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)

Copies to:
Caroline Kraus, Esq.	Stephen H. Bier, Esq.
Goldman Sachs & Co. LLC	Dechert LLP
200 West Street	1095 Avenue of the Americas
New York, New York 10282	New York, NY 10036

(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, 2022

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Semi-Annual Report	February 28, 2022
	Fundamental Equity Growth Funds
	Concentrated Growth
	Flexible Cap
	Large Cap Core*
	Mid Cap Growth**
	Small Cap Growth
	Small/Mid Cap Growth
	Strategic Growth
	Technology Opportunities
	U.S. Equity ESG

* Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.

** Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth Fund.

Goldman Sachs Fundamental Equity Growth Funds

∎ CONCENTRATED GROWTH

∎ FLEXIBLE CAP

∎ LARGE CAP CORE

∎ MID CAP GROWTH

∎ SMALL CAP GROWTH

∎ SMALL/MID CAP GROWTH

∎ STRATEGIC GROWTH

∎ TECHNOLOGY OPPORTUNITIES

∎ U.S. EQUITY ESG

TABLE OF CONTENTS
Market and Economic Review	1
Fund Basics	4
Schedules of Investments	22
Financial Statements	40
Financial Highlights	51
Concentrated Growth	51
Flexible Cap	58
Large Cap Core	65
Mid Cap Growth	73
Small Cap Growth	81
Small/Mid Cap Growth	88
Strategic Growth	96
Technology Opportunities	104
U.S. Equity ESG	111
Notes to Financial Statements	118
Other Information	142

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET REVIEW

Fundamental Equity Growth Funds

The following are highlights both of key factors affecting the U.S. equity market and of any key changes made to the Goldman Sachs Fundamental Equity Growth Funds (the “Funds”) during the six months ended February 28, 2022 (the “Reporting Period”). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmark during the Reporting Period. A fuller review will appear in the Funds’ annual shareholder report covering the 12 months ended August 31, 2022.

Market and Economic Review

• Overall, U.S. equities struggled during the Reporting Period, experiencing significant volatility as market conditions shifted. The Standard & Poor’s 500 Index (the “S&P 500 Index”) ended the Reporting Period with a return of -2.62%. The Russell 3000^® Index generated a return of -4.24%.

• Persistent supply-chain disruptions and inflationary pressures remained the common themes during the Reporting Period, while the biggest headlines were the COVID-19 variants and the start of the yet ongoing Russia/Ukraine war.

• As the Reporting Period began in September 2021, the S&P 500 Index saw its first decline since January 2021 and its worst month since September 2020. Focus centered around U.S. Federal Reserve (“Fed”) tapering, complex legislative negotiations, persistent supply-chain disruptions, spread of the COVID-19 Delta variant, global risk events, rising energy costs and the rapid uptick in U.S. Treasury yields.

• During the fourth quarter of 2021, the S&P 500 Index increased in October, fell in November and increased in December.

• The third quarter corporate earnings season propelled the U.S. equity market rally in October, with retail earnings upside surprises and hints of easing supply-chain constraints supporting the market’s upward trajectory into early November.

• Later in November, a $1 trillion infrastructure bill was signed into law, and Fed Chair Powell was appointed for a second term, bringing clarity to the Fed’s leadership. However, renewed concerns around COVID-19 developments pressured U.S. equities, with the emergence of the more contagious Omicron variant triggering a sell-off. Persistently high inflation also weighed on market sentiment.

• In December, the S&P 500 Index rebounded despite record COVID-19 case counts in many population centers in the U.S., as studies showed the variant was generally accompanied by milder symptoms than previous variants. Positive seasonality and the so-called “Santa Rally” also lifted the S&P 500 Index towards the end of the month. (A Santa rally refers a sustained increase in the stock market that occurs in the last week of December through the first two trading days in January.) The Fed walked back its use of “transitory” in describing the inflationary environment and announced it would double its pace of asset purchase tapering and indicated potential interest rate hikes in 2022.

• The S&P 500 Index fell in January and February 2022, suffering its biggest pullback since March 2020 amid reverberations surrounding the Fed’s hawkish policy pivot, the velocity and magnitude of the accompanying U.S. Treasury yield increase, the long-standing valuation concerns around some of the riskier pockets of the market, the remaining inflation overhang and the ramping of geopolitical tensions caused by the Russia/Ukraine war.

• During the Reporting Period overall, the U.S. equity market saw a sharp reversal of the growth/value dynamic amid a backdrop of rising U.S. Treasury yields and expectations of multiple interest rate hikes by the Fed. Value stocks meaningfully outperformed growth stocks during the Reporting Period.

• The best performing sectors within the S&P 500 Index during the Reporting Period were energy, consumer staples and financials, while the weakest performing sectors were communication services, information technology and consumer discretionary.

• For the Reporting Period overall, large-cap stocks performed best, followed by mid-cap stocks, with these two segments of the U.S. equity market posting positive returns. The small-cap segment was weakest, generating a negative return during the annual period. (All as measured by the FTSE Russell indices.)

1

MARKET REVIEW

Fund Changes and Highlights

Goldman Sachs Concentrated Growth Fund

• The Fund underperformed its benchmark, the Russell 1000^® Growth Index, during the Reporting Period.

• Stock selection overall detracted from the Fund’s performance during the Reporting Period, especially in the information technology, consumer discretionary and health care sectors. These detractors were only partially offset by stock selection in the communication services sector, which contributed positively.

• Within information technology, stock selection in the information technology services industry detracted the most.

Goldman Sachs Large Cap Core Fund

• In February 2022, the Board of Trustees of the Goldman Sachs Trust approved changes to the Fund’s name and principal investment strategy. These changes are not expected to materially affect the Fund’s current portfolio holdings. These changes will become effective after the close of business on April 13, 2022.

• The Fund’s name will change from Goldman Sachs Capital Growth to the Goldman Sachs Large Cap Core Fund.

• The Fund’s principal investment strategy will be to invest, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in a diversified portfolio of equity investments in large-cap issuers. Large-cap issuers are issuers with public stock market capitalizations (based upon shares available for trading on an unrestricted basis) within the range of the market capitalizations of companies constituting the Russell 1000^® Index at the time of investment. As of December 31, 2021, the capitalization range of the companies in the Russell 1000^® Index was between $0.43 billion and $2.91 trillion. Although the Fund will invest primarily in publicly traded U.S. securities, it may invest up to 25% of its Total Assets in foreign securities, including securities of issuers in countries with emerging markets or economies (“emerging countries”) and securities quoted in foreign currencies.

Goldman Sachs Mid Cap Growth Fund

• In February 2022, the Board of Trustees of the Goldman Sachs Trust approved changes to the Fund’s name and principal investment strategy. These changes are not expected to materially affect the Fund’s current portfolio holdings. These changes will become effective after the close of business on April 13, 2022.

• The Fund’s name will change from Goldman Sachs Growth Opportunities to the Goldman Sachs Mid Cap Growth Fund.

• The Fund’s principal investment strategy will be to invest, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in a diversified portfolio of equity investments in mid-cap issuers. Mid-cap issuers are issuers with public stock market capitalizations (based upon shares available for trading on an unrestricted basis) within the range of the market capitalizations of companies constituting the Russell MidCap^® Growth Index at the time of investment. As of December 31, 2021, the capitalization range of the companies in the Russell MidCap^® Growth Index was between $0.43 billion and $58.76 billion. Although the Fund will invest primarily in publicly traded U.S. securities, it may invest up to 25% of its Total Assets in foreign securities, including securities of issuers in countries with emerging markets or economies (“emerging countries”) and securities quoted in foreign currencies. The Fund may also invest in privately held companies and companies that only recently began to trade publicly.

Goldman Sachs Strategic Growth Fund

• The Fund underperformed its benchmark, the Russell 1000^® Growth Index, during the Reporting Period.

• Stock selection overall detracted from the Fund’s performance during the Reporting Period, especially in the information technology, health care and consumer discretionary sectors.

• Within information technology, stock selection in the information technology services industry detracted the most.

2

MARKET REVIEW

Goldman Sachs Small/Mid Cap Growth Fund

• The Fund underperformed its benchmark, the Russell 2500^® Growth Index, during the Reporting Period.

• Stock selection overall detracted from the Fund’s performance during the Reporting Period, especially in the industrials, information technology and consumer discretionary sector.

• Within industrials, stock selection within the building products industry particularly hurt.

Goldman Sachs Technology Opportunities Fund

• The Fund underperformed its benchmark, the NASDAQ Composite Total Return Index, during the Reporting Period.

• Primarily due to the rotation from growth-oriented stocks to value-oriented stocks that began in late November 2021, the Fund’s positions in the highest growth areas of the market, including the information technology services and software industries, detracted most from the Fund’s relative performance during the Reporting Period. Only partially offsetting these detractors was having an overweight to the semiconductors & semiconductor equipment industry and stock selection in the interactive media and services industry, which contributed positively.

• While a number of factors contributed to the turbulence in information technology stocks during the Reporting Period, the driving force, in our view, was the change in the interest rate outlook against a backdrop of elevated valuations. Since November 2021, we saw a pullback, led by the most expensive technology stocks — particularly those with the highest expected growth rates, most elevated price-to-sales multiples and lowest earnings. As expected, companies with the highest anticipated growth rates were considerably more sensitive to rising interest rate expectations than companies with lower anticipated growth rates.

Goldman Sachs U.S. Equity ESG Fund

• The Fund underperformed its benchmark, the S&P 500 Index, during the Reporting Period.

• Stock selection overall detracted from the Fund’s performance during the Reporting Period, especially in the consumer discretionary, materials and information technology sectors.

• Having an underweighted allocation to the energy sector, which outperformed the S&P 500 Index, the Fund’s benchmark, during the Reporting Period, also hurt.

3

FUND BASICS

Concentrated Growth Fund

as of February 28, 2022

PERFORMANCE REVIEW
September 1, 2021–February 28, 2022	Fund Total Return (based on NAV)1			Russell 1000® Growth  Index2
Class A		-13.71	%		-7.75	%
Class C		-14.04			-7.75
Institutional		-13.54			-7.75
Investor		-13.61			-7.75
Class R6		-13.58			-7.75
Class R		-13.78			-7.75
Class P		-13.58			-7.75

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 2/28/20223
Holding	% of Net Assets			Line of Business
Microsoft Corp.		10.2	%	Software
Apple, Inc.		9.8		Technology Hardware, Storage & Peripherals
Alphabet, Inc., Class A		6.3		Interactive Media & Services
Amazon.com, Inc.		4.7		Internet & Direct Marketing Retail
NVIDIA Corp.		4.4		Semiconductors & Semiconductor Equipment
Marvell Technology, Inc.		3.5		Semiconductors & Semiconductor Equipment
Workday, Inc., Class A		3.0		Software
Alphabet, Inc., Class C		2.8		Interactive Media & Services
Adobe, Inc.		2.8		Software
Mastercard, Inc., Class A		2.6		IT Services

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

4

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁴

As of February 28, 2022

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 and securities lending reinvestment vehicle, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

5

FUND BASICS

Flexible Cap Fund

as of February 28, 2022

PERFORMANCE REVIEW
September 1, 2021–February 28, 2022	Fund Total Return (based on NAV)1			S&P 500® Index2
Class A		-3.28	%		-2.62	%
Class C		-3.56			-2.62
Institutional		-3.08			-2.62
Investor		-3.11			-2.62
Class R6		-3.09			-2.62
Class R		-3.38			-2.62
Class P		-3.04			-2.62

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

²  The 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 2/28/20223
Holding	% of Net Assets			Line of Business
Apple, Inc.		6.4	%	Technology Hardware, Storage & Peripherals
Microsoft Corp.		6.0		Software
Amazon.com, Inc.		3.9		Internet & Direct Marketing Retail
Alphabet, Inc., Class A		2.5		Interactive Media & Services
Alphabet, Inc., Class C		1.9		Interactive Media & Services
UnitedHealth Group, Inc.		1.7		Health Care Providers & Services
JPMorgan Chase & Co.		1.6		Banks
Berkshire Hathaway, Inc., Class B		1.6		Diversified Financial Services
NVIDIA Corp.		1.6		Semiconductors & Semiconductor Equipment
Procter & Gamble Co. (The)		1.5		Household Products

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

6

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁴

As of February 28, 2022

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 and securities lending reinvestment vehicle, 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.

7

FUND BASICS

Large Cap Core Fund

as of February 28, 2022

PERFORMANCE REVIEW
September 1, 2021–February 28, 2022	Fund Total Return (based on NAV)1			Russell 1000® Index2
Class A		-5.94	%		-3.88	%
Class C		-6.31			-3.88
Institutional		-5.77			-3.88
Service		-5.98			-3.88
Investor		-5.82			-3.88
Class R6		-5.77			-3.88
Class R		-6.06			-3.88
Class P		-5.75			-3.88

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 2/28/20223
Holding	% of Net Assets			Line of Business
Apple, Inc.		5.9	%	Technology Hardware, Storage & Peripherals
Microsoft Corp.		5.6		Software
Amazon.com, Inc.		3.6		Internet & Direct Marketing Retail
Alphabet, Inc., Class A		2.1		Interactive Media & Services
Alphabet, Inc., Class C		1.9		Interactive Media & Services
Bank of America Corp.		1.6		Banks
Chevron Corp.		1.5		Oil, Gas & Consumable Fuels
JPMorgan Chase & Co.		1.4		Banks
Procter & Gamble Co. (The)		1.3		Household Products
CVS Health Corp.		1.3		Health Care Providers & Services

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

8

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁴

As of February 28, 2022

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 and securities lending reinvestment vehicle, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

9

FUND BASICS

Mid Cap Growth Fund

as of February 28, 2022

PERFORMANCE REVIEW
September 1, 2021–February 28, 2022	Fund Total Return (based on NAV)1			Russell Midcap® Growth  Index2
Class A		-15.45	%		-15.80	%
Class C		-15.74			-15.80
Institutional		-15.33			-15.80
Service		-15.56			-15.80
Investor		-15.38			-15.80
Class R6		-15.31			-15.80
Class R		-15.53			-15.80
Class P		-15.30			-15.80

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 2/28/20223
Holding	% of Net Assets			Line of Business
Palo Alto Networks, Inc.		3.1	%	Software
Expedia Group, Inc.		2.6		Hotels, Restaurants & Leisure
Cadence Design Systems, Inc.		2.6		Software
West Pharmaceutical Services, Inc.		2.3		Life Sciences Tools & Services
Lululemon Athletica, Inc.		2.2		Textiles, Apparel & Luxury Goods
Etsy, Inc.		2.1		Internet & Direct Marketing Retail
Veeva Systems, Inc., Class A		2.1		Health Care Technology
CoStar Group, Inc.		2.1		Professional Services
Insulet Corp.		2.0		Health Care Equipment & Supplies
Zscaler, Inc.		1.9		Software

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

10

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁴

As of February 28, 2022

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 and securities lending reinvestment vehicle, 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.

11

FUND BASICS

Small Cap Growth Fund

as of February 28, 2022

PERFORMANCE REVIEW
September 1, 2021–February 28, 2022	Fund Total Return (based on NAV)1			Russell 2000® Growth  Index2
Class A		-17.33	%		-16.35	%
Class C		-17.61			-16.35
Institutional		-17.11			-16.35
Investor		-17.19			-16.35
Class R6		-17.16			-16.35
Class R		-17.45			-16.35
Class P		-17.17			-16.35

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 2/28/20223
Holding	% of Net Assets			Line of Business
Tenable Holdings, Inc.		2.5	%	Software
Axcelis Technologies, Inc.		2.0		Semiconductors & Semiconductor Equipment
Novanta, Inc.		1.9		Electronic Equipment, Instruments & Components
Chart Industries, Inc.		1.9		Machinery
Axonics, Inc.		1.9		Health Care Equipment & Supplies
Houlihan Lokey, Inc.		1.8		Capital Markets
Evoqua Water Technologies Corp.		1.8		Machinery
Halozyme Therapeutics, Inc.		1.8		Biotechnology
Shockwave Medical, Inc.		1.8		Health Care Equipment & Supplies
Watts Water Technologies, Inc., Class A		1.8		Machinery

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

12

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁴

As of February 28, 2022

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 and securities lending reinvestment vehicle, 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.

13

FUND BASICS

Small/Mid Cap Growth Fund

as of February 28, 2022

PERFORMANCE REVIEW
September 1, 2021–February 28, 2022	Fund Total Return (based on NAV)1			Russell 2500® Growth Index2
Class A		-20.32	%		-16.08	%
Class C		-20.63			-16.08
Institutional		-20.20			-16.08
Service		-20.37			-16.08
Investor		-20.22			-16.08
Class R6		-20.20			-16.08
Class R		-20.43			-16.08
Class P		-20.17			-16.08

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

²  The 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 2/28/20223
Holding	% of Net Assets			Line of Business
Entegris, Inc.		2.2	%	Semiconductors & Semiconductor Equipment
Novanta, Inc.		2.0		Electronic Equipment, Instruments & Components
Neurocrine Biosciences, Inc.		1.9		Biotechnology
Teledyne Technologies, Inc.		1.9		Electronic Equipment, Instruments & Components
MKS Instruments, Inc.		1.9		Semiconductors & Semiconductor Equipment
Chart Industries, Inc.		1.9		Machinery
Tandem Diabetes Care, Inc.		1.8		Health Care Equipment & Supplies
Ashland Global Holdings, Inc.		1.7		Chemicals
IDEX Corp.		1.7		Machinery
PerkinElmer, Inc.		1.6		Life Sciences Tools & Services

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

14

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁴

As of February 28, 2022

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 and securities lending reinvestment vehicle, 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.

15

FUND BASICS

Strategic Growth Fund

as of February 28, 2022

PERFORMANCE REVIEW
September 1, 2021–February 28, 2022	Fund Total Return (based on NAV)1			Russell 1000® Growth Index2
Class A		-12.37	%		-7.75	%
Class C		-12.76			-7.75
Institutional		-12.23			-7.75
Service		-12.49			-7.75
Investor		-12.23			-7.75
Class R6		-12.19			-7.75
Class R		-12.42			-7.75
Class P		-12.20			-7.75

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 2/28/20223
Holding	% of Net Assets			Line of Business
Apple, Inc.		10.4	%	Technology Hardware, Storage & Peripherals
Microsoft Corp.		8.5		Software
Amazon.com, Inc.		7.2		Internet & Direct Marketing Retail
Alphabet, Inc., Class A		4.5		Interactive Media & Services
NVIDIA Corp.		3.8		Semiconductors & Semiconductor Equipment
Alphabet, Inc., Class C		3.3		Interactive Media & Services
Tesla, Inc.		2.9		Automobiles
Mastercard, Inc., Class A		2.5		IT Services
Meta Platforms, Inc., Class A		2.5		Interactive Media & Services
Union Pacific Corp.		2.1		Road & Rail

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

16

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁴

As of February 28, 2022

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 and securities lending reinvestment vehicle, 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.

17

FUND BASICS

Technology Opportunities Fund

as of February 28, 2022

PERFORMANCE REVIEW
September 1, 2021–February 28, 2022	Fund Total Return (based on NAV)1			NASDAQ Composite Total Return Index2
Class A		-15.21	%		-9.60	%
Class C		-15.54			-9.60
Institutional		-15.07			-9.60
Service		-15.32			-9.60
Investor		-15.10			-9.60
Class R6		-15.09			-9.60
Class P		-15.09			-9.60

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 2/28/20223
Holding	% of Net Assets			Line of Business
Microsoft Corp.		10.8	%	Software
Amazon.com, Inc.		6.5		Internet & Direct Marketing Retail
Alphabet, Inc., Class C		5.6		Interactive Media & Services
Apple, Inc.		5.1		Technology Hardware, Storage & Peripherals
Alphabet, Inc., Class A		3.7		Interactive Media & Services
Marvell Technology, Inc.		3.0		Semiconductors & Semiconductor Equipment
ServiceNow, Inc.		2.9		Software
Atlassian Corp. PLC, Class A		2.9		Software
NVIDIA Corp.		2.9		Semiconductors & Semiconductor Equipment
Adobe, Inc.		2.9		Software

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

18

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁴

As of February 28, 2022

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 and securities lending reinvestment vehicle, 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.

19

FUND BASICS

U.S. Equity ESG Fund

as of February 28, 2022

PERFORMANCE REVIEW
September 1, 2021–February 28, 2022	Fund Total Return (based on NAV)1			S&P 500® Index2
Class A		-7.96	%		-2.62	%
Class C		-8.27			-2.62
Institutional		-7.78			-2.62
Investor		-7.83			-2.62
Class R6		-7.79			-2.62
Class R		-8.07			-2.62
Class P		-7.79			-2.62

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

²  The 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 2/28/20223
Holding	% of Net Assets			Line of Business
Microsoft Corp.		7.2	%	Software
Apple, Inc.		5.9		Technology Hardware, Storage & Peripherals
Alphabet, Inc., Class A		5.3		Interactive Media & Services
Procter & Gamble Co. (The)		3.2		Household Products
JPMorgan Chase & Co.		3.1		Banks
American Express Co.		3.0		Consumer Finance
Union Pacific Corp.		2.9		Road & Rail
CVS Health Corp.		2.7		Health Care Providers & Services
Cisco Systems, Inc.		2.6		Communications Equipment
General Electric Co.		2.6		Industrial Conglomerates

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

20

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁴

As of February 28, 2022

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 and securities lending reinvestment vehicle, 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.

21

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 100.1%
Aerospace & Defense – 1.5%
	12,924	Boeing Co. (The)*	$	2,653,814
Auto Components – 1.5%
	21,368	Aptiv PLC*		2,765,874
Beverages – 1.6%
	33,635	Monster Beverage Corp.*		2,838,794
Biotechnology – 4.3%
	22,985	BioMarin Pharmaceutical, Inc.*		1,795,588
	44,550	Genmab A/S ADR (Denmark)*		1,490,643
	27,587	Sarepta Therapeutics, Inc.*		2,113,440
	18,282	Seagen, Inc.*		2,356,002
				7,755,673
Chemicals – 1.5%
	15,849	Ecolab, Inc.		2,793,545
Entertainment – 2.4%
	11,093	Netflix, Inc.*		4,376,410
Equity Real Estate Investment Trusts (REITs) – 1.9%
	15,540	American Tower Corp. REIT		3,525,560
Food Products – 2.1%
	40,689	McCormick & Co., Inc.		3,872,372
Health Care Equipment & Supplies – 3.7%
	96,539	Boston Scientific Corp.*		4,264,128
	9,274	Insulet Corp.*		2,454,735
				6,718,863
Health Care Technology – 1.1%
	8,693	Veeva Systems, Inc., Class A*		1,991,132
Hotels, Restaurants & Leisure – 2.0%
	14,614	McDonald’s Corp.		3,577,069
Interactive Media & Services – 11.1%
	4,213	Alphabet, Inc., Class A*		11,379,903
	1,850	Alphabet, Inc., Class C*		4,990,967
	93,072	Snap, Inc., Class A*		3,717,295
				20,088,165
Internet & Direct Marketing Retail – 5.4%
	2,736	Amazon.com, Inc.*		8,402,967
	67,154	Farfetch Ltd., Class A (United Kingdom)*		1,279,284
				9,682,251
IT Services – 7.7%
	32,281	Affirm Holdings, Inc.*		1,350,637
	12,989	Mastercard, Inc., Class A		4,686,691
	31,905	PayPal Holdings, Inc.*		3,571,127
	16,274	Snowflake, Inc., Class A*		4,323,351
				13,931,806
Life Sciences Tools & Services – 3.7%
	63,766	Adaptive Biotechnologies Corp.*		920,143
	13,994	Danaher Corp.		3,840,094
Common Stocks – (continued)
Life Sciences Tools & Services – (continued)
	5,930	Illumina, Inc.*		1,936,738
				6,696,975
Pharmaceuticals – 2.5%
	17,852	Eli Lilly & Co.		4,462,107
Professional Services – 1.7%
	17,273	Verisk Analytics, Inc.		3,063,194
Road & Rail – 1.9%
	99,175	CSX Corp.		3,363,024
Semiconductors & Semiconductor Equipment – 7.9%
	93,248	Marvell Technology, Inc.		6,371,636
	32,803	NVIDIA Corp.		7,999,011
				14,370,647
Software – 19.0%
	10,657	Adobe, Inc.*		4,984,066
	12,935	Bill.com Holdings, Inc.*		3,076,978
	61,630	Microsoft Corp.		18,414,428
	21,536	Splunk, Inc.*		2,543,401
	23,275	Workday, Inc., Class A*		5,331,139
				34,350,012
Specialty Retail – 1.6%
	31,032	Ross Stores, Inc.		2,836,014
Technology Hardware, Storage & Peripherals – 9.8%
	106,929	Apple, Inc.		17,656,116
	��
Textiles, Apparel & Luxury Goods – 4.2%
	10,123	Lululemon Athletica, Inc.*		3,238,753
	32,597	NIKE, Inc., Class B		4,451,120
				7,689,873
	TOTAL INVESTMENTS – 100.1%
	(Cost $105,138,894)		$	181,059,290
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.1)%			(185,419	)
	NET ASSETS – 100.0%		$	180,873,871

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

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

GOLDMAN SACHS FLEXIBLE CAP FUND

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 99.9%
Aerospace & Defense – 1.2%
	1,145	L3Harris Technologies, Inc.	$	288,895
	1,652	Woodward, Inc.		205,889
				494,784
Air Freight & Logistics – 0.4%
	731	United Parcel Service, Inc., Class B		153,817
Automobiles – 1.3%
	624	Tesla, Inc.*		543,148
Banks – 4.5%
	11,880	Bank of America Corp.		525,096
	4,479	JPMorgan Chase & Co.		635,122
	1,162	M&T Bank Corp.		211,751
	1,918	Pinnacle Financial Partners, Inc.		193,872
	392	SVB Financial Group*		237,552
				1,803,393
Beverages – 1.6%
	3,877	Coca-Cola Co. (The)		241,304
	3,436	Coca-Cola Europacific Partners PLC (United Kingdom)		175,958
	1,032	Constellation Brands, Inc., Class A		222,520
				639,782
Biotechnology – 1.7%
	1,056	Biogen, Inc.*		222,827
	1,726	BioMarin Pharmaceutical, Inc.*		134,835
	6,051	Genmab A/S ADR (Denmark)*		202,466
	1,480	Neurocrine Biosciences, Inc.*		133,008
				693,136
Building Products – 1.1%
	1,780	Allegion PLC		203,846
	1,496	Trane Technologies PLC		230,279
				434,125
Capital Markets – 1.8%
	740	Ameriprise Financial, Inc.		221,845
	2,019	Raymond James Financial, Inc.		221,383
	728	S&P Global, Inc.		273,510
				716,738
Chemicals – 2.0%
	1,376	Ecolab, Inc.		242,534
	1,223	Linde PLC (United Kingdom)		358,632
	1,188	PPG Industries, Inc.		158,539
	242	Sherwin-Williams Co. (The)		63,677
				823,382
Communications Equipment – 1.0%
	7,488	Cisco Systems, Inc.		417,606
Consumer Finance – 0.8%
	1,760	American Express Co.		342,390
Diversified Financial Services – 1.6%
	1,960	Berkshire Hathaway, Inc., Class B*		630,042
Common Stock – (continued)
Diversified Telecommunication Services – 0.9%
	15,112	AT&T, Inc.		358,003
Electric Utilities – 0.6%
	3,298	NextEra Energy, Inc.		258,134
Electrical Equipment – 0.4%
	642	Rockwell Automation, Inc.		171,144
Electronic Equipment, Instruments & Components – 0.5%
	7,895	Vontier Corp.		191,848
Entertainment – 0.6%
	449	Netflix, Inc.*		177,140
	479	Walt Disney Co. (The)*		71,112
				248,252
Equity Real Estate Investment Trusts (REITs) – 3.1%
	894	AvalonBay Communities, Inc. REIT		213,299
	1,880	Equity LifeStyle Properties, Inc. REIT		140,286
	706	Essex Property Trust, Inc. REIT		223,922
	6,271	Healthpeak Properties, Inc. REIT		194,777
	703	Public Storage REIT		249,579
	4,173	Ventas, Inc. REIT		225,342
				1,247,205
Food & Staples Retailing – 0.5%
	1,442	Walmart, Inc.		194,901
Food Products – 1.2%
	2,813	Lamb Weston Holdings, Inc.		186,868
	4,542	Mondelez International, Inc., Class A		297,410
				484,278
Health Care Equipment & Supplies – 1.4%
	5,445	Boston Scientific Corp.*		240,506
	378	IDEXX Laboratories, Inc.*		201,228
	1,118	Zimmer Biomet Holdings, Inc.		142,198
				583,932
Health Care Providers & Services – 4.9%
	1,594	AmerisourceBergen Corp.		227,193
	3,098	Centene Corp.*		255,957
	3,265	CVS Health Corp.		338,417
	642	Humana, Inc.		278,833
	1,599	Quest Diagnostics, Inc.		209,901
	1,420	UnitedHealth Group, Inc.		675,735
				1,986,036
Health Care Technology – 0.3%
	602	Veeva Systems, Inc., Class A*		137,888
Hotels, Restaurants & Leisure – 1.9%
	1,487	McDonald’s Corp.		363,973
	2,356	Wyndham Hotels & Resorts, Inc.		203,582
	1,733	Yum! Brands, Inc.		212,431
				779,986
Household Durables – 0.5%
	2,081	Lennar Corp., Class A		187,040

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

GOLDMAN SACHS FLEXIBLE CAP FUND

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stock – (continued)
Household Products – 1.5%
	3,948	Procter & Gamble Co. (The)	$	615,454
Independent Power and Renewable Electricity Producers – 0.5%
	9,848	AES Corp. (The)		209,073
Industrial Conglomerates – 0.8%
	3,282	General Electric Co.		313,464
Insurance – 2.6%
	1,450	American Financial Group, Inc.		196,316
	4,264	Arch Capital Group Ltd.*		200,877
	1,421	Chubb Ltd.		289,371
	1,956	Globe Life, Inc.		197,478
	2,167	Principal Financial Group, Inc.		153,077
				1,037,119
Interactive Media & Services – 5.7%
	377	Alphabet, Inc., Class A*		1,018,330
	291	Alphabet, Inc., Class C*		785,066
	4,299	Bumble, Inc., Class A*		110,183
	1,829	Meta Platforms, Inc., Class A*		385,974
				2,299,553
Internet & Direct Marketing Retail – 3.9%
	520	Amazon.com, Inc.*		1,597,055
IT Services – 4.1%
	2,855	Cognizant Technology Solutions Corp., Class A		245,901
	307	EPAM Systems, Inc.*		63,779
	2,514	Fidelity National Information Services, Inc.		239,408
	2,468	International Business Machines Corp.		302,355
	1,348	Mastercard, Inc., Class A		486,385
	1,180	PayPal Holdings, Inc.*		132,078
	906	Visa, Inc., Class A		195,805
				1,665,711
Life Sciences Tools & Services – 1.8%
	1,280	Danaher Corp.		351,245
	729	ICON PLC (Ireland)*		173,509
	1,119	PerkinElmer, Inc.		200,984
				725,738
Machinery – 2.2%
	1,039	Cummins, Inc.		212,081
	1,691	Fortive Corp.		109,492
	913	Illinois Tool Works, Inc.		197,518
	1,993	ITT, Inc.		175,125
	1,401	Lincoln Electric Holdings, Inc.		178,572
				872,788
Media – 1.5%
	7,827	Discovery, Inc., Class C*		218,921
	3,593	Liberty Media Corp.-Liberty SiriusXM, Class A*		180,943
	4,645	New York Times Co. (The), Class A		204,334
				604,198
Common Stock – (continued)
Metals & Mining – 0.8%
	6,623	Freeport-McMoRan, Inc.		310,950
Multiline Retail – 0.6%
	1,289	Target Corp.		257,504
Multi-Utilities – 1.5%
	3,491	CMS Energy Corp.		223,459
	2,670	Public Service Enterprise Group, Inc.		173,096
	2,419	WEC Energy Group, Inc.		219,839
				616,394
Oil, Gas & Consumable Fuels – 3.5%
	3,635	Chevron Corp.		523,440
	3,721	ConocoPhillips		352,974
	4,537	Devon Energy Corp.		270,178
	1,150	Pioneer Natural Resources Co.		275,540
				1,422,132
Personal Products – 0.5%
	693	Estee Lauder Cos., Inc. (The), Class A		205,357
Pharmaceuticals – 3.3%
	2,945	AstraZeneca PLC ADR (United Kingdom)		179,292
	5,148	Bristol-Myers Squibb Co.		353,513
	1,735	Eli Lilly & Co.		433,663
	1,678	Johnson & Johnson		276,148
	2,034	Pfizer, Inc.		95,476
				1,338,092
Professional Services – 0.8%
	1,547	Booz Allen Hamilton Holding Corp.		124,828
	1,151	Verisk Analytics, Inc.		204,118
				328,946
Road & Rail – 0.5%
	724	Saia, Inc.*		207,954
Semiconductors & Semiconductor Equipment – 4.8%
	671	KLA Corp.		233,844
	2,756	Marvell Technology, Inc.		188,317
	1,033	MKS Instruments, Inc.		155,570
	2,577	NVIDIA Corp.		628,401
	1,075	NXP Semiconductors NV (China)		204,379
	3,350	ON Semiconductor Corp.*		209,744
	1,785	Texas Instruments, Inc.		303,432
				1,923,687
Software – 10.3%
	962	Adobe, Inc.*		449,908
	1,616	Cadence Design Systems, Inc.*		244,711
	8,161	Microsoft Corp.		2,438,425
	342	Palo Alto Networks, Inc.*		203,234
	609	Paycom Software, Inc.*		206,579
	2,013	salesforce.com, Inc.*		423,797
	908	Workday, Inc., Class A*		207,977
				4,174,631

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

GOLDMAN SACHS FLEXIBLE CAP FUND

Shares		Description	Value
Common Stock – (continued)
Specialty Retail – 3.2%
	925	Advance Auto Parts, Inc.	$	189,144
	3,706	Bath & Body Works, Inc.		197,789
	553	Home Depot, Inc. (The)		174,654
	1,622	Lowe’s Cos., Inc.		358,559
	1,822	Ross Stores, Inc.		166,513
	595	Ulta Beauty, Inc.*		222,828
				1,309,487
Technology Hardware, Storage & Peripherals – 6.9%
	15,687	Apple, Inc.		2,590,237
	2,546	NetApp, Inc.		199,556
				2,789,793
Textiles, Apparel & Luxury Goods – 1.4%
	3,092	Capri Holdings Ltd.*		209,452
	2,681	NIKE, Inc., Class B		366,091
				575,543
Trading Companies & Distributors – 0.5%
	3,542	Fastenal Co.		182,271
	TOTAL COMMON STOCKS
	(Cost $30,275,866)		$	40,103,884
Shares		Dividend Rate	Value
Investment Company – 0.5%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	207,087	0.026%	$	207,087
	(Cost $207,087)
	TOTAL INVESTMENTS – 99.5%
	(Cost $30,482,953)		$	40,310,971
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.5%			211,945
	NET ASSETS – 100.0%		$	40,522,916

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. 25

GOLDMAN SACHS LARGE CAP CORE FUND

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 98.6%
Aerospace & Defense – 1.7%
	56,723	Boeing Co. (The)*	$	11,647,501
	22,655	L3Harris Technologies, Inc.		5,716,083
	6,345	TransDigm Group, Inc.*		4,229,513
				21,593,097
Air Freight & Logistics – 0.5%
	27,334	United Parcel Service, Inc., Class B		5,751,620
Airlines – 0.8%
	220,382	United Airlines Holdings, Inc.*		9,784,961
Auto Components – 0.7%
	67,474	Aptiv PLC*		8,733,835
Automobiles – 1.3%
	197,877	General Motors Co.*		9,244,813
	8,334	Tesla, Inc.*		7,254,164
				16,498,977
Banks – 4.0%
	464,287	Bank of America Corp.		20,521,486
	12,105	First Republic Bank		2,097,312
	125,443	JPMorgan Chase & Co.		17,787,817
	32,720	M&T Bank Corp.		5,962,566
	6,012	SVB Financial Group*		3,643,272
				50,012,453
Beverages – 1.4%
	142,003	Coca-Cola Europacific Partners PLC (United Kingdom)		7,271,974
	27,863	Constellation Brands, Inc., Class A		6,007,820
	43,769	Monster Beverage Corp.*		3,694,103
				16,973,897
Biotechnology – 1.6%
	25,038	Alnylam Pharmaceuticals, Inc.*		3,952,248
	5,457	Argenx SE ADR (Netherlands)*		1,570,034
	17,090	Biogen, Inc.*		3,606,161
	83,659	Genmab A/S ADR (Denmark)*		2,799,230
	62,995	Neurocrine Biosciences, Inc.*		5,661,361
	15,859	Seagen, Inc.*		2,043,749
				19,632,783
Building Products – 1.0%
	281,825	AZEK Co., Inc. (The)*		8,311,019
	26,261	Trane Technologies PLC		4,042,356
				12,353,375
Capital Markets – 2.3%
	6,195	BlackRock, Inc.		4,608,398
	43,254	Carlyle Group, Inc. (The)		2,027,315
	56,009	Charles Schwab Corp. (The)		4,730,520
	105,769	Morgan Stanley		9,597,479
	22,209	Raymond James Financial, Inc.		2,435,217
	10,653	S&P Global, Inc.		4,002,332
	21,143	Tradeweb Markets, Inc., Class A		1,786,161
				29,187,422
Common Stocks – (continued)
Chemicals – 2.0%
	11,199	Air Products and Chemicals, Inc.		2,646,324
	52,521	Ecolab, Inc.		9,257,352
	34,005	Linde PLC (United Kingdom)		9,971,626
	10,363	Sherwin-Williams Co. (The)		2,726,816
				24,602,118
Communications Equipment – 1.2%
	275,742	Cisco Systems, Inc.		15,378,131
Construction Materials – 0.7%
	24,726	Martin Marietta Materials, Inc.		9,381,044
Consumer Finance – 1.2%
	77,836	American Express Co.		15,142,215
Containers & Packaging – 0.6%
	89,669	Ball Corp.		8,046,896
Diversified Financial Services – 1.0%
	34,857	Apollo Global Management, Inc.		2,274,768
	33,657	Berkshire Hathaway, Inc., Class B*		10,819,043
				13,093,811
Diversified Telecommunication Services – 1.0%
	544,251	AT&T, Inc.		12,893,306
Electric Utilities – 1.3%
	149,721	NextEra Energy, Inc.		11,718,663
	71,277	Xcel Energy, Inc.		4,799,080
				16,517,743
Electrical Equipment – 1.1%
	39,394	Eaton Corp. PLC		6,078,100
	26,053	Rockwell Automation, Inc.		6,945,209
	66,673	Shoals Technologies Group, Inc., Class A*		1,054,100
				14,077,409
Electronic Equipment, Instruments & Components – 0.4%
	35,356	Keysight Technologies, Inc.*		5,563,974
Entertainment – 2.6%
	12,015	Electronic Arts, Inc.		1,563,031
	96,523	Live Nation Entertainment, Inc.*		11,661,909
	18,872	Netflix, Inc.*		7,445,382
	5,496	Roku, Inc.*		766,857
	70,866	Walt Disney Co. (The)*		10,520,766
				31,957,945
Equity Real Estate Investment Trusts (REITs) – 2.4%
	30,037	Alexandria Real Estate Equities, Inc. REIT		5,689,008
	20,406	American Tower Corp. REIT		4,629,509
	54,654	Americold Realty Trust REIT		1,460,355
	10,917	AvalonBay Communities, Inc. REIT		2,604,687
	26,296	Duke Realty Corp. REIT		1,393,688
	2,991	Equinix, Inc. REIT		2,122,802
	29,383	Equity LifeStyle Properties, Inc. REIT		2,192,560
	100,810	Invitation Homes, Inc. REIT		3,810,618

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

GOLDMAN SACHS LARGE CAP CORE FUND

Shares		Description	Value
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	5,670	Public Storage REIT	$	2,012,963
	26,218	Ryman Hospitality Properties, Inc. REIT*		2,310,068
	39,012	Ventas, Inc. REIT		2,106,648
				30,332,906
Food Products – 1.6%
	121,327	McCormick & Co., Inc.		11,546,691
	124,531	Mondelez International, Inc., Class A		8,154,290
				19,700,981
Health Care Equipment & Supplies – 2.4%
	3,427	Align Technology, Inc.*		1,752,773
	181,235	Boston Scientific Corp.*		8,005,150
	7,275	Dexcom, Inc.*		3,011,195
	17,119	Insulet Corp.*		4,531,228
	35,808	Intuitive Surgical, Inc.*		10,396,137
	15,076	Zimmer Biomet Holdings, Inc.		1,917,517
				29,614,000
Health Care Providers & Services – 3.7%
	155,192	CVS Health Corp.		16,085,651
	64,955	Guardant Health, Inc.*		4,304,568
	23,699	Humana, Inc.		10,292,950
	33,720	UnitedHealth Group, Inc.		16,046,336
				46,729,505
Health Care Technology – 0.5%
	27,533	Veeva Systems, Inc., Class A*		6,306,434
Hotels, Restaurants & Leisure – 1.6%
	1,989	Chipotle Mexican Grill, Inc.*		3,029,943
	9,618	Expedia Group, Inc.*		1,886,186
	49,582	McDonald’s Corp.		12,136,186
	29,392	Wyndham Hotels & Resorts, Inc.		2,539,763
				19,592,078
Household Products – 1.3%
	107,980	Procter & Gamble Co. (The)		16,833,002
Industrial Conglomerates – 1.1%
	127,124	General Electric Co.		12,141,613
	5,301	Honeywell International, Inc.		1,005,865
				13,147,478
Insurance – 2.0%
	141,693	Arch Capital Group Ltd.*		6,675,157
	39,816	Chubb Ltd.		8,108,130
	36,742	Globe Life, Inc.		3,709,472
	1,944	Markel Corp.*		2,416,217
	8,664	Marsh & McLennan Cos., Inc.		1,346,472
	70,543	Ryan Specialty Group Holdings, Inc., Class A*		2,825,953
				25,081,401
Interactive Media & Services – 5.4%
	9,759	Alphabet, Inc., Class A*		26,360,425
Common Stocks – (continued)
Interactive Media & Services – (continued)
	8,709	Alphabet, Inc., Class C*		23,495,315
	59,681	Meta Platforms, Inc., Class A*		12,594,481
	41,048	Snap, Inc., Class A*		1,639,457
	84,423	Twitter, Inc.*		3,001,238
				67,090,916
Internet & Direct Marketing Retail – 4.0%
	14,513	Amazon.com, Inc.*		44,573,196
	37,173	Etsy, Inc.*		5,757,726
				50,330,922
IT Services – 3.9%
	32,191	Affirm Holdings, Inc.*		1,346,872
	51,617	Cognizant Technology Solutions Corp., Class A		4,445,772
	5,697	EPAM Systems, Inc.*		1,183,552
	60,044	Fidelity National Information Services, Inc.		5,717,990
	88,465	International Business Machines Corp.		10,837,847
	22,957	Mastercard, Inc., Class A		8,283,345
	86,895	PayPal Holdings, Inc.*		9,726,157
	4,092	Shopify, Inc., Class A (Canada)*		2,840,912
	18,927	Snowflake, Inc., Class A*		5,028,147
				49,410,594
Life Sciences Tools & Services – 1.9%
	26,278	Adaptive Biotechnologies Corp.*		379,192
	142,137	Avantor, Inc.*		4,930,732
	36,508	Danaher Corp.		10,018,160
	12,301	Illumina, Inc.*		4,017,507
	10,964	West Pharmaceutical Services, Inc.		4,243,945
				23,589,536
Machinery – 0.9%
	2,745	Deere & Co.		988,255
	49,578	Illinois Tool Works, Inc.		10,725,704
				11,713,959
Media – 0.7%
	38,970	Comcast Corp., Class A		1,822,237
	229,749	Discovery, Inc., Class C*		6,426,080
				8,248,317
Metals & Mining – 0.3%
	71,846	Freeport-McMoRan, Inc.		3,373,170
Multiline Retail – 1.1%
	23,861	Dollar General Corp.		4,732,591
	43,367	Target Corp.		8,663,425
				13,396,016
Multi-Utilities – 0.9%
	62,081	Ameren Corp.		5,335,862
	101,975	CMS Energy Corp.		6,527,420
				11,863,282

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

GOLDMAN SACHS LARGE CAP CORE FUND

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – 3.7%
	125,885	Chevron Corp.	$	18,127,440
	56,645	ConocoPhillips		5,373,345
	78,798	Devon Energy Corp.		4,692,421
	16,402	Diamondback Energy, Inc.		2,265,116
	52,729	Hess Corp.		5,328,793
	36,303	Ovintiv, Inc.		1,664,492
	37,133	Pioneer Natural Resources Co.		8,897,067
				46,348,674
Personal Products – 0.8%
	32,103	Estee Lauder Cos., Inc. (The), Class A		9,513,082
Pharmaceuticals – 2.6%
	50,658	AstraZeneca PLC ADR (United Kingdom)		3,084,059
	184,467	Bristol-Myers Squibb Co.		12,667,349
	26,593	Catalent, Inc.*		2,713,549
	56,924	Eli Lilly & Co.		14,228,154
				32,693,111
Professional Services – 0.9%
	66,219	CoStar Group, Inc.*		4,040,021
	37,630	Verisk Analytics, Inc.		6,673,304
				10,713,325
Road & Rail – 2.0%
	26,824	Norfolk Southern Corp.		6,880,893
	10,008	Old Dominion Freight Line, Inc.		3,142,812
	68,977	Uber Technologies, Inc.*		2,485,241
	50,369	Union Pacific Corp.		12,388,256
				24,897,202
Semiconductors & Semiconductor Equipment – 5.3%
	40,986	Analog Devices, Inc.		6,569,646
	8,301	Enphase Energy, Inc.*		1,383,777
	23,098	KLA Corp.		8,049,653
	5,460	Lam Research Corp.		3,064,971
	106,410	Marvell Technology, Inc.		7,270,995
	64,340	NVIDIA Corp.		15,689,309
	19,282	NXP Semiconductors NV (China)		3,665,894
	84,153	ON Semiconductor Corp.*		5,268,819
	5,922	SolarEdge Technologies, Inc.*		1,891,605
	58,725	Texas Instruments, Inc.		9,982,663
	38,219	Wolfspeed, Inc.*		3,925,856
				66,763,188
Software – 10.3%
	11,586	Adobe, Inc.*		5,418,541
	10,439	Atlassian Corp. PLC, Class A*		3,191,411
	31,289	Bill.com Holdings, Inc.*		7,443,027
	21,909	Cadence Design Systems, Inc.*		3,317,680
	44,555	Dynatrace, Inc.*		1,979,133
	2,610	HubSpot, Inc.*		1,370,250
	235,318	Microsoft Corp.		70,310,665
	13,321	Palo Alto Networks, Inc.*		7,916,004
	9,870	Paycom Software, Inc.*		3,348,003
	51,503	Qualtrics International, Inc., Class A*		1,562,086
Common Stocks – (continued)
Software – (continued)
	23,209	salesforce.com, Inc.*		4,886,191
	5,541	ServiceNow, Inc.*		3,213,337
	17,671	Splunk, Inc.*		2,086,945
	94,296	UiPath, Inc., Class A*		3,273,014
	27,545	Workday, Inc., Class A*		6,309,182
	13,180	Zscaler, Inc.*		3,151,997
				128,777,466
Specialty Retail – 1.7%
	19,764	Advance Auto Parts, Inc.		4,041,343
	9,819	Five Below, Inc.*		1,606,487
	5,769	Home Depot, Inc. (The)		1,822,023
	20,188	Lowe’s Cos., Inc.		4,462,759
	16,194	RH*		6,507,883
	6,813	Ulta Beauty, Inc.*		2,551,468
				20,991,963
Technology Hardware, Storage & Peripherals – 5.9%
	449,469	Apple, Inc.		74,216,321
Textiles, Apparel & Luxury Goods – 1.1%
	8,598	Lululemon Athletica, Inc.*		2,750,844
	63,787	NIKE, Inc., Class B		8,710,115
	28,243	PVH Corp.		2,764,707
				14,225,666
Water Utilities – 0.2%
	12,357	American Water Works Co., Inc.		1,867,019
	TOTAL COMMON STOCKS
	(Cost $818,079,105)		$	1,234,538,526
Shares		Dividend Rate	Value
Investmemt Company – 0.5%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	6,621,340	0.026%	$	6,621,340
	(Cost $6,621,340)
	TOTAL INVESTMENTS – 99.1%
	(Cost $824,700,445)		$	1,241,159,866
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.9%			11,365,218
	NET ASSETS – 100.0%		$	1,252,525,084

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

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

GOLDMAN SACHS MID CAP GROWTH FUND

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 98.6%
Aerospace & Defense – 1.8%
	23,523	TransDigm Group, Inc.*	$	15,680,197
	42,210	Woodward, Inc.		5,260,632
				20,940,829
Auto Components – 1.4%
	128,859	Aptiv PLC*		16,679,509
Banks – 0.7%
	14,495	SVB Financial Group*		8,783,970
Beverages – 1.0%
	218,783	Coca-Cola Europacific Partners PLC (United Kingdom)		11,203,877
Biotechnology – 4.0%
	62,058	Alnylam Pharmaceuticals, Inc.*		9,795,855
	20,411	Argenx SE ADR (Netherlands)*		5,872,449
	204,713	Genmab A/S ADR (Denmark)*		6,849,697
	138,883	Neurocrine Biosciences, Inc.*		12,481,415
	87,059	Seagen, Inc.*		11,219,294
				46,218,710
Building Products – 2.8%
	532,961	AZEK Co., Inc. (The)*		15,717,020
	109,108	Trane Technologies PLC		16,794,994
				32,512,014
Capital Markets – 2.7%
	130,514	Ares Management Corp., Class A		10,583,380
	26,155	MarketAxess Holdings, Inc.		9,976,302
	155,822	TPG, Inc.*		4,789,969
	72,113	Tradeweb Markets, Inc., Class A		6,092,106
				31,441,757
Chemicals – 1.4%
	67,990	Ashland Global Holdings, Inc.		6,274,117
	317,266	Danimer Scientific, Inc.*(a)		1,262,719
	64,715	PPG Industries, Inc.		8,636,217
				16,173,053
Construction Materials – 0.9%
	27,692	Martin Marietta Materials, Inc.		10,506,345
Containers & Packaging – 1.7%
	220,583	Ball Corp.		19,795,118
Electrical Equipment – 3.1%
	106,773	AMETEK, Inc.		13,858,068
	82,419	Rockwell Automation, Inc.		21,971,257
				35,829,325
Electronic Equipment, Instruments & Components – 3.3%
	258,103	Amphenol Corp., Class A		19,618,409
	119,600	Keysight Technologies, Inc.*		18,821,452
				38,439,861
Entertainment – 1.9%
	185,014	Live Nation Entertainment, Inc.*		22,353,392
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – 0.8%
	133,298	Equity LifeStyle Properties, Inc. REIT		9,946,697
Food Products – 3.0%
	179,626	McCormick & Co., Inc.		17,095,006
	1,177,447	Utz Brands, Inc.		17,956,067
				35,051,073
Health Care Equipment & Supplies – 6.1%
	16,958	Align Technology, Inc.*		8,673,339
	40,339	Dexcom, Inc.*		16,696,715
	40,622	IDEXX Laboratories, Inc.*		21,625,122
	89,950	Insulet Corp.*		23,808,865
				70,804,041
Health Care Providers & Services – 0.8%
	146,332	Guardant Health, Inc.*		9,697,422
Health Care Technology – 2.1%
	105,648	Veeva Systems, Inc., Class A*		24,198,674
Hotels, Restaurants & Leisure – 3.2%
	156,179	Expedia Group, Inc.*		30,628,264
	58,669	Yum! Brands, Inc.		7,191,646
				37,819,910
Insurance – 0.8%
	240,994	Ryan Specialty Group Holdings, Inc., Class A*		9,654,220
Interactive Media & Services – 2.4%
	133,397	Bumble, Inc., Class A*		3,418,965
	165,301	Match Group, Inc.*		18,429,408
	178,896	Twitter, Inc.*		6,359,753
				28,208,126
Internet & Direct Marketing Retail – 2.1%
	160,912	Etsy, Inc.*		24,923,660
IT Services – 1.7%
	97,129	Affirm Holdings, Inc.*		4,063,877
	15,841	EPAM Systems, Inc.*		3,290,968
	68,438	Okta, Inc.*		12,513,204
				19,868,049
Life Sciences Tools & Services – 5.1%
	84,648	Agilent Technologies, Inc.		11,034,713
	291,074	Avantor, Inc.*		10,097,357
	8,093	Mettler-Toledo International, Inc.*		11,400,933
	70,810	West Pharmaceutical Services, Inc.		27,409,135
				59,942,138
Machinery – 3.1%
	61,354	Cummins, Inc.		12,523,578
	190,220	Fortive Corp.		12,316,745
	127,703	ITT, Inc.		11,221,263
				36,061,586

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

GOLDMAN SACHS MID CAP GROWTH FUND

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Media – 0.9%
	368,588	Discovery, Inc., Class A*(a)	$	10,338,893
Oil, Gas & Consumable Fuels – 1.4%
	70,139	Pioneer Natural Resources Co.		16,805,304
Pharmaceuticals – 1.3%
	154,778	Catalent, Inc.*		15,793,547
Professional Services – 4.7%
	395,936	CoStar Group, Inc.*		24,156,055
	91,844	TransUnion		8,335,762
	124,695	Verisk Analytics, Inc.		22,113,411
				54,605,228
Road & Rail – 2.1%
	48,968	Old Dominion Freight Line, Inc.		15,377,421
	30,673	Saia, Inc.*		8,810,206
				24,187,627
Semiconductors & Semiconductor Equipment – 6.9%
	46,131	Enphase Energy, Inc.*		7,690,038
	135,709	Entegris, Inc.		17,707,310
	127,671	Marvell Technology, Inc.		8,723,759
	86,323	MKS Instruments, Inc.		13,000,244
	346,860	ON Semiconductor Corp.*		21,716,905
	19,966	SolarEdge Technologies, Inc.*		6,377,540
	52,842	Wolfspeed, Inc.*		5,427,930
				80,643,726
Software – 17.0%
	45,808	ANSYS, Inc.*		14,850,495
	71,704	Bill.com Holdings, Inc.*		17,056,948
	201,540	Cadence Design Systems, Inc.*		30,519,202
	42,742	Datadog, Inc., Class A*		6,886,164
	118,982	DocuSign, Inc.*		14,091,038
	296,893	Dynatrace, Inc.*		13,187,987
	32,066	HubSpot, Inc.*		16,834,650
	60,253	Palo Alto Networks, Inc.*		35,805,345
	41,411	Paycom Software, Inc.*		14,047,025
	66,997	Procore Technologies, Inc.*		4,367,534
	130,075	Qualtrics International, Inc., Class A*		3,945,175
	134,598	UiPath, Inc., Class A*		4,671,897
	93,766	Zscaler, Inc.*		22,424,139
				198,687,599
Specialty Retail – 3.9%
	48,187	Burlington Stores, Inc.*		10,884,961
	6,853	O’Reilly Automotive, Inc.*		4,449,242
	30,670	RH*		12,325,353
	46,954	Ulta Beauty, Inc.*		17,584,273
				45,243,829
Textiles, Apparel & Luxury Goods – 2.5%
	78,939	Lululemon Athletica, Inc.*		25,255,744
Common Stocks – (continued)
Textiles, Apparel & Luxury Goods – (continued)
	178,636	On Holding AG, Class A (Switzerland)*(a)		4,349,786
				29,605,530
	TOTAL COMMON STOCKS
	(Cost $928,729,198)		$	1,152,964,639
Shares		Dividend Rate	Value
Investment Company – 1.8%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	20,845,177	0.026%	$	20,845,177
	(Cost $20,845,177)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $949,574,375)		$	1,173,809,816
Securities Lending Reinvestment Vehicle – 0.7%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	8,506,191	0.026%	$	8,506,191
	(Cost $8,506,191)
	TOTAL INVESTMENTS – 101.1%
	(Cost $958,080,566)		$	1,182,316,007
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.1)%			(13,399,131	)
	NET ASSETS – 100.0%		$	1,168,916,876

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

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

GOLDMAN SACHS SMALL CAP GROWTH FUND

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 98.1%
Aerospace & Defense – 2.7%
	8,743	Kratos Defense & Security Solutions, Inc.*	$	182,904
	3,581	Maxar Technologies, Inc.		116,168
	4,495	Moog, Inc., Class A		373,579
				672,651
Biotechnology – 10.6%
	2,986	4D Molecular Therapeutics, Inc.*		40,908
	7,351	Agios Pharmaceuticals, Inc.*		228,837
	10,808	Allogene Therapeutics, Inc.*		98,893
	2,476	Apellis Pharmaceuticals, Inc.*		105,304
	1,572	Arena Pharmaceuticals, Inc.*		149,293
	7,989	Avidity Biosciences, Inc.*		135,493
	3,905	Beam Therapeutics, Inc.*		305,957
	7,327	Cytokinetics, Inc.*		258,790
	6,453	Design Therapeutics, Inc.*(a)		87,567
	6,074	Dyne Therapeutics, Inc.*		52,054
	12,710	Halozyme Therapeutics, Inc.*		450,824
	8,037	Inozyme Pharma, Inc.*		46,373
	676	Intellia Therapeutics, Inc.*		66,823
	4,599	Kronos Bio, Inc.*		34,630
	2,852	Sarepta Therapeutics, Inc.*		218,492
	8,316	Sutro Biopharma, Inc.*		74,179
	1,841	Ultragenyx Pharmaceutical, Inc.*		123,936
	3,377	Y-mAbs Therapeutics, Inc.*		30,764
	2,502	Zentalis Pharmaceuticals, Inc.*		124,825
				2,633,942
Building Products – 3.3%
	7,412	AAON, Inc.		434,047
	6,365	AZEK Co., Inc. (The)*		187,704
	1,980	Masonite International Corp.*		186,773
				808,524
Capital Markets – 4.1%
	2,798	Hamilton Lane, Inc., Class A		218,524
	4,417	Houlihan Lokey, Inc.		454,333
	7,025	Moelis & Co., Class A		338,675
				1,011,532
Chemicals – 2.9%
	3,577	Ashland Global Holdings, Inc.		330,086
	2,791	Balchem Corp.		386,107
				716,193
Commercial Services & Supplies – 0.8%
	1,198	Tetra Tech, Inc.		190,206
Construction & Engineering – 1.7%
	6,558	Ameresco, Inc., Class A*		421,352
Electronic Equipment, Instruments & Components – 3.6%
	2,621	908 Devices, Inc.*(a)		43,587
	3,873	Badger Meter, Inc.		385,015
	3,451	Novanta, Inc.*		471,510
				900,112
Common Stocks – (continued)
Food & Staples Retailing – 1.0%
	3,933	BJ’s Wholesale Club Holdings, Inc.*		247,268
Food Products – 0.7%
	1,945	Freshpet, Inc.*		185,222
Health Care Equipment & Supplies – 8.6%
	8,067	Axonics, Inc.*		457,883
	2,291	Figs, Inc., Class A*		37,641
	3,287	Inari Medical, Inc.*		289,190
	2,991	iRhythm Technologies, Inc.*		386,646
	6,463	Outset Medical, Inc.*		284,178
	2,538	Shockwave Medical, Inc.*		449,810
	12,467	Sonendo, Inc.*		59,842
	1,500	Tandem Diabetes Care, Inc.*		168,945
				2,134,135
Health Care Providers & Services – 1.4%
	9,315	Alignment Healthcare, Inc.*		78,619
	4,352	Castle Biosciences, Inc.*		188,398
	1,864	National Research Corp.		74,150
				341,167
Health Care Technology – 1.9%
	2,745	Omnicell, Inc.*		354,873
	2,717	Simulations Plus, Inc.		107,023
				461,896
Hotels, Restaurants & Leisure – 6.3%
	2,607	Dutch Bros, Inc., Class A*(a)		125,684
	10,891	First Watch Restaurant Group, Inc.*(a)		158,028
	1,602	Papa John’s International, Inc.		171,126
	3,799	Sweetgreen, Inc., Class A*(a)		96,229
	3,936	Texas Roadhouse, Inc.		373,566
	1,987	Wingstop, Inc.		288,810
	4,030	Wyndham Hotels & Resorts, Inc.		348,232
				1,561,675
Household Durables – 2.3%
	10,790	Sonos, Inc.*		295,538
	1,288	TopBuild Corp.*		276,508
				572,046
Internet & Direct Marketing Retail – 1.7%
	5,522	Revolve Group, Inc.*		261,908
	3,050	Xometry, Inc., Class A*(a)		149,176
				411,084
IT Services – 0.7%
	6,722	BigCommerce Holdings, Inc.*		174,100
Leisure Products – 1.5%
	7,361	Latham Group, Inc.*		128,744
	3,592	Malibu Boats, Inc., Class A*		250,255
				378,999
Life Sciences Tools & Services – 2.9%
	5,644	Alpha Teknova, Inc.*		95,948
	6,688	Codex DNA, Inc.*		68,218

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

GOLDMAN SACHS SMALL CAP GROWTH FUND

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Life Sciences Tools & Services – (continued)
	9,390	MaxCyte, Inc.*	$	65,354
	3,167	Olink Holding AB ADR (Sweden)*(a)		54,124
	11,660	Pacific Biosciences of California, Inc.*		138,987
	6,513	Quanterix Corp.*		219,749
	10,259	Rapid Micro Biosystems, Inc., Class A*(a)		71,710
				714,090
Machinery – 10.1%
	3,184	Chart Industries, Inc.*		459,770
	10,579	Evoqua Water Technologies Corp.*		451,300
	6,626	Federal Signal Corp.		239,265
	3,258	Franklin Electric Co., Inc.		275,497
	1,574	RBC Bearings, Inc.*		305,120
	7,818	Shyft Group, Inc. (The)		315,925
	3,113	Watts Water Technologies, Inc., Class A		448,116
				2,494,993
Personal Products – 1.2%
	11,791	elf Beauty, Inc.*		311,636
Pharmaceuticals – 0.0%
	2,083	Atea Pharmaceuticals, Inc.*		13,206
Road & Rail – 1.7%
	1,463	Saia, Inc.*		420,217
Semiconductors & Semiconductor Equipment – 10.5%
	2,474	Ambarella, Inc.*		345,643
	7,216	Axcelis Technologies, Inc.*		499,491
	7,821	Credo Technology Group Holding Ltd.*		132,175
	8,198	FormFactor, Inc.*		331,937
	4,115	Onto Innovation, Inc.*		354,754
	4,557	Power Integrations, Inc.		410,130
	4,821	Semtech Corp.*		334,481
	6,685	SMART Global Holdings, Inc.*		183,503
				2,592,114
Software – 10.2%
	8,852	Alkami Technology, Inc.*		139,508
	7,093	Domo, Inc., Class B*		315,638
	14,731	EverCommerce, Inc.*		176,477
	9,095	ForgeRock, Inc., Class A*		134,697
	15,528	Instructure Holdings, Inc.*		347,982
	10,563	PagerDuty, Inc.*		357,241
	19,719	Sprinklr, Inc., Class A*		236,628
	2,906	Sprout Social, Inc., Class A*		189,210
	11,277	Tenable Holdings, Inc.*		624,295
				2,521,676
Specialty Retail – 3.9%
	13,439	Arhaus, Inc.*		89,772
	1,542	Asbury Automotive Group, Inc.*		299,318
	2,280	Boot Barn Holdings, Inc.*		198,406
	12,042	Leslie’s, Inc.*		256,615
	7,980	MYT Netherlands Parent BV ADR (Germany)*		115,231
				959,342
Common Stocks – (continued)
Textiles, Apparel & Luxury Goods – 1.2%
	8,884	Allbirds, Inc., Class A*(a)		70,006
	2,750	Crocs, Inc.*		230,257
				300,263
Trading Companies & Distributors – 0.6%
	7,181	Core & Main, Inc., Class A*		161,429
	TOTAL COMMON STOCKS
	(Cost $23,134,971)		$	24,311,070

Shares		Dividend Rate	Value
Investment Company – 4.9%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,207,821	0.026%	$	1,207,821
	(Cost $1,207,821)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $24,342,792)		$	25,518,891

Securities Lending Reinvestment Vehicle – 2.4%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	605,705	0.026%	$	605,705
	(Cost $605,705)
	TOTAL INVESTMENTS – 105.4%
	(Cost $24,948,497)		$	26,124,596
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (5.4)%			(1,354,440	)
	NET ASSETS – 100.0%		$	24,770,156

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

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 99.3%
Air Freight & Logistics – 0.8%
	246,520	GXO Logistics, Inc.*	$	20,690,424
Auto Components – 0.9%
	203,019	Fox Factory Holding Corp.*		23,960,302
Biotechnology – 9.3%
	669,036	Agios Pharmaceuticals, Inc.*		20,827,091
	310,883	Allogene Therapeutics, Inc.*		2,844,579
	177,434	Alnylam Pharmaceuticals, Inc.*		28,007,957
	85,874	Argenx SE ADR (Netherlands)*		24,706,808
	403,633	Beam Therapeutics, Inc.*		31,624,646
	1,426,956	Exelixis, Inc.*		29,295,407
	1,039,366	Halozyme Therapeutics, Inc.*		36,866,312
	581,063	Neurocrine Biosciences, Inc.*		52,220,132
	98,418	Twist Bioscience Corp.*		5,505,503
	312,461	Ultragenyx Pharmaceutical, Inc.*		21,034,874
				252,933,309
Building Products – 3.6%
	527,608	AAON, Inc.		30,896,725
	318,442	Allegion PLC		36,467,978
	1,034,909	AZEK Co., Inc. (The)*		30,519,466
				97,884,169
Capital Markets – 5.6%
	335,960	Evercore, Inc., Class A		42,670,280
	211,520	Houlihan Lokey, Inc.		21,756,947
	178,111	LPL Financial Holdings, Inc.		32,229,185
	584,952	Stifel Financial Corp.		42,993,972
	371,890	TPG, Inc.*(a)		11,431,899
				151,082,283
Chemicals – 3.9%
	504,581	Ashland Global Holdings, Inc.		46,562,735
	481,145	RPM International, Inc.		40,690,432
	134,813	Scotts Miracle-Gro Co. (The)		18,881,909
				106,135,076
Commercial Services & Supplies – 1.2%
	208,620	Tetra Tech, Inc.		33,122,597
Communications Equipment – 0.4%
	158,828	Ciena Corp.*		10,867,012
Construction & Engineering – 1.0%
	408,712	Ameresco, Inc., Class A*		26,259,746
Containers & Packaging – 1.0%
	150,206	Avery Dennison Corp.		26,466,297
Diversified Consumer Services – 1.1%
	230,578	Bright Horizons Family Solutions, Inc.*		30,122,710
Electrical Equipment – 0.4%
	781,327	Shoals Technologies Group, Inc., Class A*		12,352,780
Common Stocks – (continued)
Electronic Equipment, Instruments & Components – 3.9%
	397,056	Novanta, Inc.*		54,249,761
	121,486	Teledyne Technologies, Inc.*		52,163,659
				106,413,420
Food & Staples Retailing – 0.8%
	345,151	BJ’s Wholesale Club Holdings, Inc.*		21,699,643
Food Products – 1.1%
	306,603	Freshpet, Inc.*		29,197,804
Health Care Equipment & Supplies – 3.8%
	367,087	Axonics, Inc.*		20,835,858
	254,544	Figs, Inc., Class A*		4,182,158
	86,816	iRhythm Technologies, Inc.*		11,222,704
	92,943	Shockwave Medical, Inc.*		16,472,288
	442,462	Tandem Diabetes Care, Inc.*		49,834,495
				102,547,503
Health Care Providers & Services – 2.7%
	898,888	Alignment Healthcare, Inc.*		7,586,615
	438,893	Guardant Health, Inc.*		29,085,439
	122,066	Molina Healthcare, Inc.*		37,458,393
				74,130,447
Health Care Technology – 1.3%
	677,602	Certara, Inc.*		17,170,435
	140,052	Omnicell, Inc.*		18,105,922
				35,276,357
Hotels, Restaurants & Leisure – 6.4%
	139,401	Choice Hotels International, Inc.		20,122,534
	274,755	Dutch Bros, Inc., Class A*(a)		13,245,939
	464,151	Planet Fitness, Inc., Class A*		39,281,099
	325,383	Texas Roadhouse, Inc.		30,882,100
	111,080	Vail Resorts, Inc.		28,941,894
	492,075	Wyndham Hotels & Resorts, Inc.		42,520,201
				174,993,767
Interactive Media & Services – 0.4%
	428,401	Bumble, Inc., Class A*		10,979,918
Internet & Direct Marketing Retail – 0.6%
	334,270	Revolve Group, Inc.*		15,854,426
IT Services – 1.8%
	334,972	DigitalOcean Holdings, Inc.*		19,870,539
	31,518	MongoDB, Inc.*		12,039,561
	309,212	Shift4 Payments, Inc., Class A*		16,280,012
				48,190,112
Leisure Products – 1.0%
	288,362	Brunswick Corp.		27,544,338
Life Sciences Tools & Services – 5.1%
	142,679	10X Genomics, Inc., Class A*		11,624,058
	675,207	Pacific Biosciences of California, Inc.*		8,048,467
	246,916	PerkinElmer, Inc.		44,348,583

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, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Life Sciences Tools & Services – (continued)
	279,898	QIAGEN NV*	$	13,908,132
	336,005	Quanterix Corp.*		11,336,809
	166,582	Repligen Corp.*		32,766,679
	980,738	Stevanato Group SPA (Italy)*		15,740,845
				137,773,573
Machinery – 6.7%
	349,551	Chart Industries, Inc.*		50,475,164
	432,259	Evoqua Water Technologies Corp.*		18,440,169
	237,543	IDEX Corp.		45,584,502
	157,026	RBC Bearings, Inc.*		30,439,490
	258,167	Toro Co. (The)		24,218,646
	98,320	Watts Water Technologies, Inc., Class A		14,153,164
				183,311,135
Professional Services – 1.3%
	291,742	Jacobs Engineering Group, Inc.		35,884,266
Road & Rail – 0.9%
	87,236	Saia, Inc.*		25,056,796
Semiconductors & Semiconductor Equipment – 9.2%
	1,318,759	Allegro MicroSystems, Inc. (Japan)*		37,808,820
	450,066	Entegris, Inc.		58,724,612
	681,902	Lattice Semiconductor Corp.*		42,700,703
	399,830	MACOM Technology Solutions Holdings, Inc.*		24,029,783
	337,936	MKS Instruments, Inc.		50,893,162
	80,394	Monolithic Power Systems, Inc.		36,876,728
				251,033,808
Software – 12.4%
	300,224	Avalara, Inc.*		31,196,276
	39,335	Bill.com Holdings, Inc.*		9,357,010
	794,580	Dynatrace, Inc.*		35,295,244
	1,141,844	EverCommerce, Inc.*(a)		13,679,291
	534,403	nCino, Inc.*		24,545,130
	128,533	Paylocity Holding Corp.*		27,305,550
	232,836	Procore Technologies, Inc.*		15,178,579
	676,486	Qualtrics International, Inc., Class A*		20,517,820
	414,631	Rapid7, Inc.*		42,897,723
	516,483	Sailpoint Technologies Holdings, Inc.*		21,366,902
	714,921	Samsara, Inc., Class A*		12,496,819
	620,676	Smartsheet, Inc., Class A*		33,001,343
	580,201	Varonis Systems, Inc.*		25,296,764
	250,048	Workiva, Inc.*		26,330,054
				338,464,505
Specialty Retail – 3.8%
	223,466	Five Below, Inc.*		36,561,272
	313,461	Floor & Decor Holdings, Inc., Class A*		29,973,141
	40,612	Lithia Motors, Inc.		13,841,382
	54,547	RH*		21,920,803
				102,296,598
Common Stocks – (continued)
Technology Hardware, Storage & Peripherals – 1.2%
	1,298,931	Pure Storage, Inc., Class A*		33,694,270
Textiles, Apparel & Luxury Goods – 3.4%
	268,947	Crocs, Inc.*		22,518,932
	94,476	Deckers Outdoor Corp.*		27,269,553
	1,321,828	Levi Strauss & Co., Class A		29,939,404
	475,967	On Holding AG, Class A (Switzerland)*(a)		11,589,797
				91,317,686
Trading Companies & Distributors – 2.3%
	1,294,603	Core & Main, Inc., Class A*		29,102,676
	200,861	SiteOne Landscape Supply, Inc.*		34,634,462
				63,737,138
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $2,482,196,904)			$2,701,274,215

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.8%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	22,322,542	0.026%	$	22,322,542
	(Cost $22,322,542)
TOTAL INVESTMENTS – 100.1%
(Cost $2,504,519,446)			$2,723,596,757
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.1)%			(3,981,850	)
	NET ASSETS – 100.0%		$	2,719,614,907

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

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 99.3%
Aerospace & Defense – 0.8%
	6,655	Boeing Co. (The)*	$	1,366,538
Air Freight & Logistics – 1.3%
	11,182	United Parcel Service, Inc., Class B		2,352,917
Auto Components – 0.5%
	6,589	Aptiv PLC*		852,880
Automobiles – 2.9%
	5,959	Tesla, Inc.*		5,186,892
Beverages – 1.8%
	33,146	Coca-Cola Co. (The)		2,063,007
	12,955	Monster Beverage Corp.*		1,093,402
				3,156,409
Biotechnology – 2.5%
	3,864	Alnylam Pharmaceuticals, Inc.*		609,932
	1,859	Argenx SE ADR (Netherlands)*		534,853
	8,653	BioMarin Pharmaceutical, Inc.*		675,972
	23,252	Genmab A/S ADR (Denmark)*		778,012
	8,508	Sarepta Therapeutics, Inc.*		651,798
	9,254	Seagen, Inc.*		1,192,563
				4,443,130
Capital Markets – 1.8%
	29,746	Charles Schwab Corp. (The)		2,512,347
	4,648	Intercontinental Exchange, Inc.		595,502
				3,107,849
Chemicals – 1.7%
	4,530	Ecolab, Inc.		798,458
	3,615	Linde PLC (United Kingdom)		1,060,062
	4,314	Sherwin-Williams Co. (The)		1,135,143
				2,993,663
Construction Materials – 0.5%
	2,252	Martin Marietta Materials, Inc.		854,409
Diversified Consumer Services – 0.2%
	10,187	Chegg, Inc.*		318,548
Electronic Equipment, Instruments & Components – 0.8%
	19,103	Amphenol Corp., Class A		1,452,019
Entertainment – 2.3%
	10,328	Live Nation Entertainment, Inc.*		1,247,829
	7,253	Netflix, Inc.*		2,861,454
				4,109,283
Equity Real Estate Investment Trusts (REITs) – 1.5%
	6,269	American Tower Corp. REIT		1,422,248
	1,755	Equinix, Inc. REIT		1,245,576
				2,667,824
Food Products – 1.6%
	19,740	McCormick & Co., Inc.		1,878,656
	15,413	Mondelez International, Inc., Class A		1,009,243
				2,887,899
Common Stocks – (continued)
Health Care Equipment & Supplies – 2.7%
	37,184	Boston Scientific Corp.*		1,642,417
	4,140	Insulet Corp.*		1,095,817
	7,231	Intuitive Surgical, Inc.*		2,099,376
				4,837,610
Health Care Providers & Services – 0.3%
	6,642	Guardant Health, Inc.*		440,165
Health Care Technology – 0.6%
	4,303	Veeva Systems, Inc., Class A*		985,602
Hotels, Restaurants & Leisure – 1.8%
	886	Chipotle Mexican Grill, Inc.*		1,349,688
	7,500	McDonald’s Corp.		1,835,775
				3,185,463
Interactive Media & Services – 11.1%
	2,939	Alphabet, Inc., Class A*		7,938,650
	2,164	Alphabet, Inc., Class C*		5,838,083
	20,892	Meta Platforms, Inc., Class A*		4,408,839
	34,230	Snap, Inc., Class A*		1,367,146
				19,552,718
Internet & Direct Marketing Retail – 8.1%
	4,137	Amazon.com, Inc.*		12,705,803
	7,179	Etsy, Inc.*		1,111,955
	23,507	Farfetch Ltd., Class A (United Kingdom)*		447,808
				14,265,566
IT Services – 6.9%
	9,956	Affirm Holdings, Inc.*		416,559
	12,250	Mastercard, Inc., Class A		4,420,045
	4,317	Okta, Inc.*		789,320
	23,131	PayPal Holdings, Inc.*		2,589,053
	790	Shopify, Inc., Class A (Canada)*		548,466
	6,505	Snowflake, Inc., Class A*		1,728,118
	7,811	Toast, Inc., Class A*(a)		160,282
	6,909	Visa, Inc., Class A		1,493,173
				12,145,016
Life Sciences Tools & Services – 3.0%
	3,381	10X Genomics, Inc., Class A*		275,450
	19,402	Adaptive Biotechnologies Corp.*		279,971
	7,197	Danaher Corp.		1,974,928
	3,478	Illumina, Inc.*		1,135,915
	4,048	West Pharmaceutical Services, Inc.		1,566,900
				5,233,164
Machinery – 0.9%
	4,400	Deere & Co.		1,584,088
Personal Products – 0.7%
	4,457	Estee Lauder Cos., Inc. (The), Class A		1,320,743
Pharmaceuticals – 1.6%
	11,107	Eli Lilly & Co.		2,776,195

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Professional Services – 1.1%
	11,341	Verisk Analytics, Inc.	$	2,011,213
Road & Rail – 2.1%
	15,340	Union Pacific Corp.		3,772,873
Semiconductors & Semiconductor Equipment – 5.5%
	43,012	Marvell Technology, Inc.		2,939,010
	27,731	NVIDIA Corp.		6,762,204
				9,701,214
Software – 17.9%
	7,457	Adobe, Inc.*		3,487,490
	4,380	Atlassian Corp. PLC, Class A*		1,339,054
	5,385	Bill.com Holdings, Inc.*		1,280,984
	3,422	HubSpot, Inc.*		1,796,550
	50,240	Microsoft Corp.		15,011,209
	23,034	Qualtrics International, Inc., Class A*		698,621
	3,467	ServiceNow, Inc.*		2,010,583
	14,266	Splunk, Inc.*		1,684,814
	7,427	UiPath, Inc., Class A*		257,791
	14,500	Workday, Inc., Class A*		3,321,225
	3,266	Zscaler, Inc.*		781,064
				31,669,385
Specialty Retail – 1.5%
	2,451	RH*		984,983
	18,674	Ross Stores, Inc.		1,706,617
				2,691,600
Technology Hardware, Storage & Peripherals – 10.4%
	110,856	Apple, Inc.		18,304,543
Textiles, Apparel & Luxury Goods – 2.9%
	4,915	Lululemon Athletica, Inc.*		1,572,505
	22,289	NIKE, Inc., Class B		3,043,563
	5,373	PVH Corp.		525,963
				5,142,031
	TOTAL COMMON STOCKS
	(Cost $80,215,709)		$	175,369,449
Shares		Dividend Rate	Value
Investment Company – 0.7%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,228,109	0.026%	$	1,228,109
	(Cost $1,228,109)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $81,443,818)		$	176,597,558
Securities Lending Reinvestment Vehicle – 0.1%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	153,965	0.026%	$	153,965
	(Cost $153,965)
	TOTAL INVESTMENTS – 100.1%
	(Cost $81,597,783)		$	176,751,523
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.1)%			(137,399	)
	NET ASSETS – 100.0%		$	176,614,124

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

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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 97.2%
Communications Equipment – 2.5%
	320,941	Cisco Systems, Inc.	$	17,898,880
Entertainment – 1.1%
	20,453	Netflix, Inc.*		8,069,118
Equity Real Estate Investment Trusts (REITs) – 4.6%
	73,806	American Tower Corp. REIT		16,744,367
	23,260	Equinix, Inc. REIT		16,508,320
				33,252,687
Interactive Media & Services – 10.7%
	9,874	Alphabet, Inc., Class A*		26,671,056
	15,080	Alphabet, Inc., Class C*		40,683,126
	261,788	Snap, Inc., Class A*		10,455,813
				77,809,995
Internet & Direct Marketing Retail – 8.2%
	15,299	Amazon.com, Inc.*		46,987,207
	10,809	MercadoLibre, Inc. (Brazil)*		12,177,960
				59,165,167
IT Services – 9.7%
	44,072	Accenture PLC, Class A		13,927,633
	85,442	Fidelity National Information Services, Inc.		8,136,642
	32,783	Mastercard, Inc., Class A		11,828,762
	120,527	PayPal Holdings, Inc.*		13,490,587
	10,618	Shopify, Inc., Class A (Canada)*		7,371,653
	59,656	Snowflake, Inc., Class A*		15,848,213
				70,603,490
Road & Rail – 1.1%
	225,006	Uber Technologies, Inc.*		8,106,966
Semiconductors & Semiconductor Equipment – 18.9%
	108,536	Analog Devices, Inc.		17,397,235
	49,446	KLA Corp.		17,231,931
	32,695	Lam Research Corp.		18,353,338
	314,448	Marvell Technology, Inc.		21,486,232
	122,797	Microchip Technology, Inc.		8,636,313
	85,949	NVIDIA Corp.		20,958,664
	68,982	NXP Semiconductors NV (China)		13,114,858
	59,251	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)		6,340,449
	81,904	Texas Instruments, Inc.		13,922,861
				137,441,881
Software – 35.3%
	44,579	Adobe, Inc.*		20,848,707
	68,784	Atlassian Corp. PLC, Class A*		21,028,644
	16,635	HubSpot, Inc.*		8,733,375
	263,148	Microsoft Corp.		78,625,991
	32,181	Palo Alto Networks, Inc.*		19,123,559
	29,706	Paycom Software, Inc.*		10,076,572
	88,096	salesforce.com, Inc.*		18,546,851
	36,549	ServiceNow, Inc.*		21,195,496
Common Stocks – (continued)
Software – (continued)
	126,477	Splunk, Inc.*		14,936,934
	314,916	UiPath, Inc., Class A*		10,930,734
	87,170	Workday, Inc., Class A*		19,966,289
	51,653	Zscaler, Inc.*		12,352,815
				256,365,967
Technology Hardware, Storage & Peripherals – 5.1%
	223,270	Apple, Inc.		36,866,342
	TOTAL COMMON STOCKS
	(Cost $431,240,620)		$	705,580,493
Shares		Dividend Rate	Value
Investment Company – 2.7%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	19,918,678	0.026%	$	19,918,678
	(Cost $19,918,678)
	TOTAL INVESTMENTS – 100.0%
	(Cost $451,159,298)		$	725,499,171
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%			257,424
	NET ASSETS – 100.0%		$	725,756,595

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. 37

GOLDMAN SACHS U.S. EQUITY ESG FUND

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 99.2%
Auto Components – 1.7%
	2,618	Aptiv PLC*	$	338,874
Automobiles – 2.3%
	7,724	General Motors Co.*		360,865
	117	Tesla, Inc.*		101,841
				462,706
Banks – 3.1%
	4,469	JPMorgan Chase & Co.		633,704
Building Products – 0.5%
	3,376	AZEK Co., Inc. (The)*		99,558
Capital Markets – 4.2%
	520	BlackRock, Inc.		386,823
	5,120	Morgan Stanley		464,589
				851,412
Chemicals – 4.0%
	2,891	Danimer Scientific, Inc.*(a)		11,506
	2,241	Ecolab, Inc.		394,999
	1,370	Linde PLC (United Kingdom)		401,739
				808,244
Communications Equipment – 2.6%
	9,421	Cisco Systems, Inc.		525,409
Consumer Finance – 3.0%
	3,090	American Express Co.		601,129
Containers & Packaging – 2.3%
	5,151	Ball Corp.		462,251
Diversified Telecommunication Services ��� 2.1%
	17,992	AT&T, Inc.		426,230
Electric Utilities – 2.5%
	6,603	NextEra Energy, Inc.		516,817
Electrical Equipment – 3.6%
	2,667	Eaton Corp. PLC		411,492
	1,216	Rockwell Automation, Inc.		324,161
				735,653
Entertainment – 2.4%
	3,232	Walt Disney Co. (The)*		479,823
Equity Real Estate Investment Trusts (REITs) – 2.1%
	1,879	American Tower Corp. REIT		426,289
Food Products – 1.9%
	4,119	McCormick & Co., Inc.		392,005
Health Care Providers & Services – 4.9%
	5,239	CVS Health Corp.		543,022
	1,056	Humana, Inc.		458,642
				1,001,664
Hotels, Restaurants & Leisure – 2.0%
	1,701	McDonald’s Corp.		416,354
Common Stocks – (continued)
Household Products – 3.2%
	4,195	Procter & Gamble Co. (The)		653,959
Industrial Conglomerates – 2.6%
	5,471	General Electric Co.		522,535
Interactive Media & Services – 5.3%
	395	Alphabet, Inc., Class A*		1,066,950
Internet & Direct Marketing Retail – 2.0%
	2,558	Etsy, Inc.*		396,209
IT Services – 0.7%
	3,576	Affirm Holdings, Inc.*		149,620
Life Sciences Tools & Services – 2.4%
	1,755	Danaher Corp.		481,589
Machinery – 1.0%
	573	Deere & Co.		206,291
Media – 1.5%
	6,871	New York Times Co. (The), Class A		302,255
Pharmaceuticals – 4.1%
	5,898	Bristol-Myers Squibb Co.		405,016
	1,730	Eli Lilly & Co.		432,413
				837,429
Road & Rail – 2.9%
	2,390	Union Pacific Corp.		587,820
Semiconductors & Semiconductor Equipment – 8.3%
	513	Enphase Energy, Inc.*		85,517
	5,656	Marvell Technology, Inc.		386,474
	1,936	NVIDIA Corp.		472,094
	2,110	Texas Instruments, Inc.		358,679
	3,804	Wolfspeed, Inc.*		390,747
				1,693,511
Software – 10.4%
	667	Adobe, Inc.*		311,942
	4,872	Microsoft Corp.		1,455,705
	1,541	Workday, Inc., Class A*		352,966
				2,120,613
Technology Hardware, Storage & Peripherals – 5.9%
	7,280	Apple, Inc.		1,202,074
Textiles, Apparel & Luxury Goods – 1.9%
	2,861	NIKE, Inc., Class B		390,670
Water Utilities – 1.8%
	2,403	American Water Works Co., Inc.		363,069
	TOTAL COMMON STOCKS
	(Cost $16,049,008)		$	20,152,716

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

GOLDMAN SACHS U.S. EQUITY ESG FUND

Shares		Dividend Rate	Value
Investment Company – 0.7%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	151,942	0.026%	$	151,942
	(Cost $151,942)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $16,200,950)		$	20,304,658
Securities Lending Reinvestment Vehicle – 0.1%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	11,671	0.026%	$	11,671
	(Cost $11,671)
	TOTAL INVESTMENTS – 100.0%
	(Cost $16,212,621)		$	20,316,329
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.0)%			(4,013	)
	NET ASSETS – 100.0%		$	20,312,316

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

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

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Assets and Liabilities

February 28, 2022 (Unaudited)

	Concentrated Growth Fund		Flexible Cap Fund		Large Cap Core Fund
Assets:
Investments in unaffiliated issuers, at value (cost $818,079,105, $105,138,894 and $30,275,866, respectively)	$	181,059,290	$	40,103,884	$	1,234,538,526
Investments in affiliated issuers, at value (cost $6,621,340, $0 and $207,087, respectively)		—		207,087		6,621,340
Cash		—		207,237		10,836,853
Receivables:
Investments sold		—		—		2,319,460
Dividends		85,791		46,897		1,231,707
Fund shares sold		3,574		16,326		226,784
Reimbursement from investment adviser		18,808		15,021		71,568
Foreign tax reclaims		—		—		2,054
Other assets		39,927		53,527		76,820
Total assets		181,207,390		40,649,979		1,255,925,112
Liabilities:
Payables:
Investments purchased		—		—		1,039,006
Fund shares redeemed		15,906		159		1,002,860
Management fees		111,172		17,589		686,105
Distribution and Service fees and Transfer Agency fees		8,186		4,425		313,526
Due to custodian		75,032		—		—
Accrued expenses		123,223		104,890		358,531
Total liabilities		333,519		127,063		3,400,028
Net Assets:
Paid-in capital		99,633,271		29,333,755		800,834,912
Total distributable earnings		81,240,600		11,189,161		451,690,172
NET ASSETS	$	180,873,871	$	40,522,916	$	1,252,525,084
Net Assets:
Class A	$	9,730,266	$	7,457,493	$	873,673,670
Class C		764,260		1,152,751		19,586,582
Institutional		12,940,016		6,401,500		104,948,249
Service		—		—		600,858
Investor		226,304		50,220		31,270,666
Class R6		924,147		330,570		89,071,705
Class R		36,146		10,764		9,598,015
Class P		156,252,732		25,119,618		123,775,339
Total Net Assets	$	180,873,871	$	40,522,916	$	1,252,525,084
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		495,333		484,750		30,010,563
Class C		56,474		90,858		1,270,992
Institutional		588,507		378,072		3,041,731
Service		—		—		22,032
Investor		11,124		3,045		1,044,701
Class R6		42,154		19,569		2,585,409
Class R		1,967		739		354,929
Class P		7,130,191		1,486,180		3,594,060
Net asset value and offering price per share:(a)
Class A		$19.64		$15.38		$29.11
Class C		13.53		12.69		15.41
Institutional		21.99		16.93		34.50
Service		—		—		27.27
Investor		20.34		16.49		29.93
Class R6		21.92		16.89		34.45
Class R		18.38		14.56		27.04
Class P		21.91		16.90		34.44

(a) Maximum public offering price per share for Class A Shares of the Large Cap Core, Concentrated Growth and Flexible Cap Funds is $30.80, $20.78 and $16.28, 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.

40 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, 2022 (Unaudited)

	Mid Cap Growth Fund		Small Cap Growth Fund		Small/Mid Cap Growth Fund
Assets:
Investments in unaffiliated issuers, at value (cost $928,729,198, $23,134,971 and $2,482,196,904, respectively)(a)	$	1,152,964,639	$	24,311,070	$	2,701,274,215
Investments in affiliated issuers, at value (cost $20,845,177, $1,207,821 and $0, respectively)		20,845,177		1,207,821		—
Investments in securities lending reinvestment vehicle, at value which equals cost		8,506,191		605,705		22,322,542
Cash		1,413,897		155,612		28,440,477
Receivables:
Investments sold		8,231,937		327,047		34,293,474
Dividends		645,324		7,454		1,062,880
Fund shares sold		539,772		—		3,114,746
Reimbursement from investment adviser		119,093		13,509		128,183
Securities lending income		4,602		3,825		221,423
Other assets		75,135		44,806		228,102
Total assets		1,193,345,767		26,676,849		2,791,086,042
Liabilities:
Payables:
Investments purchased		12,948,473		1,071,990		38,318,814
Upon return of securities loaned		8,506,191		605,705		22,322,542
Fund shares redeemed		1,547,008		2,049		7,996,876
Management fees		864,460		16,185		1,874,246
Distribution and Service fees and Transfer Agency fees		184,315		951		371,960
Accrued expenses		378,444		209,813		586,697
Total liabilities		24,428,891		1,906,693		71,471,135
Net Assets:
Paid-in capital		905,028,805		23,300,869		2,427,996,466
Total distributable earnings		263,888,071		1,469,287		291,618,441
NET ASSETS	$	1,168,916,876	$	24,770,156	$	2,719,614,907
Net Assets:
Class A	$	315,889,429	$	488,708	$	341,608,660
Class C		16,694,374		81,867		101,386,117
Institutional		377,394,346		18,088,421		1,052,164,876
Service		25,087,096		—		1,400,720
Investor		85,153,491		75,667		567,605,536
Class R6		230,639,311		75,902		167,403,215
Class R		40,730,026		74,791		11,024,812
Class P		77,328,803		5,884,800		477,020,971
Total Net Assets	$	1,168,916,876	$	24,770,156	$	2,719,614,907
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		25,097,998		38,908		17,678,701
Class C		20,387,554		6,632		7,442,920
Institutional		19,068,911		1,428,251		47,278,865
Service		2,345,778		—		76,969
Investor		5,816,365		5,988		27,077,275
Class R6		11,632,867		5,992		7,512,196
Class R		3,804,344		5,984		620,004
Class P		3,898,029		464,781		21,402,205
Net asset value and offering price per share:(b)
Class A		$12.59		$12.56		$19.32
Class C		0.82		12.34		13.62
Institutional		19.79		12.66		22.25
Service		10.69		—		18.20
Investor		14.64		12.64		20.96
Class R6		19.83		12.67		22.28
Class R		10.71		12.50		17.78
Class P		19.84		12.66		22.29

(a) Includes loaned securities having a market value of $8,313,921, $602,583 and $22,243,501 for the Mid Cap Growth, Small Cap Growth and Small/Mid Cap Growth Funds, respectively.

(b) Maximum public offering price per share for Class A Shares of the Mid Cap Growth, Small Cap Growth and Small/Mid Cap Growth Funds is $13.32, $13.29 and $20.44, 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, 2022 (Unaudited)

	Strategic Growth Fund		Technology Opportunities Fund		U.S. Equity ESG Fund
Assets:
Investments in unaffiliated issuers, at value (cost $80,215,709, $431,240,620 and $16,049,008, respectively)(a)	$	175,369,449	$	705,580,493	$	20,152,716
Investments in affiliated issuers, at value (cost $1,228,109, $19,918,678 and $151,942, respectively)		1,228,109		19,918,678		151,942
Investments in securities lending reinvestment vehicle, at value which equals cost		153,965		—		11,671
Cash		1,624,476		—		—
Receivables:
Dividends		105,302		328,625		16,530
Fund shares sold		68,121		1,161,504		1,513
Reimbursement from investment adviser		24,766		84,628		14,419
Securities lending income		566		—		4
Investments sold		—		696,445		161,554
Other assets		53,116		135,016		40,602
Total assets		178,627,870		727,905,389		20,550,951
Liabilities:
Payables:
Investments purchased		1,228,108		—		—
Fund shares redeemed		351,069		600,024		135
Upon return of securities loaned		153,965		—		11,671
Management fees		109,594		569,335		9,385
Distribution and Service fees and Transfer Agency fees		25,741		166,399		4,812
Due to custodian		—		538,312		116,070
Accrued expenses		145,269		274,724		96,562
Total liabilities		2,013,746		2,148,794		238,635
Net Assets:
Paid-in capital		75,456,649		394,590,031		17,565,046
Total distributable earnings		101,157,475		331,166,564		2,747,270
NET ASSETS	$	176,614,124	$	725,756,595	$	20,312,316
Net Assets:
Class A	$	40,568,937	$	393,156,094	$	7,169,279
Class C		3,050,406		21,613,887		2,035,359
Institutional		49,358,717		130,046,493		1,604,576
Service		618,127		10,251,770		—
Investor		2,979,282		35,152,064		1,370,503
Class R6		4,411,319		3,348,853		1,277,371
Class R		194,163		—		439,772
Class P		75,433,173		132,187,434		6,415,456
Total Net Assets	$	176,614,124	$	725,756,595	$	20,312,316
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		4,282,887		15,661,953		419,897
Class C		727,269		1,348,106		127,772
Institutional		4,328,900		4,261,514		92,805
Service		67,549		428,532		—
Investor		263,237		1,185,659		79,223
Class R6		387,899		109,642		73,824
Class R		22,098		—		25,621
Class P		6,647,476		4,328,064		370,973
Net asset value and offering price per share:(b)
Class A		$9.47		$25.10		$17.07
Class C		4.19		16.03		15.93
Institutional		11.40		30.52		17.29
Service		9.15		23.92		—
Investor		11.32		29.65		17.30
Class R6		11.37		30.54		17.30
Class R		8.79		—		17.16
Class P		11.35		30.54		17.29

(a) Includes loaned securities having a market value of $152,258, $— and $10,929 for the Strategic Growth, Technology Opportunities 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 $10.02, $26.56 and $18.06, 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 Operations

For the Six Months Ended February 28, 2022 (Unaudited)

	Concentrated Growth Fund			Flexible Cap Fund			Large Cap Core Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $9,008, $— and $179, respectively)	$	390,340		$	243,490		$	7,007,808
Securities lending income — unaffiliated issuer		—			15			1,884
Dividends — affiliated issuers		181			49			728
Total investment income		390,521			243,554			7,010,420
Expenses:
Management fees		789,438			108,010			4,452,412
Distribution and Service (12b-1) fees(a)		17,230			14,157			1,273,665
Transfer Agency fees(a)		39,846			11,908			841,893
Custody, accounting and administrative services		12,375			22,260			63,619
Printing and mailing costs		17,240			12,188			60,775
Registration fees		46,621			33,137			59,556
Professional fees		37,323			42,345			42,478
Service fees — Class C		1,140			1,561			26,320
Trustee fees		9,478			9,174			9,495
Shareholder Administration fees — Service Shares		���			—			2,164
Other		2,452			2,904			10,863
Total expenses		973,143			257,644			6,843,240
Less — expense reductions		(125,974	)		(121,381	)		(348,421	)
Net expenses		847,169			136,263			6,494,819
NET INVESTMENT INCOME (LOSS)		(456,648	)		107,291			515,601
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		8,073,893			1,856,078			73,827,216
Foreign currency transactions		—			—			30
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(36,051,372	)		(3,224,974	)		(155,270,623	)
Foreign currency translations		—			—			(2	)
Net realized and unrealized loss		(27,977,479	)		(1,368,896	)		(81,443,379	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(28,434,127	)	$	(1,261,605	)	$	(80,927,778	)

(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
Concentrated Growth	$	13,712	$	3,418	$	—	$	100	$	8,776	$	729	$	3,089	$	—	$	201	$	180	$	32	$	26,839
Flexible Cap		9,417		4,682		—		58		6,026		999		1,037		—		42		51		19		3,734
Large Cap Core		1,165,050		78,961		2,164		27,490		745,640		16,845		23,119		346		20,829		6,784		8,797		19,533

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Operations (continued)

For the Six Months Ended February 28, 2022 (Unaudited)

	Mid Cap Growth Fund			Small Cap Growth Fund			Small/Mid Cap Growth Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $—, $— and $—, respectively)	$	2,765,531		$	30,244		$	4,622,009
Securities lending income — unaffiliated issuer		27,982			21,949			713,026
Dividends — affiliated issuers		1,053			74			6,243
Total investment income		2,794,566			52,267			5,341,278
Expenses:
Management fees		6,198,572			96,495			13,394,637
Distribution and Service (12b-1) fees(a)		699,445			1,357			1,064,256
Transfer Agency fees(a)		574,545			4,765			1,409,459
Registration fees		67,456			42,796			127,109
Custody, accounting and administrative services		63,497			11,110			146,885
Printing and mailing costs		46,946			9,931			104,221
Professional fees		45,251			34,174			42,445
Shareholder Administration fees — Service Shares		37,959			—			10,571
Service fees — Class C		25,302			142			158,252
Trustee fees		9,717			10,903			16,158
Other		11,003			1,653			26,328
Total expenses		7,779,693			213,326			16,500,321
Less — expense reductions		(712,029	)		(108,164	)		(350,129	)
Net expenses		7,067,664			105,162			16,150,192
NET INVESTMENT LOSS		(4,273,098	)		(52,895	)		(10,808,914	)
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		65,797,325			651,209			184,483,158
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(277,880,007	)		(4,920,425	)		(886,606,181	)
Net realized and unrealized loss		(212,082,682	)		(4,269,216	)		(702,123,023	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(216,355,780	)	$	(4,322,111	)	$	(712,931,937	)

(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
Mid Cap Growth	$	462,648	$	75,906	$	37,959	$	122,932	$	296,098	$	16,193	$	86,578	$	6,073	$	78,222	$	39,190	$	39,339	$	12,852
Small Cap Growth		719		426		—		212		460		91		3,200		—		69		13		68		864
Small/Mid Cap Growth		545,447		474,756		10,571		33,482		349,090		101,283		244,466		1,691		593,636		22,605		10,714		85,974

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, 2022 (Unaudited)

	Strategic Growth Fund			Technology Opportunities Fund			U.S. Equity ESG Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $—, $42,089 and $—, respectively)	$	447,715		$	2,099,268		$	152,352
Securities lending income — unaffiliated issuer		2,262			4,526			24
Dividends — affiliated issuers		226			1,296			61
Total investment income		450,203			2,105,090			152,437
Expenses:
Management fees		761,465			4,070,038			65,497
Distribution and Service (12b-1) fees(a)		91,066			701,689			19,055
Transfer Agency fees(a)		79,875			483,455			11,369
Registration fees		59,577			50,226			45,528
Professional fees		43,430			42,727			46,623
Printing and mailing costs		22,851			79,793			12,968
Custody, accounting and administrative services		15,693			45,135			5,188
Trustee fees		12,981			6,495			5,360
Service fees — Class C		5,149			31,682			2,822
Shareholder Administration fees — Service Shares		810			25,458			—
Other		6,969			5,290			2,717
Total expenses		1,099,866			5,541,988			217,127
Less — expense reductions		(160,652	)		(468,912	)		(109,779	)
Net expenses		939,214			5,073,076			107,348
NET INVESTMENT INCOME (LOSS)		(489,011	)		(2,967,986	)		45,089
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		9,496,080			94,377,804			(1,351,842	)
Foreign currency transactions		—			1,360			—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(36,776,332	)		(225,819,794	)		(1,500,427	)
Net realized and unrealized loss		(27,280,252	)		(131,440,630	)		(2,852,269	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(27,769,263	)	$	(134,408,616	)	$	(2,807,180	)

(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	$	77,525	$	13,017	$	810	$	524	$	49,616	$	2,777	$	11,357	$	130	$	2,613	$	278	$	168	$	12,937
Technology Opportunities		581,185		95,047		25,458		—		371,962		20,277		33,930		4,073		31,219		473		—		21,521
U.S. Equity ESG		9,398		8,467		—		1,190		6,015		1,806		999		—		1,086		191		381		891

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets

	Concentrated Growth Fund						Flexible Cap Fund
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021			For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:
Net investment income (loss)	$	(456,648	)	$	(649,848	)	$	107,291		$	130,911
Net realized gain		8,073,893			34,008,869			1,856,078			1,824,645
Net change in unrealized gain (loss)		(36,051,372	)		16,761,188			(3,224,974	)		6,011,617
Net increase (decrease) in net assets resulting from operations		(28,434,127	)		50,120,209			(1,261,605	)		7,967,173
Distributions to shareholders:
From distributable earnings:
Class A Shares		(1,982,323	)		(589,089	)		(475,431	)		(348,337	)
Class C Shares		(205,023	)		(92,741	)		(92,555	)		(76,792	)
Institutional Shares		(2,410,152	)		(802,543	)		(302,451	)		(30,388	)
Service Shares		—			—			—			—
Investor Shares		(37,303	)		(12,344	)		(3,157	)		(2,137	)
Class R6 Shares		(179,377	)		(45,645	)		(21,620	)		(13,001	)
Class R Shares		(7,601	)		(2,170	)		(700	)		(2,962	)
Class P Shares		(29,595,626	)		(9,334,561	)		(1,510,289	)		(868,917	)
Total distributions to shareholders		(34,417,405	)		(10,879,093	)		(2,406,203	)		(1,342,534	)
From share transactions:
Proceeds from sales of shares		4,997,903			15,178,558			5,043,051			9,481,676
Reinvestment of distributions		34,050,958			10,783,130			2,406,145			1,342,533
Cost of shares redeemed		(16,743,085	)		(29,601,069	)		(1,630,872	)		(2,605,305	)
Net increase (decrease) in net assets resulting from share transactions		22,305,776			(3,639,381	)		5,818,324			8,218,904
TOTAL INCREASE (DECREASE)		(40,545,756	)		35,601,735			2,150,516			14,843,543
Net assets:
Beginning of period		221,419,627			185,817,892			38,372,400			23,528,857
End of period	$	180,873,871		$	221,419,627		$	40,522,916		$	38,372,400

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets (continued)

	Large Cap Core Fund						Mid Cap Growth Fund
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021			For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:
Net investment income (loss)	$	515,601		$	(1,202,689	)	$	(4,273,098	)	$	(9,475,497	)
Net realized gain		73,827,246			112,670,809			65,797,325			257,986,575
Net change in unrealized gain (loss)		(155,270,625	)		201,303,226			(277,880,007	)		154,463,280
Net increase (decrease) in net assets resulting from operations		(80,927,778	)		312,771,346			(216,355,780	)		402,974,358
Distributions to shareholders:
From distributable earnings:
Class A Shares		(94,467,095	)		(29,785,751	)		(67,635,332	)		(80,419,726	)
Class C Shares		(3,764,198	)		(947,434	)		(15,805,073	)		(15,392,994	)
Institutional Shares		(10,320,799	)		(2,366,718	)		(54,055,820	)		(73,299,105	)
Service Shares		(241,187	)		(56,146	)		(6,473,043	)		(7,330,638	)
Investor Shares		(2,350,236	)		(371,777	)		(15,664,510	)		(17,952,306	)
Class R6 Shares		(8,164,475	)		(92,242	)		(32,255,834	)		(36,107,697	)
Class R Shares		(1,189,253	)		(385,346	)		(10,238,647	)		(12,453,846	)
Class P Shares		(11,394,754	)		(3,547,586	)		(10,730,775	)		(13,547,235	)
Total distributions to shareholders		(131,891,997	)		(37,553,000	)		(212,859,034	)		(256,503,547	)
From share transactions:
Proceeds from sales of shares		145,386,916			110,074,487			97,723,517			260,135,416
Reinvestment of distributions		125,788,280			35,803,881			199,802,806			239,672,958
Cost of shares redeemed		(85,638,335	)		(117,761,664	)		(173,640,661	)		(431,164,146	)
Net increase in net assets resulting from share transactions		185,536,861			28,116,704			123,885,662			68,644,228
TOTAL INCREASE (DECREASE)		(27,282,914	)		303,335,050			(305,329,152	)		215,115,039
Net assets:
Beginning of period		1,279,807,998			976,472,948			1,474,246,028			1,259,130,989
End of period	$	1,252,525,084		$	1,279,807,998		$	1,168,916,876		$	1,474,246,028

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)

	Small Cap Growth Fund						Small/Mid Cap Growth Fund
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021			For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:
Net investment loss	$	(52,895	)	$	(135,457	)	$	(10,808,914	)	$	(22,146,644	)
Net realized gain		651,209			2,863,972			184,483,158			477,942,099
Net change in unrealized gain (loss)		(4,920,425	)		2,800,407			(886,606,181	)		476,822,391
Net increase (decrease) in net assets resulting from operations		(4,322,111	)		5,528,922			(712,931,937	)		932,617,846
Distributions to shareholders:
From distributable earnings:
Class A Shares		(56,194	)		(22,970	)		(62,942,730	)		(49,888,744	)
Class C Shares		(11,684	)		(8,216	)		(24,619,549	)		(30,046,612	)
Institutional Shares		(1,688,009	)		(953,009	)		(155,255,173	)		(138,905,563	)
Service Shares		—			—			(265,542	)		(6,207,186	)
Investor Shares		(8,566	)		(5,612	)		(104,410,903	)		(77,471,106	)
Class R6 Shares		(8,574	)		(5,676	)		(17,299,640	)		(12,136,651	)
Class R Shares		(8,551	)		(5,508	)		(2,065,505	)		(2,365,428	)
Class P Shares		(635,615	)		(250,100	)		(73,840,186	)		(46,974,296	)
Total distributions to shareholders		(2,417,193	)		(1,251,091	)		(440,699,228	)		(363,995,586	)
From share transactions:
Proceeds from sales of shares		13,102,848			8,222,531			647,386,011			1,149,686,953
Reinvestment of distributions		2,417,193			1,251,091			413,186,636			339,495,791
Cost of shares redeemed		(4,734,527	)		(6,834,486	)		(701,165,338	)		(829,149,871	)
Net increase in net assets resulting from share transactions		10,785,514			2,639,136			359,407,309			660,032,873
TOTAL INCREASE (DECREASE)		4,046,210			6,916,967			(794,223,856	)		1,228,655,133
Net assets:
Beginning of period		20,723,946			13,806,979			3,513,838,763			2,285,183,630
End of period	$	24,770,156		$	20,723,946		$	2,719,614,907		$	3,513,838,763

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)

	Strategic Growth Fund						Technology Opportunities Fund
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021			For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:
Net investment loss	$	(489,011	)	$	(661,246	)	$	(2,967,986	)	$	(5,328,409	)
Net realized gain		9,496,080			27,166,411			94,379,164			120,819,118
Net change in unrealized gain (loss)		(36,776,332	)		25,948,742			(225,819,794	)		102,237,201
Net increase (decrease) in net assets resulting from operations		(27,769,263	)		52,453,907			(134,408,616	)		217,727,910
Distributions to shareholders:
From distributable earnings:
Class A Shares		(7,953,403	)		(5,753,617	)		(74,869,236	)		(37,649,057	)
Class C Shares		(870,837	)		(1,246,700	)		(5,848,371	)		(3,403,030	)
Institutional Shares		(6,118,062	)		(7,620,404	)		(23,454,408	)		(11,618,167	)
Service Shares		(85,719	)		(79,067	)		(1,999,587	)		(3,325,261	)
Investor Shares		(363,863	)		(382,724	)		(5,464,239	)		(3,999,623	)
Class R6 Shares		(71,703	)		(84,347	)		(461,688	)		(113,026	)
Class R Shares		(28,431	)		(6,717	)		—			—
Class P Shares		(9,425,707	)		(10,678,494	)		(19,319,680	)		(5,859,003	)
Total distributions to shareholders		(24,917,725	)		(25,852,070	)		(131,417,209	)		(65,967,167	)
From share transactions:
Proceeds from sales of shares		18,923,021			36,302,264			74,995,341			171,089,507
Reinvestment of distributions		24,520,241			25,398,921			124,706,056			62,828,022
Cost of shares redeemed		(40,208,042	)		(46,298,529	)		(158,543,927	)		(206,094,335	)
Net increase in net assets resulting from share transactions		3,235,220			15,402,656			41,157,470			27,823,194
TOTAL INCREASE (DECREASE)		(49,451,768	)		42,004,493			(224,668,355	)		179,583,937
Net assets:
Beginning of period		226,065,892			184,061,399			950,424,950			770,841,013
End of period	$	176,614,124		$	226,065,892		$	725,756,595		$	950,424,950

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)

	U.S. Equity ESG Fund
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:
Net investment income	$	45,089		$	32,916
Net realized gain (loss)		(1,351,842	)		657,932
Net change in unrealized gain (loss)		(1,500,427	)		3,301,444
Net increase (decrease) in net assets resulting from operations		(2,807,180	)		3,992,292
Distributions to shareholders:
From distributable earnings:
Class A Shares		(142,692	)		(600,873	)
Class C Shares		(44,937	)		(212,062	)
Institutional Shares		(290,021	)		(138,080	)
Investor Shares		(31,256	)		(38,039	)
Class R6 Shares		(26,498	)		(127,443	)
Class R Shares		(8,964	)		(2,431	)
Class P Shares		(72,352	)		(91,452	)
Total distributions to shareholders		(616,720	)		(1,210,380	)
From share transactions:
Proceeds from sales of shares		24,757,731			3,995,264
Reinvestment of distributions		613,618			1,123,800
Cost of shares redeemed		(18,861,853	)		(1,637,812	)
Net increase in net assets resulting from share transactions		6,509,496			3,481,252
TOTAL INCREASE		3,085,596			6,263,164
Net assets:
Beginning of period		17,226,720			10,963,556
End of period	$	20,312,316		$	17,226,720

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Concentrated Growth Fund
	Class A Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	27.55		$	22.91		$	17.55		$	19.33		$	17.62		$	15.06
Net investment income (loss)(a)		(0.09	)		(0.15	)		(0.08	)		(0.03	)		(0.01	)		0.02
Net realized and unrealized gain (loss)		(3.09	)		6.24			6.92			0.35			3.82			2.64
Total from investment operations		(3.18	)		6.09			6.84			0.32			3.81			2.66
Distributions to shareholders from net investment income		—			—			—			—			—	(b)		(0.03	)
Distributions to shareholders from net realized gains		(4.73	)		(1.45	)		(1.48	)		(2.10	)		(2.10	)		(0.07	)
Total distributions		(4.73	)		(1.45	)		(1.48	)		(2.10	)		(2.10	)		(0.10	)
Net asset value, end of period	$	19.64		$	27.55		$	22.91		$	17.55		$	19.33		$	17.62
Total Return(c)		(13.71	)%		28.17	%		41.52	%		3.58	%		23.68	%		17.75	%
Net assets, end of period (in 000’s)	$	9,730		$	11,575		$	9,302		$	6,735		$	5,633		$	5,462
Ratio of net expenses to average net assets		1.10	%(d)		1.11	%		1.16	%		1.16	%		1.17	%		1.20	%
Ratio of total expenses to average net assets		1.29	%(d)		1.32	%		1.37	%		1.45	%		1.51	%		1.65	%
Ratio of net investment income (loss) to average net assets		(0.73	)%(d)		(0.63	)%		(0.44	)%		(0.18	)%		(0.05	)%		0.11	%
Portfolio turnover rate(e)		9	%		37	%		36	%		40	%		44	%		54	%(f)

(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.

(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. 51

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Concentrated Growth Fund
	Class C Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	20.54		$	17.56		$	13.87		$	15.88		$	14.93		$	12.84
Net investment loss(a)		(0.13	)		(0.24	)		(0.17	)		(0.13	)		(0.12	)		(0.08	)
Net realized and unrealized gain (loss)		(2.15	)		4.67			5.34			0.22			3.17			2.24
Total from investment operations		(2.28	)		4.43			5.17			0.09			3.05			2.16
Distributions to shareholders from net realized gains		(4.73	)		(1.45	)		(1.48	)		(2.10	)		(2.10	)		(0.07	)
Net asset value, end of period	$	13.53		$	20.54		$	17.56		$	13.87		$	15.88		$	14.93
Total Return(b)		(14.04	)%		27.24	%		40.47	%		2.81	%		22.74	%		16.88	%
Net assets, end of period (in 000’s)	$	764		$	1,008		$	1,162		$	823		$	2,137		$	2,210
Ratio of net expenses to average net assets		1.85	%(c)		1.86	%		1.91	%		1.91	%		1.92	%		1.95	%
Ratio of total expenses to average net assets		2.04	%(c)		2.07	%		2.10	%		2.21	%		2.26	%		2.40	%
Ratio of net investment loss to average net assets		(1.48	)%(c)		(1.38	)%		(1.23	)%		(0.98	)%		(0.80	)%		(0.61	)%
Portfolio turnover rate(d)		9	%		37	%		36	%		40	%		44	%		54	%(e)

(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.

(e) 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.

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Concentrated Growth Fund
	Institutional Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	30.22		$	24.92		$	18.93		$	20.61		$	18.65		$	15.94
Net investment income (loss)(a)		(0.06	)		(0.08	)		(0.01	)		0.03			0.06			0.09
Net realized and unrealized gain (loss)		(3.44	)		6.83			7.50			0.41			4.07			2.78
Total from investment operations		(3.50	)		6.75			7.49			0.44			4.13			2.87
Distributions to shareholders from net investment income		—			—			(0.02	)		(0.02	)		(0.07	)		(0.09	)
Distributions to shareholders from net realized gains		(4.73	)		(1.45	)		(1.48	)		(2.10	)		(2.10	)		(0.07	)
Total distributions		(4.73	)		(1.45	)		(1.50	)		(2.12	)		(2.17	)		(0.16	)
Net asset value, end of period	$	21.99		$	30.22		$	24.92		$	18.93		$	20.61		$	18.65
Total Return(b)		(13.54	)%		28.56	%		41.98	%		3.98	%		24.13	%		18.22	%
Net assets, end of period (in 000’s)	$	12,940		$	16,789		$	13,744		$	12,497		$	15,286		$	142,623
Ratio of net expenses to average net assets		0.80	%(c)		0.80	%		0.81	%		0.80	%		0.81	%		0.82	%
Ratio of total expenses to average net assets		0.92	%(c)		0.95	%		1.01	%		1.07	%		1.20	%		1.26	%
Ratio of net investment income (loss) to average net assets		(0.43	)%(c)		(0.32	)%		(0.07	)%		0.17	%		0.31	%		0.51	%
Portfolio turnover rate(d)		9	%		37	%		36	%		40	%		44	%		54	%(e)

(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.

(e) 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. 53

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Concentrated Growth Fund
	Investor Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	28.33		$	23.46		$	17.90		$	19.66		$	17.88		$	15.28
Net investment income (loss)(a)		(0.06	)		(0.09	)		(0.03	)		0.01			0.03			0.07
Net realized and unrealized gain (loss)		(3.20	)		6.41			7.07			0.36			3.88			2.67
Total from investment operations		(3.26	)		6.32			7.04			0.37			3.91			2.74
Distributions to shareholders from net investment income		—			—			—	(b)		(0.03	)		(0.03	)		(0.07	)
Distributions to shareholders from net realized gains		(4.73	)		(1.45	)		(1.48	)		(2.10	)		(2.10	)		(0.07	)
Total distributions		(4.73	)		(1.45	)		(1.48	)		(2.13	)		(2.13	)		(0.14	)
Net asset value, end of period	$	20.34		$	28.33		$	23.46		$	17.90		$	19.66		$	17.88
Total Return(c)		(13.61	)%		28.50	%		41.87	%		3.83	%		23.94	%		18.14	%
Net assets, end of period (in 000’s)	$	226		$	296		$	189		$	133		$	463		$	780
Ratio of net expenses to average net assets		0.85	%(d)		0.86	%		0.91	%		0.91	%		0.92	%		0.95	%
Ratio of total expenses to average net assets		1.04	%(d)		1.07	%		1.11	%		1.22	%		1.26	%		1.41	%
Ratio of net investment income (loss) to average net assets		(0.49	)%(d)		(0.39	)%		(0.18	)%		0.03	%		0.17	%		0.45	%
Portfolio turnover rate(e)		9	%		37	%		36	%		40	%		44	%		54	%(f)

(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.

(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.

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Concentrated Growth Fund
	Class R6 Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	30.15		$	24.86		$	18.88		$	20.60		$	18.65		$	15.95
Net investment income (loss)(a)		(0.06	)		(0.08	)		(0.01	)		0.04			0.06			0.13
Net realized and unrealized gain (loss)		(3.44	)		6.82			7.49			0.39			4.06			2.74
Total from investment operations		(3.50	)		6.74			7.48			0.43			4.12			2.87
Distributions to shareholders from net investment income		—			—			(0.02	)		(0.05	)		(0.07	)		(0.10	)
Distributions to shareholders from net realized gains		(4.73	)		(1.45	)		(1.48	)		(2.10	)		(2.10	)		(0.07	)
Total distributions		(4.73	)		(1.45	)		(1.50	)		(2.15	)		(2.17	)		(0.17	)
Net asset value, end of period	$	21.92		$	30.15		$	24.86		$	18.88		$	20.60		$	18.65
Total Return(b)		(13.58	)%		28.59	%		42.05	%		4.00	%		24.09	%		18.17	%
Net assets, end of period (in 000’s)	$	924		$	1,497		$	806		$	538		$	99		$	68
Ratio of net expenses to average net assets		0.79	%(c)		0.79	%		0.80	%		0.79	%		0.80	%		0.82	%
Ratio of total expenses to average net assets		0.91	%(c)		0.94	%		0.98	%		1.04	%		1.09	%		1.32	%
Ratio of net investment income (loss) to average net assets		(0.42	)%(c)		(0.30	)%		(0.07	)%		0.22	%		0.34	%		0.74	%
Portfolio turnover rate(d)		9	%		37	%		36	%		40	%		44	%		54	%(e)

(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.

(e) 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. 55

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Concentrated Growth Fund
	Class R Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	26.11		$	21.84		$	16.84		$	18.68		$	17.13		$	14.65
Net investment loss(a)		(0.11	)		(0.20	)		(0.12	)	��	(0.07	)		(0.05	)		(0.02	)
Net realized and unrealized gain (loss)		(2.89	)		5.92			6.60			0.33			3.70			2.57
Total from investment operations		(3.00	)		5.72			6.48			0.26			3.65			2.55
Distributions to shareholders from net realized gains		(4.73	)		(1.45	)		(1.48	)		(2.10	)		(2.10	)		(0.07	)
Net asset value, end of period	$	18.38		$	26.11		$	21.84		$	16.84		$	18.68		$	17.13
Total Return(b)		(13.78	)%		27.84	%		41.12	%		3.36	%		23.37	%		17.46	%
Net assets, end of period (in 000’s)	$	36		$	42		$	33		$	36		$	34		$	25
Ratio of net expenses to average net assets		1.35	%(c)		1.36	%		1.41	%		1.41	%		1.42	%		1.45	%
Ratio of total expenses to average net assets		1.54	%(c)		1.57	%		1.66	%		1.70	%		1.75	%		1.91	%
Ratio of net investment loss to average net assets		(0.97	)%(c)		(0.88	)%		(0.69	)%		(0.43	)%		(0.29	)%		(0.14	)%
Portfolio turnover rate(d)		9	%		37	%		36	%		40	%		44	%		54	%(e)

(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.

(e) 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.

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Concentrated Growth Fund
	Class P Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	30.14		$	24.85		$	18.88		$	20.60		$	18.54
Net investment income (loss)(b)		(0.06	)		(0.08	)		(0.01	)		0.03			0.02
Net realized and unrealized gain (loss)		(3.44	)		6.82			7.48			0.40			2.04
Total from investment operations		(3.50	)		6.74			7.47			0.43			2.06
Distributions to shareholders from net investment income		—			—			(0.02	)		(0.05	)		—
Distributions to shareholders from net realized gains		(4.73	)		(1.45	)		(1.48	)		(2.10	)		—
Total distributions		(4.73	)		(1.45	)		(1.50	)		(2.15	)		—
Net asset value, end of period	$	21.91		$	30.14		$	24.85		$	18.88		$	20.60
Total Return(c)		(13.58	)%		28.60	%		42.00	%		4.01	%		11.11	%
Net assets, end of period (in 000’s)	$	156,253		$	190,213		$	160,582		$	128,289		$	143,078
Ratio of net expenses to average net assets		0.79	%(d)		0.79	%		0.80	%		0.79	%		0.79	%(d)
Ratio of total expenses to average net assets		0.91	%(d)		0.94	%		0.99	%		1.06	%		0.72	%(d)
Ratio of net investment income (loss) to average net assets		(0.42	)%(d)		(0.31	)%		(0.06	)%		0.18	%		0.32	%(d)
Portfolio turnover rate(e)		9	%		37	%		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.

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

GOLDMAN SACHS FLEXIBLE CAP FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Flexible Cap Fund
	Class A Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	16.94		$	13.78		$	11.93		$	12.66		$	14.09		$	11.74
Net investment income(a)		0.02			0.03			0.07			0.09			0.09			—	(b)
Net realized and unrealized gain (loss)		(0.52	)		3.93			2.48			0.15			2.17			2.36
Total from investment operations		(0.50	)		3.96			2.55			0.24			2.26			2.36
Distributions to shareholders from net investment income		(0.03	)		(0.06	)		(0.08	)		(0.10	)		(0.01	)		—
Distributions to shareholders from net realized gains		(1.03	)		(0.74	)		(0.62	)		(0.87	)		(3.68	)		(0.01	)
Total distributions		(1.06	)		(0.80	)		(0.70	)		(0.97	)		(3.69	)		(0.01	)
Net asset value, end of period	$	15.38		$	16.94		$	13.78		$	11.93		$	12.66		$	14.09
Total Return(c)		(3.28	)%		30.12	%		22.18	%		3.07	%		18.82	%		20.14	%
Net assets, end of period (in 000’s)	$	7,457		$	7,359		$	5,843		$	5,383		$	5,490		$	5,627
Ratio of net expenses to average net assets		0.96	%(d)		0.96	%		1.00	%		0.97	%		0.95	%		1.20	%
Ratio of total expenses to average net assets		1.58	%(d)		2.00	%		2.47	%		2.88	%		2.47	%		3.01	%
Ratio of net investment income (loss) to average net assets		0.27	%(d)		0.21	%		0.58	%		0.74	%		0.73	%		(0.01	)%
Portfolio turnover rate(e)		18	%		43	%		69	%		50	%		157	%		47	%

(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 FLEXIBLE CAP FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Flexible Cap Fund
	Class C Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	14.17		$	11.67		$	10.23		$	11.00		$	12.75		$	10.71
Net investment loss(a)		(0.03	)		(0.07	)		(0.02	)		—	(b)		—	(b)		(0.09	)
Net realized and unrealized gain (loss)		(0.42	)		3.31			2.10			0.13			1.93			2.14
Total from investment operations		(0.45	)		3.24			2.08			0.13			1.93			2.05
Distributions to shareholders from net investment income		—			—			(0.02	)		(0.03	)		—			—
Distributions to shareholders from net realized gains		(1.03	)		(0.74	)		(0.62	)		(0.87	)		(3.68	)		(0.01	)
Total distributions		(1.03	)		(0.74	)		(0.64	)		(0.90	)		(3.68	)		(0.01	)
Net asset value, end of period	$	12.69		$	14.17		$	11.67		$	10.23		$	11.00		$	12.75
Total Return(c)		(3.56	)%		29.19	%		21.16	%		2.30	%		18.00	%		19.18	%
Net assets, end of period (in 000’s)	$	1,153		$	1,354		$	1,516		$	1,288		$	1,304		$	1,512
Ratio of net expenses to average net assets		1.71	%(d)		1.71	%		1.75	%		1.72	%		1.70	%		1.95	%
Ratio of total expenses to average net assets		2.34	%(d)		2.76	%		3.19	%		3.63	%		3.20	%		3.76	%
Ratio of net investment loss to average net assets		(0.48	)%(d)		(0.54	)%		(0.16	)%		—	%(e)		(0.02	)%		(0.75	)%
Portfolio turnover rate(f)		18	%		43	%		69	%		50	%		157	%		47	%

(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.

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

GOLDMAN SACHS FLEXIBLE CAP FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Flexible Cap Fund
	Institutional Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	18.56		$	15.01		$	12.94		$	13.61		$	14.88		$	12.35
Net investment income(a)		0.06			0.09			0.12			0.13			0.14			0.05
Net realized and unrealized gain (loss)		(0.57	)		4.31			2.70			0.19			2.33			2.49
Total from investment operations		(0.51	)		4.40			2.82			0.32			2.47			2.54
Distributions to shareholders from net investment income		(0.09	)		(0.11	)		(0.13	)		(0.12	)		(0.06	)		—
Distributions to shareholders from net realized gains		(1.03	)		(0.74	)		(0.62	)		(0.87	)		(3.68	)		(0.01	)
Total distributions		(1.12	)		(0.85	)		(0.75	)		(0.99	)		(3.74	)		(0.01	)
Net asset value, end of period	$	16.93		$	18.56		$	15.01		$	12.94		$	13.61		$	14.88
Total Return(b)		(3.08	)%		30.62	%		22.53	%		3.47	%		19.29	%		20.61	%
Net assets, end of period (in 000’s)	$	6,402		$	4,514		$	594		$	587		$	1,633		$	11,111
Ratio of net expenses to average net assets		0.59	%(c)		0.59	%		0.62	%		0.59	%		0.59	%		0.82	%
Ratio of total expenses to average net assets		1.20	%(c)		1.46	%		2.11	%		2.41	%		2.01	%		2.62	%
Ratio of net investment income to average net assets		0.66	%(c)		0.54	%		0.95	%		1.08	%		1.04	%		0.38	%
Portfolio turnover rate(d)		18	%		43	%		69	%		50	%		157	%		47	%

(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 FLEXIBLE CAP FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Flexible Cap Fund
	Investor Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	18.09		$	14.66		$	12.65		$	13.35		$	14.63		$	12.16
Net investment income(a)		0.05			0.07			0.10			0.12			0.12			0.05
Net realized and unrealized gain (loss)		(0.55	)		4.19			2.64			0.18			2.28			2.43
Total from investment operations		(0.50	)		4.26			2.74			0.30			2.40			2.48
Distributions to shareholders from net investment income		(0.07	)		(0.09	)		(0.11	)		(0.13	)		—			—
Distributions to shareholders from net realized gains		(1.03	)		(0.74	)		(0.62	)		(0.87	)		(3.68	)		(0.01	)
Total distributions		(1.10	)		(0.83	)		(0.73	)		(1.00	)		(3.68	)		(0.01	)
Net asset value, end of period	$	16.49		$	18.09		$	14.66		$	12.65		$	13.35		$	14.63
Total Return(b)		(3.11	)%		30.39	%		22.43	%		3.40	%		19.08	%		20.43	%
Net assets, end of period (in 000’s)	$	50		$	52		$	38		$	70		$	68		$	379
Ratio of net expenses to average net assets		0.71	%(c)		0.71	%		0.76	%		0.72	%		0.70	%		0.95	%
Ratio of total expenses to average net assets		1.33	%(c)		1.74	%		2.66	%		2.63	%		2.08	%		2.83	%
Ratio of net investment income to average net assets		0.52	%(c)		0.46	%		0.78	%		0.99	%		0.88	%		0.35	%
Portfolio turnover rate(d)		18	%		43	%		69	%		50	%		157	%		47	%

(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 FLEXIBLE CAP FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Flexible Cap Fund
	Class R6 Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	18.52		$	14.98		$	12.91		$	13.61		$	14.88		$	12.35
Net investment income(a)		0.06			0.10			0.13			0.14			0.15			0.05
Net realized and unrealized gain (loss)		(0.57	)		4.29			2.69			0.18			2.32			2.49
Total from investment operations		(0.51	)		4.39			2.82			0.32			2.47			2.54
Distributions to shareholders from net investment income		(0.09	)		(0.11	)		(0.13	)		(0.15	)		(0.06	)		—
Distributions to shareholders from net realized gains		(1.03	)		(0.74	)		(0.62	)		(0.87	)		(3.68	)		(0.01	)
Total distributions		(1.12	)		(0.85	)		(0.75	)		(1.02	)		(3.74	)		(0.01	)
Net asset value, end of period	$	16.89		$	18.52		$	14.98		$	12.91		$	13.61		$	14.88
Total Return(b)		(3.09	)%		30.64	%		22.60	%		3.47	%		19.27	%		20.61	%
Net assets, end of period (in 000’s)	$	331		$	334		$	226		$	202		$	14		$	12
Ratio of net expenses to average net assets		0.58	%(c)		0.58	%		0.61	%		0.59	%		0.58	%		0.82	%
Ratio of total expenses to average net assets		1.20	%(c)		1.61	%		2.10	%		2.59	%		2.09	%		2.61	%
Ratio of net investment income to average net assets		0.65	%(c)		0.59	%		0.96	%		1.17	%		1.11	%		0.39	%
Portfolio turnover rate(d)		18	%		43	%		69	%		50	%		157	%		47	%

(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 FLEXIBLE CAP FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Flexible Cap Fund
	Class R Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	16.08		$	13.13		$	11.40		$	12.14		$	13.67		$	11.42
Net investment income (loss)(a)		(0.01	)		(0.01	)		0.04			0.05			0.06			(0.03	)
Net realized and unrealized gain (loss)		(0.48	)		3.74			2.36			0.16			2.09			2.29
Total from investment operations		(0.49	)		3.73			2.40			0.21			2.15			2.26
Distributions to shareholders from net investment income		—			(0.04	)		(0.05	)		(0.08	)		—			—
Distributions to shareholders from net realized gains		(1.03	)		(0.74	)		(0.62	)		(0.87	)		(3.68	)		(0.01	)
Total distributions		(1.03	)		(0.78	)		(0.67	)		(0.95	)		(3.68	)		(0.01	)
Net asset value, end of period	$	14.56		$	16.08		$	13.13		$	11.40		$	12.14		$	13.67
Total Return(b)		(3.38	)%		29.78	%		21.78	%		2.89	%		18.50	%		19.83	%
Net assets, end of period (in 000’s)	$	11		$	46		$	49		$	39		$	49		$	39
Ratio of net expenses to average net assets		1.21	%(c)		1.21	%		1.25	%		1.22	%		1.20	%		1.45	%
Ratio of total expenses to average net assets		1.90	%(c)		2.23	%		2.63	%		3.13	%		2.74	%		3.28	%
Ratio of net investment income (loss) to average net assets		(0.08	)%(c)		(0.04	)%		0.33	%		0.49	%		0.48	%		(0.23	)%
Portfolio turnover rate(d)		18	%		43	%		69	%		50	%		157	%		47	%

(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 FLEXIBLE CAP FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Flexible Cap Fund
	Class P Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	18.52		$	14.99		$	12.92		$	13.61		$	12.75
Net investment income(b)		0.06			0.10			0.13			0.14			0.09
Net realized and unrealized gain (loss)		(0.56	)		4.28			2.69			0.19			0.77
Total from investment operations		(0.50	)		4.38			2.82			0.33			0.86
Distributions to shareholders from net investment income		(0.09	)		(0.11	)		(0.13	)		(0.15	)		—
Distributions to shareholders from net realized gains		(1.03	)		(0.74	)		(0.62	)		(0.87	)		—
Total distributions		(1.12	)		(0.85	)		(0.75	)		(1.02	)		—
Net asset value, end of period	$	16.90		$	18.52		$	14.99		$	12.92		$	13.61
Total Return(c)		(3.04	)%		30.55	%		22.58	%		3.56	%		6.75	%
Net assets, end of period (in 000’s)	$	25,120		$	24,713		$	15,263		$	11,110		$	12,616
Ratio of net expenses to average net assets		0.58	%(d)		0.58	%		0.61	%		0.58	%		0.58	%(d)
Ratio of total expenses to average net assets		1.20	%(d)		1.59	%		1.94	%		2.47	%		3.14	%(d)
Ratio of net investment income to average net assets		0.66	%(d)		0.59	%		0.96	%		1.13	%		1.79	%(d)
Portfolio turnover rate(e)		18	%		43	%		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.

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

GOLDMAN SACHS LARGE CAP CORE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Core Fund
	Class A Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	34.35		$	26.94		$	22.93		$	32.46		$	28.92		$	24.15
Net investment income (loss)(a)		—	(b)		(0.05	)		0.05			0.08			0.02			0.04
Net realized and unrealized gain (loss)		(1.82	)		8.52			4.93			(0.28	)		6.01			5.07
Total from investment operations		(1.82	)		8.47			4.98			(0.20	)		6.03			5.11
Distributions to shareholders from net investment income		—			(0.06	)		(0.08	)		—	(b)		(0.02	)		(0.01	)
Distributions to shareholders from net realized gains		(3.42	)		(1.00	)		(0.89	)		(9.33	)		(2.47	)		(0.33	)
Total distributions		(3.42	)		(1.06	)		(0.97	)		(9.33	)		(2.49	)		(0.34	)
Net asset value, end of period	$	29.11		$	34.35		$	26.94		$	22.93		$	32.46		$	28.92
Total Return(c)		(5.94	)%		32.38	%		22.26	%		3.72	%		22.01	%		21.47	%
Net assets, end of period (in 000’s)	$	873,674		$	961,786		$	776,919		$	708,827		$	745,362		$	671,371
Ratio of net expenses to average net assets		1.09	%(d)		1.11	%		1.14	%		1.14	%		1.14	%		1.15	%
Ratio of total expenses to average net assets		1.14	%(d)		1.17	%		1.22	%		1.22	%		1.31	%		1.51	%
Ratio of net investment income (loss) to average net assets		0.00	%(d)		(0.17	)%		0.23	%		0.36	%		0.06	%		0.14	%
Portfolio turnover rate(e)		27	%		46	%		47	%		55	%		93	%		48	%

(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 LARGE CAP CORE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Core Fund
	Class C Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	19.86		$	16.05		$	14.05		$	24.01		$	22.13		$	18.68
Net investment loss(a)		(0.07	)		(0.16	)		(0.06	)		(0.07	)		(0.16	)		(0.12	)
Net realized and unrealized gain (loss)		(0.96	)		4.97			2.95			(0.56	)		4.51			3.90
Total from investment operations		(1.03	)		4.81			2.89			(0.63	)		4.35			3.78
Distributions to shareholders from net realized gains		(3.42	)		(1.00	)		(0.89	)		(9.33	)		(2.47	)		(0.33	)
Net asset value, end of period	$	15.41		$	19.86		$	16.05		$	14.05		$	24.01		$	22.13
Total Return(b)		(6.31	)%		31.41	%		21.37	%		3.01	%		21.11	%		20.59	%
Net assets, end of period (in 000’s)	$	19,587		$	21,144		$	16,596		$	18,674		$	65,983		$	62,701
Ratio of net expenses to average net assets		1.84	%(c)		1.86	%		1.89	%		1.89	%		1.89	%		1.90	%
Ratio of total expenses to average net assets		1.89	%(c)		1.92	%		1.97	%		1.97	%		2.06	%		2.26	%
Ratio of net investment loss to average net assets		(0.74	)%(c)		(0.92	)%		(0.45	)%		(0.41	)%		(0.70	)%		(0.61	)%
Portfolio turnover rate(d)		27	%		46	%		47	%		55	%		93	%		48	%

(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.

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

GOLDMAN SACHS LARGE CAP CORE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Core Fund
	Institutional Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	40.01		$	31.19		$	26.39		$	35.76		$	31.60		$	26.35
Net investment income(a)		0.07			0.07			0.16			0.20			0.13			0.15
Net realized and unrealized gain (loss)		(2.16	)		9.90			5.70			(0.17	)		6.62			5.54
Total from investment operations		(2.09	)		9.97			5.86			0.03			6.75			5.69
Distributions to shareholders from net investment income		—			(0.15	)		(0.17	)		(0.07	)		(0.12	)		(0.11	)
Distributions to shareholders from net realized gains		(3.42	)		(1.00	)		(0.89	)		(9.33	)		(2.47	)		(0.33	)
Total distributions		(3.42	)		(1.15	)		(1.06	)		(9.40	)		(2.59	)		(0.44	)
Net asset value, end of period	$	34.50		$	40.01		$	31.19		$	26.39		$	35.76		$	31.60
Total Return(b)		(5.77	)%		32.86	%		22.71	%		4.14	%		22.50	%		21.96	%
Net assets, end of period (in 000’s)	$	104,948		$	118,823		$	64,708		$	60,169		$	77,293		$	165,948
Ratio of net expenses to average net assets		0.73	%(c)		0.74	%		0.76	%		0.75	%		0.75	%		0.75	%
Ratio of total expenses to average net assets		0.77	%(c)		0.80	%		0.84	%		0.83	%		0.93	%		1.11	%
Ratio of net investment income to average net assets		0.37	%(c)		0.20	%		0.58	%		0.74	%		0.40	%		0.54	%
Portfolio turnover rate(d)		27	%		46	%		47	%		55	%		93	%		48	%

(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 LARGE CAP CORE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Core Fund
	Service Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	32.41		$	25.46		$	21.73		$	31.33		$	28.00		$	23.40
Net investment income (loss)(a)		(0.03	)		(0.08	)		0.03			0.06			(0.01	)		—	(b)
Net realized and unrealized gain (loss)		(1.69	)		8.04			4.66			(0.33	)		5.81			4.93
Total from investment operations		(1.72	)		7.96			4.69			(0.27	)		5.80			4.93
Distributions to shareholders from net investment income		—			(0.01	)		(0.07	)		—			—			—
Distributions to shareholders from net realized gains		(3.42	)		(1.00	)		(0.89	)		(9.33	)		(2.47	)		(0.33	)
Total distributions		(3.42	)		(1.01	)		(0.96	)		(9.33	)		(2.47	)		(0.33	)
Net asset value, end of period	$	27.27		$	32.41		$	25.46		$	21.73		$	31.33		$	28.00
Total Return(c)		(5.98	)%		32.21	%		22.12	%		3.57	%		21.91	%		21.36	%
Net assets, end of period (in 000’s)	$	601		$	2,151		$	1,814		$	1,546		$	1,802		$	1,437
Ratio of net expenses to average net assets		1.23	%(d)		1.24	%		1.26	%		1.25	%		1.25	%		1.25	%
Ratio of total expenses to average net assets		1.27	%(d)		1.30	%		1.34	%		1.33	%		1.41	%		1.61	%
Ratio of net investment income (loss) to average net assets		(0.18	)%(d)		(0.30	)%		0.13	%		0.25	%		(0.04	)%		0.02	%
Portfolio turnover rate(e)		27	%		46	%		47	%		55	%		93	%		48	%

(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 LARGE CAP CORE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Core Fund
	Investor Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	35.18		$	27.56		$	23.43		$	32.94		$	29.31		$	24.48
Net investment income(a)		0.05			0.02			0.11			0.15			0.09			0.11
Net realized and unrealized gain (loss)		(1.88	)		8.73			5.05			(0.28	)		6.11			5.13
Total from investment operations		(1.83	)		8.75			5.16			(0.13	)		6.20			5.24
Distributions to shareholders from net investment income		—			(0.13	)		(0.14	)		(0.05	)		(0.10	)		(0.08	)
Distributions to shareholders from net realized gains		(3.42	)		(1.00	)		(0.89	)		(9.33	)		(2.47	)		(0.33	)
Total distributions		(3.42	)		(1.13	)		(1.03	)		(9.38	)		(2.57	)		(0.41	)
Net asset value, end of period	$	29.93		$	35.18		$	27.56		$	23.43		$	32.94		$	29.31
Total Return(b)		(5.82	)%		32.71	%		22.56	%		3.96	%		22.35	%		21.77	%
Net assets, end of period (in 000’s)	$	31,271		$	21,889		$	8,703		$	6,649		$	9,259		$	8,496
Ratio of net expenses to average net assets		0.83	%(c)		0.86	%		0.89	%		0.89	%		0.89	%		0.90	%
Ratio of total expenses to average net assets		0.89	%(c)		0.92	%		0.96	%		0.97	%		1.06	%		1.26	%
Ratio of net investment income to average net assets		0.28	%(c)		0.08	%		0.46	%		0.60	%		0.31	%		0.43	%
Portfolio turnover rate(d)		27	%		46	%		47	%		55	%		93	%		48	%

(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 LARGE CAP CORE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Core Fund
	Class R6 Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	39.96		$	31.14		$	26.35		$	35.75		$	31.60		$	26.34
Net investment income(a)		0.08			0.07			0.16			0.19			0.20			0.16
Net realized and unrealized gain (loss)		(2.17	)		9.90			5.69			(0.17	)		6.55			5.55
Total from investment operations		(2.09	)		9.97			5.85			0.02			6.75			5.71
Distributions to shareholders from net investment income		—			(0.15	)		(0.17	)		(0.09	)		(0.13	)		(0.12	)
Distributions to shareholders from net realized gains		(3.42	)		(1.00	)		(0.89	)		(9.33	)		(2.47	)		(0.33	)
Total distributions		(3.42	)		(1.15	)		(1.06	)		(9.42	)		(2.60	)		(0.45	)
Net asset value, end of period	$	34.45		$	39.96		$	31.14		$	26.35		$	35.75		$	31.60
Total Return(b)		(5.77	)%		32.92	%		22.71	%		4.12	%		22.53	%		21.99	%
Net assets, end of period (in 000’s)	$	89,072		$	8,707		$	2,454		$	2,313		$	60		$	16
Ratio of net expenses to average net assets		0.70	%(c)		0.73	%		0.75	%		0.74	%		0.74	%		0.75	%
Ratio of total expenses to average net assets		0.76	%(c)		0.78	%		0.83	%		0.83	%		0.90	%		1.10	%
Ratio of net investment income to average net assets		0.42	%(c)		0.21	%		0.59	%		0.75	%		0.60	%		0.56	%
Portfolio turnover rate(d)		27	%		46	%		47	%		55	%		93	%		48	%

(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 LARGE CAP CORE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Core Fund
	Class R Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	32.19		$	25.32		$	21.63		$	31.26		$	28.01		$	23.44
Net investment income (loss)(a)		(0.04	)		(0.12	)		—	(b)		0.02			(0.06	)		(0.03	)
Net realized and unrealized gain (loss)		(1.69	)		8.01			4.62			(0.32	)		5.81			4.93
Total from investment operations		(1.73	)		7.89			4.62			(0.30	)		5.75			4.90
Distributions to shareholders from net investment income		—			(0.02	)		(0.04	)		—			(0.03	)		—
Distributions to shareholders from net realized gains		(3.42	)		(1.00	)		(0.89	)		(9.33	)		(2.47	)		(0.33	)
Total distributions		(3.42	)		(1.02	)		(0.93	)		(9.33	)		(2.50	)		(0.33	)
Net asset value, end of period	$	27.04		$	32.19		$	25.32		$	21.63		$	31.26		$	28.01
Total Return(c)		(6.06	)%		32.09	%		21.90	%		3.47	%		21.73	%		21.19	%
Net assets, end of period (in 000’s)	$	9,598		$	12,608		$	10,097		$	8,559		$	8,887		$	8,093
Ratio of net expenses to average net assets		1.34	%(d)		1.36	%		1.39	%		1.39	%		1.39	%		1.40	%
Ratio of total expenses to average net assets		1.39	%(d)		1.42	%		1.47	%		1.47	%		1.56	%		1.77	%
Ratio of net investment income (loss) to average net assets		(0.25	)%(d)		(0.42	)%		0.01	%		0.11	%		(0.20	)%		(0.10	)%
Portfolio turnover rate(e)		27	%		46	%		47	%		55	%		93	%		48	%

(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. 71

GOLDMAN SACHS LARGE CAP CORE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Core Fund
	Class P Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	39.94		$	31.13		$	26.34		$	35.74		$	33.39
Net investment income(b)		0.07			0.08			0.16			0.20			0.09
Net realized and unrealized gain (loss)		(2.15	)		9.88			5.69			(0.18	)		2.26
Total from investment operations		(2.08	)		9.96			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		(3.42	)		(1.00	)		(0.89	)		(9.33	)		—
Total distributions		(3.42	)		(1.15	)		(1.06	)		(9.42	)		—
Net asset value, end of period	$	34.44		$	39.94		$	31.13		$	26.34		$	35.74
Total Return(c)		(5.75	)%		32.90	%		22.73	%		4.13	%		7.04	%
Net assets, end of period (in 000’s)	$	123,775		$	132,700		$	95,182		$	85,422		$	104,131
Ratio of net expenses to average net assets		0.72	%(d)		0.73	%		0.75	%		0.74	%		0.74	%(d)
Ratio of total expenses to average net assets		0.76	%(d)		0.79	%		0.83	%		0.82	%		0.85	%(d)
Ratio of net investment income to average net assets		0.38	%(d)		0.21	%		0.59	%		0.75	%		0.72	%(d)
Portfolio turnover rate(e)		27	%		46	%		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.

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

GOLDMAN SACHS MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Growth Fund
	Class A Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	18.20		$	17.14		$	18.14		$	23.42		$	23.97		$	21.70
Net investment loss(a)		(0.07	)(b)		(0.15	)		(0.10	)		(0.09	)		(0.14	)		(0.12	)
Net realized and unrealized gain (loss)		(2.40	)		5.26			4.13			0.69			4.20			2.94
Total from investment operations		(2.47	)		5.11			4.03			0.60			4.06			2.82
Distributions to shareholders from net realized gains		(3.14	)		(4.05	)		(5.03	)		(5.88	)		(4.61	)		(0.55	)
Net asset value, end of period	$	12.59		$	18.20		$	17.14		$	18.14		$	23.42		$	23.97
Total Return(c)		(15.45	)%		33.85	%		28.84	%		8.00	%		19.37	%		13.40	%
Net assets, end of period (in 000’s)	$	315,889		$	404,921		$	347,644		$	331,433		$	421,605		$	486,115
Ratio of net expenses to average net assets		1.24	%(d)		1.24	%		1.25	%		1.27	%		1.30	%		1.30	%
Ratio of total expenses to average net assets		1.37	%(d)		1.37	%		1.41	%		1.39	%		1.40	%		1.43	%
Ratio of net investment loss to average net assets		(0.83	)%(d)		(0.87	)%		(0.64	)%		(0.51	)%		(0.60	)%		(0.56	)%
Portfolio turnover rate(e)		20	%		57	%		65	%		69	%		60	%		61	%

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

(b) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.10% 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. 73

GOLDMAN SACHS MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Growth Fund
	Class C Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	4.29		$	6.78		$	10.16		$	16.11		$	17.95		$	16.52
Net investment loss(a)		(0.01	)(b)		(0.07	)		(0.09	)		(0.13	)		(0.22	)		(0.22	)
Net realized and unrealized gain (loss)		(0.32	)		1.63			1.74			0.06			2.99			2.20
Total from investment operations		(0.33	)		1.56			1.65			(0.07	)		2.77			1.98
Distributions to shareholders from net realized gains		(3.14	)		(4.05	)		(5.03	)		(5.88	)		(4.61	)		(0.55	)
Net asset value, end of period	$	0.82		$	4.29		$	6.78		$	10.16		$	16.11		$	17.95
Total Return(c)		(15.74	)%		32.89	%		27.86	%		7.24	%		18.52	%		12.49	%
Net assets, end of period (in 000’s)	$	16,694		$	23,337		$	28,894		$	40,072		$	77,990		$	91,086
Ratio of net expenses to average net assets		1.99	%(d)		1.99	%		2.00	%		2.02	%		2.05	%		2.05	%
Ratio of total expenses to average net assets		2.12	%(d)		2.12	%		2.16	%		2.14	%		2.15	%		2.18	%
Ratio of net investment loss to average net assets		(1.58	)%(d)		(1.62	)%		(1.38	)%		(1.25	)%		(1.35	)%		(1.32	)%
Portfolio turnover rate(e)		20	%		57	%		65	%		69	%		60	%		61	%

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

(b) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.10% 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 MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Growth Fund
	Institutional Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	26.68		$	23.41		$	22.93		$	27.78		$	27.54		$	24.76
Net investment loss(a)		(0.06	)(b)		(0.13	)		(0.06	)		(0.04	)		(0.07	)		(0.05	)
Net realized and unrealized gain (loss)		(3.69	)		7.45			5.57			1.07			4.92			3.38
Total from investment operations		(3.75	)		7.32			5.51			1.03			4.85			3.33
Distributions to shareholders from net realized gains		(3.14	)		(4.05	)		(5.03	)		(5.88	)		(4.61	)		(0.55	)
Net asset value, end of period	$	19.79		$	26.68		$	23.41		$	22.93		$	27.78		$	27.54
Total Return(c)		(15.33	)%		34.27	%		29.33	%		8.34	%		19.78	%		13.81	%
Net assets, end of period (in 000’s)	$	377,394		$	478,127		$	442,693		$	491,659		$	1,178,239		$	1,670,808
Ratio of net expenses to average net assets		0.90	%(d)		0.90	%		0.91	%		0.93	%		0.96	%		0.95	%
Ratio of total expenses to average net assets		1.00	%(d)		1.00	%		1.03	%		1.00	%		1.01	%		1.03	%
Ratio of net investment loss to average net assets		(0.49	)%(d)		(0.53	)%		(0.29	)%		(0.17	)%		(0.26	)%		(0.21	)%
Portfolio turnover rate(e)		20	%		57	%		65	%		69	%		60	%		61	%

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

(b) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.10% 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 MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Growth Fund
	Service Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	15.97		$	15.50		$	16.89		$	22.29		$	23.05		$	20.92
Net investment loss(a)		(0.07	)(b)		(0.16	)		(0.11	)		(0.11	)		(0.17	)		(0.15	)
Net realized and unrealized gain (loss)		(2.07	)		4.68			3.75			0.59			4.02			2.83
Total from investment operations		(2.14	)		4.52			3.64			0.48			3.85			2.68
Distributions to shareholders from net realized gains		(3.14	)		(4.05	)		(5.03	)		(5.88	)		(4.61	)		(0.55	)
Net asset value, end of period	$	10.69		$	15.97		$	15.50		$	16.89		$	22.29		$	23.05
Total Return(c)		(15.56	)%		33.59	%		28.64	%		7.82	%		19.21	%		13.22	%
Net assets, end of period (in 000’s)	$	25,087		$	33,114		$	27,723		$	27,094		$	34,211		$	33,159
Ratio of net expenses to average net assets		1.40	%(d)		1.40	%		1.41	%		1.43	%		1.46	%		1.45	%
Ratio of total expenses to average net assets		1.50	%(d)		1.50	%		1.53	%		1.51	%		1.51	%		1.53	%
Ratio of net investment loss to average net assets		(0.99	)%(d)		(1.03	)%		(0.79	)%		(0.67	)%		(0.76	)%		(0.71	)%
Portfolio turnover rate(e)		20	%		57	%		65	%		69	%		60	%		61	%

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

(b) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.10% 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 MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Growth Fund
	Investor Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	20.61		$	18.90		$	19.47		$	24.59		$	24.90		$	22.46
Net investment loss(a)		(0.05	)(b)		(0.12	)		(0.07	)		(0.05	)		(0.08	)		(0.07	)
Net realized and unrealized gain (loss)		(2.78	)		5.88			4.53			0.81			4.38			3.06
Total from investment operations		(2.83	)		5.76			4.46			0.76			4.30			2.99
Distributions to shareholders from net realized gains		(3.14	)		(4.05	)		(5.03	)		(5.88	)		(4.61	)		(0.55	)
Net asset value, end of period	$	14.64		$	20.61		$	18.90		$	19.47		$	24.59		$	24.90
Total Return(c)		(15.38	)%		34.19	%		29.15	%		8.33	%		19.64	%		13.71	%
Net assets, end of period (in 000’s)	$	85,153		$	105,878		$	81,928		$	77,012		$	93,889		$	132,003
Ratio of net expenses to average net assets		0.99	%(d)		0.99	%		1.00	%		1.01	%		1.05	%		1.05	%
Ratio of total expenses to average net assets		1.12	%(d)		1.12	%		1.16	%		1.15	%		1.15	%		1.18	%
Ratio of net investment loss to average net assets		(0.58	)%(d)		(0.62	)%		(0.39	)%		(0.25	)%		(0.35	)%		(0.31	)%
Portfolio turnover rate(e)		20	%		57	%		65	%		69	%		60	%		61	%

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

(b) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.10% 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 MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Growth Fund
	Class R6 Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	26.72		$	23.44		$	22.95		$	27.80		$	27.55		$	24.77
Net investment loss(a)		(0.06	)(b)		(0.13	)		(0.06	)		(0.04	)		(0.07	)		(0.04	)
Net realized and unrealized gain (loss)		(3.69	)		7.46			5.58			1.07			4.93			3.37
Total from investment operations		(3.75	)		7.33			5.52			1.03			4.86			3.33
Distributions to shareholders from net realized gains		(3.14	)		(4.05	)		(5.03	)		(5.88	)		(4.61	)		(0.55	)
Net asset value, end of period	$	19.83		$	26.72		$	23.44		$	22.95		$	27.80		$	27.55
Total Return(c)		(15.31	)%		34.27	%		29.35	%		8.35	%		19.80	%		13.80	%
Net assets, end of period (in 000’s)	$	230,639		$	283,233		$	211,480		$	181,988		$	231,077		$	118,634
Ratio of net expenses to average net assets		0.89	%(d)		0.89	%		0.90	%		0.92	%		0.95	%		0.93	%
Ratio of total expenses to average net assets		0.99	%(d)		0.99	%		1.02	%		1.00	%		0.99	%		1.01	%
Ratio of net investment loss to average net assets		(0.48	)%(d)		(0.53	)%		(0.28	)%		(0.16	)%		(0.25	)%		(0.18	)%
Portfolio turnover rate(e)		20	%		57	%		65	%		69	%		60	%		61	%

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

(b) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.10% 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 MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Growth Fund
	Class R Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	15.99		$	15.53		$	16.92		$	22.33		$	23.11		$	20.99
Net investment loss(a)		(0.07	)(b)		(0.17	)		(0.12	)		(0.13	)		(0.19	)		(0.17	)
Net realized and unrealized gain (loss)		(2.07	)		4.68			3.76			0.60			4.02			2.84
Total from investment operations		(2.14	)		4.51			3.64			0.47			3.83			2.67
Distributions to shareholders from net realized gains		(3.14	)		(4.05	)		(5.03	)		(5.88	)		(4.61	)		(0.55	)
Net asset value, end of period	$	10.71		$	15.99		$	15.53		$	16.92		$	22.33		$	23.11
Total Return(c)		(15.53	)%		33.44	%		28.58	%		7.75	%		19.06	%		13.13	%
Net assets, end of period (in 000’s)	$	40,730		$	54,987		$	48,780		$	45,005		$	54,359		$	59,225
Ratio of net expenses to average net assets		1.49	%(d)		1.49	%		1.50	%		1.51	%		1.55	%		1.55	%
Ratio of total expenses to average net assets		1.62	%(d)		1.62	%		1.66	%		1.64	%		1.65	%		1.68	%
Ratio of net investment loss to average net assets		(1.08	)%(d)		(1.12	)%		(0.89	)%		(0.76	)%		(0.85	)%		(0.81	)%
Portfolio turnover rate(e)		20	%		57	%		65	%		69	%		60	%		61	%

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

(b) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.10% 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 MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Growth Fund
	Class P Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	26.74		$	23.45		$	22.96		$	27.80		$	26.35
Net investment loss(b)		(0.06	)(c)		(0.13	)		(0.06	)		(0.04	)		(0.04	)
Net realized and unrealized gain (loss)		(3.70	)		7.47			5.58			1.08			1.49
Total from investment operations		(3.76	)		7.34			5.52			1.04			1.45
Distributions to shareholders from net realized gains		(3.14	)		(4.05	)		(5.03	)		(5.88	)		—
Net asset value, end of period	$	19.84		$	26.74		$	23.45		$	22.96		$	27.80
Total Return(d)		(15.30	)%		34.26	%		29.34	%		8.38	%		5.50	%
Net assets, end of period (in 000’s)	$	77,329		$	90,649		$	69,989		$	69,893		$	94,794
Ratio of net expenses to average net assets		0.89	%(e)		0.89	%		0.90	%		0.92	%		0.95	%(e)
Ratio of total expenses to average net assets		0.99	%(e)		0.99	%		1.02	%		1.00	%		1.00	%(e)
Ratio of net investment loss to average net assets		(0.48	)%(e)		(0.53	)%		(0.28	)%		(0.16	)%		(0.36	)%(e)
Portfolio turnover rate(f)		20	%		57	%		65	%		69	%		60	%

(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 $0.01 per share and 0.10% of average net assets.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Fund
	Class A Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021			Period Ended August 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	16.89		$	12.81		$	10.00
Net investment loss(b)		(0.07	)(c)		(0.16	)(d)		(0.09	)
Net realized and unrealized gain (loss)		(2.67	)		5.36			2.92
Total from investment operations		(2.74	)		5.20			2.83
Distributions to shareholders from net investment income		—			(0.02	)		(0.02	)
Distributions to shareholders from net realized gains		(1.59	)		(1.10	)		—
Total distributions		(1.59	)		(1.12	)		(0.02	)
Net asset value, end of period	$	12.56		$	16.89		$	12.81
Total Return(e)		(17.33	)%		41.87	%		28.30	%
Net assets, end of period (in 000’s)	$	489		$	669		$	175
Ratio of net expenses to average net assets		1.28	%(f)		1.28	%		1.30	%(f)
Ratio of total expenses to average net assets		2.27	%(f)		3.50	%		8.30	%(f)
Ratio of net investment loss to average net assets		(0.86	)%(f)		(1.01	)%		(0.94	)%(f)
Portfolio turnover rate(g)		39	%		101	%		70	%

(a) Commenced operations on October 31, 2019.

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

(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.18% of average net assets.

(d) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% 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.

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

GOLDMAN SACHS SMALL CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Fund
	Class C Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021			Period Ended August 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	16.69		$	12.74		$	10.00
Net investment loss(b)		(0.12	)(c)		(0.27	)(d)		(0.15	)
Net realized and unrealized gain (loss)		(2.64	)		5.32			2.89
Total from investment operations		(2.76	)		5.05			2.74
Distributions to shareholders from net investment income		—			—			—	(e)
Distributions to shareholders from net realized gains		(1.59	)		(1.10	)		—
Total distributions		(1.59	)		(1.10	)		—	(e)
Net asset value, end of period	$	12.34		$	16.69		$	12.74
Total Return(f)		(17.61	)%		40.86	%		27.44	%
Net assets, end of period (in 000’s)	$	82		$	119		$	91
Ratio of net expenses to average net assets		2.03	%(g)		2.03	%		2.06	%(g)
Ratio of total expenses to average net assets		3.01	%(g)		4.09	%		9.80	%(g)
Ratio of net investment loss to average net assets		(1.59	)%(g)		(1.78	)%		(1.70	)%(g)
Portfolio turnover rate(h)		39	%		101	%		70	%

(a) Commenced operations on October 31, 2019.

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

(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.18% of average net assets.

(d)) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets.

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

(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.

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

GOLDMAN SACHS SMALL CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Fund
	Institutional Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021			Period Ended August 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	16.98		$	12.84		$	10.00
Net investment loss(b)		(0.03	)(c)		(0.10	)(d)		(0.05	)
Net realized and unrealized gain (loss)		(2.70	)		5.37			2.91
Total from investment operations		(2.73	)		5.27			2.86
Distributions to shareholders from net investment income		—			(0.03	)		(0.02	)
Distributions to shareholders from net realized gains		(1.59	)		(1.10	)		—
Total distributions		(1.59	)		(1.13	)		(0.02	)
Net asset value, end of period	$	12.66		$	16.98		$	12.84
Total Return(e)		(17.11	)%		42.36	%		28.68	%
Net assets, end of period (in 000’s)	$	18,088		$	14,313		$	10,516
Ratio of net expenses to average net assets		0.91	%(f)		0.91	%		0.93	%(f)
Ratio of total expenses to average net assets		1.86	%(f)		2.93	%		8.24	%(f)
Ratio of net investment loss to average net assets		(0.44	)%(f)		(0.66	)%		(0.58	)%(f)
Portfolio turnover rate(g)		39	%		101	%		70	%

(a) Commenced operations on October 31, 2019.

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

(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.18% of average net assets.

(d) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% 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.

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

GOLDMAN SACHS SMALL CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Fund
	Investor Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021			Period Ended August 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	16.96		$	12.83		$	10.00
Net investment loss(b)		(0.05	)(c)		(0.12	)(d)		(0.06	)
Net realized and unrealized gain (loss)		(2.68	)		5.37			2.91
Total from investment operations		(2.73	)		5.25			2.85
Distributions to shareholders from net investment income		—			(0.02	)		(0.02	)
Distributions to shareholders from net realized gains		(1.59	)		(1.10	)		—
Total distributions		(1.59	)		(1.12	)		(0.02	)
Net asset value, end of period	$	12.64		$	16.96		$	12.83
Total Return(e)		(17.19	)%		42.21	%		28.55	%
Net assets, end of period (in 000’s)	$	76		$	91		$	64
Ratio of net expenses to average net assets		1.03	%(f)		1.03	%		1.06	%(f)
Ratio of total expenses to average net assets		2.01	%(f)		3.13	%		9.22	%(f)
Ratio of net investment loss to average net assets		(0.59	)%(f)		(0.78	)%		(0.69	)%(f)
Portfolio turnover rate(g)		39	%		101	%		70	%

(a) Commenced operations on October 31, 2019.

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

(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.18% of average net assets.

(d) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% 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.

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

GOLDMAN SACHS SMALL CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Fund
	Class R6 Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021			Period Ended August 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	16.99		$	12.84		$	10.00
Net investment loss(b)		(0.04	)(c)		(0.10	)(d)		(0.05	)
Net realized and unrealized gain (loss)		(2.69	)		5.38			2.91
Total from investment operations		(2.73	)		5.28			2.86
Distributions to shareholders from net investment income		—			(0.03	)		(0.02	)
Distributions to shareholders from net realized gains		(1.59	)		(1.10	)		—
Total distributions		(1.59	)		(1.13	)		(0.02	)
Net asset value, end of period	$	12.67		$	16.99		$	12.84
Total Return(e)		(17.16	)%		42.44	%		28.68	%
Net assets, end of period (in 000’s)	$	76		$	92		$	64
Ratio of net expenses to average net assets		0.90	%(f)		0.90	%		0.93	%(f)
Ratio of total expenses to average net assets		1.88	%(f)		3.00	%		9.08	%(f)
Ratio of net investment loss to average net assets		(0.46	)%(f)		(0.65	)%		(0.55	)%(f)
Portfolio turnover rate(g)		39	%		101	%		70	%

(a) Commenced operations on October 31, 2019.

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

(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.18% of average net assets.

(d) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% 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.

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

GOLDMAN SACHS SMALL CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Fund
	Class R Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021			Period Ended August 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	16.84		$	12.79		$	10.00
Net investment loss(b)		(0.08	)(c)		(0.20	)(d)		(0.11	)
Net realized and unrealized gain (loss)		(2.67	)		5.35			2.91
Total from investment operations		(2.75	)		5.15			2.80
Distributions to shareholders from net investment income		—			—			(0.01	)
Distributions to shareholders from net realized gains		(1.59	)		(1.10	)		—
Total distributions		(1.59	)		(1.10	)		(0.01	)
Net asset value, end of period	$	12.50		$	16.84		$	12.79
Total Return(e)		(17.45	)%		41.51	%		28.05	%
Net assets, end of period (in 000’s)	$	75		$	91		$	64
Ratio of net expenses to average net assets		1.53	%(f)		1.53	%		1.56	%(f)
Ratio of total expenses to average net assets		2.51	%(f)		3.62	%		9.73	%(f)
Ratio of net investment loss to average net assets		(1.09	)%(f)		(1.28	)%		(1.19	)%(f)
Portfolio turnover rate(g)		39	%		101	%		70	%

(a) Commenced operations on October 31, 2019.

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

(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.18% of average net assets.

(d) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% 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.

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

GOLDMAN SACHS SMALL CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Fund
	Class P Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021			Period Ended August 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	16.98		$	12.84		$	10.00
Net investment loss(b)		(0.03	)(c)		(0.10	)(d)		(0.05	)
Net realized and unrealized gain (loss)		(2.70	)		5.37			2.91
Total from investment operations		(2.73	)		5.27			2.86
Distributions to shareholders from net investment income		—			(0.03	)		(0.02	)
Distributions to shareholders from net realized gains		(1.59	)		(1.10	)		—
Total distributions		(1.59	)		(1.13	)		(0.02	)
Net asset value, end of period	$	12.66		$	16.98		$	12.84
Total Return(e)		(17.17	)%		42.38	%		28.68	%
Net assets, end of period (in 000’s)	$	5,885		$	5,349		$	2,831
Ratio of net expenses to average net assets		0.90	%(f)		0.90	%		0.90	%(f)
Ratio of total expenses to average net assets		1.86	%(f)		3.00	%		6.73	%(f)
Ratio of net investment loss to average net assets		(0.46	)%(f)		(0.64	)%		(0.55	)%(f)
Portfolio turnover rate(g)		39	%		101	%		70	%

(a) Commenced operations on October 31, 2019.

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

(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.18% of average net assets.

(d) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% 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.

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Growth Fund
	Class A Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	28.31		$	23.56		$	20.53		$	23.94		$	21.81		$	19.85
Net investment loss(a)		(0.11	)		(0.25	)		(0.15	)		(0.12	)(b)		(0.14	)(c)		(0.12	)(d)
Net realized and unrealized gain (loss)		(5.11	)		8.84			6.20			0.36			5.15			2.77
Total from investment operations		(5.22	)		8.59			6.05			0.24			5.01			2.65
Distributions to shareholders from net realized gains		(3.77	)		(3.84	)		(3.02	)		(3.65	)		(2.88	)		(0.69	)
Net asset value, end of period	$	19.32		$	28.31		$	23.56		$	20.53		$	23.94		$	21.81
Total Return(e)		(20.32	)%		39.05	%		33.09	%		4.33	%		25.22	%		13.78	%
Net assets, end of period (in 000’s)	$	341,609		$	470,941		$	309,715		$	295,072		$	346,289		$	351,253
Ratio of net expenses to average net assets		1.21	%(f)		1.21	%		1.27	%		1.26	%		1.28	%		1.29	%
Ratio of total expenses to average net assets		1.26	%(f)		1.26	%		1.32	%		1.32	%		1.35	%		1.46	%
Ratio of net investment loss to average net assets		(0.88	)%(f)		(0.94	)%		(0.74	)%		(0.59	)%(b)		(0.64	)%(c)		(0.62	)%(d)
Portfolio turnover rate(g)		33	%		60	%		76	%		76	%		59	%		60	%

(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) Assumes investment at the NAV at the beginning of the period, reinvestment of all 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.

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Growth Fund
	Class C Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	21.23		$	18.59		$	16.90		$	20.60		$	19.27		$	17.75
Net investment loss(a)		(0.15	)		(0.34	)		(0.25	)		(0.22	)(b)		(0.27	)(c)		(0.24	)(d)
Net realized and unrealized gain (loss)		(3.69	)		6.82			4.96			0.17			4.48			2.45
Total from investment operations		(3.84	)		6.48			4.71			(0.05	)		4.21			2.21
Distributions to shareholders from net realized gains		(3.77	)		(3.84	)		(3.02	)		(3.65	)		(2.88	)		(0.69	)
Net asset value, end of period	$	13.62		$	21.23		$	18.59		$	16.90		$	20.60		$	19.27
Total Return(e)		(20.63	)%		38.00	%		32.18	%		3.50	%		24.30	%		12.98	%
Net assets, end of period (in 000’s)	$	101,386		$	145,721		$	153,835		$	166,172		$	232,881		$	217,385
Ratio of net expenses to average net assets		1.96	%(f)		1.96	%		2.02	%		2.01	%		2.03	%		2.04	%
Ratio of total expenses to average net assets		2.01	%(f)		2.01	%		2.08	%		2.07	%		2.10	%		2.21	%
Ratio of net investment loss to average net assets		(1.63	)%(f)		(1.69	)%		(1.55	)%		(1.35	)%(b)		(1.38	)%(c)		(1.36	)%(d)
Portfolio turnover rate(g)		33	%		60	%		76	%		76	%		59	%		60	%

(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) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

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

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Growth Fund
	Institutional Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	31.94		$	26.09		$	22.36		$	25.63		$	23.08		$	20.89
Net investment loss(a)		(0.08	)		(0.18	)		(0.09	)		(0.06	)(b)		(0.07	)(c)		(0.05	)(d)
Net realized and unrealized gain (loss)		(5.84	)		9.87			6.84			0.44			5.50			2.93
Total from investment operations		(5.92	)		9.69			6.75			0.38			5.43			2.88
Distributions to shareholders from net realized gains		(3.77	)		(3.84	)		(3.02	)		(3.65	)		(2.88	)		(0.69	)
Net asset value, end of period	$	22.25		$	31.94		$	26.09		$	22.36		$	25.63		$	23.08
Total Return(e)		(20.20	)%		39.51	%		33.55	%		4.62	%		25.69	%		14.21	%
Net assets, end of period (in 000’s)	$	1,052,165		$	1,303,226		$	921,412		$	853,375		$	1,067,540		$	1,149,459
Ratio of net expenses to average net assets		0.89	%(f)		0.89	%		0.94	%		0.93	%		0.92	%		0.92	%
Ratio of total expenses to average net assets		0.89	%(f)		0.89	%		0.95	%		0.93	%		0.96	%		1.06	%
Ratio of net investment loss to average net assets		(0.56	)%(f)		(0.63	)%		(0.39	)%		(0.26	)%(b)		(0.27	)%(c)		(0.24	)%(d)
Portfolio turnover rate(g)		33	%		60	%		76	%		76	%		59	%		60	%

(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) Assumes investment at the NAV at the beginning of the period, reinvestment of all 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.

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Growth Fund
	Service Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	26.92		$	22.60		$	19.84		$	23.32		$	21.33		$	19.46
Net investment loss(a)		(0.15	)		(0.27	)		(0.18	)		(0.15	)(b)		(0.17	)(c)		(0.14	)(d)
Net realized and unrealized gain (loss)		(4.80	)		8.43			5.96			0.32			5.04			2.70
Total from investment operations		(4.95	)		8.16			5.78			0.17			4.87			2.56
Distributions to shareholders from net realized gains		(3.77	)		(3.84	)		(3.02	)		(3.65	)		(2.88	)		(0.69	)
Net asset value, end of period	$	18.20		$	26.92		$	22.60		$	19.84		$	23.32		$	21.33
Total Return(e)		(20.37	)%		38.78	%		32.87	%		4.13	%		25.12	%		13.59	%
Net assets, end of period (in 000’s)	$	1,401		$	22,781		$	32,215		$	18,395		$	18,210		$	16,520
Ratio of net expenses to average net assets		1.38	%(f)		1.39	%		1.44	%		1.43	%		1.42	%		1.42	%
Ratio of total expenses to average net assets		1.38	%(f)		1.40	%		1.45	%		1.44	%		1.46	%		1.56	%
Ratio of net investment loss to average net assets		(1.14	)%(f)		(1.12	)%		(0.92	)%		(0.75	)%(b)		(0.77	)%(c)		(0.73	)%(d)
Portfolio turnover rate(g)		33	%		60	%		76	%		76	%		59	%		60	%

(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) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

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

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Growth Fund
	Investor Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	30.33		$	24.96		$	21.53		$	24.85		$	22.48		$	20.39
Net investment loss(a)		(0.08	)		(0.19	)		(0.10	)		(0.07	)(b)		(0.09	)(c)		(0.08	)(d)
Net realized and unrealized gain (loss)		(5.52	)		9.40			6.55			0.40			5.34			2.86
Total from investment operations		(5.60	)		9.21			6.45			0.33			5.25			2.78
Distributions to shareholders from net realized gains		(3.77	)		(3.84	)		(3.02	)		(3.65	)		(2.88	)		(0.69	)
Net asset value, end of period	$	20.96		$	30.33		$	24.96		$	21.53		$	24.85		$	22.48
Total Return(e)		(20.22	)%		39.37	%		33.44	%		4.57	%		25.57	%		14.06	%
Net assets, end of period (in 000’s)	$	567,606		$	815,104		$	495,629		$	409,019		$	529,670		$	437,309
Ratio of net expenses to average net assets		0.96	%(f)		0.96	%		1.02	%		1.01	%		1.03	%		1.04	%
Ratio of total expenses to average net assets		1.01	%(f)		1.01	%		1.07	%		1.07	%		1.10	%		1.21	%
Ratio of net investment loss to average net assets		(0.63	)%(f)		(0.69	)%		(0.47	)%		(0.34	)%(b)		(0.38	)%(c)		(0.36	)%(d)
Portfolio turnover rate(g)		33	%		60	%		76	%		76	%		59	%		60	%

(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) Assumes investment at the NAV at the beginning of the period, reinvestment of all 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.

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Growth Fund
	Class R6 Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	31.98		$	26.12		$	22.38		$	25.64		$	23.09		$	20.89
Net investment loss(a)		(0.07	)		(0.18	)		(0.08	)		(0.05	)(b)		(0.06	)(c)		(0.04	)(d)
Net realized and unrealized gain (loss)		(5.86	)		9.88			6.84			0.44			5.49			2.93
Total from investment operations		(5.93	)		9.70			6.76			0.39			5.43			2.89
Distributions to shareholders from net realized gains		(3.77	)		(3.84	)		(3.02	)		(3.65	)		(2.88	)		(0.69	)
Net asset value, end of period	$	22.28		$	31.98		$	26.12		$	22.38		$	25.64		$	23.09
Total Return(e)		(20.20	)%		39.51	%		33.56	%		4.67	%		25.68	%		14.26	%
Net assets, end of period (in 000’s)	$	167,403		$	139,453		$	73,863		$	54,916		$	39,263		$	22,660
Ratio of net expenses to average net assets		0.88	%(f)		0.88	%		0.93	%		0.92	%		0.91	%		0.90	%
Ratio of total expenses to average net assets		0.88	%(f)		0.88	%		0.94	%		0.93	%		0.95	%		1.04	%
Ratio of net investment loss to average net assets		(0.53	)%(f)		(0.61	)%		(0.38	)%		(0.23	)%(b)		(0.25	)%(c)		(0.18	)%(d)
Portfolio turnover rate(g)		33	%		60	%		76	%		76	%		59	%		60	%

(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) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

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

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Growth Fund
	Class R Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	26.41		$	22.24		$	19.58		$	23.08		$	21.17		$	19.34
Net investment loss(a)		(0.13	)		(0.29	)		(0.19	)		(0.16	)(b)		(0.19	)(c)		(0.17	)(d)
Net realized and unrealized gain (loss)		(4.73	)		8.30			5.87			0.31			4.98			2.69
Total from investment operations		(4.86	)		8.01			5.68			0.15			4.79			2.52
Distributions to shareholders from net realized gains		(3.77	)		(3.84	)		(3.02	)		(3.65	)		(2.88	)		(0.69	)
Net asset value, end of period	$	17.78		$	26.41		$	22.24		$	19.58		$	23.08		$	21.17
Total Return(e)		(20.43	)%		38.72	%		32.78	%		4.07	%		24.92	%		13.47	%
Net assets, end of period (in 000’s)	$	11,025		$	14,818		$	13,209		$	15,856		$	24,215		$	26,918
Ratio of net expenses to average net assets		1.46	%(f)		1.46	%		1.52	%		1.51	%		1.53	%		1.54	%
Ratio of total expenses to average net assets		1.51	%(f)		1.51	%		1.57	%		1.57	%		1.61	%		1.71	%
Ratio of net investment loss to average net assets		(1.13	)%(f)		(1.20	)%		(1.00	)%		(0.85	)%(b)		(0.90	)%(c)		(0.86	)%(d)
Portfolio turnover rate(g)		33	%		60	%		76	%		76	%		59	%		60	%

(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) Assumes investment at the NAV at the beginning of the period, reinvestment of all 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.

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Growth Fund
	Class P Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	31.98		$	26.12		$	22.38		$	25.64		$	23.61
Net investment loss(b)		(0.08	)		(0.18	)		(0.08	)		(0.05	)(c)		(0.03	)(d)
Net realized and unrealized gain (loss)		(5.84	)		9.88			6.84			0.44			2.06
Total from investment operations		(5.92	)		9.70			6.76			0.39			2.03
Distributions to shareholders from net realized gains		(3.77	)		(3.84	)		(3.02	)		(3.65	)		—
Net asset value, end of period	$	22.29		$	31.98		$	26.12		$	22.38		$	25.64
Total Return(e)		(20.17	)%		39.51	%		33.56	%		4.67	%		8.60	%
Net assets, end of period (in 000’s)	$	477,021		$	601,794		$	285,307		$	188,657		$	245,612
Ratio of net expenses to average net assets		0.88	%(f)		0.88	%		0.93	%		0.92	%		0.90	%(f)
Ratio of total expenses to average net assets		0.88	%(f)		0.88	%		0.94	%		0.92	%		0.91	%(f)
Ratio of net investment loss to average net assets		(0.55	)%(f)		(0.61	)%		(0.38	)%		(0.25	)%(c)		(0.36	)%(d)(f)
Portfolio turnover rate(g)		33	%		60	%		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.

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Growth Fund
	Class A Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.32		$	11.24		$	9.25		$	13.83		$	13.79		$	11.91
Net investment income (loss)(a)		(0.04	)		(0.07	)		(0.03	)		(0.01	)		(0.02	)		0.02
Net realized and unrealized gain (loss)		(1.30	)		2.92			3.58			(0.30	)		3.03			2.26
Total from investment operations		(1.34	)		2.85			3.55			(0.31	)		3.01			2.28
Distributions to shareholders from net investment income		—			—			—			—			—			(0.04	)
Distributions to shareholders from net realized gains		(1.51	)		(1.77	)		(1.56	)		(4.27	)		(2.97	)		(0.36	)
Total distributions		(1.51	)		(1.77	)		(1.56	)		(4.27	)		(2.97	)		(0.40	)
Net asset value, end of period	$	9.47		$	12.32		$	11.24		$	9.25		$	13.83		$	13.79
Total Return(b)		(12.37	)%		29.11	%		43.98	%		2.86	%		25.59	%		19.79	%
Net assets, end of period (in 000’s)	$	40,569		$	63,591		$	36,688		$	28,311		$	30,174		$	46,114
Ratio of net expenses to average net assets		1.12	%(c)		1.12	%		1.14	%		1.14	%		1.14	%		1.15	%
Ratio of total expenses to average net assets		1.27	%(c)		1.30	%		1.35	%		1.40	%		1.39	%		1.55	%
Ratio of net investment income (loss) to average net assets		(0.70	)%(c)		(0.60	)%		(0.35	)%		(0.07	)%		(0.15	)%		0.15	%
Portfolio turnover rate(d)		8	%		31	%		39	%		28	%		40	%		54	%

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

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

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Growth Fund
	Class C Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	6.32		$	6.63		$	6.09		$	10.81		$	11.46		$	10.00
Net investment loss(a)		(0.04	)		(0.08	)		(0.07	)		(0.06	)		(0.09	)		(0.06	)
Net realized and unrealized gain (loss)		(0.58	)		1.54			2.17			(0.39	)		2.41			1.88
Total from investment operations		(0.62	)		1.46			2.10			(0.45	)		2.32			1.82
Distributions to shareholders from net realized gains		(1.51	)		(1.77	)		(1.56	)		(4.27	)		(2.97	)		(0.36	)
Net asset value, end of period	$	4.19		$	6.32		$	6.63		$	6.09		$	10.81		$	11.46
Total Return(b)		(12.76	)%		28.22	%		42.88	%		2.07	%		24.61	%		18.89	%
Net assets, end of period (in 000’s)	$	3,050		$	3,901		$	4,522		$	4,142		$	9,081		$	9,326
Ratio of net expenses to average net assets		1.87	%(c)		1.87	%		1.89	%		1.89	%		1.89	%		1.90	%
Ratio of total expenses to average net assets		2.02	%(c)		2.05	%		2.11	%		2.14	%		2.13	%		2.30	%
Ratio of net investment loss to average net assets		(1.45	)%(c)		(1.34	)%		(1.25	)%		(0.83	)%		(0.85	)%		(0.60	)%
Portfolio turnover rate(d)		8	%		31	%		39	%		28	%		40	%		54	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Growth Fund
	Institutional Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	14.50		$	12.88		$	10.39		$	14.92		$	14.67		$	12.64
Net investment income (loss)(a)		(0.02	)		(0.03	)		0.01			0.03			0.04			0.07
Net realized and unrealized gain (loss)		(1.57	)		3.42			4.07			(0.26	)		3.25			2.40
Total from investment operations		(1.59	)		3.39			4.08			(0.23	)		3.29			2.47
Distributions to shareholders from net investment income		—			—	(b)		(0.03	)		(0.03	)		(0.07	)		(0.08	)
Distributions to shareholders from net realized gains		(1.51	)		(1.77	)		(1.56	)		(4.27	)		(2.97	)		(0.36	)
Total distributions		(1.51	)		(1.77	)		(1.59	)		(4.30	)		(3.04	)		(0.44	)
Net asset value, end of period	$	11.40		$	14.50		$	12.88		$	10.39		$	14.92		$	14.67
Total Return(c)		(12.23	)%		29.65	%		44.36	%		3.31	%		26.11	%		20.29	%
Net assets, end of period (in 000’s)	$	49,359		$	62,894		$	60,474		$	52,461		$	75,470		$	211,311
Ratio of net expenses to average net assets		0.75	%(d)		0.75	%		0.76	%		0.75	%		0.75	%		0.75	%
Ratio of total expenses to average net assets		0.90	%(d)		0.93	%		0.98	%		1.00	%		0.99	%		1.14	%
Ratio of net investment income (loss) to average net assets		(0.33	)%(d)		(0.23	)%		0.10	%		0.32	%		0.31	%		0.51	%
Portfolio turnover rate(e)		8	%		31	%		39	%		28	%		40	%		54	%

(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.

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Growth Fund
	Service Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	11.97		$	10.97		$	9.08		$	13.67		$	13.70		$	11.85
Net investment income (loss)(a)		(0.05	)		(0.08	)		(0.04	)		(0.01	)		(0.03	)		0.01
Net realized and unrealized gain (loss)		(1.26	)		2.85			3.49			(0.31	)		3.00			2.24
Total from investment operations		(1.31	)		2.77			3.45			(0.32	)		2.97			2.25
Distributions to shareholders from net investment income		—			—			—			—			(0.03	)		(0.04	)
Distributions to shareholders from net realized gains		(1.51	)		(1.77	)		(1.56	)		(4.27	)		(2.97	)		(0.36	)
Total distributions		(1.51	)		(1.77	)		(1.56	)		(4.27	)		(3.00	)		(0.40	)
Net asset value, end of period	$	9.15		$	11.97		$	10.97		$	9.08		$	13.67		$	13.70
Total Return(b)		(12.49	)%		29.09	%		43.67	%		2.79	%		25.48	%		19.66	%
Net assets, end of period (in 000’s)	$	618		$	623		$	505		$	622		$	597		$	478
Ratio of net expenses to average net assets		1.25	%(c)		1.25	%		1.26	%		1.25	%		1.25	%		1.25	%
Ratio of total expenses to average net assets		1.40	%(c)		1.43	%		1.53	%		1.53	%		1.48	%		1.65	%
Ratio of net investment income (loss) to average net assets		(0.83	)%(c)		(0.72	)%		(0.47	)%		(0.14	)%		(0.21	)%		0.09	%
Portfolio turnover rate(d)		8	%		31	%		39	%		28	%		40	%		54	%

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

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Growth Fund
	Investor Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	14.41		$	12.83		$	10.34		$	14.89		$	14.66		$	12.63
Net investment income (loss)(a)		(0.03	)		(0.04	)		(0.01	)		0.02			0.02			0.06
Net realized and unrealized gain (loss)		(1.55	)		3.39			4.07			(0.27	)		3.24			2.40
Total from investment operations		(1.58	)		3.35			4.06			(0.25	)		3.26			2.46
Distributions to shareholders from net investment income		—			—			(0.01	)		(0.03	)		(0.06	)		(0.07	)
Distributions to shareholders from net realized gains		(1.51	)		(1.77	)		(1.56	)		(4.27	)		(2.97	)		(0.36	)
Total distributions		(1.51	)		(1.77	)		(1.57	)		(4.30	)		(3.03	)		(0.43	)
Net asset value, end of period	$	11.32		$	14.41		$	12.83		$	10.34		$	14.89		$	14.66
Total Return(b)		(12.23	)%		29.42	%		44.28	%		3.14	%		25.90	%		20.15	%
Net assets, end of period (in 000’s)	$	2,979		$	3,232		$	2,758		$	1,533		$	2,578		$	2,264
Ratio of net expenses to average net assets		0.87	%(c)		0.87	%		0.89	%		0.89	%		0.89	%		0.90	%
Ratio of total expenses to average net assets		1.02	%(c)		1.05	%		1.06	%		1.14	%		1.12	%		1.30	%
Ratio of net investment income (loss) to average net assets		(0.44	)%(c)		(0.35	)%		(0.09	)%		0.16	%		0.15	%		0.48	%
Portfolio turnover rate(d)		8	%		31	%		39	%		28	%		40	%		54	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Growth Fund
	Class R6 Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	14.46		$	12.86		$	10.37		$	14.91		$	14.66		$	12.63
Net investment income (loss)(a)		(0.02	)		(0.03	)		0.01			0.04			0.04			0.08
Net realized and unrealized gain (loss)		(1.56	)		3.40			4.07			(0.27	)		3.25			2.40
Total from investment operations		(1.58	)		3.37			4.08			(0.23	)		3.29			2.48
Distributions to shareholders from net investment income		—			—	(b)		(0.03	)		(0.04	)		(0.07	)		(0.09	)
Distributions to shareholders from net realized gains		(1.51	)		(1.77	)		(1.56	)		(4.27	)		(2.97	)		(0.36	)
Total distributions		(1.51	)		(1.77	)		(1.59	)		(4.31	)		(3.04	)		(0.45	)
Net asset value, end of period	$	11.37		$	14.46		$	12.86		$	10.37		$	14.91		$	14.66
Total Return(c)		(12.19	)%		29.57	%		44.49	%		3.33	%		26.15	%		20.33	%
Net assets, end of period (in 000’s)	$	4,411		$	789		$	509		$	477		$	15		$	12
Ratio of net expenses to average net assets		0.74	%(d)		0.74	%		0.75	%		0.74	%		0.74	%		0.75	%
Ratio of total expenses to average net assets		0.89	%(d)		0.92	%		0.99	%		1.03	%		0.97	%		1.14	%
Ratio of net investment income (loss) to average net assets		(0.27	)%(d)		(0.22	)%		0.10	%		0.40	%		0.30	%		0.57	%
Portfolio turnover rate(e)		8	%		31	%		39	%		28	%		40	%		54	%

(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. 101

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Growth Fund
	Class R Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	11.55		$	10.67		$	8.88		$	13.49		$	13.56		$	11.75
Net investment loss(a)		(0.05	)		(0.09	)		(0.06	)		(0.03	)		(0.04	)		(0.01	)
Net realized and unrealized gain (loss)		(1.20	)		2.74			3.41			(0.31	)		2.96			2.23
Total from investment operations		(1.25	)		2.65			3.35			(0.34	)		2.92			2.22
Distributions to shareholders from net investment income		—			—			—			—			(0.02	)		(0.05	)
Distributions to shareholders from net realized gains		(1.51	)		(1.77	)		(1.56	)		(4.27	)		(2.97	)		(0.36	)
Total distributions		(1.51	)		(1.77	)		(1.56	)		(4.27	)		(2.99	)		(0.41	)
Net asset value, end of period	$	8.79		$	11.55		$	10.67		$	8.88		$	13.49		$	13.56
Total Return(b)		(12.42	)%		28.74	%		43.52	%		2.67	%		25.29	%		19.56	%
Net assets, end of period (in 000’s)	$	194		$	213		$	66		$	292		$	255		$	169
Ratio of net expenses to average net assets		1.37	%(c)		1.37	%		1.40	%		1.39	%		1.39	%		1.40	%
Ratio of total expenses to average net assets		1.52	%(c)		1.55	%		1.75	%		1.65	%		1.62	%		1.80	%
Ratio of net investment loss to average net assets		(0.94	)%(c)		(0.85	)%		(0.66	)%		(0.31	)%		(0.34	)%		(0.07	)%
Portfolio turnover rate(d)		8	%		31	%		39	%		28	%		40	%		54	%

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

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

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Growth Fund
	Class P Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	14.44		$	12.84		$	10.35		$	14.90		$	13.53
Net investment income (loss)(b)		(0.02	)		(0.03	)		0.01			0.04			0.01
Net realized and unrealized gain (loss)		(1.56	)		3.40			4.07			(0.28	)		1.36
Total from investment operations		(1.58	)		3.37			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		(1.51	)		(1.77	)		(1.56	)		(4.27	)		—
Total distributions		(1.51	)		(1.77	)		(1.59	)		(4.31	)		—
Net asset value, end of period	$	11.35		$	14.44		$	12.84		$	10.35		$	14.90
Total Return(d)		(12.20	)%		29.61	%		44.56	%		3.26	%		10.13	%
Net assets, end of period (in 000’s)	$	75,433		$	90,823		$	78,539		$	73,132		$	104,590
Ratio of net expenses to average net assets		0.74	%(e)		0.74	%		0.75	%		0.74	%		0.74	%(e)
Ratio of total expenses to average net assets		0.89	%(e)		0.92	%		0.98	%		0.99	%		0.96	%(e)
Ratio of net investment income (loss) to average net assets		(0.32	)%(e)		(0.22	)%		0.12	%		0.32	%		0.22	%(e)
Portfolio turnover rate(f)		8	%		31	%		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.

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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Technology Opportunities Fund
	Class A Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	35.07		$	29.76		$	23.17		$	27.91		$	23.04		$	18.73
Net investment loss(a)		(0.12	)		(0.22	)		(0.13	)		(0.12	)		(0.16	)		(0.15	)
Net realized and unrealized gain (loss)		(4.55	)		8.18			10.43			0.44			6.79			5.37
Total from investment operations		(4.67	)		7.96			10.30			0.32			6.63			5.22
Distributions to shareholders from net realized gains		(5.30	)		(2.65	)		(3.71	)		(5.06	)		(1.76	)		(0.91	)
Net asset value, end of period	$	25.10		$	35.07		$	29.76		$	23.17		$	27.91		$	23.04
Total Return(b)		(15.21	)%		29.05	%		51.05	%		4.73	%		30.46	%		29.17	%
Net assets, end of period (in 000’s)	$	393,156		$	503,553		$	429,267		$	305,666		$	312,289		$	268,746
Ratio of net expenses to average net assets		1.26	%(c)		1.26	%		1.28	%		1.34	%		1.38	%		1.42	%
Ratio of total expenses to average net assets		1.40	%(c)		1.41	%		1.46	%		1.48	%		1.48	%		1.53	%
Ratio of net investment loss to average net assets		(0.78	)%(c)		(0.72	)%		(0.55	)%		(0.53	)%		(0.65	)%		(0.74	)%
Portfolio turnover rate(d)		23	%		41	%		41	%		27	%		46	%		19	%

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

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

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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Technology Opportunities Fund
	Class C Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	24.46		$	21.68		$	17.94		$	23.05		$	19.45		$	16.07
Net investment loss(a)		(0.16	)		(0.31	)		(0.23	)		(0.24	)		(0.29	)		(0.25	)
Net realized and unrealized gain (loss)		(2.97	)		5.74			7.68			0.19			5.65			4.54
Total from investment operations		(3.13	)		5.43			7.45			(0.05	)		5.36			4.29
Distributions to shareholders from net realized gains		(5.30	)		(2.65	)		(3.71	)		(5.06	)		(1.76	)		(0.91	)
Net asset value, end of period	$	16.03		$	24.46		$	21.68		$	17.94		$	23.05		$	19.45
Total Return(b)		(15.54	)%		28.13	%		49.93	%		3.97	%		29.49	%		28.18	%
Net assets, end of period (in 000’s)	$	21,614		$	27,866		$	30,011		$	24,948		$	57,207		$	50,779
Ratio of net expenses to average net assets		2.01	%(c)		2.01	%		2.03	%		2.10	%		2.13	%		2.17	%
Ratio of total expenses to average net assets		2.15	%(c)		2.16	%		2.21	%		2.23	%		2.23	%		2.28	%
Ratio of net investment loss to average net assets		(1.53	)%(c)		(1.47	)%		(1.31	)%		(1.31	)%		(1.40	)%		(1.49	)%
Portfolio turnover rate(d)		23	%		41	%		41	%		27	%		46	%		19	%

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

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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Technology Opportunities Fund
	Institutional Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	41.40		$	34.57		$	26.28		$	30.78		$	25.15		$	20.29
Net investment loss(a)		(0.09	)		(0.16	)		(0.07	)		(0.04	)		(0.07	)		(0.07	)
Net realized and unrealized gain (loss)		(5.49	)		9.64			12.07			0.60			7.46			5.84
Total from investment operations		(5.58	)		9.48			12.00			0.56			7.39			5.77
Distributions to shareholders from net realized gains		(5.30	)		(2.65	)		(3.71	)		(5.06	)		(1.76	)		(0.91	)
Net asset value, end of period	$	30.52		$	41.40		$	34.57		$	26.28		$	30.78		$	25.15
Total Return(b)		(15.07	)%		29.42	%		51.49	%		5.12	%		30.95	%		29.66	%
Net assets, end of period (in 000’s)	$	130,046		$	190,705		$	157,267		$	74,728		$	87,522		$	85,095
Ratio of net expenses to average net assets		0.97	%(c)		0.98	%		0.99	%		0.98	%		0.99	%		1.02	%
Ratio of total expenses to average net assets		1.03	%(c)		1.04	%		1.08	%		1.09	%		1.09	%		1.13	%
Ratio of net investment loss to average net assets		(0.49	)%(c)		(0.44	)%		(0.27	)%		(0.17	)%		(0.26	)%		(0.34	)%
Portfolio turnover rate(d)		23	%		41	%		41	%		27	%		46	%		19	%

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

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

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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Technology Opportunities Fund
	Service Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	33.72		$	28.77		$	22.56		$	27.35		$	22.64		$	18.44
Net investment loss(a)		(0.16	)		(0.27	)		(0.17	)		(0.15	)		(0.18	)		(0.16	)
Net realized and unrealized gain (loss)		(4.34	)		7.87			10.09			0.42			6.65			5.27
Total from investment operations		(4.50	)		7.60			9.92			0.27			6.47			5.11
Distributions to shareholders from net realized gains		(5.30	)		(2.65	)		(3.71	)		(5.06	)		(1.76	)		(0.91	)
Net asset value, end of period	$	23.92		$	33.72		$	28.77		$	22.56		$	27.35		$	22.64
Total Return(b)		(15.32	)%		28.78	%		50.71	%		4.62	%		30.28	%		29.03	%
Net assets, end of period (in 000’s)	$	10,252		$	38,670		$	41,024		$	29,084		$	33,109		$	18,919
Ratio of net expenses to average net assets		1.48	%(c)		1.48	%		1.49	%		1.48	%		1.49	%		1.51	%
Ratio of total expenses to average net assets		1.53	%(c)		1.54	%		1.58	%		1.59	%		1.59	%		1.63	%
Ratio of net investment loss to average net assets		(1.01	)%(c)		(0.94	)%		(0.77	)%		(0.67	)%		(0.75	)%		(0.83	)%
Portfolio turnover rate(d)		23	%		41	%		41	%		27	%		46	%		19	%

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

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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Technology Opportunities Fund
	Investor Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	40.39		$	33.79		$	25.78		$	30.33		$	24.84		$	20.08
Net investment loss(a)		(0.09	)		(0.16	)		(0.08	)		(0.07	)		(0.11	)		(0.10	)
Net realized and unrealized gain (loss)		(5.35	)		9.41			11.80			0.58			7.36			5.77
Total from investment operations		(5.44	)		9.25			11.72			0.51			7.25			5.67
Distributions to shareholders from net realized gains		(5.30	)		(2.65	)		(3.71	)		(5.06	)		(1.76	)		(0.91	)
Net asset value, end of period	$	29.65		$	40.39		$	33.79		$	25.78		$	30.33		$	24.84
Total Return(b)		(15.10	)%		29.42	%		51.40	%		5.01	%		30.76	%		29.46	%
Net assets, end of period (in 000’s)	$	35,152		$	41,403		$	48,387		$	19,207		$	22,520		$	23,317
Ratio of net expenses to average net assets		1.01	%(c)		1.01	%		1.02	%		1.09	%		1.13	%		1.16	%
Ratio of total expenses to average net assets		1.15	%(c)		1.16	%		1.21	%		1.23	%		1.23	%		1.28	%
Ratio of net investment loss to average net assets		(0.53	)%(c)		(0.47	)%		(0.31	)%		(0.29	)%		(0.40	)%		(0.46	)%
Portfolio turnover rate(d)		23	%		41	%		41	%		27	%		46	%		19	%

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

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

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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Technology Opportunities Fund
	Class R6 Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	41.43		$	34.59		$	26.29		$	30.78		$	25.08
Net investment loss(b)		(0.09	)		(0.15	)		(0.08	)		(0.02	)		(0.04	)
Net realized and unrealized gain (loss)		(5.50	)		9.64			12.09			0.59			5.74
Total from investment operations		(5.59	)		9.49			12.01			0.57			5.70
Distributions to shareholders from net realized gains		(5.30	)		(2.65	)		(3.71	)		(5.06	)		—
Net asset value, end of period	$	30.54		$	41.43		$	34.59		$	26.29		$	30.78
Total Return(c)		(15.09	)%		29.44	%		51.51	%		5.15	%		22.73	%
Net assets, end of period (in 000’s)	$	3,349		$	3,134		$	1,330		$	138		$	12
Ratio of net expenses to average net assets		0.96	%(d)		0.97	%		0.97	%		0.97	%		0.98	%(d)
Ratio of total expenses to average net assets		1.02	%(d)		1.03	%		1.06	%		1.09	%		1.08	%(d)
Ratio of net investment loss to average net assets		(0.47	)%(d)		(0.43	)%		(0.28	)%		(0.07	)%		(0.20	)%(d)
Portfolio turnover rate(e)		23	%		41	%		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.

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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Technology Opportunities Fund
	Class P Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	41.43		$	34.59		$	26.29		$	30.79		$	27.83
Net investment income (loss)(b)		(0.09	)		(0.15	)		(0.07	)		(0.04	)		0.01
Net realized and unrealized gain (loss)		(5.50	)		9.64			12.08			0.60			2.95
Total from investment operations		(5.59	)		9.49			12.01			0.56			2.96
Distributions to shareholders from net realized gains		(5.30	)		(2.65	)		(3.71	)		(5.06	)		—
Net asset value, end of period	$	30.54		$	41.43		$	34.59		$	26.29		$	30.79
Total Return(c)		(15.09	)%		29.44	%		51.51	%		5.11	%		10.64	%
Net assets, end of period (in 000’s)	$	132,187		$	145,094		$	63,555		$	24,396		$	24,951
Ratio of net expenses to average net assets		0.96	%(d)		0.97	%		0.98	%		0.97	%		0.97	%(d)
Ratio of total expenses to average net assets		1.02	%(d)		1.03	%		1.07	%		1.08	%		1.14	%(d)
Ratio of net investment income (loss) to average net assets		(0.47	)%(d)		(0.43	)%		(0.25	)%		(0.16	)%		0.08	%(d)
Portfolio turnover rate(e)		23	%		41	%		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.

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

GOLDMAN SACHS U.S. EQUITY ESG FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity ESG Fund
	Class A Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	18.89		$	15.63		$	13.59		$	14.00		$	14.84		$	13.08
Net investment income(a)		0.02			0.04			0.09			0.12			0.11			0.07
Net realized and unrealized gain (loss)		(1.49	)		4.91			2.56			0.64			2.15			1.76
Total from investment operations		(1.47	)		4.95			2.65			0.76			2.26			1.83
Distributions to shareholders from net investment income		—			(0.07	)		(0.15	)		(0.08	)		(0.09	)		(0.07	)
Distributions to shareholders from net realized gains		(0.35	)		(1.62	)		(0.46	)		(1.09	)		(3.01	)		—	(b)
Total distributions		(0.35	)		(1.69	)		(0.61	)		(1.17	)		(3.10	)		(0.07	)
Net asset value, end of period	$	17.07		$	18.89		$	15.63		$	13.59		$	14.00		$	14.84
Total Return(c)		(7.96	)%		34.66	%		19.93	%		6.80	%		17.50	%		14.06	%
Net assets, end of period (in 000’s)	$	7,169		$	7,354		$	5,448		$	3,878		$	2,533		$	1,880
Ratio of net expenses to average net assets		1.02	%(d)		1.01	%		1.05	%		1.03	%		1.04	%		1.17	%
Ratio of total expenses to average net assets		2.03	%(d)		3.73	%		3.30	%		4.26	%		5.12	%		4.64	%
Ratio of net investment income to average net assets		0.22	%(d)		0.26	%		0.64	%		0.90	%		0.81	%		0.53	%
Portfolio turnover rate(e)		89	%		31	%		65	%		47	%		71	%		77	%

(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. 111

GOLDMAN SACHS U.S. EQUITY ESG FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity ESG Fund
	Class C Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	17.71		$	14.79		$	12.91		$	13.40		$	14.36		$	12.69
Net investment income (loss)(a)		(0.05	)		(0.08	)		(0.01	)		0.02			0.01			(0.02	)
Net realized and unrealized gain (loss)		(1.38	)		4.62			2.41			0.62			2.07			1.69
Total from investment operations		(1.43	)		4.54			2.40			0.64			2.08			1.67
Distributions to shareholders from net investment income		—			—			(0.06	)		(0.04	)		(0.03	)		—
Distributions to shareholders from net realized gains		(0.35	)		(1.62	)		(0.46	)		(1.09	)		(3.01	)		—	(b)
Total distributions		(0.35	)		(1.62	)		(0.52	)		(1.13	)		(3.04	)		—	(b)
Net asset value, end of period	$	15.93		$	17.71		$	14.79		$	12.91		$	13.40		$	14.36
Total Return(c)		(8.27	)%		33.65	%		18.97	%		6.04	%		16.66	%		13.18	%
Net assets, end of period (in 000’s)	$	2,035		$	2,430		$	1,985		$	1,487		$	172		$	178
Ratio of net expenses to average net assets		1.77	%(d)		1.76	%		1.80	%		1.78	%		1.80	%		1.92	%
Ratio of total expenses to average net assets		2.79	%(d)		4.46	%		4.07	%		4.97	%		5.86	%		5.38	%
Ratio of net investment income (loss) to average net assets		(0.56	)%(d)		(0.49	)%		(0.11	)%		0.18	%		0.05	%		(0.18	)%
Portfolio turnover rate(e)		89	%		31	%		65	%		47	%		71	%		77	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity ESG Fund
	Institutional Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	19.13		$	15.80		$	13.73		$	14.10		$	14.92		$	13.17
Net investment income(a)		0.07			0.10			0.14			0.16			0.16			0.12
Net realized and unrealized gain (loss)		(1.52	)		4.97			2.58			0.67			2.17			1.77
Total from investment operations		(1.45	)		5.07			2.72			0.83			2.33			1.89
Distributions to shareholders from net investment income		(0.04	)		(0.12	)		(0.19	)		(0.11	)		(0.14	)		(0.14	)
Distributions to shareholders from net realized gains		(0.35	)		(1.62	)		(0.46	)		(1.09	)		(3.01	)		—	(b)
Total distributions		(0.39	)		(1.74	)		(0.65	)		(1.20	)		(3.15	)		(0.14	)
Net asset value, end of period	$	17.29		$	19.13		$	15.80		$	13.73		$	14.10		$	14.92
Total Return(c)		(7.78	)%		35.11	%		20.29	%		7.27	%		17.92	%		14.43	%
Net assets, end of period (in 000’s)	$	1,605		$	1,921		$	1,009		$	791		$	4,969		$	3,499
Ratio of net expenses to average net assets		0.67	%(d)		0.67	%		0.70	%		0.67	%		0.68	%		0.79	%
Ratio of total expenses to average net assets		1.34	%(d)		3.39	%		2.99	%		3.97	%		4.65	%		4.28	%
Ratio of net investment income to average net assets		0.73	%(d)		0.60	%		0.99	%		1.22	%		1.20	%		0.88	%
Portfolio turnover rate(e)		89	%		31	%		65	%		47	%		71	%		77	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity ESG Fund
	Investor Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	19.14		$	15.81		$	13.72		$	14.11		$	14.92		$	13.16
Net investment income(a)		0.04			0.09			0.11			0.15			0.14			0.11
Net realized and unrealized gain (loss)		(1.50	)		4.96			2.60			0.65			2.18			1.76
Total from investment operations		(1.46	)		5.05			2.71			0.80			2.32			1.87
Distributions to shareholders from net investment income		(0.03	)		(0.10	)		(0.16	)		(0.10	)		(0.12	)		(0.11	)
Distributions to shareholders from net realized gains		(0.35	)		(1.62	)		(0.46	)		(1.09	)		(3.01	)		—	(b)
Total distributions		(0.38	)		(1.72	)		(0.62	)		(1.19	)		(3.13	)		(0.11	)
Net asset value, end of period	$	17.30		$	19.14		$	15.81		$	13.72		$	14.11		$	14.92
Total Return(c)		(7.83	)%		34.99	%		20.23	%		7.05	%		17.86	%		14.27	%
Net assets, end of period (in 000’s)	$	1,371		$	878		$	344		$	1,064		$	235		$	188
Ratio of net expenses to average net assets		0.77	%(d)		0.76	%		0.85	%		0.78	%		0.79	%		0.92	%
Ratio of total expenses to average net assets		1.75	%(d)		3.79	%		3.75	%		4.06	%		4.87	%		4.47	%
Ratio of net investment income to average net assets		0.47	%(d)		0.52	%		0.76	%		1.16	%		1.06	%		0.78	%
Portfolio turnover rate(e)		89	%		31	%		65	%		47	%		71	%		77	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity ESG Fund
	Class R6 Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	19.14		$	15.81		$	13.73		$	14.11		$	14.93		$	13.17
Net investment income(a)		0.05			0.10			0.13			0.17			0.16			0.13
Net realized and unrealized gain (loss)		(1.50	)		4.96			2.60			0.65			2.17			1.77
Total from investment operations		(1.45	)		5.06			2.73			0.82			2.33			1.90
Distributions to shareholders from net investment income		(0.04	)		(0.11	)		(0.19	)		(0.11	)		(0.14	)		(0.14	)
Distributions to shareholders from net realized gains		(0.35	)		(1.62	)		(0.46	)		(1.09	)		(3.01	)		—	(b)
Total distributions		(0.39	)		(1.73	)		(0.65	)		(1.20	)		(3.15	)		(0.14	)
Net asset value, end of period	$	17.30		$	19.14		$	15.81		$	13.73		$	14.11		$	14.93
Total Return(c)		(7.79	)%		35.09	%		20.37	%		7.20	%		17.94	%		14.52	%
Net assets, end of period (in 000’s)	$	1,277		$	1,199		$	1,325		$	3,229		$	11		$	11
Ratio of net expenses to average net assets		0.66	%(d)		0.66	%		0.71	%		0.66	%		0.68	%		0.77	%
Ratio of total expenses to average net assets		1.64	%(d)		3.30	%		3.84	%		3.76	%		4.73	%		4.20	%
Ratio of net investment income to average net assets		0.57	%(d)		0.60	%		0.96	%		1.31	%		1.16	%		0.95	%
Portfolio turnover rate(e)		89	%		31	%		65	%		47	%		71	%		77	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity ESG Fund
	Class R Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	19.01		$	15.72		$	13.67		$	14.07		$	14.89		$	13.09
Net investment income(a)		—	(b)		0.03			0.05			0.08			0.08			0.04
Net realized and unrealized gain (loss)		(1.50	)		4.92			2.57			0.67			2.16			1.76
Total from investment operations		(1.50	)		4.95			2.62			0.75			2.24			1.80
Distributions to shareholders from net investment income		—			(0.04	)		(0.11	)		(0.06	)		(0.05	)		—
Distributions to shareholders from net realized gains		(0.35	)		(1.62	)		(0.46	)		(1.09	)		(3.01	)		—	(b)
Total distributions		(0.35	)		(1.66	)		(0.57	)		(1.15	)		(3.06	)		—	(b)
Net asset value, end of period	$	17.16		$	19.01		$	15.72		$	13.67		$	14.07		$	14.89
Total Return(c)		(8.07	)%		34.35	%		19.56	%		6.58	%		17.21	%		13.77	%
Net assets, end of period (in 000’s)	$	440		$	482		$	23		$	20		$	20		$	22
Ratio of net expenses to average net assets		1.27	%(d)		1.26	%		1.30	%		1.27	%		1.29	%		1.41	%
Ratio of total expenses to average net assets		2.28	%(d)		5.23	%		3.68	%		4.53	%		5.36	%		4.88	%
Ratio of net investment income (loss) to average net assets		(0.05	)%(d)		0.15	%		0.39	%		0.64	%		0.55	%		0.30	%
Portfolio turnover rate(e)		89	%		31	%		65	%		47	%		71	%		77	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity ESG Fund
	Class P Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	19.13		$	15.80		$	13.73		$	14.11		$	13.06
Net investment income(b)		0.06			0.11			0.14			0.17			0.06
Net realized and unrealized gain (loss)		(1.51	)		4.95			2.58			0.65			0.99
Total from investment operations		(1.45	)		5.06			2.72			0.82			1.05
Distributions to shareholders from net investment income		(0.04	)		(0.11	)		(0.19	)		(0.11	)		—
Distributions to shareholders from net realized gains		(0.35	)		(1.62	)		(0.46	)		(1.09	)		—
Total distributions		(0.39	)		(1.73	)		(0.65	)		(1.20	)		—
Net asset value, end of period	$	17.29		$	19.13		$	15.80		$	13.73		$	14.11
Total Return(c)		(7.79	)%		35.11	%		20.30	%		7.22	%		8.04	%
Net assets, end of period (in 000’s)	$	6,415		$	2,963		$	830		$	2,135		$	2,026
Ratio of net expenses to average net assets		0.66	%(d)		0.66	%		0.71	%		0.66	%		0.66	%(d)
Ratio of total expenses to average net assets		1.63	%(d)		3.70	%		3.98	%		3.88	%		5.72	%(d)
Ratio of net investment income to average net assets		0.64	%(d)		0.63	%		0.98	%		1.26	%		1.23	%(d)
Portfolio turnover rate(e)		89	%		31	%		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.

The accompanying notes are an integral part of these financial statements. 117

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements

February 28, 2022 (Unaudited)

1. ORGANIZATION

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

Fund	Share Classes Offered	Diversified/ Non-Diversified
Large Cap Core, Mid Cap Growth and Small/Mid Cap Growth	A, C, Institutional, Service, Investor, R6, R and P	Diversified
Strategic Growth	A, C, Institutional, Service, Investor, R6, R and P	Non-Diversified
Concentrated Growth, Flexible Cap, Small Cap Growth and U.S. Equity ESG	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. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. 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

118

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not 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.

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).

119

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to 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.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Money Market 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 Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market 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.

120

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

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, 2022:

CONCENTRATED GROWTH FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	2,769,927	$	—	$	—
North America		178,289,363		—		—
Total	$	181,059,290	$	—	$	—
FLEXIBLE CAP FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	204,379	$	—	$	—
Europe		1,089,857		—		—
North America		38,809,648		—		—
Investment Company		207,087		—		—
Total	$	40,310,971	$	—	$	—
LARGE CAP CORE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	3,665,894	$	—	$	—
Europe		24,696,923		—		—
North America		1,206,175,709		—		—
Investment Company		6,621,340		—		—
Total	$	1,241,159,866	$	—	$	—
MID CAP GROWTH FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	28,275,809	$	—	$	—
North America		1,124,688,830		—		—
Investment Company		20,845,177		—		—
Securities Lending Reinvestment Vehicle		8,506,191		—		—
Total	$	1,182,316,007	$	—	$	—

(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.

121

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

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	$	169,355	$	—	$	—
North America		24,141,715		—		—
Investment Company		1,207,821		—		—
Securities Lending Reinvestment Vehicle		605,705		—		—
Total	$	26,124,596	$	—	$	—
SMALL/MID CAP GROWTH FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	37,808,820	$	—	$	—
Europe		52,037,450		—		—
North America		2,611,427,945		—		—
Securities Lending Reinvestment Vehicle		22,322,542		—		—
Total	$	2,723,596,757	$	—	$	—
STRATEGIC GROWTH FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	2,820,735	$	—	$	—
North America		172,548,714		—		—
Investment Company		1,228,109		—		—
Securities Lending Reinvestment Vehicle		153,965		—		—
Total	$	176,751,523	$	—	$	—
TECHNOLOGY OPPORTUNITIES FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	19,455,307	$	—	$	—
North America		673,947,226		—		—
South America		12,177,960		—		—
Investment Company		19,918,678		—		—
Total	$	725,499,171	$	—	$	—

(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.

122

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

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	$	401,739	$	—	$	—
North America		19,750,977		—		—
Investment Company		151,942		—		—
Securities Lending Reinvestment Vehicle		11,671		—		—
Total	$	20,316,329	$	—	$	—

(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 provided by an independent third-party fair value service for certain international equity securities resulting in a Level 2 classification.

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

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended February 28, 2022, contractual and effective net management fees with GSAM were at the following rates:

	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
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
Large Cap Core		0.71			0.64			0.61			0.61			0.61			0.69			0.68	*
Mid Cap Growth		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			0.82			0.82
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			0.93	*
U.S. Equity ESG		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 0.66% as an annual percentage rate of the Large Cap Core Fund, and effective December 29, 2021, 0.86% as an annual percentage rate of the Mid Cap Growth Fund and 0.91% as an annual percentage of the Technology Opportunities Fund’s average daily net assets. This arrangement will remain in effect through at least December 29, 2022.

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Funds invest in Institutional Shares of the Underlying 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 Underlying Money Market Fund. For the six months ended February 28, 2022, the management fee waived by GSAM for each Fund was as follows:

Fund	Management Fee Waived
Concentrated Growth	$	379
Flexible Cap		158
Large Cap Core		3,159
Mid Cap Growth		2,106
Small Cap Growth		322
Small/Mid Cap Growth		20,521
Strategic Growth		1,216
Technology Opportunities		4,123
U.S. Equity ESG		244

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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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

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. For the six months ended February 28, 2022, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Concentrated Growth	$	1,713	$	—
Flexible Cap		234		—
Large Cap Core		17,868		389
Mid Cap Growth		5,247		626
Small Cap Growth		217		—
Small/Mid Cap Growth		15,706		—
Strategic Growth		3,261		—
Technology Opportunities		5,188		395
U.S. Equity ESG		765		—

D.  Service and/or 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, 2022, the transfer agency fee waivers were as follows:

Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares)
Fund	Before December 29, 2021			As of December 29, 2021*
Concentrated Growth		0.07	%		0.07	%
Large Cap Core		—	%		0.03	%
Mid Cap Growth		0.02	%		0.04	%
Small/Mid Cap Growth		0.04	%		0.04	%
Strategic Growth		—	%		0.02	%
Technology Opportunities		0.08	%		0.08	%
U.S. Equity ESG		0.02	%		—	%

* These arrangements will remain in effect through at least December 29, 2022, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the 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 Concentrated Growth, Flexible Cap, Large Cap Core, Mid Cap Growth, 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. These Other Expense limitations will remain in place through at least December 29, 2022, 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, 2022, 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
Concentrated Growth	$	379	$	4,260	$	121,335	$	125,974
Flexible Cap		158		—		121,223		121,381
Large Cap Core		3,159		49,475		295,787		348,421
Mid Cap Growth		2,106		88,750		621,173		712,029
Small Cap Growth		322		—		107,842		108,164
Small/Mid Cap Growth		20,521		329,608		—		350,129
Strategic Growth		1,216		2,225		157,211		160,652
Technology Opportunities		44,837		211,729		212,346		468,912
U.S. Equity ESG		244		1,155		108,380		109,779

G.  Line of Credit Facility — As of February 28, 2022, the Funds participated in a $1,000,000,000 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, 2022, the Funds did not have any borrowings under the facility.

H.  Other Transactions with Affiliates — For the six months ended February 28, 2022, Goldman Sachs earned the following amounts in brokerage commissions from portfolio transactions, on behalf of the Funds:

	Concentrated Growth		Flexible Cap Growth		Large Cap Core		Mid Cap Growth		Small Cap Growth		Small/Mid Cap Growth		Strategic Growth		Technology Opportunities		U.S. Equity ESG
Brokerage commissions paid	$	—	$	9	$	4,252	$	6,684	$	—	$	1,410	$	—	$	6,910	$	58

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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, 2022:

Fund	Beginning Value as of August 31, 2021		Purchases at Cost		Proceeds from Sales			Market Value as of February 28, 2022		Shares as of February 28, 2022		Dividend Income
Concentrated Growth	$	164,062	$	11,049,494	$	(11,213,556	)	$	—		—	$	181
Flexible Cap		544,338		3,848,757		(4,186,008	)		207,087		207,087		49
Large Cap Core		4,496,378		112,700,659		(110,575,697	)		6,621,340		6,621,340		728
Mid Cap Growth		13,911,294		121,787,489		(114,853,606	)		20,845,177		20,845,177		1,053
Small Cap Growth		249,984		14,504,105		(13,546,268	)		1,207,821		1,207,821		74
Small/Mid Cap Growth		31,272,380		410,005,369		(441,277,749	)		—		—		6,243
Strategic Growth		1,330,594		13,845,822		(13,948,307	)		1,228,109		1,228,109		226
Technology Opportunities		19,184,235		98,378,855		(97,644,412	)		19,918,678		19,918,678		1,296
U.S. Equity ESG		273,779		9,107,501		(9,229,338	)		151,942		151,942		61

As of February 28, 2022, 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 R6			Class R			Class P
Concentrated Growth		—	%		—	%		—	%		—	%		—	%		100	%		—	%
Flexible Cap		—			—			—			95			7			92			—
Small Cap Growth		—			90			24			100			100			100			—
Strategic Growth		—			—			—			—			—			9			—
U.S. Equity ESG		—			—			8			—			—			6			—

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2022, were as follows:

Fund	Purchases		Sales
Concentrated Growth	$	18,153,395	$	30,684,960
Flexible Cap		10,833,141		7,175,053
Large Cap Core		396,940,107		344,439,870
Mid Cap Growth		266,320,829		356,319,527
Small Cap Growth		16,926,827		87,764,940
Small/Mid Cap Growth		1,075,260,852		1,142,926,554
Strategic Growth		16,692,324		38,551,875
Technology Opportunities		194,951,138		293,066,586
U.S. Equity ESG		25,669,156		19,586,616

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 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

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6. SECURITIES LENDING (continued)

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, 2022, 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, 2022, 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, 2022:

Fund	Beginning Value as of August 31, 2021		Purchases at Cost		Proceeds from Sales			Ending Value as of February 28, 2022
Concentrated Growth	$	—	$	—	$	—		$	—
Flexible Cap		—		153,150		(153,150	)		—
Large Cap Core		3,856,622		8,088,949		(11,945,571)			—
Mid Cap Growth		7,447,030		66,607,624		(65,548,463	)		8,506,191
Small Cap Growth		141,504		5,554,775		(5,090,574	)		605,705
Small/Mid Cap Growth		18,738,133		302,486,221		(298,901,812	)		22,322,542
Strategic Growth		1,015,902		5,898,743		(6,760,680	)		153,965
Technology Opportunities		—		17,070,798		(17,070,798	)		—
U.S. Equity ESG		—		251,782		(240,111	)		11,671

7. TAX INFORMATION

As of February 28, 2022, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Concentrated Growth			Flexible Cap Growth			Large Cap Core			Mid Cap Growth			Small Cap Growth			Small/Mid Cap Growth			Strategic Growth			Technology Opportunities			U.S. Equity ESG
Tax Cost	$	105,583,049		$	30,537,372		$	829,209,592		$	960,087,405		$	25,082,159		$	2,506,148,307		$	82,004,102		$	451,783,792		$	16,234,620
Gross unrealized gain		86,607,245			11,034,965			442,836,114			303,517,039			3,370,095			465,034,328			99,859,359			312,785,438			4,666,491
Gross unrealized loss		(11,131,004	)		(1,261,366	)		(30,885,840	)		(81,288,437	)		(2,327,658	)		(247,585,878	)		(5,111,938	)		(39,070,059	)		(584,782	)
Net unrealized gains (losses)	$	75,476,241		$	9,773,599		$	411,950,274		$	222,228,602		$	1,042,437		$	217,448,450		$	94,747,421		$	273,715,379		$	4,081,709

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales and differences in the tax treatment of passive foreign investment company investments.

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

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

8. OTHER RISKS

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; 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 also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Foreign Custody Risk — The Funds may invest in foreign securities, and as such the Funds may hold such securities and cash with foreign banks, agents, and securities depositories appointed by each 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.

Issuer Concentration Risk — 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.

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8. OTHER RISKS (continued)

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. These risks may be more pronounced in connection with the Funds’ investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

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

9. INDEMNIFICATIONS

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

10. SUBSEQUENT EVENTS

Upon the recommendation of GSAM, the Board of Trustees of the Goldman Sachs Trust recently approved changes to each of Goldman Sachs Capital Growth Fund’s and Goldman Sachs Growth Opportunities Fund’s name and principal investment strategy. The Goldman Sachs Capital Growth Fund’s name changed to “Goldman Sachs Large Cap Core Fund” and the Goldman Sachs Growth Opportunities Fund’s name changed to the “Goldman Sachs Mid Cap Growth Fund.” These changes are not expected to materially affect the Funds’ current portfolio holdings. These changes became effective after the close of business on April 13, 2022.

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.

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Concentrated Growth Fund
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		21,538		$	515,181			59,704		$	1,382,411
Reinvestment of distributions		76,592			1,722,556			23,289			511,420
Shares redeemed		(22,953	)		(552,561	)		(68,834	)		(1,616,717	)
		75,177			1,685,176			14,159			277,114
Class C Shares
Shares sold		1,998			40,025			15,276			268,005
Reinvestment of distributions		13,210			205,023			5,634			92,741
Shares redeemed		(7,807	)		(160,901	)		(37,977	)		(660,721	)
		7,401			84,147			(17,067	)		(299,975	)
Institutional Shares
Shares sold		27,424			724,406			44,169			1,074,773
Reinvestment of distributions		91,553			2,303,473			32,623			784,250
Shares redeemed		(85,974	)		(2,494,906	)		(72,734	)		(1,848,235	)
		33,003			532,973			4,058			10,788
Investor Shares
Shares sold		1,877			43,726			2,523			63,003
Reinvestment of distributions		1,602			37,303			548			12,344
Shares redeemed		(2,816	)		(78,974	)		(682	)		(16,167	)
		663			2,055			2,389			59,180
Class R6 Shares
Shares sold		4,382			118,399			23,259			671,356
Reinvestment of distributions		7,152			179,377			1,903			45,645
Shares redeemed		(19,020	)		(533,529	)		(7,929	)		(206,454	)
		(7,486	)		(235,753	)		17,233			510,547
Class R Shares
Shares sold		—			—			—			—
Reinvestment of distributions		361			7,600			104			2,170
Shares redeemed		—			—			—			—
		361			7,600			104			2,170
Class P Shares
Shares sold		132,101			3,556,166			445,789			11,719,010
Reinvestment of distributions		1,180,520			29,595,626			389,427			9,334,560
Shares redeemed		(493,921	)		(12,922,214	)		(984,468	)		(25,252,775	)
		818,700			20,229,578			(149,252	)		(4,199,205	)
NET INCREASE (DECREASE)		927,819		$	22,305,776			(128,376	)	$	(3,639,381	)

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11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Flexible Cap Fund
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		31,434		$	524,692			77,961		$	1,153,418
Reinvestment of distributions		29,159			475,373			25,327			348,337
Shares redeemed		(10,376	)		(172,525	)		(92,841	)		(1,391,459	)
		50,217			827,540			10,447			110,296
Class C Shares
Shares sold		305			4,203			4,591			55,263
Reinvestment of distributions		6,887			92,555			6,672			76,792
Shares redeemed		(11,901	)		(164,344	)		(45,543	)		(537,786	)
		(4,709	)		(67,586	)		(34,280	)		(405,731	)
Institutional Shares
Shares sold		149,149			2,630,289			216,397			3,614,754
Reinvestment of distributions		16,818			302,451			2,015			30,388
Shares redeemed		(31,125	)		(559,693	)		(14,758	)		(245,782	)
		134,842			2,373,047			203,654			3,399,360
Investor Shares
Shares sold		—			—			347			5,740
Reinvestment of distributions		180			3,157			146			2,137
Shares redeemed		—			—			(195	)		(3,241	)
		180			3,157			298			4,636
Class R6 Shares
Shares sold		4,407			81,720			3,364			58,461
Reinvestment of distributions		1,205			21,620			864			13,001
Shares redeemed		(4,095	)		(75,704	)		(1,270	)		(20,316	)
		1,517			27,636			2,958			51,146
Class R Shares
Shares sold		22			325			140			1,940
Reinvestment of distributions		45			700			226			2,962
Shares redeemed		(2,212	)		(36,763	)		(1,243	)		(19,919	)
		(2,145	)		(35,738	)		(877	)		(15,017	)
Class P Shares
Shares sold		103,374			1,801,822			282,586			4,592,100
Reinvestment of distributions		84,124			1,510,289			57,745			868,916
Shares redeemed		(35,360	)		(621,843	)		(24,712	)		(386,802	)
		152,138			2,690,268			315,619			5,074,214
NET INCREASE		332,040		$	5,818,324			497,819		$	8,218,904

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Large Cap Core Fund
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		413,365		$	13,324,416			886,562		$	26,514,670
Reinvestment of distributions		2,895,207			90,127,567			1,027,840			28,452,549
Shares redeemed		(1,295,021	)		(41,713,977	)		(2,757,413	)		(81,210,223	)
		2,013,551			61,738,006			(843,011	)		(26,243,004	)
Class C Shares
Shares sold		134,984			2,483,342			393,978			6,814,811
Reinvestment of distributions		226,391			3,735,452			58,241			934,178
Shares redeemed		(155,242	)		(2,685,076	)		(421,568	)		(7,092,696	)
		206,133			3,533,718			30,651			656,293
Institutional Shares
Shares sold		447,487			16,901,384			1,341,028			46,329,321
Reinvestment of distributions		234,186			8,634,427			61,338			1,978,574
Shares redeemed		(609,406	)		(22,717,580	)		(507,792	)		(17,806,383	)
		72,267			2,818,231			894,574			30,501,512
Service Shares
Shares sold		4,642			150,187			10,248			297,051
Reinvestment of distributions		8,063			235,186			2,075			54,101
Shares redeemed		(57,035	)		(1,717,559	)		(17,229	)		(426,311	)
		(44,330	)		(1,332,186	)		(4,906	)		(75,159	)
Investor Shares
Shares sold		435,325			14,235,211			356,199			11,219,002
Reinvestment of distributions		73,468			2,350,236			13,102			371,777
Shares redeemed		(86,243	)		(2,812,724	)		(62,949	)		(1,957,912	)
		422,550			13,772,723			306,352			9,632,867
Class R6 Shares
Shares sold		2,280,226			92,877,103			160,137			5,589,483
Reinvestment of distributions		221,102			8,138,748			2,625			84,554
Shares redeemed		(133,825	)		(4,868,341	)		(23,660	)		(826,105	)
		2,367,503			96,147,510			139,102			4,847,932
Class R Shares
Shares sold		24,473			758,542			66,611			1,874,883
Reinvestment of distributions		40,508			1,171,910			14,679			380,562
Shares redeemed		(101,729	)		(3,056,470	)		(88,336	)		(2,396,082	)
		(36,748	)		(1,126,018	)		(7,046	)		(140,637	)
Class P Shares
Shares sold		124,528			4,656,731			330,332			11,435,266
Reinvestment of distributions		309,640			11,394,754			110,152			3,547,586
Shares redeemed		(162,186	)		(6,066,608	)		(175,655	)		(6,045,952	)
		271,982			9,984,877			264,829			8,936,900
NET INCREASE		5,272,908		$	185,536,861			780,545		$	28,116,704

134

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Mid Cap Growth Fund
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,621,975		$	24,836,990			4,411,800		$	73,944,026
Reinvestment of distributions		4,501,447			63,515,418			4,768,671			74,105,140
Shares redeemed		(3,273,444	)		(50,383,738	)		(7,210,263	)		(120,846,872	)
		2,849,978			37,968,670			1,970,208			27,202,294
Class C Shares
Shares sold		1,094,089			1,486,609			731,025			3,090,651
Reinvestment of distributions		16,943,845			15,588,337			4,148,159			15,265,226
Shares redeemed		(3,094,426	)		(4,645,319	)		(3,696,232	)		(15,936,397	)
		14,943,508			12,429,627			1,182,952			2,419,480
Institutional Shares
Shares sold		1,732,087			39,368,730			3,347,250			81,088,034
Reinvestment of distributions		2,183,145			48,400,319			2,934,286			66,696,305
Shares redeemed		(2,765,544	)		(65,032,296	)		(7,270,958	)		(175,144,044	)
		1,149,688			22,736,753			(989,422	)		(27,359,705	)
Service Shares
Shares sold		131,963			1,802,719			339,162			5,113,887
Reinvestment of distributions		528,156			6,332,584			523,212			7,141,844
Shares redeemed		(387,247	)		(4,782,629	)		(577,657	)		(8,445,644	)
		272,872			3,352,674			284,717			3,810,087
Investor Shares
Shares sold		315,603			5,673,825			924,701			17,746,694
Reinvestment of distributions		955,153			15,664,510			1,022,341			17,952,306
Shares redeemed		(592,231	)		(10,730,189	)		(1,143,338	)		(21,685,235	)
		678,525			10,608,146			803,704			14,013,765
Class R6 Shares
Shares sold		615,550			14,079,136			2,314,802			56,501,509
Reinvestment of distributions		1,333,749			29,622,564			1,443,405			32,851,908
Shares redeemed		(915,382	)		(21,977,776	)		(2,181,156	)		(53,150,885	)
		1,033,917			21,723,924			1,577,051			36,202,532
Class R Shares
Shares sold		307,517			4,075,908			576,764			8,612,699
Reinvestment of distributions		828,335			9,948,299			885,453			12,112,994
Shares redeemed		(769,484	)		(10,194,697	)		(1,165,474	)		(17,196,429	)
		366,368			3,829,510			296,743			3,529,264
Class P Shares
Shares sold		287,788			6,399,600			598,466			14,037,916
Reinvestment of distributions		482,933			10,730,775			594,960			13,547,235
Shares redeemed		(263,184	)		(5,894,017	)		(787,397	)		(18,758,640	)
		507,537			11,236,358			406,029			8,826,511
NET INCREASE		21,802,393		$	123,885,662			5,531,982		$	68,644,228

135

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small Cap Growth Fund
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		2,822		$	46,432			38,347		$	615,981
Reinvestment of distributions		3,949			56,194			1,558			22,970
Shares redeemed		(7,456	)		(127,511	)		(14,010	)		(227,968	)
		(685	)		(24,885	)		25,895			410,983
Class C Shares
Shares sold		203			3,400			1,747			29,026
Reinvestment of distributions		834			11,684			562			8,216
Shares redeemed		(1,553	)		(18,917	)		(2,330	)		(38,703	)
		(516	)		(3,833	)		(21	)		(1,461	)
Institutional Shares
Shares sold		624,911			9,216,332			266,393			4,401,259
Reinvestment of distributions		117,713			1,688,009			64,374			953,009
Shares redeemed		(157,065	)		(2,505,465	)		(306,862	)		(4,793,015	)
		585,559			8,398,876			23,905			561,253
Investor Shares
Shares sold		—			—			—			—
Reinvestment of distributions		599			8,566			379			5,612
		599			8,566			379			5,612
Class R6 Shares
Shares sold		—			—			—			—
Reinvestment of distributions		598			8,574			383			5,676
		598			8,574			383			5,676
Class R Shares
Shares sold		—			—			—			—
Reinvestment of distributions		604			8,551			374			5,508
		604			8,551			374			5,508
Class P Shares
Shares sold		276,610			3,836,684			191,038			3,176,265
Reinvestment of distributions		44,356			635,615			16,894			250,100
Shares redeemed		(171,243	)		(2,082,634	)		(113,387	)		(1,774,800	)
		149,723			2,389,665			94,545			1,651,565
NET INCREASE		735,882		$	10,785,514			145,460		$	2,639,136

* Commencement of Operations

136

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small/Mid Cap Growth Fund
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,926,743		$	46,883,191			4,740,101		$	123,361,276
Reinvestment of distributions		2,552,550			57,508,951			1,836,091			44,874,070
Shares redeemed		(3,436,281	)		(75,426,546	)		(3,086,393	)		(80,138,991	)
		1,043,012			28,965,596			3,489,799			88,096,355
Class C Shares
Shares sold		449,827			8,032,029			845,766			16,778,281
Reinvestment of distributions		1,511,992			24,055,787			1,601,630			29,518,042
Shares redeemed		(1,383,933	)		(24,433,790	)		(3,859,120	)		(76,651,705	)
		577,886			7,654,026			(1,411,724	)		(30,355,382	)
Institutional Shares
Shares sold		9,915,566			265,051,932			12,680,064			370,172,898
Reinvestment of distributions		5,180,749			134,336,818			4,377,026			120,455,750
Shares redeemed		(8,621,561	)		(223,513,631	)		(11,564,824	)		(338,002,572	)
		6,474,754			175,875,119			5,492,266			152,626,076
Service Shares
Shares sold		4,552			100,858			1,594,414			35,391,326
Reinvestment of distributions		7,201			152,880			260,883			6,070,740
Shares redeemed		(781,048	)		(21,364,917	)		(2,434,431	)		(60,424,848	)
		(769,295	)		(21,111,179	)		(579,134	)		(18,962,782	)
Investor Shares
Shares sold		5,571,160			142,941,914			10,541,900			296,328,064
Reinvestment of distributions		4,273,625			104,404,651			2,963,694			77,470,953
Shares redeemed		(9,642,451	)		(237,938,566	)		(6,490,683	)		(179,213,509	)
		202,334			9,407,999			7,014,911			194,585,508
Class R6 Shares
Shares sold		3,160,250			83,969,704			2,174,127			64,179,364
Reinvestment of distributions		649,318			16,856,287			431,371			11,884,258
Shares redeemed		(658,616	)		(17,506,440	)		(1,072,329	)		(31,492,709	)
		3,150,952			83,319,551			1,533,169			44,570,913
Class R Shares
Shares sold		104,120			2,338,593			221,459			5,420,426
Reinvestment of distributions		97,930			2,031,076			98,410			2,247,682
Shares redeemed		(143,201	)		(3,175,091	)		(352,609	)		(8,610,079	)
		58,849			1,194,578			(32,740	)		(941,971	)
Class P Shares
Shares sold		3,597,801			98,067,790			8,073,333			238,055,318
Reinvestment of distributions		2,843,288			73,840,186			1,705,056			46,974,296
Shares redeemed		(3,856,802	)		(97,806,357	)		(1,882,850	)		(54,615,458	)
		2,584,287			74,101,619			7,895,539			230,414,156
NET INCREASE		13,322,779		$	359,407,309			23,402,086		$	660,032,873

137

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Strategic Growth Fund
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		593,993		$	6,567,403			2,211,800		$	23,109,951
Reinvestment of distributions		706,291			7,599,696			539,120			5,353,462
Shares redeemed		(2,178,243	)		(21,017,279	)		(854,990	)		(9,373,663	)
		(877,959	)		(6,850,180	)		1,895,930			19,089,750
Class C Shares
Shares sold		134,739			703,698			146,125			896,160
Reinvestment of distributions		182,565			870,836			242,301			1,240,583
Shares redeemed		(207,101	)		(1,090,809	)		(453,098	)		(2,538,075	)
		110,203			483,725			(64,672	)		(401,332	)
Institutional Shares
Shares sold		421,249			5,565,004			471,239			5,959,408
Reinvestment of distributions		471,290			6,098,498			651,729			7,599,286
Shares redeemed		(900,563	)		(11,905,442	)		(1,480,003	)		(18,734,640	)
		(8,024	)		(241,940	)		(357,035	)		(5,175,946	)
Service Shares
Shares sold		18,167			206,826			10,660			112,383
Reinvestment of distributions		8,242			85,719			8,193			79,067
Shares redeemed		(10,897	)		(124,687	)		(12,805	)		(128,377	)
		15,512			167,858			6,048			63,073
Investor Shares
Shares sold		41,667			568,167			71,697			904,045
Reinvestment of distributions		28,316			363,863			32,993			382,724
Shares redeemed		(30,957	)		(402,601	)		(95,477	)		(1,200,916	)
		39,026			529,429			9,213			85,853
Class R6 Shares
Shares sold		343,952			4,482,262			22,517			276,660
Reinvestment of distributions		3,679			47,491			5,037			58,588
Shares redeemed		(14,299	)		(192,772	)		(12,605	)		(160,196	)
		333,332			4,336,981			14,949			175,052
Class R Shares
Shares sold		838			8,845			13,998			137,988
Reinvestment of distributions		2,845			28,431			720			6,717
Shares redeemed		(42	)		(444	)		(2,423	)		(26,842	)
		3,641			36,832			12,295			117,863
Class P Shares
Shares sold		64,683			820,816			391,470			4,905,669
Reinvestment of distributions		731,810			9,425,707			919,738			10,678,494
Shares redeemed		(439,045	)		(5,474,008	)		(1,140,145	)		(14,135,820	)
		357,448			4,772,515			171,063			1,448,343
NET INCREASE		(26,821	)	$	3,235,220			1,687,791		$	15,402,656

138

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Technology Opportunities Fund
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		708,473		$	21,246,527			1,409,437		$	42,207,117
Reinvestment of distributions		2,420,357			69,488,460			1,253,567			34,974,532
Shares redeemed		(1,823,593	)		(53,043,883	)		(2,731,899	)		(82,269,590	)
		1,305,237			37,691,104			(68,895	)		(5,087,941	)
Class C Shares
Shares sold		81,093			1,664,713			175,693			3,723,127
Reinvestment of distributions		318,359			5,845,080			172,234			3,368,893
Shares redeemed		(190,520	)		(3,808,424	)		(592,805	)		(12,389,857	)
		208,932			3,701,369			(244,878	)		(5,297,837	)
Institutional Shares
Shares sold		459,966			16,531,210			1,305,235			45,946,399
Reinvestment of distributions		634,728			22,139,319			340,510			11,192,560
Shares redeemed		(1,439,239	)		(50,217,824	)		(1,589,060	)		(55,801,050	)
		(344,545	)		(11,547,295	)		56,685			1,337,909
Service Shares
Shares sold		45,679			1,365,630			229,563			6,509,328
Reinvestment of distributions		72,669			1,988,963			123,618			3,320,385
Shares redeemed		(836,633	)		(27,921,855	)		(632,428	)		(17,980,339	)
		(718,285	)		(24,567,262	)		(279,247	)		(8,150,626	)
Investor Shares
Shares sold		138,467			4,785,876			324,085			10,955,177
Reinvestment of distributions		161,194			5,462,866			124,715			3,999,623
Shares redeemed		(139,152	)		(4,823,408	)		(855,462	)		(29,665,721	)
		160,509			5,425,334			(406,662	)		(14,710,921	)
Class R6 Shares
Shares sold		28,230			1,003,753			37,303			1,390,131
Reinvestment of distributions		13,225			461,688			3,436			113,026
Shares redeemed		(7,464	)		(265,752	)		(3,532	)		(130,198	)
		33,991			1,199,689			37,207			1,372,959
Class P Shares
Shares sold		803,630			28,397,632			1,708,880			60,358,228
Reinvestment of distributions		553,414			19,319,680			178,139			5,859,003
Shares redeemed		(531,035	)		(18,462,781	)		(222,473	)		(7,857,580	)
		826,009			29,254,531			1,664,546			58,359,651
NET INCREASE		1,471,848		$	41,157,470			758,756		$	27,823,194

139

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	U.S. Equity ESG Fund
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		44,651		$	828,250			36,027		$	602,085
Reinvestment of distributions		7,594			142,682			40,274			600,840
Shares redeemed		(21,670	)		(394,011	)		(35,495	)		(577,139	)
		30,575			576,921			40,806			625,786
Class C Shares
Shares sold		1,250			20,192			3,032			45,968
Reinvestment of distributions		2,559			44,937			15,158			212,062
Shares redeemed		(13,244	)		(231,550	)		(15,176	)		(237,192	)
		(9,435	)		(166,421	)		3,014			20,838
Institutional Shares
Shares sold		754,437			14,863,592			33,976			560,242
Reinvestment of distributions		15,067			287,217			3,494			52,836
Shares redeemed		(777136	)		(13,898,986	)		(846	)		(14,980	)
		(7,632	)		1,251,823			36,624			598,098
Investor Shares
Shares sold		39,629			747,871			24,270			427,247
Reinvestment of distributions		1,640			31,256			2,516			38,039
Shares redeemed		(7,926	)		(154,088	)		(2,659	)		(47,084	)
		33,343			625,039			24,127			418,202
Class R6 Shares
Shares sold		21,784			404,952			11,345			193,173
Reinvestment of distributions		1,374			26,210			8,342			126,140
Shares redeemed		(11,962	)		(215,404	)		(40,849	)		(670,313	)
		11,196			215,758			(21,162	)		(351,000	)
Class R Shares
		685			12,760			24,272			432,443
Reinvestment of distributions		474			8,964			162			2,431
		(894	)		(15,706	)		(538	)		(9,952	)
		265			6,018			23,896			424,922
Class P Shares
		413,548			7,880,114			101,686			1,734,106
Reinvestment of distributions		3,796			72,352			6,052			91,452
Shares redeemed		(201,294	)		(3,952,108	)		(5,371	)		(81,152	)
		216,050			4,000,358			102,367			1,744,406
NET INCREASE		274,362		$	6,509,496			209,672		$	3,481,252

140

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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 8-9, 2022, 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, 2021 through December 31, 2021 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of local holidays in non-U.S. jurisdictions. 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.

141

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Fund Expenses — Six Month Period Ended February 28, 2022 (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, 2021 through February 28, 2022, 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.

	Concentrated Growth Fund							Flexible Cap Fund							Large Cap Core Fund							Mid Cap Growth Fund							Small Cap Growth Fund
Share Class	Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/2022*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/2022*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/2022*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/2022*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/2022*
Class A
Actual	$	1,000.00	$	862.93		$	5.10	$	1,000.00	$	967.18		$	4.70	$	1,000.00	$	940.65		$	5.23	$	1,000.00	$	845.49		$	5.68	$	1,000.00	$	826.70		$	5.80
Hypothetical 5% return		1,000.00		1,019.32	+		5.53		1,000.00		1,020.02	+		4.82		1,000.00		1,019.41	+		5.44		1,000.00		1,018.64	+		6.21		1,000.00		1,018.44	+		6.41
Class C
Actual		1,000.00		859.62			8.55		1,000.00		964.37			8.34		1,000.00		936.92			8.82		1,000.00		842.63			9.10		1,000.00		823.91			9.19
Hypothetical 5% return		1,000.00		1,015.60	+		9.26		1,000.00		1,016.30	+		8.56		1,000.00		1,015.69	+		9.18		1,000.00		1,014.92	+		9.95		1,000.00		1,014.72	+		10.15
Institutional
Actual		1,000.00		864.56			3.72		1,000.00		969.17			2.90		1,000.00		942.35			3.50		1,000.00		846.67			4.14		1,000.00		828.88			4.13
Hypothetical 5% return		1,000.00		1,020.81	+		4.03		1,000.00		1,021.85	+		2.97		1,000.00		1,021.19	+		3.64		1,000.00		1,020.31	+		4.53		1,000.00		1,020.28	+		4.56
Service
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		940.16			5.93		1,000.00		844.44			6.40		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		1,018.65	+		6.17		1,000.00		1,017.85	+		7.00		N/A		N/A			N/A
Investor
Actual		1,000.00		863.95			3.95		1,000.00		968.94			3.48		1,000.00		941.81			4.00		1,000.00		846.15			4.53		1,000.00		828.06			4.67
Hypothetical 5% return		1,000.00		1,020.56	+		4.28		1,000.00		1,021.26	+		3.58		1,000.00		1,018.68	+		4.17		1,000.00		1,019.88	+		4.96		1,000.00		1,019.68	+		5.16
Class R6
Actual		1,000.00		864.25			3.67		1,000.00		969.12			2.85		1,000.00		942.29			3.39		1,000.00		846.92			4.09		1,000.00		828.39			4.09
Hypothetical 5% return		1,000.00		1,020.86	+		3.98		1,000.00		1,021.90	+		2.92		1,000.00		1,021.31	+		3.53		1,000.00		1,020.36	+		4.48		1,000.00		1,020.33	+		4.51
Class R
Actual		1,000.00		862.24			6.24		1,000.00		966.16			5.92		1,000.00		939.41			6.43		1,000.00		844.67			6.82		1,000.00		825.54			6.93
Hypothetical 5% return		1,000.00		1,018.10	+		6.76		1,000.00		1,018.78	+		6.08		1,000.00		1,018.16	+		6.69		1,000.00		1,017.40	+		7.46		1,000.00		1,017.20	+		7.66
Class P
Actual		1,000.00		864.20			3.67		1,000.00		969.64			2.85		1,000.00		942.51			3.45		1,000.00		846.98			4.09		1,000.00		828.28			4.09
Hypothetical 5% return		1,000.00		1,020.86	+		3.98		1,000.00		1,021.90	+		2.92		1,000.00		1,021.24	+		3.59		1,000.00		1,020.36	+		4.48		1,000.00		1,020.32	+		4.52

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

* Expenses 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, 2022. 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
Concentrated Growth		1.10	%		1.85	%		0.80	%		N/A		0.85	%		0.79	%		1.35	%		0.79	%
Flexible Cap		0.96			1.71			0.59			N/A		0.71			0.58			1.21			0.58
Large Cap Core		1.09			1.84			0.73			1.23		0.83			0.70			1.34			0.72
Mid Cap Growth		1.24			1.99			0.90			1.40		0.99			0.89			1.49			0.89
Small Cap Growth		1.28			2.03			0.91			N/A		1.03			0.90			1.53			0.90

142

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Fund Expenses — Six Month Period Ended February 28, 2022 (Unaudited) (continued)

	Small/Mid Cap Growth Fund							Strategic Growth Fund							Technology Opportunities Fund							U.S. Equity ESG Fund
Share Class	Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/2022*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/2022*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/2022*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/2022*
Class A
Actual	$	1,000.00	$	796.77		$	5.37	$	1,000.00	$	876.30		$	5.19	$	1,000.00	$	847.91		$	5.79	$	1,000.00	$	920.40		$	4.87
Hypothetical 5% return		1,000.00		1,018.82	+		6.03		1,000.00		1,019.26	+		5.59		1,000.00		1,018.53	+		6.32		1,000.00		1,019.73	+		5.12
Class C
Actual		1,000.00		793.74			8.70		1,000.00		872.38			8.67		1,000.00		844.65			9.21		1,000.00		917.33			8.42
Hypothetical 5% return		1,000.00		1,015.10	+		9.77		1,000.00		1,015.54	+		9.33		1,000.00		1,014.81	+		10.06		1,000.00		1,016.01	+		8.86
Institutional
Actual		1,000.00		798.02			3.95		1,000.00		877.75			3.51		1,000.00		849.28			4.47		1,000.00		922.22			3.20
Hypothetical 5% return		1,000.00		1,020.40	+		4.44		1,000.00		1,021.06	+		3.77		1,000.00		1,019.96	+		4.88		1,000.00		1,021.47	+		3.36
Service
Actual		1,000.00		796.27			6.15		1,000.00		875.15			5.81		1,000.00		846.82			6.78		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,017.95	+		6.90		1,000.00		1,018.60	+		6.26		1,000.00		1,017.46	+		7.40		N/A		N/A			N/A
Investor
Actual		1,000.00		797.83			4.26		1,000.00		877.67			4.03		1,000.00		848.96			4.64		1,000.00		921.69			3.68
Hypothetical 5% return		1,000.00		1,020.06	+		4.78		1,000.00		1,020.50	+		4.34		1,000.00		1,019.77	+		5.07		1,000.00		1,020.96	+		3.87
Class R6
Actual		1,000.00		797.98			3.91		1,000.00		878.07			3.46		1,000.00		849.13			4.41		1,000.00		922.08			3.16
Hypothetical 5% return		1,000.00		1,020.45	+		4.39		1,000.00		1,021.11	+		3.72		1,000.00		1,020.02	+		4.82		1,000.00		1,021.51	+		3.32
Class R
Actual		1,000.00		795.75			6.48		1,000.00		875.81			6.35		N/A		N/A			N/A		1,000.00		919.31			6.05
Hypothetical 5% return		1,000.00		1,017.58	+		7.28		1,000.00		1,018.02	+		6.84		N/A		N/A			N/A		1,000.00		1,018.49	+		6.37
Class P
Actual		1,000.00		798.30			3.90		1,000.00		877.95			3.46		1,000.00		849.13			4.42		1,000.00		922.06			3.16
Hypothetical 5% return		1,000.00		1,020.45	+		4.39		1,000.00		1,021.11	+		3.72		1,000.00		1,020.02	+		4.82		1,000.00		1,021.51	+		3.32

+ 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, 2022. 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		1.21	%		1.96	%		0.89	%		1.38	%		0.96	%		0.88	%		1.46	%		0.88	%
Strategic Growth		1.12			1.87			0.75			1.25			0.87			0.74			1.37			0.74
Technology Opportunities		1.26			2.01			0.97			1.48			1.01			0.96			N/A			0.96
U.S. Equity ESG		1.02			1.77			0.67			N/A			0.77			0.66			1.27			0.66

143

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 $2.21 trillion in assets under supervision as of December 31, 2021, Goldman Sachs Asset Management 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. Goldman Sachs Asset Management 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

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Bond Fund⁴

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Large Cap Core Fund⁵

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund⁶

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

∎ Clean Energy Income Fund

∎ Defensive Equity 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 July 29, 2021, the Goldman Sachs Short Duration Income Fund was renamed the Goldman Sachs Short Duration Bond Fund.

⁵  Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.

⁶  Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth 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 John G. Chou* Diana M. Daniels Joaquin Delgado Eileen H. Dowling James A. McNamara Roy W. Templin Gregory G. Weaver Paul C. Wirth* *Effective April 12, 2022.	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, 2022 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.

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© 2022 Goldman Sachs. All rights reserved. 275113-OTU-1589419 EQGRWSAR-22

Goldman Sachs Funds

Semi-Annual Report	February 28, 2022
	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
Market and Economic Review	1
Fund Basics	3
Schedules of Investments	15
Financial Statements	30
Financial Highlights	37
Equity Income	37
Focused Value	45
Large Cap Value	52
Mid Cap Value	60
Small Cap Value	68
Small/Mid Cap Value	76
Notes to Financial Statements	83
Other Information	102

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET AND ECONOMIC REVIEW

Fundamental Equity Value Funds

The following are highlights both of key factors affecting the U.S. equity market and of any key changes made to the Goldman Sachs Fundamental Equity Value Funds (the “Funds”) during the six months ended February 28, 2022 (the “Reporting Period”). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmark during the Reporting Period. A fuller review will appear in the Funds’ annual shareholder report covering the 12 months ended August 31, 2022.

Market and Economic Review

• Overall, U.S. equities struggled during the Reporting Period, experiencing significant volatility as market conditions shifted. The Standard & Poor’s 500 Index (the “S&P 500 Index”) ended the Reporting Period with a return of -2.62%. The Russell 3000^® Index generated a return of -4.24%.

• Persistent supply-chain disruptions and inflationary pressures remained the common themes during the Reporting Period, while the biggest headlines were the COVID-19 variants and the start of the yet ongoing Russia/Ukraine war.

• As the Reporting Period began in September 2021, the S&P 500 Index saw its first decline since January 2021 and its worst month since September 2020. Focus centered around U.S. Federal Reserve (“Fed”) tapering, complex legislative negotiations, persistent supply-chain disruptions, spread of the COVID-19 Delta variant, global risk events, rising energy costs and the rapid uptick in U.S. Treasury yields.

• During the fourth quarter of 2021, the S&P 500 Index increased in October, fell in November and increased in December.

• The third quarter corporate earnings season propelled the U.S. equity market rally in October, with retail earnings upside surprises and hints of easing supply-chain constraints supporting the market’s upward trajectory into early November.

• Later in November, a $1 trillion infrastructure bill was signed into law, and Fed Chair Powell was appointed for a second term, bringing clarity to the Fed’s leadership. However, renewed concerns around COVID-19 developments pressured U.S. equities, with the emergence of the more contagious Omicron variant triggering a sell-off. Persistently high inflation also weighed on market sentiment.

• In December, the S&P 500 Index rebounded despite record COVID-19 case counts in many population centers in the U.S., as studies showed the variant was generally accompanied by milder symptoms than previous variants. Positive seasonality and the so-called “Santa Rally” also lifted the S&P 500 Index towards the end of the month. (A Santa rally refers a sustained increase in the stock market that occurs in the last week of December through the first two trading days in January.) The Fed walked back its use of “transitory” in describing the inflationary environment and announced it would double its pace of asset purchase tapering and indicated potential interest rate hikes in 2022.

• The S&P 500 Index fell in January and February 2022, suffering its biggest pullback since March 2020 amid reverberations surrounding the Fed’s hawkish policy pivot, the velocity and magnitude of the accompanying U.S. Treasury yield increase, the long-standing valuation concerns around some of the riskier pockets of the market, the remaining inflation overhang and the ramping of geopolitical tensions caused by the Russia/Ukraine war.

• During the Reporting Period overall, the U.S. equity market saw a sharp reversal of the growth/value dynamic amid a backdrop of rising U.S. Treasury yields and expectations of multiple interest rate hikes by the Fed. Value stocks meaningfully outperformed growth stocks during the Reporting Period.

• The best performing sectors within the S&P 500 Index during the Reporting Period were energy, consumer staples and financials, while the weakest performing sectors were communication services, information technology and consumer discretionary.

• For the Reporting Period overall, large-cap stocks performed best, followed by mid-cap stocks, with these two segments of the U.S. equity market posting positive returns. The small-cap segment was weakest, generating a negative return during the annual period. (All as measured by the FTSE Russell indices.)

1

MARKET AND ECONOMIC REVIEW

• For the Reporting Period overall, large-cap stocks performed best, followed by mid-cap stocks, with these two segments of the U.S. equity market posting positive returns. The small-cap segment was weakest, generating a negative return during the annual period. (All as measured by the FTSE Russell indices.)

Fund Changes and Highlights

No material changes were made to the Funds during the Reporting Period.

Goldman Sachs Equity Income Fund

• The Fund outperformed its benchmark, the Russell 1000^® Value Index, during the Reporting Period.

• Stock selection overall contributed positively to the Fund’s performance during the Reporting Period, especially in the communication services, consumer staples and utilities sectors. These positive contributors were partially offset by stock selection in the information technology, financials and energy sectors, which detracted.

• Having an underweight to communication services, and particularly the Fund’s underweight to the media industry within the sector, also added value.

Goldman Sachs Focused Value Fund

• The Fund outperformed its benchmark, the Russell 1000^® Value Index, during the Reporting Period.

• Stock selection overall contributed positively to the Fund’s performance during the Reporting Period, especially in the consumer staples, industrials and information technology sectors.

• Within consumer staples, having an overweight to the beverages industry also added value.

Goldman Sachs Large Cap Value Fund

• The Fund outperformed its benchmark, the Russell 1000^® Value Index, during the Reporting Period.

• Stock selection overall contributed positively to the Fund’s performance during the Reporting Period, especially in the energy, industrials and consumer staples sectors.

• Within energy, the Fund’s overweight to the oil, gas & consumable fuels industry also added value.

Goldman Sachs Mid Cap Value Fund

• The Fund outperformed its benchmark, the Russell Mid Cap^® Value Index, during the Reporting Period.

• Stock selection overall contributed positively to the Fund’s performance during the Reporting Period, especially in the financials, energy and industrials sectors.

• Within financials, having an overweight to banks also added value.

Goldman Sachs Small Cap Value Fund

• The Fund outperformed its benchmark, the Russell 2000^® Value Index, during the Reporting Period.

• Stock selection overall contributed positively to the Fund’s performance during the Reporting Period, especially in the health care, communication services and financials sectors.

• Within health care, having an underweight to the biotechnology industry also added value.

Goldman Sachs Small/Mid Cap Value Fund

• The Fund outperformed its benchmark, the Russell 2500^® Value Index, during the Reporting Period.

• Stock selection overall contributed positively to the Fund’s performance during the Reporting Period, especially in the information technology, financials and health care sectors.

• Within information technology, stock selection within the semiconductors & semiconductor equipment industry added particular value.

2

FUND BASICS

Equity Income Fund

as of February 28, 2022

PERFORMANCE REVIEW
September 1, 2021–February 28, 2022	Fund Total Return (based on NAV)1			Russell 1000® Value Index2
Class A		0.99	%		0.42	%
Class C		0.62			0.42
Institutional		1.12			0.42
Service		0.89			0.42
Investor		1.10			0.42
Class R6		1.15			0.42
Class R		0.85			0.42
Class P		1.15			0.42

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 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 2/28/223
Holding	% of Net Assets			Line of Business
JPMorgan Chase & Co.		3.6	%	Banks
Johnson & Johnson		2.6		Pharmaceuticals
Bank of America Corp.		2.6		Banks
UnitedHealth Group, Inc.		2.6		Health Care Providers & Services
Bristol-Myers Squibb Co.		2.4		Pharmaceuticals
Cisco Systems, Inc.		2.2		Communications Equipment
AT&T, Inc.		2.1		Diversified Telecommunication Services
Medtronic PLC		2.1		Health Care Equipment & Supplies
NextEra Energy, Inc.		2.0		Electric Utilities
Procter & Gamble Co. (The)		2.0		Household Products

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, 2022

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 (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.01% of the Fund’s net assets as of February 28, 2022. 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

Focused Value Fund

as of February 28, 2022

PERFORMANCE REVIEW
September 1, 2021–February 28, 2022	Fund Total Return (based on NAV)1			Russell 1000® Value Index2
Class A		1.88	%		0.42	%
Class C		1.54			0.42
Institutional		2.03			0.42
Investor		1.98			0.42
Class R6		2.13			0.42
Class R		1.82			0.42
Class P		2.07			0.42

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 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 2/28/223
Holding	% of Net Assets			Line of Business
Bristol-Myers Squibb Co.		5.3	%	Pharmaceuticals
Coca-Cola Co. (The)		5.2		Beverages
Humana, Inc.		5.1		Health Care Providers & Services
Procter & Gamble Co. (The)		5.1		Household Products
Chubb Ltd.		5.0		Insurance
Bank of America Corp.		4.5		Banks
General Electric Co.		3.9		Industrial Conglomerates
JPMorgan Chase & Co.		3.7		Banks
Cognizant Technology Solutions Corp., Class A		3.2		IT Services
NextEra Energy, Inc.		3.0		Electric Utilities

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, 2022

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

Large Cap Value Fund

as of February 28, 2022

PERFORMANCE REVIEW
September 1, 2021–February 28, 2022	Fund Total Return (based on NAV)1			Russell 1000® Value Index2
Class A		1.46	%		0.42	%
Class C		1.10			0.42
Institutional		1.60			0.42
Service		1.37			0.42
Investor		1.63			0.42
Class R6		1.63			0.42
Class R		1.34			0.42
Class P		1.63			0.42

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 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 2/28/223
Holding	% of Net Assets			Line of Business
JPMorgan Chase & Co.		3.2	%	Banks
Procter & Gamble Co. (The)		2.9		Household Products
Bank of America Corp.		2.9		Banks
Johnson & Johnson		2.6		Pharmaceuticals
Chevron Corp.		2.3		Oil, Gas & Consumable Fuels
Bristol-Myers Squibb Co.		2.0		Pharmaceuticals
Cisco Systems, Inc.		2.0		Communications Equipment
ConocoPhillips		1.9		Oil, Gas & Consumable Fuels
AT&T, Inc.		1.8		Diversified Telecommunication Services
NextEra Energy, Inc.		1.8		Electric Utilities

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, 2022

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

Mid Cap Value Fund

as of February 28, 2022

PERFORMANCE REVIEW
September 1, 2021–February 28, 2022	Fund Total Return (based on NAV)1			Russell Midcap® Value  Index2
Class A		2.30	%		-0.39	%
Class C		1.92			-0.39
Institutional		2.50			-0.39
Service		2.23			-0.39
Investor		2.45			-0.39
Class R6		2.49			-0.39
Class R		2.17			-0.39
Class P		2.51			-0.39

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 2/28/223
Holding	% of Net Assets			Line of Business
Hess Corp.		1.9	%	Oil, Gas & Consumable Fuels
United Airlines Holdings, Inc.		1.9		Airlines
Devon Energy Corp.		1.9		Oil, Gas & Consumable Fuels
East West Bancorp, Inc.		1.8		Banks
Ball Corp.		1.8		Containers & Packaging
Live Nation Entertainment, Inc.		1.6		Entertainment
ON Semiconductor Corp.		1.6		Semiconductors & Semiconductor Equipment
Cummins, Inc.		1.6		Machinery
Ashland Global Holdings, Inc.		1.5		Chemicals
AmerisourceBergen Corp.		1.5		Health Care Providers & Services

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, 2022

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.

10

FUND BASICS

Small Cap Value Fund

as of February 28, 2022

PERFORMANCE REVIEW
September 1, 2021–February 28, 2022	Fund Total Return (based on NAV)1			Russell 2000® Value Index2
Class A		1.63	%		-2.10	%
Class C		1.27			-2.10
Institutional		1.79			-2.10
Service		1.53			-2.10
Investor		1.76			-2.10
Class R6		1.79			-2.10
Class R		1.50			-2.10
Class P		1.79			-2.10

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 2/28/223
Holding	% of Net Assets			Line of Business
Avient Corp.		1.4	%	Chemicals
Ovintiv, Inc.		1.1		Oil, Gas & Consumable Fuels
Tenet Healthcare Corp.		1.1		Health Care Providers & Services
KBR, Inc.		1.1		Professional Services
Terreno Realty Corp. REIT		1.1		Equity Real Estate Investment Trusts (REITs)
RLJ Lodging Trust REIT		1.0		Equity Real Estate Investment Trusts (REITs)
STAG Industrial, Inc. REIT		1.0		Equity Real Estate Investment Trusts (REITs)
Hancock Whitney Corp.		1.0		Banks
WESCO International, Inc.		1.0		Trading Companies & Distributors
Ryman Hospitality Properties, Inc. REIT		1.0		Equity Real Estate Investment Trusts (REITs)

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, 2022

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 (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.36% of the Fund’s net assets as of February 28, 2022. 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

Small/Mid Cap Value Fund

as of February 28, 2022

PERFORMANCE REVIEW
September 1, 2021–February 28, 2022	Fund Total Return (based on NAV)1			Russell 2500® Value Index2
Class A		2.56	%		-0.13	%
Class C		2.17			-0.13
Institutional		2.70			-0.13
Investor		2.65			-0.13
Class R6		2.71			-0.13
Class R		2.46			-0.13
Class P		2.77			-0.13

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance 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 2/28/223
Holding	% of Net Assets			Line of Business
Devon Energy Corp.		1.5	%	Oil, Gas & Consumable Fuels
Crown Holdings, Inc.		1.4		Containers & Packaging
Regal Rexnord Corp.		1.4		Electrical Equipment
Avient Corp.		1.3		Chemicals
AECOM		1.3		Construction & Engineering
ON Semiconductor Corp.		1.2		Semiconductors & Semiconductor Equipment
Regency Centers Corp. REIT		1.1		Equity Real Estate Investment Trusts (REITs)
Signature Bank		1.1		Banks
Quanta Services, Inc.		1.1		Construction & Engineering
Ovintiv, Inc.		1.0		Oil, Gas & Consumable Fuels

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

13

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of February 28, 2022

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 (excluding investments in the securities lending reinvestment vehicle, if any). 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

GOLDMAN SACHS EQUITY INCOME FUND

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 98.7%
Aerospace & Defense – 1.6%
	27,623	L3Harris Technologies, Inc.	$	6,969,559
Banks – 10.0%
	248,443	Bank of America Corp.		10,981,181
	108,471	JPMorgan Chase & Co.		15,381,188
	43,913	M&T Bank Corp.		8,002,266
	128,475	Truist Financial Corp.		7,993,714
				42,358,349
Beverages – 2.2%
	119,250	Coca-Cola Co. (The)		7,422,120
	32,873	Coca-Cola Europacific Partners PLC (United Kingdom)		1,683,426
				9,105,546
Biotechnology – 0.8%
	15,380	Amgen, Inc.		3,483,262
Capital Markets – 2.9%
	6,757	BlackRock, Inc.		5,026,465
	49,969	Morgan Stanley		4,534,187
	24,279	Singapore Exchange Ltd. ADR (Singapore)(a)		2,523,559
				12,084,211
Chemicals – 2.1%
	12,162	Air Products and Chemicals, Inc.		2,873,881
	21,209	Linde PLC (United Kingdom)		6,219,327
				9,093,208
Commercial Services & Supplies – 1.5%
	52,937	Republic Services, Inc.		6,367,262
Communications Equipment – 2.7%
	164,859	Cisco Systems, Inc.		9,194,186
	71,539	Juniper Networks, Inc.		2,417,303
				11,611,489
Construction & Engineering – 0.6%
	90,118	Vinci SA ADR (France)		2,350,277
Consumer Finance – 1.3%
	27,684	American Express Co.		5,385,645
Containers & Packaging – 0.6%
	59,409	International Paper Co.		2,586,074
Diversified Telecommunication Services – 2.1%
	374,559	AT&T, Inc.		8,873,303
Electric Utilities – 2.8%
	109,833	NextEra Energy, Inc.		8,596,629
	49,155	Xcel Energy, Inc.		3,309,606
				11,906,235
Electrical Equipment – 2.0%
	53,906	Eaton Corp. PLC		8,317,157
Electronic Equipment, Instruments & Components – 1.0%
	29,823	TE Connectivity Ltd. (Switzerland)		4,247,690
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – 6.7%
	22,647	Alexandria Real Estate Equities, Inc. REIT		4,289,342
	13,438	American Tower Corp. REIT		3,048,679
	25,157	AvalonBay Communities, Inc. REIT		6,002,209
	18,016	Boston Properties, Inc. REIT		2,203,537
	69,473	Duke Realty Corp. REIT		3,682,069
	90,102	Healthpeak Properties, Inc. REIT		2,798,568
	103,338	Hudson Pacific Properties, Inc. REIT		2,728,123
	69,874	Ventas, Inc. REIT		3,773,196
				28,525,723
Food & Staples Retailing – 0.7%
	22,116	Walmart, Inc.		2,989,199
Food Products – 3.5%
	35,194	Archer-Daniels-Midland Co.		2,760,969
	68,484	General Mills, Inc.		4,617,876
	22,589	McCormick & Co., Inc.		2,149,795
	80,562	Mondelez International, Inc., Class A		5,275,200
				14,803,840
Health Care Equipment & Supplies – 2.9%
	82,941	Medtronic PLC		8,707,976
	29,705	Zimmer Biomet Holdings, Inc.		3,778,179
				12,486,155
Health Care Providers & Services – 4.5%
	80,767	CVS Health Corp.		8,371,499
	22,778	UnitedHealth Group, Inc.		10,839,367
				19,210,866
Hotels, Restaurants & Leisure – 3.0%
	25,979	McDonald’s Corp.		6,358,880
	23,289	Starbucks Corp.		2,137,697
	34,477	Yum! Brands, Inc.		4,226,191
				12,722,768
Household Products – 3.6%
	17,608	Clorox Co. (The)		2,567,070
	33,231	Kimberly-Clark Corp.		4,325,015
	53,770	Procter & Gamble Co. (The)		8,382,205
				15,274,290
Industrial Conglomerates – 1.4%
	30,172	Honeywell International, Inc.		5,725,137
Insurance – 3.9%
	31,462	Chubb Ltd.		6,406,922
	29,420	Marsh & McLennan Cos., Inc.		4,572,162
	80,610	MetLife, Inc.		5,445,205
				16,424,289
IT Services – 3.9%
	13,821	Accenture PLC, Class A		4,367,713
	48,302	Cognizant Technology Solutions Corp., Class A		4,160,251

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

GOLDMAN SACHS EQUITY INCOME FUND

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
IT Services – (continued)
	32,605	Fidelity National Information Services, Inc.	$	3,104,974
	40,341	International Business Machines Corp.		4,942,176
				16,575,114
Machinery – 2.4%
	21,193	Cummins, Inc.		4,325,915
	27,738	Illinois Tool Works, Inc.		6,000,839
				10,326,754
Media – 0.5%
	47,325	New York Times Co. (The), Class A		2,081,827
Metals & Mining – 1.5%
	80,240	Rio Tinto PLC ADR (Australia)		6,305,259
Multiline Retail – 1.1%
	22,940	Target Corp.		4,582,724
Multi-Utilities – 4.3%
	58,197	Ameren Corp.		5,002,032
	68,414	CMS Energy Corp.		4,379,180
	57,410	National Grid PLC ADR (United Kingdom)		4,339,048
	29,829	Sempra Energy		4,301,939
				18,022,199
Oil, Gas & Consumable Fuels – 6.7%
	53,070	Chevron Corp.		7,642,080
	78,432	ConocoPhillips		7,440,059
	102,761	Devon Energy Corp.		6,119,418
	18,443	Pioneer Natural Resources Co.		4,418,943
	48,091	Shell PLC ADR (Netherlands)		2,519,487
				28,139,987
Pharmaceuticals – 6.5%
	145,609	Bristol-Myers Squibb Co.		9,998,970
	25,359	Eli Lilly & Co.		6,338,482
	67,067	Johnson & Johnson		11,037,216
				27,374,668
Road & Rail – 1.1%
	18,418	Union Pacific Corp.		4,529,907
Semiconductors & Semiconductor Equipment – 3.2%
	13,445	KLA Corp.		4,685,583
	72,474	Marvell Technology, Inc.		4,952,148
	22,241	Texas Instruments, Inc.		3,780,748
				13,418,479
Software – 0.6%
	8,530	Microsoft Corp.		2,548,679
Specialty Retail – 1.1%
	12,098	Advance Auto Parts, Inc.		2,473,799
	6,462	Home Depot, Inc. (The)		2,040,894
				4,514,693
Common Stocks – (continued)
Technology Hardware, Storage & Peripherals – 0.5%
	25,090	NetApp, Inc.		1,966,554
Water Utilities – 0.9%
	26,067	American Water Works Co., Inc.		3,938,463
	TOTAL COMMON STOCKS
	(Cost $322,706,412)		$	417,226,841

Shares	Dividend Rate	Value
Investment Company – 0.9%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
3,859,662	0.026%	$	3,859,662
(Cost $3,859,662)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $326,566,074)		$	421,086,503
Securities Lending Reinvestment Vehicle – 0.0%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
32,445	0.026%	$	32,445
(Cost $32,445)
TOTAL INVESTMENTS – 99.6%
(Cost $326,598,519)		$	421,118,948
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.4%			1,492,378
NET ASSETS – 100.0%		$	422,611,326

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	All or a portion 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

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

GOLDMAN SACHS FOCUSED VALUE FUND

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 97.8%
Aerospace & Defense – 2.9%
	4,748	L3Harris Technologies, Inc.	$	1,197,968
Airlines – 2.1%
	19,705	United Airlines Holdings, Inc.*		874,902
Automobiles – 2.3%
	20,291	General Motors Co.*		947,995
Banks – 8.1%
	41,294	Bank of America Corp.		1,825,195
	10,611	JPMorgan Chase & Co.		1,504,640
				3,329,835
Beverages – 5.1%
	33,978	Coca-Cola Co. (The)		2,114,791
Biotechnology – 0.6%
	2,771	Neurocrine Biosciences, Inc.*		249,030
Capital Markets – 5.0%
	1,517	BlackRock, Inc.		1,128,481
	10,775	Charles Schwab Corp. (The)		910,057
				2,038,538
Construction Materials – 1.8%
	1,914	Martin Marietta Materials, Inc.		726,172
Containers & Packaging – 2.3%
	10,747	Ball Corp.		964,436
Diversified Telecommunication Services – 2.3%
	40,441	AT&T, Inc.		958,047
Electric Utilities – 3.0%
	15,572	NextEra Energy, Inc.		1,218,820
Equity Real Estate Investment Trusts (REITs) – 2.1%
	4,592	Alexandria Real Estate Equities, Inc. REIT		869,725
Food Products – 1.1%
	6,621	Mondelez International, Inc., Class A		433,543
Health Care Equipment & Supplies – 5.2%
	26,158	Boston Scientific Corp.*		1,155,399
	7,585	Zimmer Biomet Holdings, Inc.		964,736
				2,120,135
Health Care Providers & Services – 5.1%
	4,833	Humana, Inc.		2,099,069
Household Products – 5.1%
	13,354	Procter & Gamble Co. (The)		2,081,755
Industrial Conglomerates – 3.9%
	16,756	General Electric Co.		1,600,366
Insurance – 5.0%
	10,043	Chubb Ltd.		2,045,156
IT Services – 3.2%
	15,096	Cognizant Technology Solutions Corp., Class A		1,300,218
Common Stocks – (continued)
Life Sciences Tools & Services – 1.9%
	4,446	PerkinElmer, Inc.		798,546
Machinery – 2.5%
	4,694	Illinois Tool Works, Inc.		1,015,500
Metals & Mining – 1.9%
	16,297	Freeport-McMoRan, Inc.		765,144
Multi-Utilities – 2.6%
	12,578	Ameren Corp.		1,081,079
Oil, Gas & Consumable Fuels – 5.4%
	3,587	Chevron Corp.		516,528
	5,445	ConocoPhillips		516,513
	19,843	Devon Energy Corp.		1,181,650
				2,214,691
Pharmaceuticals – 5.3%
	31,457	Bristol-Myers Squibb Co.		2,160,152
Road & Rail – 2.7%
	4,561	Union Pacific Corp.		1,121,778
Semiconductors & Semiconductor Equipment – 4.6%
	2,357	KLA Corp.		821,415
	15,453	Marvell Technology, Inc.		1,055,903
				1,877,318
Software – 4.7%
	5,452	salesforce.com, Inc.*		1,147,810
	6,651	Splunk, Inc.*		785,483
				1,933,293
	TOTAL COMMON STOCKS
	(Cost $37,103,977)		$	40,138,002

Shares	Dividend Rate	Value
Investment Company – 2.1%(a)
Goldman Sachs Financial Square Government Fund – Institutional Shares
864,163	0.026%	$	864,163
(Cost $864,163)
TOTAL INVESTMENTS – 99.9%
(Cost $37,968,140)		$	41,002,165
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%			17,807
NET ASSETS – 100.0%		$	41,019,972

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

Investment Abbreviations:
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS LARGE CAP VALUE FUND

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 98.1%
Aerospace & Defense – 1.7%
	32,261	L3Harris Technologies, Inc.	$	8,139,773
Airlines – 1.2%
	135,819	United Airlines Holdings, Inc.*		6,030,364
Automobiles – 1.1%
	113,585	General Motors Co.*		5,306,691
Banks – 7.7%
	326,881	Bank of America Corp.		14,448,140
	109,858	JPMorgan Chase & Co.		15,577,864
	22,020	M&T Bank Corp.		4,012,705
	62,164	Truist Financial Corp.		3,867,844
				37,906,553
Beverages – 2.1%
	94,114	Coca-Cola Co. (The)		5,857,656
	21,489	Constellation Brands, Inc., Class A		4,633,458
				10,491,114
Biotechnology – 1.3%
	4,965	Alnylam Pharmaceuticals, Inc.*		783,725
	3,322	Argenx SE ADR (Netherlands)*		955,773
	14,924	Beam Therapeutics, Inc.*		1,169,296
	5,628	Biogen, Inc.*		1,187,564
	14,897	Neurocrine Biosciences, Inc.*		1,338,793
	7,057	Seagen, Inc.*		909,436
				6,344,587
Capital Markets – 5.5%
	10,052	BlackRock, Inc.		7,477,582
	98,463	Charles Schwab Corp. (The)		8,316,185
	91,935	Morgan Stanley		8,342,182
	94,970	TPG, Inc.*		2,919,378
				27,055,327
Chemicals – 1.6%
	39,057	Ashland Global Holdings, Inc.		3,604,180
	15,335	Linde PLC (United Kingdom)		4,496,835
				8,101,015
Commercial Services & Supplies – 0.6%
	23,917	Waste Connections, Inc.		2,953,510
Communications Equipment – 2.0%
	173,488	Cisco Systems, Inc.		9,675,426
Construction Materials – 1.2%
	15,976	Martin Marietta Materials, Inc.		6,061,294
Consumer Finance – 0.8%
	19,268	American Express Co.		3,748,397
Containers & Packaging – 1.1%
	61,525	Ball Corp.		5,521,254
Diversified Financial Services – 1.2%
	17,949	Berkshire Hathaway, Inc., Class B*		5,769,706
Common Stocks – (continued)
Diversified Telecommunication Services – 1.8%
	382,986	AT&T, Inc.		9,072,938
Electric Utilities – 2.8%
	114,684	NextEra Energy, Inc.		8,976,317
	70,576	Xcel Energy, Inc.		4,751,882
				13,728,199
Electrical Equipment – 1.0%
	31,756	Eaton Corp. PLC		4,899,633
Electronic Equipment, Instruments & Components – 0.5%
	16,333	Keysight Technologies, Inc.*		2,570,324
Entertainment – 1.2%
	41,149	Walt Disney Co. (The)*		6,108,981
Equity Real Estate Investment Trusts (REITs) – 4.3%
	21,709	Alexandria Real Estate Equities, Inc. REIT		4,111,685
	19,973	AvalonBay Communities, Inc. REIT		4,765,358
	30,774	Boston Properties, Inc. REIT		3,763,968
	29,890	Prologis, Inc. REIT		4,359,456
	11,908	Public Storage REIT		4,227,578
				21,228,045
Food Products – 2.9%
	37,871	Archer-Daniels-Midland Co.		2,970,980
	65,038	General Mills, Inc.		4,385,512
	106,190	Mondelez International, Inc., Class A		6,953,321
				14,309,813
Gas Utilities – 0.6%
	24,949	Atmos Energy Corp.		2,739,650
Health Care Equipment & Supplies – 3.8%
	153,908	Boston Scientific Corp.*		6,798,116
	58,923	Medtronic PLC		6,186,326
	43,754	Zimmer Biomet Holdings, Inc.		5,565,071
				18,549,513
Health Care Providers & Services – 3.4%
	82,506	CVS Health Corp.		8,551,747
	10,812	Guardant Health, Inc.*		716,511
	16,879	Humana, Inc.		7,330,887
				16,599,145
Hotels, Restaurants & Leisure – 1.9%
	12,806	Expedia Group, Inc.*		2,511,385
	27,132	McDonald’s Corp.		6,641,099
				9,152,484
Household Products – 2.9%
	92,755	Procter & Gamble Co. (The)		14,459,577
Industrial Conglomerates – 1.8%
	90,255	General Electric Co.		8,620,255
Insurance – 5.0%
	36,395	Chubb Ltd.		7,411,478

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

GOLDMAN SACHS LARGE CAP VALUE FUND

Shares		Description	Value
Common Stocks – (continued)
Insurance – (continued)
	40,185	Globe Life, Inc.	$	4,057,078
	95,597	MetLife, Inc.		6,457,577
	62,903	Progressive Corp. (The)		6,663,315
				24,589,448
Interactive Media & Services – 1.4%
	2,586	Alphabet, Inc., Class A*		6,985,148
IT Services – 3.4%
	65,134	Cognizant Technology Solutions Corp., Class A		5,609,991
	36,020	Fidelity National Information Services, Inc.		3,430,185
	63,065	International Business Machines Corp.		7,726,093
				16,766,269
Life Sciences Tools & Services – 2.0%
	101,212	Avantor, Inc.*		3,511,044
	11,497	Thermo Fisher Scientific, Inc.		6,254,368
				9,765,412
Machinery – 0.9%
	20,176	Illinois Tool Works, Inc.		4,364,876
Media – 0.8%
	85,120	New York Times Co. (The), Class A		3,744,429
Metals & Mining – 0.7%
	78,209	Freeport-McMoRan, Inc.		3,671,913
Multiline Retail – 1.0%
	24,720	Target Corp.		4,938,314
Multi-Utilities – 1.6%
	48,867	Ameren Corp.		4,200,119
	56,963	CMS Energy Corp.		3,646,201
				7,846,320
Oil, Gas & Consumable Fuels – 6.5%
	78,733	Chevron Corp.		11,337,552
	100,614	ConocoPhillips		9,544,244
	124,782	Devon Energy Corp.		7,430,768
	36,612	Hess Corp.		3,700,009
				32,012,573
Pharmaceuticals – 6.0%
	57,558	AstraZeneca PLC ADR (United Kingdom)		3,504,131
	144,597	Bristol-Myers Squibb Co.		9,929,476
	14,633	Eli Lilly & Co.		3,657,519
	76,846	Johnson & Johnson		12,646,546
				29,737,672
Road & Rail – 3.1%
	20,676	Norfolk Southern Corp.		5,303,808
	9,707	Old Dominion Freight Line, Inc.		3,048,289
	27,920	Union Pacific Corp.		6,866,924
				15,219,021
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – 3.5%
	10,182	KLA Corp.		3,548,427
	72,195	Marvell Technology, Inc.		4,933,084
	37,442	ON Semiconductor Corp.*		2,344,244
	23,523	Texas Instruments, Inc.		3,998,675
	22,192	Wolfspeed, Inc.*		2,279,562
				17,103,992
Software – 3.2%
	5,867	Adobe, Inc.*		2,743,879
	42,300	salesforce.com, Inc.*		8,905,419
	33,413	Splunk, Inc.*		3,946,075
				15,595,373
Specialty Retail – 1.0%
	7,860	O’Reilly Automotive, Inc.*		5,103,026
	TOTAL COMMON STOCKS
	(Cost $378,484,613)		$	482,587,354

Shares	Dividend Rate	Value
Investment Company – 1.4%(a)
Goldman Sachs Financial Square Government Fund – Institutional Shares
7,102,593	0.026%	$	7,102,593
(Cost $7,102,593)
TOTAL INVESTMENTS – 99.5%
(Cost $385,587,206)		$	489,689,947
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.5%			2,113,950
NET ASSETS – 100.0%		$	491,803,897

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. 19

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 97.9%
Aerospace & Defense – 4.0%
	73,233	L3Harris Technologies, Inc.	$	18,477,418
	24,967	TransDigm Group, Inc.*		16,642,753
	114,184	Woodward, Inc.		14,230,752
				49,350,923
Airlines – 2.6%
	536,572	JetBlue Airways Corp.*		8,193,454
	537,687	United Airlines Holdings, Inc.*		23,873,303
				32,066,757
Auto Components – 1.2%
	113,676	Aptiv PLC*		14,714,221
Banks – 6.3%
	261,227	Citizens Financial Group, Inc.		13,693,519
	253,465	East West Bancorp, Inc.		22,193,396
	41,890	First Republic Bank		7,257,861
	73,233	M&T Bank Corp.		13,345,250
	145,191	Pinnacle Financial Partners, Inc.		14,675,906
	21,846	Signature Bank		7,534,467
				78,700,399
Beverages – 1.6%
	225,191	Coca-Cola Europacific Partners PLC (United Kingdom)		11,532,031
	37,106	Constellation Brands, Inc., Class A		8,000,796
				19,532,827
Biotechnology – 1.0%
	25,007	Alnylam Pharmaceuticals, Inc.*		3,947,355
	11,869	Argenx SE ADR (Netherlands)*		3,414,830
	50,411	Neurocrine Biosciences, Inc.*		4,530,437
				11,892,622
Building Products – 1.6%
	86,598	Allegion PLC		9,917,203
	63,500	Trane Technologies PLC		9,774,555
				19,691,758
Capital Markets – 2.9%
	183,298	Carlyle Group, Inc. (The)		8,591,177
	117,609	Raymond James Financial, Inc.		12,895,827
	110,757	State Street Corp.		9,450,895
	157,302	TPG, Inc.*		4,835,463
				35,773,362
Chemicals – 2.3%
	203,843	Ashland Global Holdings, Inc.		18,810,632
	74,197	PPG Industries, Inc.		9,901,590
				28,712,222
Communications Equipment – 1.9%
	58,510	Motorola Solutions, Inc.		12,897,359
	681,670	Viavi Solutions, Inc.*		11,179,388
				24,076,747
Common Stocks – (continued)
Construction Materials – 1.2%
	39,142	Martin Marietta Materials, Inc.		14,850,475
Containers & Packaging – 1.8%
	244,664	Ball Corp.		21,956,147
Diversified Financial Services – 0.7%
	128,920	Apollo Global Management, Inc.		8,413,319
Electric Utilities – 1.3%
	239,334	Xcel Energy, Inc.		16,114,358
Electrical Equipment – 2.3%
	143,413	AMETEK, Inc.		18,613,573
	38,602	Rockwell Automation, Inc.		10,290,521
				28,904,094
Electronic Equipment, Instruments & Components – 1.4%
	79,902	Keysight Technologies, Inc.*		12,574,178
	207,177	Vontier Corp.		5,034,401
				17,608,579
Entertainment – 1.6%
	163,267	Live Nation Entertainment, Inc.*		19,725,919
Equity Real Estate Investment Trusts (REITs) – 9.7%
	72,726	Alexandria Real Estate Equities, Inc. REIT		13,774,304
	255,729	Americold Realty Trust REIT		6,833,079
	52,768	AvalonBay Communities, Inc. REIT		12,589,917
	56,093	Camden Property Trust REIT		9,261,515
	119,719	CubeSmart REIT		5,771,653
	186,871	Duke Realty Corp. REIT		9,904,163
	116,340	Equity LifeStyle Properties, Inc. REIT		8,681,291
	26,405	Essex Property Trust, Inc. REIT		8,374,874
	211,244	Healthpeak Properties, Inc. REIT		6,561,239
	162,725	Highwoods Properties, Inc. REIT		7,094,810
	227,291	Invitation Homes, Inc. REIT		8,591,600
	99,186	Ryman Hospitality Properties, Inc. REIT*		8,739,278
	290,443	VICI Properties, Inc. REIT		8,120,786
	72,627	Welltower, Inc. REIT		6,049,103
				120,347,612
Food & Staples Retailing – 0.9%
	196,179	Performance Food Group Co.*		10,993,871
Food Products – 2.2%
	113,711	Lamb Weston Holdings, Inc.		7,553,822
	73,126	McCormick & Co., Inc.		6,959,401
	506,138	Nomad Foods Ltd. (United Kingdom)*		12,744,555
				27,257,778
Health Care Equipment & Supplies – 1.5%
	26,658	Cooper Cos., Inc. (The)		10,903,655
	60,811	Zimmer Biomet Holdings, Inc.		7,734,551
				18,638,206

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

GOLDMAN SACHS MID CAP VALUE FUND

Shares		Description	Value
Common Stocks – (continued)
Health Care Providers & Services – 3.4%
	131,493	AmerisourceBergen Corp.	$	18,741,697
	167,362	Centene Corp.*		13,827,449
	56,171	Guardant Health, Inc.*		3,722,452
	47,422	Quest Diagnostics, Inc.		6,225,086
				42,516,684
Hotels, Restaurants & Leisure – 4.3%
	94,545	Caesars Entertainment, Inc.*		7,959,743
	90,106	Expedia Group, Inc.*		17,670,688
	162,461	Royal Caribbean Cruises Ltd.*		13,113,852
	78,134	Wyndham Hotels & Resorts, Inc.		6,751,559
	64,107	Yum! Brands, Inc.		7,858,236
				53,354,078
Household Durables – 0.5%
	73,436	Lennar Corp., Class A		6,600,428
Independent Power and Renewable Electricity Producers – 2.1%
	738,257	AES Corp. (The)		15,673,196
	136,214	NextEra Energy Partners LP		10,626,054
				26,299,250
Insurance – 6.1%
	8,836	Alleghany Corp.*		5,848,725
	48,208	American Financial Group, Inc.		6,526,881
	334,125	Arch Capital Group Ltd.*		15,740,629
	66,389	Arthur J Gallagher & Co.		10,502,076
	133,017	Globe Life, Inc.		13,429,396
	5,192	Markel Corp.*		6,453,189
	161,208	Principal Financial Group, Inc.		11,387,733
	156,969	Ryan Specialty Group Holdings, Inc., Class A*		6,288,178
				76,176,807
Interactive Media & Services – 0.6%
	217,610	Twitter, Inc.*		7,736,036
IT Services – 0.2%
	14,137	EPAM Systems, Inc.*		2,936,962
Life Sciences Tools & Services – 1.0%
	66,690	PerkinElmer, Inc.		11,978,191
Machinery – 4.5%
	94,824	Cummins, Inc.		19,355,475
	223,321	Fortive Corp.		14,460,035
	39,931	IDEX Corp.		7,662,759
	162,813	ITT, Inc.		14,306,378
				55,784,647
Media – 1.4%
	611,523	Discovery, Inc., Class C*		17,104,298
Metals & Mining – 1.1%
	301,631	Freeport-McMoRan, Inc.		14,161,575
Multi-Utilities – 4.3%
	197,748	Ameren Corp.		16,996,441
	198,541	CMS Energy Corp.		12,708,609
Common Stocks – (continued)
Multi-Utilities – (continued)
	199,291	Public Service Enterprise Group, Inc.		12,920,036
	115,057	WEC Energy Group, Inc.		10,456,380
				53,081,466
Oil, Gas & Consumable Fuels – 6.1%
	387,514	Devon Energy Corp.		23,076,459
	88,753	Diamondback Energy, Inc.		12,256,789
	238,232	Hess Corp.		24,075,726
	68,108	Pioneer Natural Resources Co.		16,318,677
				75,727,651
Pharmaceuticals – 1.0%
	118,454	Catalent, Inc.*		12,087,046
Road & Rail – 0.5%
	23,078	Saia, Inc.*		6,628,694
Semiconductors & Semiconductor Equipment – 4.1%
	251,580	Marvell Technology, Inc.		17,190,461
	97,017	MKS Instruments, Inc.		14,610,760
	312,286	ON Semiconductor Corp.*		19,552,227
				51,353,448
Software – 1.4%
	62,027	Cadence Design Systems, Inc.*		9,392,749
	70,655	Splunk, Inc.*		8,344,355
				17,737,104
Specialty Retail – 2.9%
	90,130	Advance Auto Parts, Inc.		18,429,782
	75,518	Bath & Body Works, Inc.		4,030,396
	27,181	Burlington Stores, Inc.*		6,139,916
	18,771	RH*		7,543,502
				36,143,596
Textiles, Apparel & Luxury Goods – 0.8%
	144,135	Capri Holdings Ltd.*		9,763,705
Trading Companies & Distributors – 1.0%
	243,765	Fastenal Co.		12,544,147
Water Utilities – 0.6%
	51,618	American Water Works Co., Inc.		7,798,964
	TOTAL COMMON STOCKS
	(Cost $945,921,010)		$	1,216,836,973

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

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares	Dividend Rate	Value
Investment Company – 2.1%(a)
Goldman Sachs Financial Square Government Fund – Institutional Shares
25,517,225	0.026%	$	25,517,225
(Cost $25,517,225)
TOTAL INVESTMENTS – 100.0%
(Cost $971,438,235)		$	1,242,354,198
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.0%			904,842
NET ASSETS – 100.0%		$	1,243,259,040

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

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 98.4%
Aerospace & Defense – 0.9%
	605,811	AAR Corp.*	$	27,225,146
	208,667	Ducommun, Inc.*		10,539,770
				37,764,916
Air Freight & Logistics – 0.1%
	62,855	Atlas Air Worldwide Holdings, Inc.*		4,925,318
Airlines – 0.3%
	73,701	Allegiant Travel Co.*		12,830,607
Auto Components – 1.1%
	535,114	Adient PLC*		23,946,351
	1,558,159	Goodyear Tire & Rubber Co. (The)*		24,135,883
				48,082,234
Banks – 17.9%
	268,624	Amalgamated Financial Corp.		4,612,274
	506,624	Ameris Bancorp		25,077,888
	816,861	Associated Banc-Corp.		19,923,240
	721,108	Atlantic Union Bankshares Corp.		29,298,618
	554,923	Banner Corp.		34,188,806
	244,227	Berkshire Hills Bancorp, Inc.		7,595,460
	1,187,057	Brookline Bancorp, Inc.		20,346,157
	936,250	Cadence Bank		29,604,225
	535,015	Columbia Banking System, Inc.		19,597,599
	295,828	Community Bank System, Inc.		21,577,694
	720,301	ConnectOne Bancorp, Inc.		23,769,933
	1,424,336	CVB Financial Corp.		33,585,843
	1,285,902	Eastern Bankshares, Inc.		28,109,818
	493,125	FB Financial Corp.		21,914,475
	365,937	First Financial Bankshares, Inc.		17,535,701
	668,491	First Merchants Corp.		29,239,796
	148,950	First of Long Island Corp. (The)		3,242,641
	334,900	German American Bancorp, Inc.		13,322,322
	399,887	Glacier Bancorp, Inc.		22,153,740
	767,973	Hancock Whitney Corp.		42,760,737
	509,279	Heritage Financial Corp.		13,353,295
	1,002,153	Home BancShares, Inc.		23,460,402
	349,150	Independent Bank Corp.		30,030,392
	372,856	Lakeland Financial Corp.		29,906,780
	969,206	OceanFirst Financial Corp.		21,690,830
	618,485	Pacific Premier Bancorp, Inc.		23,941,554
	585,129	PacWest Bancorp		28,917,075
	163,946	Pinnacle Financial Partners, Inc.		16,571,662
	693,621	Renasant Corp.		25,324,103
	317,387	SouthState Corp.		28,564,830
	571,294	Towne Bank		17,812,947
	472,911	TriCo Bancshares		20,524,337
	857,705	United Community Banks, Inc.		33,158,875
				760,714,049
Beverages – 0.8%
	2,244,948	Primo Water Corp.		32,641,544
Biotechnology – 2.2%
	330,867	Agios Pharmaceuticals, Inc.*		10,299,890
	433,451	Alkermes PLC*		10,775,592
	325,472	Allogene Therapeutics, Inc.*		2,978,069
Common Stocks – (continued)
Biotechnology – (continued)
	216,603	Arena Pharmaceuticals, Inc.*		20,570,787
	490,259	Bluebird Bio, Inc.*		2,961,164
	58,508	Blueprint Medicines Corp.*		3,542,660
	130,959	Cytokinetics, Inc.*		4,625,472
	881,589	Ironwood Pharmaceuticals, Inc.*		9,485,898
	467,424	Mersana Therapeutics, Inc.*		2,051,991
	533,643	Myriad Genetics, Inc.*		13,010,216
	278,958	REVOLUTION Medicines, Inc.*		5,277,885
	201,199	Turning Point Therapeutics, Inc.*		6,369,960
				91,949,584
Building Products – 1.5%
	348,903	Griffon Corp.		8,042,214
	1,157,072	Resideo Technologies, Inc.*		29,783,033
	822,411	Zurn Water Solutions Corp.		26,744,806
				64,570,053
Capital Markets – 1.0%
	87,870	Houlihan Lokey, Inc.		9,038,308
	656,185	P10, Inc., Class A*		8,162,942
	154,254	PJT Partners, Inc., Class A		9,844,490
	222,740	Stifel Financial Corp.		16,371,390
				43,417,130
Chemicals – 2.3%
	1,165,647	Avient Corp.		61,068,246
	289,419	HB Fuller Co.		19,787,577
	101,086	Kraton Corp.*		4,665,119
	637,511	Tronox Holdings PLC, Class A		12,941,473
				98,462,415
Commercial Services & Supplies – 0.7%
	147,002	Brady Corp., Class A		6,773,852
	692,206	Deluxe Corp.		21,534,529
				28,308,381
Communications Equipment – 0.7%
	1,793,671	Viavi Solutions, Inc.*		29,416,204
Construction & Engineering – 1.0%
	346,462	Arcosa, Inc.		18,248,154
	272,872	Dycom Industries, Inc.*		23,756,236
				42,004,390
Construction Materials – 0.5%
	619,795	Summit Materials, Inc., Class A*		19,350,000
Consumer Finance – 0.4%
	59,255	FirstCash Holdings, Inc.		4,268,730
	498,490	LendingClub Corp.*		9,261,944
	202,658	Oportun Financial Corp.*		3,311,432
				16,842,106
Diversified Financial Services – 0.1%
	135,108	Alerus Financial Corp.		3,884,355
Diversified Telecommunication Services – 0.4%
	434,763	Iridium Communications, Inc.*		17,212,267

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Electric Utilities – 2.3%
	531,300	ALLETE, Inc.	$	33,440,022
	331,490	IDACORP, Inc.		34,458,385
	395,028	MGE Energy, Inc.		28,449,917
				96,348,324
Electrical Equipment – 0.1%
	308,504	Array Technologies, Inc.*		3,467,585
Electronic Equipment, Instruments & Components – 1.5%
	423,803	CTS Corp.		16,079,086
	263,530	FARO Technologies, Inc.*		14,425,632
	891,597	Knowles Corp.*		19,418,983
	1,247,364	TTM Technologies, Inc.*		15,679,365
				65,603,066
Energy Equipment & Services – 1.7%
	370,163	Cactus, Inc., Class A		18,752,458
	1,660,358	ChampionX Corp.*		35,548,265
	476,601	Liberty Oilfield Services, Inc., Class A*		5,947,980
	1,358,517	NexTier Oilfield Solutions, Inc.*		10,813,795
				71,062,498
Entertainment – 0.2%
	552,565	AMC Entertainment Holdings, Inc., Class A*(a)		10,421,376
Equity Real Estate Investment Trusts (REITs) – 10.2%
	1,261,012	Acadia Realty Trust REIT		27,036,097
	4,320,754	DigitalBridge Group, Inc. REIT*		31,325,467
	1,510,151	Healthcare Realty Trust, Inc. REIT		39,384,738
	567,979	Highwoods Properties, Inc. REIT		24,763,884
	1,362,704	Hudson Pacific Properties, Inc. REIT		35,975,386
	1,703,110	Pebblebrook Hotel Trust REIT		38,337,006
	3,075,121	RLJ Lodging Trust REIT		43,020,943
	459,657	Ryman Hospitality Properties, Inc. REIT*		40,500,378
	2,268,823	Sabra Health Care REIT, Inc. REIT		30,470,293
	2,010,695	SITE Centers Corp. REIT		31,266,307
	1,103,687	STAG Industrial, Inc. REIT		42,999,646
	683,098	Terreno Realty Corp. REIT		46,990,311
				432,070,456
Food & Staples Retailing – 0.8%
	296,112	BJ’s Wholesale Club Holdings, Inc.*		18,616,561
	49,042	Performance Food Group Co.*		2,748,314
	351,797	United Natural Foods, Inc.*		14,152,793
				35,517,668
Food Products – 1.8%
	95,135	B&G Foods, Inc.(a)		2,815,996
	1,103,105	Hostess Brands, Inc.*		23,760,882
	677,145	Nomad Foods Ltd. (United Kingdom)*		17,050,511
	471,068	Simply Good Foods Co. (The)*		18,668,425
	339,195	Sovos Brands, Inc.*		4,117,827
Common Stocks – (continued)
Food Products – (continued)
	672,391	Utz Brands, Inc.		10,253,963
				76,667,604
Gas Utilities – 1.5%
	166,148	Chesapeake Utilities Corp.		22,089,377
	476,638	ONE Gas, Inc.		39,603,851
				61,693,228
Health Care Equipment & Supplies – 2.6%
	665,348	Avanos Medical, Inc.*		23,546,666
	213,427	CONMED Corp.		31,194,490
	287,052	LivaNova PLC*		22,625,439
	169,641	Merit Medical Systems, Inc.*		11,031,754
	393,939	NuVasive, Inc.*		21,319,979
				109,718,328
Health Care Providers & Services – 3.2%
	430,044	Acadia Healthcare Co., Inc.*		24,387,795
	161,587	AMN Healthcare Services, Inc.*		17,150,844
	383,221	Invitae Corp.*		4,134,955
	624,553	Option Care Health, Inc.*		16,051,012
	544,585	Owens & Minor, Inc.		24,043,428
	558,285	Tenet Healthcare Corp.*		48,006,927
				133,774,961
Health Care Technology – 0.5%
	997,784	Allscripts Healthcare Solutions, Inc.*		19,416,877
Hotels, Restaurants & Leisure – 1.1%
	85,380	Boyd Gaming Corp.*		6,056,857
	367,970	SeaWorld Entertainment, Inc.*		25,533,438
	300,216	Travel + Leisure Co.		16,827,107
				48,417,402
Household Durables – 1.4%
	336,046	Century Communities, Inc.		21,412,851
	132,764	Installed Building Products, Inc.		12,838,279
	247,214	Meritage Homes Corp.*		24,370,356
				58,621,486
Independent Power and Renewable Electricity Producers – 0.5%
	298,835	NextEra Energy Partners LP		23,312,118
Insurance – 2.8%
	180,385	AMERISAFE, Inc.		8,496,133
	217,458	BRP Group, Inc., Class A*		6,038,809
	1,230,500	CNO Financial Group, Inc.		29,741,185
	93,567	Enstar Group Ltd.*		26,669,402
	55,757	Primerica, Inc.		7,242,277
	106,646	RLI Corp.		10,824,569
	349,104	Selective Insurance Group, Inc.		29,041,962
				118,054,337
IT Services – 0.5%
	475,362	LiveRamp Holdings, Inc.*		20,516,624

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Shares		Description	Value
Common Stocks – (continued)
Leisure Products – 0.5%
	899,157	Callaway Golf Co.*	$	22,245,144
Life Sciences Tools & Services – 0.1%
	412,101	Pacific Biosciences of California, Inc.*		4,912,244
Machinery – 5.1%
	374,978	Astec Industries, Inc.		18,673,904
	176,429	Chart Industries, Inc.*		25,476,348
	655,367	Colfax Corp.*		26,352,307
	574,784	Columbus McKinnon Corp.		26,233,142
	233,085	EnPro Industries, Inc.		25,741,907
	246,867	ESCO Technologies, Inc.		17,174,537
	670,389	Federal Signal Corp.		24,207,747
	299,156	Hillenbrand, Inc.		14,272,733
	758,276	Kennametal, Inc.		24,044,932
	370,089	Terex Corp.		15,277,274
				217,454,831
Media – 2.5%
	1,251,194	Entravision Communications Corp., Class A		8,007,641
	796,670	Gray Television, Inc.		18,665,978
	668,215	iHeartMedia, Inc., Class A*		14,333,212
	529,945	John Wiley & Sons, Inc., Class A		26,661,533
	121,656	Nexstar Media Group, Inc., Class A		22,512,443
	638,203	TEGNA, Inc.		14,627,613
				104,808,420
Metals & Mining – 1.7%
	642,874	Allegheny Technologies, Inc.*		16,547,577
	91,406	Arconic Corp.*		2,806,164
	1,233,815	Coeur Mining, Inc.*		5,305,404
	575,996	Commercial Metals Co.		22,204,646
	1,321,889	Constellium SE*		25,684,303
				72,548,094
Mortgage Real Estate Investment Trusts (REITs) – 1.6%
	1,031,411	KKR Real Estate Finance Trust, Inc. REIT		22,144,394
	1,902,211	PennyMac Mortgage Investment Trust REIT		29,674,492
	205,651	TPG RE Finance Trust, Inc. REIT		2,434,908
	2,993,972	Two Harbors Investment Corp. REIT		15,149,498
				69,403,292
Multiline Retail – 0.7%
	8,665	Dillard’s, Inc., Class A		2,172,402
	1,134,406	Macy’s, Inc.		29,403,804
				31,576,206
Oil, Gas & Consumable Fuels – 6.2%
	1,558,544	Antero Resources Corp.*		35,737,414
	791,179	Brigham Minerals, Inc., Class A		18,023,058
	2,655,817	Centennial Resource Development, Inc., Class A*		23,318,073
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – (continued)
	169,107	DT Midstream, Inc.		8,979,582
	382,111	HollyFrontier Corp.*		11,635,280
	981,770	Magnolia Oil & Gas Corp., Class A		21,942,559
	108,628	Oasis Petroleum, Inc.		14,394,296
	1,053,653	Ovintiv, Inc.		48,309,990
	232,664	PDC Energy, Inc.		15,011,481
	138,067	Renewable Energy Group, Inc.*		8,491,121
	896,607	SM Energy Co.		31,838,515
	840,761	Viper Energy Partners LP		24,726,781
				262,408,150
Personal Products – 0.1%
	114,802	BellRing Brands, Inc., Class A*		2,935,487
Professional Services – 3.2%
	267,218	ASGN, Inc.*		29,605,082
	505,322	CBIZ, Inc.*		19,662,079
	1,012,496	First Advantage Corp.*		16,351,810
	262,712	ICF International, Inc.		23,281,538
	964,379	KBR, Inc.		47,871,774
				136,772,283
Real Estate Management & Development – 0.7%
	1,299,658	Kennedy-Wilson Holdings, Inc.		28,774,428
Road & Rail – 1.6%
	250,449	ArcBest Corp.		23,211,614
	117,162	Avis Budget Group, Inc.*		21,492,197
	75,509	Saia, Inc.*		21,688,450
				66,392,261
Semiconductors & Semiconductor Equipment – 2.1%
	621,747	Cohu, Inc.*		19,386,071
	451,465	MACOM Technology Solutions Holdings, Inc.*		27,133,047
	353,999	Onto Innovation, Inc.*		30,518,254
	201,939	Semtech Corp.*		14,010,528
				91,047,900
Software – 0.6%
	160,266	Bottomline Technologies DE, Inc.*		9,077,466
	155,218	Cerence, Inc.*		5,604,922
	183,277	InterDigital, Inc.		11,806,704
				26,489,092
Specialty Retail – 1.3%
	105,585	Abercrombie & Fitch Co., Class A*		4,020,677
	341,951	Academy Sports & Outdoors, Inc.*		11,068,954
	120,808	Citi Trends, Inc.*		4,507,346
	130,684	Group 1 Automotive, Inc.		23,775,340
	169,443	Signet Jewelers Ltd.		11,945,732
				55,318,049
Textiles, Apparel & Luxury Goods – 0.7%
	369,003	Capri Holdings Ltd.*		24,996,263
	20,393	Deckers Outdoor Corp.*		5,886,236
				30,882,499

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Thrifts & Mortgage Finance – 2.7%
	1,978,175	MGIC Investment Corp.	$	30,028,697
	735,422	NMI Holdings, Inc., Class A*		17,017,665
	213,819	Walker & Dunlop, Inc.		29,581,859
	1,009,842	Washington Federal, Inc.		35,930,178
				112,558,399
Trading Companies & Distributors – 1.6%
	418,188	Beacon Roofing Supply, Inc.*		24,961,642
	347,641	WESCO International, Inc.*		42,318,339
				67,279,981
Water Utilities – 0.4%
	235,344	SJW Group		15,349,136
Wireless Telecommunication Services – 0.4%
	1,092,645	Telephone and Data Systems, Inc.		18,957,391
	TOTAL COMMON STOCKS
	(Cost $3,158,369,563)		$	4,175,172,778
Exchange-Traded Fund – 0.2%
	67,275	iShares Russell 2000 Value ETF
	(Cost $10,436,209)		$	10,679,233

Shares	Dividend Rate	Value
Investment Company – 1.1%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
44,716,793	0.026%	$	44,716,793
(Cost $44,716,793)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $3,213,522,565)		$	4,230,568,804
Securities Lending Reinvestment Vehicle – 0.4%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
15,108,297	0.026%	$	15,108,297
(Cost $15,108,297)
TOTAL INVESTMENTS – 100.1%
(Cost $3,228,630,862)		$	4,245,677,101
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.1)%			(2,499,915	)
NET ASSETS – 100.0%		$	4,243,177,186

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

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 97.8%
Aerospace & Defense – 1.3%
	23,321	AAR Corp.*	$	1,048,046
	6,720	Textron, Inc.		491,434
	13,767	Woodward, Inc.		1,715,781
				3,255,261
Air Freight & Logistics – 0.3%
	7,292	GXO Logistics, Inc.*		612,018
Airlines – 0.5%
	6,679	Allegiant Travel Co.*		1,162,747
Auto Components – 0.8%
	26,917	Adient PLC*		1,204,536
	57,443	Goodyear Tire & Rubber Co. (The)*		889,792
				2,094,328
Banks – 11.8%
	50,913	Associated Banc-Corp.		1,241,768
	17,768	BOK Financial Corp.		1,824,774
	59,572	Cadence Bank		1,883,667
	22,250	Columbia Banking System, Inc.		815,017
	29,941	Commerce Bancshares, Inc.		2,149,165
	15,253	Cullen/Frost Bankers, Inc.		2,146,555
	14,499	East West Bancorp, Inc.		1,269,532
	31,955	First Financial Bankshares, Inc.		1,531,284
	26,438	Glacier Bancorp, Inc.		1,464,665
	37,987	Hancock Whitney Corp.		2,115,116
	42,061	PacWest Bancorp		2,078,655
	21,034	Pinnacle Financial Partners, Inc.		2,126,117
	7,834	Signature Bank		2,701,868
	22,217	SouthState Corp.		1,999,530
	36,999	Synovus Financial Corp.		1,947,997
	20,655	Wintrust Financial Corp.		2,052,281
				29,347,991
Beverages – 0.7%
	120,545	Primo Water Corp.		1,752,724
Biotechnology – 0.5%
	10,702	Agios Pharmaceuticals, Inc.*		333,153
	21,416	Alkermes PLC*		532,402
	4,971	Arena Pharmaceuticals, Inc.*		472,096
				1,337,651
Building Products – 1.1%
	53,124	Resideo Technologies, Inc.*		1,367,412
	45,352	Zurn Water Solutions Corp.		1,474,847
				2,842,259
Capital Markets – 2.6%
	3,117	Cboe Global Markets, Inc.		365,593
	4,564	Houlihan Lokey, Inc.		469,453
	43,915	Jefferies Financial Group, Inc.		1,560,739
	7,808	LPL Financial Holdings, Inc.		1,412,858
	20,222	Stifel Financial Corp.		1,486,317
	35,798	TPG, Inc.*		1,100,430
				6,395,390
Common Stocks – (continued)
Chemicals – 4.1%
	15,611	Ashland Global Holdings, Inc.		1,440,583
	63,768	Avient Corp.		3,340,806
	24,820	CF Industries Holdings, Inc.		2,015,136
	90,847	Element Solutions, Inc.		2,233,019
	21,563	Tronox Holdings PLC, Class A		437,729
	6,869	Westlake Corp.		757,719
				10,224,992
Communications Equipment – 2.2%
	35,187	Ciena Corp.*		2,407,494
	9,428	F5, Inc.*		1,893,614
	65,083	Viavi Solutions, Inc.*		1,067,361
				5,368,469
Construction & Engineering – 3.1%
	43,268	AECOM		3,143,853
	23,452	MasTec, Inc.*		1,847,080
	24,661	Quanta Services, Inc.		2,686,569
				7,677,502
Construction Materials – 0.3%
	23,137	Summit Materials, Inc., Class A*		722,337
Consumer Finance – 0.7%
	31,619	OneMain Holdings, Inc.		1,611,937
Containers & Packaging – 2.9%
	6,701	Avery Dennison Corp.		1,180,716
	40,248	Berry Global Group, Inc.*		2,441,041
	28,832	Crown Holdings, Inc.		3,536,822
				7,158,579
Diversified Financial Services – 0.5%
	19,372	Voya Financial, Inc.(a)		1,304,704
Electric Utilities – 2.0%
	21,637	ALLETE, Inc.		1,361,833
	29,909	Alliant Energy Corp.		1,746,685
	18,599	IDACORP, Inc.		1,933,366
				5,041,884
Electrical Equipment – 2.1%
	9,966	Hubbell, Inc.		1,776,440
	21,006	Regal Rexnord Corp.		3,368,312
				5,144,752
Electronic Equipment, Instruments & Components – 1.7%
	15,705	II-VI, Inc.*		1,090,869
	6,127	Littelfuse, Inc.		1,582,053
	41,114	National Instruments Corp.		1,650,727
				4,323,649
Energy Equipment & Services – 0.4%
	46,391	ChampionX Corp.*		993,231
Entertainment – 0.9%
	18,385	Liberty Media Corp.-Liberty Formula One, Class C*		1,116,521

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, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Entertainment – (continued)
	10,132	Live Nation Entertainment, Inc.*	$	1,224,148
				2,340,669
Equity Real Estate Investment Trusts (REITs) – 10.9%
	84,358	Americold Realty Trust REIT		2,254,046
	15,089	Camden Property Trust REIT		2,491,345
	35,463	CubeSmart REIT		1,709,671
	226,239	DigitalBridge Group, Inc. REIT*		1,640,233
	19,383	Equity LifeStyle Properties, Inc. REIT		1,446,360
	60,657	Healthcare Realty Trust, Inc. REIT		1,581,935
	42,885	Highwoods Properties, Inc. REIT		1,869,786
	83,468	Hudson Pacific Properties, Inc. REIT		2,203,555
	16,778	MGM Growth Properties LLC, Class A REIT		635,383
	130,442	Park Hotels & Resorts, Inc. REIT*		2,457,527
	42,764	Regency Centers Corp. REIT		2,817,720
	82,168	RLJ Lodging Trust REIT		1,149,530
	25,366	Ryman Hospitality Properties, Inc. REIT*		2,234,998
	36,232	Terreno Realty Corp. REIT		2,492,399
				26,984,488
Food & Staples Retailing – 1.5%
	42,155	Albertsons Cos., Inc., Class A		1,228,818
	20,461	BJ’s Wholesale Club Holdings, Inc.*		1,286,383
	8,060	Performance Food Group Co.*		451,682
	16,303	United Natural Foods, Inc.*		655,870
				3,622,753
Food Products – 1.5%
	9,743	Darling Ingredients, Inc.*		706,173
	47,426	Hostess Brands, Inc.*		1,021,556
	5,817	Lamb Weston Holdings, Inc.		386,423
	39,675	Nomad Foods Ltd. (United Kingdom)*		999,016
	36,580	Utz Brands, Inc.		557,845
				3,671,013
Gas Utilities – 0.7%
	22,033	ONE Gas, Inc.		1,830,722
Health Care Equipment & Supplies – 1.2%
	11,296	CONMED Corp.		1,651,023
	16,957	LivaNova PLC*		1,336,551
				2,987,574
Health Care Providers & Services – 2.4%
	32,392	Acadia Healthcare Co., Inc.*		1,836,950
	6,471	Molina Healthcare, Inc.*		1,985,756
	23,993	Tenet Healthcare Corp.*		2,063,158
				5,885,864
Hotels, Restaurants & Leisure – 1.9%
	9,194	Boyd Gaming Corp.*		652,222
	2,838	Caesars Entertainment, Inc.*		238,931
	8,115	Marriott Vacations Worldwide Corp.		1,303,837
	22,827	SeaWorld Entertainment, Inc.*		1,583,966
	15,338	Travel + Leisure Co.		859,695
				4,638,651
Common Stocks – (continued)
Household Durables – 1.4%
	17,992	Century Communities, Inc.		1,146,450
	14,053	Meritage Homes Corp.*		1,385,345
	4,749	TopBuild Corp.*		1,019,515
				3,551,310
Independent Power and Renewable Electricity Producers – 0.7%
	21,915	NextEra Energy Partners LP		1,709,589
Insurance – 4.7%
	11,512	American Financial Group, Inc.		1,558,610
	17,372	Brown & Brown, Inc.		1,174,521
	22,778	Globe Life, Inc.		2,299,667
	56,854	Old Republic International Corp.		1,498,103
	5,607	Primerica, Inc.		728,293
	32,196	Ryan Specialty Group Holdings, Inc., Class A*		1,289,772
	19,511	Selective Insurance Group, Inc.		1,623,120
	16,327	W R Berkley Corp.		1,474,328
				11,646,414
IT Services – 1.0%
	9,340	Jack Henry & Associates, Inc.		1,651,312
	20,841	LiveRamp Holdings, Inc.*		899,498
				2,550,810
Leisure Products – 0.8%
	14,098	Brunswick Corp.		1,346,641
	30,068	Callaway Golf Co.*		743,882
				2,090,523
Life Sciences Tools & Services – 2.5%
	13,480	PerkinElmer, Inc.		2,421,143
	34,363	QIAGEN NV*		1,707,497
	26,504	Syneos Health, Inc.*		2,099,117
				6,227,757
Machinery – 3.7%
	9,746	Chart Industries, Inc.*		1,407,322
	51,883	Colfax Corp.*		2,086,215
	24,427	ITT, Inc.		2,146,401
	15,871	Oshkosh Corp.		1,762,316
	27,601	Timken Co. (The)		1,809,522
				9,211,776
Media – 1.2%
	29,392	Gray Television, Inc.		688,655
	34,201	iHeartMedia, Inc., Class A*		733,611
	6,883	Nexstar Media Group, Inc., Class A		1,273,699
	13,131	TEGNA, Inc.		300,963
				2,996,928
Metals & Mining – 1.7%
	4,888	Alcoa Corp.		368,262
	46,171	Allegheny Technologies, Inc.*		1,188,442
	39,813	Commercial Metals Co.		1,534,791
	53,610	Constellium SE*		1,041,642
				4,133,137

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Shares		Description	Value
Common Stocks – (continued)
Mortgage Real Estate Investment Trusts (REITs) – 0.8%
	84,949	PennyMac Mortgage Investment Trust REIT	$	1,325,205
	106,071	Two Harbors Investment Corp. REIT		536,719
				1,861,924
Multiline Retail – 0.3%
	32,224	Macy’s, Inc.		835,246
Oil, Gas & Consumable Fuels – 5.6%
	56,372	Antero Resources Corp.*		1,292,610
	62,172	Devon Energy Corp.		3,702,343
	15,147	Diamondback Energy, Inc.		2,091,801
	51,213	Magnolia Oil & Gas Corp., Class A		1,144,610
	28,933	Matador Resources Co.		1,435,077
	55,383	Ovintiv, Inc.		2,539,310
	27,532	Targa Resources Corp.		1,799,767
				14,005,518
Pharmaceuticals – 1.1%
	20,147	Catalent, Inc.*		2,055,800
	5,272	Jazz Pharmaceuticals PLC*		724,478
				2,780,278
Professional Services – 3.1%
	20,707	ASGN, Inc.*		2,294,128
	49,806	First Advantage Corp.*		804,367
	17,577	Jacobs Engineering Group, Inc.		2,161,971
	50,748	KBR, Inc.		2,519,131
				7,779,597
Real Estate Management & Development – 0.5%
	58,829	Kennedy-Wilson Holdings, Inc.		1,302,474
Road & Rail – 1.3%
	10,698	ArcBest Corp.		991,491
	917	Avis Budget Group, Inc.*		168,214
	3,001	Old Dominion Freight Line, Inc.		942,404
	3,743	Saia, Inc.*		1,075,102
				3,177,211
Semiconductors & Semiconductor Equipment – 2.8%
	16,318	MACOM Technology Solutions Holdings, Inc.*		980,712
	14,644	MKS Instruments, Inc.		2,205,387
	45,661	ON Semiconductor Corp.*		2,858,835
	9,870	Wolfspeed, Inc.*		1,013,846
				7,058,780
Specialty Retail – 1.0%
	14,622	Academy Sports & Outdoors, Inc.*		473,314
	18,386	Bath & Body Works, Inc.		981,261
	2,828	Dick’s Sporting Goods, Inc.		296,940
	9,191	Signet Jewelers Ltd.		647,965
				2,399,480
Textiles, Apparel & Luxury Goods – 1.7%
	34,017	Capri Holdings Ltd.*		2,304,312
Common Stocks – (continued)
Textiles, Apparel & Luxury Goods – (continued)
	4,194	Deckers Outdoor Corp.*		1,210,556
	43,255	Under Armour, Inc., Class A*		773,832
				4,288,700
Thrifts & Mortgage Finance – 1.3%
	88,329	MGIC Investment Corp.		1,340,834
	20,757	NMI Holdings, Inc., Class A*		480,317
	42,674	Washington Federal, Inc.		1,518,341
				3,339,492
	TOTAL COMMON STOCKS
	(Cost $200,691,503)		$	243,281,083

Shares	Dividend Rate	Value
Investment Company – 1.6%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
4,075,648	0.026%	$	4,075,648
(Cost $4,075,648)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $204,767,151)		$	247,356,731
Securities Lending Reinvestment Vehicle – 0.0%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
7,350	0.026%	$	7,350
(Cost $7,350)
TOTAL INVESTMENTS – 99.4%
(Cost $204,774,501)		$	247,364,081
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.6%			1,388,582
NET ASSETS – 100.0%		$	248,752,663

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

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Assets and Liabilities

February 28, 2022 (Unaudited)

	Equity Income Fund		Focused Value Fund		Large Cap Value Fund
Assets:
Investments in unaffiliated issuers, at value (cost $322,706,412, $37,103,977, and $378,484,613, respectively)(a)	$	417,226,841	$	40,138,002	$	482,587,354
Investments in affiliated issuers, at value (cost $3,859,662, $864,163 and $7,102,593, respectively)		3,859,662		864,163		7,102,593
Investments in securities lending reinvestment vehicle, at value which equals cost		32,445		—		—
Cash		526,458		63,151		437,756
Receivables:
Investments sold		1,667,705		517,890		89,921
Fund shares sold		1,241,640		65		1,260,791
Dividends		890,165		32,104		750,535
Foreign tax reclaims		40,004		242		54,941
Reimbursement from investment adviser		23,153		16,824		58,950
Securities lending income		777		—		—
Other assets		65,242		32,630		50,417
Total assets		425,574,092		41,665,071		492,393,258
Liabilities:
Payables:
Investments purchased		2,183,040		515,690		—
Management fees		228,122		22,401		302,007
Fund shares redeemed		200,311		—		48,055
Distribution and Service fees and Transfer Agency fees		111,238		1,168		50,510
Upon return of securities loaned		32,445		—		—
Accrued expenses		207,610		105,840		188,789
Total liabilities		2,962,766		645,099		589,361
Net Assets:
Paid-in capital		322,993,968		35,509,250		377,319,564
Total distributable earnings		99,617,358		5,510,722		114,484,333
NET ASSETS	$	422,611,326	$	41,019,972	$	491,803,897
Net Assets:
Class A	$	324,484,716	$	242,902	$	85,876,780
Class C		4,975,080		266,692		11,635,882
Institutional		32,982,703		1,122,793		174,136,643
Service		100,926		—		922,753
Investor		3,023,508		13,552		3,590,180
Class R6		6,725,813		13,563		2,021,012
Class R		1,327,399		44,184		3,008,613
Class P		48,991,181		39,316,286		210,612,034
Total Net Assets	$	422,611,326	$	41,019,972	$	491,803,897
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		7,319,832		17,093		5,336,802
Class C		118,573		19,022		771,607
Institutional		729,176		78,744		10,688,608
Service		2,267		—		57,568
Investor		68,328		953		223,164
Class R6		148,678		953		120,577
Class R		30,133		3,127		193,995
Class P		1,083,290		2,763,591		12,566,929
Net asset value and offering price per share:(b)
Class A		$44.33		$14.21		$16.09
Class C		41.96		14.02		15.08
Institutional		45.23		14.26		16.29
Service		44.53		—		16.03
Investor		44.25		14.21		16.09
Class R6		45.24		14.22		16.76
Class R		44.05		14.13		15.51
Class P		45.22		14.23		16.76

(a) Includes loaned securities having a market value of $31,182 for Equity Income Fund.

(b) Maximum public offering price per share for Class A Shares of the Equity Income, Focused Value and Large Cap Value Funds is $46.91, $15.04 and $17.03, 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 Assets and Liabilities (continued)

February 28, 2022 (Unaudited)

	Mid Cap Value Fund		Small Cap Value Fund		Small/Mid Cap Value Fund
Assets:
Investments in unaffiliated issuers, at value (cost $945,921,010, $3,168,805,772, and $200,691,503, respectively)(a)	$	1,216,836,973	$	4,185,852,011	$	243,281,083
Investments in affiliated issuers, at value (cost $25,517,225, $44,716,793 and $4,075,648, respectively)		25,517,225		44,716,793		4,075,648
Investments in securities lending reinvestment vehicle, at value which equals cost		—		15,108,297		7,350
Cash		—		2,735,053		584,648
Receivables:
Fund shares sold		1,312,541		3,327,388		585,409
Investments sold		1,263,966		26,788,685		1,276,953
Dividends		1,157,932		3,487,226		183,820
Reimbursement from investment adviser		28,344		189,949		24,573
Foreign tax reclaims		6,591		208,183		4,469
Securities lending income		595		7,463		15
Other assets		74,952		139,415		64,113
Total assets		1,246,199,119		4,282,560,463		250,088,081
Liabilities:
Payables:
Fund shares redeemed		1,199,758		5,297,939		621,027
Management fees		741,554		3,147,412		154,153
Due to custodian		409,726		—		—
Distribution and Service fees and Transfer Agency fees		226,776		288,995		8,973
Investments purchased		—		14,578,672		408,041
Upon return of securities loaned		—		15,108,297		7,350
Accrued expenses		362,265		961,962		135,874
Total liabilities		2,940,079		39,383,277		1,335,418
Net Assets:
Paid-in capital		918,359,072		3,006,470,462		203,550,123
Total distributable earnings		324,899,968		1,236,706,724		45,202,540
NET ASSETS	$	1,243,259,040	$	4,243,177,186	$	248,752,663
Net Assets:
Class A	$	512,912,144	$	419,763,696	$	2,260,678
Class C		11,404,658		1,964,856		1,297,225
Institutional		333,803,785		1,862,835,193		15,158,286
Service		38,786,168		22,731,537		—
Investor		51,551,662		184,913,702		15,114,651
Class R6		82,989,106		1,364,756,923		104,437,141
Class R		20,456,935		51,668,635		98,678
Class P		191,354,582		334,542,644		110,386,004
Total Net Assets	$	1,243,259,040	$	4,243,177,186	$	248,752,663
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		13,189,793		8,426,384		135,153
Class C		350,583		62,668		80,508
Institutional		8,457,817		33,424,476		893,118
Service		1,024,785		478,438		—
Investor		1,367,216		3,756,288		896,328
Class R6		2,104,548		24,504,656		6,160,596
Class R		548,982		1,075,546		5,910
Class P		4,853,626		6,006,527		6,512,483
Net asset value and offering price per share:(b)
Class A		$38.89		$49.82		$16.73
Class C		32.53		31.35		16.11
Institutional		39.47		55.73		16.97
Service		37.85		47.51		—
Investor		37.71		49.23		16.86
Class R6		39.43		55.69		16.95
Class R		37.26		48.04		16.70
Class P		39.43		55.70		16.95

(a) Includes loaned securities having a market value of $14,880,901 and $7,072 for Small Cap Value Fund and Small/Mid Cap Value Fund, 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 $41.15, $52.72 and $17.70, 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. 31

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Operations

For the Six Months Ended February 28, 2022 (Unaudited)

	Equity Income Fund			Focused Value Fund			Large Cap Value Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $9,715, $– and $2,018, respectively)	$	5,095,642		$	314,405		$	4,663,104
Securities lending income — unaffiliated issuer		8,661			—			691
Dividends — affiliated issuers		174			71			439
Total investment income		5,104,477			314,476			4,664,234
Expenses:
Management fees		1,457,573			134,984			1,851,818
Distribution and/or Service (12b-1) fees		435,147			718			162,080
Transfer Agency fees		285,648			6,285			151,469
Registration fees		49,173			55,116			44,690
Professional fees		42,448			42,342			43,814
Printing and mailing costs		34,330			9,870			23,605
Custody, accounting and administrative services		21,233			12,367			25,228
Trustee fees		10,660			9,144			9,424
Service fees — Class C		6,406			80			14,930
Shareholder Administration fees — Service Shares		128			–			1,090
Other		7,790			2,257			8,257
Total expenses		2,350,536			273,163			2,336,405
Less — expense reductions		(259,084	)		(130,667	)		(326,466	)
Net expenses		2,091,452			142,496			2,009,939
NET INVESTMENT INCOME		3,013,025			171,980			2,654,295
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		5,063,610			3,035,014			22,393,766
Foreign currency transactions		—			—			65
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(3,866,874	)		(2,331,316	)		(17,063,775	)
Foreign currency translations		—			—			(9	)
Net realized and unrealized gain		1,196,736			703,698			5,330,047
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,209,761		$	875,678		$	7,984,342

	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
Equity Income Fund	$	412,491	$	19,219	$	128	$	3,309	$	263,997	$	4,100	$	6,575	$	20	$	2,384	$	1,026	$	1,059	$	6,487
Focused Value Fund		368		241		—		109		235		52		583		—		11		2		35		5,367
Large Cap Value Fund		108,278		44,789		1,090		7,923		69,298		9,555		35,653		175		2,845		290		2,535		31,118

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Operations (continued)

For the Six Months Ended February 28, 2022 (Unaudited)

	Mid Cap Value Fund			Small Cap Value Fund			Small/Mid Cap Value Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $–, $18,363 and $1,182, respectively)	$	8,441,251		$	29,251,836		$	1,676,373
Securities lending income — unaffiliated issuer		4,717			106,991			1,564
Dividends — affiliated issuers		1,688			3,618			360
Total investment income		8,447,656			29,362,445			1,678,297
Expenses:
Management fees		4,686,784			21,224,582			936,889
Distribution and/or Service (12b-1) fees		807,487			752,465			8,217
Transfer Agency fees		600,900			1,241,025			47,653
Printing and mailing costs		76,045			118,512			10,946
Registration fees		61,203			101,309			39,902
Custody, accounting and administrative services		60,604			220,779			30,709
Shareholder Administration fees — Service Shares		46,222			31,385			—
Professional fees		44,769			42,673			42,273
Service fees — Class C		14,743			2,329			1,769
Trustee fees		9,887			14,164			14,237
Other		9,338			29,187			4,759
Total expenses		6,417,982			23,778,410			1,137,354
Less — expense reductions		(17,659	)		(619,576	)		(139,929	)
Net expenses		6,400,323			23,158,834			997,425
NET INVESTMENT INCOME		2,047,333			6,203,611			680,872
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		94,219,583			394,444,326			7,641,307
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(66,644,867	)		(304,000,140	)		(2,303,662	)
Net realized and unrealized gain		27,574,716			90,444,186			5,337,645
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	29,622,049		$	96,647,797		$	6,018,517

	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
Mid Cap Value Fund	$	664,303	$	44,228	$	46,222	$	52,734	$	425,159	$	9,435	$	66,141	$	7,396	$	34,738	$	12,297	$	16,875	$	28,859
Small Cap Value Fund		563,489		6,987		31,385		150,604		360,637		1,491		427,051		5,022		135,181		212,270		48,194		51,179
Small/Mid Cap Value Fund		2,664		5,307		—		246		1,705		1,132		3,807		—		11,323		14,721		79		14,886

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

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, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021			For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:
Net investment income	$	3,013,025		$	5,592,651		$	171,980		$	200,809
Net realized gain		5,063,610			40,146,256			3,035,014			1,991,236
Net change in unrealized gain (loss)		(3,866,874	)		44,279,659			(2,331,316	)		4,369,954
Net increase in net assets resulting from operations		4,209,761			90,018,566			875,678			6,561,999
Distributions to shareholders:
From distributable earnings:
Class A Shares		(23,917,855	)		(4,116,697	)		(17,568	)		(2,864	)
Class C Shares		(365,944	)		(34,681	)		(2,875	)		(390	)
Institutional Shares		(2,417,376	)		(456,144	)		(94,204	)		(19,225	)
Service Shares		(7,347	)		(1,462	)		—			—
Investor Shares		(221,520	)		(47,164	)		(869	)		(715	)
Class R6 Shares		(495,433	)		(94,517	)		(880	)		(749	)
Class R Shares		(93,887	)		(13,611	)		(2,651	)		(1,033	)
Class P Shares		(3,152,075	)		(459,964	)		(2,350,233	)		(221,552	)
Total distributions to shareholders		(30,671,437	)		(5,224,240	)		(2,469,280	)		(246,528	)
From share transactions:
Proceeds from sales of shares		18,293,282			38,748,349			6,725,755			28,455,067
Reinvestment of distributions		30,059,785			5,118,773			2,469,280			246,528
Cost of shares redeemed		(25,414,620	)		(52,150,664	)		(6,271,493	)		(5,136,268	)
Net increase (decrease) in net assets resulting from share transactions		22,938,447			(8,283,542	)		2,923,542			23,565,327
TOTAL INCREASE (DECREASE)		(3,523,229	)		76,510,784			1,329,940			29,880,798
Net assets:
Beginning of period		426,134,555			349,623,771			39,690,032			9,809,234
End of period	$	422,611,326		$	426,134,555		$	41,019,972		$	39,690,032

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)

	Large Cap Value Fund						Mid Cap Value Fund
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021			For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:
Net investment income	$	2,654,295		$	4,305,257		$	2,047,333		$	2,029,960
Net realized gain		22,393,831			46,577,647			94,219,583			196,723,419
Net change in unrealized gain (loss)		(17,063,784	)		75,981,760			(66,644,867	)		199,656,980
Net increase in net assets resulting from operations		7,984,342			126,864,664			29,622,049			398,410,359
Distributions to shareholders:
From distributable earnings:
Class A Shares		(9,847,776	)		(2,596,115	)		(81,091,952	)		(1,732,461	)
Class C Shares		(1,340,637	)		(463,197	)		(2,046,721	)		—
Institutional Shares		(20,785,951	)		(5,488,119	)		(50,978,548	)		(1,983,199	)
Service Shares		(94,128	)		(26,170	)		(5,405,769	)		(69,711	)
Investor Shares		(416,593	)		(118,038	)		(6,718,024	)		(214,960	)
Class R6 Shares		(219,492	)		(68,223	)		(12,632,771	)		(461,696	)
Class R Shares		(360,604	)		(95,537	)		(3,286,387	)		(26,075	)
Class P Shares		(23,402,507	)		(5,747,841	)		(29,991,781	)		(1,049,073	)
Total distributions to shareholders		(56,467,688	)		(14,603,240	)		(192,151,953	)		(5,537,175	)
From share transactions:
Proceeds from sales of shares		22,877,254			48,264,420			118,541,700			145,667,551
Reinvestment of distributions		55,466,446			14,348,855			179,816,177			5,131,889
Cost of shares redeemed		(37,727,975	)		(71,581,795	)		(143,381,882	)		(270,253,443	)
Net increase (decrease) in net assets resulting from share transactions		40,615,725			(8,968,520	)		154,975,995			(119,454,003	)
TOTAL INCREASE (DECREASE)		(7,867,621	)		103,292,904			(7,553,909	)		273,419,181
Net assets:
Beginning of period		499,671,518			396,378,614			1,250,812,949			977,393,768
End of period	$	491,803,897		$	499,671,518		$	1,243,259,040		$	1,250,812,949

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

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, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021			For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:
Net investment income	$	6,203,611		$	7,263,587		$	680,872		$	681,672
Net realized gain		394,444,326			1,205,015,881			7,641,307			18,641,348
Net change in unrealized gain (loss)		(304,000,140	)		847,333,265			(2,303,662	)		36,742,167
Net increase in net assets resulting from operations		96,647,797			2,059,612,733			6,018,517			56,065,187
Distributions to shareholders:
From distributable earnings:
Class A Shares		(86,760,802	)		(884,665	)		(119,467	)		(4,199	)
Class C Shares		(495,489	)		—			(75,322	)		—
Institutional Shares		(372,106,140	)		(13,501,670	)		(1,191,915	)		(60,427	)
Service Shares		(4,846,092	)		(18,081	)		—			—
Investor Shares		(34,654,005	)		(585,487	)		(800,656	)		(7,543	)
Class R6 Shares		(250,111,215	)		(7,311,413	)		(5,624,330	)		(439,348	)
Class R Shares		(12,118,156	)		—			(5,089	)		—
Class P Shares		(61,591,156	)		(1,337,472	)		(5,339,404	)		(332,143	)
Total distributions to shareholders		(822,683,055	)		(23,638,788	)		(13,156,183	)		(843,660	)
From share transactions:
Proceeds from sales of shares		484,432,836			1,182,845,461			56,564,004			98,655,098
Reinvestment of distributions		794,278,372			23,006,155			13,155,489			842,799
Cost of shares redeemed		(1,112,144,092	)		(2,958,322,797	)		(38,850,753	)		(30,854,997	)
Net increase (decrease) in net assets resulting from share transactions		166,567,116			(1,752,471,181	)		30,868,740			68,642,900
TOTAL INCREASE (DECREASE)		(559,468,142	)		283,502,764			23,731,074			123,864,427
Net assets:
Beginning of period		4,802,645,328			4,519,142,564			225,021,589			101,157,162
End of period	$	4,243,177,186		$	4,802,645,328		$	248,752,663		$	225,021,589

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

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Income Fund
	Class A Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	47.25		$	37.94		$	38.96		$	38.26		$	35.17		$	32.53
Net investment income(a)		0.31			0.59			0.62			0.67			0.67			0.61
Net realized and unrealized gain		0.17			9.28			0.58			0.99			3.12			2.60
Total from investment operations		0.48			9.87			1.20			1.66			3.79			3.21
Distributions to shareholders from net investment income		(0.37	)		(0.56	)		(0.65	)		(0.66	)		(0.70	)		(0.57	)
Distributions to shareholders from net realized gains		(3.03	)		—			(1.57	)		(0.30	)		—			—
Total distributions		(3.40	)		(0.56	)		(2.22	)		(0.96	)		(0.70	)		(0.57	)
Net asset value, end of period	$	44.33		$	47.25		$	37.94		$	38.96		$	38.26		$	35.17
Total Return(b)		0.99	%		26.23	%		3.08	%		4.53	%		10.88	%		9.93	%
Net assets, end of period (in 000’s)	$	324,485		$	334,886		$	292,009		$	312,148		$	318,960		$	327,650
Ratio of net expenses to average net assets		1.04	%(c)		1.04	%		1.08	%		1.09	%		1.12	%		1.13	%
Ratio of total expenses to average net assets		1.18	%(c)		1.20	%		1.25	%		1.25	%		1.27	%		1.24	%
Ratio of net investment income to average net assets		1.37	%(c)		1.40	%		1.67	%		1.79	%		1.81	%		1.77	%
Portfolio turnover rate(d)		4	%		44	%		42	%		42	%		69	%		43	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Income Fund
	Class C Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	44.89		$	36.06		$	37.12		$	36.41		$	33.50		$	31.01
Net investment income(a)		0.14			0.26			0.34			0.38			0.37			0.33
Net realized and unrealized gain		0.16			8.82			0.54			0.96			2.98			2.48
Total from investment operations		0.30			9.08			0.88			1.34			3.35			2.81
Distributions to shareholders from net investment income		(0.20	)		(0.25	)		(0.37	)		(0.33	)		(0.44	)		(0.32	)
Distributions to shareholders from net realized gains		(3.03	)		—			(1.57	)		(0.30	)		—			—
Total distributions		(3.23	)		(0.25	)		(1.94	)		(0.63	)		(0.44	)		(0.32	)
Net asset value, end of period	$	41.96		$	44.89		$	36.06		$	37.12		$	36.41		$	33.50
Total Return(b)		0.62	%		25.26	%		2.33	%		3.82	%		10.06	%		9.10	%
Net assets, end of period (in 000’s)	$	4,975		$	6,026		$	5,477		$	8,116		$	16,982		$	18,460
Ratio of net expenses to average net assets		1.79	%(c)		1.79	%		1.83	%		1.85	%		1.87	%		1.88	%
Ratio of total expenses to average net assets		1.93	%(c)		1.95	%		2.00	%		2.00	%		2.02	%		1.99	%
Ratio of net investment income to average net assets		0.62	%(c)		0.65	%		0.94	%		1.05	%		1.06	%		1.02	%
Portfolio turnover rate(d)		4	%		44	%		42	%		42	%		69	%		43	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Income Fund
	Institutional Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	48.15		$	38.65		$	39.66		$	38.92		$	35.77		$	33.07
Net investment income(a)		0.39			0.75			0.76			0.83			0.81			0.77
Net realized and unrealized gain		0.16			9.44			0.58			1.01			3.18			2.64
Total from investment operations		0.55			10.19			1.34			1.84			3.99			3.41
Distributions to shareholders from net investment income		(0.44	)		(0.69	)		(0.78	)		(0.80	)		(0.84	)		(0.71	)
Distributions to shareholders from net realized gains		(3.03	)		—			(1.57	)		(0.30	)		—			—
Total distributions		(3.47	)		(0.69	)		(2.35	)		(1.10	)		(0.84	)		(0.71	)
Net asset value, end of period	$	45.23		$	48.15		$	38.65		$	39.66		$	38.92		$	35.77
Total Return(b)		1.12	%		26.63	%		3.41	%		4.94	%		11.30	%		10.38	%
Net assets, end of period (in 000’s)	$	32,983		$	33,660		$	22,592		$	19,906		$	24,658		$	37,415
Ratio of net expenses to average net assets		0.73	%(c)		0.73	%		0.74	%		0.73	%		0.73	%		0.73	%
Ratio of total expenses to average net assets		0.81	%(c)		0.83	%		0.86	%		0.86	%		0.87	%		0.84	%
Ratio of net investment income to average net assets		1.68	%(c)		1.73	%		2.00	%		2.17	%		2.17	%		2.19	%
Portfolio turnover rate(d)		4	%		44	%		42	%		42	%		69	%		43	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Income Fund
	Service Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	47.45		$	38.08		$	39.10		$	38.39		$	35.28		$	32.53
Net investment income(a)		0.27			0.48			0.57			0.61			0.63			0.57
Net realized and unrealized gain		0.17			9.35			0.57			1.01			3.13			2.61
Total from investment operations		0.44			9.83			1.14			1.62			3.76			3.18
Distributions to shareholders from net investment income		(0.33	)		(0.46	)		(0.59	)		(0.61	)		(0.65	)		(0.43	)
Distributions to shareholders from net realized gains		(3.03	)		—			(1.57	)		(0.30	)		—			—
Total distributions		(3.36	)		(0.46	)		(2.16	)		(0.91	)		(0.65	)		(0.43	)
Net asset value, end of period	$	44.53		$	47.45		$	38.08		$	39.10		$	38.39		$	35.28
Total Return(b)		0.89	%		26.01	%		2.89	%		4.40	%		10.77	%		9.84	%
Net assets, end of period (in 000’s)	$	101		$	103		$	161		$	175		$	84		$	86
Ratio of net expenses to average net assets		1.23	%(c)		1.23	%		1.24	%		1.23	%		1.23	%		1.23	%
Ratio of total expenses to average net assets		1.31	%(c)		1.33	%		1.37	%		1.36	%		1.38	%		1.33	%
Ratio of net investment income to average net assets		1.18	%(c)		1.16	%		1.52	%		1.60	%		1.70	%		1.66	%
Portfolio turnover rate(d)		4	%		44	%		42	%		42	%		69	%		43	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Income Fund
	Investor Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	47.18		$	37.88		$	38.91		$	38.20		$	35.12		$	32.49
Net investment income(a)		0.37			0.69			0.71			0.76			0.76			0.75
Net realized and unrealized gain		0.16			9.27			0.58			1.00			3.11			2.55
Total from investment operations		0.53			9.96			1.29			1.76			3.87			3.30
Distributions to shareholders from net investment income		(0.43	)		(0.66	)		(0.75	)		(0.75	)		(0.79	)		(0.67	)
Distributions to shareholders from net realized gains		(3.03	)		—			(1.57	)		(0.30	)		—			—
Total distributions		(3.46	)		(0.66	)		(2.32	)		(1.05	)		(0.79	)		(0.67	)
Net asset value, end of period	$	44.25		$	47.18		$	37.88		$	38.91		$	38.20		$	35.12
Total Return(b)		1.10	%		26.54	%		3.33	%		4.82	%		11.15	%		10.21	%
Net assets, end of period (in 000’s)	$	3,024		$	3,042		$	2,384		$	2,321		$	2,851		$	2,623
Ratio of net expenses to average net assets		0.79	%(c)		0.80	%		0.83	%		0.85	%		0.87	%		0.88	%
Ratio of total expenses to average net assets		0.93	%(c)		0.95	%		0.99	%		1.00	%		1.02	%		1.00	%
Ratio of net investment income to average net assets		1.62	%(c)		1.66	%		1.92	%		2.04	%		2.07	%		2.17	%
Portfolio turnover rate(d)		4	%		44	%		42	%		42	%		69	%		43	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Income Fund
	Class R6 Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	48.15		$	38.65		$	39.66		$	38.92		$	35.76		$	33.06
Net investment income(a)		0.40			0.75			0.76			0.80			0.83			0.77
Net realized and unrealized gain		0.17			9.44			0.58			1.04			3.17			2.64
Total from investment operations		0.57			10.19			1.34			1.84			4.00			3.41
Distributions to shareholders from net investment income		(0.45	)		(0.69	)		(0.78	)		(0.80	)		(0.84	)		(0.71	)
Distributions to shareholders from net realized gains		(3.03	)		—			(1.57	)		(0.30	)		—			—
Total distributions		(3.48	)		(0.69	)		(2.35	)		(1.10	)		(0.84	)		(0.71	)
Net asset value, end of period	$	45.24		$	48.15		$	38.65		$	39.66		$	38.92		$	35.76
Total Return(b)		1.15	%		26.64	%		3.42	%		4.95	%		11.34	%		10.39	%
Net assets, end of period (in 000’s)	$	6,726		$	6,981		$	5,378		$	5,973		$	13		$	11
Ratio of net expenses to average net assets		0.72	%(c)		0.72	%		0.73	%		0.72	%		0.72	%		0.73	%
Ratio of total expenses to average net assets		0.80	%(c)		0.82	%		0.86	%		0.85	%		0.86	%		0.84	%
Ratio of net investment income to average net assets		1.69	%(c)		1.73	%		2.00	%		2.08	%		2.22	%		2.20	%
Portfolio turnover rate(d)		4	%		44	%		42	%		42	%		69	%		43	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Income Fund
	Class R Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	46.98		$	37.73		$	38.75		$	38.05		$	34.98		$	32.35
Net investment income(a)		0.26			0.49			0.53			0.57			0.57			0.53
Net realized and unrealized gain		0.16			9.22			0.57			1.00			3.10			2.59
Total from investment operations		0.42			9.71			1.10			1.57			3.67			3.12
Distributions to shareholders from net investment income		(0.32	)		(0.46	)		(0.55	)		(0.57	)		(0.60	)		(0.49	)
Distributions to shareholders from net realized gains		(3.03	)		—			(1.57	)		(0.30	)		—			—
Total distributions		(3.35	)		(0.46	)		(2.12	)		(0.87	)		(0.60	)		(0.49	)
Net asset value, end of period	$	44.05		$	46.98		$	37.73		$	38.75		$	38.05		$	34.98
Total Return(b)		0.85	%		25.91	%		2.82	%		4.29	%		10.59	%		9.68	%
Net assets, end of period (in 000’s)	$	1,327		$	1,337		$	1,131		$	1,525		$	1,492		$	1,571
Ratio of net expenses to average net assets		1.29	%(c)		1.29	%		1.33	%		1.34	%		1.37	%		1.38	%
Ratio of total expenses to average net assets		1.43	%(c)		1.45	%		1.50	%		1.50	%		1.52	%		1.49	%
Ratio of net investment income to average net assets		1.12	%(c)		1.15	%		1.42	%		1.54	%		1.55	%		1.54	%
Portfolio turnover rate(d)		4	%		44	%		42	%		42	%		69	%		43	%

(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. 43

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Income Fund
	Class P Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	48.14		$	38.64		$	39.65		$	38.92		$	37.37
Net investment income(b)		0.40			0.76			0.76			0.82			0.31
Net realized and unrealized gain		0.16			9.43			0.59			1.01			1.48
Total from investment operations		0.56			10.19			1.35			1.83			1.79
Distributions to shareholders from net investment income		(0.45	)		(0.69	)		(0.79	)		(0.80	)		(0.24	)
Distributions to shareholders from net realized gains		(3.03	)		—			(1.57	)		(0.30	)		—
Total distributions		(3.48	)		(0.69	)		(2.36	)		(1.10	)		(0.24	)
Net asset value, end of period	$	45.22		$	48.14		$	38.64		$	39.65		$	38.92
Total Return(c)		1.15	%		26.65	%		3.43	%		4.92	%		4.84	%
Net assets, end of period (in 000’s)	$	48,991		$	40,099		$	20,492		$	11,500		$	10,835
Ratio of net expenses to average net assets		0.72	%(d)		0.72	%		0.73	%		0.72	%		0.72	%(d)
Ratio of total expenses to average net assets		0.80	%(d)		0.82	%		0.85	%		0.85	%		0.95	%(d)
Ratio of net investment income to average net assets		1.70	%(d)		1.74	%		2.04	%		2.16	%		2.20	%(d)
Portfolio turnover rate(e)		4	%		44	%		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.

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

GOLDMAN SACHS FOCUSED VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Focused Value Fund
	Class A Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	14.86		$	11.25		$	10.69		$	11.08		$	11.10		$	9.89
Net investment income(a)		0.05			0.07			0.09			0.08			0.05			0.10
Net realized and unrealized gain		0.23			3.76			0.62			0.09			0.87			1.22
Total from investment operations		0.28			3.83			0.71			0.17			0.92			1.32
Distributions to shareholders from net investment income		(0.07	)		(0.08	)		(0.04	)		(0.05	)		(0.08	)		(0.11	)
Distributions to shareholders from net realized gains		(0.86	)		(0.14	)		(0.11	)		(0.51	)		(0.86	)		—
Total distributions		(0.93	)		(0.22	)		(0.15	)		(0.56	)		(0.94	)		(0.11	)
Net asset value, end of period	$	14.21		$	14.86		$	11.25		$	10.69		$	11.08		$	11.10
Total Return(b)		1.88	%		34.43	%		6.60	%		2.10	%		8.64	%		13.42	%
Net assets, end of period (in 000’s)	$	243		$	369		$	148		$	63		$	52		$	50
Ratio of net expenses to average net assets		1.04	%(c)		1.04	%		1.09	%		1.09	%		1.12	%		1.13	%
Ratio of total expenses to average net assets		1.78	%(c)		2.27	%		4.71	%		8.11	%		4.84	%		7.96	%
Ratio of net investment income to average net assets		0.62	%(c)		0.51	%		0.83	%		0.78	%		0.50	%		0.95	%
Portfolio turnover rate(d)		44	%		78	%		102	%		122	%		204	%		126	%

(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. 45

GOLDMAN SACHS FOCUSED VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Focused Value Fund
	Class C Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	14.65		$	11.11		$	10.60		$	11.03		$	11.05		$	9.84
Net investment income (loss)(a)		(0.02	)		(0.03	)		0.01			—			(0.03	)		0.03
Net realized and unrealized gain		0.25			3.71			0.61			0.09			0.87			1.21
Total from investment operations		0.23			3.68			0.62			0.09			0.84			1.24
Distributions to shareholders from net investment income		—			—			—			(0.01	)		—			(0.03	)
Distributions to shareholders from net realized gains		(0.86	)		(0.14	)		(0.11	)		(0.51	)		(0.86	)		—
Total distributions		(0.86	)		(0.14	)		(0.11	)		(0.52	)		(0.86	)		(0.03	)
Net asset value, end of period	$	14.02		$	14.65		$	11.11		$	10.60		$	11.03		$	11.05
Total Return(b)		1.54	%		33.34	%		5.85	%		1.27	%		7.87	%		12.64	%
Net assets, end of period (in 000’s)	$	267		$	49		$	32		$	30		$	30		$	48
Ratio of net expenses to average net assets		1.79	%(c)		1.79	%		1.85	%		1.85	%		1.87	%		1.88	%
Ratio of total expenses to average net assets		2.48	%(c)		2.99	%		5.81	%		8.79	%		5.77	%		8.66	%
Ratio of net investment income (loss) to average net assets		(0.25	)%(c)		(0.24	)%		0.06	%		0.05	%		(0.24	)%		0.25	%
Portfolio turnover rate(d)		44	%		78	%		102	%		122	%		204	%		126	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Focused Value Fund
	Institutional Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	14.92		$	11.29		$	10.72		$	11.13		$	11.14		$	9.92
Net investment income(a)		0.07			0.11			0.12			0.12			0.09			0.15
Net realized and unrealized gain		0.24			3.77			0.63			0.08			0.88			1.21
Total from investment operations		0.31			3.88			0.75			0.20			0.97			1.36
Distributions to shareholders from net investment income		(0.11	)		(0.11	)		(0.07	)		(0.10	)		(0.12	)		(0.14	)
Distributions to shareholders from net realized gains		(0.86	)		(0.14	)		(0.11	)		(0.51	)		(0.86	)		—
Total distributions		(0.97	)		(0.25	)		(0.18	)		(0.61	)		(0.98	)		(0.14	)
Net asset value, end of period	$	14.26		$	14.92		$	11.29		$	10.72		$	11.13		$	11.14
Total Return(b)		2.03	%		34.80	%		7.00	%		2.47	%		9.06	%		13.79	%
Net assets, end of period (in 000’s)	$	1,123		$	5,999		$	871		$	776		$	1,007		$	4,802
Ratio of net expenses to average net assets		0.73	%(c)		0.73	%		0.76	%		0.73	%		0.73	%		0.73	%
Ratio of total expenses to average net assets		1.47	%(c)		1.65	%		4.65	%		7.57	%		4.40	%		7.40	%
Ratio of net investment income to average net assets		1.01	%(c)		0.82	%		1.13	%		1.16	%		0.86	%		1.39	%
Portfolio turnover rate(d)		44	%		78	%		102	%		122	%		204	%		126	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Focused Value Fund
	Investor Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	14.88		$	11.26		$	10.69		$	11.13		$	11.13		$	9.91
Net investment income(a)		0.06			0.09			0.11			0.11			0.08			0.13
Net realized and unrealized gain		0.24			3.77			0.63			0.07			0.88			1.22
Total from investment operations		0.30			3.86			0.74			0.18			0.96			1.35
Distributions to shareholders from net investment income		(0.11	)		(0.10	)		(0.06	)		(0.11	)		(0.10	)		(0.13	)
Distributions to shareholders from net realized gains		(0.86	)		(0.14	)		(0.11	)		(0.51	)		(0.86	)		—
Total distributions		(0.97	)		(0.24	)		(0.17	)		(0.62	)		(0.96	)		(0.13	)
Net asset value, end of period	$	14.21		$	14.88		$	11.26		$	10.69		$	11.13		$	11.13
Total Return(b)		1.98	%		34.71	%		6.92	%		2.26	%		9.01	%		13.65	%
Net assets, end of period (in 000’s)	$	14		$	13		$	34		$	32		$	31		$	28
Ratio of net expenses to average net assets		0.80	%(c)		0.80	%		0.85	%		0.85	%		0.87	%		0.88	%
Ratio of total expenses to average net assets		1.52	%(c)		2.61	%		4.81	%		7.79	%		4.77	%		7.61	%
Ratio of net investment income to average net assets		0.82	%(c)		0.69	%		1.04	%		1.05	%		0.72	%		1.20	%
Portfolio turnover rate(d)		44	%		78	%		102	%		122	%		204	%		126	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Focused Value Fund
	Class R6 Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	14.89		$	11.27		$	10.71		$	11.14		$	11.15		$	9.92
Net investment income(a)		0.07			0.10			0.12			0.12			0.10			0.15
Net realized and unrealized gain		0.24			3.77			0.62			0.09			0.87			1.22
Total from investment operations		0.31			3.87			0.74			0.21			0.97			1.37
Distributions to shareholders from net investment income		(0.12	)		(0.11	)		(0.07	)		(0.13	)		(0.12	)		(0.14	)
Distributions to shareholders from net realized gains		(0.86	)		(0.14	)		(0.11	)		(0.51	)		(0.86	)		—
Total distributions		(0.98	)		(0.25	)		(0.18	)		(0.64	)		(0.98	)		(0.14	)
Net asset value, end of period	$	14.22		$	14.89		$	11.27		$	10.71		$	11.14		$	11.15
Total Return(b)		2.13	%		34.79	%		6.92	%		2.52	%		9.06	%		13.91	%
Net assets, end of period (in 000’s)	$	14		$	13		$	34		$	32		$	31		$	28
Ratio of net expenses to average net assets		0.72	%(c)		0.72	%		0.75	%		0.72	%		0.72	%		0.71	%
Ratio of total expenses to average net assets		1.38	%(c)		2.48	%		4.67	%		7.64	%		4.64	%		7.46	%
Ratio of net investment income to average net assets		0.90	%(c)		0.77	%		1.13	%		1.16	%		0.87	%		1.37	%
Portfolio turnover rate(d)		44	%		78	%		102	%		122	%		204	%		126	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Focused Value Fund
	Class R Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	14.76		$	11.20		$	10.65		$	11.07		$	11.09		$	9.88
Net investment income(a)		0.02			0.03			0.06			0.06			0.02			0.07
Net realized and unrealized gain		0.25			3.74			0.61			0.09			0.87			1.22
Total from investment operations		0.27			3.77			0.67			0.15			0.89			1.29
Distributions to shareholders from net investment income		(0.04	)		(0.07	)		(0.01	)		(0.06	)		(0.05	)		(0.08	)
Distributions to shareholders from net realized gains		(0.86	)		(0.14	)		(0.11	)		(0.51	)		(0.86	)		—
Total distributions		(0.90	)		(0.21	)		(0.12	)		(0.57	)		(0.91	)		(0.08	)
Net asset value, end of period	$	14.13		$	14.76		$	11.20		$	10.65		$	11.07		$	11.09
Total Return(b)		1.82	%		34.04	%		6.27	%		1.91	%		8.35	%		13.08	%
Net assets, end of period (in 000’s)	$	44		$	43		$	33		$	31		$	30		$	28
Ratio of net expenses to average net assets		1.29	%(c)		1.29	%		1.35	%		1.35	%		1.37	%		1.38	%
Ratio of total expenses to average net assets		2.02	%(c)		2.69	%		5.31	%		8.29	%		5.27	%		8.12	%
Ratio of net investment income to average net assets		0.32	%(c)		0.23	%		0.55	%		0.54	%		0.22	%		0.70	%
Portfolio turnover rate(d)		44	%		78	%		102	%		122	%		204	%		126	%

(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.

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

GOLDMAN SACHS FOCUSED VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Focused Value Fund
	Class P Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	14.90		$	11.28		$	10.71		$	11.15		$	10.54
Net investment income(b)		0.06			0.11			0.12			0.12			0.04
Net realized and unrealized gain		0.25			3.76			0.63			0.08			0.57
Total from investment operations		0.31			3.87			0.75			0.20			0.61
Distributions to shareholders from net investment income		(0.12	)		(0.11	)		(0.07	)		(0.13	)		—
Distributions to shareholders from net realized gains		(0.86	)		(0.14	)		(0.11	)		(0.51	)		—
Total distributions		(0.98	)		(0.25	)		(0.18	)		(0.64	)		—
Net asset value, end of period	$	14.23		$	14.90		$	11.28		$	10.71		$	11.15
Total Return(c)		2.07	%		34.76	%		7.03	%		2.44	%		5.79	%
Net assets, end of period (in 000’s)	$	39,316		$	33,202		$	8,657		$	4,739		$	5,652
Ratio of net expenses to average net assets		0.72	%(d)		0.72	%		0.74	%		0.72	%		0.72	%(d)
Ratio of total expenses to average net assets		1.38	%(d)		1.80	%		4.45	%		7.47	%		5.91	%(d)
Ratio of net investment income to average net assets		0.87	%(d)		0.82	%		1.16	%		1.16	%		0.89	%(d)
Portfolio turnover rate(e)		44	%		78	%		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.

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

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Fund
	Class A Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	17.86		$	13.92		$	14.42		$	16.16		$	17.25		$	16.08
Net investment income(a)		0.07			0.12			0.16			0.16			0.13			0.19
Net realized and unrealized gain (loss)		0.19			4.31			0.18			(0.25	)		1.35			1.26
Total from investment operations		0.26			4.43			0.34			(0.09	)		1.48			1.45
Distributions to shareholders from net investment income		(0.12	)		(0.16	)		(0.17	)		(0.14	)		(0.21	)		(0.28	)
Distributions to shareholders from net realized gains		(1.91	)		(0.33	)		(0.67	)		(1.51	)		(2.36	)		—
Total distributions		(2.03	)		(0.49	)		(0.84	)		(1.65	)		(2.57	)		(0.28	)
Net asset value, end of period	$	16.09		$	17.86		$	13.92		$	14.42		$	16.16		$	17.25
Total Return(b)		1.46	%		32.64	%		1.97	%		0.38	%		9.29	%		9.04	%
Net assets, end of period (in 000’s)	$	85,877		$	87,359		$	74,559		$	84,723		$	92,226		$	153,608
Ratio of net expenses to average net assets		1.04	%(c)		1.04	%		1.07	%		1.11	%		1.11	%		1.14	%
Ratio of total expenses to average net assets		1.22	%(c)		1.24	%		1.28	%		1.28	%		1.24	%		1.22	%
Ratio of net investment income to average net assets		0.85	%(c)		0.74	%		1.13	%		1.10	%		0.81	%		1.14	%
Portfolio turnover rate(d)		18	%		53	%		64	%		62	%		171	%		124	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Fund
	Class C Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	16.80		$	13.12		$	13.64		$	15.32		$	16.51		$	15.43
Net investment income(a)		0.01			—			0.05			0.05			0.01			0.07
Net realized and unrealized gain (loss)		0.18			4.06			0.17			(0.22	)		1.29			1.19
Total from investment operations		0.19			4.06			0.22			(0.17	)		1.30			1.26
Distributions to shareholders from net investment income		—			(0.05	)		(0.07	)		—			(0.13	)		(0.18	)
Distributions to shareholders from net realized gains		(1.91	)		(0.33	)		(0.67	)		(1.51	)		(2.36	)		—
Total distributions		(1.91	)		(0.38	)		(0.74	)		(1.51	)		(2.49	)		(0.18	)
Net asset value, end of period	$	15.08		$	16.80		$	13.12		$	13.64		$	15.32		$	16.51
Total Return(b)		1.10	%		31.59	%		1.21	%		(0.28	)%		8.46	%		8.18	%
Net assets, end of period (in 000’s)	$	11,636		$	12,948		$	17,422		$	21,481		$	36,819		$	39,403
Ratio of net expenses to average net assets		1.79	%(c)		1.79	%		1.82	%		1.86	%		1.86	%		1.89	%
Ratio of total expenses to average net assets		1.97	%(c)		1.99	%		2.03	%		2.03	%		1.99	%		1.97	%
Ratio of net investment income to average net assets		0.09	%(c)		0.00	%		0.39	%		0.35	%		0.06	%		0.41	%
Portfolio turnover rate(d)		18	%		53	%		64	%		62	%		171	%		124	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Fund
	Institutional Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	18.08		$	14.08		$	14.58		$	16.32		$	17.42		$	16.25
Net investment income(a)		0.10			0.17			0.20			0.21			0.19			0.25
Net realized and unrealized gain (loss)		0.19			4.37			0.19			(0.26	)		1.36			1.27
Total from investment operations		0.29			4.54			0.39			(0.05	)		1.55			1.52
Distributions to shareholders from net investment income		(0.17	)		(0.21	)		(0.22	)		(0.18	)		(0.28	)		(0.35	)
Distributions to shareholders from net realized gains		(1.91	)		(0.33	)		(0.67	)		(1.51	)		(2.37	)		—
Total distributions		(2.08	)		(0.54	)		(0.89	)		(1.69	)		(2.65	)		(0.35	)
Net asset value, end of period	$	16.29		$	18.08		$	14.08		$	14.58		$	16.32		$	17.42
Total Return(b)		1.60	%		33.08	%		2.26	%		0.69	%		9.65	%		9.41	%
Net assets, end of period (in 000’s)	$	174,137		$	181,806		$	140,814		$	177,613		$	174,803		$	645,552
Ratio of net expenses to average net assets		0.73	%(c)		0.73	%		0.76	%		0.79	%		0.79	%		0.78	%
Ratio of total expenses to average net assets		0.85	%(c)		0.87	%		0.90	%		0.89	%		0.85	%		0.82	%
Ratio of net investment income to average net assets		1.16	%(c)		1.04	%		1.43	%		1.42	%		1.13	%		1.46	%
Portfolio turnover rate(d)		18	%		53	%		64	%		62	%		171	%		124	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Fund
	Service Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	17.78		$	13.86		$	14.36		$	16.03		$	17.14		$	15.99
Net investment income(a)		0.06			0.09			0.13			0.13			0.10			0.17
Net realized and unrealized gain (loss)		0.19			4.29			0.19			(0.24	)		1.35			1.23
Total from investment operations		0.25			4.38			0.32			(0.11	)		1.45			1.40
Distributions to shareholders from net investment income		(0.09	)		(0.13	)		(0.15	)		(0.05	)		(0.20	)		(0.25	)
Distributions to shareholders from net realized gains		(1.91	)		(0.33	)		(0.67	)		(1.51	)		(2.36	)		—
Total distributions		(2.00	)		(0.46	)		(0.82	)		(1.56	)		(2.56	)		(0.25	)
Net asset value, end of period	$	16.03		$	17.78		$	13.86		$	14.36		$	16.03		$	17.14
Total Return(b)		1.37	%		32.36	%		1.80	%		0.20	%		9.15	%		8.80	%
Net assets, end of period (in 000’s)	$	923		$	846		$	836		$	1,004		$	1,201		$	2,914
Ratio of net expenses to average net assets		1.23	%(c)		1.23	%		1.26	%		1.29	%		1.29	%		1.28	%
Ratio of total expenses to average net assets		1.35	%(c)		1.37	%		1.40	%		1.39	%		1.35	%		1.32	%
Ratio of net investment income to average net assets		0.65	%(c)		0.55	%		0.94	%		0.91	%		0.64	%		1.01	%
Portfolio turnover rate(d)		18	%		53	%		64	%		62	%		171	%		124	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Fund
	Investor Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	17.87		$	13.93		$	14.43		$	16.17		$	17.28		$	16.11
Net investment income(a)		0.09			0.16			0.19			0.20			0.17			0.25
Net realized and unrealized gain (loss)		0.20			4.31			0.19			(0.26	)		1.36			1.23
Total from investment operations		0.29			4.47			0.38			(0.06	)		1.53			1.48
Distributions to shareholders from net investment income		(0.16	)		(0.20	)		(0.21	)		(0.17	)		(0.27	)		(0.31	)
Distributions to shareholders from net realized gains		(1.91	)		(0.33	)		(0.67	)		(1.51	)		(2.37	)		—
Total distributions		(2.07	)		(0.53	)		(0.88	)		(1.68	)		(2.64	)		(0.31	)
Net asset value, end of period	$	16.09		$	17.87		$	13.93		$	14.43		$	16.17		$	17.28
Total Return(b)		1.63	%		32.92	%		2.22	%		0.64	%		9.61	%		9.26	%
Net assets, end of period (in 000’s)	$	3,590		$	3,559		$	3,460		$	4,191		$	7,447		$	6,516
Ratio of net expenses to average net assets		0.79	%(c)		0.79	%		0.82	%		0.86	%		0.86	%		0.88	%
Ratio of total expenses to average net assets		0.97	%(c)		0.99	%		1.03	%		1.03	%		0.99	%		0.97	%
Ratio of net investment income to average net assets		1.10	%(c)		0.99	%		1.37	%		1.35	%		1.06	%		1.47	%
Portfolio turnover rate(d)		18	%		53	%		64	%		62	%		171	%		124	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Fund
	Class R6 Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	18.54		$	14.43		$	14.92		$	16.66		$	17.45		$	16.25
Net investment income(a)		0.10			0.17			0.21			0.22			0.18			0.21
Net realized and unrealized gain (loss)		0.21			4.48			0.19			(0.26	)		1.39			1.34
Total from investment operations		0.31			4.65			0.40			(0.04	)		1.57			1.55
Distributions to shareholders from net investment income		(0.18	)		(0.21	)		(0.22	)		(0.19	)		—			(0.35	)
Distributions to shareholders from net realized gains		(1.91	)		(0.33	)		(0.67	)		(1.51	)		(2.36	)		—
Total distributions		(2.09	)		(0.54	)		(0.89	)		(1.70	)		(2.36	)		(0.35	)
Net asset value, end of period	$	16.76		$	18.54		$	14.43		$	14.92		$	16.66		$	17.45
Total Return(b)		1.63	%		33.05	%		2.29	%		0.73	%		9.67	%		9.63	%
Net assets, end of period (in 000’s)	$	2,021		$	1,958		$	1,636		$	2,172		$	1,106		$	11
Ratio of net expenses to average net assets		0.72	%(c)		0.72	%		0.75	%		0.78	%		0.78	%		0.76	%
Ratio of total expenses to average net assets		0.84	%(c)		0.86	%		0.89	%		0.89	%		0.85	%		0.79	%
Ratio of net investment income to average net assets		1.17	%(c)		1.06	%		1.43	%		1.44	%		1.12	%		1.27	%
Portfolio turnover rate(d)		18	%		53	%		64	%		62	%		171	%		124	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Fund
	Class R Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	17.27		$	13.47		$	13.97		$	15.71		$	16.86		$	15.73
Net investment income(a)		0.05			0.07			0.12			0.12			0.09			0.15
Net realized and unrealized gain (loss)		0.19			4.18			0.17			(0.25	)		1.32			1.22
Total from investment operations		0.24			4.25			0.29			(0.13	)		1.41			1.37
Distributions to shareholders from net investment income		(0.09	)		(0.12	)		(0.12	)		(0.10	)		(0.20	)		(0.24	)
Distributions to shareholders from net realized gains		(1.91	)		(0.33	)		(0.67	)		(1.51	)		(2.36	)		—
Total distributions		(2.00	)		(0.45	)		(0.79	)		(1.61	)		(2.56	)		(0.24	)
Net asset value, end of period	$	15.51		$	17.27		$	13.47		$	13.97		$	15.71		$	16.86
Total Return(b)		1.34	%		32.32	%		1.70	%		0.12	%		9.05	%		8.73	%
Net assets, end of period (in 000’s)	$	3,009		$	3,269		$	2,932		$	4,008		$	5,252		$	6,204
Ratio of net expenses to average net assets		1.29	%(c)		1.29	%		1.32	%		1.36	%		1.36	%		1.39	%
Ratio of total expenses to average net assets		1.47	%(c)		1.49	%		1.53	%		1.53	%		1.49	%		1.47	%
Ratio of net investment income to average net assets		0.59	%(c)		0.49	%		0.89	%		0.85	%		0.56	%		0.90	%
Portfolio turnover rate(d)		18	%		53	%		64	%		62	%		171	%		124	%

(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.

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

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Fund
	Class P Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	18.54		$	14.43		$	14.92		$	16.66		$	15.81
Net investment income(b)		0.10			0.17			0.21			0.21			0.08
Net realized and unrealized gain (loss)		0.21			4.48			0.19			(0.25	)		0.77
Total from investment operations		0.31			4.65			0.40			(0.04	)		0.85
Distributions to shareholders from net investment income		(0.18	)		(0.21	)		(0.22	)		(0.19	)		—
Distributions to shareholders from net realized gains		(1.91	)		(0.33	)		(0.67	)		(1.51	)		—
Total distributions		(2.09	)		(0.54	)		(0.89	)		(1.70	)		—
Net asset value, end of period	$	16.76		$	18.54		$	14.43		$	14.92		$	16.66
Total Return(c)		1.63	%		33.05	%		2.29	%		0.74	%		5.38	%
Net assets, end of period (in 000’s)	$	210,612		$	207,926		$	154,720		$	180,475		$	248,012
Ratio of net expenses to average net assets		0.72	%(d)		0.72	%		0.75	%		0.78	%		0.78	%(d)
Ratio of total expenses to average net assets		0.84	%(d)		0.86	%		0.89	%		0.88	%		0.85	%(d)
Ratio of net investment income to average net assets		1.17	%(d)		1.05	%		1.45	%		1.43	%		1.26	%(d)
Portfolio turnover rate(e)		18	%		53	%		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.

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

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Value Fund
	Class A Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	44.72		$	31.22		$	32.33		$	36.62		$	38.27		$	35.25
Net investment income(a)		0.03			—			0.16			0.16			0.08			0.19
Net realized and unrealized gain (loss)		1.08			13.63			(0.22	)		0.40			3.71			3.20
Total from investment operations		1.11			13.63			(0.06	)		0.56			3.79			3.39
Distributions to shareholders from net investment income		(0.11	)		(0.13	)		(0.18	)		(0.14	)		(0.15	)		(0.37	)
Distributions to shareholders from net realized gains		(6.83	)		—			(0.84	)		(4.71	)		(5.29	)		—
Distributions to shareholders from return of capital		—			—			(0.03	)		—			—			—
Total distributions		(6.94	)		(0.13	)		(1.05	)		(4.85	)		(5.44	)		(0.37	)
Net asset value, end of period	$	38.89		$	44.72		$	31.22		$	32.33		$	36.62		$	38.27
Total Return(b)		2.30	%		43.77	%		(0.41	)%		3.39	%		10.68	%		9.66	%
Net assets, end of period (in 000’s)	$	512,912		$	536,384		$	424,878		$	526,864		$	630,820		$	851,681
Ratio of net expenses to average net assets		1.20	%(c)		1.21	%		1.24	%		1.22	%		1.22	%		1.17	%
Ratio of total expenses to average net assets		1.20	%(c)		1.21	%		1.24	%		1.23	%		1.22	%		1.17	%
Ratio of net investment income to average net assets		0.15	%(c)		0.01	%		0.52	%		0.49	%		0.22	%		0.51	%
Portfolio turnover rate(d)		22	%		66	%		87	%		82	%		137	%		124	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Value Fund
	Class C Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	38.53		$	27.00		$	28.10		$	32.59		$	34.68		$	32.00
Net investment loss(a)		(0.11	)		(0.24	)		(0.02	)		(0.07	)		(0.17	)		(0.09	)
Net realized and unrealized gain (loss)		0.94			11.77			(0.24	)		0.29			3.33			2.92
Total from investment operations		0.83			11.53			(0.26	)		0.22			3.16			2.83
Distributions to shareholders from net investment income		—			—			—			—			—			(0.15	)
Distributions to shareholders from net realized gains		(6.83	)		—			(0.81	)		(4.71	)		(5.25	)		—
Distributions to shareholders from return of capital		—			—			(0.03	)		—			—			—
Total distributions		(6.83	)		—			(0.84	)		(4.71	)		(5.25	)		(0.15	)
Net asset value, end of period	$	32.53		$	38.53		$	27.00		$	28.10		$	32.59		$	34.68
Total Return(b)		1.92	%		42.70	%		(1.14	)%		2.58	%		9.86	%		8.86	%
Net assets, end of period (in 000’s)	$	11,405		$	12,836		$	16,230		$	28,175		$	78,897		$	102,928
Ratio of net expenses to average net assets		1.95	%(c)		1.96	%		1.99	%		1.98	%		1.97	%		1.92	%
Ratio of total expenses to average net assets		1.95	%(c)		1.96	%		1.99	%		1.98	%		1.97	%		1.92	%
Ratio of net investment loss to average net assets		(0.59	)%(c)		(0.73	)%		(0.07	)%		(0.24	)%		(0.53	)%		(0.25	)%
Portfolio turnover rate(d)		22	%		66	%		87	%		82	%		137	%		124	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Value Fund
	Institutional Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	45.34		$	31.65		$	32.76		$	37.06		$	38.68		$	35.64
Net investment income(a)		0.11			0.15			0.26			0.29			0.21			0.34
Net realized and unrealized gain (loss)		1.10			13.80			(0.19	)		0.39			3.77			3.25
Total from investment operations		1.21			13.95			0.07			0.68			3.98			3.59
Distributions to shareholders from net investment income		(0.25	)		(0.26	)		(0.30	)		(0.27	)		(0.26	)		(0.55	)
Distributions to shareholders from net realized gains		(6.83	)		—			(0.84	)		(4.71	)		(5.34	)		—
Distributions to shareholders from return of capital		—			—			(0.04	)		—			—			—
Total distributions		(7.08	)		(0.26	)		(1.18	)		(4.98	)		(5.60	)		(0.55	)
Net asset value, end of period	$	39.47		$	45.34		$	31.65		$	32.76		$	37.06		$	38.68
Total Return(b)		2.50	%		44.27	%		(0.03	)%		3.78	%		11.13	%		10.12	%
Net assets, end of period (in 000’s)	$	333,804		$	331,383		$	271,283		$	346,004		$	555,930		$	1,424,886
Ratio of net expenses to average net assets		0.83	%(c)		0.84	%		0.86	%		0.84	%		0.83	%		0.77	%
Ratio of total expenses to average net assets		0.83	%(c)		0.84	%		0.86	%		0.84	%		0.83	%		0.77	%
Ratio of net investment income to average net assets		0.52	%(c)		0.38	%		0.82	%		0.89	%		0.58	%		0.91	%
Portfolio turnover rate(d)		22	%		66	%		87	%		82	%		137	%		124	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Value Fund
	Service Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	43.69		$	30.50		$	31.58		$	35.89		$	37.61		$	34.63
Net investment income (loss)(a)		—	(b)		(0.04	)		0.13			0.12			0.04			0.15
Net realized and unrealized gain (loss)		1.06			13.31			(0.24	)		0.38			3.65			3.15
Total from investment operations		1.06			13.27			(0.10	)		0.50			3.69			3.30
Distributions to shareholders from net investment income		(0.07	)		(0.08	)		(0.11	)		(0.10	)		(0.12	)		(0.32	)
Distributions to shareholders from net realized gains		(6.83	)		—			(0.84	)		(4.71	)		(5.29	)		—
Distributions to shareholders from return of capital		—			—			(0.03	)		—			—			—
Total distributions		(6.90	)		(0.08	)		(0.98	)		(4.81	)		(5.41	)		(0.32	)
Net asset value, end of period	$	37.85		$	43.69		$	30.50		$	31.58		$	35.89		$	37.61
Total Return(c)		2.23	%		43.57	%		(0.52	)%		3.25	%		10.58	%		9.56	%
Net assets, end of period (in 000’s)	$	38,786		$	34,851		$	30,424		$	47,597		$	65,727		$	87,438
Ratio of net expenses to average net assets		1.33	%(d)		1.34	%		1.36	%		1.34	%		1.33	%		1.27	%
Ratio of total expenses to average net assets		1.33	%(d)		1.34	%		1.36	%		1.34	%		1.33	%		1.28	%
Ratio of net investment income (loss) to average net assets		0.01	%(d)		(0.12	)%		0.43	%		0.38	%		0.11	%		0.40	%
Portfolio turnover rate(e)		22	%		66	%		87	%		82	%		137	%		124	%

(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. 63

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Value Fund
	Investor Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	43.60		$	30.44		$	31.55		$	35.89		$	37.57		$	34.63
Net investment income(a)		0.09			0.10			0.22			0.23			0.17			0.27
Net realized and unrealized gain (loss)		1.06			13.28			(0.19	)		0.37			3.63			3.17
Total from investment operations		1.15			13.38			0.03			0.60			3.80			3.44
Distributions to shareholders from net investment income		(0.21	)		(0.22	)		(0.26	)		(0.23	)		(0.18	)		(0.50	)
Distributions to shareholders from net realized gains		(6.83	)		—			(0.84	)		(4.71	)		(5.30	)		—
Distributions to shareholders from return of capital		—			—			(0.04	)		—			—			—
Total distributions		(7.04	)		(0.22	)		(1.14	)		(4.94	)		(5.48	)		(0.50	)
Net asset value, end of period	$	37.71		$	43.60		$	30.44		$	31.55		$	35.89		$	37.57
Total Return(b)		2.45	%		44.11	%		(0.16	)%		3.63	%		10.98	%		9.94	%
Net assets, end of period (in 000’s)	$	51,552		$	42,206		$	33,249		$	41,809		$	51,375		$	77,446
Ratio of net expenses to average net assets		0.95	%(c)		0.96	%		0.99	%		0.97	%		0.97	%		0.92	%
Ratio of total expenses to average net assets		0.95	%(c)		0.96	%		0.99	%		0.98	%		0.97	%		0.92	%
Ratio of net investment income to average net assets		0.42	%(c)		0.26	%		0.72	%		0.74	%		0.47	%		0.73	%
Portfolio turnover rate(d)		22	%		66	%		87	%		82	%		137	%		124	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Value Fund
	Class R6 Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	45.31		$	31.62		$	32.74		$	37.04		$	38.66		$	35.64
Net investment income(a)		0.11			0.15			0.25			0.27			0.22			0.36
Net realized and unrealized gain (loss)		1.10			13.80			(0.18	)		0.41			3.76			3.22
Total from investment operations		1.21			13.95			0.07			0.68			3.98			3.58
Distributions to shareholders from net investment income		(0.26	)		(0.26	)		(0.27	)		(0.27	)		(0.27	)		(0.56	)
Distributions to shareholders from net realized gains		(6.83	)		—			(0.84	)		(4.71	)		(5.33	)		—
Distributions to shareholders from return of capital		—			—			(0.08	)		—			—			—
Total distributions		(7.09	)		(0.26	)		(1.19	)		(4.98	)		(5.60	)		(0.56	)
Net asset value, end of period	$	39.43		$	45.31		$	31.62		$	32.74		$	37.04		$	38.66
Total Return(b)		2.49	%		44.33	%		(0.05	)%		3.79	%		11.10	%		10.13	%
Net assets, end of period (in 000’s)	$	82,989		$	80,114		$	54,633		$	50,538		$	39,520		$	73,505
Ratio of net expenses to average net assets		0.82	%(c)		0.83	%		0.85	%		0.82	%		0.82	%		0.75	%
Ratio of total expenses to average net assets		0.82	%(c)		0.83	%		0.85	%		0.83	%		0.82	%		0.75	%
Ratio of net investment income to average net assets		0.53	%(c)		0.39	%		0.82	%		0.85	%		0.60	%		0.97	%
Portfolio turnover rate(d)		22	%		66	%		87	%		82	%		137	%		124	%

(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. 65

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Value Fund
	Class R Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	43.09		$	30.09		$	31.20		$	35.52		$	37.28		$	34.38
Net investment income (loss)(a)		(0.02	)		(0.09	)		0.10			0.08			(0.01	)		0.09
Net realized and unrealized gain (loss)		1.04			13.14			(0.24	)		0.37			3.61			3.13
Total from investment operations		1.02			13.05			(0.14	)		0.45			3.60			3.22
Distributions to shareholders from net investment income		(0.02	)		(0.05	)		(0.10	)		(0.06	)		(0.09	)		(0.32	)
Distributions to shareholders from net realized gains		(6.83	)		—			(0.84	)		(4.71	)		(5.27	)		—
Distributions to shareholders from return of capital		—			—			(0.03	)		—			—			—
Total distributions		(6.85	)		(0.05	)		(0.97	)		(4.77	)		(5.36	)		(0.32	)
Net asset value, end of period	$	37.26		$	43.09		$	30.09		$	31.20		$	35.52		$	37.28
Total Return(b)		2.17	%		43.41	%		(0.65	)%		3.10	%		10.43	%		9.40	%
Net assets, end of period (in 000’s)	$	20,457		$	21,249		$	17,015		$	21,916		$	28,103		$	34,193
Ratio of net expenses to average net assets		1.45	%(c)		1.46	%		1.49	%		1.47	%		1.47	%		1.42	%
Ratio of total expenses to average net assets		1.45	%(c)		1.46	%		1.49	%		1.48	%		1.47	%		1.43	%
Ratio of net investment income (loss) to average net assets		(0.09	)%(c)		(0.23	)%		0.32	%		0.25	%		(0.03	)%		0.25	%
Portfolio turnover rate(d)		22	%		66	%		87	%		82	%		137	%		124	%

(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.

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

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Value Fund
	Class P Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	45.30		$	31.62		$	32.73		$	37.04		$	35.64
Net investment income(b)		0.11			0.15			0.26			0.29			0.13
Net realized and unrealized gain (loss)		1.11			13.79			(0.19	)		0.39			1.27
Total from investment operations		1.22			13.94			0.07			0.68			1.40
Distributions to shareholders from net investment income		(0.26	)		(0.26	)		(0.33	)		(0.28	)		—
Distributions to shareholders from net realized gains		(6.83	)		—			(0.84	)		(4.71	)		—
Distributions to shareholders from return of capital		—			—			(0.01	)		—			—
Total distributions		(7.09	)		(0.26	)		(1.18	)		(4.99	)		—
Net asset value, end of period	$	39.43		$	45.30		$	31.62		$	32.73		$	37.04
Total Return(c)		2.51	%		44.30	%		(0.02	)%		3.80	%		3.93	%
Net assets, end of period (in 000’s)	$	191,355		$	191,790		$	129,680		$	141,460		$	172,003
Ratio of net expenses to average net assets		0.82	%(d)		0.83	%		0.85	%		0.83	%		0.86	%(d)
Ratio of total expenses to average net assets		0.82	%(d)		0.83	%		0.85	%		0.83	%		0.86	%(d)
Ratio of net investment income to average net assets		0.53	%(d)		0.39	%		0.82	%		0.89	%		0.94	%(d)
Portfolio turnover rate(e)		22	%		66	%		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.

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Fund
	Class A Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	60.69		$	40.60		$	47.20		$	59.98		$	56.63		$	52.52
Net investment income(a)		—	(b)		(0.08	)		0.20			0.20			0.04			0.16
Net realized and unrealized gain (loss)		1.01			20.27			(4.48	)		(7.12	)		9.70			5.92
Total from investment operations		1.01			20.19			(4.28	)		(6.92	)		9.74			6.08
Distributions to shareholders from net investment income		(0.03	)		(0.10	)		(0.26	)		(0.02	)		(0.08	)		(0.22	)
Distributions to shareholders from net realized gains		(11.85	)		—			(2.06	)		(5.84	)		(6.31	)		(1.75	)
Total distributions		(11.88	)		(0.10	)		(2.32	)		(5.86	)		(6.39	)		(1.97	)
Net asset value, end of period	$	49.82		$	60.69		$	40.60		$	47.20		$	59.98		$	56.63
Total Return(c)		1.63	%		49.77	%		(9.92	)%		(11.16	)%		18.15	%		11.56	%
Net assets, end of period (in 000’s)	$	419,764		$	468,122		$	413,666		$	594,825		$	803,918		$	851,497
Ratio of net expenses to average net assets		1.29	%(d)		1.30	%		1.34	%		1.34	%		1.33	%		1.34	%
Ratio of total expenses to average net assets		1.36	%(d)		1.36	%		1.37	%		1.36	%		1.36	%		1.38	%
Ratio of net investment income (loss) to average net assets		(0.01	)%(d)		(0.15	)%		0.47	%		0.39	%		0.07	%		0.29	%
Portfolio turnover rate(e)		25	%		64	%		75	%		47	%		55	%		68	%

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

(b) Amount is more 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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Fund
	Class C Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	42.63		$	28.68		$	33.97		$	45.37		$	44.50		$	41.75
Net investment loss(a)		(0.14	)		(0.33	)		(0.02	)		(0.13	)		(0.31	)		(0.20	)
Net realized and unrealized gain (loss)		0.71			14.28			(3.21	)		(5.43	)		7.49			4.70
Total from investment operations		0.57			13.95			(3.23	)		(5.56	)		7.18			4.50
Distributions to shareholders from net realized gains		(11.85	)		—			(2.06	)		(5.84	)		(6.31	)		(1.75	)
Net asset value, end of period	$	31.35		$	42.63		$	28.68		$	33.97		$	45.37		$	44.50
Total Return(b)		1.27	%		48.69	%		(10.61	)%		(11.83	)%		17.26	%		10.72	%
Net assets, end of period (in 000’s)	$	1,965		$	2,204		$	3,220		$	8,867		$	37,157		$	37,357
Ratio of net expenses to average net assets		2.04	%(c)		2.05	%		2.09	%		2.09	%		2.08	%		2.09	%
Ratio of total expenses to average net assets		2.11	%(c)		2.11	%		2.12	%		2.11	%		2.11	%		2.13	%
Ratio of net investment loss to average net assets		(0.77	)%(c)		(0.89	)%		(0.05	)%		(0.36	)%		(0.69	)%		(0.45	)%
Portfolio turnover rate(d)		25	%		64	%		75	%		47	%		55	%		68	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Fund
	Institutional Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	66.58		$	44.52		$	51.56		$	64.90		$	60.78		$	56.20
Net investment income(a)		0.10			0.11			0.35			0.43			0.28			0.41
Net realized and unrealized gain (loss)		1.09			22.22			(4.87	)		(7.71	)		10.46			6.34
Total from investment operations		1.19			22.33			(4.52	)		(7.28	)		10.74			6.75
Distributions to shareholders from net investment income		(0.19	)		(0.27	)		(0.46	)		(0.22	)		(0.31	)		(0.42	)
Distributions to shareholders from net realized gains		(11.85	)		—			(2.06	)		(5.84	)		(6.31	)		(1.75	)
Total distributions		(12.04	)		(0.27	)		(2.52	)		(6.06	)		(6.62	)		(2.17	)
Net asset value, end of period	$	55.73		$	66.58		$	44.52		$	51.56		$	64.90		$	60.78
Total Return(b)		1.79	%		50.29	%		(9.60	)%		(10.81	)%		18.62	%		12.00	%
Net assets, end of period (in 000’s)	$	1,862,835		$	2,331,482		$	2,454,781		$	3,114,853		$	4,304,041		$	4,393,986
Ratio of net expenses to average net assets		0.97	%(c)		0.96	%		0.96	%		0.95	%		0.94	%		0.94	%
Ratio of total expenses to average net assets		0.99	%(c)		0.99	%		0.99	%		0.97	%		0.97	%		0.98	%
Ratio of net investment income to average net assets		0.31	%(c)		0.19	%		0.74	%		0.78	%		0.45	%		0.69	%
Portfolio turnover rate(d)		25	%		64	%		75	%		47	%		55	%		68	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Fund
	Service Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	58.44		$	39.10		$	45.50		$	58.10		$	55.04		$	51.10
Net investment income (loss)(a)		(0.05	)		(0.15	)		0.16			0.14			(0.03	)		0.09
Net realized and unrealized gain (loss)		0.97			19.51			(4.35	)		(6.90	)		9.42			5.77
Total from investment operations		0.92			19.36			(4.19	)		(6.76	)		9.39			5.86
Distributions to shareholders from net investment income		—			(0.02	)		(0.15	)		—			(0.02	)		(0.17	)
Distributions to shareholders from net realized gains		(11.85	)		—			(2.06	)		(5.84	)		(6.31	)		(1.75	)
Total distributions		(11.85	)		(0.02	)		(2.21	)		(5.84	)		(6.33	)		(1.92	)
Net asset value, end of period	$	47.51		$	58.44		$	39.10		$	45.50		$	58.10		$	55.04
Total Return(b)		1.53	%		49.53	%		(10.04	)%		(11.26	)%		18.02	%		11.44	%
Net assets, end of period (in 000’s)	$	22,732		$	27,102		$	39,295		$	75,860		$	110,636		$	145,996
Ratio of net expenses to average net assets		1.47	%(c)		1.46	%		1.46	%		1.45	%		1.44	%		1.44	%
Ratio of total expenses to average net assets		1.49	%(c)		1.49	%		1.49	%		1.47	%		1.47	%		1.48	%
Ratio of net investment income (loss) to average net assets		(0.19	)%(c)		(0.31	)%		0.39	%		0.29	%		(0.06	)%		0.17	%
Portfolio turnover rate(d)		25	%		64	%		75	%		47	%		55	%		68	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Fund
	Investor Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	60.18		$	40.26		$	46.84		$	59.60		$	56.32		$	52.23
Net investment income(a)		0.07			0.05			0.27			0.32			0.18			0.29
Net realized and unrealized gain (loss)		1.00			20.09			(4.39	)		(7.09	)		9.64			5.90
Total from investment operations		1.07			20.14			(4.12	)		(6.77	)		9.82			6.19
Distributions to shareholders from net investment income		(0.17	)		(0.22	)		(0.40	)		(0.15	)		(0.23	)		(0.35	)
Distributions to shareholders from net realized gains		(11.85	)		—			(2.06	)		(5.84	)		(6.31	)		(1.75	)
Total distributions		(12.02	)		(0.22	)		(2.46	)		(5.99	)		(6.54	)		(2.10	)
Net asset value, end of period	$	49.23		$	60.18		$	40.26		$	46.84		$	59.60		$	56.32
Total Return(b)		1.76	%		50.14	%		(9.70	)%		(10.94	)%		18.44	%		11.84	%
Net assets, end of period (in 000’s)	$	184,914		$	140,918		$	115,491		$	132,434		$	173,176		$	168,986
Ratio of net expenses to average net assets		1.04	%(c)		1.04	%		1.09	%		1.09	%		1.08	%		1.09	%
Ratio of total expenses to average net assets		1.11	%(c)		1.11	%		1.12	%		1.11	%		1.11	%		1.13	%
Ratio of net investment income to average net assets		0.25	%(c)		0.09	%		0.64	%		0.64	%		0.31	%		0.53	%
Portfolio turnover rate(d)		25	%		64	%		75	%		47	%		55	%		68	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Fund
	Class R6 Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	66.55		$	44.50		$	51.53		$	64.88		$	60.77		$	56.19
Net investment income(a)		0.10			0.11			0.35			0.42			0.27			0.38
Net realized and unrealized gain (loss)		1.10			22.22			(4.85	)		(7.70	)		10.47			6.39
Total from investment operations		1.20			22.33			(4.50	)		(7.28	)		10.74			6.77
Distributions to shareholders from net investment income		(0.21	)		(0.28	)		(0.47	)		(0.23	)		(0.32	)		(0.44	)
Distributions to shareholders from net realized gains		(11.85	)		—			(2.06	)		(5.84	)		(6.31	)		(1.75	)
Total distributions		(12.06	)		(0.28	)		(2.53	)		(6.07	)		(6.63	)		(2.19	)
Net asset value, end of period	$	55.69		$	66.55		$	44.50		$	51.53		$	64.88		$	60.77
Total Return(b)		1.79	%		50.31	%		(9.58	)%		(10.81	)%		18.63	%		12.03	%
Net assets, end of period (in 000’s)	$	1,364,757		$	1,436,954		$	1,229,047		$	1,302,069		$	1,146,132		$	759,095
Ratio of net expenses to average net assets		0.96	%(c)		0.95	%		0.95	%		0.94	%		0.93	%		0.92	%
Ratio of total expenses to average net assets		0.98	%(c)		0.98	%		0.98	%		0.96	%		0.96	%		0.96	%
Ratio of net investment income to average net assets		0.32	%(c)		0.19	%		0.74	%		0.77	%		0.44	%		0.63	%
Portfolio turnover rate(d)		25	%		64	%		75	%		47	%		55	%		68	%

(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 Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Fund
	Class R Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	58.98		$	39.48		$	45.96		$	58.69		$	55.60		$	51.62
Net investment income (loss)(a)		(0.07	)		(0.21	)		0.13			0.07			(0.11	)		0.02
Net realized and unrealized gain (loss)		0.98			19.71			(4.42	)		(6.96	)		9.51			5.82
Total from investment operations		0.91			19.50			(4.29	)		(6.89	)		9.40			5.84
Distributions to shareholders from net investment income		—			—			(0.13	)		—			—			(0.11	)
Distributions to shareholders from net realized gains		(11.85	)		—			(2.06	)		(5.84	)		(6.31	)		(1.75	)
Total distributions		(11.85	)		—	��		(2.19	)		(5.84	)		(6.31	)		(1.86	)
Net asset value, end of period	$	48.04		$	58.98		$	39.48		$	45.96		$	58.69		$	55.60
Total Return(b)		1.50	%		49.39	%		(10.16	)%		11.37	%		17.85	%		11.28	%
Net assets, end of period (in 000’s)	$	51,669		$	62,339		$	57,272		$	84,684		$	123,288		$	124,039
Ratio of net expenses to average net assets		1.54	%(c)		1.55	%		1.59	%		1.59	%		1.58	%		1.59	%
Ratio of total expenses to average net assets		1.61	%(c)		1.61	%		1.62	%		1.61	%		1.61	%		1.63	%
Ratio of net investment income (loss) to average net assets		(0.26	)%(c)		(0.40	)%		0.30	%		0.15	%		(0.19	)%		0.04	%
Portfolio turnover rate(d)		25	%		64	%		75	%		47	%		55	%		68	%

(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.

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Fund
	Class P Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	66.55		$	44.50		$	51.53		$	64.88		$	60.80
Net investment income(b)		0.10			0.11			0.34			0.43			0.11
Net realized and unrealized gain (loss)		1.11			22.22			(4.85	)		(7.71	)		3.97
Total from investment operations		1.21			22.33			(4.51	)		(7.28	)		4.08
Distributions to shareholders from net investment income		(0.21	)		(0.28	)		(0.46	)		(0.23	)		—
Distributions to shareholders from net realized gains		(11.85	)		—			(2.06	)		(5.84	)		—
Total distributions		(12.06	)		(0.28	)		(2.52	)		(6.07	)		—
Net asset value, end of period	$	55.70		$	66.55		$	44.50		$	51.53		$	64.88
Total Return(c)		1.79	%		50.28	%		(9.56	)%		(10.80	)%		6.71	%
Net assets, end of period (in 000’s)	$	334,543		$	333,524		$	206,370		$	231,930		$	317,224
Ratio of net expenses to average net assets		0.96	%(d)		0.95	%		0.95	%		0.94	%		0.93	%(d)
Ratio of total expenses to average net assets		0.98	%(d)		0.98	%		0.98	%		0.96	%		0.97	%(d)
Ratio of net investment income to average net assets		0.32	%(d)		0.18	%		0.74	%		0.79	%		0.46	%(d)
Portfolio turnover rate(e)		25	%		64	%		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.

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Value Fund
	Class A Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	17.26		$	11.50		$	11.99		$	13.58		$	12.37		$	11.18
Net investment income(a)		0.02			0.01			0.06			0.07			0.04			0.07
Net realized and unrealized gain (loss)		0.42			5.80			(0.48	)		(0.88	)		1.72			1.19
Total from investment operations		0.44			5.81			(0.42	)		(0.81	)		1.76			1.26
Distributions to shareholders from net investment income		(0.04	)		(0.05	)		(0.07	)		(0.02	)		(0.08	)		(0.07	)
Distributions to shareholders from net realized gains		(0.93	)		—			—			(0.76	)		(0.47	)		—
Total distributions		(0.97	)		(0.05	)		(0.07	)		(0.78	)		(0.55	)		(0.07	)
Net asset value, end of period	$	16.73		$	17.26		$	11.50		$	11.99		$	13.58		$	12.37
Total Return(b)		2.56	%		50.62	%		(3.56	)%		(5.42	)%		14.47	%		11.30	%
Net assets, end of period (in 000’s)	$	2,261		$	2,034		$	988		$	1,467		$	1,699		$	1,497
Ratio of net expenses to average net assets		1.21	%(c)		1.21	%		1.23	%		1.23	%		1.23	%		1.24	%
Ratio of total expenses to average net assets		1.33	%(c)		1.42	%		1.50	%		1.56	%		1.47	%		1.73	%
Ratio of net investment income to average net assets		0.23	%(c)		0.07	%		0.49	%		0.61	%		0.34	%		0.58	%
Portfolio turnover rate(d)		43	%		78	%		76	%		73	%		105	%		108	%

(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.

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Value Fund
	Class C Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	16.68		$	11.17		$	11.67		$	13.30		$	12.14		$	11.01
Net investment loss(a)		(0.04	)		(0.10	)		(0.01	)		(0.02	)		(0.06	)		(0.02	)
Net realized and unrealized gain (loss)		0.40			5.61			(0.49	)		(0.85	)		1.69			1.17
Total from investment operations		0.36			5.51			(0.50	)		(0.87	)		1.63			1.15
Distributions to shareholders from net investment income		—			—			—			—			—			(0.02	)
Distributions to shareholders from net realized gains		(0.93	)		—			—			(0.76	)		(0.47	)		—
Total distributions		(0.93	)		—			—			(0.76	)		(0.47	)		(0.02	)
Net asset value, end of period	$	16.11		$	16.68		$	11.17		$	11.67		$	13.30		$	12.14
Total Return(b)		2.17	%		49.46	%		(4.36	)%		(6.07	)%		13.63	%		10.48	%
Net assets, end of period (in 000’s)	$	1,297		$	1,483		$	948		$	994		$	1,140		$	1,126
Ratio of net expenses to average net assets		1.96	%(c)		1.96	%		1.98	%		1.98	%		1.98	%		1.99	%
Ratio of total expenses to average net assets		2.08	%(c)		2.17	%		2.24	%		2.31	%		2.22	%		2.47	%
Ratio of net investment loss to average net assets		(0.52	)%(c)		(0.69	)%		(0.07	)%		(0.15	)%		(0.44	)%		(0.17	)%
Portfolio turnover rate(d)		43	%		78	%		76	%		73	%		105	%		108	%

(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. 77

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Value Fund
	Institutional Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	17.51		$	11.67		$	12.18		$	13.74		$	12.50		$	11.29
Net investment income(a)		0.05			0.07			0.09			0.12			0.08			0.12
Net realized and unrealized gain (loss)		0.43			5.87			(0.47	)		(0.88	)		1.75			1.20
Total from investment operations		0.48			5.94			(0.38	)		(0.76	)		1.83			1.32
Distributions to shareholders from net investment income		(0.09	)		(0.10	)		(0.13	)		(0.04	)		(0.12	)		(0.11	)
Distributions to shareholders from net realized gains		(0.93	)		—			—			(0.76	)		(0.47	)		—
Total distributions		(1.02	)		(0.10	)		(0.13	)		(0.80	)		(0.59	)		(0.11	)
Net asset value, end of period	$	16.97		$	17.51		$	11.67		$	12.18		$	13.74		$	12.50
Total Return(b)		2.70	%		51.16	%		(3.26	)%		(5.00	)%		14.93	%		11.71	%
Net assets, end of period (in 000’s)	$	15,158		$	18,472		$	7,054		$	6,223		$	5,666		$	42,085
Ratio of net expenses to average net assets		0.84	%(c)		0.84	%		0.85	%		0.84	%		0.84	%		0.84	%
Ratio of total expenses to average net assets		0.96	%(c)		1.05	%		1.12	%		1.17	%		1.08	%		1.35	%
Ratio of net investment income to average net assets		0.62	%(c)		0.44	%		0.78	%		0.99	%		0.58	%		0.97	%
Portfolio turnover rate(d)		43	%		78	%		76	%		73	%		105	%		108	%

(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.

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Value Fund
	Investor Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	17.41		$	11.59		$	12.09		$	13.67		$	12.44		$	11.23
Net investment income(a)		0.04			0.07			0.08			0.10			0.08			0.10
Net realized and unrealized gain (loss)		0.42			5.82			(0.47	)		(0.88	)		1.73			1.19
Total from investment operations		0.46			5.89			(0.39	)		(0.78	)		1.81			1.29
Distributions to shareholders from net investment income		(0.08	)		(0.07	)		(0.11	)		(0.04	)		(0.11	)		(0.08	)
Distributions to shareholders from net realized gains		(0.93	)		—			—			(0.76	)		(0.47	)		—
Total distributions		(1.01	)		(0.07	)		(0.11	)		(0.80	)		(0.58	)		(0.08	)
Net asset value, end of period	$	16.86		$	17.41		$	11.59		$	12.09		$	13.67		$	12.44
Total Return(b)		2.65	%		50.98	%		(3.32	)%		(5.19	)%		14.82	%		11.52	%
Net assets, end of period (in 000’s)	$	15,115		$	13,553		$	1,435		$	3,253		$	5,541		$	3,250
Ratio of net expenses to average net assets		0.96	%(c)		0.96	%		0.98	%		0.98	%		0.98	%		0.99	%
Ratio of total expenses to average net assets		1.08	%(c)		1.15	%		1.26	%		1.30	%		1.22	%		1.48	%
Ratio of net investment income to average net assets		0.48	%(c)		0.40	%		0.74	%		0.85	%		0.61	%		0.82	%
Portfolio turnover rate(d)		43	%		78	%		76	%		73	%		105	%		108	%

(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. 79

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Value Fund
	Class R6 Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	17.50		$	11.66		$	12.16		$	13.75		$	12.51		$	11.29
Net investment income(a)		0.05			0.07			0.09			0.12			0.10			0.12
Net realized and unrealized gain (loss)		0.42			5.87			(0.46	)		(0.89	)		1.73			1.21
Total from investment operations		0.47			5.94			(0.37	)		(0.77	)		1.83			1.33
Distributions to shareholders from net investment income		(0.09	)		(0.10	)		(0.13	)		(0.06	)		(0.12	)		(0.11	)
Distributions to shareholders from net realized gains		(0.93	)		—			—			(0.76	)		(0.47	)		—
Total distributions		(1.02	)		(0.10	)		(0.13	)		(0.82	)		(0.59	)		(0.11	)
Net asset value, end of period	$	16.95		$	17.50		$	11.66		$	12.16		$	13.75		$	12.51
Total Return(b)		2.71	%		51.12	%		(3.17	)%		(5.06	)%		14.94	%		11.80	%
Net assets, end of period (in 000’s)	$	104,437		$	97,324		$	52,507		$	57,055		$	60,931		$	61,251
Ratio of net expenses to average net assets		0.83	%(c)		0.83	%		0.84	%		0.83	%		0.83	%		0.83	%
Ratio of total expenses to average net assets		0.95	%(c)		1.04	%		1.11	%		1.16	%		1.07	%		1.08	%
Ratio of net investment income to average net assets		0.60	%(c)		0.44	%		0.79	%		1.00	%		0.75	%		0.97	%
Portfolio turnover rate(d)		43	%		78	%		76	%		73	%		105	%		108	%

(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.

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Value Fund
	Class R Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	17.21		$	11.46		$	11.96		$	13.56		$	12.35		$	11.15
Net investment income (loss)(a)		—	(b)		(0.03	)		0.03			0.04			0.01			0.04
Net realized and unrealized gain (loss)		0.42			5.78			(0.49	)		(0.87	)		1.72			1.19
Total from investment operations		0.42			5.75			(0.46	)		(0.83	)		1.73			1.23
Distributions to shareholders from net investment income		—			—			(0.04	)		(0.01	)		(0.05	)		(0.03	)
Distributions to shareholders from net realized gains		(0.93	)		—			—			(0.76	)		(0.47	)		—
Total distributions		(0.93	)		—			(0.04	)		(0.77	)		(0.52	)		(0.03	)
Net asset value, end of period	$	16.70		$	17.21		$	11.46		$	11.96		$	13.56		$	12.35
Total Return(c)		2.46	%		50.17	%		(3.85	)%		(5.65	)%		14.20	%		11.06	%
Net assets, end of period (in 000’s)	$	99		$	99		$	74		$	160		$	207		$	131
Ratio of net expenses to average net assets		1.46	%(d)		1.46	%		1.48	%		1.48	%		1.48	%		1.49	%
Ratio of total expenses to average net assets		1.58	%(d)		1.69	%		1.76	%		1.81	%		1.72	%		2.00	%
Ratio of net investment income (loss) to average net assets		(0.02	)%(d)		(0.19	)%		0.29	%		0.36	%		0.09	%		0.32	%
Portfolio turnover rate(e)		43	%		78	%		76	%		73	%		105	%		108	%

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

(b) Amount is more 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. 81

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Value Fund
	Class P Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	17.49		$	11.66		$	12.16		$	13.75		$	13.26
Net investment income(b)		0.05			0.07			0.09			0.12			0.05
Net realized and unrealized gain (loss)		0.43			5.86			(0.46	)		(0.89	)		0.44
Total from investment operations		0.48			5.93			(0.37	)		(0.77	)		0.49
Distributions to shareholders from net investment income		(0.09	)		(0.10	)		(0.13	)		(0.06	)		—
Distributions to shareholders from net realized gains		(0.93	)		—			—			(0.76	)		—
Total distributions		(1.02	)		(0.10	)		(0.13	)		(0.82	)		—
Net asset value, end of period	$	16.95		$	17.49		$	11.66		$	12.16		$	13.75
Total Return(c)		2.77	%		51.04	%		(3.17	)%		(5.05	)%		3.70	%
Net assets, end of period (in 000’s)	$	110,386		$	92,056		$	38,153		$	48,725		$	54,660
Ratio of net expenses to average net assets		0.83	%(d)		0.83	%		0.84	%		0.83	%		0.83	%(d)
Ratio of total expenses to average net assets		0.95	%(d)		1.04	%		1.11	%		1.16	%		1.09	%(d)
Ratio of net investment income to average net assets		0.59	%(d)		0.44	%		0.79	%		1.00	%		0.99	%(d)
Portfolio turnover rate(e)		43	%		78	%		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.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements

February 28, 2022 (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. These reclaims if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered if any, are reflected as other income in the Statements of Operations. 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.

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2022 (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 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).

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to 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.

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.

85

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2022 (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, 2022:

EQUITY INCOME FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	2,523,559	$	—	$	—
Europe		21,359,255		—		—
North America		387,038,768		—		—
Oceania		6,305,259		—		—
Investment Company		3,859,662		—		—
Securities Lending Reinvestment Vehicle		32,445		—		—
Total	$	421,118,948	$	—	$	—
FOCUSED VALUE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	40,138,002	$	—	$	—
Investment Company		864,163		—		—
Total	$	41,002,165	$	—	$	—
LARGE CAP VALUE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	8,956,739	$	—	$	—
North America		473,630,615		—		—
Investment Company		7,102,593		—		—
Total	$	489,689,947	$	—	$	—
MID CAP VALUE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	27,691,416	$	—	$	—
North America		1,189,145,557		—		—
Investment Company		25,517,225		—		—
Total	$	1,242,354,198	$	—	$	—

86

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

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)
Europe	$	17,050,511	$	—	$	—
North America		4,158,122,267		—		—
Investment Company		44,716,793		—		—
Exchange-Traded Fund		10,679,233		—		—
Securities Lending Reinvestment Vehicle		15,108,297		—		—
Total	$	4,245,677,101	$	—	$	—
SMALL/MID CAP VALUE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	999,016	$	—	$	—
North America		242,282,067		—		—
Investment Company		4,075,648		—		—
Securities Lending Reinvestment Vehicle		7,350		—		—
Total	$	247,364,081	$	—	$	—

(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.

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of February 28, 2022, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate															Effective Contractual Management Rate			Effective Net Management Rate#
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion
Equity Income		0.69	%		0.62	%		0.59	%		0.58	%		0.57	%		0.69	%		0.69	%
Focused Value		0.69			0.62			0.59			0.58			0.57			0.69			0.69
Large Cap Value		0.75			0.68			0.65			0.64			0.63			0.75			0.69	*
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

# 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.

* 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, 2022, 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 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, 2022, the management fee waived by GSAM for each Fund was as follows:

Fund	Management Fee Waived
Equity Income	$	75
Focused Value		230
Large Cap Value		1,597
Mid Cap Value		7,361
Small Cap Value		14,452
Small/Mid Cap Value		1,475

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.

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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.

	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/or Service Plans to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended February 28, 2022, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Equity Income	$	—	$	—
Focused Value		50		—
Large Cap Value		1,825		—
Mid Cap Value		7,897		—
Small Cap Value		2,857		—
Small/Mid Cap Value		184		—

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.

Goldman Sachs has agreed to waive a portion of its transfer agency fee as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares equal to 0.06% for Large Cap Value, Equity Income and Focused Value Funds, 0.05% for Small Cap Value Fund. As of December 29, 2021 Goldman Sachs agreed to waive a portion of its transfer agency fee as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares equal to 0.01% for Mid Cap Value and Small/Mid Cap Value Funds. These arrangements will remain in effect through at least December 29, 2022, and prior to such date, Goldman Sachs may not terminate these arrangements without the approval of the Board of Trustees.

89

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Equity Income, Focused Value, Large Cap Value, Small Cap Value and Small/Mid Cap Value Funds is 0.004% and for Mid Cap Value Fund is 0.104%. These Other Expense limitations will remain in place through at least December 29, 2022, 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 six months ended February 28, 2022, 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	$	75	$	101,824	$	157,185	$	259,084
Focused Value		230		124		130,313		130,667
Large Cap Value		149,739		31,587		145,140		326,466
Mid Cap Value		7,361		10,298		—		17,659
Small Cap Value		14,452		170,473		434,651		619,576
Small/Mid Cap Value		1,475		312		138,142		139,929

G.  Line of Credit Facility — As of February 28, 2022, the Funds participated in a $1,000,000,000 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, 2022, the Funds did not have any borrowings under the facility.

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

I.  Other Transactions with Affiliates — The table below shows the transactions in and earnings from investments in the Government Money Market Fund —Institutional Shares for six months ended February 28, 2022:

Fund	Beginning Value as of August 31, 2021		Purchases at Cost		Proceeds from Sales			Ending Value as of February 28, 2022		Shares as of February 28, 2022		Dividend Income
Equity Income	$	809,595	$	14,509,685	$	(11,459,618	)	$	3,859,662		3,859,662	$	174
Focused Value		426,826		6,182,484		(5,745,147	)		864,163		864,163		71
Large Cap Value		5,056,208		24,175,450		(22,129,065	)		7,102,593		7,102,593		439
Mid Cap Value		10,084,240		103,684,273		(88,251,288	)		25,517,225		25,517,225		1,688
Small Cap Value		5,404,503		531,995,312		(492,683,022	)		44,716,793		44,716,793		3,618
Small/Mid Cap Value		583,228		39,946,766		(36,454,346	)		4,075,648		4,075,648		360

As of February 28, 2022, 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 R6			Class R			Class P
Focused Value		—	%		5	%		—	%		100	%		100	%		31	%		—	%
Small/Mid Cap Value		—			—			—			—			—			11			—

For the six months ended February 28, 2022, Goldman Sachs earned $574 in brokerage commissions from portfolio transactions, on behalf of the Large Cap Value Fund.

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for six months ended February 28, 2022, were as follows:

Fund	Purchases		Sales and Maturities
Equity Income	$	16,854,918	$	24,792,479
Focused Value		17,610,354		17,362,629
Large Cap Value		87,382,166		103,886,680
Mid Cap Value		271,099,421		320,922,591
Small Cap Value		1,157,844,177		1,854,389,368
Small/Mid Cap Value		113,943,089		99,749,524

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

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

6. SECURITIES LENDING (continued)

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 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, 2022, 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, 2022, 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, 2022:

Fund	Beginning Value as of August 31, 2021		Purchases at Cost		Proceeds from Sales			Ending Value as of February 28, 2022
Equity Income	$	—	$	46,306,025	$	(46,273,580	)	$	32,445
Large Cap Value		—		2,077,565		(2,077,565	)		—
Mid Cap Value		—		15,439,897		(15,439,897	)		—
Small Cap Value		26,189,986		120,837,767		(131,919,456	)		15,108,297
Small/Mid Cap Value		764,357		2,592,036		(3,349,043	)		7,350

92

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2021, the Funds’ had no capital loss carryforward or timing differences on a tax basis.

As of February 28, 2022, the Funds’ 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	$	326,627,630		$	38,287,693		$	387,399,661		$	981,194,393		$	3,267,534,969		$	205,876,603
Gross unrealized gain		104,273,549			3,840,570			114,759,696			292,941,663			1,158,403,382			46,765,119
Gross unrealized loss		(9,782,231	)		(1,126,098	)		(12,469,409	)		(31,781,857	)		(180,261,250	)		(5,277,641	)
Net unrealized gains (losses)	$	94,491,318		$	2,714,472		$	102,290,287		$	261,159,806		$	978,142,132		$	41,487,478

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

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 U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; 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 also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Foreign Custody Risk — The Funds may invest in foreign securities, and as such the Funds may hold such securities and cash with foreign banks, agents, and securities depositories appointed by each 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

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

8. OTHER RISKS (continued)

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 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 one or more issuers or fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

9. INDEMNIFICATIONS

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

10. SUBSEQUENT EVENTS

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

94

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Equity Income Fund
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		93,125		$	4,294,616			155,231		$	6,592,880
Reinvestment		520,114			23,361,089			97,564			4,022,902
Shares redeemed		(380,220	)		(17,459,363	)		(861,842	)		(36,162,254	)
		233,019			10,196,342			(609,047	)		(25,546,472	)
Class C Shares
Shares sold		8,648			369,440			33,026			1,364,079
Reinvestment		8,610			365,703			881			34,582
Shares redeemed		(32,912	)		(1,442,208	)		(51,543	)		(2,050,249	)
		(15,654	)		(707,065	)		(17,636	)		(651,588	)
Institutional Shares
Shares sold		57,880			2,698,894			295,751			12,080,551
Reinvestment		51,563			2,363,421			10,545			444,680
Shares redeemed		(79,339	)		(3,716,531	)		(191,746	)		(7,887,747	)
		30,104			1,345,784			114,550			4,637,484
Service Shares
Shares sold		—			—			—			—
Reinvestment		148			6,656			34			1,353
Shares redeemed		(60	)		(2,692	)		(2,083	)		(85,486	)
		88			3,964			(2,049	)		(84,133	)
Investor Shares
Shares sold		9,304			426,335			59,768			2,292,195
Reinvestment		4,940			221,521			1,162			47,164
Shares redeemed		(10,406	)		(476,144	)		(59,364	)		(2,405,016	)
		3,838			171,712			1,566			(65,657	)
Class R6 Shares
Shares sold		7,256			342,335			35,637			1,564,651
Reinvestment		10,807			495,433			2,242			94,517
Shares redeemed		(14,370	)		(678,782	)		(32,034	)		(1,334,620	)
		3,693			158,986			5,845			324,548
Class R Shares
Shares sold		556			25,539			1,469			60,884
Reinvestment		2,104			93,887			332			13,611
Shares redeemed		(987	)		(46,913	)		(3,324	)		(145,641	)
		1,673			72,513			(1,523	)		(71,146	)
Class P Shares
Shares sold		216,043			10,136,123			339,311			14,793,109
Reinvestment		68,789			3,152,075			10,775			459,964
Shares redeemed		(34,489	)		(1,591,987	)		(47,396	)		(2,079,651	)
		250,343			11,696,211			302,690			13,173,422
NET INCREASE (DECREASE)		507,104		$	22,938,447			(205,604	)	$	(8,283,542	)

95

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Focused Value Fund
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		906		$	13,513			13,820		$	187,410
Reinvestment		1,229			17,568			233			2,864
Shares redeemed		(9,911	)		(145,231	)		(2,372	)		(29,891	)
		(7,776	)		(114,150	)		11,681			160,383
Class C Shares
Shares sold		15,463			218,894			4,449			56,724
Reinvestment		205			2,875			32			390
Shares redeemed		—			—			(4,012	)		(53,213	)
		15,668			221,769			469			3,901
Institutional Shares
Shares sold		15,371			225,206			461,883			5,966,246
Reinvestment		6,555			94,204			1,558			19,225
Shares redeemed		(345,336	)		(5,268,134	)		(138,463	)		(1,851,275	)
		(323,410	)		(4,948,724	)		324,978			4,134,196
Investor Shares
Shares sold		—			—
Reinvestment		60			869			58			715
Shares redeemed		—			—			(2,160	)		(27,117	)
		60			869			(2,102	)		(26,402	)
Class R6 Shares
Shares sold		—			—
Reinvestment		61			880			61			749
Shares redeemed		—			—			(2,182	)		(27,410	)
		61			880			(2,121	)		(26,661	)
Class R Shares
Shares sold		—			—			2,009			25,005
Reinvestment		186			2,652			85			1,033
Shares redeemed		—			—			(2,087	)		(26,067	)
		186			2,652			7			(29	)
Class P Shares
Shares sold		431,074			6,268,142			1,680,361			22,219,682
Reinvestment		163,759			2,350,232			17,987			221,552
Shares redeemed		(59,843	)		(858,128	)		(237,498	)		(3,121,295	)
		534,990			7,760,246			1,460,850			19,319,939
NET INCREASE		219,779		$	2,923,542			1,793,762		$	23,565,327

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Large Cap Value Fund
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		206,272		$	3,491,280			349,972		$	5,579,387
Reinvestment		563,194			9,144,779			162,305			2,413,491
Shares redeemed		(324,632	)		(5,555,016	)		(976,224	)		(15,456,763	)
		444,834			7,081,043			(463,947	)		(7,463,885	)
Class C Shares
Shares sold		32,839			504,028			33,158			494,929
Reinvestment		88,611			1,339,801			33,099			462,331
Shares redeemed		(120,630	)		(1,949,408	)		(623,860	)		(9,457,795	)
		820			(105,579	)		(557,603	)		(8,500,535	)
Institutional Shares
Shares sold		387,834			6,743,030			1,375,088			22,207,339
Reinvestment		1,247,850			20,558,707			361,313			5,436,359
Shares redeemed		(1,005,249	)		(17,201,147	)		(1,677,335	)		(27,508,892	)
		630,435			10,100,590			59,066			134,806
Service Shares
Shares sold		8,760			141,849			3,136			48,786
Reinvestment		2,024			32,674			692			10,246
Shares redeemed		(802	)		(14,222	)		(16,547	)		(259,774	)
		9,982			160,301			(12,719	)		(200,742	)
Investor Shares
Shares sold		10,242			174,951			24,135			376,684
Reinvestment		25,598			416,384			7,936			118,038
Shares redeemed		(11,859	)		(199,131	)		(81,344	)		(1,249,105	)
		23,981			392,204			(49,273	)		(754,383	)
Class R6 Shares
Shares sold		24,488			434,953			52,133			862,049
Reinvestment		12,450			210,990			4,213			65,011
Shares redeemed		(21,985	)		(396,309	)		(64,052	)		(1,054,244	)
		14,953			249,634			(7,706	)		(127,184	)
Class R Shares
Shares sold		12,679			217,555			40,768			647,742
Reinvestment		23,077			360,604			6,647			95,537
Shares redeemed		(31,080	)		(515,705	)		(75,778	)		(1,189,156	)
		4,676			62,454			(28,363	)		(445,877	)
Class P Shares
Shares sold		651,055			11,169,608			1,071,554			18,047,504
Reinvestment		1,381,051			23,402,507			372,659			5,747,842
Shares redeemed		(682,516	)		(11,897,037	)		(950,225	)		(15,406,066	)
		1,349,590			22,675,078			493,988			8,389,280
NET INCREASE (DECREASE)		2,479,271		$	40,615,725			(566,557	)	$	(8,968,520	)

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Mid Cap Value Fund
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		580,237		$	24,260,503			1,031,436		$	40,336,696
Reinvestment		1,933,259			76,270,620			44,871			1,625,681
Shares redeemed		(1,318,893	)		(55,513,618	)		(2,690,532	)		(101,945,991	)
		1,194,603			45,017,505			(1,614,225	)		(59,983,614	)
Class C Shares
Shares sold		31,754			1,102,752			35,182			1,171,604
Reinvestment		59,326			1,955,389			—			—
Shares redeemed		(73,647	)		(2,672,374	)		(303,124	)		(10,089,221	)
		17,433			385,767			(267,942	)		(8,917,617	)
Institutional Shares
Shares sold		1,084,647			45,630,996			1,155,486			46,128,697
Reinvestment		1,122,095			45,050,337			47,467			1,739,185
Shares redeemed		(1,057,296	)		(45,078,099	)		(2,467,004	)		(92,066,490	)
		1,149,446			45,603,234			(1,264,051	)		(44,198,608	)
Service Shares
Shares sold		214,589			8,408,619			109,090			4,268,167
Reinvestment		136,339			5,231,527			1,886			66,820
Shares redeemed		(123,842	)		(5,024,315	)		(310,922	)		(11,312,414	)
		227,086			8,615,831			(199,946	)		(6,977,427	)
Investor Shares
Shares sold		373,472			14,511,181			171,226			6,545,668
Reinvestment		175,218			6,717,802			6,094			214,953
Shares redeemed		(149,409	)		(6,106,223	)		(301,636	)		(10,961,443	)
		399,281			15,122,760			(124,316	)		(4,200,822	)
Class R6 Shares
Shares sold		274,221			11,644,572			454,732			17,604,466
Reinvestment		282,541			11,334,959			11,214			410,672
Shares redeemed		(220,291	)		(9,493,924	)		(425,465	)		(16,518,630	)
		336,471			13,485,607			40,481			1,496,508
Class R Shares
Shares sold		63,960			2,592,734			234,713			8,995,740
Reinvestment		86,479			3,263,762			729			25,504
Shares redeemed		(94,531	)		(3,805,681	)		(307,787	)		(11,513,139	)
		55,908			2,050,815			(72,345	)		(2,491,895	)
Class P Shares
Shares sold		247,576			10,390,343			526,646			20,616,514
Reinvestment		747,768			29,991,781			28,656			1,049,073
Shares redeemed		(375,119	)		(15,687,648	)		(423,122	)		(15,846,115	)
		620,225			24,694,476			132,180			5,819,472
NET INCREASE (DECREASE)		4,000,453		$	154,975,995			(3,370,164	)	$	(119,454,003	)

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11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small Cap Value Fund
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		636,688		$	34,470,254			1,230,906		$	67,319,753
Reinvestment		1,548,652			77,307,443			15,527			780,234
Shares redeemed		(1,472,655	)		(81,712,627	)		(3,721,510	)		(196,881,407	)
		712,685			30,065,070			(2,475,077	)		(128,781,420	)
Class C Shares
Shares sold		13,414			464,768			25,903			972,425
Reinvestment		15,673			492,910			—			—
Shares redeemed		(18,120	)		(720,107	)		(86,499	)		(3,056,637	)
		10,967			237,571			(60,596	)		(2,084,212	)
Institutional Shares
Shares sold		2,728,573			168,789,369			9,341,548			554,439,718
Reinvestment		6,413,362			358,897,882			238,033			13,094,190
Shares redeemed		(10,736,457	)		(675,959,644	)		(29,696,072	)		(1,786,075,531	)
		(1,594,522	)		(148,272,393	)		(20,116,491	)		(1,218,541,623	)
Service Shares
Shares sold		44,072			2,319,225			251,396			12,665,663
Reinvestment		97,079			4,620,960			362			17,550
Shares redeemed		(126,468	)		(6,942,725	)		(793,000	)		(40,000,177	)
		14,683			(2,540	)		(541,242	)		(27,316,964	)
Investor Shares
Shares sold		1,629,942			91,576,758			1,283,937			69,289,196
Reinvestment		700,738			34,646,372			11,766			585,347
Shares redeemed		(915,931	)		(50,468,902	)		(1,822,724	)		(99,813,142	)
		1,414,749			75,754,228			(527,021	)		(29,938,599	)
Class R6 Shares
Shares sold		2,585,946			162,352,818			6,802,883			402,384,039
Reinvestment		4,374,531			244,668,903			130,800			7,191,362
Shares redeemed		(4,049,181	)		(255,277,822	)		(12,958,106	)		(758,278,892	)
		2,911,296			151,743,899			(6,024,423	)		(348,703,491	)
Class R Shares
Shares sold		93,919			5,054,504			263,888			14,384,017
Reinvestment		250,421			12,052,746			—			—
Shares redeemed		(325,755	)		(16,785,462	)		(657,475	)		(33,897,526	)
		18,585			321,788			(393,587	)		(19,513,509	)
Class P Shares
Shares sold		311,171			19,405,140			1,036,383			61,390,650
Reinvestment		1,101,018			61,591,156			24,327			1,337,472
Shares redeemed		(417,345	)		(24,276,803	)		(686,123	)		(40,319,485	)
		994,844			56,719,493			374,587			22,408,637
NET INCREASE (DECREASE)		4,483,287		$	166,567,116			(29,763,850	)	$	(1,752,471,181	)

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small/Mid Cap Value Fund
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		22,896		$	396,826			55,184		$	864,878
Reinvestment		7,123			119,225			302			4,187
Shares redeemed		(12,728	)		(219,843	)		(23,483	)		(325,941	)
		17,291			296,208			32,003			543,124
Class C Shares
Shares sold		2,477			41,024			23,361			347,476
Reinvestment		4,667			75,226			—			—
Shares redeemed		(15,553	)		(259,840	)		(19,317	)		(288,737	)
		(8,409	)		(143,590	)		4,044			58,739
Institutional Shares
Shares sold		433,064			7,689,452			580,268			8,963,655
Reinvestment		70,009			1,191,559			4,243			59,578
Shares redeemed		(664,594	)		(11,686,863	)		(134,272	)		(2,032,908	)
		(161,521	)		(2,805,852	)		450,239			6,990,325
Investor Shares
Shares sold		219,278			3,757,070			709,366			11,793,257
Reinvestment		47,370			800,656			540			7,543
Shares redeemed		(148,898	)		(2,546,238	)		(55,116	)		(788,661	)
		117,750			2,011,488			654,790			11,012,139
Class R6 Shares
Shares sold		959,197			16,842,965			2,544,113			40,710,040
Reinvestment		330,864			5,624,330			31,315			439,348
Shares redeemed		(691,799	)		(12,068,574	)		(1,517,091	)		(23,566,994	)
		598,262			10,398,721			1,058,337			17,582,394
Class R Shares
Shares sold		310			5,344			1,131			17,646
Reinvestment		305			5,089			—			—
Shares redeemed		(467	)		(8,385	)		(1,788	)		(27,296	)
		148			2,048			(657	)		(9,650	)
Class P Shares
Shares sold		1,612,838			27,831,323			2,217,823			35,958,146
Reinvestment		314,116			5,339,404			23,673			332,143
Shares redeemed		(676,473	)		(12,061,010	)		(252,700	)		(3,824,460	)
		1,250,481			21,109,717			1,988,796			32,465,829
NET INCREASE		1,814,002		$	30,868,740			4,187,552		$	68,642,900

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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 8-9, 2022, 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, 2021 through December 31, 2021 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of local holidays in non-U.S. jurisdictions. 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, 2022 (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 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, 2021 through February 28, 2022, 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 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/2022*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/2022*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/2022*
Class A
Actual	$	1,000.00	$	1,009.87		$	5.20	$	1,000.00	$	1,018.82		$	5.22	$	1,000.00	$	1,014.56		$	5.21
Hypothetical 5% return		1,000.00		1,019.62	+		5.23		1,000.00		1,019.62	+		5.22		1,000.00		1,019.62	+		5.22
Class C
Actual		1,000.00		1,006.17			8.92		1,000.00		1,015.43			8.96		1,000.00		1,011.02			8.94
Hypothetical 5% return		1,000.00		1,015.90	+		8.97		1,000.00		1,015.90	+		8.96		1,000.00		1,015.90	+		8.96
Institutional
Actual		1,000.00		1,011.23			3.66		1,000.00		1,020.32			3.68		1,000.00		1,016.05			3.67
Hypothetical 5% return		1,000.00		1,021.15	+		3.68		1,000.00		1,021.15	+		3.68		1,000.00		1,021.16	+		3.68
Service
Actual		1,000.00		1,008.85			6.15		N/A		N/A			N/A		1,000.00		1,013.70			6.16
Hypothetical 5% return		1,000.00		1,018.67	+		6.18		N/A		N/A			N/A		1,000.00		1,018.68	+		6.17
Investor
Actual		1,000.00		1,010.96			3.96		1,000.00		1,019.82			4.00		1,000.00		1,016.27			3.97
Hypothetical 5% return		1,000.00		1,020.86	+		3.98		1,000.00		1,020.83	+		4.01		1,000.00		1,020.86	+		3.98
Class R6
Actual		1,000.00		1,011.49			3.61		1,000.00		1,021.34			3.60		1,000.00		1,016.28			3.62
Hypothetical 5% return		1,000.00		1,021.20	+		3.63		1,000.00		1,021.23	+		3.60		1,000.00		1,021.21	+		3.62
Class R
Actual		1,000.00		1,008.48			6.44		1,000.00		1,018.16			6.48		1,000.00		1,013.40			6.46
Hypothetical 5% return		1,000.00		1,018.38	+		6.48		1,000.00		1,018.37	+		6.48		1,000.00		1,018.38	+		6.47
Class P
Actual		1,000.00		1,011.51			3.61		1,000.00		1,020.73			3.62		1,000.00		1,016.30			3.62
Hypothetical 5% return		1,000.00		1,021.20	+		3.63		1,000.00		1,021.21	+		3.62		1,000.00		1,021.21	+		3.63

+ 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, 2022. 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		1.04	%		1.79	%		0.73	%		1.23	%		0.79	%		0.72	%		1.29	%		0.72	%
Focused Value Fund		1.04			1.79			0.73			N/A			0.80			0.72			1.29			0.72
Large Cap Value Fund		1.04			1.79			0.73			1.23			0.79			0.72			1.29			0.72

102

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Fund Expenses — Six Month Period Ended February 28, 2022 (Unaudited) (continued)

	Mid Cap Value Fund							Small Cap Value Fund							Small/Mid Cap Value Fund
Share Class	Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/2022*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/2022*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/2022*
Class A
Actual	$	1,000.00	$	1,022.97		$	6.01	$	1,000.00	$	1,016.28		$	6.43	$	1,000.00	$	1,025.56		$	6.07
Hypothetical 5% return		1,000.00		1,018.86	+		5.99		1,000.00		1,018.42	+		6.44		1,000.00		1,018.80	+		6.05
Class C
Actual		1,000.00		1,019.16			9.75		1,000.00		1,012.71			10.16		1,000.00		1,021.73			9.82
Hypothetical 5% return		1,000.00		1,015.14	+		9.73		1,000.00		1,014.70	+		10.17		1,000.00		1,015.08	+		9.79
Institutional
Actual		1,000.00		1,024.98			4.17		1,000.00		1,017.94			4.84		1,000.00		1,026.96			4.24
Hypothetical 5% return		1,000.00		1,020.68	+		4.16		1,000.00		1,020.00	+		4.84		1,000.00		1,020.62	+		4.22
Service
Actual		1,000.00		1,022.32			6.67		1,000.00		1,015.29			7.33		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,018.20	+		6.66		1,000.00		1,017.52	+		7.34		N/A		N/A			N/A
Investor
Actual		1,000.00		1,024.47			4.75		1,000.00		1,017.58			5.19		1,000.00		1,026.45			4.82
Hypothetical 5% return		1,000.00		1,020.10	+		4.74		1,000.00		1,019.65	+		5.19		1,000.00		1,020.04	+		4.80
Class P
Actual		1,000.00		1,025.11			4.12		1,000.00		1,017.94			4.79		1,000.00		1,027.70			4.19
Hypothetical 5% return		1,000.00		1,020.72	+		4.11		1,000.00		1,020.05	+		4.79		1,000.00		1,020.67	+		4.17
Class R
Actual		1,000.00		1,021.73			7.26		1,000.00		1,014.98			7.68		1,000.00		1,024.61			7.32
Hypothetical 5% return		1,000.00		1,017.62	+		7.24		1,000.00		1,017.18	+		7.68		1,000.00		1,017.56	+		7.30
Class R6
Actual		1,000.00		1,024.86			4.12		1,000.00		1,017.95			4.79		1,000.00		1,027.08			4.19
Hypothetical 5% return		1,000.00		1,020.72	+		4.11		1,000.00		1,020.05	+		4.79		1,000.00		1,020.67	+		4.17

+ 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, 2022. 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		1.20	%		1.95	%		0.83	%		1.33	%		0.95	%		0.82	%		1.45	%		0.82	%
Small Cap Value Fund		1.29			2.04			0.97			1.47			1.04			0.96			1.54			0.96
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 $2.21 trillion in assets under supervision as of December 31, 2021, Goldman Sachs Asset Management 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. Goldman Sachs Asset Management 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

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Bond Fund⁴

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund⁵

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund⁶

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

∎ Clean Energy Income Fund

∎ Defensive Equity 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 July 29, 2021, the Goldman Sachs Short Duration Income Fund was renamed the Goldman Sachs Short Duration Bond Fund.

⁵  Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.

⁶  Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth Fund.

* 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 John G. Chou* Diana M. Daniels Joaquin Delgado Eileen H. Dowling James A. McNamara Roy W. Templin Gregory G. Weaver Paul C. Wirth* *Effective April 12, 2022.	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, 2022 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).

© 2022 Goldman Sachs. All rights reserved. 275121-OTU-1589425 EQVALSAR 22

Goldman Sachs Funds

Semi-Annual Report	February 28, 2022
	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
Market and Economic Review	1
Fund Basics	3
Schedules of Investments	7
Financial Statements	15
Financial Highlights	18
Enhanced Dividend Global Equity Portfolio	18
Tax-Advantaged Global Equity Portfolio	22
Notes to Financial Statements	26
Other Information	43

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET REVIEW

Goldman Sachs Global Tax-Aware Portfolios

The following are highlights both of key factors affecting the financial markets and of any key changes made to the Goldman Sachs Global Tax-Aware Portfolios (the “Portfolios”) during the six months ended February 28, 2022 (the “Reporting Period”). Attribution highlights are provided for those Portfolios that materially outperformed or underperformed their respective benchmark during the Reporting Period. A fuller review of the markets and these changes will appear in the Portfolios’ annual shareholder report covering the 12 months ended August 31, 2022.

Market and Economic Review

• Global equity and fixed income markets broadly recorded negative returns during the Reporting Period, with persistent supply-chain disruptions and inflationary pressures the common themes and COVID-19 variants and Russia’s invasion of Ukraine the biggest headlines.

• U.S. equities held up better than non-U.S. developed markets equities during the Reporting Period, while emerging markets equities produced the weakest results.

• Within fixed income, emerging markets debt and U.S. investment grade bonds were among the weakest performing sectors.

• Halts in global manufacturing activities due to supply-chain problems and semiconductor shortages, as well as power cuts and energy crises around the world, weighed on investor sentiment during the Reporting Period.

• Inflation rose in both developed and emerging economies, driven by supply-and-demand imbalances, higher energy prices and the effects of economic reopening amid the persistent overhangs of the COVID-19 pandemic. In February 2022, inflation surged to new multi-decade highs, with energy and commodity prices jumping largely due to Russia’s invasion of Ukraine.

• Regulations imposed by the Chinese government on certain key sectors, primarily technology, increased investor pessimism, which was worsened by the debt crisis at Chinese property developer Evergrande Group.

• The spread of COVID-19 variants, especially in the emerging markets, also unsettled investors, as a surge in cases and increased hospitalizations threatened an economic recovery.

• In the developed markets, central banks delivered or hinted at sooner than previously consensus expected monetary policy normalization.

• The U.S. Federal Reserve (the “Fed”) began scaling back its asset purchase program and then accelerated the pace of its tapering. Policymakers additionally hinted they might raise interest rates in March 2022 in the Fed’s first federal funds rate increase since the end of 2018.

• Government bond yields generally rose during the Reporting Period in anticipation of central bank action, though investors began pricing in less cumulative monetary policy tightening following the escalation of the Russia/Ukraine conflict at the end of February.

Portfolio Changes and Highlights

Goldman Sachs Enhanced Dividend Global Equity Portfolio

• The Portfolio outperformed its blended benchmark, the Enhanced Dividend Global Equity Composite (“EDGE”) Index, during the Reporting Period, driven by its strategic weightings and the performance overall of its underlying funds. (The Portfolio’s blended benchmark, the Enhanced Dividend Global Equity Composite Index, is comprised 90% of the MSCI All Country World Index Investable Market Index and 10% of the Bloomberg U.S. Aggregate Bond Index.)

• Eight of the nine underlying funds the Portfolio uses to implement strategic weightings outpaced their respective benchmark indices, led by the Goldman Sachs Enhanced Dividend Global Equity Portfolio and the Goldman Sachs Small Cap Equity Insights Fund. These positive results were offset somewhat by the Goldman Sachs Global Infrastructure Fund and the Goldman Sachs Global Real Estate Securities Fund, which underperformed their respective benchmark indices.

1

MARKET REVIEW

Goldman Sachs Global Tax-Aware Portfolios

• The Portfolio’s tactical asset allocation decisions, which were implemented through an investment in the Goldman Sachs Tactical Tilt Overlay Fund, also contributed positively to relative performance during the Reporting Period overall.

• Effective January 18, 2022:

• Changes were made to the Portfolio’s principal investment strategy wherein it no longer implemented tactical views through an investment in the Goldman Sachs Tactical Tilt Overlay Fund but directly implemented tactical views by investing in any one or in any combination of U.S. and foreign equity securities, including common and preferred stocks; pooled investment vehicles, including, but not limited to, unaffiliated investment companies, ETFs, exchange-traded notes and underlying funds; fixed income instruments, which include, among others, debt issued by U.S. and foreign governments, their agencies, instrumentalities, sponsored entities, and political subdivisions, notes, commercial paper, certificates of deposit, debt participations and non-investment grade securities; and derivatives.

• Sergey Kraytman and David Hale became portfolio managers of the Portfolio, joining Monali Vora, Aron Kershner and John Sienkiewicz.

• Effective February 11, 2022, Monali Vora no longer served as a portfolio manager for the Portfolio. Sergey Kraytman, David Hale, Aron Kershner and John Sienkiewicz continue to serve as portfolio managers for the Portfolio.

Goldman Sachs Tax-Advantaged Global Equity Portfolio

• Effective January 18, 2022:

• Changes were made to the Portfolio’s principal investment strategy wherein it no longer implemented tactical views through an investment in the Goldman Sachs Tactical Tilt Overlay Fund but directly implemented tactical views by investing in any one or in any combination of U.S. and foreign equity securities, including common and preferred stocks; pooled investment vehicles, including, but not limited to, unaffiliated investment companies, ETFs, exchange-traded notes and underlying funds; fixed income instruments, which include, among others, debt issued by U.S. and foreign governments, their agencies, instrumentalities, sponsored entities, and political subdivisions, notes, commercial paper, certificates of deposit, debt participations and non-investment grade securities; and derivatives.

• Sergey Kraytman and David Hale became portfolio managers of the Portfolio, joining Monali Vora, Aron Kershner and John Sienkiewicz.

• Effective February 11, 2022, Monali Vora no longer served as a portfolio manager for the Portfolio. Sergey Kraytman, David Hale, Aron Kershner and John Sienkiewicz continue to serve as portfolio managers for the Portfolio.

2

FUND BASICS

Enhanced Dividend Global Equity Portfolio

as of February 28, 2022

PERFORMANCE REVIEW
September 1, 2021–February 28, 2022	Portfolio Total Return (based on NAV)1			EDGE Composite Index2			Bloomberg 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		-2.34	%		-5.45	%		-4.07	%		-5.62	%
Institutional		-2.19			-5.45			-4.07			-5.62
Class R6		-2.19			-5.45			-4.07			-5.62
Class P		-2.19			-5.45			-4.07			-5.62

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 U.S. Aggregate Bond Index (10%). The EDGE Composite figures do not reflect any deduction for fees, expenses or taxes.

³  The Bloomberg 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 25 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, 2022, 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 25 emerging markets include Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, 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

FUND BASICS

Tax-Advantaged Global Equity Portfolio

as of February 28, 2022

PERFORMANCE REVIEW
September 1, 2021–February 28, 2022	Portfolio Total Return (based on NAV)1			TAG Composite Index2			Bloomberg 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		-4.46	%		-5.45	%		-4.07	%		-5.62	%
Institutional		-4.32			-5.45			-4.07			-5.62
Class R6		-4.28			-5.45			-4.07			-5.62
Class P		-4.32			-5.45			-4.07			-5.62

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 U.S. Aggregate Bond Index (10%). The TAG Composite figures do not reflect any deduction for fees, expenses or taxes.

³  The Bloomberg 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 25 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, 2022, 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 25 emerging markets include Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, South Korea, Kuwait, Malaysia, Mexico, 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.

5

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.

6

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Underlying Funds (Class R6 Shares)(a) – 90.5%
Equity – 89.8%
	13,668,696	Goldman Sachs US Equity Dividend and Premium Fund	$	210,087,857
	11,914,702	Goldman Sachs International Equity Dividend and Premium Fund		84,356,091
	1,310,189	Goldman Sachs Small Cap Equity Insights Fund		33,567,038
	2,476,152	Goldman Sachs Emerging Markets Equity Insights Fund		23,350,110
	1,177,050	Goldman Sachs International Small Cap Insights Fund		15,219,253
	344,259	Goldman Sachs MLP Energy Infrastructure Fund		9,484,340
	608,373	Goldman Sachs Global Infrastructure Fund		7,890,599
	656,401	Goldman Sachs Global Real Estate Securities Fund		7,555,174
	97,002	Goldman Sachs Energy Infrastructure Fund		1,026,286
				392,536,748
Fixed Income – 0.7%
	314,096	Goldman Sachs High Yield Floating Rate Fund		2,908,530
	TOTAL UNDERLYING FUNDS (CLASS R6 SHARES)
	(Cost $270,280,116)		$	395,445,278
Exchange Traded Funds – 0.7%
	13,639	Alerian MLP ETF	$	512,690
	14,023	Energy Select Sector SPDR Fund		989,743
	10,957	Health Care Select Sector SPDR Fund		1,423,972
	TOTAL EXCHANGE TRADED FUNDS
	(Cost $2,851,595)		$	2,926,405
Shares		Dividend Rate	Value
Investment Company – 4.8%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	20,948,057	0.026%	$	20,948,057
	(Cost $20,948,057)
	TOTAL INVESTMENTS – 95.9%
	(Cost $294,079,768)		$	419,319,740
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 4.1%			17,765,070
	NET ASSETS – 100.0%		$	437,084,810

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

Currency Abbreviations:
AUD	—Australian Dollar
CHF	—Swiss Franc
EUR	—Euro
GBP	—British Pound
JPY	—Japanese Yen
MXN	—Mexican Pesos
USD	—United States Dollar

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2022, 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	5,203,091	CHF	4,760,844		3/16/2022	$	8,204
Morgan Stanley Co., Inc.	USD	17,586,381	EUR	15,464,225		3/16/2022		236,020
Morgan Stanley Co., Inc.	USD	12,925,832	JPY	1,456,272,100		3/16/2022		254,263
TOTAL							$	498,487

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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.	USD	414,545	CHF	380,000		3/16/2022	$	(99	)
Morgan Stanley Co., Inc.	USD	3,724,775	AUD	5,249,962		3/16/2022		(89,239	)
Morgan Stanley Co., Inc.	USD	7,643,896	GBP	5,739,415		3/16/2022		(56,643	)
TOTAL							$	(145,981	)

FUTURES CONTRACTS — At February 28, 2022, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
U.S. Treasury 10 Year Note		46		06/21/22	$	5,809,925	$	51,481
U.S. Treasury 2 Year Note		31		06/30/22		6,660,896		7,495
U.S. Treasury 5 Year Note		22		06/30/22		2,590,709		10,104
Total Futures Contracts							$	69,080

SWAP CONTRACTS — At February 28, 2022, the Portfolio had the following swap contracts:

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund			Counterparty	Termination Date(a)		Notional Amount (000’s)		Unrealized Appreciation/ (Depreciation)
JPGSVENK Index		7.66	%(b)	J.P. Morgan Securities LLC		04/05/2022	$	1,412	$	44,056
MSGSSUIT Index		7.66	(b)	MS & Co. Int. PLC		04/05/2022		1,411		(47,560	)
SX7T Index		(0.150	)(c)	Barclays Bank PLC		04/04/2022	EUR	1,536		(234,992	)
TOTAL									$	(238,496	)

* 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. 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) Payments made monthly.

(c) Payments made quarterly.

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by the Fund	Termination Date	Notional Amount (000’s)		Value			Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
1 Month TIIE	7.66%	02/22/2027		MXN 58,200	$	(18,819	)	$	—	$	(18,819	)

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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED & WRITTEN OPTIONS CONTRACTS — At February 28, 2022, the Portfolio had the following purchased option contracts:

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

Description	Counterparty	Exercise Rate		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by the Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased Option Contracts:
Calls
Call USD/Put CHF	Morgan Stanley and Co.	$	0.918		03/09/2023		590,000	$	590,000	$	11,250	$	12,485	$	(1,235	)
Call USD/Put JPY			114.63		03/08/2023		590,000		590,000		13,301		13,912		(611	)
Call KRW			3.915		04/15/2022		4,599,248		4,599,248		4,352		29,200		(24,848	)
								$	5,779,248	$	28,903	$	55,597	$	(26,694	)
Puts
Call USD/Put CHF	Morgan Stanley and Co.	$	1.132		03/08/2023		520,000	$	520,000	$	15,284	$	11,563	$	3,721
TOTAL								$	6,299,248	$	44,187	$	67,160	$	(22,973	)

Description	Counterparty	Exercise Rate		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by the Portfolio			Unrealized Appreciation/ (Depreciation)
Written Option Contracts:
Puts
Put EUR/Call USD	Morgan Stanley and Co.	$	1.132		03/07/2023		(520,000	)	$	(520,000	)	$	(15,284	)	$	(9,527	)	$	(5,757	)
Call KRW			3.915		04/15/2022		(4,599,248	)		(4,599,248	)		(19,317	)		(13,132	)		(6,185	)
TOTAL									$	(5,119,248	)	$	(34,601	)	$	(22,659	)	$	(11,942	)

OVER-THE-COUNTER OPTIONS ON EQUITIES

Description	Counterparty	Exercise Rate		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by the Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased Option Contracts:
Calls
FTSE 100 Index	Morgan Stanley and Co.	$	7,639		03/21/2022		86	$	86	$	5,641	$	11,404	$	(5,763	)

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS

Description	Exercise Rate		Expiration Date		Number of Contracts		Notional Amount		Market Value			Premiums Paid (Received) by the Portfolio			Unrealized Appreciation/ (Depreciation)
Written Option Contracts:
Puts
S&P 500 Index	$	4,005.000		01/02/2023		1,263	$	1,263	$	(295,689	)	$	(257,829	)	$	(37,860	)
S&P 500 Index		3,983.000		01/02/2023		327		327		(86,992	)		(81,586	)		(5,406	)
XLV Index		126.000		01/02/2023		10,982		10,982		(74,632	)		(96,644	)		22,012
							$	12,572	$	(457,313	)	$	(436,059	)	$	(21,254	)

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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate		Expiration Date		Number of Contracts		Notional Amount		Market Value			Premiums Paid (Received) by the Portfolio			Unrealized Appreciation/ (Depreciation)
Written Option Contracts:
Puts
3M IRS	Morgan Stanley and Co.	$	0.015		05/20/2022		1,470,000	$	1,470,000	$	(28,254	)	$	(29,437	)	$	1,183

Abbreviations:
3M IRS	—3 Months Interest Rate Swaptions
SX7T Index	—Euro STOXX Banks Net Return Index
1 Month TIIE	—1 Month Interbank Equilibrium Interest Rate
XLV Index	—Health Care Select Sector SPDR Fund

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

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Underlying Funds (Class R6 Shares)(a) – 90.2%
Equity – 89.6%
	56,043,755	Goldman Sachs US Tax-Managed Equity Fund	$	1,974,421,489
	60,328,631	Goldman Sachs International Tax-Managed Equity Fund		687,143,105
	20,650,387	Goldman Sachs Emerging Markets Equity Insights Fund		194,733,154
	9,823,971	Goldman Sachs International Small Cap Insights Fund		127,023,943
	2,852,835	Goldman Sachs MLP Energy Infrastructure Fund		78,595,616
	5,079,071	Goldman Sachs Global Infrastructure Fund		65,875,548
	5,451,354	Goldman Sachs Global Real Estate Securities Fund		62,745,081
	767,730	Goldman Sachs Energy Infrastructure Fund		8,122,585
				3,198,660,521
Fixed Income – 0.6%
	2,485,928	Goldman Sachs High Yield Floating Rate Fund		23,019,689
	TOTAL UNDERLYING FUNDS (CLASS R6 SHARES)
	(Cost $1,809,407,056)		$	3,221,680,210
Exchange Traded Funds – 0.7%
	107,948	Alerian MLP ETF	$	4,057,765
	110,989	Energy Select Sector SPDR Fund		7,833,604
	86,724	Health Care Select Sector SPDR Fund		11,270,651
	TOTAL EXCHANGE TRADED FUNDS
	(Cost $22,566,092)		$	23,162,020

Shares		Dividend Rate	Value
Investment Company – 7.3%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	262,143,281	0.026%	$	262,143,281
	(Cost $262,143,281)
	TOTAL INVESTMENTS – 98.2%
	(Cost $2,094,116,429)		$	3,506,985,511
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.8%			63,232,240
	NET ASSETS – 100.0%		$	3,570,217,751

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

Currency Abbreviations:
AUD	—Australian Dollar
CHF	—Swiss Franc
EUR	—Euro
GBP	—British Pound
JPY	—Japanese Yen
MXN	—Mexican Peso
USD	—United States Dollar

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2022, 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	38,972,564	CHF	35,692,984		3/16/2022	$	25,473
	USD	96,240,060	JPY	10,867,154,282		3/16/2022		1,680,876
	USD	3,595,515	JPY	408,000,000		3/16/2022		45,354
	USD	130,087,688	EUR	114,403,958		3/16/2022		1,730,147
	USD	10,061,168	EUR	8,860,000		3/16/2022		120,534
TOTAL							$	3,602,384

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

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.	USD	26,903,973	AUD	37,554,774		3/16/2022	$	(378,970	)
	USD	5,236,362	CHF	4,800,000		3/16/2022		(1,251	)
	USD	2,382,412	AUD	3,320,000		3/16/2022		(29,515	)
	USD	4,006,765	GBP	3,010,000		3/16/2022		(31,734	)
	USD	57,148,891	GBP	42,801,169		3/16/2022		(277,182	)
TOTAL							$	(718,652	)

FUTURES CONTRACTS — At February 28, 2022, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
U.S. Treasury 10 Year Note		359		06/21/22	$	45,341,630	$	402,823
U.S. Treasury 2 Year Note		246		06/30/22		52,857,430		59,476
U.S. Treasury 5 Year Note		178		06/30/22		20,961,189		81,749
Total Futures Contracts							$	544,048

SWAP CONTRACTS — At February 28, 2022, the Portfolio had the following swap contracts:

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund			Counterparty	Termination Date(a)		Notional Amount (000’s)		Unrealized Appreciation/ (Depreciation)
JPGSVENK Index		7.66	%(b)	J.P. Morgan Securities LLC		04/05/2022	$	11,110	$	346,692
MSGSSUIT Index		7.66	(b)	MS & Co. Int. PLC		04/05/2022		11,112		(374,431	)
SX7T Index		(0.150	)(c)	Barclays Bank PLC		04/04/2022	EUR	12,164		(1,862,095	)
TOTAL									$	(1,889,834	)

* 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. 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) Payments made monthly.

(c) Payments made quarterly.

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by the Fund	Termination Date	Notional Amount (000’s)		Value			Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
1 Month TIIE	7.66%	02/22/2027		MXN 460,900	$	(149,031	)	$	—	$	(149,031	)

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

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED & WRITTEN OPTIONS CONTRACTS — At February 28, 2022, the Portfolio had the following purchased option contracts:

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

Description	Counterparty	Exercise Rate		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by the Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased Option Contracts:
Calls
Call USD/Put CHF	Morgan Stanley and Co.	$	0.009		03/09/2023		4,650,000	$	4,650,000	$	88,663	$	98,394	$	(9,731	)
Call USD/Put JPY			1.146		03/08/2023		4,650,000		4,650,000		104,830		109,647		(4,817	)
Call KRW			3.915		04/15/2022		36,350,767		36,350,767		34,398		228,749		(194,351	)
								$	45,650,767	$	227,891	$	436,790	$	(208,899	)
Puts
Call USD/Put CHF	Morgan Stanley and Co.	$	0.011		03/09/2023		4,080,000	$	4,080,000	$	119,921	$	89,889	$	30,032
TOTAL								$	49,730,767	$	347,812	$	526,679	$	(178,867	)

Description	Counterparty	Exercise Rate		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by the Portfolio			Unrealized Appreciation/ (Depreciation)
Written Option Contracts:
Puts
Put EUR/Call USD	Morgan Stanley and Co.	$	0.011		03/08/2023		(4,080,000	)	$	(4,080,000	)	$	(119,921	)	$	(73,174	)	$	(46,747	)
Call KRW			3.915		04/15/2022		(36,350,767	)		(36,350,767	)		(152,678	)		(102,878	)		(49,800	)
TOTAL									$	(40,430,767	)	$	(272,599	)	$	(176,052	)	$	(96,547	)

OVER-THE-COUNTER OPTIONS ON EQUITIES

Description	Counterparty	Exercise Rate		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by the Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased Option Contracts:
Calls
FTSE 100 Index	Morgan Stanley and Co.	$	7,639		03/21/2022		679	$	679	$	44,538	$	88,875	$	(44,337	)

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS

Description	Exercise Rate		Expiration Date		Number of Contracts		Notional Amount		Market Value			Premiums Paid (Received) by the Portfolio			Unrealized Appreciation/ (Depreciation)
Written Option Contracts:
Puts
S&P 500 Index	$	4,005.000		01/02/2023		9,983	$	9,983	$	(2,337,185	)	$	(2,037,930	)	$	(299,255	)
S&P 500 Index		3,983.000		01/02/2023		2,577		2,577		(588,158	)		(761,626	)		173,468
XLV Index		126.000		01/02/2023		86,799		86,799		(687,566	)		(644,838	)		(42,728	)
							$	99,359	$	(3,612,909	)	$	(3,444,394	)	$	(168,515	)

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

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate		Expiration Date		Number of Contracts		Notional Amount		Market Value			Premiums Paid (Received) by the Portfolio			Unrealized Appreciation/ (Depreciation)
Written Option Contracts:
Puts
3M IRS	Morgan Stanley and Co.	$	0.015		05/20/2022		11,630,000	$	11,630,000	$	(223,530	)	$	(232,891	)	$	9,361

Abbreviations:
3M IRS	— 3 Months Interest Rate Swaptions
SX7T Index	—Euro STOXX Banks Net Return Index
1 Month TIIE	—1 Month Interbank Equilibrium Interest Rate
XLV Index	—Health Care Select Sector SPDR Fund

14 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, 2022 (Unaudited)

	Enhanced Dividend Global Equity Portfolio		Tax-Advantaged Global Equity Portfolio
Assets:
Investments in unaffiliated issuers, at value (cost $2,851,595 and $22,566,092, respectively)	$	2,926,405	$	23,162,020
Investments in affiliated issuers, at value (cost $291,228,173 and $2,071,550,337, respectively)		416,393,335		3,483,823,491
Purchased Options, at value (premiums paid $78,564 and $615,554, respectively)		49,828		392,350
Foreign currency, at value (cost $15,764 and $7,301,976, respectively)		15,788		7,300,873
Receivables:
Investments sold		16,925,635		51,293,122
Collateral on certain derivative contracts(a)		1,042,567		10,514,366
Fund shares sold		228,558		1,912,329
Reimbursement from investment adviser		25,301		—
Foreign tax reclaims		—		2,788
Unrealized gain on swap contracts		44,056		346,694
Unrealized gain on forward foreign currency exchange contracts		498,487		3,602,384
Variation margin on futures contracts		98,580		777,536
Other assets		31,277		69,141
Total assets		438,279,817		3,583,197,094
Liabilities:
Written options, at value (premiums received $488,155 and $3,853,337, respectively)		520,168		4,109,038
Variation margin on swaps		1,647		13,039
Unrealized loss on swap contracts		282,552		2,234,981
Unrealized loss on forward foreign currency exchange contracts		145,981		718,652
Payables:
Management fees		45,049		420,443
Fund shares redeemed		28,395		1,809,009
Distribution and Service fees and Transfer Agency fees		11,571		83,281
Investments purchased		—		3,322,930
Accrued expenses		159,644		267,970
Total liabilities		1,195,007		12,979,343
Net Assets:
Paid-in capital		308,604,668		2,178,478,016
Total distributable earnings		128,480,142		1,391,739,735
NET ASSETS	$	437,084,810	$	3,570,217,751
Net Assets:
Class A	$	3,300,770	$	572,862
Institutional		11,205,919		32,835,820
Class R6		13,467		9,374,710
Class P		422,564,654		3,527,434,359
Total Net Assets	$	437,084,810	$	3,570,217,751
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		250,505		27,865
Institutional		840,023		1,585,332
Class R6		1,012		458,886
Class P		31,766,256		172,640,216
Net asset value and offering price per share:(b)
Class A		$13.18		$20.56
Institutional		13.34		20.71
Class R6		13.31		20.43
Class P		13.30		20.43

(a) Segregated for initial margin and/or collateral on transactions as follows:

Portfolio	Forwards			Futures		Swaps		Options
Enhanced Dividend Global Equity	$	(9,450	)	$	147,401	$	154,616	$	750,000
Tax-Advantaged Global Equity		640,000			1,917,969		7,570,000		386,397

(b) Maximum public offering price per share for Class A Shares of the Enhanced Dividend Global Equity Portfolio and Tax-Advantaged Global Equity Portfolio Funds is $13.95 and $21.76. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

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

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Statements of Operations

For the Six Months Ended February 28, 2022 (Unaudited)

	Enhanced Dividend Global Equity Portfolio			Tax-Advantaged Global Equity Portfolio
Investment income:
Dividends from affiliated Underlying Funds	$	5,629,881		$	50,615,633
Dividends — unaffiliated issuers (net of foreign withholding taxes of $— and $363, respectively)		3,106			34,200
Total investment income		5,632,987			50,649,833
Expenses:
Management fees		350,411			2,716,468
Transfer Agency fees(a)		73,088			545,323
Registration fees		38,762			50,010
Custody, accounting and administrative services		28,613			153,153
Professional fees		27,999			28,046
Printing and mailing costs		20,627			33,344
Trustee fees		10,396			6,701
Distribution and Service (12b–1) fees		4,556			739
Other		6,124			17,784
Total expenses		560,576			3,551,568
Less — expense reductions		(211,836	)		(901,212	)
Net expenses		348,740			2,650,356
NET INVESTMENT INCOME		5,284,247			47,999,477
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(7,800	)		(332,602	)
Investments in affiliated Underlying Funds		8,359,998			24,060,876
Futures contracts		179,698			1,248,909
Swap Contracts		(11,087	)		(87,555	)
Purchased options		83,690			662,121
Written options		(43,787	)		(346,424	)
Forward foreign currency exchange contracts		2,634,943			19,105,431
Foreign currency transactions		(23	)		(5,689	)
Capital gain distributions from affiliated Underlying Funds		23,095,200			29,501,122
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		74,810			595,928
Investments in affiliated Underlying Funds		(48,445,745	)		(271,153,171	)
Futures contracts		(257,218	)		(1,810,975	)
Purchased Options		(28,736	)		(223,204	)
Written Options		(32,013	)		(255,701	)
Swap Contracts		(257,315	)		(2,038,865	)
Forward foreign currency exchange contracts		(794,174	)		(5,511,336	)
Foreign currency translations		22			(2,390	)
Net realized and unrealized gain (loss)		(15,449,537	)		(206,593,525	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(10,165,290	)	$	(158,594,048	)

(a) Class specific Transfer Agency fees were as follows:

	Transfer Agency Fees
Portfolio	Class A		Institutional		Class R6		Class P
Enhanced Dividend Global Equity	$	2,916	$	2,548	$	2	$	67,622
Tax-Advantaged Global Equity		473		6,591		1,464		536,795

16 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, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021			For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:
Net investment income	$	5,284,247		$	8,995,410		$	47,999,477		$	37,140,247
Net realized gain		34,290,832			27,397,698			73,806,189			21,458,342
Net change in unrealized gain		(49,740,369	)		72,549,305			(280,399,714	)		741,365,772
Net increase (decrease) in net assets resulting from operations		(10,165,290	)		108,942,413			(158,594,048	)		799,964,361
Distributions to shareholders:
From distributable earnings:
Class A Shares		(273,248	)		(64,411	)		(8,759	)		(4,264	)
Institutional Shares		(970,946	)		(277,955	)		(601,722	)		(336,299	)
Class R6 Shares		(1,039	)		(237	)		(180,128	)		(103,968	)
Class P Shares		(34,226,039	)		(8,888,953	)		(66,835,908	)		(34,570,994	)
Total distributions to shareholders		(35,471,272	)		(9,231,556	)		(67,626,517	)		(35,015,525	)
From share transactions:
Proceeds from sales of shares		15,217,747			38,842,005			230,256,992			339,367,529
Reinvestment of distributions		33,567,866			9,207,895			67,376,256			34,861,505
Cost of shares redeemed		(53,883,944	)		(124,107,392	)		(130,494,430	)		(255,063,368	)
Net increase (decrease) in net assets resulting from share transactions		(5,098,331	)		(76,057,492	)		167,138,818			119,165,666
TOTAL INCREASE (DECREASE)		(50,734,893	)		23,653,365			(59,081,747	)		884,114,502
Net Assets:
Beginning of period		487,819,703			464,166,338			3,629,299,498			2,745,184,996
End of period	$	437,084,810		$	487,819,703		$	3,570,217,751		$	3,629,299,498

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

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, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	14.54		$	11.76		$	11.50		$	12.34		$	11.70		$	10.68
Net investment income(a)(b)		0.13			0.19			0.17			0.19			0.15			0.17
Net realized and unrealized gain (loss)		(0.43	)		2.80			0.59			(0.44	)		0.88			1.12
Total from investment operations		(0.30	)		2.99			0.76			(0.25	)		1.03			1.29
Distributions to shareholders from net investment income		(0.34	)		(0.21	)		(0.22	)		(0.27	)		(0.25	)		(0.20	)
Distributions to shareholders from net realized gains		(0.72	)		—			(0.27	)		(0.32	)		(0.14	)		(0.07	)
Distributions to shareholders from return of capital		—			—			(0.01	)		—			—			—
Total distributions		(1.06	)		(0.21	)		(0.50	)		(0.59	)		(0.39	)		(0.27	)
Net asset value, end of period	$	13.18		$	14.54		$	11.76		$	11.50		$	12.34		$	11.70
Total Return(c)		(2.34	)%		25.64	%		6.71	%		(1.78	)%		8.94	%		12.25	%
Net assets, end of period (in 000’s)	$	3,301		$	3,801		$	5,501		$	8,661		$	10,418		$	9,289
Ratio of net expenses to average net assets(d)		0.51	%(e)		0.50	%		0.51	%		0.52	%		0.52	%		0.53	%
Ratio of total expenses to average net assets(d)		0.62	%(e)		0.63	%		0.64	%		0.65	%		0.62	%		0.63	%
Ratio of net investment income to average net assets		1.90	%(e)		1.49	%		1.54	%		1.62	%		1.21	%		1.54	%
Portfolio turnover rate(f)		13	%		16	%		13	%		15	%		20	%		8	%

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

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

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

18 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, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	14.71		$	11.90		$	11.63		$	12.48		$	11.80		$	10.76
Net investment income(a)(b)		0.16			0.25			0.22			0.23			0.17			0.22
Net realized and unrealized gain (loss)		(0.45	)		2.81			0.59			(0.44	)		0.93			1.12
Total from investment operations		(0.29	)		3.06			0.81			(0.21	)		1.10			1.34
Distributions to shareholders from net investment income		(0.36	)		(0.25	)		(0.26	)		(0.32	)		(0.28	)		(0.23	)
Distributions to shareholders from net realized gains		(0.72	)		—			(0.27	)		(0.32	)		(0.14	)		(0.07	)
Distributions to shareholders from return of capital		—			—			(0.01	)		—			—			—
Total distributions		(1.08	)		(0.25	)		(0.54	)		(0.64	)		(0.42	)		(0.30	)
Net asset value, end of period	$	13.34		$	14.71		$	11.90		$	11.63		$	12.48		$	11.80
Total Return(c)		(2.19	)%		26.05	%		7.17	%		(1.46	)%		9.45	%		12.66	%
Net assets, end of period (in 000’s)	$	11,197		$	13,638		$	19,695		$	25,244		$	33,490		$	637,000
Ratio of net expenses to average net assets(c)		0.16	%(e)		0.13	%		0.13	%		0.13	%		0.13	%		0.13	%
Ratio of total expenses to average net assets(c)		0.25	%(e)		0.26	%		0.26	%		0.26	%		0.23	%		0.24	%
Ratio of net investment income to average net assets		2.26	%(e)		1.87	%		1.90	%		2.00	%		1.43	%		1.93	%
Portfolio turnover rate(f)		13	%		16	%		13	%		15	%		20	%		8	%

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

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

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

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

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, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	14.68		$	11.88		$	11.60		$	12.46		$	12.17
Net investment income(b)(c)		0.16			0.25			0.21			0.23			0.10
Net realized and unrealized gain (loss)		(0.45	)		2.81			0.61			(0.45	)		0.31
Total from investment operations		(0.29	)		3.06			0.82			(0.22	)		0.41
Distributions to shareholders from net investment income		(0.36	)		(0.26	)		(0.26	)		(0.32	)		(0.12	)
Distributions to shareholders from net realized gains		(0.72	)		—			(0.27	)		(0.32	)		—
Distributions to shareholders from return of capital		—			—			(0.01	)		—			—
Total distributions		(1.08	)		(0.26	)		(0.54	)		(0.64	)		(0.12	)
Net asset value, end of period	$	13.31		$	14.68		$	11.88		$	11.60		$	12.46
Total Return(d)		(2.19	)%		26.03	%		7.28	%		(1.54	)%		3.39	%
Net assets, end of period (in 000’s)	$	13		$	14		$	11		$	10		$	10
Ratio of net expenses to average net assets(e)		0.14	%(f)		0.13	%		0.12	%		0.12	%		0.12	%(f)
Ratio of total expenses to average net assets(e)		0.23	%(f)		0.23	%		0.22	%		0.23	%		0.18	%(f)
Ratio of net investment income to average net assets		2.27	%(f)		1.86	%		1.87	%		2.01	%		1.27	%(f)
Portfolio turnover rate(g)		13	%		16	%		13	%		15	%		20	%

(a) Commenced operations on December 29, 2017.

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

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

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

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

(f) Annualized.

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

20 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, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	14.67		$	11.87		$	11.60		$	12.45		$	12.18
Net investment income(b)(c)		0.16			0.25			0.22			0.23			0.11
Net realized and unrealized gain (loss)		(0.45	)		2.81			0.59			(0.44	)		0.23
Total from investment operations		(0.29	)		3.06			0.81			(0.21	)		0.34
Distributions to shareholders from net investment income		(0.36	)		(0.26	)		(0.26	)		(0.32	)		(0.07	)
Distributions to shareholders from net realized gains		(0.72	)		—			(0.27	)		(0.32	)		—
Distributions to shareholders from return of capital		—			—			(0.01	)		—			—
Total distributions		(1.08	)		(0.26	)		(0.54	)		(0.64	)		(0.07	)
Net asset value, end of period	$	13.30		$	14.67		$	11.87		$	11.60		$	12.45
Total Return(d)		(2.19	)%		26.05	%		7.20	%		(1.45	)%		2.80	%
Net assets, end of period (in 000’s)	$	422,574		$	470,368		$	438,960		$	573,771		$	636,733
Ratio of net expenses to average net assets(e)		0.15	%(f)		0.12	%		0.12	%		0.12	%		0.13	%(f)
Ratio of total expenses to average net assets(e)		0.24	%(f)		0.25	%		0.25	%		0.25	%		0.25	%(f)
Ratio of net investment income to average net assets		2.27	%(f)		1.91	%		1.92	%		2.02	%		2.48	%(f)
Portfolio turnover rate(g)		13	%		16	%		13	%		15	%		20	%

(a) Commenced operations on April 17, 2018.

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

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

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

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

(f) Annualized.

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

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

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, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	21.83		$	17.16		$	15.44		$	16.51		$	14.78		$	12.91
Net investment income(a)(b)		0.24			0.16			0.13			0.13			0.12			0.11
Net realized and unrealized gain (loss)		(1.19	)		4.67			1.76			(0.97	)		1.77			1.85
Total from investment operations		(0.95	)		4.83			1.89			(0.84	)		1.89			1.96
Distributions to shareholders from net investment income		(0.27	)		(0.16	)		(0.13	)		(0.13	)		(0.16	)		(0.09	)
Distributions to shareholders from net realized gains		(0.05	)		—			(0.04	)		(0.10	)		—			—
Total distributions		(0.32	)		(0.16	)		(0.17	)		(0.23	)		(0.16	)		(0.09	)
Net asset value, end of period	$	20.56		$	21.83		$	17.16		$	15.44		$	16.51		$	14.78
Total Return(c)		(4.46	)%		28.29	%		12.24	%		(4.96	)%		12.81	%		15.23	%
Net assets, end of period (in 000’s)	$	573		$	606		$	470		$	447		$	658		$	615
Ratio of net expenses to average net assets(d)		0.53	%(e)		0.50	%		0.51	%		0.52	%		0.52	%		0.53	%
Ratio of total expenses to average net assets(d)		0.58	%(e)		0.58	%		0.59	%		0.61	%		0.60	%		0.61	%
Ratio of net investment income to average net assets		2.27	%(e)		0.81	%		0.86	%		0.81	%		0.77	%		0.80	%
Portfolio turnover rate(f)		13	%		16	%		12	%		14	%		17	%		8	%

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

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

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

22 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, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	22.03		$	17.30		$	15.58		$	16.46		$	14.72		$	12.86
Net investment income(a)(b)		0.29			0.23			0.22			0.20			0.17			0.17
Net realized and unrealized gain (loss)		(1.21	)		4.71			1.74			(0.96	)		1.78			1.84
Total from investment operations		(0.92	)		4.94			1.96			(0.76	)		1.95			2.01
Distributions to shareholders from net investment income		(0.35	)		(0.21	)		(0.20	)		(0.02	)		(0.21	)		(0.15	)
Distributions to shareholders from net realized gains		(0.05	)		—			(0.04	)		(0.10	)		—			—
Total distributions		(0.40	)		(0.21	)		(0.24	)		(0.12	)		(0.21	)		(0.15	)
Net asset value, end of period	$	20.71		$	22.03		$	17.30		$	15.58		$	16.46		$	14.72
Total Return(c)		(4.32	)%		28.81	%		12.60	%		(4.61	)%		13.32	%		15.74	%
Net assets, end of period (in 000’s)	$	32,836		$	33,151		$	33,800		$	43,565		$	62,718		$	2,207,827
Ratio of net expenses to average net assets(d)		0.16	%(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	%		0.21	%		0.22	%		0.21	%		0.21	%
Ratio of net investment income to average net assets		2.64	%(e)		1.17	%		1.41	%		1.28	%		1.06	%		1.26	%
Portfolio turnover rate(f)		13	%		16	%		12	%		14	%		17	%		8	%

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

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

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

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

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, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	21.73		$	17.07		$	15.38		$	16.46		$	15.59
Net investment income (loss)(b)(c)		0.28			0.26			0.20			0.19			(0.01	)
Net realized and unrealized gain (loss)		(1.18	)		4.62			1.73			(0.97	)		0.88
Total from investment operations		(0.90	)		4.88			1.93			(0.78	)		0.87
Distributions to shareholders from net investment income		(0.35	)		(0.22	)		(0.20	)		(0.20	)		—
Distributions to shareholders from net realized gains		(0.05	)		—			(0.04	)		(0.10	)		—
Total distributions		(0.40	)		(0.22	)		(0.24	)		(0.30	)		—
Net asset value, end of period	$	20.43		$	21.73		$	17.07		$	15.38		$	16.46
Total Return(d)		(4.28	)%		28.84	%		12.58	%		(4.57	)%		5.58	%
Net assets, end of period (in 000’s)	$	9,375		$	9,971		$	11		$	10		$	11
Ratio of net expenses to average net assets(e)		0.15	%(f)		0.12	%		0.12	%		0.12	%		0.12	%(f)
Ratio of total expenses to average net assets(e)		0.20	%(f)		0.20	%		0.18	%		0.19	%		0.18	%(f)
Ratio of net investment income (loss) to average net assets		2.65	%(f)		1.36	%		1.25	%		1.22	%		(0.05	)%(f)
Portfolio turnover rate(g)		13	%		16	%		12	%		14	%		17	%

(a) Commenced operations on December 29, 2017.

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

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

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

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

(f) Annualized.

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

24 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, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	21.74		$	17.07		$	15.38		$	16.47		$	15.84
Net investment income(b)(c)		0.28			0.23			0.20			0.19			0.01
Net realized and unrealized gain (loss)		(1.19	)		4.66			1.74			(0.98	)		0.62
Total from investment operations		(0.91	)		4.89			1.94			(0.79	)		0.63
Distributions to shareholders from net investment income		(0.35	)		(0.22	)		(0.21	)		(0.20	)		—
Distributions to shareholders from net realized gains		(0.05	)		—			(0.04	)		(0.10	)		—
Total distributions		(0.40	)		(0.22	)		(0.25	)		(0.30	)		—
Net asset value, end of period	$	20.43		$	21.74		$	17.07		$	15.38		$	16.47
Total Return(d)		(4.32	)%		28.87	%		12.59	%		(4.60	)%		3.98	%
Net assets, end of period (in 000’s)	$	3,527,434		$	3,585,571		$	2,710,904		$	2,743,392		$	2,797,271
Ratio of net expenses to average net assets(e)		0.15	%(f)		0.12	%		0.12	%		0.12	%		0.12	%(f)
Ratio of total expenses to average net assets(e)		0.20	%(f)		0.20	%		0.20	%		0.21	%		0.20	%(f)
Ratio of net investment income to average net assets		2.65	%(f)		1.18	%		1.30	%		1.21	%		0.15	%(f)
Portfolio turnover rate(g)		13	%		16	%		12	%		14	%		17	%

(a) Commenced operations on April 17, 2018.

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

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

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

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

(f) Annualized.

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

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

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements

February 28, 2022 (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	Diversification/ 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 Funds pursuant to a management agreement (the “Agreement”) with the Trust.

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

26

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

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. For each Fund, income distributions, if any, are declared and paid according to the following schedule:

Fund	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 Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E.  Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars.

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

27

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities 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 Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded. 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.

28

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

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

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

iv.  Swap Contracts — Bilateral swap contracts are agreements in which the Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between the Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”)(“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, 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. The Fund’s investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If the Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, the Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. The Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

As a seller of protection, the Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if the Fund sells protection through a credit default swap, the Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of

29

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, the Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. The Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, the Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

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

A total return swap is an agreement that gives the Fund the right to receive 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, the Fund may also be required to pay the dollar value of that decline to the counterparty.

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

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of February 28, 2022:

ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO
Investment Type	Level 1		Level 2		Level 3
Assets
Underlying Funds	$	395,445,278	$	—	$	—
Exchange Traded Funds		2,926,405		—		—
Investment Company		20,948,057		—		—
Total	$	419,319,740	$	—	$	—
Derivative Type
Assets
Total Return Swaps Contracts(a)	$	—	$	44,056	$	—
Forward Foreign Currency Contracts(a)		—		498,487		—
Futures Contracts(a)		69,080		—		—
Purchased Option Contracts		—		49,828		—
Total	$	69,080	$	592,371	$	—

30

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO (continued)
Derivative Type	Level 1		Level 2			Level 3
Liabilities
Total Return Swap Contracts(a)	$	—	$	(282,552	)	$	—
Interest Rate Swap Contracts(a)		—		(18,819	)		—
Forward Foreign Currency Contracts(a)		—		(145,981	)		—
Written Option Contracts		—		(520,168	)		—
Total	$	—	$	(967,520	)	$	—
TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO
Investment Type	Level 1		Level 2			Level 3
Assets
Underlying Funds	$	3,221,680,210	$	—		$	—
Exchange Traded Funds		23,162,020		—			—
Investment Company		262,143,281		—			—
Total	$	3,506,985,511	$	—		$	—
Derivative Type
Assets
Total Return Swap Contracts(a)	$	—	$	346,692		$	—
Forward Foreign Currency Contracts(a)		—		3,602,384			—
Futures Contracts(a)		544,048		—			—
Purchased Option Contracts		—		392,350			—
Total	$	544,048	$	4,341,426		$	—
Derivative Type
Liabilities(a)
Total Return Swap Contracts(a)	$	—	$	(2,236,526	)	$	—
Interest Rate Swap Contracts(a)		—		(149,031	)		—
Forward Foreign Currency Contracts(a)		—		(718,652	)		—
Written Option Contracts		—		(4,109,038	)		—
Total	$	—	$	(7,213,247	)	$	—

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

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

31

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of February 28, 2022. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the table below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Enhanced Dividend Global Equity
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest Rate	Variation margin on futures contracts	$	69,080	(a)	Unrealized loss on swap contracts and Written options, at value	$	(47,073)
Currency	Unrealized gain on forward foreign currency exchange contracts and Purchased Options, at value		542,674	(a)	Unrealized loss on forward foreign currency exchange contracts and Written options, at value		(180,582)	(a)
Equity	Unrealized gain on swap contracts and Purchased Options, at value		49,697	(a)	Unrealized loss on swap contracts and Written options, at value		(739,865)	(a)
Total		$	661,451			$	(967,520)
Tax-Advantaged Global Equity
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest Rate	Unrealized gain on forward foreign currency exchange contracts and Purchased Options, at value	$	544,048	(a)	Unrealized loss on swap contracts and Written options, at value	$	(372,561)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		3,950,196	(a)	Unrealized loss on forward foreign currency exchange contracts and Written options, at value		(991,251)	(a)
Equity	Unrealized gain on swap contracts and Purchased Options, at value		391,230	(a)	Unrealized loss on swap contracts and Written options, at value		(5,849,435)	(a)
Total		$	4,885,474			$	(7,213,247)

(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swap contracts described in the Additional Investment Information sections of the Schedule of Investments. Only variation margin as of February 28, 2022 is reported within the Statements of Assets and Liabilities.

The following table sets forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended February 28, 2022. 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	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Interest Rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts, swap contracts and written option	$	179,698	$	(274,854)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts, written option, and purchased options		2,634,943		(829,089)
Equity	Net realized gain (loss) from swap contracts, written option and purchased options/Net change in unrealized gain (loss) on swap contracts, written option and purchased options		28,816		(265,513)
Total			$2,843,457	$	(1,369,456)

32

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

4. INVESTMENTS IN DERIVATIVES (continued)

Tax-Advantaged Global Equity
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest Rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts, swap contracts and written option	$	1,248,909		$	(1,950,645	)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts, written option and purchased options		19,105,431			(5,786,750	)
Equity	Net realized gain (loss) from swap contracts, written option and purchased options/Net change in unrealized gain (loss) on future contracts, swap contracts, written option and purchased options		(228,142	)		(2,102,686	)
Total			$20,582,482		$	(9,840,081	)

For the six months ended February 28, 2022, the relevant values for each derivative type was as follows:

	Average number of Contracts(1) or Notional Amounts(1)
Fund	Futures Contracts		Forward Contracts		Swap Agreements		Written Options
Enhanced Dividend Global Equity		50		47,570,055		258,134		65,075
Tax-Advantaged Global Equity		392		359,936,595		2,038,942		513,890

(1) Amounts disclosed represent average number of contracts for futures contracts, purchased options and written options, notional amounts for forward contracts and swap contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that each Fund held such derivatives during the six months ended February 28, 2022.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of 0.15% of each Fund’s average daily net assets. Prior to December 29, 2021 GSAM waived 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 Fund.

B.  Distribution and/or Service (12b-1) Plan — The Trust, on behalf of Class A Shares of each applicable Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class A Shares of the Funds.

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. During the six months ended February 28, 2022, Goldman Sachs retained front-end sales charges of $76 for the Enhanced Dividend Global Equity Portfolio.

D.  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 Shares; 0.03% of the average daily net assets of Class R6 and Class P

33

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Shares; and 0.04% of the average daily net assets of Institutional Shares. Effective December 29, 2021 Goldman Sachs began waiving 0.04% of it’s transfer agent fee of the class A shares of the Enhanced Dividend Global Equity fund.

E.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Funds is 0.014%. These Other Expense limitations will remain in place through at least December 29, 2022, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended February 28, 2022, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Other Expense Reimbursement		Total Expense Reductions
Enhanced Dividend Global Equity	$	111,773	$	100,063	$	211,836
Tax-Advantaged Global Equity		856,500		44,712		901,212

F.  Line of Credit Facility — As of February 28, 2022, the Portfolios participated in a $1,000,000,000 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, 2022, the Portfolios did not have any borrowings under the facility.

G.  Other Transactions with Affiliates — The Funds invest primarily in Class R6 Shares of the Underlying Funds. These Underlying Funds are considered to be affiliated with the Funds. The tables below show the transactions in and earnings from investments in these Underlying Funds for the six months ended February 28, 2022:

Enhanced Dividend Global Equity
	Beginning Value as of August 31, 2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)		Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of February 28, 2022		Shares as of February 28, 2022		Dividend Income
Goldman Sachs Emerging Markets Equity Insights Fund	$	24,106,846	$	8,291,760	$	(2,517,652	)	$	15,050	$	(6,545,894	)	$	23,350,110.00		2,476,152	$	542,637
Goldman Sachs Energy Infrastructure Fund		7,888,167		982,635		—			—		(7,844,516	)		1,026,286		97,002		—
Goldman Sachs Financial Square Government Fund (Institutional Shares)		3,321,545		99,950,006		(82,323,494	)		—		—			20,948,057		20,948,057		1,240

34

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Enhanced Dividend Global Equity (continued)
	Beginning Value as of August 31, 2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)		Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of February 28, 2022		Shares as of February 28, 2022		Dividend Income
Goldman Sachs Global Infrastructure Fund	$	8,686,612	$	213,227	$	(840,819	)	$	101,053	$	(269,474	)	$	7,890,599		608,373	$	48,442
Goldman Sachs Global Real Estate Securities Fund		8,768,488		248,574		(840,819	)		71,367		(692,436	)		7,555,174		656,401		97,205
Goldman Sachs High Yield Floating Rate Fund		—		2,949,242		—			—		(40,712	)		2,908,530		314,096		10,741
Goldman Sachs International Equity Dividend and Premium Fund		92,684,445		6,375,685		(9,218,057	)		374,532		(5,860,514	)		84,356,091		11,914,702		562,408
Goldman Sachs International Small Cap Insights Fund		17,701,945		1,607,748		(1,698,177	)		202,020		(2,594,283	)		15,219,253		1,177,050		558,602
Goldman Sachs MLP Energy Infrastructure Fund		7,888,167		876,173		(840,819	)		189,798		1,371,021			9,484,340		344,259		267,867
Goldman Sachs Small Cap Equity Insights Fund		37,609,230		10,815,587		(3,776,479	)		885,827		(11,967,127	)		33,567,038		1,310,189		2
Goldman SachsTactical Tilt Overlay Fund		47,687,260		3,318,053		(51,064,029	)		3,353,666		(3,294,950	)		—		—		959,139
Goldman Sachs US Equity Dividend and Premium Fund		238,205,328		19,839,566		(32,528,697	)		2,662,904		(18,091,244	)		210,087,857		13,668,696		708,910
Total	$	494,548,033	$	155,468,256	$	(185,649,042	)	$	7,856,217	$	(55,830,129	)	$	416,393,335			$	3,757,193

Tax-Advantaged Global Equity
	Beginning Value as of August 31, 2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of February 28, 2022		Shares as of February 28, 2022		Dividend Income
Goldman Sachs Emerging Markets Equity Insights Fund	$	175,328,302	$	72,665,707	$	(2,695,084	)	$	(591,014	)	$	(49,974,757	)	$	194,733,154		20,650,387	$	4,273,177
Goldman Sachs Energy Infrastructure Fund		—		7,777,107		—			—			345,478			8,122,585		767,730		—
Goldman Sachs Financial Square Government Fund (Institutional Shares)		26,923,612		790,378,087		(555,158,418	)		—			—			262,143,281		262,143,281		10,848
Goldman Sachs Global Infrastructure Fund		62,101,355		5,911,144		(900,076	)		(9,213	)		(1,227,662	)		65,875,548		5,079,071		366,771
Goldman Sachs Global Real Estate Securities Fund		64,881,581		3,628,218		(900,076	)		(17,178	)		(4,847,464	)		62,745,081		5,451,354		761,490

35

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Tax-Advantaged Global Equity (continued)
	Beginning Value as of August 31, 2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of February 28, 2022		Shares as of February 28, 2022		Dividend Income
Goldman Sachs High Yield Floating Rate Fund	$	—	$	23,341,904	$	—		$	—		$	(322,215	)	$	23,019,689		2,485,928	$	85,006
Goldman Sachs International Small Cap Insights Fund		129,760,845		17,606,260		(1,815,536	)		(106,350	)		(18,421,276	)		127,023,943		9,823,971		4,398,372
Goldman Sachs International Tax-Managed Equity Fund		693,930,551		78,865,782		(9,870,018	)		(423,616	)		(75,359,594	)		687,143,105		60,328,631		21,438,168
Goldman Sachs MLP Energy Infrastructure Fund		57,865,617		9,385,677		(900,076	)		(22,665	)		12,267,063			78,595,616		2,852,835		2,106,415
Goldman Sachs Tactical Tilt Overlay Fund		349,793,299		33,671,758		(383,696,640	)		19,469,437			—			19,237,854		—		7,633,892
Goldman Sachs U.S. Tax-Managed Equity Fund Class R6		2,056,883,627		158,586,893		(132,435,292	)		5,350,673			(113,964,412	)		1,974,421,489		56,043,755		9,148,691
Total	$	3,617,468,789	$	1,201,818,537	$	(1,088,371,216	)	$	23,650,074		$	(251,504,839	)	$	3,503,061,345			$	50,222,830

As of February 28, 2022, 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 Emerging Markets Equity Insights Fund		—			23
Goldman Sachs Global Real Estate Securities Fund		—			37
Goldman Sachs International Equity Dividend and Premium Fund		49			—
Goldman Sachs International Tax-Managed Equity Fund		—			86
Goldman Sachs MLP Energy Infrastructure Fund		—			5
Goldman Sachs Small Cap Equity Insights Fund		6			—
Goldman Sachs Tactical Tilt Overlay Fund		—			9
Goldman Sachs U.S. Equity Dividend and Premium Fund		8			—
Goldman Sachs U.S. Tax-Managed Equity Fund		—			84

As of February 28, 2022, 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	%

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the six months ended February 28, 2022, were as follows:

	Purchases				Sales
Fund	Long Term		In-Kind		Long Term		In-Kind
Enhanced Dividend Global Equity	$	59,000,194	$	—	$	103,948,089	$	—
Tax-Advantaged Global Equity		438,997,273		97,851,990		635,722,883		—

7. TAX INFORMATION

As of the Funds’ most recent fiscal year ended August 31, 2021, certain timing differences on a tax-basis were as follows:

	Enhanced Dividend Global Equity		Tax-Advantaged Global Equity
Timing differences (Late Year Ordinary Loss Deferral)	$	—	$	(4,970	)

As of February 28, 2022, the Funds’ 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	$	316,708,099		$	2,172,889,449
Gross unrealized gain		102,676,814			1,334,614,969
Gross unrealized loss		(65,173	)		(518,907	)
Net unrealized gain	$	102,611,641		$	1,334,096,062

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 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 year remains subject to examination and adjustment by tax authorities.

8. OTHER RISKS

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

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

37

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

8. OTHER RISKS (continued)

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.

Energy Sector Risk — The Underlying MLP Fund concentrates its investments in the energy sector, and will therefore be susceptible to adverse economic, environmental, business, regulatory or other occurrences affecting that sector. The energy sector has historically experienced substantial price volatility. MLPs and other companies operating in the energy sector are subject to specific risks, including, among others: fluctuations in commodity prices; reduced consumer demand for commodities such as oil, natural gas or petroleum products; reduced availability of natural gas or other commodities for transporting, processing, storing or delivering; slowdowns in new construction; extreme weather or other natural disasters; and threats of attack by terrorists on energy assets. Additionally, changes in the regulatory environment for energy companies may adversely impact their profitability. Over time, depletion of natural gas reserves and other energy reserves may also affect the profitability of energy companies.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; 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 also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

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.

Investments in the Underlying Funds — The Funds 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, 2022, the Enhanced Dividend Global Equity Portfolio invested 48.1% and 19.3% 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, 2022, the Tax-Advantaged Global Equity Portfolio invested 55.3% and 19.2% of its net assets in the Goldman Sachs U.S. Tax-Managed Equity Fund (the “U.S. Tax-Managed Equity Fund”) and the Goldman Sachs International

38

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

8. OTHER RISKS (continued)

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 Funds 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 Fund 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 Fund or an Underlying Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund or an Underlying Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund 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 Fund’s or an Underlying Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s or the Underlying Fund’s expense ratio. Similarly, large Fund or Underlying Fund share purchases may adversely affect a Fund’s or an Underlying Fund’s performance to the extent that the Fund or the Underlying Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund 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 Fund 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 Fund or Underlying Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’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 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 Fund’s or Underlying 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.

39

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

9. INDEMNIFICATIONS

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

10. SUBSEQUENT EVENTS

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

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Enhanced Dividend Global Equity Portfolio
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		4,446		$	62,205			37,935		$	429,619
Reinvestment		17,129			238,439			26,127			304,108
Shares redeemed		(32,526	)		(448,604	)		(349,960	)		(3,934,449	)
		(10,951	)		(147,960	)		(285,898	)		(3,200,722	)
Institutional Shares
Shares sold		52,923			758,246			100,714			1,172,359
Reinvestment		61,734			869,592			61,169			715,382
Shares redeemed		(201,988	)		(2,816,126	)		(678,244	)		(7,424,170	)
		(87,331	)		(1,188,288	)		(516,361	)		(5,536,429	)
Class R6 Shares
Shares sold		4			52			—			—
Reinvestment		70			987			42			487
		74			1,039			42			487
Class P Shares
Shares sold		1,017,558			14,397,244			2,177,793			25,111,874
Reinvestment		2,310,847			32,458,848			2,213,900			25,859,881
Shares redeemed		(3,630,824	)		(50,619,214	)		(16,881,525	)		(175,745,356	)
		(302,419	)		(3,763,122	)		(12,489,832	)		(124,773,601	)
NET DECREASE		(400,627	)	$	(5,098,331	)		(13,292,049	)	$	(133,510,265	)

40

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Tax-Advantaged Global Equity Portfolio
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		267		$	5,751			381		$	7,519
Reinvestment		396			8,759			232			4,264
Shares redeemed		(553	)		(11,679	)		(247	)		(4,982	)
		110			2,831			366			6,801
Institutional Shares
Shares sold		90,736			1,951,269			126,637			2,141,685
Reinvestment		26,959			601,084			18,178			336,299
Shares redeemed		(37,369	)		(821,648	)		(593,534	)		(10,630,812	)
		80,326			1,730,705			(448,719	)		(8,152,828	)
Class R6 Shares
Shares sold		34,470			764,903			516,402			9,050,583
Reinvestment		8,189			180,128			5,697			103,968
Shares redeemed		(42,593	)		(934,333	)		(63,944	)		(1,324,008	)
		66			10,698			458,155			7,830,543
Class P Shares
Shares sold		10,631,367			227,535,069			17,223,132			328,167,742
Reinvestment		3,027,052			66,586,285			1,885,862			34,416,974
Shares redeemed		(5,977,494	)		(128,726,770	)		(12,918,851	)		(243,103,566	)
		7,680,925			165,394,584			6,190,143			119,481,150
NET INCREASE		7,761,427		$	167,138,818			6,199,945		$	119,165,666

41

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

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 8-9, 2022, 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, 2021 through December 31, 2021 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of local holidays in non-U.S. jurisdictions. 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.

42

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Portfolio Expenses — Six Month Period Ended  February 28, 2022 (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, 2021 through February 28, 2022, 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 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/2022*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/2022*
Class A Shares
Actual	$	1,000.00	$	976.63		$	2.50	$	1,000.00	$	955.41		$	2.57
Hypothetical 5% return		1,000.00		1,022.27	+		2.56		1,000.00		1,022.17	+	$	2.66
Institutional Shares
Actual		1,000.00		978.08			0.78		1,000.00		956.80			0.78
Hypothetical 5% return		1,000.00		1,024.00	+		0.80		1,000.00		1,024.00	+		0.80
Class R6 Shares
Actual		1,000.00		978.10			0.69		1,000.00		957.22			0.73
Hypothetical 5% return		1,000.00		1,024.05	+		0.70		1,000.00		1,024.05	+		0.75
Class P Shares
Actual		1,000.00		978.06			0.74		1,000.00		956.79			0.73
Hypothetical 5% return		1,000.00		1,024.05	+		0.75		1,000.00		1,024.05	+		0.75

+ 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, 2022. 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			Institutional Shares			Class R6 Shares			Class P Shares
Enhanced Dividend Global Equity Portfolio		0.51	%		0.16	%		0.14	%		0.15	%
Tax-Advantaged Global Equity Portfolio		0.53			0.16			0.15			0.15

43

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 $2.21 trillion in assets under supervision as of December 31, 2021, Goldman Sachs Asset Management 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. Goldman Sachs Asset Management 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

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Bond Fund⁴

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund⁵

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund⁶

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

∎ Clean Energy Income Fund

∎ Defensive Equity 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 July 29, 2021, the Goldman Sachs Short Duration Income Fund was renamed the Goldman Sachs Short Duration Bond Fund.

⁵  Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.

⁶  Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth Fund.

* 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 John G. Chou* Diana M. Daniels Joaquin Delgado Eileen H. Dowling James A. McNamara Roy W. Templin Gregory G. Weaver Paul C. Wirth* *Effective April 12, 2022.	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, 2022 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.

© 2022 Goldman Sachs. All rights reserved. 275081-OTU-1591598 TAGEDSAR-22

Goldman Sachs Funds

Semi-Annual Report	February 28, 2022
	Allocation Funds
	Global Managed Beta Fund
	Strategic Factor Allocation Fund
	Strategic Volatility Premium Fund
	Tactical Tilt Overlay Fund

Goldman Sachs Allocation Funds

∎ GLOBAL MANAGED BETA FUND

∎ STRATEGIC FACTOR ALLOCATION FUND

∎ STRATEGIC VOLATILITY PREMIUM FUND

∎ TACTICAL TILT OVERLAY FUND

TABLE OF CONTENTS
Market and Economic Review	1
Fund Basics	3
Schedule of Investments	9
Financial Statements	42
Financial Highlights	48
Global Managed Beta Fund	48
Strategic Factor Allocation Fund	49
Strategic Volatility Premium Fund	52
Tactical Tilt Overlay Fund	54
Notes to Financial Statements	57
Other Information	81

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET REVIEW

Goldman Sachs Allocation Funds

The following are highlights both of key factors affecting the financial markets and of any key changes made to the Goldman Sachs Allocation Funds (the “Funds”) during the six months ended February 28, 2022 (the “Reporting Period”). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmark during the Reporting Period. A fuller review of the markets and these changes will appear in the Funds’ annual shareholder report covering the 12 months ended August 31, 2022.

Market and Economic Review

• Global equity and fixed income markets broadly recorded negative returns during the Reporting Period, with persistent supply-chain disruptions and inflationary pressures as the common themes and COVID-19 variants and Russia’s invasion of Ukraine as the biggest headlines.

• U.S. equities held up better than non-U.S. developed markets equities during the Reporting Period, while emerging markets equities produced the weakest results.

• Within fixed income, emerging markets debt and U.S. investment grade bonds were among the weakest performing sectors.

• Halts in global manufacturing activities due to supply-chain problems and semiconductor shortages, as well as power cuts and energy crises around the world, weighed on investor sentiment during the Reporting Period.

• Inflation rose in both developed and emerging economies, driven by supply-and-demand imbalances, higher energy prices and the effects of economic reopening amid the persistent overhangs of the COVID-19 pandemic. In February 2022, inflation surged to new multi-decade highs, with energy and commodity prices jumping largely due to Russia’s invasion of Ukraine.

• Regulations imposed by the Chinese government on certain key sectors, primarily technology, increased investor pessimism, which was worsened by the debt crisis at Chinese property developer Evergrande Group.

• The spread of COVID-19 variants, especially in the emerging markets, also unsettled investors, as a surge in cases and increased hospitalizations threatened an economic recovery.

• In the developed markets, central banks delivered or hinted at sooner than previously consensus expected monetary policy normalization.

• The U.S. Federal Reserve (the “Fed”) began scaling back its asset purchase program and then accelerated the pace of its tapering. Policymakers additionally hinted they might raise interest rates in March 2022 in the Fed’s first federal funds rate increase since the end of 2018.

• Government bond yields generally rose during the Reporting Period in anticipation of central bank action, though investors began pricing in less cumulative monetary policy tightening following the escalation of the Russia/Ukraine conflict at the end of February.

Fund Changes and Highlights

No material changes were made to the Funds during the Reporting Period.

Goldman Sachs Strategic Factor Allocation Fund

• The Fund outperformed its blended benchmark during the Reporting Period, benefiting from the implementation of the Goldman Sachs Strategic Factor Allocation process (“Strategic Allocation”). The Strategic Allocation was developed to provide exposure to “factors,” which are academically derived drivers of investment returns that the Goldman Sachs Investment Strategy Group believes offer the potential for greater and more consistent returns in various market environments. (The Fund’s blended benchmark, the Strategic Factor Allocation Composite Index, is comprised 50% of the S&P 500^® Index and 50% of the Bloomberg U.S. Aggregate Bond Index.)

1

MARKET REVIEW

Goldman Sachs Allocation Funds

• During the Reporting Period, the Volatility factor added significantly to the Fund’s relative returns, with the Flow factor also contributing positively. The Volatility factor seeks to capture the “fear premium” associated with equity risk. (The fear premium is the amount investors tend to overpay to preserve capital during periods of financial market volatility.) The Flow factor seeks to systematically capitalize on flows within and across asset classes.

• These positive results were offset somewhat by the Equity and Term factors. The Equity factor seeks to capture the premium associated with equity risk. The Term factor seeks to capture the premium associated with interest rate and inflation risk.

Goldman Sachs Strategic Volatility Premium Fund

• The Fund outperformed its benchmark index, the Bloomberg 1-5 Year U.S. Treasury Index, with the Strategic Volatility Premium strategy (“Strategic Volatility Premium”) adding to results. (The Strategic Volatility Premium seeks to enhance the returns of a fixed income allocation to U.S. Treasury securities by using an options-based overlay strategy and hedging with S&P 500^® Index futures.)

• During the Reporting Period, expected volatility in the U.S. equity markets exceeded subsequent realized volatility, and thus the Fund’s options-based overlay strategy boosted relative performance.

2

FUND BASICS

Global Managed Beta Fund

as of February 28, 2022

PERFORMANCE REVIEW
September 1, 2021–February 28, 2022	Fund Total Return (based on NAV)1			MSCI All Country World Index Investable Market Index2
Institutional Shares		-5.99	%		-5.10	%

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 25 emerging markets. With 9,309 constituents, the MSCI ACWI IMI is comprehensive, covering approximately 99% of the global equity investment opportunity set. As of February 28, 2022, 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 25 emerging markets include Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, 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.

3

FUND BASICS

FUND COMPOSITION³

Percentage of Net Assets

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 does not depict the investment in the securities lending reinvestment vehicle. The investment in the securities lending reinvestment vehicle represented 8.7% of the Fund’s net assets as of February 28, 2022. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

4

FUND BASICS

Strategic Factor Allocation Fund

as of February 28, 2022

PERFORMANCE REVIEW
September 1, 2021–February 28, 2022	Fund Total Return (based on NAV)1			Strategic Factor Allocation Composite Index2			S&P 500® Index3			Bloomberg U.S. Aggregate Bond Index4
Institutional		-0.32	%		-3.23	%		-2.62	%		-4.07	%
Class R6		-0.33			-3.23			-2.62			-4.07
Class P		-0.33			-3.23			-2.62			-4.07

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

²  The Strategic Factor Allocation Composite Index is a blend of 50% the S&P 500^® Index and 50% the Bloomberg 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 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 2/28/225
Holding	% of Net Assets			Line of Business
Goldman Sachs Financial Square Government Fund — Institutional Shares		77.3	%		Investment Companies

⁵  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.

5

FUND BASICS

Strategic Volatility Premium Fund

as of February 28, 2022

PERFORMANCE REVIEW
September 1, 2021-February 28, 2022	Fund Total Return (based on NAV)1			Bloomberg 1-5 Year U.S. Treasury Index
Institutional		-0.81	%		-2.44	%
Class P		-0.81			-2.44

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  Bloomberg 1-5 Year Corporate Index: Measures the investment grade, fixed-rate, taxable corporate bond market with 1-5 year maturities. Bloomberg 1-5 Year Government/Credit Index: Is a broad-based benchmark that measures the non-securitized component of the US Aggregate 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 2/28/223
Holding	% of Net Assets			Line of Business
Goldman Sachs Financial Square Government Fund — Institutional Shares		79.3	%		Investment Companies

³  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 Schedules 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.

6

FUND BASICS

Tactical Tilt Overlay Fund

as of February 28, 2022

PERFORMANCE REVIEW
September 1, 2021–February 28, 2022	Fund Total Return (based on NAV)1			ICE® BofAML Three-Month U.S. Treasury-Bill Index2			ICE® BofAML® U.S. Dollar Three- Month LIBOR Constant Maturity Index3
Institutional		1.63	%		0.02	%		0.01	%
Class R6		1.68			0.02			0.01
Class P		1.68			0.02			0.01

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^® Three-Month U.S. Treasury Bill Index, an unmanaged index, measures total return on cash, including price and Interest income, based on short-term government Treasury Bills of about 90-day maturity, as reported by Bank of America Merrill Lynch, and does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

³ 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.

7

FUND BASICS

FUND COMPOSITION⁴

Percentage of Net Assets

⁴  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. The graph does not depict the investment in the securities lending reinvestment vehicle. The investment in the securities lending reinvestment vehicle represented 0.8% of the Fund’s net assets as of February 28, 2022. 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.

8

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 10.6%
Aerospace & Defense – 0.1%
	7,084	BAE Systems PLC	$	68,013
	903	General Dynamics Corp.		211,708
	814	Huntington Ingalls Industries, Inc.		166,382
	698	L3Harris Technologies, Inc.		176,112
	505	Lockheed Martin Corp.		219,069
	600	Northrop Grumman Corp.		265,284
	2,036	Raytheon Technologies Corp.		209,097
	3,850	Textron, Inc.		281,551
	523	Thales SA		59,791
	234	The Boeing Co.*		48,050
				1,705,057
Air Freight & Logistics – 0.1%
	1,608	C.H. Robinson Worldwide, Inc.		155,462
	10,499	Deutsche Post AG		527,703
	643	DSV A/S		118,348
	1,049	Expeditors International of Washington, Inc.		108,425
	1,160	FedEx Corp.		257,833
	1,555	United Parcel Service, Inc. Class B		327,203
	2,846	Yamato Holdings Co. Ltd.		55,892
				1,550,866
Auto Components – 0.0%
	255	Aptiv PLC*		33,007
	3,257	BorgWarner, Inc.		133,570
	1,222	Bridgestone Corp.		50,323
	318	Cie Generale des Etablissements Michelin SCA		43,775
	799	Denso Corp.		56,186
	663	Faurecia SE		24,965
	127	Lear Corp.		19,982
	1,244	Magna International, Inc.		92,424
	1,887	Sumitomo Electric Industries Ltd.		25,050
	1,051	Valeo		23,179
				502,461
Automobiles – 0.2%
	783	Bayerische Motoren Werke AG		75,409
	300	Ferrari NV		64,467
	24,196	Ford Motor Co.		424,882
	763	General Motors Co.*		35,647
	5,025	Honda Motor Co. Ltd.		152,664
	2,072	Isuzu Motors Ltd.		28,023
	6,591	Mazda Motor Corp.*		48,749
	2,524	Mercedes-Benz Group AG		197,174
	883	Renault SA*		27,671
	6,011	Stellantis NV		109,231
	1,243	Subaru Corp.		20,386
	1,533	Tesla, Inc.*		1,334,369
	17,321	Toyota Motor Corp.		316,908
	214	Volkswagen AG		55,349
	894	Yamaha Motor Co. Ltd.		20,097
				2,911,026
Common Stocks – (continued)
Banks – 0.5%
	1,761	ABN AMRO Bank NV(a)		23,434
	7,704	Australia & New Zealand Banking Group Ltd.		145,851
	12,254	Banco Bilbao Vizcaya Argentaria SA		72,712
	27,703	Banco Santander SA		92,251
	4,450	Bank Hapoalim BM		47,163
	14,802	Bank Leumi Le-Israel BM		160,349
	19,557	Bank of America Corp.		864,419
	1,831	Bank of Montreal		209,073
	35,149	Barclays PLC		85,889
	2,355	BNP Paribas SA		136,648
	40,706	BOC Hong Kong Holdings Ltd.		146,341
	8,373	CaixaBank SA		27,502
	1,541	Canadian Imperial Bank of Commerce		195,047
	5,847	Citigroup, Inc.		346,318
	1,977	Citizens Financial Group, Inc.		103,634
	3,112	Commonwealth Bank of Australia		211,129
	5,383	Credit Agricole SA		68,570
	3,416	Danske Bank A/S		57,860
	4,329	DBS Group Holdings Ltd.		108,832
	2,734	DNB Bank ASA		61,209
	1,077	Erste Groupe Bank AG		38,284
	2,099	Fifth Third Bancorp		100,416
	1,688	FinecoBank Banca Fineco SpA		28,132
	264	First Republic Bank		45,741
	1,949	Hang Seng Bank Ltd.		35,942
	24,682	HSBC Holdings PLC		171,349
	2,283	Huntington Bancshares, Inc.		35,432
	8,045	ING Groep NV		93,953
	21,803	Intesa Sanpaolo SpA		55,736
	10,673	Israel Discount Bank Ltd. Class A		70,379
	4,046	Japan Post Bank Co. Ltd.		35,501
	9,358	JPMorgan Chase & Co.		1,326,964
	381	KBC Group NV		27,450
	2,689	KeyCorp.		67,413
	171,553	Lloyds Banking Group PLC		110,567
	439	M&T Bank Corp.		79,999
	3,912	Mediobanca Banca di Credito Finanziario SpA		40,740
	25,685	Mitsubishi UFJ Financial Group, Inc.		157,680
	2,319	Mizrahi Tefahot Bank Ltd.		90,625
	4,613	Mizuho Financial Group, Inc.		60,795
	4,993	National Australia Bank Ltd.		104,868
	2,335	National Bank of Canada		187,224
	7,047	Nordea Bank Abp		77,965
	26,306	Oversea-Chinese Banking Corp. Ltd.		227,953
	2,233	Raiffeisen Bank International AG		36,387
	3,381	Regions Financial Corp.		81,786
	7,526	Resona Holdings, Inc.		33,658
	4,048	Royal Bank of Canada		447,787
	282	Signature Bank		97,259
	5,390	Skandinaviska Enskilda Banken AB Class A		62,095
	2,298	Societe Generale SA		64,982
	4,380	Standard Chartered PLC		31,215
	6,587	Sumitomo Mitsui Financial Group, Inc.		233,590

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Banks – (continued)
	1,315	Sumitomo Mitsui Trust Holdings, Inc.	$	46,725
	36	SVB Financial Group*		21,816
	4,564	Svenska Handelsbanken AB Class A		43,389
	1,746	Swedbank AB Class A		28,210
	2,750	The Bank of Nova Scotia		199,280
	751	The PNC Financial Services Group, Inc.		149,637
	2,611	The Shizuoka Bank Ltd.		19,304
	5,114	The Toronto-Dominion Bank		412,671
	1,978	Truist Financial Corp.		123,071
	2,824	U.S. Bancorp		159,669
	5,366	United Overseas Bank Ltd.		119,261
	10,007	Wells Fargo & Co.		534,074
	8,485	Westpac Banking Corp.		140,225
				9,521,430
Beverages – 0.2%
	2,009	Anheuser-Busch InBev SA		123,971
	1,547	Asahi Group Holdings Ltd.		62,405
	1,317	Brown-Forman Corp. Class B		85,908
	433	Carlsberg AS Class B		63,499
	2,126	Coca-Cola Europacific Partners PLC		108,873
	1,097	Coca-Cola HBC AG		27,871
	307	Constellation Brands, Inc. Class A		66,195
	3,438	Davide Campari-Milano NV		37,415
	4,354	Diageo PLC		215,707
	1,900	Heineken Holding NV		155,171
	440	Heineken NV		44,633
	2,683	Ito En Ltd.		154,304
	2,945	Keurig Dr Pepper, Inc.		113,883
	1,807	Kirin Holdings Co. Ltd.		30,042
	6,953	Molson Coors Beverage Co. Class B		362,808
	3,263	Monster Beverage Corp.*		275,397
	4,518	PepsiCo, Inc.		739,777
	426	Pernod Ricard SA		92,996
	254	Remy Cointreau SA		48,883
	1,619	Suntory Beverage & Food Ltd.		64,516
	6,581	The Coca-Cola Co.		409,602
				3,283,856
Biotechnology – 0.1%
	5,675	AbbVie, Inc.		838,595
	833	Amgen, Inc.		188,658
	1,261	Biogen, Inc.*		266,084
	406	BioMarin Pharmaceutical, Inc.*		31,717
	440	CSL Ltd.		83,654
	44	Genmab A/S*		14,788
	4,868	Gilead Sciences, Inc.		294,027
	3,078	Grifols SA		58,359
	335	Horizon Therapeutics PLC*		30,542
	3,263	Incyte Corp.*		222,863
	711	Moderna, Inc.*		109,210
	353	Regeneron Pharmaceuticals, Inc.*		218,281
	975	Seagen, Inc.*		125,648
	1,224	Vertex Pharmaceuticals, Inc.*		281,544
				2,763,970
Common Stocks – (continued)
Building Products – 0.1%
	1,336	A.O. Smith Corp.		91,623
	978	AGC, Inc.		43,386
	696	Allegion PLC		79,706
	1,075	Assa Abloy AB Class B		28,216
	2,707	Carrier Global Corp.		121,490
	3,299	Cie de Saint-Gobain		204,555
	1,121	Fortune Brands Home & Security, Inc.		97,415
	122	Geberit AG		79,810
	2,597	Johnson Controls International PLC		168,701
	529	Kingspan Group PLC		51,663
	794	Lennox International, Inc.		211,942
	1,685	Lixil Corp.		37,554
	5,174	Masco Corp.		289,951
	6,008	Nibe Industrier AB Class B		53,482
	2,425	Owens Corning		225,986
	100	Rockwool International A/S Class B		34,281
	605	Trane Technologies PLC		93,128
				1,912,889
Capital Markets – 0.3%
	1,411	3i Group PLC		25,136
	23,410	abrdn PLC		64,886
	730	Ameriprise Financial, Inc.		218,847
	938	ASX Ltd.		56,338
	233	BlackRock, Inc.		173,326
	3,114	Blackstone, Inc.		396,942
	1,601	Brookfield Asset Management, Inc. Class A		87,496
	462	Cboe Global Markets, Inc.		54,188
	526	CME Group, Inc.		124,415
	431	Coinbase Global, Inc. Class A*		82,222
	7,380	Daiwa Securities Group, Inc.		43,634
	7,545	Deutsche Bank AG*		93,141
	407	Deutsche Boerse AG		69,281
	2,099	EQT AB		70,254
	776	FactSet Research Systems, Inc.		315,126
	1,972	Franklin Resources, Inc.		58,627
	8,717	Hargreaves Lansdown PLC		132,117
	3,279	Hong Kong Exchanges & Clearing Ltd.		158,889
	1,471	IGM Financial, Inc.		52,260
	1,224	Intercontinental Exchange, Inc.		156,819
	9,387	Invesco Ltd.		199,380
	2,804	KKR & Co., Inc.		168,576
	765	Macquarie Group Ltd.		100,676
	55	MarketAxess Holdings, Inc.		20,979
	1,504	Moody’s Corp.		484,333
	4,469	Morgan Stanley		405,517
	236	MSCI, Inc.		118,399
	702	Nasdaq, Inc.		120,147
	594	Northern Trust Corp.		67,657
	367	Onex Corp.		24,646
	160	Partners Group Holding AG		216,286
	842	Raymond James Financial, Inc.		92,325
	1,770	Robinhood Markets, Inc. Class A*		21,258
	1,367	S&P Global, Inc.		513,451
	645	Schroders PLC		26,405

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Capital Markets – (continued)
	1,766	SEI Investments Co.	$	103,452
	29,431	Singapore Exchange Ltd.		204,186
	1,810	St. James’s Place PLC		33,934
	1,704	State Street Corp.		145,402
	1,300	T. Rowe Price Group, Inc.		187,928
	2,889	The Bank of New York Mellon Corp.		153,550
	4,392	The Carlyle Group, Inc.		205,853
	2,862	The Charles Schwab Corp.		241,724
	395	TMX Group Ltd.		39,902
	804	Tradeweb Markets, Inc. Class A		67,922
	9,955	UBS Group AG		183,140
				6,580,972
Chemicals – 0.2%
	628	Air Liquide SA		104,314
	281	Air Products & Chemicals, Inc.		66,400
	543	Akzo Nobel NV		51,662
	622	Arkema SA		82,488
	770	BASF SE		51,271
	359	Celanese Corp.		50,002
	366	CF Industries Holdings, Inc.		29,716
	330	Chr Hansen Holding A/S		24,058
	2,186	Corteva, Inc.		113,738
	1,399	Covestro AG(a)		73,987
	937	Croda International PLC		93,793
	1,346	Dow, Inc.		79,360
	1,181	DuPont de Nemours, Inc.		91,374
	859	Eastman Chemical Co.		101,766
	383	Ecolab, Inc.		67,508
	77	EMS-Chemie Holding AG		76,163
	838	Evonik Industries AG		25,225
	268	FMC Corp.		31,423
	34	Givaudan SA		141,964
	2,562	ICL Group Ltd.		29,095
	274	International Flavors & Fragrances, Inc.		36,442
	1,991	Johnson Matthey PLC		50,033
	1,243	JSR Corp.		39,102
	1,010	Kansai Paint Co. Ltd.		20,271
	490	Koninklijke DSM NV		92,004
	758	Linde PLC*		222,276
	10,251	Mitsubishi Chemical Holdings Corp.		72,821
	2,221	Nippon Sanso Holdings Corp.		43,407
	264	Nitto Denko Corp.		19,266
	898	Novozymes A/S Class B		58,938
	1,506	Nutrien Ltd.		129,522
	551	PPG Industries, Inc.		73,531
	831	RPM International, Inc.		70,278
	271	Shin-Etsu Chemical Co. Ltd.		42,327
	376	Sika AG		124,770
	312	Solvay SA		34,794
	15,186	Sumitomo Chemical Co. Ltd.		72,501
	435	Symrise AG		51,742
	3,590	The Mosaic Co.		188,224
	1,016	The Sherwin-Williams Co.		267,340
	1,578	Tosoh Corp.		24,488
Common Stocks – (continued)
Chemicals – (continued)
	680	Umicore SA		27,819
	693	Yara International ASA		35,294
				3,182,497
Commercial Services & Supplies – 0.1%
	5,689	Brambles Ltd.		40,976
	573	Cintas Corp.		215,058
	404	Copart, Inc.*		49,644
	1,156	Dai Nippon Printing Co. Ltd.		30,177
	5,644	Rentokil Initial PLC		38,302
	1,120	Republic Services, Inc.		134,714
	8,494	Rollins, Inc.		277,159
	460	Secom Co. Ltd.		33,785
	6,908	Securitas AB Class B		83,634
	554	Sohgo Security Services Co. Ltd.		20,002
	1,511	Toppan, Inc.		29,773
	1,057	Waste Connections, Inc.		130,529
	1,164	Waste Management, Inc.		168,082
				1,251,835
Communications Equipment – 0.1%
	952	Arista Networks, Inc.*		116,839
	11,477	Cisco Systems, Inc.		640,072
	707	F5, Inc.*		142,001
	3,543	Juniper Networks, Inc.		119,718
	645	Motorola Solutions, Inc.		142,177
	11,745	Nokia Oyj*		63,509
	6,541	Telefonaktiebolaget LM Ericsson Class B		60,190
				1,284,506
Construction & Engineering – 0.1%
	5,766	ACS Actividades de Construccion y Servicios SA		140,117
	878	Bouygues SA		31,396
	1,712	Eiffage SA		174,391
	1,279	Ferrovial SA		34,845
	2,133	Kajima Corp.		28,707
	2,419	Obayashi Corp.		20,254
	3,125	Shimizu Corp.		20,685
	6,199	Skanska AB Class B		140,304
	613	Taisei Corp.		20,383
	1,724	Vinci SA		180,764
	3,004	WSP Global, Inc.		368,562
				1,160,408
Construction Materials – 0.0%
	1,432	CRH PLC		65,096
	1,364	HeidelbergCement AG		88,506
	2,101	LafargeHolcim Ltd.		105,760
	1,280	James Hardie Industries PLC		41,788
	139	Martin Marietta Materials, Inc.		52,737
	244	Vulcan Materials Co.		44,274
				398,161

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Consumer Finance – 0.1%
	4,672	Ally Financial, Inc.	$	233,133
	1,675	American Express Co.		325,854
	2,011	Capital One Financial Corp.		308,226
	1,855	Discover Financial Services		228,981
	2,816	SoFi Technologies, Inc.*		32,243
	5,706	Synchrony Financial		244,103
				1,372,540
Containers & Packaging – 0.0%
	3,871	Amcor PLC		45,020
	402	Avery Dennison Corp.		70,832
	632	Ball Corp.		56,716
	591	CCL Industries, Inc. Class B		26,643
	567	Crown Holdings, Inc.		69,554
	2,711	International Paper Co.		118,010
	296	Packaging Corp. of America		43,568
	672	Sealed Air Corp.		45,111
	2,430	Smurfit Kappa Group PLC		121,360
	3,985	Westrock Co.		180,401
				777,215
Distributors – 0.0%
	2,228	Genuine Parts Co.		272,173
	6,659	LKQ Corp.		312,640
	683	Pool Corp.		313,210
				898,023
Diversified Financial Services – 0.1%
	5,875	Apollo Global Management, Inc.		383,403
	4,442	Berkshire Hathaway, Inc. Class B*		1,427,881
	904	Eurazeo SE		69,826
	342	Groupe Bruxelles Lambert SA		35,512
	1,495	Industrivarden AB Class A		41,284
	1,446	Industrivarden AB Class C		39,193
	1,408	Investor AB Class A		31,134
	7,320	Investor AB Class B		149,053
	1,189	Kinnevik AB Class B*		30,272
	696	L E Lundbergforetagen AB Class B		33,608
	3,871	Mitsubishi HC Capital, Inc.		20,131
	4,094	ORIX Corp.		81,156
	220	Sofina SA		85,438
	822	Tokyo Century Corp.		36,038
	195	Wendel SE		19,796
				2,483,725
Diversified Telecommunication Services – 0.1%
	19,367	AT&T, Inc.		458,804
	1,043	BCE, Inc.		54,779
	7,991	BT Group PLC		19,938
	427	Cellnex Telecom SA(a)		19,314
	10,347	Deutsche Telekom AG		185,467
	1,045	Elisa Oyj		57,900
	37,703	HKT Trust & HKT Ltd.		50,852
	3,075	Infrastrutture Wireless Italiane SpA(a)		31,400
	11,358	Koninklijke KPN NV		38,869
	8,376	Liberty Global PLC Class A*		215,933
Common Stocks – (continued)
Diversified Telecommunication Services – (continued)
	8,485	Liberty Global PLC Class C*		219,507
	17,204	Lumen Technologies, Inc.		178,233
	10,490	Nippon Telegraph & Telephone Corp.		301,492
	5,570	Orange SA		67,351
	20,637	Singapore Telecommunications Ltd.		38,437
	14,275	Spark New Zealand Ltd.		43,829
	153	Swisscom AG		91,649
	14,298	Telefonica SA		68,286
	3,393	Telenor ASA		50,202
	15,171	Telia Co. AB		56,408
	16,665	Telstra Corp. Ltd.		47,889
	2,320	TELUS Corp.		58,590
	1,534	United Internet AG		52,169
	9,048	Verizon Communications, Inc.		485,606
				2,892,904
Electric Utilities – 0.1%
	986	Alliant Energy Corp.		57,582
	926	American Electric Power Co., Inc.		83,942
	4,683	Chubu Electric Power Co., Inc.		46,777
	3,877	CK Infrastructure Holdings Ltd.		24,068
	3,420	CLP Holdings Ltd.		34,841
	822	Constellation Energy Corp.		37,796
	1,760	Duke Energy Corp.		176,722
	716	Edison International		45,409
	444	Elia Group SA		63,920
	930	Emera, Inc.		43,510
	1,399	Endesa SA		30,752
	5,906	Enel SpA		43,521
	523	Entergy Corp.		55,025
	1,289	Evergy, Inc.		80,446
	578	Eversource Energy		47,280
	3,192	Exelon Corp.		135,851
	2,378	FirstEnergy Corp.		99,519
	1,038	Fortis, Inc.		47,564
	3,747	Fortum Oyj		78,416
	32,706	HK Electric Investments & HK Electric Investments Ltd.		32,268
	1,859	Hydro One Ltd.(a)		45,907
	8,869	Iberdrola SA		100,624
	2,238	NextEra Energy, Inc.		175,168
	9,501	NRG Energy, Inc.		359,518
	9,797	Power Assets Holdings Ltd.		61,746
	1,945	PPL Corp.		50,901
	2,047	Red Electrica Corp. SA		40,552
	2,380	SSE PLC		54,013
	6,654	Terna – Rete Elettrica Nazionale		54,515
	1,953	The Kansai Electric Power Co., Inc.		19,692
	2,090	The Southern Co.		135,369
	619	Verbund AG		74,662
	945	Xcel Energy, Inc.		63,627
				2,501,503
Electrical Equipment – 0.1%
	4,330	ABB Ltd.		146,323
	823	AMETEK, Inc.		106,817

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Electrical Equipment – (continued)
	1,115	Eaton Corp. PLC	$	172,033
	899	Emerson Electric Co.		83,535
	726	Legrand SA		68,491
	2,971	Mitsubishi Electric Corp.		35,936
	246	Nidec Corp.		21,386
	806	Prysmian SpA		26,533
	352	Rockwell Automation, Inc.		93,836
	1,076	Schneider Electric SE		166,711
	1,259	Sensata Technologies Holding PLC*		72,909
	2,165	Siemens Energy AG*		51,492
				1,046,002
Electronic Equipment, Instruments & Components – 0.1%
	1,540	Amphenol Corp. Class A		117,055
	3,005	Arrow Electronics, Inc.*		366,249
	496	Azbil Corp.		18,828
	537	CDW Corp.		92,611
	601	Cognex Corp.		40,604
	2,163	Corning, Inc.		87,385
	1,607	Halma PLC		51,832
	4,284	Hexagon AB Class B		57,875
	200	Hirose Electric Co. Ltd.		30,073
	807	Ibiden Co. Ltd.		39,413
	183	IPG Photonics Corp.*		23,854
	342	Keyence Corp.		161,766
	1,440	Keysight Technologies, Inc.*		226,613
	634	Kyocera Corp.		36,489
	738	Murata Manufacturing Co. Ltd.		50,158
	626	Omron Corp.		42,598
	579	TE Connectivity Ltd.		82,467
	144	Teledyne Technologies, Inc.*		61,831
	820	Trimble, Inc.*		57,195
	391	Zebra Technologies Corp. Class A*		161,616
				1,806,512
Energy Equipment & Services – 0.0%
	5,034	Baker Hughes Co.		147,899
	2,273	Halliburton Co.		76,213
	2,574	Schlumberger N.V		101,004
	4,196	Tenaris SA		54,075
				379,191
Entertainment – 0.1%
	608	Activision Blizzard, Inc.		49,552
	1,768	AMC Entertainment Holdings, Inc. Class A*		33,345
	32,886	Bollore SA		166,407
	3,070	Capcom Co. Ltd.		74,511
	725	Electronic Arts, Inc.		94,315
	479	Konami Holdings Corp.		27,251
	1,313	Liberty Media Corp.-Liberty Formula One Class C*		79,739
	295	Live Nation Entertainment, Inc.*		35,642
	529	Netflix, Inc.*		208,701
	106	Nintendo Co. Ltd.		53,684
	444	Roku, Inc.*		61,951
Common Stocks – (continued)
Entertainment – (continued)
	1,122	Square Enix Holdings Co. Ltd.		54,718
	253	Take-Two Interactive Software, Inc.*		40,986
	1,380	The Walt Disney Co.*		204,875
	397	Toho Co. Ltd.		16,557
	1,312	Ubisoft Entertainment SA*		70,345
	1,211	Universal Music Group NV		27,650
				1,300,229
Equity Real Estate Investment Trusts (REITs) – 0.2%
	526	Alexandria Real Estate Equities, Inc.		99,624
	586	American Tower Corp.		132,946
	526	AvalonBay Communities, Inc.		125,498
	629	Boston Properties, Inc.		76,933
	1,098	Camden Property Trust		181,291
	814	Canadian Apartment Properties REIT		33,883
	645	Crown Castle International Corp.		107,451
	23	Daiwa House REIT Investment Corp.		62,377
	4,704	Dexus		37,237
	1,680	Digital Realty Trust, Inc.		226,666
	2,429	Duke Realty Corp.		128,737
	138	Equinix, Inc.		97,943
	1,547	Equity LifeStyle Properties, Inc.		115,437
	1,384	Equity Residential		118,055
	227	Essex Property Trust, Inc.		71,998
	749	Extra Space Storage, Inc.		140,924
	192	Gecina SA		24,400
	14	GLP J-REIT		20,902
	6,503	Goodman Group		105,216
	1,184	Healthpeak Properties, Inc.		36,775
	2,688	Invitation Homes, Inc.		101,606
	2,073	Iron Mountain, Inc.		101,950
	24	Japan Metropolitan Fund Investment Corp.		19,424
	6	Japan Real Estate Investment Corp.		32,050
	1,992	Land Securities Group PLC		21,109
	3,020	Link REIT		24,404
	1,154	Medical Properties Trust, Inc.		23,472
	773	Mid-America Apartment Communities, Inc.		158,163
	4	Nippon Building Fund, Inc.		22,921
	21	Nippon Prologis REIT, Inc.		61,741
	35	Nomura Real Estate Master Fund, Inc.		46,157
	14	Orix JREIT, Inc.		19,586
	1,539	Prologis, Inc.		224,463
	604	Public Storage		214,432
	1,237	Realty Income Corp.		81,753
	1,116	Regency Centers Corp.		73,533
	222	SBA Communications Corp.		67,353
	5,894	Segro PLC		102,503
	523	Simon Property Group, Inc.		71,944
	5,994	Stockland		18,137
	764	Sun Communities, Inc.		138,284
	1,656	UDR, Inc.		90,865
	852	Ventas, Inc.		46,008
	2,055	VICI Properties, Inc.		57,458
	2,061	Vornado Realty Trust		89,200

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	556	Welltower, Inc.	$	46,309
	8,245	Weyerhaeuser Co.		320,566
	594	WP Carey, Inc.		45,976
				4,265,660
Food & Staples Retailing – 0.3%
	2,009	Aeon Co. Ltd.		45,511
	3,664	Alimentation Couche-Tard, Inc.		143,814
	8,538	Carrefour SA		171,361
	16,643	Coles Group Ltd.		210,552
	158	Cosmos Pharmaceutical Corp.		21,907
	1,393	Costco Wholesale Corp.		723,315
	11,664	Empire Co. Ltd. Class A		361,285
	9,350	Endeavour Group Ltd.		48,832
	507	Etablissements Franz Colruyt NV		20,278
	1,837	George Weston Ltd.		199,193
	3,143	HelloFresh SE*		171,438
	58,395	J Sainsbury PLC		215,368
	12,025	Jeronimo Martins SGPS SA		262,165
	2,127	Kesko Oyj Class B		62,597
	14,743	Koninklijke Ahold Delhaize NV		453,528
	1,871	Lawson, Inc.		78,013
	3,797	Loblaw Cos. Ltd.		296,181
	1,273	Metro, Inc.		66,447
	2,493	Seven & i Holdings Co. Ltd.		121,304
	3,184	Sysco Corp.		277,326
	23,162	Tesco PLC		89,729
	13,204	The Kroger Co.		617,947
	1,474	Tsuruha Holdings, Inc.		118,502
	4,897	Walgreens Boots Alliance, Inc.		225,703
	6,062	Walmart, Inc.		819,340
	5,988	Welcia Holdings Co. Ltd.		159,683
	9,350	Woolworths Group Ltd.		241,769
				6,223,088
Food Products – 0.2%
	3,853	Ajinomoto Co., Inc.		112,280
	3,612	Archer-Daniels-Midland Co.		283,361
	2,921	Associated British Foods PLC		74,736
	16	Barry Callebaut AG		36,907
	1,164	Bunge Ltd.		121,696
	1,425	Campbell Soup Co.		64,082
	6	Chocoladefabriken Lindt & Spruengli AG		165,284
	2,452	Conagra Brands, Inc.		85,746
	1,828	Danone SA		111,214
	3,865	General Mills, Inc.		260,617
	1,685	Hormel Foods Corp.		80,273
	3,735	JDE Peet’s NV		122,617
	1,263	Kellogg Co.		80,756
	253	Kerry Group PLC Class A		30,142
	531	Kikkoman Corp.		39,585
	957	McCormick & Co., Inc.		91,078
	646	MEIJI Holdings Co. Ltd.		38,772
	2,812	Mondelez International, Inc. Class A		184,130
	967	Mowi ASA		24,899
Common Stocks – (continued)
Food Products – (continued)
	6,190	Nestle SA		806,531
	3,633	Nisshin Seifun Group, Inc.		51,567
	396	Nissin Foods Holdings Co. Ltd.		31,639
	3,767	Orkla ASA		35,287
	1,103	Saputo, Inc.		27,029
	1,348	The Hershey Co.		272,647
	1,587	The J.M. Smucker Co.		213,848
	6,058	The Kraft Heinz Co.		237,595
	628	Toyo Suisan Kaisha Ltd.		26,399
	4,132	Tyson Foods, Inc. Class A		382,871
	158,072	WH Group Ltd.(a)		110,394
	381	Yakult Honsha Co. Ltd.		20,676
				4,224,658
Gas Utilities – 0.0%
	2,083	AltaGas Ltd.		45,883
	5,526	APA Group		40,398
	423	Atmos Energy Corp.		46,450
	1,419	Enagas SA		29,989
	22,723	Hong Kong & China Gas Co. Ltd.		34,363
	1,616	Naturgy Energy Group SA		43,357
	1,534	Osaka Gas Co. Ltd.		28,074
	8,515	Snam SpA		47,311
	1,903	Tokyo Gas Co. Ltd.		38,761
	7,014	UGI Corp.		269,618
				624,204
Health Care Equipment & Supplies – 0.3%
	3,607	Abbott Laboratories		435,076
	580	ABIOMED, Inc.*		180,229
	456	Alcon, Inc.		35,230
	377	Align Technology, Inc.*		192,820
	1,170	Asahi Intecc Co. Ltd.		25,264
	1,581	Baxter International, Inc.		134,338
	445	Becton Dickinson & Co.		120,720
	1,057	BioMerieux		116,176
	2,004	Boston Scientific Corp.*		88,517
	311	Carl Zeiss Meditec AG		48,807
	862	Cochlear Ltd.		140,716
	904	Coloplast A/S Class B		135,996
	884	DENTSPLY SIRONA, Inc.		47,860
	206	DexCom, Inc.*		85,266
	614	DiaSorin SpA		91,888
	3,378	Edwards Lifesciences Corp.*		379,586
	5,138	Fisher & Paykel Healthcare Corp. Ltd.		96,553
	1,145	Getinge AB Class B		44,443
	440	GN Store Nord A/S		23,260
	1,754	Hologic, Inc.*		124,832
	2,216	Hoya Corp.		288,675
	861	IDEXX Laboratories, Inc.*		458,353
	1,486	Inmode Ltd.*		63,437
	474	Intuitive Surgical, Inc.*		137,616
	3,426	Koninklijke Philips NV		117,028
	560	Masimo Corp.*		88,172
	1,250	Medtronic PLC		131,238
	1,135	Novocure Ltd.*		92,911

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Health Care Equipment & Supplies – (continued)
	6,374	Olympus Corp.	$	129,459
	963	ResMed, Inc.		237,620
	1,103	Siemens Healthineers AG(a)		70,780
	2,611	Smith & Nephew PLC		46,700
	146	Sonova Holding AG		56,530
	351	STERIS PLC		84,240
	119	Straumann Holding AG		189,027
	394	Stryker Corp.		103,760
	460	Sysmex Corp.		36,823
	107	Teleflex, Inc.		35,985
	1,202	Terumo Corp.		39,039
	180	The Cooper Cos., Inc.		73,624
	332	Zimmer Biomet Holdings, Inc.		42,227
				5,070,821
Health Care Providers & Services – 0.3%
	1,678	AmerisourceBergen Corp.		239,165
	384	Amplifon SpA		16,479
	889	Anthem, Inc.		401,695
	1,671	Cardinal Health, Inc.		90,251
	4,218	Centene Corp.*		348,491
	1,735	Cigna Corp.		412,548
	6,251	CVS Health Corp.		647,916
	1,599	DaVita, Inc.*		180,319
	2,155	Fresenius Medical Care AG & Co. KGaA		138,262
	3,104	Fresenius SE & Co. KGaA		108,306
	746	HCA Healthcare, Inc.		186,731
	3,162	Henry Schein, Inc.*		273,134
	432	Humana, Inc.		187,626
	1,341	Laboratory Corp. of America Holdings*		363,760
	1,344	McKesson Corp.		369,546
	3,205	Medipal Holdings Corp.		58,658
	489	Molina Healthcare, Inc.*		150,060
	1,559	Quest Diagnostics, Inc.		204,650
	2,978	Sonic Healthcare Ltd.		75,991
	2,930	UnitedHealth Group, Inc.		1,394,299
	355	Universal Health Services, Inc. Class B		51,095
				5,898,982
Health Care Technology – 0.0%
	3,888	Cerner Corp.		362,556
	524	M3, Inc.		19,715
	379	Veeva Systems, Inc. Class A*		86,810
				469,081
Hotels, Restaurants & Leisure – 0.1%
	915	Aramark		33,818
	1,836	Aristocrat Leisure Ltd.		50,361
	64	Booking Holdings, Inc.*		139,024
	224	Caesars Entertainment, Inc.*		18,859
	29	Chipotle Mexican Grill, Inc.*		44,177
	1,174	Darden Restaurants, Inc.		170,488
	509	Domino’s Pizza Enterprises Ltd.		29,391
	928	Domino’s Pizza, Inc.		401,091
	935	Entain PLC*		21,021
Common Stocks – (continued)
Hotels, Restaurants & Leisure – (continued)
	187	Evolution AB(a)		21,441
	2,005	Expedia Group, Inc.*		393,201
	392	Hilton Worldwide Holdings, Inc.*		58,353
	6,142	La Francaise des Jeux SAEM(a)		254,600
	290	Marriott International, Inc. Class A*		49,341
	1,278	McDonald’s Corp.		312,816
	1,052	McDonald’s Holdings Co. Japan Ltd.		45,234
	720	MGM Resorts International		31,889
	303	Oriental Land Co. Ltd.		56,014
	1,564	Starbucks Corp.		143,560
	200	Vail Resorts, Inc.		52,110
	2,750	Yum! Brands, Inc.		337,095
				2,663,884
Household Durables – 0.1%
	2,034	Barratt Developments PLC		16,567
	572	D.R. Horton, Inc.		48,849
	1,759	Electrolux AB Class B		31,495
	553	Garmin Ltd.		61,073
	1,993	Iida Group Holdings Co. Ltd.		36,988
	1,969	Lennar Corp. Class A		176,974
	1,402	Mohawk Industries, Inc.*		197,374
	2,482	Newell Brands, Inc.		58,948
	25	NVR, Inc.*		123,961
	2,743	Panasonic Corp.		28,646
	937	Persimmon PLC		30,156
	2,135	PulteGroup, Inc.		106,024
	247	Rinnai Corp.		20,320
	1,278	SEB SA		185,867
	3,934	Sekisui House Ltd.		80,207
	3,206	Sharp Corp.		30,316
	2,749	Sony Group Corp.		280,871
	14,371	Taylor Wimpey PLC		28,825
	688	Whirlpool Corp.		138,474
				1,681,935
Household Products – 0.1%
	1,266	Church & Dwight Co., Inc.		123,878
	5,593	Colgate-Palmolive Co.		430,381
	1,335	Essity AB Class B		34,358
	565	Henkel AG & Co. KGaA		43,441
	1,747	Kimberly-Clark Corp.		227,372
	2,631	Lion Corp.		34,485
	1,083	Reckitt Benckiser Group PLC		91,705
	1,253	The Clorox Co.		182,675
	5,715	The Procter & Gamble Co.		890,911
	1,362	Unicharm Corp.		51,340
				2,110,546
Independent Power and Renewable Electricity Producers – 0.0%
	717	Northland Power, Inc.		22,797
	4,099	Uniper SE		131,131
	7,879	Vistra Corp.		179,799
				333,727

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Industrial Conglomerates – 0.1%
	1,232	3M Co.	$	183,137
	24,665	CK Hutchison Holdings Ltd.		172,928
	1,153	DCC PLC		90,480
	1,782	General Electric Co		170,199
	3,116	Hitachi Ltd.		154,094
	590	Honeywell International, Inc.		111,952
	2,127	Investment AB Latour Class B		58,754
	1,856	Jardine Matheson Holdings Ltd.		110,432
	67,160	Melrose Industries PLC		132,874
	226	Roper Technologies, Inc.		101,298
	667	Siemens AG		93,968
				1,380,116
Insurance – 0.4%
	7,399	Admiral Group PLC		294,744
	4,234	Aegon NV		20,915
	2,561	Aflac, Inc.		156,452
	1,622	Ageas SA		78,028
	13,599	AIA Group Ltd.		141,210
	109	Alleghany Corp.*		72,149
	1,201	Allianz SE		270,726
	447	American Financial Group, Inc.		60,519
	2,283	American International Group, Inc.		139,811
	1,395	Aon PLC Class A		407,535
	3,046	Arch Capital Group Ltd.*		143,497
	1,249	Arthur J. Gallagher & Co.		197,579
	7,809	Assicurazioni Generali SpA		154,437
	525	Assurant, Inc.		89,098
	20,657	Aviva PLC		115,749
	5,284	AXA SA		142,972
	475	Baloise Holding AG		79,678
	1,605	Brown & Brown, Inc.		108,514
	930	Chubb Ltd.		189,385
	659	Cincinnati Financial Corp.		80,919
	3,785	CNP Assurances		92,253
	2,060	Dai-ichi Life Holdings, Inc.		42,782
	260	Erie Indemnity Co. Class A		45,526
	332	Everest Re Group Ltd.		99,009
	294	Fairfax Financial Holdings Ltd.		142,523
	2,347	Fidelity National Financial, Inc.		111,811
	2,841	Gjensidige Forsikring ASA		70,271
	520	Globe Life, Inc.		52,499
	4,402	Great-West Lifeco, Inc.		132,425
	548	Hannover Rueck SE		100,888
	3,425	iA Financial Corp., Inc.		203,500
	7,993	Insurance Australia Group Ltd.		26,684
	739	Intact Financial Corp.		105,990
	8,448	Japan Post Holdings Co. Ltd.		69,829
	1,156	Japan Post Insurance Co. Ltd.		19,743
	23,802	Legal & General Group PLC		88,006
	2,384	Lincoln National Corp.		160,729
	1,252	Loews Corp.		76,798
	7,202	Manulife Financial Corp.		145,915
	52	Markel Corp.*		64,631
	1,749	Marsh & McLennan Cos., Inc.		271,812
	17,262	Medibank Pvt. Ltd.		39,815
Common Stocks – (continued)
Insurance – (continued)
	3,382	MetLife, Inc.		228,454
	1,693	MS&AD Insurance Group Holdings, Inc.		57,286
	371	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		101,779
	2,321	NN Group NV		111,396
	2,999	Phoenix Group Holdings PLC		24,857
	8,327	Poste Italiane SpA(a)		95,507
	8,464	Power Corp. of Canada		261,032
	1,436	Principal Financial Group, Inc.		101,439
	1,211	Prudential Financial, Inc.		135,220
	1,262	Prudential PLC		19,080
	1,254	Sampo Oyj Class A		59,169
	1,102	Sompo Holdings, Inc.		47,847
	2,152	Sun Life Financial, Inc.		113,177
	11,150	Suncorp Group Ltd.		86,733
	237	Swiss Life Holding AG		144,612
	554	Swiss Re AG		52,938
	2,125	The Allstate Corp.		260,015
	1,442	The Hartford Financial Services Group, Inc.		100,190
	2,802	The Progressive Corp.		296,816
	878	The Travelers Cos., Inc.		150,867
	1,329	Tokio Marine Holdings, Inc.		75,622
	1,794	Tryg A/S		40,591
	494	W.R. Berkley Corp.		44,608
	288	Willis Towers Watson PLC		64,022
	358	Zurich Insurance Group AG		164,321
				7,944,934
Interactive Media & Services – 0.4%
	870	Alphabet, Inc. Class A*		2,349,992
	877	Alphabet, Inc. Class C*		2,365,988
	33,873	Auto Trader Group PLC(a)		299,575
	163	IAC/InterActiveCorp.*		18,706
	2,312	Kakaku.com, Inc.		50,866
	706	Match Group, Inc.*		78,712
	7,425	Meta Platforms, Inc. Class A*		1,566,898
	3,267	Pinterest, Inc. Class A*		87,392
	1,110	REA Group Ltd.		106,992
	396	Scout24 SE(a)		23,099
	1,680	SEEK Ltd.		32,798
	645	Snap, Inc. Class A*		25,761
	790	Twitter, Inc.*		28,085
				7,034,864
Internet & Direct Marketing Retail – 0.3%
	1,313	Amazon.com, Inc.*		4,032,564
	1,289	Chewy, Inc. Class A*		60,763
	4,036	eBay, Inc.		220,325
	1,240	Etsy, Inc.*		192,064
	55	MercadoLibre, Inc.*		61,966
	9,073	Rakuten Group, Inc.		77,126
	1,794	Wayfair, Inc. Class A*		252,721
	3,397	Zalando SE*(a)		224,836
	7,864	ZOZO, Inc.		223,931
				5,346,296

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
IT Services – 0.4%
	2,441	Accenture PLC Class A	$	771,405
	1,284	Akamai Technologies, Inc.*		139,006
	1,106	Automatic Data Processing, Inc.		226,111
	507	Bechtle AG		26,007
	222	Block, Inc.*		28,305
	619	Broadridge Financial Solutions, Inc.		90,504
	1,025	Capgemini SE		214,563
	2,152	CGI, Inc.*		176,439
	559	Cloudflare, Inc. Class A*		65,079
	4,770	Cognizant Technology Solutions Corp. Class A		410,840
	1,678	Computershare Ltd.		26,513
	654	Edenred		29,760
	217	EPAM Systems, Inc.*		45,082
	3,800	Fidelity National Information Services, Inc.		361,874
	2,927	Fiserv, Inc.*		285,880
	663	FleetCor Technologies, Inc.*		155,275
	682	Fujitsu Ltd.		99,084
	1,166	Gartner, Inc.*		326,970
	2,396	Global Payments, Inc.		319,578
	2,618	GoDaddy, Inc. Class A*		218,367
	4,574	International Business Machines Corp.		560,361
	725	Itochu Techno-Solutions Corp.		18,795
	493	Jack Henry & Associates, Inc.		87,162
	1,268	Mastercard, Inc. Class A		457,520
	2,845	NEC Corp.		123,091
	1,492	Nomura Research Institute Ltd.		52,373
	2,940	NTT Data Corp.		55,843
	141	Okta, Inc.*		25,780
	522	Otsuka Corp.		20,276
	1,624	Paychex, Inc.		193,353
	1,270	PayPal Holdings, Inc.*		142,151
	1,214	SCSK Corp.		20,784
	138	Snowflake, Inc. Class A*		36,661
	12,426	The Western Union Co.		225,905
	772	TIS, Inc.		18,272
	135	Twilio, Inc. Class A*		23,598
	1,099	VeriSign, Inc.*		234,878
	2,745	Visa, Inc. Class A		593,249
				6,906,694
Leisure Products – 0.0%
	568	Bandai Namco Holdings, Inc.		41,641
	410	Hasbro, Inc.		39,790
	170	Shimano, Inc.		39,588
				121,019
Life Sciences Tools & Services – 0.2%
	326	10X Genomics, Inc. Class A*		26,559
	1,194	Agilent Technologies, Inc.		155,650
	1,217	Avantor, Inc.*		42,218
	67	Bachem Holding AG		39,873
	191	Bio-Rad Laboratories, Inc. Class A*		119,558
	74	Bio-Techne Corp.		31,036
Common Stocks – (continued)
Life Sciences Tools & Services – (continued)
	340	Charles River Laboratories International, Inc.*		98,994
	1,433	Danaher Corp.		393,230
	828	Eurofins Scientific SE		84,024
	79	Illumina, Inc.*		25,801
	647	IQVIA Holdings, Inc.*		148,888
	110	Lonza Group AG		76,109
	303	Mettler-Toledo International, Inc.*		426,848
	865	PerkinElmer, Inc.		155,363
	1,504	QIAGEN NV*		75,565
	222	Sartorius Stedim Biotech		85,131
	915	Thermo Fisher Scientific, Inc.		497,760
	844	Waters Corp.*		267,320
	464	West Pharmaceutical Services, Inc.		179,605
				2,929,532
Machinery – 0.2%
	898	Alfa Laval AB		29,123
	1,301	Atlas Copco AB Class A		66,721
	1,042	Atlas Copco AB Class B		47,083
	687	Caterpillar, Inc.		128,867
	8,166	CNH Industrial NV		116,157
	1,093	Cummins, Inc.		223,103
	2,123	Daimler Truck Holding AG*		64,700
	320	Deere & Co.		115,206
	779	Dover Corp.		122,194
	2,914	Epiroc AB Class A		54,756
	1,494	Epiroc AB Class B		24,218
	640	Fortive Corp.		41,440
	1,223	GEA Group AG		53,480
	5,807	Hino Motors Ltd.		54,567
	3,363	Husqvarna AB Class B		40,504
	339	IDEX Corp.		65,054
	874	Illinois Tool Works, Inc.		189,081
	868	Ingersoll Rand, Inc.		43,851
	230	KION Group AG		18,438
	639	Knorr-Bremse AG		56,334
	1,111	Komatsu Ltd.		25,557
	444	Kone Oyj Class B		25,909
	2,964	MISUMI Group, Inc.		95,019
	224	Nordson Corp.		50,734
	1,409	Otis Worldwide Corp.		110,367
	648	PACCAR, Inc.		59,493
	522	Parker-Hannifin Corp.		154,716
	1,018	Pentair PLC		58,952
	37	Rational AG		27,231
	1,093	Sandvik AB		23,557
	325	Schindler Holding AG		73,749
	23	SMC Corp.		13,740
	1,366	Snap-on, Inc.		287,106
	439	Spirax-Sarco Engineering PLC		69,957
	311	Stanley Black & Decker, Inc.		50,600
	10,758	Techtronic Industries Co. Ltd.		180,262
	262	Toyota Industries Corp.		19,928
	98	VAT Group AG(a)		37,034
	969	Volvo AB Class B		18,638

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Machinery – (continued)
	4,202	Wartsila OYJ Abp	$	47,061
	1,570	Westinghouse Air Brake Technologies Corp.		145,727
	555	Xylem, Inc.		49,367
				3,179,581
Marine – 0.0%
	79	AP Moller – Maersk A/S Class A		236,879
	77	AP Moller – Maersk A/S Class B		243,590
	1,000	Kuehne & Nagel International AG		272,715
	980	Nippon Yusen KK		91,817
	6,670	SITC International Holdings Co. Ltd.		27,502
				872,503
Media – 0.2%
	36	Cable One, Inc.		51,583
	366	Charter Communications, Inc. Class A*		220,251
	11,597	Comcast Corp. Class A		542,276
	11,650	CyberAgent, Inc.		152,448
	2,749	Dentsu Group, Inc.		109,685
	7,658	Discovery, Inc. Class A*		214,807
	8,937	Discovery, Inc. Class C*		249,968
	5,971	Fox Corp. Class A		249,767
	6,058	Fox Corp. Class B		231,779
	2,474	Hakuhodo DY Holdings, Inc.		32,876
	471	Liberty Broadband Corp. Class A*		68,205
	519	Liberty Broadband Corp. Class C*		76,137
	4,541	Liberty Media Corp.-Liberty SiriusXM Class A*		228,685
	4,473	Liberty Media Corp.-Liberty SiriusXM Class C*		225,081
	11,049	News Corp. Class A		246,614
	2,338	Omnicom Group, Inc.		196,135
	3,221	Paramount Global Class B		98,595
	4,716	Pearson PLC		40,798
	2,256	Publicis Groupe SA		149,721
	1,596	Quebecor, Inc. Class B		34,904
	686	Shaw Communications, Inc. Class B		20,572
	11,214	Sirius XM Holdings, Inc.		69,078
	6,456	The Interpublic Group of Cos., Inc.		237,581
	9,200	WPP PLC		129,397
				3,876,943
Metals & Mining – 0.2%
	3,047	Anglo American PLC		154,671
	1,054	Antofagasta PLC		21,341
	7,927	ArcelorMittal SA		245,964
	4,303	Barrick Gold Corp.		97,263
	6,860	BHP Group Ltd.		234,243
	14,188	BlueScope Steel Ltd.		210,094
	3,082	First Quantum Minerals Ltd.		90,381
	10,585	Fortescue Metals Group Ltd.		141,017
	2,874	Freeport-McMoRan, Inc.		134,934
	25,606	Glencore PLC		150,563
	3,493	Hitachi Metals Ltd.*		62,264
	3,621	Ivanhoe Mines, Ltd. Class A*		36,853
Common Stocks – (continued)
Metals & Mining – (continued)
	1,918	JFE Holdings, Inc.		28,554
	4,858	Lundin Mining Corp.		46,874
	739	Newcrest Mining Ltd.		13,709
	1,092	Newmont Corp.		72,290
	1,307	Nippon Steel Corp.		23,930
	8,749	Norsk Hydro ASA		83,081
	2,217	Nucor Corp.		291,802
	1,501	Rio Tinto Ltd.		129,442
	3,225	Rio Tinto PLC		252,169
	55,641	South32 Ltd.		195,301
	1,153	Steel Dynamics, Inc.		81,379
	634	Teck Resources Ltd. Class B		22,829
	4,129	voestalpine AG		136,468
				2,957,416
Mortgage Real Estate Investment Trusts (REITs) – 0.0%
	7,745	AGNC Investment Corp.		99,988
	19,182	Annaly Capital Management, Inc.		133,507
				233,495
Multi-Utilities – 0.1%
	674	Ameren Corp.		57,930
	954	Canadian Utilities Ltd. Class A		26,569
	2,163	CenterPoint Energy, Inc.		59,158
	890	CMS Energy Corp.		56,969
	889	Consolidated Edison, Inc.		76,250
	1,300	Dominion Energy, Inc.		103,389
	533	DTE Energy Co.		64,808
	5,759	E.ON SE		78,331
	8,901	Engie SA		141,815
	7,315	National Grid PLC		110,598
	1,593	NiSource, Inc.		46,086
	1,180	Public Service Enterprise Group, Inc.		76,499
	4,627	RWE AG		214,243
	530	Sempra Energy		76,437
	2,467	Veolia Environnement SA		86,016
	648	WEC Energy Group, Inc.		58,890
				1,333,988
Multiline Retail – 0.1%
	789	Canadian Tire Corp. Ltd. Class A		116,324
	1,125	Dollar General Corp.		223,133
	2,163	Dollar Tree, Inc.*		307,319
	2,821	Dollarama, Inc.		145,779
	1,928	Next PLC		176,532
	7,530	Ryohin Keikaku Co. Ltd.		110,899
	3,479	Target Corp.		695,000
	7,446	Wesfarmers Ltd.		261,130
				2,036,116
Oil, Gas & Consumable Fuels – 0.3%
	708	Aker BP ASA		22,175
	1,738	Ampol Ltd.		37,541
	42,000	BP PLC		204,713
	1,383	Canadian Natural Resources Ltd.		77,263
	9,153	Cenovus Energy, Inc.		143,921

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – (continued)
	936	Cheniere Energy, Inc.	$	124,394
	3,315	Chevron Corp.		477,360
	2,479	ConocoPhillips		235,158
	1,132	Coterra Energy, Inc.		26,410
	1,718	Devon Energy Corp.		102,307
	520	Diamondback Energy, Inc.		71,812
	3,263	Enbridge, Inc.		140,972
	9,474	ENEOS Holdings, Inc.		37,515
	9,485	Eni SpA		147,536
	979	EOG Resources, Inc.		112,507
	2,674	Equinor ASA		84,058
	8,627	Exxon Mobil Corp.		676,529
	467	Hess Corp.		47,195
	2,107	Idemitsu Kosan Co. Ltd.		56,481
	3,549	Imperial Oil Ltd.		159,292
	10,192	Inpex Corp.		105,054
	11,859	Kinder Morgan, Inc.		206,347
	650	Lundin Energy AB		23,984
	1,758	Marathon Petroleum Corp.		136,895
	6,720	Occidental Petroleum Corp.		293,866
	2,437	OMV AG		116,010
	1,413	ONEOK, Inc.		92,269
	790	Parkland Corp.		20,674
	340	Phillips 66		28,642
	391	Pioneer Natural Resources Co.		93,684
	12,720	Repsol SA		165,055
	21,800	Shell PLC		574,883
	1,544	TC Energy Corp.		82,956
	3,261	The Williams Cos., Inc.		102,004
	3,871	TotalEnergies SE		197,209
	659	Tourmaline Oil Corp.		25,996
	632	Valero Energy Corp.		52,778
				5,303,445
Paper & Forest Products – 0.0%
	1,106	Mondi PLC		23,205
	4,699	Oji Holdings Corp.		24,008
	1,096	Stora Enso Oyj Class R		20,872
	967	UPM-Kymmene Oyj		33,413
	2,273	West Fraser Timber Co. Ltd.		226,888
				328,386
Personal Products – 0.1%
	619	Beiersdorf AG		62,747
	688	Kao Corp.		32,162
	323	Kobayashi Pharmaceutical Co. Ltd.		27,665
	902	Kose Corp.		103,404
	1,303	L’Oreal SA		515,107
	5,298	Pola Orbis Holdings, Inc.		83,458
	2,341	Shiseido Co. Ltd.		134,341
	1,685	The Estee Lauder Cos., Inc. Class A		499,316
	2,745	Unilever PLC		137,887
				1,596,087
Common Stocks – (continued)
Pharmaceuticals – 0.5%
	9,414	Astellas Pharma, Inc.		157,065
	2,641	AstraZeneca PLC		321,004
	1,418	Bausch Health Cos., Inc.*		34,110
	1,002	Bayer AG		57,879
	8,268	Bristol-Myers Squibb Co.		567,764
	318	Catalent, Inc.*		32,449
	2,419	Chugai Pharmaceutical Co. Ltd.		80,247
	903	Daiichi Sankyo Co. Ltd.		22,029
	1,057	Eisai Co. Ltd.		52,443
	894	Elanco Animal Health, Inc.*		25,399
	2,536	Eli Lilly & Co.		633,873
	12,934	GlaxoSmithKline PLC		269,727
	5,885	Hikma Pharmaceuticals PLC		163,838
	5,020	Ipsen SA		584,125
	2,106	Jazz Pharmaceuticals PLC*		289,407
	7,456	Johnson & Johnson		1,227,034
	494	Kyowa Kirin Co. Ltd.		12,642
	6,259	Merck & Co., Inc.		479,314
	1,246	Merck KGaA		247,141
	313	Nippon Shinyaku Co. Ltd.		20,386
	4,432	Novartis AG		389,535
	5,249	Novo Nordisk A/S Class B		543,184
	1,682	Ono Pharmaceutical Co. Ltd.		41,411
	3,855	Orion Oyj Class B		181,026
	1,176	Otsuka Holdings Co. Ltd.		40,542
	15,878	Pfizer, Inc.		745,313
	2,201	Recordati Industria Chimica e Farmaceutica SpA		107,654
	2,376	Roche Holding AG		906,213
	1,668	Royalty Pharma PLC Class A		65,486
	2,942	Sanofi		307,535
	1,847	Santen Pharmaceutical Co. Ltd.		21,050
	517	Shionogi & Co. Ltd.		34,377
	7,289	Sumitomo Dainippon Pharma Co. Ltd.		79,994
	1,029	Taisho Pharmaceutical Holdings Co. Ltd.		51,080
	4,231	Takeda Pharmaceutical Co. Ltd.		129,004
	18,440	Teva Pharmaceutical Industries Ltd. ADR*		149,917
	1,539	UCB SA		167,961
	27,641	Viatris, Inc.		304,327
	117	Vifor Pharma AG		20,537
	1,414	Zoetis, Inc.		273,821
				9,837,843
Professional Services – 0.1%
	969	Adecco Group AG		45,765
	1,441	Booz Allen Hamilton Holding Corp.		116,274
	2,245	Bureau Veritas SA		64,191
	248	Equifax, Inc.		54,148
	1,638	Experian PLC		63,988
	483	Intertek Group PLC		34,671
	1,822	Jacobs Engineering Group, Inc.		224,106
	2,658	Leidos Holdings, Inc.		270,691
	1,476	Nihon M&A Center, Inc.		21,832
	5,442	Persol Holdings Co. Ltd.		121,910

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Professional Services – (continued)
	2,462	Randstad NV	$	167,782
	5,854	Recruit Holdings Co. Ltd.		247,098
	6,032	RELX PLC		183,692
	4,252	Robert Half International, Inc.		511,473
	130	SGS SA		371,975
	154	Teleperformance		57,144
	460	Thomson Reuters Corp.		46,512
	450	TransUnion		40,842
	398	Verisk Analytics, Inc.		70,581
	1,605	Wolters Kluwer NV		163,533
				2,878,208
Real Estate Management & Development – 0.1%
	390	Azrieli Group Ltd.		33,272
	5,031	CBRE Group, Inc. Class A*		487,252
	11,922	CK Asset Holdings Ltd.		75,300
	972	Daito Trust Construction Co. Ltd.		107,542
	705	Daiwa House Industry Co. Ltd.		19,994
	490	FirstService Corp.		69,756
	6,848	Henderson Land Development Co. Ltd.		28,471
	6,585	Hongkong Land Holdings Ltd.		35,660
	299	LEG Immobilien SE		38,448
	1,710	Mitsubishi Estate Co. Ltd.		26,109
	912	Mitsui Fudosan Co. Ltd.		20,298
	5,334	New World Development Co. Ltd.		21,334
	1,156	Sagax AB		31,433
	20,687	Sino Land Co. Ltd.		26,111
	2,323	Sun Hung Kai Properties Ltd.		27,007
	20,864	Swire Pacific Ltd. Class A		115,299
	474	Swiss Prime Site AG		46,449
	4,971	UOL Group Ltd.		25,762
	866	Vonovia SE		45,970
				1,281,467
Road & Rail – 0.1%
	62	AMERCO		35,812
	583	Canadian National Railway Co.		72,324
	491	Canadian Pacific Railway Ltd.		34,573
	152	Central Japan Railway Co.		20,538
	3,357	CSX Corp.		113,836
	677	Hankyu Hanshin Holdings, Inc.		20,254
	569	J.B. Hunt Transport Services, Inc.		115,467
	5,699	Knight-Swift Transportation Holdings, Inc.		310,482
	4,647	MTR Corp. Ltd.		24,088
	487	Nippon Express Holdings, Inc.		29,522
	516	Norfolk Southern Corp.		132,364
	413	Old Dominion Freight Line, Inc.		129,694
	813	Tobu Railway Co. Ltd.		19,984
	855	Union Pacific Corp.		210,287
				1,269,225
Semiconductors & Semiconductor Equipment – 0.5%
	6,509	Advanced Micro Devices, Inc.*		802,820
	932	Advantest Corp.		74,900
	646	Analog Devices, Inc.		103,547
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – (continued)
	3,310	Applied Materials, Inc.		444,202
	199	ASM International NV		64,270
	770	ASML Holding NV		515,148
	1,065	Broadcom, Inc.		625,624
	15,314	Intel Corp.		730,478
	410	KLA Corp.		142,885
	447	Lam Research Corp.		250,923
	462	Lasertec Corp.		85,642
	1,348	Marvell Technology, Inc.		92,109
	2,172	Microchip Technology, Inc.		152,757
	4,696	Micron Technology, Inc.		417,287
	243	Monolithic Power Systems, Inc.		111,464
	6,115	NVIDIA Corp.		1,491,143
	1,145	NXP Semiconductors NV		217,687
	6,209	ON Semiconductor Corp.*		388,745
	1,955	Qorvo, Inc.*		267,405
	3,510	QUALCOMM, Inc.		603,685
	7,939	Renesas Electronics Corp.*		93,527
	815	Skyworks Solutions, Inc.		112,609
	1,657	STMicroelectronics NV		69,558
	2,163	Teradyne, Inc.		255,061
	3,481	Texas Instruments, Inc.		591,735
	316	Tokyo Electron Ltd.		155,086
				8,860,297
Software – 0.7%
	1,518	Adobe, Inc.*		709,938
	108	ANSYS, Inc.*		35,013
	796	Asana, Inc. Class A*		43,613
	870	Autodesk, Inc.*		191,600
	2,114	Black Knight, Inc.*		118,786
	3,089	Cadence Design Systems, Inc.*		467,767
	336	Ceridian HCM Holding, Inc.*		24,498
	504	Check Point Software Technologies Ltd.*		73,019
	2,790	Citrix Systems, Inc.		285,975
	264	Constellation Software, Inc.		444,928
	126	Crowdstrike Holdings, Inc. Class A*		24,596
	1,730	Dassault Systemes SE		83,449
	475	Datadog, Inc. Class A*		76,527
	1,053	DocuSign, Inc.*		124,707
	10,926	Dropbox, Inc. Class A*		247,911
	426	Fair Isaac Corp.*		200,727
	819	Fortinet, Inc.*		282,162
	504	Guidewire Software, Inc.*		44,428
	247	HubSpot, Inc.*		129,675
	1,031	Intuit, Inc.		489,075
	21,879	Microsoft Corp.		6,537,226
	1,826	Nemetschek SE		162,023
	7,611	NortonLifeLock, Inc.		220,567
	1,045	Nuance Communications, Inc.*		58,018
	797	Open Text Corp.		34,684
	3,505	Oracle Corp.		266,275
	381	Palo Alto Networks, Inc.*		226,409
	98	Paycom Software, Inc.*		33,243
	621	PTC, Inc.*		69,105

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Software – (continued)
	947	RingCentral, Inc. Class A*	$	123,905
	2,108	salesforce.com, Inc.*		443,797
	1,961	SAP SE		221,209
	603	ServiceNow, Inc.*		349,692
	180	Splunk, Inc.*		21,258
	4,599	SS&C Technologies Holdings, Inc.		344,787
	439	Synopsys, Inc.*		137,139
	19,516	The Sage Group PLC		183,088
	349	The Trade Desk, Inc. Class A*		29,777
	383	Trend Micro, Inc.		21,397
	95	Tyler Technologies, Inc.*		40,685
	3,084	VMware, Inc. Class A		361,815
	460	Workday, Inc. Class A*		105,363
	245	Xero Ltd.*		16,846
	739	Zendesk, Inc.*		86,219
	548	Zoom Video Communications, Inc. Class A*		72,665
	198	Zscaler, Inc.*		47,352
				14,312,938
Specialty Retail – 0.3%
	1,267	Advance Auto Parts, Inc.		259,076
	291	AutoZone, Inc.*		542,246
	4,821	Bath & Body Works, Inc.		257,297
	4,587	Best Buy Co., Inc.		443,288
	622	Burlington Stores, Inc.*		140,504
	227	CarMax, Inc.*		24,818
	24,085	Chow Tai Fook Jewellery Group Ltd.		50,013
	35	Fast Retailing Co. Ltd.		18,879
	9,638	Hennes & Mauritz AB Class B		160,850
	6,221	Industria de Diseno Textil SA		162,280
	85,865	JD Sports Fashion PLC		172,729
	18,754	Kingfisher PLC		76,504
	3,804	Lowe’s Cos., Inc.		840,912
	396	Nitori Holdings Co. Ltd.		59,589
	686	O’Reilly Automotive, Inc.*		445,379
	1,243	Ross Stores, Inc.		113,598
	3,803	The Home Depot, Inc.		1,201,101
	4,661	The TJX Cos., Inc.		308,092
	1,795	Tractor Supply Co.		365,803
	855	Ulta Beauty, Inc.*		320,198
	1,191	USS Co. Ltd.		19,785
				5,982,941
Technology Hardware, Storage & Peripherals – 0.5%
	49,864	Apple, Inc.		8,233,544
	4,598	Brother Industries Ltd.		83,688
	2,379	Canon, Inc.		55,985
	3,318	Dell Technologies, Inc. Class C*		169,085
	2,216	FUJIFILM Holdings Corp.		140,858
	17,300	Hewlett Packard Enterprise Co.		275,416
	7,174	HP, Inc.		246,499
	1,617	Logitech International SA		120,998
	2,773	NetApp, Inc.		217,348
	10,223	Ricoh Co. Ltd.		87,210
	1,472	Seagate Technology Holdings PLC		151,851
Common Stocks – (continued)
Technology Hardware, Storage & Peripherals – (continued)
	3,609	Seiko Epson Corp.		55,508
	514	Western Digital Corp.*		26,183
				9,864,173
Textiles, Apparel & Luxury Goods – 0.2%
	905	adidas AG		213,980
	9,321	Burberry Group PLC		241,658
	677	Cie Financiere Richemont SA Class A		90,655
	626	EssilorLuxottica SA		109,281
	623	Gildan Activewear, Inc.		24,458
	242	Hermes International		333,727
	231	Kering SA		160,229
	1,086	Lululemon Athletica, Inc.*		347,455
	741	LVMH Moet Hennessy Louis Vuitton SE		544,564
	1,919	Moncler SpA		115,236
	3,508	NIKE, Inc. Class B		479,017
	956	Pandora A/S		97,892
	2,198	Puma SE		201,566
	1,712	The Swatch Group AG (Textiles, Apparel & Luxury Goods)		167,713
	2,346	VF Corp.		136,115
				3,263,546
Tobacco – 0.1%
	3,260	Altria Group, Inc.		167,205
	6,267	British American Tobacco PLC		274,663
	3,434	Imperial Brands PLC		75,089
	3,318	Japan Tobacco, Inc.		61,022
	6,099	Philip Morris International, Inc.		616,426
	25,280	Swedish Match AB		183,779
				1,378,184
Trading Companies & Distributors – 0.1%
	462	AerCap Holdings NV*		25,147
	1,608	Ashtead Group PLC		104,491
	1,145	Brenntag SE		95,988
	1,677	Bunzl PLC		66,271
	7,976	Fastenal Co.		410,445
	2,572	Ferguson PLC		391,916
	402	IMCD NV		65,301
	4,427	ITOCHU Corp.		144,270
	23,901	Marubeni Corp.		250,880
	3,187	Mitsubishi Corp.		107,159
	4,262	Mitsui & Co. Ltd.		106,263
	9,386	MonotaRO Co. Ltd.		176,673
	2,728	Reece Ltd.		38,621
	6,369	Sumitomo Corp.		103,914
	744	Toromont Industries Ltd.		63,065
	213	United Rentals, Inc.*		68,505
	885	W.W. Grainger, Inc.		422,198
				2,641,107
Transportation Infrastructure – 0.0%
	4,994	Atlantia SpA*		91,866
	3,655	Transurban Group		33,759
				125,625

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Water Utilities – 0.0%
	648	American Water Works Co., Inc.	$	97,906
	880	Essential Utilities, Inc.		41,457
	2,038	Severn Trent PLC		78,408
	4,296	United Utilities Group PLC		61,659
				279,430
Wireless Telecommunication Services – 0.0%
	6,240	KDDI Corp.		203,057
	635	Rogers Communications, Inc. Class B		32,810
	9,217	SoftBank Corp.		116,451
	1,290	SoftBank Group Corp.		57,890
	731	T-Mobile US, Inc.*		90,066
	2,727	Tele2 AB Class B		36,136
	74,576	Vodafone Group PLC		131,279
				667,689
	TOTAL COMMON STOCKS
	(Cost $131,339,856)		$	203,058,452
Shares		Dividend Rate	Value
Preferred Stocks – 0.0%
Automobiles – 0.0%
	Bayerische Motoren Werke AG
EUR	622	2.847%	$	50,300
	Porsche Automobil Holding SE
	411	2.546		41,021
	Volkswagen AG
	415	2.476		81,580
				172,901
Chemicals – 0.0%
	Fuchs Petrolub SE
	1,967	2.305		77,717
Health Care Equipment & Supplies – 0.0%
	Sartorius AG
	142	0.126		62,695
Household Products – 0.0%
	Henkel AG & Co. KGaA
	615	2.342		48,811
	TOTAL PREFERRED STOCKS
	(Cost $368,044)		$	362,124
Shares		Description	Value
Exchange Traded Funds – 78.9%
	749,848	Goldman Sachs ActiveBeta Emerging Markets Equity ETF(b)	$	26,454,637
	5,736,689	Goldman Sachs MarketBeta International Equity ETF(b)		302,191,567
	5,620,826	Goldman Sachs MarketBeta U.S. Equity ETF(b)		337,305,768
	4,280,316	iShares Core MSCI Emerging Markets ETF		244,962,485
	1,599,519	iShares MSCI EAFE ETF(c)		117,116,781
	1,476,009	iShares MSCI EAFE Small-Cap ETF(c)		98,316,960
	968,070	Vanguard S&P 500 ETF		388,544,575
	TOTAL EXCHANGE TRADED FUNDS
	(Cost $1,157,511,816)		$	1,514,892,773
Shares		Dividend Rate	Value
Investment Company(b) – 3.4%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	64,502,600	0.026%	$	64,502,600
	(Cost $64,502,600)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE – 92.9%
	(Cost $1,353,774,606)		$	1,782,815,949
Securities Lending Reinvestment Vehicle(b) – 8.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	167,534,371	0.026%	$	167,534,371
	(Cost $167,534,371)
	TOTAL INVESTMENTS – 101.6%
	(Cost $1,521,256,687)		$	1,950,350,320
	LIABILITIES IN EXCESS OF OTHER ASSETS – (1.6)%			(30,796,435	)
	NET ASSETS – 100.0%		$	1,919,553,885

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

GOLDMAN SACHS GLOBAL MANAGED BETA 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)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	Represents an affiliated fund.
(c)	All or a portion of security is on loan.

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, 2022, 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	29,690,000	USD	21,469,743		03/16/22	$	99,432
	CAD	50,960,000	USD	40,088,416		03/16/22		119,595
	NOK	250,000	USD	27,664		03/16/22		691
	NZD	28,270,000	USD	19,104,431		03/16/22		19,080
	USD	41,884,634	CHF	38,360,000		03/16/22		25,228
	USD	11,580,897	DKK	75,770,000		03/16/22		149,813
	USD	141,077,276	EUR	124,090,000		03/16/22		1,844,753
	USD	2,285,567	GBP	1,700,000		03/16/22		4,672
	USD	11,807,833	HKD	92,010,000		03/16/22		33,626
	USD	1,743,578	ILS	5,480,000		03/16/22		36,018
	USD	97,522,821	JPY	11,012,000,000		03/16/22		1,701,907
	USD	964,840	NZD	1,410,000		03/16/22		11,033
	USD	15,532,684	SEK	139,950,000		03/16/22		751,054
	USD	103,597	SGD	140,000		03/16/22		339
TOTAL							$	4,797,241

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	CHF	1,750,000	USD	1,917,413		03/16/22	$	(7,769	)
	DKK	10,820,000	USD	1,646,876		03/16/22		(14,510	)
	EUR	7,510,000	USD	8,508,455		03/16/22		(82,020	)
	GBP	555,000	USD	745,775		03/16/22		(1,129	)
	HKD	5,530,000	USD	710,076		03/16/22		(2,419	)
	JPY	914,000,000	USD	8,034,444		03/16/22		(81,274	)
	SEK	2,700,000	USD	289,538		03/16/22		(4,362	)
	SGD	60,000	USD	44,508		03/16/22		(255	)
	USD	29,351,651	AUD	40,980,000		03/16/22		(419,478	)
	USD	712,975	CHF	660,000		03/16/22		(7,234	)
	USD	60,024,725	GBP	44,955,000		03/16/22		(291,530	)
	USD	1,051,797	JPY	121,000,000		03/16/22		(1,085	)
	USD	2,750,022	NOK	24,850,000		03/16/22		(68,497	)
	USD	4,380,716	SGD	5,970,000		03/16/22		(22,479	)
TOTAL							$	(1,004,041	)

FUTURES CONTRACTS — At February 28, 2022, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
E-Mini Russell 2000 Index		1,286		03/18/22	$	131,461,350	$	(10,997,552	)
S&P Toronto Stock Exchange 60 Index		253		03/17/22		50,915,377		653,238
S&P 500 E-Mini Index		493		03/18/22		107,671,200		(5,339,357	)
10 Year U.S. Treasury Notes		503		06/21/22		64,101,062		542,570
TOTAL FUTURES CONTRACTS							$	(15,141,101	)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Reference Obligation/Index(a)	Financing Rate Paid by the Fund(b)	Counterparty	Termination Date(c)	Notional Amount (000s)		Unrealized Appreciation/ (Depreciation)
MSGSHBC Index	0.500%	MS & Co. Int. PLC	8/10/2022	$	12,574	$	(277,265	)

* There are no upfront payments on the swap contracts(s), 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(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).

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At February 28, 2022, 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	$	99.000		06/13/2022		891	$	2,227,500	$	322,988	$	937,617	$	(614,629	)
Eurodollar Futures		98.250		09/19/2022		456		1,140,000		601,350		1,089,758		(488,408	)
Eurodollar Futures		99.000		09/19/2022		1,254		3,135,000		399,713		959,084		(559,371	)
Eurodollar Futures		98.000		12/19/2022		440		1,100,000		588,500		1,095,522		(507,022	)
Eurodollar Futures		98.750		12/19/2022		1,214		3,035,000		515,950		1,125,766		(609,816	)
Eurodollar Futures		99.000		12/19/2022		4,624		11,560,000		1,213,800		6,584,669		(5,370,869	)
Eurodollar Futures		97.750		03/13/2023		1,661		4,152,500		2,616,075		6,003,736		(3,387,661	)
Eurodollar Futures		97.750		06/19/2023		935		2,337,500		1,344,062		3,813,056		(2,468,994	)
TOTAL						11,475	$	28,687,500	$	7,602,438	$	21,609,208	$	(14,006,770	)

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	$  4,275.000		03/18/2022		(15	)	$	(641,250	)	$	(992	)	$	(5,502	)	$	4,510
Euro Stoxx 50 Index	4,300.000		03/18/2022		(6	)		(258,000	)		(309	)		(2,499	)		2,190
Euro Stoxx 50 Index	4,350.000		03/18/2022		(24	)		(1,044,000	)		(727	)		(8,642	)		7,915
Euro Stoxx 50 Index	4,400.000		03/18/2022		(5	)		(220,000	)		(90	)		(3,393	)		3,303
Euro Stoxx 50 Index	4,450.000		03/18/2022		(68	)		(3,026,000	)		(762	)		(24,723	)		23,961
Euro Stoxx 50 Index	4,500.000		03/18/2022		(18	)		(810,000	)		(121	)		(7,075	)		6,954
Euro Stoxx 50 Index	4,025.000		04/14/2022		(30	)		(1,207,500	)		(33,436	)		(33,662	)		226
Euro Stoxx 50 Index	4,275.000		04/14/2022		(35	)		(1,496,250	)		(7,692	)		(19,278	)		11,586
Euro Stoxx 50 Index	4,325.000		04/14/2022		(21	)		(908,250	)		(3,085	)		(9,303	)		6,218
Euro Stoxx 50 Index	4,350.000		04/14/2022		(30	)		(1,305,000	)		(3,566	)		(15,410	)		11,844
Euro Stoxx 50 Index	4,375.000		04/14/2022		(11	)		(481,250	)		(1,061	)		(5,783	)		4,722
Euro Stoxx 50 Index	4,475.000		04/14/2022		(2	)		(89,500	)		(87	)		(873	)		786
Euro Stoxx 50 Index	4,000.000		05/20/2022		(8	)		(320,000	)		(10,576	)		(10,859	)		283
Euro Stoxx 50 Index	4,275.000		05/20/2022		(2	)		(85,500	)		(637	)		(1,302	)		665
FTSE 100 Index	7,600.000		03/18/2022		(4	)		(304,000	)		(4,776	)		(4,509	)		(267	)
FTSE 100 Index	7,650.000		03/18/2022		(4	)		(306,000	)		(3,729	)		(3,325	)		(404	)
FTSE 100 Index	7,700.000		03/18/2022		(3	)		(231,000	)		(2,153	)		(2,209	)		56
FTSE 100 Index	7,725.000		03/18/2022		(6	)		(463,500	)		(3,743	)		(4,237	)		494
FTSE 100 Index	7,750.000		03/18/2022		(12	)		(930,000	)		(6,439	)		(6,613	)		174
FTSE 100 Index	7,800.000		03/18/2022		(1	)		(78,000	)		(389	)		(615	)		226
FTSE 100 Index	7,475.000		04/14/2022		(6	)		(448,500	)		(16,903	)		(13,768	)		(3,135	)
FTSE 100 Index	7,750.000		04/14/2022		(12	)		(930,000	)		(13,522	)		(11,584	)		(1,938	)
FTSE 100 Index	7,800.000		04/14/2022		(3	)		(234,000	)		(2,757	)		(2,113	)		(644	)
FTSE 100 Index	7,850.000		04/14/2022		(7	)		(549,500	)		(5,118	)		(6,132	)		1,014
FTSE 100 Index	7,525.000		05/20/2022		(2	)		(150,500	)		(5,970	)		(4,986	)		(984	)
Nikkei 225 Index	28,125.000		03/11/2022		(2	)		(56,250,000	)		(504	)		(3,296	)		2,792
Nikkei 225 Index	28,250.000		03/11/2022		(1	)		(28,250,000	)		(209	)		(1,909	)		1,700
Nikkei 225 Index	28,625.000		03/11/2022		(3	)		(85,875,000	)		(313	)		(9,993	)		9,680

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

February 28, 2022 (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	$  29,875.000		03/11/2022		(7	)	$	(209,125,000	)	$	(61	)	$	(18,129	)	$	18,068
Nikkei 225 Index	30,250.000		03/11/2022		(2	)		(60,500,000	)		(35	)		(5,420	)		5,385
Nikkei 225 Index	30,500.000		03/11/2022		(3	)		(91,500,000	)		(52	)		(3,635	)		3,583
Nikkei 225 Index	27,250.000		04/08/2022		(2	)		(54,500,000	)		(6,698	)		(7,736	)		1,038
Nikkei 225 Index	28,125.000		04/08/2022		(7	)		(196,875,000	)		(9,133	)		(23,963	)		14,830
Nikkei 225 Index	28,250.000		04/08/2022		(3	)		(84,750,000	)		(3,392	)		(6,394	)		3,002
Nikkei 225 Index	28,375.000		04/08/2022		(4	)		(113,500,000	)		(3,827	)		(10,588	)		6,761
Nikkei 225 Index	28,625.000		04/08/2022		(1	)		(28,625,000	)		(704	)		(4,077	)		3,373
Nikkei 225 Index	27,500.000		05/13/2022		(3	)		(82,500,000	)		(13,569	)		(14,344	)		775
Nikkei 225 Index	28,500.000		05/13/2022		(1	)		(28,500,000	)		(2,088	)		(3,002	)		914
S&P 500 Index	4,650.000		03/02/2022		(22	)		(10,230,000	)		(165	)		(98,402	)		98,237
S&P 500 Index	4,650.000		03/09/2022		(22	)		(10,230,000	)		(2,035	)		(93,934	)		91,899
S&P 500 Index	4,600.000		03/16/2022		(23	)		(10,580,000	)		(19,895	)		(66,947	)		47,052
S&P 500 Index	4,450.000		03/23/2022		(24	)		(10,680,000	)		(159,120	)		(95,955	)		(63,165	)
S&P 500 Index	4,470.000		03/31/2022		(1	)		(447,000	)		(7,155	)		(4,269	)		(2,886	)
S&P 500 Index	4,520.000		03/31/2022		(19	)		(8,588,000	)		(96,140	)		(91,789	)		(4,351	)
S&P 500 Index	4,525.000		03/31/2022		(19	)		(8,597,500	)		(92,530	)		(88,479	)		(4,051	)
S&P 500 Index	4,530.000		03/31/2022		(19	)		(8,607,000	)		(89,110	)		(84,610	)		(4,500	)
S&P 500 Index	4,535.000		03/31/2022		(19	)		(8,616,500	)		(85,690	)		(81,447	)		(4,243	)
S&P 500 Index	4,540.000		03/31/2022		(19	)		(8,626,000	)		(82,460	)		(79,383	)		(3,077	)
S&P 500 Index	4,575.000		03/31/2022		(6	)		(2,745,000	)		(19,440	)		(51,161	)		31,721
S&P 500 Index	4,625.000		03/31/2022		(3	)		(1,387,500	)		(6,060	)		(12,176	)		6,116
S&P 500 Index	4,675.000		03/31/2022		(4	)		(1,870,000	)		(4,780	)		(25,589	)		20,809
S&P 500 Index	4,710.000		03/31/2022		(6	)		(2,826,000	)		(4,860	)		(33,780	)		28,920
S&P 500 Index	4,770.000		03/31/2022		(5	)		(2,385,000	)		(2,025	)		(21,510	)		19,485
S&P 500 Index	4,890.000		03/31/2022		(3	)		(1,467,000	)		(345	)		(15,645	)		15,300
S&P 500 Index	4,980.000		03/31/2022		(1	)		(498,000	)		(52	)		(4,289	)		4,237
S&P 500 Index	4,510.000		04/29/2022		(6	)		(2,706,000	)		(53,100	)		(33,778	)		(19,322	)
S&P 500 Index	4,670.000		04/29/2022		(4	)		(1,868,000	)		(13,420	)		(20,370	)		6,950
S&P 500 Index	4,715.000		04/29/2022		(2	)		(943,000	)		(4,860	)		(15,011	)		10,151
S&P 500 Index	4,750.000		04/29/2022		(1	)		(475,000	)		(1,890	)		(6,679	)		4,789
					(602	)	$	(1,241,640,000	)	$	(914,357	)	$	(1,346,084	)	$	431,727
Puts
Euro Stoxx 50 Index	$    3,975.000		03/18/2022		(15	)	$	(596,250	)	$	(22,756	)	$	(15,362	)	$	(7,394	)
Euro Stoxx 50 Index	4,000.000		03/18/2022		(24	)		(960,000	)		(39,692	)		(23,882	)		(15,810	)
Euro Stoxx 50 Index	4,025.000		03/18/2022		(5	)		(201,250	)		(9,009	)		(4,776	)		(4,233	)
Euro Stoxx 50 Index	4,050.000		03/18/2022		(6	)		(243,000	)		(11,780	)		(4,690	)		(7,090	)
Euro Stoxx 50 Index	4,125.000		03/18/2022		(10	)		(412,500	)		(25,295	)		(9,214	)		(16,081	)
Euro Stoxx 50 Index	4,150.000		03/18/2022		(31	)		(1,286,500	)		(85,055	)		(42,028	)		(43,027	)
Euro Stoxx 50 Index	4,175.000		03/18/2022		(45	)		(1,878,750	)		(133,608	)		(49,567	)		(84,041	)
Euro Stoxx 50 Index	3,575.000		04/14/2022		(30	)		(1,072,500	)		(22,571	)		(21,174	)		(1,397	)
Euro Stoxx 50 Index	3,900.000		04/14/2022		(35	)		(1,365,000	)		(59,258	)		(43,119	)		(16,139	)
Euro Stoxx 50 Index	3,950.000		04/14/2022		(32	)		(1,264,000	)		(61,283	)		(41,507	)		(19,776	)
Euro Stoxx 50 Index	4,025.000		04/14/2022		(30	)		(1,207,500	)		(69,125	)		(33,668	)		(35,457	)
Euro Stoxx 50 Index	4,100.000		04/14/2022		(2	)		(82,000	)		(5,548	)		(3,105	)		(2,443	)
Euro Stoxx 50 Index	3,500.000		05/20/2022		(8	)		(280,000	)		(8,540	)		(8,133	)		(407	)
Euro Stoxx 50 Index	3,825.000		05/20/2022		(2	)		(76,500	)		(4,124	)		(3,071	)		(1,053	)
FTSE 100 Index	7,100.000		03/18/2022		(1	)		(71,000	)		(1,087	)		(1,475	)		388
FTSE 100 Index	7,150.000		03/18/2022		(2	)		(143,000	)		(2,428	)		(2,405	)		(23	)
FTSE 100 Index	7,200.000		03/18/2022		(4	)		(288,000	)		(5,393	)		(6,247	)		854

26 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)
FTSE 100 Index	$  7,275.000		03/18/2022		(5	)	$	(363,750	)	$	(7,982	)	$	(10,264	)	$	2,282
FTSE 100 Index	7,300.000		03/18/2022		(3	)		(219,000	)		(5,071	)		(4,808	)		(263	)
FTSE 100 Index	7,325.000		03/18/2022		(6	)		(439,500	)		(10,745	)		(9,934	)		(811	)
FTSE 100 Index	7,350.000		03/18/2022		(7	)		(514,500	)		(13,288	)		(15,024	)		1,736
FTSE 100 Index	7,475.000		03/18/2022		(1	)		(74,750	)		(2,542	)		(1,367	)		(1,175	)
FTSE 100 Index	6,875.000		04/14/2022		(6	)		(412,500	)		(7,888	)		(6,971	)		(917	)
FTSE 100 Index	7,225.000		04/14/2022		(7	)		(505,750	)		(15,635	)		(15,120	)		(515	)
FTSE 100 Index	7,250.000		04/14/2022		(8	)		(580,000	)		(18,620	)		(16,631	)		(1,989	)
FTSE 100 Index	7,400.000		04/14/2022		(7	)		(518,000	)		(20,894	)		(12,881	)		(8,013	)
FTSE 100 Index	6,775.000		05/20/2022		(2	)		(135,500	)		(3,448	)		(3,176	)		(272	)
Nikkei 225 Index	25,750.000		03/11/2022		(2	)		(51,500,000	)		(4,697	)		(11,291	)		6,594
Nikkei 225 Index	26,250.000		03/11/2022		(3	)		(78,750,000	)		(10,177	)		(12,756	)		2,579
Nikkei 225 Index	26,500.000		03/11/2022		(1	)		(26,500,000	)		(4,306	)		(3,864	)		(442	)
Nikkei 225 Index	27,125.000		03/11/2022		(1	)		(27,125,000	)		(6,915	)		(5,539	)		(1,376	)
Nikkei 225 Index	27,250.000		03/11/2022		(2	)		(54,500,000	)		(15,135	)		(7,214	)		(7,921	)
Nikkei 225 Index	27,750.000		03/11/2022		(4	)		(111,000,000	)		(43,839	)		(24,767	)		(19,072	)
Nikkei 225 Index	27,875.000		03/11/2022		(2	)		(55,750,000	)		(23,833	)		(19,763	)		(4,070	)
Nikkei 225 Index	28,375.000		03/11/2022		(4	)		(113,500,000	)		(63,846	)		(34,878	)		(28,968	)
Nikkei 225 Index	24,750.000		04/08/2022		(2	)		(49,500,000	)		(7,133	)		(6,344	)		(789	)
Nikkei 225 Index	25,250.000		04/08/2022		(2	)		(50,500,000	)		(9,133	)		(13,550	)		4,417
Nikkei 225 Index	25,750.000		04/08/2022		(6	)		(154,500,000	)		(34,967	)		(25,192	)		(9,775	)
Nikkei 225 Index	25,875.000		04/08/2022		(3	)		(77,625,000	)		(18,527	)		(16,715	)		(1,812	)
Nikkei 225 Index	26,000.000		04/08/2022		(4	)		(104,000,000	)		(25,573	)		(20,841	)		(4,732	)
Nikkei 225 Index	24,500.000		05/13/2022		(3	)		(73,500,000	)		(14,613	)		(13,430	)		(1,183	)
Nikkei 225 Index	25,625.000		05/13/2022		(1	)		(25,625,000	)		(7,437	)		(6,748	)		(689	)
S&P 500 Index	4,420.000		03/02/2022		(22	)		(9,724,000	)		(143,440	)		(102,693	)		(40,747	)
S&P 500 Index	4,400.000		03/09/2022		(22	)		(9,680,000	)		(185,790	)		(86,937	)		(98,853	)
S&P 500 Index	4,325.000		03/16/2022		(23	)		(9,947,500	)		(185,150	)		(163,775	)		(21,375	)
S&P 500 Index	4,125.000		03/23/2022		(24	)		(9,900,000	)		(113,160	)		(176,754	)		63,594
S&P 500 Index	4,115.000		03/31/2022		(1	)		(411,500	)		(5,820	)		(8,639	)		2,819
S&P 500 Index	4,120.000		03/31/2022		(6	)		(2,472,000	)		(35,490	)		(55,949	)		20,459
S&P 500 Index	4,200.000		03/31/2022		(19	)		(7,980,000	)		(144,305	)		(148,841	)		4,536
S&P 500 Index	4,205.000		03/31/2022		(19	)		(7,989,500	)		(146,490	)		(151,910	)		5,420
S&P 500 Index	4,210.000		03/31/2022		(19	)		(7,999,000	)		(148,770	)		(154,963	)		6,193
S&P 500 Index	4,215.000		03/31/2022		(19	)		(8,008,500	)		(151,240	)		(156,441	)		5,201
S&P 500 Index	4,220.000		03/31/2022		(19	)		(8,018,000	)		(153,520	)		(159,575	)		6,055
S&P 500 Index	4,290.000		03/31/2022		(3	)		(1,287,000	)		(30,075	)		(25,571	)		(4,504	)
S&P 500 Index	4,350.000		03/31/2022		(4	)		(1,740,000	)		(48,200	)		(25,148	)		(23,052	)
S&P 500 Index	4,360.000		03/31/2022		(6	)		(2,616,000	)		(74,580	)		(45,623	)		(28,957	)
S&P 500 Index	4,375.000		03/31/2022		(5	)		(2,187,500	)		(64,975	)		(55,981	)		(8,994	)
S&P 500 Index	4,535.000		03/31/2022		(3	)		(1,360,500	)		(63,855	)		(25,301	)		(38,554	)
S&P 500 Index	4,620.000		03/31/2022		(1	)		(462,000	)		(27,395	)		(9,839	)		(17,556	)
S&P 500 Index	4,070.000		04/29/2022		(6	)		(2,442,000	)		(50,700	)		(67,029	)		16,329
S&P 500 Index	4,250.000		04/29/2022		(4	)		(1,700,000	)		(51,140	)		(43,597	)		(7,543	)
S&P 500 Index	4,310.000		04/29/2022		(2	)		(862,000	)		(29,310	)		(16,957	)		(12,353	)
S&P 500 Index	4,325.000		04/29/2022		(1	)		(432,500	)		(15,160	)		(9,799	)		(5,361	)
					(602	)	$	(1,166,285,500	)	$	(2,831,361	)	$	(2,323,813	)	$	(507,548	)
TOTAL					(1,204	)	$	(2,407,925,500	)	$	(3,745,718	)	$	(3,669,897	)	$	(75,821	)

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

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
Call CHF/Put SEK	MS & Co. Int. PLC	$	10.177		11/10/2022		83,303,000		$	83,303,000		$	3,821,347		$	967,724		$	2,853,623
Call JPY/Put KRW	MS & Co. Int. PLC		11.634		11/11/2022		7,431,822,000			7,431,822,000			596,795			915,432			(318,637	)
Call CHF/Put NOK	MS & Co. Int. PLC		10.969		01/27/2023		27,202,000			27,202,000			428,570			489,630			(61,060	)
Call USD/Put CAD	MS & Co. Int. PLC		1.335		11/09/2022		80,791,000			80,791,000			780,684			678,644			102,040
							7,623,118,000		$	7,623,118,000		$	5,627,396		$	3,051,430		$	2,575,966
Puts
Put NZD/Call USD	MS & Co. Int. PLC	$	0.636		11/11/2022		69,837,000		$	69,837,000		$	786,599		$	657,375		$	129,224
Put AUD/Call USD	MS & Co. Int. PLC		0.672		11/14/2022		34,183,000			34,183,000			303,660			348,267			(44,607	)
Put AUD/Call USD	MS & Co. Int. PLC		0.646		01/27/2023		27,781,000			27,781,000			202,500			274,866			(72,366	)
							131,801,000		$	131,801,000		$	1,292,759		$	1,280,508		$	12,251
Total purchased option contracts							7,754,919,000		$	7,754,919,000		$	6,920,155		$	4,331,938		$	2,588,217
Written option contracts
Call CHF/Put SEK	MS & Co. Int. PLC	$	10.177		11/10/2022		(83,303,000	)	$	(83,303,000	)	$	(3,747,227	)	$	(2,027,570	)	$	(1,719,657	)
TOTAL							7,671,616,000		$	7,671,616,000		$	3,172,928		$	2,304,368		$	868,560

Abbreviation:

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

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Dividend Rate			Value
Investment Company(a) – 77.3%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,796,283,805		0.026	%	$	1,796,283,805
	(Cost $1,796,283,805)
	TOTAL INVESTMENTS – 77.3% (Cost $1,796,283,805)				$	1,796,283,805
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 22.7%					528,474,776
	NET ASSETS – 100.0%				$	2,324,758,581

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, 2022, 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	97,150,000	USD	70,496,664		03/23/22	$	91,222
	CAD	72,800,000	USD	56,997,505		03/23/22		444,688
	CHF	84,310,000	USD	91,927,649		03/23/22		108,563
	NZD	17,580,000	USD	11,828,980		03/23/22		62,268
	USD	111,708,792	EUR	99,070,000		03/23/22		511,882
TOTAL							$	1,218,623

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	NZD	37,270,000	USD	25,214,120		03/23/22	$	(4,402	)
	USD	70,013,546	AUD	97,150,000		03/23/22		(574,341	)
	USD	7,915,796	CAD	10,040,000		03/23/22		(6,177	)
	USD	91,582,721	CHF	84,310,000		03/23/22		(453,491	)
	USD	111,925,737	JPY	12,879,910,000		03/23/22		(170,629	)
TOTAL							$	(1,209,040	)

FUTURES CONTRACTS — At February 28, 2022, 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		4,969		03/18/22	$	1,085,229,600	$	16,984,893
Ultra Long U.S. Treasury Bonds		2,299		06/21/22		427,470,313		6,283,033
Total							$	23,267,926

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Schedule of Investments (continued)

February 28, 2022 (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		(876	)		06/21/22	$	(137,258,250	)	$	(2,150,377	)
TOTAL FUTURES CONTRACTS									$	21,117,549

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At February 28, 2022, 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	$150.000		03/25/2022		(950	)	$	(950,000	)	$	(192,969	)	$	(514,045	)	$	321,076
U.S. Treasury Bonds	151.000		03/25/2022		(945	)		(945,000	)		(265,781	)		(688,148	)		422,367
U.S. Treasury Bonds	151.000		04/22/2022		(964	)		(964,000	)		(662,750	)		(765,268	)		102,518
TOTAL					(2,859	)	$	(2,859,000	)	$	(1,121,500	)	$	(1,967,461	)	$	845,961

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	$3,000.000		03/04/2022		1,044		$	313,200,000		$	18,270		$	156,784		$	(138,514	)
S&P 500 Index	3,100.000		03/04/2022		470			145,700,000			12,925			40,777			(27,852	)
S&P 500 Index	3,000.000		03/11/2022		1,189			356,700,000			98,092			127,241			(29,149	)
S&P 500 Index	3,200.000		03/11/2022		946			302,720,000			130,075			127,572			2,503
S&P 500 Index	2,875.000		03/18/2022		354			101,775,000			46,020			114,486			(68,466	)
S&P 500 Index	2,900.000		03/18/2022		389			12,810,000			52,515			57,059			(4,544	)
S&P 500 Index	2,925.000		03/18/2022		331			96,817,500			47,167			46,588			579
S&P 500 Index	2,950.000		03/18/2022		482			142,190,000			72,301			103,511			(31,210	)
S&P 500 Index	2,975.000		03/18/2022		486			144,585,000			77,760			97,681			(19,921	)
S&P 500 Index	2,800.000		03/25/2022		775			217,000,000			149,188			189,747			(40,559	)
S&P 500 Index	3,000.000		03/25/2022		356			106,800,000			101,460			152,438			(50,978	)
S&P 500 Index	2,850.000		03/31/2022		660			188,100,000			194,700			183,187			11,513
Total purchased option contracts					7,482		$	2,228,397,500		$	1,000,473		$	1,397,071		$	(396,598	)
Written option contracts
Puts
S&P 500 Index	$3,600.000		03/02/2022		(2,069	)	$	(744,840,000	)	$	(82,760	)	$	(223,452	)	$	140,692
S&P 500 Index	3,810.000		03/04/2022		(1,953	)		(744,093,000	)		(380,835	)		(358,317	)		(22,518	)
S&P 500 Index	3,850.000		03/02/2022		(1,605	)		(617,925,000	)		(168,525	)		(478,290	)		309,765
S&P 500 Index	3,880.000		03/04/2022		(2,012	)		(780,656,000	)		(482,880	)		(418,496	)		(64,384	)
Total written option contracts					(7,639	)	$	(2,887,514,000	)	$	(1,115,000	)	$	(1,478,555	)	$	363,555
TOTAL					(157	)	$	(659,116,500	)	$	(114,527	)	$	(81,484	)	$	(33,043	)

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

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

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Dividend Rate			Value
Investment Company(a) – 79.3%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	415,056,018		0.026	%	$	415,056,018
	(Cost $415,056,018)
	TOTAL INVESTMENTS – 79.3% (Cost $415,056,018)				$	415,056,018
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 20.7%					108,088,727
	NET ASSETS – 100.0%				$	523,144,745

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 Abbreviation:
USD	—U.S. Dollar

For information on the mutual funds, please call our toll freeShareholder Services Line at 1-800-526-7384 or visit us on theweb at www.GSAMFUNDS.com

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2022, 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		20		03/18/22	$	4,368,000	$	64,039
2 Year U.S. Treasury Notes		1,555		06/30/22		334,677,304		1,117,925
5 Year U.S. Treasury Notes		1,385		06/30/22		163,819,531		1,152,834
TOTAL FUTURES CONTRACTS							$	2,334,798

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At February 28, 2022, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
S&P 500 Index	$3,000.000		03/04/2022		251	$	75,300,000	$	4,392	$	37,803	$	(33,411	)
S&P 500 Index	3,100.000		03/04/2022		114		35,340,000		3,135		9,891		(6,756	)
S&P 500 Index	3,000.000		03/11/2022		289		86,700,000		23,843		30,926		(7,083	)
S&P 500 Index	3,200.000		03/11/2022		230		73,600,000		31,625		30,963		662
S&P 500 Index	2,875.000		03/18/2022		86		24,725,000		11,180		27,813		(16,633	)
S&P 500 Index	2,900.000		03/18/2022		94		27,260,000		12,690		13,788		(1,098	)
S&P 500 Index	2,925.000		03/18/2022		81		23,692,500		11,543		11,401		142
S&P 500 Index	2,950.000		03/18/2022		117		34,515,000		17,550		25,126		(7,576	)
S&P 500 Index	2,975.000		03/18/2022		118		35,105,000		18,880		23,717		(4,837	)
S&P 500 Index	2,800.000		03/25/2022		187		52,360,000		35,997		45,784		(9,787	)
S&P 500 Index	3,000.000		03/25/2022		86		25,800,000		24,510		36,828		(12,318	)
S&P 500 Index	2,850.000		03/31/2022		161		45,885,000		47,495		44,689		2,806
Total purchased option contracts					1,814	$	540,282,500	$	242,840	$	338,729	$	(95,889	)

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

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

Schedule of Investments (continued)

February 28, 2022 (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)
Written option contracts
Puts
S&P 500 Index	$3,600.000		03/02/2022		(500	)	$	(180,000,000	)	$	(20,000	)	$	(54,000	)	$	34,000
S&P 500 Index	3,810.000		03/04/2022		(477	)		(181,737,000	)		(93,015	)		(87,515	)		(5,500	)
S&P 500 Index	3,850.000		03/02/2022		(492	)		(189,420,000	)		(51,660	)		(146,616	)		94,956
S&P 500 Index	3,880.000		03/04/2022		(492	)		(190,896,000	)		(118,080	)		(102,336	)		(15,744	)
Total written option contracts					(1,961	)	$	(742,053,000	)	$	(282,755	)	$	(390,467	)	$	107,712
TOTAL					(147	)	$	(201,770,500	)	$	(39,915	)	$	(51,738	)	$	11,823

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 0.1%
Banks – 0.1%
	Credit Industriel ET Commercial
$	5,000,000		0.010	%		04/07/22	$	4,998,860
	(Cost $797,423)
U.S. Treasury Obligations – 2.9%
	United States Treasury Bills(a)
$	10,000,000		0.000	%		05/12/22	$	9,994,624
	10,000,000		0.000			08/11/22		9,972,729
	United States Treasury Notes(b)
	(3MTreasury money market yield + 0.035%)
	66,600,000		0.395			10/31/23		66,709,366
	(3MTreasury money market yield – 0.015%)
	41,600,000		0.345			01/31/24		41,630,278
	TOTAL U.S. TREASURY OBLIGATIONS (Cost $128,177,359)						$	128,306,997

Shares	Description	Value
Exchange Traded Funds – 6.1%
638,246	Alerian MLPETF(c)	$	23,991,667
1,248,744	Energy Select Sector SPDR Fund		88,136,352
1,001,423	Health Care Select Sector SPDR Fund		130,144,933
1,441,005	Invesco Senior Loan ETF(c)		31,370,679
TOTAL EXCHANGE TRADED FUNDS (Cost $200,745,614)		$	273,643,631

Shares	Dividend Rate			Value
Investment Companies(d) – 45.4%
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,686,961,134		0.026	%	$	1,686,961,134
Goldman Sachs High Yield Floating Rate Fund – Class R6
25,015,521		3.378			231,643,723
Goldman Sachs Energy Infrastructure Fund – Class R6
8,752,111		3.730			92,597,332
Goldman Sachs MLP Energy Infrastructure Fund – Class R6
851,498		5.480			23,458,774
TOTAL INVESTMENT COMPANIES (Cost $1,980,747,489)				$	2,034,660,963
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $2,313,218,464)				$	2,441,610,451

Principal Amount		Interest Rate			Maturity Date		Value
Short-Term Investments – 42.4%
Certificates of Deposit – 9.5%
	Alpine Securitization LLC(e)
$	15,000,000		0.200	%		05/13/22	$	14,989,125
	Australia & New Zealand Banking Group Ltd.(b)(e) (3M USD LIBOR + 0.030%)
	10,000,000		0.215			03/08/22		10,000,230
	Banco Santander SA(b) (SOFR + 0.160%)
	5,571,000		0.209			07/25/22		5,570,750
	Bank of Montreal
	16,000,000		0.400			11/18/22		15,933,367
	Bank of Nova Scotia(b)
	(SOFR + 0.150%)
	10,000,000		0.200			03/17/22		10,000,600
	(SOFR + 0.150%)
	4,157,000		0.200			07/19/22		4,157,228
	Barclays Bank PLC(b)
	(SOFR + 0.170%)
	11,000,000		0.220	(e)		06/27/22		11,000,132
	(SOFR + 0.200%)
	5,000,000		0.240	(e)		08/01/22		4,998,945
	(SOFR + 0.290%)
	8,000,000		0.340			02/16/23		7,995,068
	Bedford Row Funding Corp.(b)(e) (FEDL01 + 0.120%)
	10,000,000		0.200			09/01/22		9,998,483
	Canadian Imperial Bank of Commerce(b)
	(SOFR + 0.250%)
	5,000,000		0.300			12/23/22		4,999,215
	(SOFR + 0.250%)
	7,000,000		0.300			02/13/23		6,997,486
	Charles Schwab Corp.(e)
	20,000,000		0.220			08/09/22		19,999,100
	Collateralized Commercial Paper FLEX Co. LLC(b)(e) (SOFR + 0.300%)
	12,290,000		0.350			12/01/22		12,293,141
	Commonwealth Bank of Australia(b)(e) (SOFR + 0.130%)
	2,000,000		0.180			09/29/22		1,999,054
	Credit Industriel ET Commercial
	11,870,000		0.240			04/22/22		11,869,816
	Credit Suisse New York
	12,000,000		0.400			11/10/22		11,945,220
	Harris County Cultural Education Facilities Finance Corp.
	20,000,000		0.180			03/17/22		19,998,598
	HSBC Bank PLC(b) (SOFR + 0.240%)
	12,603,000		0.290			11/18/22		12,604,103
	Ionic Capital III Trust(e)
	10,581,000		0.300			07/26/22		10,581,389
	J.P. Morgan Securities LLC(b)(e) (SOFR + 0.130%)
	2,300,000		0.180			09/01/22		2,299,150
	Lloyds Bank Corporate Markets PLC(b) (SOFR + 0.270%)
	12,000,000		0.320			01/20/23		11,997,287
	Macquarie Bank Ltd.(b)(e)
	(SOFR + 0.180%)
	10,000,000		0.230			05/10/22		10,000,375
	(SOFRRATE + 0.330%)
	17,000,000		0.380			12/05/22		17,006,205
	Mizuho Bank Ltd.(b) (SOFR + 0.280%)
	5,952,000		0.330			02/10/23		5,951,141

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, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Short-Term Investments – (continued)
Certificates of Deposit – (continued)
	MUFG Bank Ltd.
$	6,750,000		0.260	%		10/13/22	$	6,715,626
	14,000,000		0.380			11/04/22		13,926,566
	National Bank of Kuwait SAKP
	11,000,000		0.370			05/17/22		10,996,035
	5,000,000		0.450			04/21/22		5,000,337
	3,759,000		0.450			06/01/22		3,757,423
	Oversea Chinese Banking
	5,200,000		0.350			06/10/22		5,196,022
	20,584,000		0.630			06/16/22		20,582,759
	Salisbury Receivables Co. LLC(b)(e) (SOFR + 0.340%)
	10,000,000		0.390			02/01/23		9,997,751
	Sheffield Receivables Co. LLC(b)(e) (SOFR + 0.210%)
	6,128,000		0.250			07/26/22		6,128,001
	Skandinaviska Enskilda Banken AB
	9,800,000		0.420			12/01/22		9,748,360
	(SOFR + 0.160%)
	6,800,000		0.210	(b)(e)		08/16/22		6,799,680
	Societe Generale SA(b)(e) (3M USD LIBOR + 0.120%)
	15,000,000		0.314			03/07/22		15,000,406
	Standard Chartered Bank
	8,300,000		0.220			09/22/22		8,262,367
	8,700,000		0.300			05/03/22		8,698,872
	Sumitomo Mitsui Banking Corp.
	18,800,000		0.200			04/25/22		18,798,006
	(SOFR + 0.280%)
	2,885,000		0.330	(b)		03/01/23		2,883,829
	Toronto Dominion Bank
	4,000,000		0.240	(e)		04/22/22		3,999,987
	5,000,000		0.240			04/27/22		4,999,738
	UBS AG London
	4,303,000		0.300			03/15/22		4,303,304
	Westpac Banking Corp.(b)
	7,274,000		0.190			08/02/22		7,273,843
								428,254,120
Commercial Paper(a) – 32.9%
	ABN AMRO Funding USA LLC(e)
	23,000,000		0.000			06/16/22		22,957,220
	Albion Capital Corp.(e)
	16,000,000		0.000			03/04/22		15,999,828
	10,454,000		0.000			03/16/22		10,453,428
	17,607,000		0.000			05/20/22		17,587,430
	American Electric Power Co., Inc.(e)
	8,325,000		0.000			04/26/22		8,316,696
	Antalis S.A(e)
	15,000,000		0.000			04/14/22		14,994,375
	AT&T, Inc(e)
	12,000,000		0.000			06/21/22		11,966,966
	15,750,000		0.000			08/16/22		15,673,179
	Atlantic Asset Securitization LLC(e)
	10,202,000		0.000			05/16/22		10,191,504
	Banque Et Caisse
	4,000,000		0.000			06/06/22		3,994,349
	Basf Aktiengesellsch(e)
	20,000,000		0.000			03/29/22		19,997,793
Short-Term Investments – (continued)
Commercial Paper(a) – (continued)
	Bayer Corp.(e)
	11,500,000		0.000			03/28/22		11,496,190
	BNZ International Funding Ltd.(e)
	25,919,000		0.000			07/01/22		25,864,803
	BP Capital Markets PLC(e)
	18,000,000		0.000			03/08/22		17,999,480
	13,500,000		0.000			09/07/22		13,434,248
	Brighthouse Financial Short Term Funding LLC(e)
	15,000,000		0.000			03/02/22		14,999,917
	4,000,000		0.000			03/10/22		3,999,889
	Caisse des Depots et Consignations(e)
	8,000,000		0.000			04/01/22		7,998,130
	Caisse d’Amortissement de la Dette Sociale(e)
	12,500,000		0.000			04/26/22		12,494,181
	19,212,000		0.000			05/27/22		19,187,814
	CDP Financial, Inc.(e)
	17,000,000		0.000			04/26/22		16,992,786
	13,000,000		0.000			05/09/22		12,990,976
	5,000,000		0.000			05/11/22		4,996,280
	8,270,000		0.000			08/01/22		8,245,165
	Chariot Funding LLC(e)
	3,000,000		0.000			03/24/22		2,999,726
	Charlotte-Mecklenb(e)
	14,464,000		0.000			06/01/22		14,451,071
	Citigroup Global Markets, Inc.(e)
	3,750,000		0.000			09/06/22		3,732,860
	Collateralized Commercial Paper FLEX Co. LLC(e)
	17,500,000		0.000			09/07/22		17,411,609
	Commonwealth Bank of Australia(e)
	10,000,000		0.000			06/21/22		9,981,763
	8,081,000		0.000			10/21/22		8,030,201
	7,656,000		0.000			11/02/22		7,603,787
	Danaher Corp.(e)
	10,000,000		0.000			03/01/22		9,999,900
	Dexia Credit Local SA(e)
	14,000,000		0.000			03/01/22		13,999,969
	15,000,000		0.000			03/07/22		14,999,767
	DnB NOR Bank ASA(e)
	14,694,000		0.000			11/23/22		14,578,595
	Dow Chemical Co.
	10,000,000		0.000			03/28/22		9,996,453
	10,000,000		0.000			03/31/22		9,995,806
	Duke Energy Corp.(e)
	3,000,000		0.000			03/09/22		2,999,830
	Enbridge, Inc.(e)
	6,500,000		0.000			03/17/22		6,498,554
	12,500,000		0.000			01/19/23		12,323,281
	Enel Finance America(e)
	11,000,000		0.000			03/15/22		10,998,579
	Entergy Corp.(e)
	20,000,000		0.000			03/07/22		19,999,183
	Erste Abwicklungsanstalt(e)
	1,250,000		0.000			04/08/22		1,249,745
	20,000,000		0.000			04/19/22		19,993,333
	8,143,000		0.000			04/20/22		8,140,185

34 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(a) – (continued)
	Essilorluxottica(e)
$	8,000,000		0.000	%		04/20/22	$	7,998,119
	European Investment Bank
	15,000,000		0.000			03/16/22		14,999,367
	17,000,000		0.000			05/23/22		16,978,025
	Export Development Canada
	16,572,000		0.000			03/21/22		16,571,401
	Fairway Finance Corp.(e)
	7,000,000		0.000			03/16/22		6,999,652
	Fidelity National Information Services, Inc.(e)
	5,000,000		0.000			03/21/22		4,999,008
	9,000,000		0.000			03/29/22		8,996,825
	FMS Wertmanagement(e)
	2,000,000		0.000			05/04/22		1,998,494
	Gotham Funding Corp.(e)
	25,000,000		0.000			04/05/22		24,994,550
	GTA Fundding LLC
	13,094,000		0.000	(e)		05/02/22		13,084,674
	3,579,000		0.000			06/07/22		3,573,104
	Honeywell International, Inc.(e)
	6,000,000		0.000			05/18/22		5,995,207
	8,000,000		0.000			05/20/22		7,993,232
	HP, Inc.(e)
	3,750,000		0.000			03/14/22		3,749,561
	ING US Funding LLC
	3,608,000		0.000			07/26/22		3,597,291
	Ionic Capital II Trust
	2,000,000		0.000			03/04/22		1,999,978
	Ionic Capital III Trust
	10,000,000		0.000			03/24/22		9,999,087
	J.P. Morgan Securities LLC(e)
	10,674,000		0.000			03/22/22		10,672,982
	Koch Industries, Inc.
	20,000,000		0.000			03/01/22		19,999,967
	30,000,000		0.000			03/16/22		29,999,173
	Kreditanstalt fuer Wiederaufbau(e)
	28,000,000		0.000			04/26/22		27,987,232
	Lime Funding LLC(e)
	10,000,000		0.000			03/16/22		9,999,502
	10,000,000		0.000			04/06/22		9,997,626
	LMA SA LMA Americas(e)
	4,000,000		0.000			04/06/22		3,998,927
	2,400,000		0.000			05/10/22		2,397,600
	3,500,000		0.000			07/15/22		3,489,651
	LVMH Moet Hennessy Louis Vuitton SE(e)
	5,000,000		0.000			03/16/22		4,999,862
	Manhattan Asset Funding Co. LLC(e)
	2,700,000		0.000			05/02/22		2,698,082
	Matchpoint Finance PLC(e)
	7,500,000		0.000			05/05/22		7,494,197
	Mccormick & Co.
	14,445,000		0.000			03/01/22		14,444,948
	8,800,000		0.000	(e)		03/02/22		8,799,936
	Mizuho Bank Ltd.(e)
	13,506,000		0.000			04/04/22		13,503,282
Short-Term Investments – (continued)
Commercial Paper(a) – (continued)
	National Australia Bank Ltd.(e)
	3,000,000		0.000			11/01/22		2,978,844
	National Bank of Canada(e)
	7,800,000		0.000			03/14/22		7,799,757
	Nederlandse Waterschapsbank N.V.(e)
	10,000,000		0.000			03/29/22		9,998,759
	25,000,000		0.000			04/19/22		24,990,972
	NRW Bank(e)
	15,000,000		0.000			04/14/22		14,994,375
	Nutrien Ltd.(e)
	14,400,000		0.000			03/03/22		14,399,683
	7,010,000		0.000			04/19/22		7,004,061
	Oesterreichische Kontrollbank AG
	31,000,000		0.000			03/02/22		30,999,879
	Oglethorpe Power Corp.(e)
	11,750,000		0.000			03/01/22		11,749,958
	Ontario Teachers Finance Trust(e)
	26,001,000		0.000			05/25/22		25,976,403
	Province Of Alberta(e)
	25,000,000		0.000			03/04/22		24,999,861
	15,000,000		0.000			03/09/22		14,999,813
	Pure Grove Funding(e)
	5,650,000		0.000			03/07/22		5,649,890
	Regency Markets No.1 LLC(e)
	23,000,000		0.000			03/21/22		22,998,390
	Ridgefield Funding Co. LLC(e)
	8,946,000		0.000			04/05/22		8,944,086
	Royal Bank of Canada(e)
	10,000,000		0.000			10/24/22		9,941,227
	2,509,000		0.000			11/09/22		2,492,395
	Salisbury Receivables Co. LLC(e)
	2,000,000		0.000			03/10/22		1,999,956
	Schwab Charles Corp.(e)
	7,500,000		0.000			03/10/22		7,499,833
	Sheffield Receivables Co. LLC(e)
	20,000,000		0.000			03/14/22		19,999,152
	Skandinaviska Enskilda Banken AB(e)
	8,740,000		0.000			06/21/22		8,724,280
	5,000,000		0.000			06/22/22		4,990,848
	6,000,000		0.000			07/05/22		5,986,496
	Spire, Inc.(e)
	5,000,000		0.000			03/01/22		4,999,969
	10,000,000		0.000			03/21/22		9,998,017
	Stanley Black & Decker, Inc.(e)
	6,000,000		0.000			05/02/22		5,993,837
	Starbird Funding Corp.(e)
	10,000,000		0.000			03/07/22		9,999,806
	Suncor Energy, Inc.(e)
	20,000,000		0.000			03/07/22		19,999,106
	Svenska Handelsbanken AB(e)
	20,000,000		0.000			10/19/22		19,873,403
	The Bank Of Nova Scotia(e)
	2,000,000		0.000			03/02/22		1,999,992
	The Walt Disney Co.(e)
	4,500,000		0.000			09/15/22		4,475,224
	5,000,000		0.000			08/26/22		4,976,481

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date			Value
Short-Term Investments – (continued)
Commercial Paper(a) – (continued)
	Thermo Fisher Scientific, Inc.(e)
$	20,810,000		0.000	%		06/01/22		$	20,767,208
	Toronto Dominion Bank(e)
	5,000,000		0.000			04/26/22			4,997,958
	8,360,000		0.000			05/26/22			8,348,545
	Transcanada Pipelines Ltd.
	13,950,000		0.000	(e)		03/10/22			13,948,993
	2,270,000		0.000			05/02/22			2,267,362
	UBS AG London(e)
	13,545,000		0.000			06/28/22			13,516,104
	UDR, Inc.(e)
	8,300,000		0.000			03/10/22			8,299,401
	Unilever Finance Netherlands B.V.(e)
	15,000,000		0.000			04/25/22	��		14,994,797
	United Overseas Bank Ltd.(e)
	6,948,000		0.000			04/13/22			6,946,089
	Ventas Realty LP(e)
	10,000,000		0.000			03/01/22			9,999,939
	5,000,000		0.000			03/07/22			4,999,776
	5,000,000		0.000			03/14/22			4,999,417
	Verizon Communications, Inc.(e)
	15,000,000		0.000			03/09/22			14,999,063
	Versailles Commercial Paper LLC(e)
	2,700,000		0.000			03/31/22			2,699,588
	14,402,000		0.000			04/18/22			14,395,943
	Victory Receivables Corp.(e)
	20,584,000		0.000			05/16/22			20,562,823
	VW Credit, Inc.(e)
	17,000,000		0.000			08/26/22			16,914,035
	Waste Management, Inc.(e)
	4,338,000		0.000			08/10/22			4,319,301
	2,000,000		0.000			09/02/22			1,989,481
	7,185,000		0.000			11/08/22			7,123,245
	Westpac Banking Corp.(e)
	8,800,000		0.000			10/12/22			8,746,965
	13,656,000		0.000			11/01/22			13,562,031
	Xcel Energy, Inc.(e)
	14,326,000		0.000			03/17/22			14,323,835
									1,473,984,018
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $1,903,496,143)							$	1,902,238,138
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT
	(Cost $4,213,964,028)							$	4,343,848,589

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle(d) – 0.8%
Goldman Sachs Financial Square Government Fund – Institutional Shares
37,608,886	0.026%	$	37,608,886
(Cost $37,608,886)
TOTAL INVESTMENTS – 97.7% (Cost $4,251,572,914)		$	4,381,457,475
OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.3%			100,929,500
NET ASSETS – 100.0%		$	4,482,386,975

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(b)	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, 2022.
(c)	All or a portion of security is on loan.
(d)	Represents an affiliated fund.
(e)	Exempt from registration under Rule 144A of the Securities Act of 1933.

Currency Abbreviations:
CHF	—Swiss Franc
EUR	—Euro
JPY	—Japanese Yen
MXN	—Mexican Peso
USD	—U.S. Dollar
Investment Abbreviations:
ETF	—Exchange Traded Fund
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
PLC	—Public Limited Company
SOFR	—Secured Overnight Funding Rate
TIIE	—La Tasa de Interbank Equilibrium Interest Rate

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2022, 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		2,991	06/30/22	$	643,742,647	$	1,073,643
5 Year U.S. Treasury Notes		2,166	06/30/22		256,197,187		1,130,139
10 Year U.S. Treasury Notes		4,372	06/21/22		557,156,750		4,972,237
TOTAL FUTURES CONTRACTS						$	7,176,019

SWAP CONTRACTS — At February 28, 2022, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
Mexico Interbank TIIE 28 Days		7.397	01/26/27		MXN	1,310,056	$	(1,041,162	)	$	592	$	(1,041,754	)
Mexico Interbank TIIE 28 Days		7.402	01/26/27			596,944		(467,988	)		270		(468,258	)
Mexico Interbank TIIE 28 Days		7.430	01/26/27			297,000		(216,019	)		64		(216,083	)
Mexico Interbank TIIE 28 Days		7.470	01/26/27			594,000		(383,105	)		269		(383,374	)
Mexico Interbank TIIE 28 Days		7.387	02/07/27			1,109,600		(936,093	)		506		(936,599	)
Mexico Interbank TIIE 28 Days		7.400	02/07/27			299,400		(244,694	)		137		(244,831	)
Mexico Interbank TIIE 28 Days		7.700	02/15/27			295,100		(67,328	)		135		(67,463	)
Mexico Interbank TIIE 28 Days		7.718	02/15/27			1,118,500		(213,133	)		513		(213,646	)
TOTAL							$	(3,569,522	)	$	2,486	$	(3,572,008	)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Reference Obligation/Index	Financing Rate (Received)/Paid by the Fund			Counterparty		Termination Date(a)		Notional Amount (000s)		Value			Unrealized Appreciation/ (Depreciation)*
JPGSVENK Index(b)		0.090	(c)		J.P. Morgan Securities LLC		04/05/22	$	135,834	$	4,259,459		$	4,259,459
MSGSSUIT Index(b)		0.370	(c)		MS & Co. Int. PLC		04/05/22		135,892		(4,629,663	)		(4,629,663	)
SX7T Index		(0.150	)(d)		Barclays Bank PLC		04/04/22		196,691		(8,389,177	)		(8,389,177	)
TOTAL										$	(8,759,381	)	$	(8,759,381	)

* 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.

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

February 28, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPGSVENK) of common stocks

Common Stocks	Sector	Shares		Value		Weight
Citrix Systems Inc	Information Technology		1,545	$	158,350		3.72	%
McCormick & Co Inc/MD	Consumer Staples		1,574		149,762		3.52
Gap Inc/The	Consumer Discretionary		8,651		125,867		2.95
Enphase Energy Inc	Information Technology		554		92,384		2.17
T-Mobile US Inc	Communication Services		722		88,926		2.09
Caesars Entertainment Inc	Consumer Discretionary		979		82,384		1.93
ABIOMED Inc	Health Care		262		81,530		1.91
Walt Disney Co/The	Communication Services		547		81,239		1.91
American Airlines Group Inc	Industrials		4,698		81,040		1.90
Amazon.com Inc	Consumer Discretionary		26		80,306		1.89
Hormel Foods Corp	Consumer Staples		1,678		79,956		1.88
United Airlines Holdings Inc	Industrials		1,799		79,858		1.87
Align Technology Inc	Health Care		155		79,518		1.87
Royal Caribbean Cruises Ltd	Consumer Discretionary		973		78,570		1.84
ServiceNow Inc	Information Technology		135		78,174		1.84
Delta Air Lines Inc	Industrials		1,953		77,954		1.83
Wynn Resorts Ltd	Consumer Discretionary		897		77,570		1.82
Carnival Corp	Consumer Discretionary		3,778		76,800		1.80
Las Vegas Sands Corp	Consumer Discretionary		1,771		75,897		1.78
Twitter Inc	Communication Services		2,074		73,736		1.73
Ball Corp	Materials		819		73,475		1.72
salesforce.com Inc	Information Technology		341		71,713		1.68
Norwegian Cruise Line Holdings Ltd	Consumer Discretionary		3,659		71,310		1.67
Morgan Stanley	Financials		761		69,019		1.62
Netflix Inc	Communication Services		173		68,238		1.60
SolarEdge Technologies Inc	Information Technology		163		52,134		1.22
PayPal Holdings Inc	Information Technology		450		50,341		1.18
Raytheon Technologies Corp	Industrials		436		44,752		1.05
Monolithic Power Systems Inc	Information Technology		97		44,630		1.05
Generac Holdings Inc	Industrials		137		43,304		1.02
Atmos Energy Corp	Utilities		369		40,540		0.95
Edison International	Utilities		636		40,350		0.95
American Electric Power Co Inc	Utilities		444		40,258		0.95
Etsy Inc	Consumer Discretionary		260		40,245		0.94
Pinnacle West Capital Corp	Utilities		567		40,137		0.94
Chipotle Mexican Grill Inc	Consumer Discretionary		26		39,821		0.93
Eli Lilly & Co	Health Care		159		39,802		0.93
Paycom Software Inc	Information Technology		117		39,671		0.93
CMS Energy Corp	Utilities		620		39,658		0.93
NVIDIA Corp	Information Technology		160		39,130		0.92
Consolidated Edison Inc	Utilities		456		39,109		0.92
Alliant Energy Corp	Utilities		669		39,062		0.92
CarMax Inc	Consumer Discretionary		356		38,955		0.91
Xcel Energy Inc	Utilities		573		38,572		0.91
Ameren Corp	Utilities		448		38,502		0.90
CenterPoint Energy Inc	Utilities		1,397		38,216		0.90
Duke Energy Corp	Utilities		379		38,083		0.89
Catalent Inc	Health Care		371		37,855		0.89
Dexcom Inc	Health Care		91		37,615		0.88
Entergy Corp	Utilities		357		37,524		0.88

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (MSGSSUIT) of common stocks

Common Stocks	Sector	Shares			Value			Weight
Western Digital Corp	Information Technology		(4,512	)	$	(229,858	)		4.96	%
Freeport-McMoRan Inc	Materials		(3,031	)		(142,294	)		3.07
APA Corp	Energy		(3,786	)		(134,883	)		2.91
Activision Blizzard Inc	Communication Services		(1,496	)		(121,910	)		2.63
Capital One Financial Corp	Financials		(789	)		(120,905	)		2.61
PVH Corp	Consumer Discretionary		(1,219	)		(119,296	)		2.58
Huntington Bancshares Inc/OH	Financials		(7,600	)		(117,956	)		2.55
Qorvo Inc	Information Technology		(851	)		(116,380	)		2.51
Intel Corp	Information Technology		(2,434	)		(116,118	)		2.51
Trimble Inc	Information Technology		(1,625	)		(113,329	)		2.45
Invesco Ltd	Financials		(5,317	)		(112,927	)		2.44
Under Armour Inc	Consumer Discretionary		(6,198	)		(110,884	)		2.40
Mohawk Industries Inc	Consumer Discretionary		(746	)		(104,954	)		2.27
Ford Motor Co	Consumer Discretionary		(5,724	)		(100,515	)		2.17
Zebra Technologies Corp	Information Technology		(232	)		(95,944	)		2.07
Caterpillar Inc	Industrials		(432	)		(81,020	)		1.75
Marathon Oil Corp	Energy		(3,192	)		(72,015	)		1.56
Micron Technology Inc	Information Technology		(726	)		(64,510	)		1.39
Tapestry Inc	Consumer Discretionary		(1,526	)		(62,411	)		1.35
Bio-Rad Laboratories Inc	Health Care		(97	)		(60,689	)		1.31
Cboe Global Markets Inc	Financials		(499	)		(58,574	)		1.27
Westrock Co	Materials		(1,283	)		(58,096	)		1.25
First Republic Bank/CA	Financials		(335	)		(57,956	)		1.25
AT&T Inc	Communication Services		(2,421	)		(57,362	)		1.24
Under Armour Inc	Consumer Discretionary		(3,652	)		(57,085	)		1.23
Bath & Body Works Inc	Consumer Discretionary		(1,054	)		(56,266	)		1.22
Bank of America Corp	Financials		(1,260	)		(55,679	)		1.20
JPMorgan Chase & Co	Financials		(391	)		(55,472	)		1.20
Starbucks Corp	Consumer Discretionary		(602	)		(55,236	)		1.19
Ross Stores Inc	Consumer Discretionary		(600	)		(54,840	)		1.18
International Paper Co	Materials		(1,243	)		(54,105	)		1.17
Moderna Inc	Health Care		(342	)		(52,578	)		1.14
Celanese Corp	Materials		(377	)		(52,480	)		1.13
Alaska Air Group Inc	Industrials		(809	)		(45,424	)		0.98
Otis Worldwide Corp	Industrials		(532	)		(41,699	)		0.90
Parker-Hannifin Corp	Industrials		(140	)		(41,573	)		0.90
Trane Technologies PLC	Industrials		(265	)		(40,833	)		0.88
Occidental Petroleum Corp	Energy		(836	)		(36,562	)		0.79
Halliburton Co	Energy		(1,051	)		(35,238	)		0.76
Assurant Inc	Financials		(196	)		(33,312	)		0.72
Kinder Morgan Inc	Energy		(1,887	)		(32,831	)		0.71
Newmont Corp	Materials		(482	)		(31,913	)		0.69
Advanced Micro Devices Inc	Information Technology		(253	)		(31,226	)		0.67
Discover Financial Services	Financials		(252	)		(31,045	)		0.67
Fifth Third Bancorp	Financials		(644	)		(30,788	)		0.67
Fox Corp	Communication Services		(804	)		(30,773	)		0.66
American International Group Inc	Financials		(500	)		(30,630	)		0.66
Anthem Inc	Health Care		(67	)		(30,437	)		0.66
Zimmer Biomet Holdings Inc	Health Care		(239	)		(30,328	)		0.66
Regions Financial Corp	Financials		(1,253	)		(30,304	)		0.65

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

February 28, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At February 28, 2022, 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
Crude Oil	$70.000		05/17/2022		2,001		$	2,001,000		$	45,322,650		$	16,368,785		$	28,953,865
Written option contracts
Calls
Crude Oil	80.000		05/17/2022		(2,001	)		(2,001,000	)		(29,014,500	)		(7,931,737	)		(21,082,763	)
Puts
Crude Oil	45.000		11/16/2022		(2,081	)		(2,081,000	)		(2,538,820	)		(7,243,050	)		4,704,230
Total written option contracts					(4,082	)	$	(4,082,000	)	$	(31,553,320	)	$	(15,174,787	)	$	(16,378,533	)
TOTAL					(2,081	)	$	(2,081,000	)	$	13,769,330		$	1,193,998		$	12,575,332

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
6M IRS	MS & Co. Int. PLC		1.760	%		05/19/2022		(140,300,000	)	$	(140,300,000	)	$	(2,722,550	)	$	(7,449,930	)	$	4,727,380

OVER-THE-COUNTER OPTIONS ON EQUITIES

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
FTSE 100 Index	BofA Securities LLC	$	7,573.990		03/18/2022		7,603	$	7,603	$	901,308	$	1,108,463	$	(207,155	)
KOSPI 200 Index	Morgan Stanley & Co.		399.430		04/14/2022		406,844,984		406,844,984		169,033		2,624,138		(2,455,105	)
Total purchased option contracts							406,852,587	$	406,852,587	$	1,070,341	$	3,732,601	$	(2,662,260	)

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON EQUITIES (continued)

Description	Counterparty	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	Citibank NA	$	3,877.570		12/30/2022		(61,820	)	$	(61,820	)	$	(12,420,930	)	$	(13,311,083	)	$	890,153
XLV Index	Citibank NA		127.250		12/30/2022		(1,052,774	)		(1,052,774	)		(8,868,065	)		(8,461,039	)		(407,026	)
S&P 500 Index	J.P. Morgan Securities LLC		4,173.280		12/30/2022		(28,499	)		(28,499	)		(8,118,971	)		(6,799,007	)		(1,319,964	)
KOSPI 200 Index	MS & Co. Int. PLC		349.010		04/14/2022		(406,844,984	)		(406,844,984	)		(2,263,875	)		(1,134,613	)		(1,129,262	)
S&P 500 Index	MS & Co. Int. PLC		4,102.880		03/18/2022		(30,851	)		(30,851	)		(1,049,118	)		(3,150,387	)		2,101,269
S&P 500 Index	MS & Co. Int. PLC		3,983.470		12/30/2022		(31,143	)		(31,143	)		(7,113,844	)		(9,204,242	)		2,090,398
S&P 500 Index	MS & Co. Int. PLC		4,210.380		12/30/2022		(27,878	)		(27,878	)		(8,283,367	)		(6,749,177	)		(1,534,190	)
Total written option contracts							(408,077,949	)	$	(408,077,949	)	$	(48,118,170	)	$	(48,809,548	)	$	691,378
TOTAL							(1,225,362	)	$	(1,225,362	)	$	(47,047,829	)	$	(45,076,947	)	$	(1,970,882	)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

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
Call USD/Put CHF	BofA Securities LLC	$	0.930		03/07/2023		43,640,000		$	43,640,000		$	636,969		$	1,420,263		$	(783,294	)
Call USD/Put JPY	MS & Co. Int. PLC		108.290		03/07/2023		43,640,000			43,640,000			2,528,982			1,481,578			1,047,404
							87,280,000		$	87,280,000		$	3,165,951		$	2,901,841		$	264,110
Puts
Put EUR/Call USD	MS & Co. Int. PLC	$	1.192		03/07/2023		36,490,000		$	36,490,000		$	2,374,303		$	1,405,395		$	968,908
Total purchased option contracts							123,770,000		$	123,770,000		$	5,540,254		$	4,307,236		$	1,233,018
Written option contracts
Puts
Put EUR/Call USD	MS & Co. Int. PLC	$	1.192		03/07/2023		(36,490,000	)	$	(36,490,000	)	$	(2,374,303	)	$	(1,750,717	)	$	(623,586	)
Total written option contracts							(36,490,000	)	$	(36,490,000	)	$	(2,374,303	)	$	(1,750,717	)	$	(623,586	)
TOTAL							87,280,000		$	87,280,000		$	3,165,951		$	2,556,519		$	609,432

Abbreviations:
6M IRS	—6 Months Interest Rate Swaptions
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC
BofA Securities LLC	—Bank of America Securities LLC
SX7T Index	—Euro STOXX Banks Net Return Index

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

GOLDMAN SACHS ALLOCATION FUNDS

Statements of Assets and Liabilities

February 28, 2022 (Unaudited)

	Global Managed Beta Fund		Strategic Factor Allocation Fund
Assets:
Investments, of unaffiliated issuers, at value (cost $738,706,778, and $0, respectively)(a)	$	1,052,361,377	$	—
Investments of affiliated issuers, at value (cost $615,015,538 and $1,796,283,805, respectively)		730,454,572		1,796,283,805
Investments in securities lending reinvestment vehicle — affiliated issuer, at value (cost $167,534,371 and $0, respectively)		167,534,371		—
Cash		32,376,545		143,985,742
Purchased options, at value (premium paid $25,941,146 and $1,397,071, respectively)		14,522,593		1,000,473
Foreign currencies, at value (cost $6,394,212 and $0, respectively)		6,335,072		—
Unrealized gain on forward foreign currency exchange contracts		4,797,241		1,218,623
Variation margin on futures contracts		797,271		3,692,626
Receivables:
Fund shares sold		83,450,000		8,357,000
Collateral on certain derivative contracts(b)		42,797,675		376,058,906
Investments sold		5,598,864		—
Due from broker		1,218,003		358,317
Foreign tax reclaims		189,998		—
Dividends and interest		161,853		34,776
Reimbursement from investment adviser		10,358		—
Securities lending income		6,931		—
Other assets		78,986		39,319
Total assets		2,142,691,710		2,331,029,587
Liabilities:
Unrealized loss on swap contracts		277,265		—
Unrealized loss on forward foreign currency exchange contracts		1,004,041		1,209,040
Written option contracts, at value (premium received $5,697,467 and $3,446,016, respectively)		7,492,945		2,236,500
Payables:
Payable upon return of securities loaned		167,534,371		—
Investments purchased		33,810,720		126,709
Fund shares redeemed		9,510,000		1,285,921
Collateral on certain derivative contracts(c)		2,830,000		—
Management fees		363,038		1,099,687
Transfer Agency fees		29,069		53,235
Accrued expenses		286,376		259,914
Total liabilities		223,137,825		6,271,006
Net Assets:
Paid-in capital		1,513,567,103		2,355,054,257
Total distributable earnings (loss)		405,986,782		(30,295,676	)
NET ASSETS	$	1,919,553,885	$	2,324,758,581
Net Assets:
Institutional	$	1,919,553,885	$	9,080,924
Class R6		—		13,461
Class P		—		2,315,664,196
Total Net Assets	$	1,919,553,885	$	2,324,758,581
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		133,650,643		813,051
Class R6		—		1,219
Class P		—		209,917,507
Net asset value, offering and redemption price per share:
Institutional		$14.36		$11.17
Class R6		—		11.04
Class P		—		11.03

(a) Includes loaned securities having a market value of $163,908,342 and $0, for the Global Managed Beta and Strategic Factor Allocation Funds respectively.

(b) Segregated for initial margin and/or collateral as follows:

Fund	Futures		Forwards		Options
Global Managed Beta	$	14,224,023	$	4,210,000	$	24,363,652
Strategic Factor Allocation		78,870,974		4,590,000		292,597,932

(c) Includes amount segregated for initial margin requirements and/or collateral on swaps.

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

GOLDMAN SACHS ALLOCATION FUNDS

Statements of Assets and Liabilities (continued)

February 28, 2022 (Unaudited)

	Strategic Volatility Premium Fund			Tactical Tilt Overlay Fund(a)
Assets:
Investments of unaffiliated issuers, at value (cost $0 and $2,233,216,539)(b)	$	—		$	2,309,187,626
Investments of affiliated issuers, at value (cost $415,056,018 and $1,980,747,489, respectively)		415,056,018			2,034,660,963
Investments in securities lending reinvestment vehicle — affiliated issuer, at value (cost $0 and $37,608,886, respectively)		—			37,608,886
Purchased options, at value (premium paid $338,729 and $24,408,622, respectively)		242,840			51,933,245
Foreign currencies, at value (cost $0 and $5,033,133, respectively)		—			5,027,183
Cash		28,759,932			61,138,575
Unrealized gain on swap contracts		—			4,259,459
Variation margin on futures contracts		2,175,539			9,463,880
Deferred offering costs		13,536			—
Receivables:
Fund shares sold		276,000			64,920,482
Collateral on certain derivative contracts(c)		78,585,177			72,885,059
Due from broker		167,533			—
Dividends and interest		8,403			1,234,289
Reimbursement from investment adviser		8,840			5,937
Securities lending income		—			66,873
Other assets		2,792			90,097
Total assets		525,296,610			4,652,482,554
Liabilities:
Unrealized loss on swap contracts		—			13,018,840
Variation margin on swaps contracts		—			108,321
Written option contracts, at value (premium received $390,467 and $73,184,982, respectively)		282,755			84,768,343
Payables:
Payable upon return of securities loaned		—			37,608,886
Investments purchased		30,841			18,635,997
Fund shares redeemed		1,532,860			11,200,697
Collateral on certain derivative contracts(d)		—			1,700,000
Management fees		109,002			2,087,499
Transfer Agency fees		12,045			101,576
Investments purchased on an extended — settlement basis		—			318,951
Accrued expenses		184,362			546,469
Total liabilities		2,151,865			170,095,579
Net Assets:
Paid-in capital		526,618,228			4,528,534,808
Total distributable earnings (loss)		(3,473,483	)		(46,147,833	)
NET ASSETS	$	523,144,745		$	4,482,386,975
Net Assets:
Institutional	$	303,662		$	16,288,296
Class R6		—			689,847,963
Class P		522,841,083			3,776,250,716
Total Net Assets	$	523,144,745		$	4,482,386,975
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		30,413			1,533,038
Class R6		—			67,049,815
Class P		52,361,170			367,091,840
Net asset value, offering and redemption price per share:
Institutional		$9.98			$10.62
Class R6		—			10.29
Class P		9.99			10.29

(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 a market value of $0 and $36,777,238, for the Strategic Volatility Premium and Tactical Tilt Overlay Funds respectively.

(c) Segregated for initial margin and/or collateral as follows:

Fund	Futures		Options		Swaps
Strategic Volatility Premium	$	3,393,830	$	75,191,347	$	—
Tactical Tilt Overlay		12,001,311		—		60,883,748

(d) Includes amount segregated for initial margin requirements and/or collateral on swaps.

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

GOLDMAN SACHS ALLOCATION FUNDS

Statements of Operations

For the Six Months Ended February 28, 2022 (Unaudited)

	Global Managed Beta Fund			Strategic Factor Allocation Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $58,666, and $0, respectively.)	$	15,841,972		$	—
Dividends — affiliated issuers		7,719,040			159,567
Securities lending income — unaffiliated issuers		37,458			—
Total investment income		23,598,470			159,567
Expenses:
Management fees		3,137,102			8,689,823
Transfer Agency fees(a)		209,140			352,956
Custody, accounting and administrative services		153,665			107,839
Registration fees		82,070			34,256
Professional fees		56,980			56,461
Printing and mailing costs		19,223			25,605
Trustee fees		10,864			10,910
Prime Broker Fees		4,607			17,397
Other		16,141			21,150
Total expenses		3,689,792			9,316,397
Less — expense reductions		(594,237	)		(1,432,392	)
Net expenses		3,095,555			7,884,005
NET INVESTMENT INCOME (LOSS)		20,502,915			(7,724,438	)
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		10,516,396			—
Investments — affiliated issuers		154,891			—
Purchased options		1,034,837			(8,306,121	)
Futures contracts		9,332,946			(19,874,607	)
Written options		4,306,719			38,585,762
Swap contracts		3,665,602			—
Forward foreign currency exchange contracts		22,380,993			10,482,871
Foreign currency transactions		(5,019	)		(3,345,447	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(99,573,134	)		—
Investments — affiliated issuers		(48,125,382	)		—
Purchased options		(11,984,021	)		391,464
Futures contracts		(22,647,014	)		(16,191,761	)
Written options		(2,411,989	)		(76,141	)
Swap contracts		(265,547	)		—
Forward foreign currency exchange contracts		(5,439,799	)		438,117
Foreign currency translation		(57,468	)		—
Net realized and unrealized gain (loss)		(139,116,989	)		2,104,137
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(118,614,074	)	$	(5,620,301	)

(a) Class specific Transfer Agency fees were as follows:

Fund	Institutional		Class R6		Class P
Global Managed Beta	$	209,140	$	—	$	—
Strategic Factor Allocation		842		2		352,112

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

GOLDMAN SACHS ALLOCATION FUNDS

Statements of Operations (continued)

For the Six Months Ended February 28, 2022 (Unaudited)

	Strategic Volatility Premium Fund			Tactical Tilt Overlay Fund(a)
Investment income:
Dividends — affiliated issuers	$	7,995		$	5,091,017
Dividends — unaffiliated issuers		—			4,623,609
Interest		—			1,990,115
Securities lending income — unaffiliated issuers		—			542,624
Total investment income		7,995			12,247,365
Expenses:
Management fees		1,166,382			16,625,609
Amortization of offering costs		84,484			—
Transfer Agency fees(b)		70,000			658,522
Professional fees		55,278			90,630
Custody, accounting and administrative services		55,227			179,133
Printing and mailing costs		16,455			27,838
Trustee fees		9,686			12,096
Registration fees		1,037			49,630
Prime Broker Fees		—			182
Other		9,507			20,188
Total expenses		1,468,056			17,663,828
Less — expense reductions		(616,002	)		(3,036,923	)
Net expenses		852,054			14,626,905
NET INVESTMENT LOSS		(844,059	)		(2,379,540	)
Realized and unrealized gain (loss):
Capital gain distributions from Affiliated Funds		—			3,366,151
Net realized gain (loss) from:
Investments — unaffiliated issuers		—			2,935,381
Purchased options		(1,624,516	)		(3,566,769	)
Futures contracts		(11,560,353	)		(35,113,344	)
Written options		8,795,876			85,974,796
Swap contracts		—			32,719,470
Foreign currency transactions		—			(325,933	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		—			23,567,056
Investments — affiliated issuers		—			12,222,366
Purchased options		26,480			37,325,282
Futures contracts		1,746,650			12,501,182
Written options		(9,625	)		(78,163,486	)
Swap contracts		—			(16,016,050	)
Foreign currency translation		—			(105,659	)
Net realized and unrealized gain (loss)		(2,625,488	)		77,320,443
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,469,547	)	$	74,940,903

(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:

Fund	Institutional		Class R6		Class P
Strategic Volatility Premium	$	70	$	—	$	69,930
Tactical Tilt Overlay		2,043		153,860		502,619

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

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, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021			For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:
Net investment income (loss)	$	20,502,915		$	26,532,140		$	(7,724,438	)	$	(12,672,976	)
Net realized gain		51,387,365			132,173,076			17,542,458			315,947,241
Net change in unrealized gain (loss)		(190,504,354	)		356,161,408			(15,438,321	)		(24,484,336	)
Net increase (decrease) in net assets resulting from operations		(118,614,074	)		514,866,624			(5,620,301	)		278,789,929
Distributions to shareholders:
From distributable earnings:
Institutional Shares		(184,192,220	)		(81,014,178	)		(485,488	)		(353,924	)
Class R6 Shares		—			—			(1,686	)		(899	)
Class P Shares		—			—			(302,965,029	)		(125,892,465	)
Total distributions to shareholders		(184,192,220	)		(81,014,178	)		(303,452,203	)		(126,247,288	)
From share transactions:
Proceeds from sales of shares		206,190,818			821,037,700			296,562,979			763,180,945
Reinvestment of distributions		184,192,220			81,014,178			303,452,203			126,247,288
Cost of shares redeemed		(430,618,190	)		(666,596,798	)		(317,996,340	)		(309,213,299	)
Net increase (decrease) in net assets resulting from share transactions		(40,235,152	)		235,455,080			282,018,842			580,214,934
TOTAL INCREASE (DECREASE)		(343,041,446	)		669,307,526			(27,053,662	)		732,757,575
Net assets:
Beginning of period		2,262,595,331			1,593,287,805			2,351,812,243			1,619,054,668
End of period	$	1,919,553,885		$	2,262,595,331		$	2,324,758,581		$	2,351,812,243

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

GOLDMAN SACHS ALLOCATION FUNDS

Statements of Changes in Net Assets (continued)

	Strategic Volatility Premium Fund						Tactical Tilt Overlay Fund(b)
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Period Ended August 31, 2021(a)			For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:
Net investment loss	$	(844,059	)	$	(265,378	)	$	(2,379,540	)	$	(2,929,316	)
Net realized gain (loss)		(4,388,993	)		1,437,141			(85,989,752	)		171,153,951
Net change in unrealized gain (loss)		1,763,505			583,116			(8,669,309	)		138,035,440
Net increase (decrease) in net assets resulting from operations		(3,469,547	)		1,754,879			74,940,903			306,260,075
Distributions to shareholders:
From distributable earnings:
Institutional Shares		(1,365	)		—			(225,531	)		(88,055	)
Class R6 Shares		—			—			(24,009,953	)		(41,354,663	)
Class P Shares		(1,774,163	)		—			(70,771,569	)		(113,568,116	)
Total distributions to shareholders		(1,775,528	)		—			(95,007,053	)		(155,010,834	)
From share transactions:
Proceeds from sales of shares		183,609,571			429,347,526			1,025,171,575			1,193,782,805
Reinvestment of distributions		1,775,528			—			95,007,053			155,010,834
Cost of shares redeemed		(79,914,430	)		(8,183,254	)		(715,204,594	)		(431,948,453	)
Net increase in net assets resulting from share transactions		105,470,669			421,164,272			404,974,034			916,845,186
TOTAL INCREASE		100,225,594			422,919,151			384,907,884			1,068,094,427
Net assets:
Beginning of period		422,919,151			—			4,097,479,091			3,029,384,664
End of period	$	523,144,745		$	422,919,151		$	4,482,386,975		$	4,097,479,091

(a) Commenced operations on March 29, 2021.

(b) 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. 47

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Managed Beta Fund
	Institutional Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Year Ended October 31, 2016
				2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	16.71		$	13.26		$	11.86		$	12.23		$	11.33		$	9.84		$	9.68
Net investment income(a)		0.16			0.21			0.22			0.29			0.25			0.15			0.18
Net realized and unrealized gain (loss)		(1.07	)		3.89			1.67			(0.25	)		1.00			1.54			0.11
Total from investment operations		(0.91	)		4.10			1.89			0.04			1.25			1.69			0.29
Distributions to shareholders from net investment income		(0.33	)		(0.18	)		(0.38	)		(0.29	)		(0.14	)		(0.20	)		(0.11	)
Distributions to shareholders from net realized gains		(1.11	)		(0.47	)		(0.11	)		(0.12	)		(0.21	)		—			(0.02	)
Total distributions		(1.44	)		(0.65	)		(0.49	)		(0.41	)		(0.35	)		(0.20	)		(0.13	)
Net asset value, end of period	$	14.36		$	16.71		$	13.26		$	11.86		$	12.23		$	11.33		$	9.84
Total return(b)		(5.99	)%		31.87	%		16.13	%		0.78	%		11.18	%		17.43	%		3.08	%
Net assets, end of period (in 000s)	$	1,919,554		$	2,262,595		$	1,593,288		$	1,151,378		$	1,184,276		$	442,071		$	144,246
Ratio of net expenses to average net assets(c)		0.30	%(d)		0.20	%		0.05	%		0.05	%		0.07	%		0.10	%(d)		0.17	%
Ratio of total expenses to average net assets(c)		0.35	%(d)		0.35	%		0.37	%		0.37	%		0.39	%		0.42	%(d)		0.48	%
Ratio of net investment income to average net assets		1.96	%(d)		1.40	%		1.79	%		2.49	%		2.07	%		1.71	%(d)		1.90	%
Portfolio turnover rate(e)		8	%		29	%		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.

48 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, 2022 (Unaudited)			Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.76		$	11.98		$	11.06		$	11.26		$	10.96		$	10.34
Net investment income (loss)(a)		(0.04	)		(0.08	)		0.03			0.11			0.06			—	(b)
Net realized and unrealized gain		0.03			1.77			1.18			0.30			0.50			0.70
Total from investment operations		(0.01	)		1.69			1.21			0.41			0.56			0.70
Distributions to shareholders from net investment income		—			—			(0.15	)		—			(0.01	)		—	(b)
Distributions to shareholders from net realized gains		(1.58	)		(0.91	)		(0.14	)		(0.61	)		(0.25	)		(0.08	)
Total distributions		(1.58	)		(0.91	)		(0.29	)		(0.61	)		(0.26	)		(0.08	)
Net asset value, end of period	$	11.17		$	12.76		$	11.98		$	11.06		$	11.26		$	10.96
Total return(c)		(0.32	)%		15.01	%		11.11	%		4.15	%		5.18	%		6.88	%
Net assets, end of period (in 000s)	$	9,081		$	3,960		$	3,013		$	5,424		$	20,035		$	1,459,234
Ratio of net expenses to average net assets		0.68	%(d)		0.69	%		0.69	%		0.72	%		0.71	%		0.74	%
Ratio of total expenses to average net assets		0.80	%(d)		0.82	%		0.82	%		0.82	%		0.80	%		0.84	%
Ratio of net investment income (loss) to average net assets		(0.67	)%(d)		(0.67	)%		0.26	%		1.05	%		0.59	%		0.01	%
Portfolio turnover rate(e)		—	%(f)		—	%(f)		—	%(f)		962	%		725	%		589	%

(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 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 Feburary 28, 2022, year ended August 31, 2021 and August 31, 2020, respectively.

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

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, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	12.63		$	11.87		$	10.96		$	11.26		$	11.10
Net investment income (loss)(b)		(0.04	)		(0.08	)		0.02			0.12			0.04
Net realized and unrealized gain		0.03			1.75			1.19			0.28			0.12
Total from investment operations		(0.01	)		1.67			1.21			0.40			0.16
Distributions to shareholders from net investment income		—			—			(0.16	)		(0.09	)		—
Distributions to shareholders from net realized gains		(1.58	)		(0.91	)		(0.14	)		(0.61	)		—
Total distributions		(1.58	)		(0.91	)		(0.30	)		(0.70	)		—
Net asset value, end of period	$	11.04		$	12.63		$	11.87		$	10.96		$	11.26
Total return(c)		(0.33	)%		15.08	%		11.12	%		4.14	%		1.44	%
Net assets, end of period (in 000s)	$	13		$	14		$	12		$	11		$	10
Ratio of net expenses to average net assets		0.65	%(d)		0.66	%		0.66	%		0.68	%		0.69	%(d)
Ratio of total expenses to average net assets		0.77	%(d)		0.78	%		0.80	%		0.80	%		0.79	%(d)
Ratio of net investment income (loss) to average net assets		(0.63	)%(d)		(0.64	)%		0.15	%		1.08	%		0.58	%(d)
Portfolio turnover rate(e)		—	%(f)		—	%(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 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 Feburary 28, 2022, year ended August 31, 2021 and August 31, 2020, respectively.

50 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, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	12.62		$	11.86		$	10.96		$	11.26		$	10.83
Net investment income (loss)(b)		(0.04	)		(0.08	)		0.02			0.11			0.02
Net realized and unrealized gain		0.03			1.75			1.18			0.29			0.41
Total from investment operations		(0.01	)		1.67			1.20			0.40			0.43
Distributions to shareholders from net investment income		—			—			(0.16	)		(0.09	)		—
Distributions to shareholders from net realized gains		(1.58	)		(0.91	)		(0.14	)		(0.61	)		—
Total distributions		(1.58	)		(0.91	)		(0.30	)		(0.70	)		—
Net asset value, end of period	$	11.03		$	12.62		$	11.86		$	10.96		$	11.26
Total return(c)		(0.33	)%		15.09	%		11.03	%		4.16	%		3.97	%
Net assets, end of period (in 000s)	$	2,315,664		$	2,347,839		$	1,616,030		$	1,565,955		$	2,467,490
Ratio of net expenses to average net assets		0.67	%(d)		0.68	%		0.68	%		0.71	%		0.71	%(d)
Ratio of total expenses to average net assets		0.79	%(d)		0.81	%		0.82	%		0.82	%		0.80	%(d)
Ratio of net investment income (loss) to average net assets		(0.66	)%(d)		(0.66	)%		0.15	%		1.07	%		0.40	%(d)
Portfolio turnover rate(e)		—	%(f)		—	%(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 Feburary 28, 2022, year ended August 31, 2021 and August 31, 2020, respectively.

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

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Volatility Premium Fund
	Institutional Shares
	Six Months Ended February 28, 2022 (Unaudited)			Period Ended August 31, 2021(a)
Per Share Data
Net asset value, beginning of period	$	10.10		$	10.00
Net investment income (loss)(b)		(0.02	)		(0.02	)
Net realized and unrealized gain (loss)		(0.06	)		0.12
Total from investment operations		(0.08	)		0.10
Distributions to shareholders from net realized gains		(0.04	)		—
Net asset value, end of period	$	9.98		$	10.10
Total return(c)		(0.81	)%		1.00	%
Net assets, end of period (in 000s)	$	304		$	350
Ratio of net expenses to average net assets		0.38	%(d)		0.38	%(d)
Ratio of total expenses to average net assets		0.62	%(d)		0.91	%(d)
Ratio of net investment income (loss) to average net assets		(0.37	)%(d)		(0.36	)%(d)
Portfolio turnover rate(e)		—	%(f)		—	%(f)

(a) Commenced operations on March 29, 2021.

(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, 2022 and August 31, 2021, respectively.

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

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Volatility Premium Fund
	Class P Shares
	Six Months Ended February 28, 2022 (Unaudited)			Period Ended August 31, 2021(a)
Per Share Data
Net asset value, beginning of period	$	10.10		$	10.00
Net investment income (loss)(b)		(0.02	)		(0.01	)
Net realized and unrealized gain (loss)		(0.05	)		0.11
Total from investment operations		(0.07	)		0.10
Distributions to shareholders from net realized gains		(0.04	)		—
Net asset value, end of period	$	9.99		$	10.10
Total return(c)		(0.81	)%		1.00	%
Net assets, end of period (in 000s)	$	522,841		$	422,570
Ratio of net expenses to average net assets		0.37	%(d)		0.37	%(d)
Ratio of total expenses to average net assets		0.61	%(d)		0.79	%(d)
Ratio of net investment income (loss) to average net assets		(0.36	)%(d)		(0.35	)%(d)
Portfolio turnover rate(e)		—	%(f)		—	%(f)

(a) Commenced operations on March 29, 2021.

(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, 2022 and August 31, 2021, respectively.

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

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, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 August 31, 2017*			Year Ended October 31, 2016
				2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	10.66		$	10.20		$	9.94		$	9.87		$	9.73		$	9.83		$	10.40
Net investment income (loss)(a)		(0.01	)		(0.02	)		0.11			0.22			0.12			0.09			0.11
Net realized and unrealized gain (loss)		0.18			0.95			0.26			(0.15	)		0.11			(0.01	)		(0.22	)
Total from investment operations		0.17			0.93			0.37			0.07			0.23			0.08			(0.11	)
Distributions to shareholders from net investment income		(0.21	)		(0.47	)		(0.11	)		—			(0.09	)		(0.18	)		(0.46	)
Net asset value, end of period	$	10.62		$	10.66		$	10.20		$	9.94		$	9.87		$	9.73		$	9.83
Total return(b)		1.63	%		9.43	%		3.72	%		0.71	%		2.39	%		0.82	%		(0.96	)%
Net assets, end of period (in 000s)	$	16,288		$	6,105		$	1,681		$	25,673		$	23,583		$	5,242,928		$	5,214,846
Ratio of net expenses to average net assets(c)		0.68	%(d)		0.69	%		0.73	%		0.74	%		0.69	%		0.62	%(d)		0.59	%
Ratio of total expenses to average net assets(c)		0.77	%(d)		0.78	%		0.78	%		0.79	%		0.76	%		0.75	%(d)		0.77	%
Ratio of net investment income (loss) to average net assets		(0.11	)%(d)		(0.15	)%		1.08	%		2.17	%		1.20	%		1.10	%(d)		1.15	%
Portfolio turnover rate(e)		29	%		60	%		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.

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

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, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	10.33		$	9.91		$	9.67		$	9.87		$	9.81
Net investment income (loss)(b)		(0.01	)		(0.01	)		0.07			0.26			0.11
Net realized and unrealized gain (loss)		0.18			0.92			0.28			(0.20	)		(0.05	)
Total from investment operations		0.17			0.91			0.35			0.06			0.06
Distributions to shareholders from net investment income		(0.21	)		(0.49	)		(0.11	)		(0.26	)		—
Net asset value, end of period	$	10.29		$	10.33		$	9.91		$	9.67		$	9.87
Total return(c)		1.68	%		9.48	%		3.80	%		0.58	%		0.61	%
Net assets, end of period (in 000s)	$	689,848		$	1,054,147		$	736,643		$	714,633		$	343,370
Ratio of net expenses to average net assets(d)		0.67	%(e)		0.69	%		0.72	%		0.73	%		0.69	%(e)
Ratio of total expenses to average net assets(d)		0.76	%(e)		0.77	%		0.78	%		0.78	%		0.76	%(e)
Ratio of net investment income (loss) to average net assets		(0.11	)%(e)		(0.09	)%		0.73	%		2.65	%		1.77	%(e)
Portfolio turnover rate(f)		29	%		60	%		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. 55

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

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, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	10.33		$	9.91		$	9.66		$	9.87		$	9.76
Net investment income (loss)(b)		(0.01	)		(0.01	)		0.08			0.20			0.14
Net realized and unrealized gain (loss)		0.18			0.92			0.28			(0.15	)		(0.03	)
Total from investment operations		0.17			0.91			0.36			0.05			0.11
Distributions to shareholders from net investment income		(0.21	)		(0.49	)		(0.11	)		(0.26	)		—
Net asset value, end of period	$	10.29		$	10.33		$	9.91		$	9.66		$	9.87
Total return(c)		1.68	%		9.47	%		3.79	%		0.59	%		1.13	%
Net assets, end of period (in 000s)	$	3,776,251		$	3,037,227		$	2,291,061		$	3,190,855		$	4,045,246
Ratio of net expenses to average net assets(d)		0.67	%(e)		0.69	%		0.72	%		0.72	%		0.71	%(e)
Ratio of total expenses to average net assets(d)		0.76	%(e)		0.77	%		0.78	%		0.78	%		0.77	%(e)
Ratio of net investment income (loss) to average net assets		(0.11	)%(e)		(0.08	)%		0.78	%		2.07	%		3.80	%(e)
Portfolio turnover rate(f)		29	%		60	%		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.

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

GOLDMAN SACHS ALLOCATION FUNDS

Notes to Financial Statements

February 28, 2022 (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	Institutional	Diversified
Strategic Factor Allocation	Institutional, R6 and P	Diversified
Strategic Volatility Premium	Institutional and P	Diversified
Tactical Tilt Overlay	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, Strategic Volatility Premium 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, 2022, the Fund’s net assets were $4,482,386,975, of which, $497,304,951, or 11.1%, 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. For the Global Managed Beta Fund, these reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statement of Operations. 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.

57

GOLDMAN SACHS ALLOCATION FUNDS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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. Income distributions are recognized as capital gains or income in the financial statements in accordance with the character that is distributed.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities and Consolidated Statement of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. 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, Strategic Factor Allocation Fund and Strategic Volatility Premium 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 for Global Managed Beta Fund — Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable funds of the Trust on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

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

G.  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 and Consolidated Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

H.  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 and Consolidated Statement of Operations within net change in

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities 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

59

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i.  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 and Consolidated Statement of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules 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.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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.

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

61

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where the Fund bought credit protection.

A total return swap is an agreement that gives 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 the Fund’s investments and derivatives classified in the fair value hierarchy as of February 28, 2022:

GLOBAL MANAGED BETA
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	479,925	$	15,270,414	$	—
Australia and Oceania		—		3,701,826		—
Europe		3,469,342		37,181,480		—
North America		143,296,248		—		—
South America		—		21,341		—
Exchange Traded Funds		1,514,892,773		—		—
Investment Company		64,502,600		—		—
Securities Lending Reinvestment Vehicle		167,534,371		—		—
Total	$	1,894,175,259	$	56,175,061	$	—

(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.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

GLOBAL MANAGED BETA (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	4,797,241		$	—
Futures Contracts(a)		1,195,808			—			—
Purchased Option Contracts		7,602,438			6,920,155			—
Total	$	8,798,246		$	11,717,396		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(1,004,041	)	$	—
Futures Contracts(a)		(16,336,909	)		—			—
Total Return Swap Contracts(a)		—			(277,265	)		—
Written Option Contracts		(3,745,718	)		(3,747,227	)		—
Total	$	(20,082,627	)	$	(5,028,533	)	$	—
STRATEGIC FACTOR ALLOCATION
Investment Type	Level 1			Level 2			Level 3
Assets
Investment Company	$	1,796,283,805		$	—		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	1,218,623		$	—
Futures Contracts(a)		23,267,926			—			—
Purchased Option contracts		1,000,473			—			—
Total	$	24,268,399		$	1,218,623		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(1,209,040	)	$	—
Futures Contracts(a)		(2,150,377	)		—			—
Written Option Contracts		(2,236,500	)		—			—
Total	$	(4,386,877	)	$	(1,209,040	)	$	—

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

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

GS STRATEGIC VOLATILITY PREMIUM
Investment Type	Level 1			Level 2			Level 3
Assets
Investment Company	$	415,056,018		$	—		$	—
Derivative Type
Assets
Futures Contracts(a)	$	2,334,798		$	—		$	—
Purchased option contracts		242,840			—			—
Total	$	2,577,638		$	—		$	—
Liabilities
Written option contracts	$	(282,755	)	$	—		$	—
TACTICAL TILT OVERLAY
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	4,998,860		$	—
U.S. Treasury Obligations		128,306,997			—			—
Exchange Traded Funds		273,643,631			—			—
Investment Companies		2,034,660,963			—			—
Short-term Investments		—			1,902,238,138			—
Securities Lending Reinvestment Vehicle		37,608,886			—			—
Total	$	2,474,220,477		$	1,907,236,998		$	—
Derivative Type
Assets
Futures Contracts(a)	$	7,176,019		$	—		$	—
Total Return Swap Contracts(a)		—			4,259,459			—
Purchased option contracts		45,322,650			6,610,595			—
Total	$	52,498,669		$	10,870,054		$	—
Liabilities
Interest Rate Swap Contracts(a)	$	—		$	(3,572,008	)	$	—
Total Return Swap Contracts(a)		—			(13,018,840	)		—
Written option contracts		(31,553,320	)		(53,215,023	)		—
Total	$	(31,553,320	)	$	(16,590,848	)	$	—

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

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

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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, 2022. 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
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Equity	Variation margin on futures contracts	$	653,238	(a)	Written options, at value	$	(20,359,892)	(a)(b)
Interest Rate	Purchased options, at value		8,145,008		—		—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		11,717,396		Payable for unrealized loss on forward foreign currency exchange contracts		(4,751,268)
Total		$	20,515,642	(a)		$	(25,111,160)
Strategic Factor Allocation
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Equity	Variation margin on futures Contracts; Purchased options, at value	$	17,985,366	(a)	Written options, at value	$	(1,115,000)
Interest Rate	Variation margin on futures contracts		6,283,033	(a)	Variation margin on futures contracts; Written options, at value		(3,271,877)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		1,218,623		Payable for unrealized loss on forward foreign currency exchange contracts		(1,209,040)
Total		$	25,487,022			$	(5,595,917)
Strategic Volatility Premium
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Equity	Variation margin on futures Contracts; Purchased options, at value	$	306,879	(a)	Written options, at value	$	(282,755)
Interest Rate	Variation margin on futures contracts		2,270,759	(a)	—		—
Total		$	2,577,638			$	(282,755)

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

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

Tactical Tilt Overlay
Risk	Consolidated Statement of Assets and Liabilities	Assets			Consolidated Statement of Assets and Liabilities	Liabilities
Equity	Receivable for unrealized gain on swap contracts; Purchased options, at value	$	5,329,800	(a)	Payable for unrealized loss on swap contracts; Written options, at value	$	(61,137,010)	(a)(b)
Interest rate	Variation margin on futures contracts		7,176,019	(a)	Variation margin on swaps contracts; Written options, at value		(6,294,558)	(a)
Commodity	Purchased options, at value		45,322,650		Written options, at value		(31,553,320)
Currency	Purchased options, at value		5,540,254		Written options, at value		(2,374,303)
Total		$	57,828,469			$	(101,359,191)

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

(b) Aggregate of amounts include $13,018,840 for Tactical Tilt Overlay Fund which represents the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Fund’s performance, their failure to pay on their obligations or failure to pledge collateral. Such amount does not include incremental charges directly associated with the close-out of the agreements. It also does not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Fund is entitled to a full return.

The following tables set forth, by certain risk types, each Fund’s gains (losses) related to these derivatives and their indicative volumes for the six months ended February 28, 2022.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
Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options	$	17,305,267		$(24,147,463)
Interest Rate	Net realized gain (loss) from futures contracts and purchased options/Net change in unrealized gain (loss) on futures contracts and purchased options		—		(14,029,668)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts, purchased and written options/Net change in unrealized gain (loss) on forward foreign currency exchange contracts, purchased and written options		23,415,830		(4,571,239)
Total		$	40,721,097		$(42,748,370)

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4. INVESTMENTS IN DERIVATIVES (continued)

Strategic Factor Allocation
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
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	$	42,196,449		$	(18,958,159	)
Interest Rate	Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options		(31,791,415	)		3,081,721
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		10,482,871			438,117
Total		$	20,887,905		$	(15,438,321	)
Strategic Volatility Premium
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
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	$	9,119,503		$	53,616
Interest Rate	Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options		(13,508,496	)		1,709,889
Total		$	(4,388,993	)	$	1,763,505
Tactical Tilt Overlay
Risk	Consolidated Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts, swap contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options and written options	$	96,531,551		$	(76,702,116	)
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, swaps contracts, purchased options and written options		(19,105,556	)		17,824,956
Commodity	Net change in unrealized gain (loss) on purchased and written options contracts		—			12,575,332
Currency	Net realized gain (loss) from purchased options and written options /Net change in unrealized gain (loss) on purchased options and written options		2,588,158			1,948,756
Total		$	80,014,153		$	(44,353,072	)

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

For the six months ended February 28, 2022, the relevant values for each derivative type was as follows:

	Average Number of Contracts, Notional Amounts, or Shares/Units(a)
Fund	Futures contracts		Forward contracts		Swap Agreements		Purchased Options		Purchased Swaptions		Written Options		Written Swaptions
Global Managed Beta		2,235	$	496,174,012	$	25,596,179		233,843,275	$	—		13,036,062	$	—
Strategic Factor Allocation		8,784		745,486,361		—		1,022,914		—		3,863,671		—
Strategic Volatility Premium		2,715		—		—		196,029		—		190,014		—
Tactical Tilt Overlay		6,220		—		662,490,363		188,400,490		76,665,000		11,629,978		338,268,571

(a) Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, purchased and written swaptions, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that each Fund held such derivatives during the six months ended February 28, 2022.

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, 2022:

	Derivative Assets(1)						Derivative Liabilities(1)
Counterparty	Options Purchased		Swaps		Total		Swaps			Options Written			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged(1)			Net Amount(2)
Barclays Bank PLC	$	—	$	—	$	—	$	(8,389,177	)	$	—		$	(8,389,177	)	$	(8,389,177	)	$	390,000		$	(7,999,177	)
BofA Securities LLC		1,538,277		—		1,538,277		—			—			—			1,538,277			(1,538,277	)		—
Citibank NA		—		—		—		—			(21,288,995	)		(21,288,995	)		(21,288,995	)		20,440,000			(848,995	)
J.P. Morgan Securities LLC		—		4,259,459		4,259,459		—			(8,118,971	)		(8,118,971	)		(3,859,512	)		3,859,512			—
MS & Co. Int. PLC		5,072,318		—		5,072,318		(4,629,663	)		(23,807,057	)		(28,436,720	)		(23,364,402	)		16,120,000			(7,244,402	)
Total	$	6,610,595	$	4,259,459	$	10,870,054	$	(13,018,840	)	$	(53,215,023	)	$	(66,233,863	)	$	(55,363,809	)	$	39,271,235		$	(16,092,574	)

(1) Gross amounts available for offset but not netted in the 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, 2022, 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
Global Managed Beta		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%		0.24	%
Strategic Factor Allocation		0.75	%		0.68	%		0.64	%		0.62	%		0.74	%		0.62	%
Strategic Volatility Premium		0.50	%		0.45	%		0.43	%		0.42	%		0.50	%		0.27	%
Tactical Tilt Overlay		0.75	%		0.68	%		0.64	%		0.62	%		0.71	%		0.64	%(a)

* 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, 2022. 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.

GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.40% as an annual percentage rate of the Strategic Volatility Premium Fund’s average daily net assets. This arrangement will remain in effect at least through December 29, 2022.

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

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 month ended February 28, 2022, GSAM waived $594,237, $1,432,392, $300,348 and $1,425,837 of the Global Managed Beta, Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Funds’ management fees, respectively.

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, 2022, GSAM waived $1,573,521 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, Strategic Factor Allocation Fund and Strategic Volatility Premium 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 and 0.03% of the average daily net assets of Class P Shares for the Strategic Volatility Premium 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, Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Funds are 0.204%, 0.164%, 0.064% and 0.164%, respectively. These Other Expense limitations will remain in place through at least December 29, 2022 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.

For the six months ended February 28, 2022, 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	$	594,237	$	—	$	594,237
Strategic Factor Allocation		1,432,392		—		1,432,392
Strategic Volatility Premium		533,625		82,377		616,002
Tactical Tilt Overlay		2,999,358		37,565		3,036,923

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

D. Line of Credit Facility — As of February 28, 2022, the Funds participated in a $1,000,000,000 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, 2022, the Funds did not have any borrowings under the facility.

E. Other Transactions with Affiliates — For the six months ended February 28, 2022, Goldman Sachs earned $46,476, 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, 2022, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following Funds:

Fund	Institutional			Class R6
Strategic Factor Allocation		—	%		100	%
Strategic Volatility Premium		17			—

The table below shows the transactions in and earnings from investments in the Underlying Funds for the six months ended February 28, 2022:

Global Managed Beta
Underlying Funds	Beginning Value as of August 31, 2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)		Change in Unrealized Gain/(Loss)			Ending Value as of February 28, 2022		Shares as of February 28, 2022		Dividend Income
Goldman Sachs ActiveBeta Emerging Markets Equity ETF	$	29,364,048	$	—	$	—		$	—	$	(2,909,411	)	$	26,454,637		749,848	$	675,193
Goldman Sachs Financial Square Government Fund — Institutional Shares		191,755,643		590,343,724		(717,596,767	)		—		—			64,502,600		64,502,600		18,092
Goldman Sachs MarketBeta International Equity ETF		316,708,078		14,776,682		—			—		(29,293,193	)		302,191,567		5,736,689		4,948,191
Goldman Sachs MarketBeta US Equity ETF		325,682,063		37,189,776		(9,798,184	)		154,891		(15,922,778	)		337,305,768		5,620,826		2,077,564
Total	$	863,509,832	$	642,310,182	$	(727,394,951	)	$	154,891	$	(48,125,382	)	$	730,454,572			$	7,719,040

Strategic Factor Allocation
Underlying Funds	Beginning Value as of August 31, 2021		Purchases at Cost		Proceeds from Sales			Ending Value as of February 28, 2022		Shares as of February 28, 2022		Dividend Income
Goldman Sachs Financial Square Government Fund — Institutional Shares	$	1,729,160,031	$	2,708,751,554	$	(2,641,627,780	)	$	1,796,283,805		1,796,283,805	$	159,567

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Strategic Volatility Premium
Underlying Funds	Beginning Value as of August 31, 2021		Purchases at Cost		Proceeds from Sales			Ending Value as of February 28, 2022		Shares as of February 28, 2022		Dividend Income
Goldman Sachs Financial Square Government Fund — Institutional Shares	$	368,029,368	$	586,708,115	$	(539,681,465	)	$	415,056,018		415,056,018	$	7,995

Tactical Tilt Overlay
Underlying Funds	Beginning Value as of August 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Gain/(Loss)			Ending Value as of February 28, 2022		Shares as of February 28, 2022		Dividend Income		Capital Gains Distribution
Goldman Sachs Financial Square Government Fund — Institutional Shares	$	1,850,734,808	$	2,049,631,005	$	(2,213,404,679	)	$	—		$	1,686,961,134		1,686,961,134	$	233,239	$	—
Goldman Sachs High Yield Floating Rate Fund — Class R6		104,904,518		129,555,350		—			(2,816,147	)		231,643,723		25,015,521		2,614,519		—
Goldman Sachs MLP Energy Infrastructure Fund — Class R6 Shares		19,074,456		658,245		—			3,726,073			23,458,774		851,498		658,245		—
Goldman Sachs Energy Infrastructure Fund — Class R6		76,333,727		4,951,165		—			11,312,440			92,597,332		8,752,111		1,585,014		3,366,151
Total	$	2,051,047,509	$	2,184,795,765	$	(2,213,404,679	)	$	12,222,366		$	2,034,660,963			$	5,091,017	$	3,366,151

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, 2022, were as follows:

Fund	Government Purchases		Purchases		Sales and Maturities
Global Managed Beta	$	—	$	148,509,393	$	274,211,790
Tactical Tilt Overlay		108,210,357		330,509,176		165,914,563

For the six months ended February 28, 2022, there were no purchases and proceeds from sales and maturities of long-term securities for the Strategic Factor Allocation and Strategic Volatility Premium Funds.

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

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7. SECURITIES LENDING (continued)

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.

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, 2022, are disclosed as “Payable upon return of securities loaned” on the Statement and 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, 2022, are reported under Investment Income on the Statement and 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, 2022.

Fund	Beginning Value as of August 31, 2021		Purchases at Cost		Proceeds from Sales			Ending Value as of February 28, 2022
Global Managed Beta	$	961,050	$	688,922,218	$	(522,348,897	)	$	167,534,371
Tactical Tilt Overlay		5,522,825		483,032,194		(450,946,133	)		37,608,886

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2021, the Funds capital loss carryforwards and certain timing differences on a tax basis were as follows:

	Global Managed Beta			Strategic Factor Allocation		Strategic Volatility Premium		Tactical Tilt Overlay
Capital loss carryforwards:
Perpetual Long-Term	$	—		$	—	$	—	$	(20,953,789	)
Perpetual Short-Term		—			—		—		(205,650,629	)
Total capital loss carryforwards	$	—		$	—	$	—	$	(226,604,418	)
Timing differences (Straddle Loss Deferral)	$	(12,327,164	)	$	—	$	—	$	(31,702,381	)

As of February 28, 2022, 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			Strategic Volatility Premium			Tactical Tilt Overlay
Tax Cost		$1,568,173,202		$	1,835,059,247		$	415,977,863		$	4,274,223,250
Gross unrealized gain		421,772,049			—			—			133,908,681
Gross unrealized loss		(39,594,931	)		(38,775,442	)		(921,845	)		(26,674,456	)
Net unrealized gains (losses)		$ 382,177,118		$	(38,775,442	)	$	(921,845	)	$	107,234,225

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.

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9. OTHER RISKS (continued)

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 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.

On March 5, 2021, the United Kingdom’s Financial Conduct Authority (“FCA”) and ICE Benchmark Authority formally announced that certain LIBOR benchmarks will cease publication after December 31, 2021 while others will cease publication after June 30, 2023. 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’s investments 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; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; 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 also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, 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.

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GOLDMAN SACHS ALLOCATION FUNDS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

9. OTHER RISKS (continued)

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 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 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 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 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. To the extent a Fund engages in cash redemptions, then liquidity risk may also refer to the risk that a Fund or an 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 Fund or an Underlying Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund or an Underlying Fund are forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect a Fund’s or an 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 Fund’s or an Underlying 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 or an Underlying 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

76

GOLDMAN SACHS ALLOCATION FUNDS

9. OTHER RISKS (continued)

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 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 with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial losses for, Tactical Tilt Overlay Fund shareholders.

77

GOLDMAN SACHS ALLOCATION FUNDS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

10. INDEMNIFICATIONS

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

11. SUBSEQUENT EVENTS

Subsequent events after the Statements 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.

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Global Managed Beta Fund
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		13,340,726		$	206,190,818			54,237,188		$	821,037,700
Reinvestment of distributions		11,856,265			184,192,220			5,764,208			81,014,178
Shares redeemed		(26,942,253	)		(430,618,190	)		(44,743,393	)		(666,596,798	)
NET INCREASE (DECREASE)		(1,745,262	)	$	(40,235,152	)		15,258,003		$	235,455,080

	Strategic Factor Allocation Fund
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		529,177		$	5,908,804			187,646		$	2,253,911
Reinvestment of distributions		42,401			485,488			31,128			353,924
Shares redeemed		(68,868	)		(778,656	)		(159,843	)		(1,888,077	)
		502,710			5,615,636			58,931			719,758
Class R6 Shares
Reinvestment of distributions		149			1,686			80			899
Class P Shares
Shares sold		24,438,705			290,654,175			64,661,223			760,927,034
Reinvestment of distributions		26,787,359			302,965,029			11,190,441			125,892,465
Shares redeemed		(27,362,583	)		(317,217,684	)		(26,073,017	)		(307,325,222	)
		23,863,481			276,401,520			49,778,647			579,494,277
NET INCREASE		24,366,340		$	282,018,842			49,837,658		$	580,214,934

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GOLDMAN SACHS ALLOCATION FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Strategic Volatility Premium Fund
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Period Ended August 31, 2021(a)
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		17,374		$	173,590			34,622		$	347,110
Reinvestment of distributions		136			1,365			—			—
Shares redeemed		(21,718	)		(217,081	)		(1	)		(10	)
		(4,208	)		(42,126	)		34,621			347,100
Class P Shares
Shares sold		18,292,044			183,435,981			42,669,960			429,000,416
Reinvestment of distributions		176,886			1,774,163			—			—
Shares redeemed		(7,963,216	)		(79,697,349	)		(814,504	)		(8,183,244	)
		10,505,714			105,512,795			41,855,456			420,817,172
NET INCREASE		10,501,506		$	105,470,669			41,890,077		$	421,164,272

(a) Commenced operations on March 29, 2021.

	Tactical Tilt Overlay Fund
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		1,007,790		$	10,800,204			550,145		$	5,746,917
Reinvestment of distributions		21,277			225,531			8,823			88,055
Shares redeemed		(68,667	)		(733,321	)		(151,058	)		(1,550,598	)
		960,400			10,292,414			407,910			4,284,374
Class R6 Shares
Shares sold		19,217,273			199,253,814			28,297,761			284,154,037
Reinvestment of distributions		2,340,151			24,009,953			4,276,594			41,354,663
Shares redeemed		(56,593,350	)		(585,368,184	)		(4,820,051	)		(48,576,023	)
		(35,035,926	)		(362,104,417	)		27,754,304			276,932,677
Class P Shares
Shares sold		78,562,938			815,117,557			89,171,451			903,881,851
Reinvestment of distributions		6,897,814			70,771,569			11,744,376			113,568,116
Shares redeemed		(12,483,502	)		(129,103,089	)		(37,989,658	)		(381,821,832	)
		72,977,250			756,786,037			62,926,169			635,628,135
NET INCREASE		38,901,724		$	404,974,034			91,088,383		$	916,845,186

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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 8-9, 2022, 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, 2021 through December 31, 2021 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of local holidays in non-U.S. jurisdictions. 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.

80

GOLDMAN SACHS ALLOCATION FUNDS

Fund Expenses — Six Month Period Ended February 28, 2022 (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, 2022, through February 28, 2022, 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							Strategic Volatility Premium Fund(a)							Tactical Tilt Overlay Fund
Share Class	Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/22*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/22*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/22*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/22*
Institutional
Actual	$	1,000.00	$	940.10		$	1.44	$	1,000.00	$	996.80		$	3.37	$	1,000.00	$	991.90		$	1.83	$	1,000.00	$	1,016.30		$	3.40
Hypothetical 5% return		1,000.00		1,023.31	+		1.51		1,000.00		1,021.42	+		3.41		1,000.00		1,022.96	+		1.86		1,000.00		1021.42	+		3.41
Class R6
Actual		—		—			—		1,000.00		996.70			3.22		—		—			—		1,000.00		1,016.80			3.35
Hypothetical 5% return		—		—			—		1,000.00		1,021.57	+		3.26		—		—			—		1,000.00		1021.47	+		3.36
Class P
Actual		—		—			—		1,000.00		996.70			3.32		1,000.00		991.90			1.83		1,000.00		1,016.80			3.35
Hypothetical 5% return		—		—			—		1,000.00		1021.47			3.36		1,000.00		1022.96			1.86		1,000.00		1,021.47	+		3.36

* Expenses are calculated using the Fund’s annualized net expense ratio (excluding proxy fees) for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2022. Expenses are calculated by multiplying the annualized net expense ratio (excluding proxy fees) 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		0.30	%		—	%		—	%
Strategic Factor Allocation		0.68			0.65			0.67
Strategic Volatility Premium		0.37			—			0.37
Tactical Tilt Overlay		0.68			0.67			0.67

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

81

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 $2.21 trillion in assets under supervision as of December 31, 2021, Goldman Sachs Asset Management 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. Goldman Sachs Asset Management 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

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Bond Fund⁴

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ 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

∎ Large Cap Core Fund⁵

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund⁶

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Mid Cap Growth Fund⁶

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ 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 July 29, 2021, the Goldman Sachs Short Duration Income Fund was renamed the Goldman Sachs Short Duration Bond Fund.

⁵  Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.

⁶  Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth 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 John G. Chou* Diana M. Daniels Joaquin Delgado Eileen H. Dowling James A. McNamara Roy W. Templin Gregory G. Weaver Paul C. Wirth* * Effective April 12, 2022.	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, 2022 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.

© 2022 Goldman Sachs. All rights reserved. 275078-OTU-1588984 ALLOCATESAR-22

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 August 31, 2021.
(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:	May 4, 2022

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:	May 4, 2022
By:	/s/ Joseph F. DiMaria
	Joseph F. DiMaria
	Principal Financial Officer
	Goldman Sachs Trust
Date:	May 4, 2022