	(3M USD LIBOR + 0.050%)
	5,825,000		0.282	(d)		08/06/21		5,826,754
	5,000,000		0.303			08/06/21		5,001,506
	(3M USD LIBOR + 0.160%)
	20,000,000		0.353			08/06/21		20,015,491
	Commonwealth Bank of Australia
	5,000,000		0.188			09/02/21		5,000,000
	Credit Agricole Corporate & Investment Bank(a) (3M USD LIBOR + 0.210%)
	15,000,000		0.401			08/09/21		15,014,657
	Credit Industriel et Commercial(a) (3M USD LIBOR + 0.180%)
	4,500,000		0.414			06/18/21		4,502,834
	Credit Suisse New York
	800,000		0.340			11/01/21		800,714
	8,000,000		0.340			11/19/21		8,007,188
	18,250,000		0.460			08/10/21		18,273,358
	Deutsche Bank Ag NY
	6,846,000		0.720			11/08/21		6,845,845
	First Abu Dhabi Bank USA NV(a) (3M USD LIBOR + 0.170%)
	9,000,000		0.390			12/14/21		9,004,945
	HSBC Bank USA NA
	2,000,000		0.330			12/24/21		2,001,734
	3,000,000		0.370			12/03/21		3,003,443
	(3M USD LIBOR + 0.380%)
	10,000,000		0.592	(a)		04/29/21		10,006,119
	Landesbank Baden-Wuerttemberg
	13,600,000		0.270			04/16/21		13,602,293
	Landesbank Hessen Thuringen
	10,000,000		0.130			04/05/21		10,000,000
	Lloyds Bank Corporate Markets PLC
	5,000,000		0.240			02/23/22		5,000,050
	(SOFR + 0.190%)
	8,900,000		0.210	(a)		02/17/22		8,899,663
	Macquarie Bank Ltd.(a)(d) (3M USD LIBOR + 0.030%)
	8,500,000		0.224			11/12/21		8,500,000
	Mizuho Bank Ltd.
	23,800,000		0.230			11/10/21		23,798,977
	7,000,000		0.230			11/17/21		6,999,590
	MUFG Bank Ltd.
	10,000,000		0.210			04/07/21		10,001,366
	5,000,000		0.210			04/08/21		5,000,706
	10,000,000		0.230			10/28/21		10,001,960
	National Australia Bank Ltd.(a)(d) (1M USD LIBOR + 0.100%)
	4,650,000		0.267			04/23/21		4,650,645
	National Bank Of Kuwait SAKP
	11,000,000		0.300			05/14/21		11,001,458

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Principal Amount		Interest Rate			Maturity Date		Value
Short-Term Investments – (continued)
Certificates of Deposit – (continued)
	National Bank Of Kuwait SAKP – (continued)
$	5,000,000		0.350	%		03/19/21	$	5,000,612
	7,000,000		0.390			11/16/21		7,002,651
	Natixis SA(a)
	(3M USD LIBOR + 0.030%)
	16,465,000		0.231			11/15/21		16,466,160
	(3M USD LIBOR + 0.130%)
	6,288,000		0.360			12/09/21		6,293,316
	Nordea Bank ABP(a) (3M USD LIBOR + 0.100%)
	7,850,000		0.330			06/09/21		7,852,960
	Norinchukin Bank NY
	9,967,000		0.250			11/04/21		9,967,553
	2,000,000		0.300			05/20/21		2,000,677
	25,000,000		0.300			06/01/21		25,009,092
	12,200,000		0.370			12/03/21		12,212,103
	Oversea Chinese Banking
	17,000,000		0.240			03/22/21		17,001,359
	6,500,000		3.500			04/16/21		6,500,354
	Royal Bank of Canada(a)
	(3M USD LIBOR + 0.090%)
	10,000,000		0.311			12/10/21		10,006,943
	(3M USD LIBOR + 0.120%)
	9,900,000		0.356			06/18/21		9,904,079
	Societe Generale SA(a)(d) (3M USD LIBOR + 0.110%)
	5,000,000		0.344			01/18/22		5,000,884
	Standard Chartered Bank(a)
	(3M USD LIBOR + 0.020%)
	3,000,000		0.202			08/23/21		3,000,000
	(3M USD LIBOR + 0.060%)
	8,000,000		0.311			06/29/21		8,001,819
	Sumitomo Mitsui Banking Corp.
	7,000,000		0.270			05/04/21		7,001,861
	(3M USD LIBOR + 0.355%)
	5,000,000		0.593	(a)		04/06/21		5,001,822
	Sumitomo Mitsui Trust Bank Ltd.
	16,000,000		0.260	%		05/10/21		16,004,116
	Svenska Handelsbanken AB(a)
	(3M USD LIBOR + 0.010%)
	11,000,000		0.213			02/11/22		10,998,962
	(3M USD LIBOR + 0.120%)
	14,300,000		0.356			06/18/21		14,306,734
	(3M USD LIBOR + 0.040%)
	5,000,000		0.231	(d)		08/09/21		5,001,332
	Toronto Dominion Bank(a)
	(SOFR + 0.200%)
	8,000,000		0.220	(e)		02/16/22		8,001,518
	(3M USD LIBOR + 0.120%)
	10,250,000		0.428	(d)		06/17/21		10,254,183
	UBS AG London(a)(d)
	(3M USD LIBOR + 0.120%)
	15,000,000		0.350			10/15/21		15,003,905
	(3M USD LIBOR + 0.170%)
	15,000,000		0.445			07/14/21		15,007,752
	Westpac Banking Corp.(a)
	(3M USD LIBOR + 0.020%)
	10,000,000		0.208	(d)		11/24/21		10,000,000
Short-Term Investments – (continued)
Certificates of Deposit – (continued)
	Westpac Banking Corp.(a) – (continued)
	(3M USD LIBOR + 0.050%)
	3,000,000		0.246			08/03/21		3,000,886
								609,922,564
Commercial Paper(f) – 32.3%
	ABN AMRO Funding USA LLC(d)
	12,097,000		0.000			05/21/21		12,090,000
	5,000,000		0.000			05/24/21		4,996,931
	8,750,000		0.000			10/15/21		8,730,405
	Agricultural Bank China
	7,451,000		0.000			05/12/21		7,447,507
	3,000,000		0.000	(d)		05/24/21		2,998,340
	Albion Capital Corp.(d)
	17,000,000		0.000			04/27/21		16,995,183
	American Electric Power Co., Inc.(d)
	8,000,000		0.000			04/29/21		7,996,817
	American Honda Finance Corp.
	5,000,000		0.000			04/06/21		4,998,846
	8,000,000		0.000			04/09/21		7,998,003
	Antalis S.A(d)
	10,000,000		0.000			04/05/21		9,998,491
	3,000,000		0.000			05/04/21		2,999,246
	8,632,000		0.000			05/06/21		8,629,783
	10,000,000		0.000			05/17/21		9,997,178
	ASB Finance Ltd.(d)
	10,500,000		0.000			10/22/21		10,488,546
	At&T, Inc.
	5,681,000		0.000			12/14/21		5,666,305
	6,000,000		0.000	(d)		09/21/21		5,989,823
	8,563,000		0.000	(d)		12/14/21		8,540,850
	7,306,000		0.000	(d)		12/16/21		7,286,972
	Australia & New Zealand Banking Group Ltd.(d)
	7,000,000		0.000			06/28/21		6,996,181
	Banco Santander SA(d)
	8,000,000		0.000			07/06/21		7,992,051
	Banco Santander SA(d)
	10,000,000		0.000			08/24/21		9,991,547
	Bank Of China Ltd.
	6,088,000		0.000			06/02/21		6,083,535
	18,500,000		0.000			11/19/21		18,444,365
	Banque Et Caisse Epargen
	12,500,000		0.000			04/05/21		12,498,878
	Barclays Capital, Inc.(d)
	3,000,000		0.000			08/06/21		2,997,263
	15,000,000		0.000			01/24/22		14,958,500
	BAT International Finance PLC(d)
	8,223,000		0.000			03/22/21		8,222,057
	8,250,000		0.000			04/22/21		8,247,202
	Bedford Row Funding Corp.(d)
	11,000,000		0.000			03/09/21		10,999,613
	BNG Bank N.V.
	17,000,000		0.000			03/03/21		16,999,787
	25,000,000		0.000	(d)		01/31/22		24,959,037
	BNP Paribas SA(d)
	15,000,000		0.000			07/08/21		14,992,080

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Short-Term Investments – (continued)
Commercial Paper(f) – (continued)
	BNZ International Funding Ltd.(d)
$	20,000,000		0.000	%		08/02/21	$	19,987,614
	Caisse d’Amortissement de la Dette Sociale
	22,300,000		0.000	(d)		04/20/21		22,295,568
	Caisse Des Depots Et Consignations
	2,500,000		0.000			05/24/21		2,499,160
	Can Ast & Can Ltd.(d)
	17,300,000		0.000			04/14/21		17,296,702
	Chariot Funding LLC(d)
	6,000,000		0.000			04/16/21		5,998,808
	Chevron Corp.(d)
	16,250,000		0.000			05/11/21		16,247,495
	China Construction Banking Corp.
	5,163,000		0.000	(d)		04/12/21		5,161,709
	7,650,000		0.000			08/03/21		7,637,208
	Collateralized Commercial Paper V Co. LLC
	6,000,000		0.000			04/21/21		5,998,668
	Conocophillips Co.(d)
	2,750,000		0.000			04/13/21		2,749,526
	Credit Industriel ET Commercial(d)
	6,200,000		0.000			07/01/21		6,191,174
	Deutsche Bank AG(d)
	3,500,000		0.000			04/12/21		3,499,431
	Dexia Credit Local SA(d)
	7,000,000		0.000			04/22/21		6,998,749
	9,700,000		0.000			06/08/21		9,695,658
	Electricite de France SA(d)
	17,225,000		0.000			06/28/21		17,210,407
	Enel Finance America(d)
	10,000,000		0.000			08/06/21		9,986,270
	6,850,000		0.000			02/16/22		6,825,210
	Entergy Corp.
	9,960,000		0.000			03/03/21		9,959,816
	10,000,000		0.000	(d)		05/04/21		9,995,310
	Erste Abwicklungsanstalt(d)
	10,180,000		0.000			05/07/21		10,177,961
	Exxon Mobil Corp.
	7,850,000		0.000			05/17/21		7,848,657
	Fidelity National Information Services, Inc.(d)
	17,000,000		0.000			03/15/21		16,998,692
	First Abu Dhabi Bank PJSC(d)
	10,000,000		0.000			03/10/21		9,999,693
	Gotham Fdg Corp.(d)
	9,611,000		0.000			07/21/21		9,604,458
	Henkel Corp.(d)
	7,000,000		0.000			04/27/21		6,998,600
	10,750,000		0.000			07/02/21		10,744,432
	Honeywell International, Inc.(d)
	14,000,000		0.000			05/20/21		13,996,837
	3,000,000		0.000			06/08/21		2,999,082
	3,150,000		0.000			10/18/21		3,146,765
	5,000,000		0.000			01/19/22		4,991,780
	HSBC Bank PLC(d)
	6,045,000		0.000			08/03/21		6,038,924
	Industrial & Commercial Bank of China Ltd.(d)
	7,000,000		0.000			05/07/21		6,996,965
	9,000,000		0.000			05/17/21		8,995,460
Short-Term Investments – (continued)
Commercial Paper(f) – (continued)
	ING (U.S.) Funding LLC(d)
	13,000,000		0.000			07/12/21		12,993,272
	Intercontinental Exchange, Inc.(d)
	9,458,000		0.000			06/04/21		9,446,282
	3,500,000		0.000			06/22/21		3,494,603
	7,000,000		0.000			06/24/21		6,988,954
	Ionic Capital II Trust
	8,000,000		0.000			03/05/21		7,999,782
	5,500,000		0.000			04/23/21		5,498,503
	5,000,000		0.000			06/04/21		4,997,359
	KFW International Finance, Inc.(d)
	31,400,000		0.000			01/25/22		31,341,910
	Lime Funding(d)
	25,000,000		0.000			05/27/21		24,990,000
	LMA SA LMA Americas(d)
	5,000,000		0.000			09/02/21		4,995,483
	LVMH Moet Hennessy Louis Vuitton SE(d)
	3,000,000		0.000			08/11/21		2,997,856
	6,980,000		0.000			10/05/21		6,972,887
	3,000,000		0.000			10/13/21		2,996,870
	1,000,000		0.000			11/08/21		998,831
	LVMH Moet Hennessy Louis Vuitton, Inc.(d)
	8,613,000		0.000			09/03/21		8,605,177
	19,500,000		0.000			07/01/21		19,490,385
	Macquarie Bank Ltd.(d)
	18,500,000		0.000			07/26/21		18,483,042
	Manhattan Asset Funding Co. LLC(d)
	17,217,000		0.000			05/12/21		17,211,440
	Matchpoint Finance PLC(d)
	10,483,000		0.000			04/26/21		10,480,423
	15,000,000		0.000			06/08/21		14,993,115
	National Bank of Canada
	3,000,000		0.000			03/01/21		2,999,978
	Nationwide Building Society(d)
	18,000,000		0.000			03/17/21		17,998,499
	NatWest Markets PLC(d)
	4,000,000		0.000			08/02/21		3,995,726
	6,000,000		0.000			01/18/22		5,981,798
	8,050,000		0.000			01/19/22		8,025,431
	NRW. Bank
	8,826,000		0.000			05/10/21		8,823,602
	Oglethorpe Power Corp.
	8,000,000		0.000	(d)		03/08/21		7,999,686
	5,000,000		0.000	(d)		03/17/21		4,999,617
	PSP Capital, Inc.(d)
	24,500,000		0.000			04/21/21		24,496,472
	Ridgefield Funding Co. LLC(d)
	5,000,000		0.000			03/09/21		4,999,824
	Salisbury Receivables Co.(d)
	8,500,000		0.000			03/08/21		8,499,785
	Shell International Finance B.V.(d)
	11,000,000		0.000			06/14/21		10,995,314
	11,000,000		0.000			07/08/21		10,993,789
	Societe Generale SA
	2,190,000		0.000			03/04/21		2,189,967
	12,000,000		0.000	(d)		06/28/21		11,992,296

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Principal Amount		Interest Rate			Maturity Date		Value
Short-Term Investments – (continued)
Commercial Paper(f) – (continued)
	Sumitomo Mitsui Trust Bank Ltd.(d)
$	8,000,000		0.000	%		05/28/21	$	7,997,149
	Suncor Energy, Inc.(d)
	5,000,000		0.000			03/08/21		4,999,786
	3,276,000		0.000			04/08/21		3,275,261
	Swedbank AB
	10,000,000		0.000			11/19/21		9,986,700
	The Korea Development Bank
	19,000,000		0.000			03/11/21		18,999,369
	The Walt Disney Co.(d)
	9,115,000		0.000			06/30/21		9,106,492
	Total Capital Canada Ltd.
	20,000,000		0.000	(d)		08/03/21		19,983,059
	2,000,000		0.000			08/18/21		1,998,097
	Toyota Finance Australia Ltd.
	16,150,000		0.000			03/17/21		16,148,807
	United Overseas Bank Ltd.(d)
	17,000,000		0.000			05/27/21		16,993,625
	Volkswagen Group of America Finance LLC(d)
	12,000,000		0.000			11/10/21		11,953,911
	Waste Management, Inc.
	2,350,000		0.000	(d)		07/06/21		2,347,989
	15,000,000		0.000			09/20/21		14,980,173
	Westpac Banking Corp.(d)
	11,950,000		0.000			11/29/21		11,934,335
								1,115,676,822
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $1,725,215,804)						$	1,725,599,386
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT
	(Cost $3,266,813,095)						$	3,338,166,117

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle(c) – 0.5%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	18,906,000	0.036%	$	18,906,000
	(Cost $18,906,000)
	TOTAL INVESTMENTS – 97.0% (Cost $3,285,719,095)		$	3,357,072,117
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 3.0%			103,148,169
	NET ASSETS – 100.0%		$	3,460,220,286

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2021.
(b)	All or a portion of security is on loan.
(c)	Represents an affiliated fund.
(d)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(e)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(f)	Issued with a zero coupon. Income is recognized through the accretion of discount.

Currency Abbreviations:
EUR	—Euro
USD	—U.S. Dollar
Investment Abbreviations:
ETF	—Exchange Traded Fund
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
PLC	—Public Limited Company
SOFR	—Secured Overnight Funding Rate

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2021, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
2 Year U.S. Treasury Notes		1,241			06/30/21	$	273,970,142		$	(204,710	)
5 Year U.S. Treasury Notes		658			06/30/21		81,571,438			(633,449	)
10 Year U.S. Treasury Notes		1,766			06/21/21		234,381,312			(2,840,422	)
Total									$	(3,678,581	)
Short position contracts:
S&P 500 E-Mini Index		(385	)		03/19/21		(73,327,100	)		(3,267,162	)
TOTAL FUTURES CONTRACTS									$	(6,945,743	)

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

February 28, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At February 28, 2021, the Fund had the following swap contracts:

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Reference Obligation/ Index	Financing Rate Paid by the Fund	Counterparty	Termination Date(a)	Notional Amount (000s)		Value			Unrealized Appreciation/ (Depreciation)*
JPGSVENK Index(b)	0.070%(c)	J.P. Morgan Securities LLC	04/05/21	$	104,090	$	(8,485,780	)	$	(8,485,780	)
MSGSSUIT Index(b)	0.300(c)	MS & Co. Int. PLC	04/05/21		100,885		7,812,666			7,812,666
SX7T Index	0.130(d)	Barclays Bank PLC	04/06/21	EUR	36,698		(6,156,169	)		(6,156,169	)
SX7T Index	0.180(d)	Barclays Bank PLC	04/06/21		218,198		36,586,189			36,586,189
SX7T Index	0.130(d)	Barclays Bank PLC	04/06/21		71,792		(12,041,223	)		(12,041,223	)
TOTAL						$	17,715,683		$	17,715,683

 * There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

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

(b) The top 50 components are shown below.

(c) Payments made monthly.

(d) Payments made quarterly.

A basket (JPGSVENK) of common stocks

Common Stocks	Sector	Shares			Value			Weight
Hormel Foods Corp	Consumer Staples		(5,552	)	$	(257,446	)		3.03	%
Royal Caribbean Cruises Ltd	Consumer Discretionary		(2,641	)		(246,355	)		2.90
DexCom Inc	Health Care		(454	)		(180,547	)		2.13
MarketAxess Holdings Inc	Financials		(305	)		(169,760	)		2.00
Twitter Inc	Communication Services		(2,199	)		(169,423	)		2.00
Chipotle Mexican Grill Inc	Consumer Discretionary		(115	)		(165,953	)		1.96
ServiceNow Inc	Information Technology		(311	)		(165,862	)		1.95
Carnival Corp	Consumer Discretionary		(6,158	)		(164,736	)		1.94
salesforce.com Inc	Information Technology		(760	)		(164,574	)		1.94
HollyFrontier Corp	Energy		(4,133	)		(156,574	)		1.85
Norwegian Cruise Line Holdings Ltd	Consumer Discretionary		(5,169	)		(152,785	)		1.80
Occidental Petroleum Corp	Energy		(5,678	)		(151,095	)		1.78
Wynn Resorts Ltd	Consumer Discretionary		(1,138	)		(149,876	)		1.77
Hess Corp	Energy		(2,124	)		(139,209	)		1.64
Under Armour Inc	Consumer Discretionary		(7,513	)		(136,739	)		1.61
ONEOK Inc	Energy		(2,893	)		(128,130	)		1.51
Walt Disney Co/The	Communication Services		(677	)		(128,014	)		1.51
Starbucks Corp	Consumer Discretionary		(1,174	)		(126,876	)		1.50
Global Payments Inc	Information Technology		(633	)		(125,323	)		1.48
Boston Scientific Corp	Health Care		(3,221	)		(124,891	)		1.47
Fidelity National Information Services I	Information Technology		(896	)		(123,634	)		1.46
Invesco Ltd	Financials		(5,410	)		(121,296	)		1.43
Align Technology Inc	Health Care		(213	)		(120,907	)		1.42
CarMax Inc	Consumer Discretionary		(990	)		(118,352	)		1.39
Edwards Lifesciences Corp	Health Care		(1,413	)		(117,445	)		1.38
TransDigm Group Inc	Industrials		(203	)		(117,068	)		1.38
Netflix Inc	Communication Services		(215	)		(115,737	)		1.36
Illumina Inc	Health Care		(261	)		(114,741	)		1.35
Intuitive Surgical Inc	Health Care		(155	)		(114,333	)		1.35
Centene Corp	Health Care		(1,943	)		(113,718	)		1.34
Catalent Inc	Health Care		(985	)		(112,052	)		1.32
Albemarle Corp	Materials		(696	)		(109,403	)		1.29
Paycom Software Inc	Information Technology		(292	)		(109,291	)		1.29
Amazon.com Inc	Consumer Discretionary		(35	)		(107,121	)		1.26
United Airlines Holdings Inc	Industrials		(1,933	)		(101,818	)		1.20

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

Common Stocks	Sector	Shares			Value			Weight
Live Nation Entertainment Inc	Communication Services		(1,142	)	$	(101,519	)		1.20	%
Apache Corp	Energy		(5,105	)		(100,718	)		1.19
Alaska Air Group Inc	Industrials		(1,547	)		(100,593	)		1.19
Southwest Airlines Co	Industrials		(1,723	)		(100,173	)		1.18
Incyte Corp	Health Care		(1,273	)		(100,165	)		1.18
MGM Resorts International	Consumer Discretionary		(2,637	)		(99,652	)		1.17
Las Vegas Sands Corp	Consumer Discretionary		(1,573	)		(98,467	)		1.16
Akamai Technologies Inc	Information Technology		(1,037	)		(97,993	)		1.15
Delta Air Lines Inc	Industrials		(2,041	)		(97,838	)		1.15
Expedia Group Inc	Consumer Discretionary		(606	)		(97,618	)		1.15
Marathon Petroleum Corp	Energy		(1,776	)		(97,027	)		1.14
Phillips 66	Energy		(1,146	)		(95,135	)		1.12
Exxon Mobil Corp	Energy		(1,718	)		(93,423	)		1.10
Diamondback Energy Inc	Energy		(1,331	)		(92,228	)		1.09
Charles Schwab Corp/The	Financials		(1,446	)		(89,261	)		1.05

A basket (MSGSSUIT) of common stocks

Common Stocks	Sector	Shares		Value		Weight
L Brands Inc	Consumer Discretionary		4,630	$	253,097		3.24	%
Discovery Inc	Communication Services		5,538		249,207		3.19
Capital One Financial Corp	Financials		1,891		227,256		2.91
Bank of America Corp	Financials		6,470		224,558		2.87
Synchrony Financial	Financials		5,622		217,446		2.78
Cboe Global Markets Inc	Financials		2,051		202,956		2.60
Globe Life Inc	Financials		2,125		198,484		2.54
DXC Technology Co	Information Technology		7,572		190,964		2.44
Newmont Corp	Materials		3,237		176,024		2.25
Schlumberger NV	Energy		4,625		129,088		1.65
Truist Financial Corp	Financials		2,126		121,121		1.55
Citizens Financial Group Inc	Financials		2,771		120,356		1.54
Chevron Corp	Energy		1,197		119,727		1.53
Quanta Services Inc	Industrials		1,400		117,370		1.50
Discover Financial Services	Financials		1,247		117,298		1.50
M&T Bank Corp	Financials		773		116,637		1.49
Principal Financial Group Inc	Financials		2,055		116,256		1.49
Citigroup Inc	Financials		1,746		115,022		1.47
Huntington Ingalls Industries Inc	Industrials		651		114,437		1.46
W R Berkley Corp	Financials		1,622		112,432		1.44
Trimble Inc	Information Technology		1,506		111,686		1.43
Intel Corp	Information Technology		1,810		110,037		1.41
Fidelity National Information Services I	Information Technology		789		108,937		1.39
FedEx Corp	Industrials		426		108,521		1.39
AbbVie Inc	Health Care		997		107,439		1.38
Target Corp	Consumer Discretionary		558		102,306		1.31
MSCI Inc	Financials		246		101,771		1.30
Alexion Pharmaceuticals Inc	Health Care		655		100,082		1.28
Allstate Corp/The	Financials		938		100,034		1.28
Dollar General Corp	Consumer Discretionary		529		100,024		1.28
Masco Corp	Industrials		1,852		98,570		1.26
Autodesk Inc	Information Technology		356		98,337		1.26
Vontier Corp	Information Technology		3,087		96,921		1.24
Delta Air Lines Inc	Industrials		1,420		68,059		0.87
Zebra Technologies Corp	Information Technology		135		67,489		0.86
PVH Corp	Consumer Discretionary		651		65,094		0.83
Deere & Co	Industrials		184		64,149		0.82
NOV Inc	Energy		4,241		64,040		0.82
Fifth Third Bancorp	Financials		1,821		63,159		0.81
KeyCorp	Financials		3,129		63,016		0.81
Comerica Inc	Financials		923		62,857		0.80
Martin Marietta Materials Inc	Materials		182		61,238		0.78

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

February 28, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Common Stocks	Sector	Shares		��	Value		Weight
JPMorgan Chase & Co	Financials		414		$	60,961		0.78	%
FleetCor Technologies Inc	Information Technology		215			59,612		0.76
Mastercard Inc	Information Technology		167			59,083		0.76
Mosaic Co/The	Materials		1,999			58,769		0.75
Eastman Chemical Co	Materials		537			58,664		0.75
Fiserv Inc	Information Technology		504			58,164		0.74
Ford Motor Co	Consumer Discretionary		4,958			58,005		0.74
Boston Scientific Corp	Health Care		1,494			57,918		0.74

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At February 28, 2021, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty		Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
4M IRS		MS & Co. Int. PLC	$1.400		06/02/2021		100,000,000		$	100,000,000		$	886,550		$	490,000		$	396,550
Written option contracts
Calls
9M IRS		MS & Co. Int. PLC	2.070		11/24/2021		(108,400,000	)		(108,400,000	)		(9,325,186	)		(7,284,480	)		(2,040,706	)
6M IRS		Barclays Bank PLC	1.400		06/02/2021		(100,000,000	)		(100,000,000	)		(886,550	)		(4,795,000	)		3,908,450
Total written option contracts							(208,400,000	)	$	(208,400,000	)	$	(10,211,736	)	$	(12,079,480	)	$	1,867,744
TOTAL							(108,400,000	)	$	(108,400,000	)	$	(9,325,186	)	$	(11,589,480	)	$	2,264,294

OVER-THE-COUNTER OPTIONS ON EQUITIES

Description	Counterparty	Exercise Rate++		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Stox Index	BofA Securities LLC	$	430.546		12/17/2021		207,495		$	207,495		$	2,753,992		$	3,071,871		$	(317,879	)
Written option contracts
Puts
S&P Index	Barclays Bank PLC		3,520.209		12/31/2021		(27,404	)		(27,404	)		(6,492,497	)		(7,265,549	)		773,052
S&P Index	BofA Securities LLC		3,183.120		12/31/2021		(82,040	)		(82,040	)		(12,730,665	)		(18,004,367	)		5,273,702
Stox Index	BofA Securities LLC		348.537		12/17/2021		(207,495	)		(207,495	)		(3,474,166	)		(3,144,264	)		(329,902	)
SX7E Index	BofA Securities LLC		68.565		11/12/2021		(1,971,727	)		(1,971,727	)		(9,457,676	)		(21,451,190	)		11,993,514
RUT Index	MS & Co. Int. PLC		1,803.030		12/31/2021		(110,313	)		(110,313	)		(11,633,920	)		(20,635,635	)		9,001,715
Total written option contracts							(2,398,979	)	$	(2,398,979	)	$	(43,788,924	)	$	(70,501,005	)	$	26,712,081
TOTAL							(2,191,484	)	$	(2,191,484	)	$	(41,034,932	)	$	(67,429,134	)	$	26,394,202

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

Abbreviations:
4M IRS	—4 Months Interest Rate Swaptions
6M IRS	—6 Months Interest Rate Swaptions
9M IRS	—9 Months Interest Rate Swaptions
BofA Securities LLC	—Bank of America Securities LLC
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC

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

GOLDMAN SACHS ALLOCATION FUNDS

Statements of Assets and Liabilities

February 28, 2021 (Unaudited)

	Global Managed Beta Fund		Strategic Factor Allocation Fund		Tactical Tilt Overlay Fund(a)
Assets:
Investments of unaffiliated issuers, at value (cost 766,165,279, $0 and $1,956,455,099, respectively) (b)	$	1,066,216,852	$	—	$	1,999,688,227
Investments of affiliated issuers, at value (cost $623,439,592, $1,469,722,865 and $1,310,357,996, respectively)		712,807,969		1,469,722,865		1,338,477,890
Investments in securities lending reinvestment vehicle — affiliated issuer, at value, (Cost $0, $0 and $18,906,000, respectively)		—		—		18,906,000
Purchased options, at value (premium paid $3,790,829, $1,094,692 and $3,561,871, respectively)		13,055,175		862,155		3,640,542
Cash		29,905,311		57,656,171		67,009,408
Foreign currencies, at value (cost $854,239, $0 and $9,762,932, respectively)		856,839		—		9,725,370
Unrealized gain on swap contracts		—		—		44,398,855
Unrealized gain on forward foreign currency exchange contracts		3,276,097		1,046,003		—
Variation margin on futures contracts		—		—		705,821
Receivables:
Investments sold		30,758,703		606,027		72,895,256
Collateral on certain derivative contracts(c)		28,126,848		390,068,276		42,634,955
Fund shares sold		22,000,000		11,179,726		9,241,124
Dividends and interest		220,249		34,214		589,225
Foreign tax reclaims		165,199		—		—
Investments sold on an extended-settlement basis		36,138		—		—
Reimbursement from investment adviser		14,795		—		4,912
Securities lending income		—		—		33,642
Due from broker — upfront payment		—		—		15,018,382
Other assets		14,072		30,743		52,628
Total assets		1,907,454,247		1,931,206,180		3,623,022,237
Liabilities:
Unrealized loss on swap contracts		576,724		—		26,683,172
Unrealized loss on forward foreign currency exchange contracts		3,377,401		1,392,711		—
Variation margin on futures contracts		460,893		8,995,442		—
Written option contracts, at value (premium received $2,090,717, $2,706,039 and $82,580,485, respectively)		1,943,595		8,988,686		54,000,660
Payables:
Fund shares redeemed		66,139,000		4,430,002		4,071,057
Investments purchased		6,119,371		153,316		22,099,712
Management fees		385,270		911,732		1,653,874
Transfer Agency fees		29,024		43,814		78,644
Collateral on certain derivative contracts(d)		—		—		29,952,370
Payable upon return of securities loaned		—		—		18,906,000
Investments purchased on an extended — settlement basis		—		—		5,000,000
Accrued expenses		403,008		305,901		356,462
Total liabilities		79,434,286		25,221,604		162,801,951
Net Assets:
Paid-in capital		1,386,124,413		1,862,030,712		3,620,695,910
Total distributable earnings (loss)		441,895,548		43,953,864		(160,475,624	)
NET ASSETS	$	1,828,019,961	$	1,905,984,576	$	3,460,220,286
Net Assets:
Institutional	$	1,828,019,961		4,885,993		2,663,394
Class R6		—		12,082		918,520,896
Class P		—		1,901,086,501		2,539,035,996
Total Net Assets	$	1,828,019,961	$	1,905,984,576	$	3,460,220,286
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		124,814,331		428,217		258,560
Class R6		—		1,070		92,060,453
Class P		—		168,470,769		254,468,888
Net asset value, offering and redemption price per share:
Institutional		$14.65		11.41		10.30
Class R6		—		11.29		9.98
Class P		—		11.28		9.98

(a) Consolidated Statement of Assets and Liabilities for the Fund is consolidated and includes the balances of a wholly owned subsidiary, Cayman Commodity —TTIF, Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b) Includes loaned securities having market value of $0, $0 and $18,439,652, respectively.

(c) Includes amounts segregated for initial margin requirements and/or collateral on

Funds	Futures		Forwards		Options		Swaps
Global Managed Beta Fund	$	3,444,402	$	9,710,000	$	14,972,446	$	—
Strategic Factor Allocation Fund		84,021,185		3,120,000		302,927,091		—
Tactical Tilt Overlay Fund		7,254,955		—		—		35,380,000

(d) Includes amount segregated for initial margin requirements and/or collateral on swaps.

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

GOLDMAN SACHS ALLOCATION FUNDS

Statements of Operations

For the Six Months Ended February 28, 2021 (Unaudited)

	Global Managed Beta Fund			Strategic Factor Allocation Fund			Tactical Tilt Overlay Fund(a)
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $48,828, $0 and $0, respectively.)	$	9,078,031		$	—		$	5,348,396
Dividends — affiliated issuers		5,095,144			159,370			1,992,845
Interest — unaffiliated issuers		—			—			3,438,628
Securities lending income — unaffiliated issuers		4,179			—			243,209
Total investment income		14,177,354			159,370			11,023,078
Expenses:
Management fees		2,569,025			6,350,452			12,465,482
Transfer Agency fees(b)		171,268			254,227			474,844
Custody, accounting and administrative services		135,040			89,390			159,650
Professional fees		58,547			60,101			96,392
Printing and mailing costs		18,940			28,903			34,241
Registration fees		12,732			22,692			29,937
Trustee fees		10,573			10,657			11,746
Prime Broker Fees		3,838			15,874			535
Other		21,458			20,833			32,073
Total expenses		3,001,421			6,853,129			13,304,900
Less — expense reductions		(2,145,652	)		(1,049,703	)		(2,221,421	)
Net expenses		855,769			5,803,426			11,083,479
NET INVESTMENT INCOME (LOSS)		13,321,585			(5,644,056	)		(60,401	)
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		15,402,352			89			9,186,808
Investment — affiliated issuers		(24,445	)		—			3,811,239
Purchased options		—			(5,966,717	)		51,803,385
Futures contracts		47,466,135			75,683,447			(35,803,567	)
Written options		5,014,680			29,001,985			(23,729,426	)
Swap contracts		—			—			80,014,272
Forward foreign currency exchange contracts		(13,345,012	)		3,641,118			(3,561,482	)
Foreign currency transactions		24,099			(368,759	)		1,672,714
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		109,384,726			—			41,984,347
Investments — affiliated issuers		58,998,962			—			24,889,825
Purchased options		120,756			136,649			(26,149,893	)
Futures contracts		1,275,524			(43,669,808	)		4,764,484
Written options		241,221			(5,972,150	)		47,700,822
Swap contracts		(576,724	)		—			5,113,696
Forward foreign currency exchange contracts		10,614,841			(2,874,833	)		1,745,724
Foreign currency translation		50,396			—			(601,121	)
Net realized and unrealized gain		234,647,511			49,611,021			182,841,827
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	247,969,096		$	43,966,965		$	182,781,426

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

(b) Class specific Transfer Agency fees were as follows:

	Institutional		Class R6		Class P
Global Managed Beta Fund	$	171,268	$	—	$	—
Strategic Factor Allocation Fund		836		2		253,389
Tactical Tilt Overlay Fund		410		122,908		351,526

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

GOLDMAN SACHS ALLOCATION FUNDS

Statements of Changes in Net Assets

	Global Managed Beta Fund						Strategic Factor Allocation Fund
	For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020
From operations:
Net investment income (loss)	$	13,321,585		$	23,074,510		$	(5,644,056	)	$	2,409,683
Net realized gain		54,537,809			48,102,433			101,991,163			96,548,496
Net change in unrealized gain (loss)		180,109,702			135,723,802			(52,380,142	)		55,906,543
Net increase in net assets resulting from operations		247,969,096			206,900,745			43,966,965			154,864,722
Distributions to shareholders:
From distributable earnings:
Institutional Shares		(81,014,178	)		(47,547,059	)		(353,924	)		(106,078	)
Class R6 Shares		—			—			(899	)		(289	)
Class P Shares		—			—			(125,892,465	)		(42,652,117	)
Total distributions to shareholders		(81,014,178	)		(47,547,059	)		(126,247,288	)		(42,758,484	)
From share transactions:
Proceeds from sales of shares		309,608,800			423,801,618			399,533,943			281,731,510
Reinvestment of distributions		81,014,178			47,547,059			126,247,288			42,758,484
Cost of shares redeemed		(322,845,740	)		(188,792,678	)		(156,571,000	)		(388,930,874	)
Net increase (decrease) in net assets resulting from share transactions		67,777,238			282,555,999			369,210,231			(64,440,880	)
TOTAL INCREASE		234,732,156			441,909,685			286,929,908			47,665,358
Net assets:
Beginning of period		1,593,287,805			1,151,378,120			1,619,054,668			1,571,389,310
End of period	$	1,828,019,961		$	1,593,287,805		$	1,905,984,576		$	1,619,054,668

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

GOLDMAN SACHS ALLOCATION FUNDS

Statements of Changes in Net Assets^(a)

	Tactical Tilt Overlay Fund
	For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020
From operations:
Net investment income	$	(60,401	)	$	26,187,988
Net realized gain (loss)		83,393,943			(16,125,503	)
Net change in unrealized gain		99,447,884			62,561,781
Net increase in net assets resulting from operations		182,781,426			72,624,266
Distributions to shareholders:
From distributable earnings:
Institutional Shares		(88,055	)		(88,497	)
Class R6 Shares		(41,354,663	)		(8,832,644	)
Class P Shares		(113,568,116	)		(33,423,852	)
Total distributions to shareholders		(155,010,834	)		(42,344,993	)
From share transactions:
Proceeds from sales of shares		492,783,380			519,364,648
Reinvestment of distributions		155,010,834			42,344,993
Cost of shares redeemed		(244,729,184	)		(1,493,766,458	)
Net increase (decrease) in net assets resulting from share transactions		403,065,030			(932,056,817	)
TOTAL INCREASE (DECREASE)		430,835,622			(901,777,544	)
Net assets:
Beginning of period		3,029,384,664			3,931,162,208
End of period	$	3,460,220,286		$	3,029,384,664

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

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Global Managed Beta Fund
	Institutional Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 - August 31, 2017*			Year Ended October 31, 2016
				2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	13.26		$	11.86		$	12.23		$	11.33		$	9.84		$	9.68
Net investment income(a)		0.11			0.22			0.29			0.25			0.15			0.18
Net realized and unrealized gain (loss)		1.93			1.67			(0.25	)		1.00			1.54			0.11
Total from investment operations		2.04			1.89			0.04			1.25			1.69			0.29
Distributions to shareholders from net investment income		(0.18	)		(0.38	)		(0.29	)		(0.14	)		(0.20	)		(0.11	)
Distributions to shareholders from net realized gains		(0.47	)		(0.11	)		(0.12	)		(0.21	)		—			(0.02	)
Total distributions		(0.65	)		(0.49	)		(0.41	)		(0.35	)		(0.20	)		(0.13	)
Net asset value, end of period	$	14.65		$	13.26		$	11.86		$	12.23		$	11.33		$	9.84
Total return(b)		15.61	%		16.13	%		0.78	%		11.18	%		17.43	%		3.08	%
Net assets, end of period (in 000s)	$	1,828,020		$	1,593,288		$	1,151,378		$	1,184,276		$	442,071		$	144,246
Ratio of net expenses to average net assets(c)		0.10	%(f)		0.05	%		0.05	%		0.07	%		0.10	%(f)		0.17	%
Ratio of total expenses to average net assets(c)		0.35	%(f)		0.37	%		0.37	%		0.39	%		0.42	%(f)		0.48	%
Ratio of net investment income to average net assets		1.56	%(f)		1.79	%		2.49	%		2.07	%		1.71	%(f)		1.90	%
Portfolio turnover rate(g)		15	%		45	%		56	%		18	%		44	%		37	%

* The Fund changed its fiscal year end from October 31 to August 31.

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(d) Annualized.

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

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Factor Allocation Fund
	Institutional Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,												Period Ended August 31, 2016(a)
				2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	11.98		$	11.06		$	11.26		$	10.96		$	10.34		$	10.00
Net investment income (loss)(b)		(0.04	)		0.03			0.11			0.06			—	(c)		(0.01	)
Net realized and unrealized gain		0.38			1.18			0.30			0.50			0.70			0.35
Total from investment operations		0.34			1.21			0.41			0.56			0.70			0.34
Distributions to shareholders from net investment income		—			(0.15	)		—			(0.01	)		—	(c)		—
Distributions to shareholders from net realized gains		(0.91	)		(0.14	)		(0.61	)		(0.25	)		(0.08	)		—
Total distributions		(0.91	)		(0.29	)		(0.61	)		(0.26	)		(0.08	)		—
Net asset value, end of period	$	11.41		$	11.98		$	11.06		$	11.26		$	10.96		$	10.34
Total return(d)		3.12	%		11.11	%		4.15	%		5.18	%		6.88	%		3.40	%
Net assets, end of period (in 000s)	$	4,886		$	3,013		$	5,424		$	20,035		$	1,459,234		$	338,592
Ratio of net expenses to average net assets		0.70	%(e)		0.69	%		0.72	%		0.71	%		0.74	%		0.87	%(e)
Ratio of total expenses to average net assets		0.82	%(e)		0.82	%		0.82	%		0.80	%		0.84	%		1.07	%(e)
Ratio of net investment income (loss) to average net assets		(0.68	)%(e)		0.26	%		1.05	%		0.59	%		0.01	%		(0.51	)%(e)
Portfolio turnover rate(f)		—	%(g)		—	%(g)		962	%		725	%		589	%		86	%

(a) Commenced operations on May 31, 2016.

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

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

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

(g) There were no long-term transactions for the period ended February 28, 2021 and for the year ended August 31, 2020.

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Factor Allocation Fund
	Class R6 Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	11.87		$	10.96		$	11.26		$	11.10
Net investment income (loss)(b)		(0.04	)		0.02			0.12			0.04
Net realized and unrealized gain		0.37			1.19			0.28			0.12
Total from investment operations		0.33			1.21			0.40			0.16
Distributions to shareholders from net investment income		—			(0.16	)		(0.09	)		—
Distributions to shareholders from net realized gains		(0.91	)		(0.14	)		(0.61	)		—
Total distributions		(0.91	)		(0.30	)		(0.70	)		—
Net asset value, end of period	$	11.29		$	11.87		$	10.96		$	11.26
Total return(c)		3.14	%		11.12	%		4.14	%		1.44	%
Net assets, end of period (in 000s)	$	12		$	12		$	11		$	10
Ratio of net expenses to average net assets		0.67	%(d)		0.66	%		0.68	%		0.69	%(d)
Ratio of total expenses to average net assets		0.79	%(d)		0.80	%		0.80	%		0.79	%(d)
Ratio of Net investment income (loss)		(0.64	)%(d)		0.15	%		1.08	%		0.58	%(d)
Portfolio turnover rate(e)		—	%(f)		—	%(f)		962	%		725	%

(a) Commenced operations on December 29, 2017.

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

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

(f) There were no long-term transactions for the period ended February 28, 2021 and for the year ended August 31, 2020.

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Factor Allocation Fund
	Class P Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	11.86		$	10.96		$	11.26		$	10.83
Net investment income (loss)(b)		(0.04	)		0.02			0.11			0.02
Net realized and unrealized gain		0.37			1.18			0.29			0.41
Total from investment operations		0.33			1.20			0.40			0.43
Distributions to shareholders from net investment income		—			(0.16	)		(0.09	)		—
Distributions to shareholders from net realized gains		(0.91	)		(0.14	)		(0.61	)		—
Total distributions		(0.91	)		(0.30	)		(0.70	)		—
Net asset value, end of period	$	11.28		$	11.86		$	10.96		$	11.26
Total return(c)		3.14	%		11.03	%		4.16	%		3.97	%
Net assets, end of period (in 000s)	$	1,901,087		$	1,616,030		$	1,565,955		$	2,467,490
Ratio of net expenses to average net assets		0.69	%(d)		0.68	%		0.71	%		0.71	%(d)
Ratio of total expenses to average net assets		0.81	%(d)		0.82	%		0.82	%		0.80	%(d)
Ratio of net investment income (loss) to average net assets		(0.67	)%(d)		0.15	%		1.07	%		0.40	%(d)
Portfolio turnover rate(e)		—	%(f)		—	%(f)		962	%		725	%

(a) Commenced operations on April 17, 2018.

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

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

(f) There were no long-term transactions for the period ended February 28, 2021 and for the year ended August 31, 2020.

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Tactical Tilt Overlay Fund
	Institutional Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 - August 31, 2017*			Year Ended October 31, 2016
				2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	10.20		$	9.94		$	9.87		$	9.73		$	9.83		$	10.40
Net investment income(a)		0.02			0.11			0.22			0.12			0.09			0.11
Net realized and unrealized gain (loss)		0.55			0.26			(0.15	)		0.11			(0.01	)		(0.22	)
Total from investment operations		0.57			0.37			0.07			0.23			0.08			(0.11	)
Distributions to shareholders from net investment income		(0.47	)		(0.11	)		—			(0.09	)		(0.18	)		(0.46	)
Net asset value, end of period	$	10.30		$	10.20		$	9.94		$	9.87		$	9.73		$	9.83
Total return(b)		5.84	%		3.72	%		0.71	%		2.39	%		0.82	%		(0.96	)%
Net assets, end of period (in 000s)	$	2,663		$	1,681		$	25,673		$	23,583		$	5,242,928		$	5,214,846
Ratio of net expenses to average net assets(c)		0.71	%(d)		0.73	%		0.74	%		0.69	%		0.62	%(d)		0.59	%
Ratio of total expenses to average net assets(c)		0.79	%(d)		0.78	%		0.79	%		0.76	%		0.75	%(d)		0.77	%
Ratio of net investment income to average net assets		0.44	%(d)		1.08	%		2.17	%		1.20	%		1.10	%(d)		1.15	%
Portfolio turnover rate(e)		16	%		70	%		46	%		41	%		28	%		48	%

* The Fund changed its fiscal year end from October 31 to August 31.

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(d) Annualized.

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

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Tactical Tilt Overlay Fund
	Class R6 Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	9.91		$	9.67		$	9.87		$	9.81
Net investment income(b)		0.02			0.07			0.26			0.11
Net realized and unrealized gain (loss)		0.54			0.28			(0.20	)		(0.05	)
Total from investment operations		0.56			0.35			0.06			0.06
Distributions to shareholders from net investment income		(0.49	)		(0.11	)		(0.26	)		—
Net asset value, end of period	$	9.98		$	9.91		$	9.67		$	9.87
Total return(c)		5.77	%		3.80	%		0.58	%		0.61	%
Net assets, end of period (in 000s)	$	918,521		$	736,643		$	714,633		$	343,370
Ratio of net expenses to average net assets(d)		0.70	%(e)		0.72	%		0.73	%		0.69	%(e)
Ratio of total expenses to average net assets(d)		0.78	%(e)		0.78	%		0.78	%		0.76	%(e)
Ratio of net investment income to average net assets		0.46	%(e)		0.73	%		2.65	%		1.77	%(e)
Portfolio turnover rate(f)		16	%		70	%		46	%		41	%

(a) Commenced operations on December 29, 2017.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 45

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Tactical Tilt Overlay Fund
	Class P Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	9.91		$	9.66		$	9.87		$	9.76
Net investment income(b)		0.02			0.08			0.20			0.14
Net realized and unrealized gain (loss)		0.54			0.28			(0.15	)		(0.03	)
Total from investment operations		0.56			0.36			0.05			0.11
Distributions to shareholders from net investment income		(0.49	)		(0.11	)		(0.26	)		—
Net asset value, end of period	$	9.98		$	9.91		$	9.66		$	9.87
Total return(c)		5.76	%		3.79	%		0.59	%		1.13	%
Net assets, end of period (in 000s)	$	2,539,036		$	2,291,061		$	3,190,855		$	4,045,246
Ratio of net expenses to average net assets(d)		0.70	%(e)		0.72	%		0.72	%		0.71	%(e)
Ratio of total expenses to average net assets(d)		0.78	%(e)		0.78	%		0.78	%		0.77	%(e)
Ratio of net investment income to average net assets		0.45	%(e)		0.78	%		2.07	%		3.80	%(e)
Portfolio turnover rate(f)		16	%		70	%		46	%		41	%

(a) Commenced operations on April 17, 2018.

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

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

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

GOLDMAN SACHS ALLOCATION FUNDS

Notes to Financial Statements

February 28, 2021 (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 Managed Beta Fund	Institutional	Diversified
Strategic Factor Allocation Fund	Institutional, R6 and P	Diversified
Tactical Tilt Overlay Fund	Institutional, R6 and P	Diversified

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as

investment adviser to each of the Global Managed Beta, Strategic Factor Allocation and Tactical Tilt Overlay Funds pursuant to management agreements (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.  Basis of Consolidation for Goldman Sachs Tactical Tilt Overlay Fund — The Cayman Commodity – TTIF, LLC. (the “Subsidiary”), a Cayman Islands exempted company is currently a wholly-owned subsidiary of the Tactical Tilt Overlay Fund. The Subsidiary acts as an investment vehicle for the Fund to enable the Fund to gain exposure to certain types of commodity-linked derivative instruments. The Fund is the sole shareholder of the Subsidiary and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiary. All inter-fund balances and transactions have been eliminated in consolidation. As of February 28, 2021, the Fund’s net assets were $3,460,220,286, of which, $487,503,946, or 14.1%, represented the Subsidiary’s net assets.

B.  Investment Valuation — Each Fund’s valuation policies are to value investments at fair value.

C.  Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. 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 a Fund’s investments in 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 Fund as a reduction to the cost basis of the REIT.

Distributions from master limited partnerships (“MLPs”) are generally recorded based on the characterization reported on the MLP’s tax return. A Fund records 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.

47

GOLDMAN SACHS ALLOCATION FUNDS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

D.  Class Allocations and Expenses for Tactical Tilt Overlay Fund and Strategic Factor Allocation Fund — 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 Fund on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Transfer Agency fees.

E.  Expenses — Expenses incurred directly by the Funds are charged to the Funds, and certain expenses incurred by the Trust that may not solely relate to the Funds are allocated to the Funds and the other applicable funds of the Trust on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

F.  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 at least annually.

The Subsidiary is classified as a controlled foreign corporation under the Code. Therefore, the Tactical Tilt Overlay Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

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

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each 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 Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

G.  Foreign Currency Translation — The accounting records and reporting currency of the Funds are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

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

48

GOLDMAN SACHS ALLOCATION FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. 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 fund 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 will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. 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 Fair Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

49

GOLDMAN SACHS ALLOCATION FUNDS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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 and Consolidated 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 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 by using the outright forward rates or interpolating based upon maturity dates, where available. 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.

50

GOLDMAN SACHS ALLOCATION FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 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 a Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If 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 the Fund bought credit protection.

51

GOLDMAN SACHS ALLOCATION FUNDS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 each 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 each Fund’s investments and derivatives classified in the fair value hierarchy as of February 28, 2021:

GLOBAL MANAGED BETA
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	974,736		$	17,543,590		$	—
Australia and Oceania		36,425			4,174,310			—
Europe		4,770,880			37,667,813			—
North America		134,836,109			28,952			—
South America		39,858			—			—
Exchange Traded Funds		1,439,191,863			—			—
Investment Company		139,760,285			—			—
Total	$	1,719,610,156		$	59,414,665		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(b)	$	—		$	3,276,097		$	—
Futures Contracts(b)		20,483,735			—			—
Purchased Options		13,055,175			—			—
Total	$	33,538,910		$	3,276,097		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(b)	$	—		$	(3,377,401	)	$	—
Total Return Swap Contracts(b)		—			(576,724	)		—
Written option contracts		(1,943,595	)		—			—
Total	$	(1,943,595	)	$	(3,954,125	)	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

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

52

GOLDMAN SACHS ALLOCATION FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

STRATEGIC FACTOR ALLOCATION
Investment Type	Level 1			Level 2			Level 3
Assets
Investment Company	$	1,469,722,865		$	—		$	—
Total	$	1,469,722,865		$	—		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	1,046,003		$	—
Futures Contracts(a)		17,548,530			—			—
Purchased Options		862,155			—			—
Total	$	18,410,685		$	1,046,003		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(1,392,711	)	$	—
Futures Contracts(a)		(1,204,073	)		—			—
Written option contracts		(8,988,686	)		—			—
Total	$	(10,192,759	)	$	(1,392,711	)	$	—

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

TACTICAL TILT OVERLAY
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	10,002,934		$	—
Exchange Traded Funds		264,085,907			—			—
Investment Companies		1,338,477,890			—			—
Short-term Investments		—			1,725,599,386			—
Securities Lending Reinvestment Vehicle		18,906,000			—			—
Total	$	1,621,469,797		$	1,735,602,320		$	—
Derivative Type
Assets
Total Return Swap Contracts(a)	$	—		$	44,398,855		$	—
Purchased Options		—			3,640,542			—
Total	$	—		$	48,039,397		$	—
Liabilities
Futures Contracts(a)	$	(6,945,743	)	$	—		$	—
Total Return Swap Contracts(a)		—			(26,683,172	)		—
Written option contracts		—			(54,000,660	)		—
Total	$	(6,945,743	)	$	(80,683,832	)	$	—

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

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

53

GOLDMAN SACHS ALLOCATION FUNDS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of February 28, 2021. These instruments were used as part of a 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 a Fund’s net exposure.

Global Managed Beta Fund
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Purchased options, at value	$	13,055,175		—		—
Commodity	—		—		Payable for unrealized loss on swap contracts		(576,724)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		3,276,097		Payable for unrealized loss on forward foreign currency exchange contracts		(3,377,401)
Equity	Variation margin on futures contracts		20,483,735	(a)	Written options, at value		(1,943,595)
Total		$	36,815,007			$	(5,897,720)
Strategic Factor Allocation Fund
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts	$	1,487,710	(a)	Variation margin on futures contracts; Written options, at value	$	(8,046,479	)(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		1,046,003		Payable for unrealized loss on forward foreign currency exchange contracts		(1,392,711)
Equity	Variation margin on futures Contracts; Purchased options, at value		16,922,975	(a)	Written options, at value		(2,146,280)
Total		$	19,456,688			$	(11,585,470)
Tactical Tilt Overlay Fund
Risk	Consolidated Statement of Assets and Liabilities	Assets			Consolidated Statement of Assets and Liabilities	Liabilities
Interest rate	Purchased options, at value	$	886,550		Variation margin on futures contracts; Written options, at value	$	(13,890,317)	(a)
Equity	Receivable for unrealized gain on swap contracts; Purchased options, at value		47,152,847		Payable for unrealized loss on swap contracts; Variation margin on futures contracts; Written options, at value		(73,739,258)	(a)
Total		$	48,039,397			$	(87,629,575)

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

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GOLDMAN SACHS ALLOCATION FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth, by certain risk types, each Fund’s gains (losses) related to these derivatives and their indicative volumes for the six months ended February 28, 2021. 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 and Consolidated Statement of Operations:

Global Managed Beta Fund
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest Rate	Net realized gain (loss) from purchased options/Net change in unrealized gain (loss) on purchased options	$	—		$	120,756			1
Commodity	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		—			(576,724	)		1
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(13,345,012	)		10,614,841			42
Equity	Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options		52,480,815			1,516,745			1,993
Total		$	39,135,803		$	11,675,618			2,037
Strategic Factor Allocation Fund
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest Rate	Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options	$	(42,375,039	)	$	(3,208,212	)		5,568
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		3,641,118			(2,874,833	)		13
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		141,093,754			(46,297,097	)		2,142
Total		$	102,359,833		$	(52,380,142	)		7,723

(a) Average number of contracts is based on the average of month end balances for the period February 28, 2021.

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GOLDMAN SACHS ALLOCATION FUNDS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

Tactical Tilt Overlay Fund
Risk	Consolidated Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from futures contracts, swap contracts, purchased options and written options /Net change in unrealized gain (loss) on futures contracts, purchased options and written options	$	177,941	$	(7,030,075	)		3,475
Commodity	Net realized gain (loss) from futures contracts		(21,046,751)		—			2,612
Currency	Net realized gain (loss) from forward foreign currency exchange contracts, purchased options and written options /Net change in unrealized gain (loss) on forward foreign currency exchange contracts, purchased options and written options		(10,032,499)		3,556,535			2
Equity	Net realized gain (loss) from futures contracts, purchased options, swap contracts and written options/Net change in unrealized gain (loss) on swap contracts, futures contracts, purchased options and written options		99,624,491		36,648,373			7,263
Total		$	68,723,182	$	33,174,833			13,352

(a) Average number of contracts is based on the average of month end balances for the period February 28, 2021.

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, a 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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4. INVESTMENTS IN DERIVATIVES (continued)

The following table sets forth the Tactical Tilt Overlay Fund’s net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of February 28, 2021:

Tactical Tilt Overlay Fund
	Derivative Assets(1)						Derivative Liabilities(1)									Net Derivative Asset (Liabilities)			Collateral (Received) Pledged(1)			Net Amount(2)
Counterparty	Options Purchased		Swaps		Total		Swaps			Options Written			Total
Barclays Bank PLC	$	—	$	36,586,189	$	36,586,189	$	(18,197,392	)	$	(7,379,047	)	$	(25,576,439	)	$	11,009,750		$	(11,009,750	)	$	—
BofA Securities LLC		2,753,992		—		2,753,992		—			(25,662,507	)		(25,662,507	)		(22,908,515	)		21,600,000			(1,308,515	)
J.P. Morgan Securities LLC		—		—		—		(8,485,780	)		—			(8,485,780	)		(8,485,780	)		8,485,780			—
MS & Co. Int. PLC		886,550		7,812,666		8,699,216		—			(20,959,106	)		(20,959,106	)		(12,259,890	)		—			(12,259,890	)
Total	$	3,640,542	$	44,398,855	$	48,039,397	$	(26,683,172	)	$	(54,000,660	)	$	(80,683,832	)	$	(32,644,435	)	$	19,076,030		$	(13,568,405	)

(1) Gross amounts available for offset but not netted in the Consolidated Statement of Assets and Liabilities.

(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages each 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 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 the Funds’ average daily net assets.

For the six months ended February 28, 2021, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate															Effective Net Management Fee Rate*^
Fund	First $2 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
Strategic Factor Allocation		0.75	%		0.68	%		0.64	%		0.62	%		0.75	%		0.63	%
Tactical Tilt Overlay		0.75	%		0.68	%		0.64	%		0.62	%		0.72	%		0.61	%(a)
Global Managed Beta		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%		0.11	%

* GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to any management fee it earns as an investment adviser to any of the affiliated funds in which the Fund invests through at least December 29, 2021. Prior to such date GSAM may not terminate the arrangement without the approval of the Trustees.

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

(a) Reflects combined management fees paid to GSAM under the Agreement and the Subsidiary Agreement (as defined below) after waivers.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”). The Tactical Tilt Overlay Fund invests in each of the Goldman Sachs Energy Infrastructure Fund, Goldman Sachs High Yield Floating Rate Fund and the Goldman Sachs MLP Energy Infrastructure Fund, and the Global Managed Beta Fund invests in each of the Goldman Sachs ActiveBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF and the Goldman Sachs MarketBeta US Equity ETF, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which the Funds invest, except those management fees it earns from the Funds’ investment of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the six

57

GOLDMAN SACHS ALLOCATION FUNDS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

months ended February 28, 2021, GSAM waived $540,516, $1,049,703 and $796,565 of the Global Managed Beta, Strategic Factor Allocation and Tactical Tilt Overlay Funds’ management fees, respectively.

GSAM had previously agreed to waive all management fees payable by the Global Managed Beta Fund, except those management fees it earns from the Fund’s investment of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. This arrangement terminated on December 29, 2020. For the six months ended February 28, 2021, GSAM waived $1,605,136 of the Global Managed Beta Fund’s management fees.

GSAM also provides management services to the Tactical Tilt Overlay Fund’s Subsidiary pursuant to a Subsidiary Management Agreement (the “Subsidiary Agreement”) and is entitled to a management fee accrued daily and paid monthly, equal to an annual percentage rate of 0.42% of the Subsidiary’s average daily net assets. In consideration of the Subsidiary’s management fee, and for as long as the Subsidiary Agreement remains in effect, GSAM has contractually agreed to waive irrevocably a portion of the Tactical Tilt Overlay Fund’s management fee in an amount equal to the management fee accrued and paid to GSAM by the Subsidiary under the Subsidiary Agreement. For the six months ended February 28, 2021, GSAM waived $1,391,229 of the Tactical Tilt Overlay Fund’s management fee.

B.  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 of 0.04% of the average daily net assets of Institutional Shares for the Tactical Tilt Overlay Fund and Strategic Factor Allocation Fund, 0.02% of the average daily net assets of Institutional Shares for the Global Managed Beta Fund and 0.03% of the average daily net assets of Class R6 Shares and Class P Shares for the Tactical Tilt Overlay Fund and Strategic Factor Allocation Fund.

C.  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 the Funds. 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 Global Managed Beta Fund, Strategic Factor Allocation Fund and Tactical Tilt Overlay Fund are 0.204%, 0.164% and 0.164%, respectively. These Other Expense limitations will remain in place through at least December 29, 2021 and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds expenses and are received irrespective of the application of the “Other Expense” limitations described above.

Goldman Sachs may voluntarily waive a portion of any payments under the Tactical Tilt Overlay Fund’s Transfer Agency Agreement, and this waiver is in addition to what is stipulated in any contractual fee waiver arrangements (as applicable). These temporary waivers may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.

For the six months ended February 28, 2021, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Other Expense Reimbursements		Total Expense Reductions
Global Managed Beta	$	2,145,652	$	—	$	2,145,652
Strategic Factor Allocation		1,049,703		—		1,049,703
Tactical Tilt Overlay		2,187,795		33,626		2,221,421

D.  Line of Credit Facility — As of February 28, 2021, 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

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by each Fund based on the amount of the commitment that has not been utilized. For the six months ended February 28, 2021, the Funds did not have any borrowings under the facility.

E.  Other Transactions with Affiliates — For the six months ended February 28, 2021, Goldman Sachs earned $33,664, in brokerage commissions from fund transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Tactical Tilt Overlay Fund.

As of February 28, 2021, the Goldman Sachs Tactical Tilt Overlay Fund was the beneficial owner of 9% of the Goldman Sachs Tax-Advantaged Global Equity Portfolio.

As of February 28, 2021, the Goldman Sachs Group, Inc. was the beneficial owner of 100% of Class R6 Shares of the Strategic Factor Allocation Fund.

The table below shows the transactions in and earnings from investments in the Underlying Funds for the six months ended February 28, 2021:

Global Managed Beta
Underlying Funds	Beginning Value as of August 31, 2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)		Ending Value as of February 28, 2021		Shares as of 2/28/2021		Dividend Income
Goldman Sachs ActiveBeta Emerging Markets Equity ETF	$	19,128,445	$	—	$	—		$	—		$	3,477,377	$	22,605,822		574,773	$	278,253
Goldman Sachs Financial Square Government Fund — Institutional Shares		122,254,978		412,372,013		(394,866,706	)		—			—		139,760,285		139,760,285		15,009
Goldman Sachs MarketBeta International Equity ETF		240,516,709		18,148,462		(15,072,253	)		(24,445	)		31,562,866		275,131,339		5,164,778		2,696,847
Goldman Sachs MarketBeta US Equity ETF		251,351,804		—		—			—			23,958,719		275,310,523		5,162,182		2,105,035
Total	$	633,251,936	$	430,520,475	$	(409,938,959	)	$	(24,445	)	$	58,998,962	$	712,807,969			$	5,095,144

Strategic Factor Allocation
Affiliated Investment Company	Beginning Value as of August 31, 2020		Purchases at Cost		Proceeds from Sales			Ending Value as of February 28, 2021		Shares as of February 28, 2021		Dividend Income from Affiliated Investment Companies
Goldman Sachs Financial Square Government Fund — Institutional Shares	$	1,268,839,085	$	2,246,783,234	$	(2,045,899,454	)	$	1,469,722,865		1,469,722,865	$	159,370

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GOLDMAN SACHS ALLOCATION FUNDS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Tactical Tilt Overlay
Affiliated Investment Companies	Beginning Value as of August 31, 2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on sales of Affiliated Investment Companies		Change in Unrealized Appreciation/ Depreciation		Ending Value as of February 28, 2021		Shares as of February 28, 2021		Dividend Income from Affiliated Investment Companies
Goldman Sachs Financial Square Government Fund — Institutional Shares	$	984,873,567	$	1,307,138,213	$	(1,184,611,473	)	$	—	$	—	$	1,107,400,307		1,107,400,307	$	126,500
Goldman Sachs High Yield Floating Rate Fund — Class R6		—		102,036,919		—			—		1,425,048		103,461,967		11,018,314		760,026
Goldman Sachs MLP Energy Infrastructure Fund — Class R6 Shares		49,912,135		1,146,698		—			—		12,328,105		63,386,938		3,139,521		1,146,697
Goldman Sachs Energy Infrastructure Fund — Class R6		53,372,145		17,908,622		(22,000,000	)		3,811,239		11,136,672		64,228,678		8,048,707		—	*
Total	$	1,088,157,847	$	1,428,230,452	$	(1,206,611,473	)	$	3,811,239	$	24,889,825	$	1,338,477,890			$	1,992,845

* Amount has been reduced due to return of capital adjustment in excess of $40,378.

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2021, were as follows:

Fund	Purchases		Sales and Maturities
Global Managed Beta	$	261,544,170	$	229,931,643
Tactical Tilt Overlay		260,118,810		55,611,020

For the six months ended February 28, 2021, there were no purchases and proceeds from sales and maturities of long-term securities for the Strategic Factor Allocation Fund.

7. SECURITIES LENDING

The Global Managed Beta Fund and Tactical Tilt Overlay Fund may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of 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 Statement and/or Consolidated Statement of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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7. SECURITIES LENDING (continued)

The Funds invest the cash collateral received in connection with securities lending transactions in the Government Money Market Fund, an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ 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 February 28, 2021, are disclosed as “Payable upon return of securities loaned” on the Consolidated Statement of Assets and Liabilities, where applicable.

Both the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Fund’s for the six months ended February 28, 2021, are reported under Investment Income on the Consolidated Statement of Operations.

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended February 28, 2021.

Fund	Beginning Value as of August 31, 2020		Purchases at Cost		Proceeds from Sales			Ending Value as of February 28, 2021
Global Managed Beta	$	—	$	224,702,878	$	(224,702,878	)	$	—
Tactical Tilt Overlay		33,053,374		469,472,097		(483,619,471	)		18,906,000

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2020, the Funds capital loss carryforwards and certain timing differences on a tax basis were as follows:

	Global Managed Beta		Strategic Factor Allocation		Tactical Tilt Overlay
Capital loss carryforwards:
Perpetual Short-Term	$	—		$—		$(186,156,489)
Total capital loss carryforwards	$	—		$—		$(186,156,489)
Timing differences (Late Year Ordinary Loss Deferral/ Straddle Loss Deferral /Post October Capital Loss Deferral)		$(10,890,300)		$—		$(177,517,865)

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

8. TAX INFORMATION (continued)

As of February 28, 2021, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Global Managed Beta			Strategic Factor Allocation			Tactical Tilt Overlay
Tax Cost	$	1,414,203,470		$	1,532,680,265		$	3,291,670,839
Gross unrealized gain		393,224,871			—			90,860,901
Gross unrealized loss		(28,403,520	)		(62,957,399	)		(25,459,623	)
Net unrealized gains (losses)	$	364,821,351		$	(62,957,399	)	$	65,401,278

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, net mark to market gains/(losses) on foreign currency contracts, and differences in the tax treatment of swap transactions, partnership investments and passive foreign investment company investments.

GSAM has reviewed each 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 each Fund’s 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:

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

Derivatives Risk — A 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 a 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.

Dividend-Paying Investments Risk — Each 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. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a 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 a Fund to produce current income.

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit a Fund, depending on the interest rate environment or other circumstances. In a rising

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9. OTHER RISKS (continued)

interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent a Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, a Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates.

In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) warned that LIBOR may cease to be available or appropriate for use by 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund investment resulting from a substitute reference rate may also adversely affect a Fund’s performance and/or NAV.

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 problems with registration, settlement or custody, may 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 — Each Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by a 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, a Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by 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 a Fund.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, each 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 a Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Investments in the Underlying Funds Risk — The investments of a Fund may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Act or exemptive relief or regulations thereunder. A Fund’s investment performance is directly related to the investment performance of the Underlying Funds it holds. A Fund is subject to the risk factors associated with the investments of the Underlying Funds and will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets

63

GOLDMAN SACHS ALLOCATION FUNDS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

9. OTHER RISKS (continued)

allocated to each. If a Fund has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments. A strategy used by the Underlying Funds may fail to produce the intended results.

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 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 a Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that a Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund or Underlying Funds 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. To the extent a Fund engages in cash redemptions, then liquidity risk may also refer to the risk that a Fund or Underlying Funds 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 or Underlying Funds may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund or Underlying Funds are forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect a Fund’s or Underlying Funds’ 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 or Underlying Funds’ investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s or Underlying Funds’ 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 a Fund has unsettled or open transactions defaults.

Sector Risk — To the extent a Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), a Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

Short Position Risk — A Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that a Fund may purchase for investment. Taking short positions involves leverage of a Fund’s assets and presents various risks, including counterparty risk. If the value of the underlying instrument or market in which a Fund has taken a short position increases, then a Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited. To the extent that a Fund uses the

64

GOLDMAN SACHS ALLOCATION FUNDS

9. OTHER RISKS (continued)

proceeds it receives from a short position to take additional long positions, the risks associated with the short position, including leverage risks, may be heightened, because doing so increases the exposure of a Fund to the markets and therefore could magnify changes to a Fund’s NAV.

Tax Risk — The Tactical Tilt Overlay Fund will seek to gain exposure to the commodity markets primarily through investments in the Subsidiary and/or commodity index-linked structured notes, as applicable. Historically, the Internal Revenue Service (“IRS”) issued private letter rulings (“PLRs”) in which the IRS specifically concluded that income and gains from investments in commodity index linked structured notes (the “Notes Rulings”) or a wholly-owned foreign subsidiary that invests in commodity-linked instruments are “qualifying income” for purposes of compliance with Subchapter M of the Code. However, the Tactical Tilt Overlay 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 Tactical Tilt Overlay 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 Tactical Tilt Overlay Fund’s business of investing in stock, securities, or currencies.

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 Tactical Tilt Overlay Fund has limited its investments in commodity index-linked structured notes. The Tactical Tilt Overlay Fund has obtained an opinion of counsel that the Fund’s income from investments in the Subsidiary should constitute “qualifying income.” However, no assurances can be provided that the IRS would not be able to successfully assert that the Tactical Tilt Overlay Fund’s income from such investments was not “qualifying income,” in which case the Tactical Tilt Overlay Fund would fail to qualify as a regulated investment company (“RIC”) under Subchapter M of the Code if over 10% of its gross income were derived from these investments. If the Tactical Tilt Overlay 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, Tactical Tilt Overlay 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. OTHER MATTERS

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional exceptions for applying GAAP to contract modifications, hedging relationships and other transactions affected reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. As of the financial reporting period, GSAM is currently evaluating the impact, if any, of applying ASU 2020-04.

On October 22, 2020, Goldman Sachs announced a settlement of matters involving 1Malaysia Development Bhd. (1MDB), a Malaysian sovereign wealth fund, with the United States Department of Justice as well as criminal and civil authorities in the UK, Singapore and Hong Kong. Further information regarding the 1MDB settlement can be found at https://www.goldmansachs.com/media-relations/press-releases/current/goldman-sachs-2020-10-22.html. The 1MDB settlement will not materially adversely affect

GSAM’s ability to serve as investment manager.

65

GOLDMAN SACHS ALLOCATION FUNDS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

12. SUBSEQUENT EVENTS

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

13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Global Managed Beta Fund
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		21,952,656		$	309,608,800			34,576,181		$	423,801,618
Reinvestment of distributions		5,764,208			81,014,178			3,777,434			47,547,059
Shares redeemed		(23,040,435	)		(322,845,740	)		(15,286,879	)		(188,792,678	)
NET INCREASE		4,676,429		$	67,777,238			23,066,736		$	282,555,999

	Strategic Factor Allocation Fund
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		173,574		$	2,084,488			64,498		$	728,383
Reinvestment of distributions		31,128			353,924			9,508			106,078
Shares redeemed		(27,895	)		(332,192	)		(312,978	)		(3,410,091	)
		176,807			2,106,220			(238,972	)		(2,575,630	)
Class R6 Shares
Reinvestment of distributions		80			899			26			289
		80			899			26			289
Class P Shares
Shares sold		34,424,296			397,449,455			25,293,706			281,003,127
Reinvestment of distributions		11,190,441			125,892,465			3,863,546			42,652,117
Shares redeemed		(13,419,347	)		(156,238,808	)		(35,803,475	)		(385,520,783	)
		32,195,390			367,103,112			(6,646,223	)		(61,865,539	)
NET INCREASE (DECREASE)		32,372,277		$	369,210,231			(6,885,169	)	$	(64,440,880	)

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GOLDMAN SACHS ALLOCATION FUNDS

13. SUMMARY OF SHARE TRANSACTIONS (continued)

	Goldman Sachs Tactical Tilt Overlay Fund
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		213,707		$	2,176,314			77,802		$	781,025
Reinvestment of distributions		8,823			88,055			8,903			88,497
Shares redeemed		(128,698	)		(1,313,444	)		(2,504,302	)		(24,669,565	)
		93,832			950,925			(2,417,597	)		(23,800,043	)
Class R6 Shares
Shares sold		15,425,866			152,202,875			13,977,972			136,094,944
Reinvestment of distributions		4,276,594			41,354,663			915,300			8,832,644
Shares redeemed		(1,973,444	)		(19,611,288	)		(14,500,809	)		(135,252,936	)
		17,729,016			173,946,250			392,463			9,674,652
Class P Shares
Shares sold		34,083,385			338,404,191			39,399,977			382,488,679
Reinvestment of distributions		11,744,376			113,568,116			3,463,612			33,423,852
Shares redeemed		(22,547,294	)		(223,804,452	)		(141,859,318	)		(1,333,843,957	)
		23,280,467			228,167,855			(98,995,729	)		(917,931,426	)
NET INCREASE (DECREASE)		41,103,315		$	403,065,030			(101,020,863	)	$	(932,056,817	)

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GOLDMAN SACHS ALLOCATION 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 9-10, 2021, 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 period from January 1, 2020 through December 31, 2020 (the “Reporting Period”). Among other things, the annual report and related materials discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of the COVID-19 pandemic on liquidity and management of liquidity risk during the Reporting Period, including during stressed market conditions caused by the COVID-19 pandemic. The report concluded that the Program continues to be 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 ALLOCATION FUNDS

Fund Expenses — Six Month Period Ended February 28, 2021: (Unaudited)

As a shareholder of Institutional, Class R6 and Class P Shares of the Fund you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Institutional, Class R6 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 September 1, 2020, through February 28, 2021, which represents a period of 181 days in a 365-day year.

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

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

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

	Global Managed Beta Fund							Strategic Factor Allocation Fund							Tactical Tilt Overay Fund
Share Class	Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid for the 6 months ended 2/28/21*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid for the 6 months ended 2/28/21*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid for the 6 months ended 2/28/21*
Institutional
Actual	$	1,000.00	$	1,156.10		$	0.53	$	1,000.00	$	1,031.20		$	3.53	$	1,000.00	$	1,058.40		$	3.62
Hypothetical 5% return		1,000.00		1,024.30	+		0.50		1,000.00		1,021.32	+		3.51		1,000.00		1,021.27	+		3.56
Class R6
Actual		—		—			—		1,000.00		1,031.40			3.37		1,000.00		1,057.70			3.57
Hypothetical 5% return		—		—			—		1,000.00		1,021.47	+		3.36		1,000.00		1,021.32	+		3.51
Class P
Actual		—		—			—		1,000.00		1,031.40			3.48		1,000.00		1,057.60			3.57
Hypothetical 5% return		—		—			—		1,000.00		1.021.37	+		3.46		1,000.00		1,021.32	+		3.51

* Expenses are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2021. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Institutional			Class R6			Class P
Global Managed Beta Fund		0.10	%		—			—
Strategic Factor Allocation Fund		0.70	%		0.67	%		0.69	%
Tactical Tilt Overlay Fund		0.71			0.70			0.70

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

69

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 Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.95 trillion in assets under supervision as of December 31, 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

∎ U.S. Equity ESG Fund⁵

∎ 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 Fund

∎ Emerging Markets Equity Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

∎ 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 Fund⁶

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income 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

∎ Strategic Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

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 on business of August 30, 2020, the Goldman Sachs Blue Chip Fund was renamed the Goldman Sachs U.S. Equity ESG Fund.

⁶  Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

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

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

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

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

The website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services offered. GSAM is not responsible for the accuracy and validity of the content of these websites.

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

Fund holdings and allocations shown are as of February 28, 2021 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

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

© 2021 Goldman Sachs. All rights reserved. 236972-OTU-1390646ALLOCATESAR-21

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) Not applicable.

(c) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(d) 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.

(e) Not applicable.

(f) 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:	April 29, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ James A. McNamara
	James A. McNamara
	President/Chief Executive Officer
	Goldman Sachs Trust
Date:	April 29, 2021
By:	/s/ Joseph F. DiMaria
	Joseph F. DiMaria
	Principal Financial Officer
	Goldman Sachs Trust
Date:	April 29, 2021