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

Date of reporting period: April 30, 2022

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Semi-Annual Report	April 30, 2022
	Dividend Focus Funds
	Income Builder
	Rising Dividend Growth

Goldman Sachs Dividend Focus Funds

∎ INCOME BUILDER

∎ RISING DIVIDEND GROWTH

TABLE OF CONTENTS
Market Review	1
Fund Basics	6
Schedules of Investments	12
Financial Statements	34
Financial Highlights	37
Income Builder	37
Rising Dividend Growth	43
Notes to Financial Statements	50
Other Information	70

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET REVIEW

Dividend Focus Funds

The following are highlights both of key factors affecting the global capital markets broadly and the U.S. equity and energy MLP markets more specifically as well as of any key changes made to the Goldman Sachs Dividend Focus Funds (the “Funds”) during the six months ended April 30, 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 October 31, 2022.

Market and Economic Review

Global Capital Markets

• Overall, the global capital markets struggled during the Reporting Period. The MSCI World Index returned -11.30%; the MSCI Emerging Markets Index returned -14.15%; and the Bloomberg Global Aggregate Index returned -11.69%. The Russell 1000^® Value Index returned -3.95% and the ICE BofAML BB to B US High Yield Constrained Index returned -7.16% for the Reporting Period.

• As the Reporting Period began in November 2021, developed markets equities, as measured by the MSCI World Index, and emerging market equities, as measured by the MSCI Emerging Markets Index, were resilient despite elevated U.S. inflation data. However, with the emergence of the COVID-19 Omicron variant and concerns around tighter monetary policy from the U.S. Federal Reserve (the “Fed”) at the end of the month, global equities experienced a sharp sell-off, more than erasing earlier month gains, and bond yields declined. High yield corporate bonds edged down, as investor sentiment was challenged by interest rate volatility, softer oil prices, concerns about the Omicron variant and high levels of supply.

• After a weak November, global equities recovered strongly in December 2021 and bond yields generally rose, as financial markets proved rather immune to rising COVID-19 cases due to the lower severity of the Omicron variant and in line with healthy economic growth globally and expectations of tighter monetary policy in the U.S. and Europe. High yield corporate bonds posted modest gains as investor risk appetite improved.

• In response to higher inflationary pressures, the U.S. Fed signaled a more aggressive interest rate hike path than it had previously indicated and announced its plan to double the pace of its asset purchase tapering beginning in January 2022.

• Entering 2022, the rapidly evolving outlook for inflation and Fed policy had already complicated the macroeconomic outlook, but the February Russian invasion of Ukraine significantly increased uncertainty and volatility.

• For the first quarter of 2022 overall, valuations declined broadly across multiple asset classes. Credit spreads widened as bond yields simultaneously rose in response to inflationary pressures. Against this backdrop, high yield corporate bonds retreated. Global equities, both in the developed and emerging markets, declined significantly.

• Fed officials raised short-term interest rates by 25 basis points in March, the first U.S. rate hike since the end of 2018. (A basis point is 1/100^th of a percentage point.) Fed officials also forecast six more increases by the end of 2022.

• Elsewhere, the Bank of England and Norway’s central bank raised their policy interest rates. The European Central Bank (“ECB”) delivered a hawkish message but did not hike rates, signaling its asset purchases would conclude in the third quarter of 2022 and suggesting to many that ECB policymakers were more focused on upside inflation risks than on downside economic growth risks.

• April 2022 proved to be another difficult month for capital markets, as both equities and fixed income markets were down sharply, pressured by sustained high inflation, hawkish central banks and the prolonged conflict in Ukraine. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

1

MARKET REVIEW

U.S. Equities

• Overall, U.S. equities struggled during the Reporting Period. The Standard & Poor’s 500 Index (the “S&P 500 Index”) ended the Reporting Period with a return of -9.65%. The Russell 3000^® Index generated a return of -11.75%.

• Persistent supply-chain disruptions, hawkish Fed policy 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 November 2021, the S&P 500 Index fell, though retail earnings upside surprises and hints of easing supply chain constraints supported the U.S. equity market’s upward trajectory through most of the month.

• 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.

• The Fed walked back its use of “transitory” in describing the inflationary environment, 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 the first quarter of 2022, marking its first quarterly decline since the first quarter of 2020.

• The dramatic repricing of the Fed’s interest rate hike path and expectations for a more aggressive balance sheet runoff phase were accelerated due to concerns about elevated and persistent inflation pressures.

• Tensions arising from geopolitical conflict, most notably Russia’s invasion of Ukraine, also brought about concern, as commodity prices became volatile and the global supply chain came back into question.

• Dampened corporate earnings momentum, the velocity and magnitude of the U.S. Treasury yield increase, and the overhang of the Omicron variant bringing about supply chain issues and worker shortages further played into the bearish narrative during the quarter.

• In April 2022, the S&P 500 Index decreased, as U.S. equities remained under pressure, ending the month with its worst one-day return since June 11, 2020 and in correction territory.

• First quarter inflation, as measured by the Consumer Price Index, was reported in April, with the 8.5% year-over-year increase marking the largest 12-month advance since December 1981.

• Later in the month, Fed Chair Powell confirmed a 50 basis point interest rate hike was on the table for May 2022 and that the Fed was expected to formally announce the start of its balance sheet runoff.

• Geopolitical overhang brought concern, as it affected energy prices, leading, in turn, to low consumer sentiment and potentially changing consumer spending trends.

• Moreover, tightening financial conditions, spans of yield curve inversion (meaning short-term U.S. Treasury yields were higher than longer-term U.S. Treasury yields) and negative real wage growth dynamics drove some recession talk.

• China’s unwillingness to deviate from its zero-tolerance approach to COVID-19 and related lockdowns affecting supply chains as well as labor shortages and negative U.S. Gross Domestic Product growth for the first quarter of 2022 were also prevalent themes for the month even as the U.S. labor market remained strong and early corporate earnings reports highlighted a number of positive themes.

2

MARKET REVIEW

• For the Reporting Period overall, all segments of the U.S. equity market declined, but value stocks significantly outperformed growth stocks across the capitalization spectrum in part as a potential byproduct of anticipated higher interest rates in the near term.

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

Energy MLPs

• During the Reporting Period, commodity prices saw significant strength, with West Texas Intermediate (“WTI”) crude oil and natural gas prices up 30.60% and 33.51%, respectively.

• Early in the Reporting Period, commodity prices moved higher, as the market reacted to an emerging “energy crisis” amid rebounding economic activity and disciplined commodities supply.

• Later in November 2021, concerns around the spread of the COVID-19 Omicron variant drove a brief but sharp sell-off in commodities and energy-related equities. The spread of the Omicron variant raised concerns about the potential impact on near-term demand. However, data suggested that although highly transmissible, the variant was “less severe,” which ultimately helped ease market fears.

• Despite the brief sell-off, the fundamental backdrop for commodities remained strong heading into 2022.

• U.S. oil demand continued to tick higher, and supply struggled to keep pace given years of upstream¹ capital expenditure cuts, strong discipline from OPEC+² and U.S. producers remaining focused on maximizing free cash flow.

• This dynamic ultimately led to undersupplied energy markets, which were exacerbated by the Russian invasion of Ukraine on February 24^th, given Russia’s position as a major global exporter of crude oil and natural gas.

• Following the invasion of Ukraine, crude oil prices reached $128 per barrel — their highest level since 2008 — and continued to experience significant volatility through the end of the Reporting Period driven by developments surrounding the Russia/Ukraine conflict, the possibility of a European Union ban on Russian oil and potential oil demand-side concerns stemming from rising COVID-19 cases and lockdown procedures in China.

• While the midstream³ energy markets traded alongside the volatility in crude oil prices during April 2022, driven by geopolitical developments and China lockdown procedures, the sector continued to outperform the broader U.S. equity markets.

• For the Reporting Period as a whole, midstream energy markets moved higher alongside strong commodity prices.

• The Alerian MLP Index⁴, which measures energy infrastructure master limited partnerships (“MLPs”), and the Alerian Midstream Energy Index⁵, which measures the broader midstream sector inclusive of both energy MLPs and “C” corporations, generated total returns of 13.70% and 13.90%, respectively, during the Reporting Period, significantly outperforming broader equity markets, as represented by the -9.65% return of the S&P 500 Index.

¹  The upstream component of the energy industry is usually defined as those operations stages in the oil and gas industry that involve exploration and production. Upstream operations deal primarily with the exploration stages of the oil and gas industry, with upstream firms taking the first steps to first locate, test and drill for oil and gas. Later, once reserves are proven, upstream firms will extract any oil and gas from the reserve.

²  OPEC+ is comprised of the Organization of the Petroleum Exporting Countries (“OPEC”) and Russia.

³  The midstream component of the energy industry is usually defined as those companies providing products or services that help link the supply side (i.e., energy producers) and the demand side (i.e., energy end-users for any type of energy commodity. Such midstream businesses can include, but are not limited to, those that process, store, market and transport energy commodities.

⁴  Source: Alerian. The Alerian MLP Index is the leading gauge of energy infrastructure MLPs. The capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities, is disseminated real-time on a price-return basis (AMZ) and on a total-return basis (AMZX). It is not possible to invest directly in an unmanaged index.

⁵  Source: Alerian. The Alerian Midstream Energy Index is a broad-based composite of North American energy infrastructure companies. The capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities, is disseminated real-time on a price-return (AMNA), total-return (AMNAX), net total-return (AMNAN), and adjusted net total-return (AMNTR) basis. It is not possible to invest directly in an unmanaged index.

3

MARKET REVIEW

• In our view, midstream fundamentals remained, at the end of the Reporting Period, the healthiest on record.

• Management teams were no longer prioritizing growth and instead focusing on capital discipline, balance sheet strength, and above all, generating free cash flow and returning it back to investors via dividends and buybacks.

• At the same time, from a valuation perspective, the midstream sector screened as inexpensive, trading at a 3.1x discount to the S&P 500 Index on an enterprise value/earnings before interest, taxes, depreciation and amortization (“EBITDA”) basis, which was far below the long-term average premium of 1.2x versus the S&P 500 Index.

• The midstream sector continued to offer some of the highest yields in the equity asset class at the end of the Reporting Period, with the Alerian MLP Index yielding more than 7%, which was five times that of the S&P 500 Index and twice the yields of both utilities and real estate investment trusts.

• Strong oil and natural gas prices supported earnings momentum across the sector with the majority of the top U.S. midstream companies beating consensus EBITDA expectations for the fourth quarter of 2021.⁶

• The midstream sector benefited, we believe, not only from this constructive fundamental backdrop during the Reporting Period but also from technical factors including strong money flows from energy equity investors.

Fund Changes and Highlights

Goldman Sachs Income Builder Fund

• Effective January 3, 2022, Alexandra Wilson-Elizondo became a portfolio manager for the Fund, joining Ashish Shah, Ron Arons, Collin Bell, Charles “Brook” Dane and Neill Nuttall.

Goldman Sachs Rising Dividend Growth Fund

• While posting disappointing absolute returns, the Fund outperformed its benchmark, the Standard & Poor’s^® 500 Index (with dividends reinvested) (the “S&P 500 Index”), on a relative basis during the Reporting Period.

• The Fund’s dividend-paying investments outperformed the S&P 500 ex-Energy Index, the benchmark used for the dividend-paying growers portion of the Fund, during the Reporting Period.

• While sector allocations are the result of stock selection in the dividend-paying growers portion of the Fund, having an average underweight in communication services was a significant positive contributor to relative returns during the Reporting Period. Effective stock selection in the communication services, information technology and materials sectors also added notable value.

• These positive contributors were only partially offset by having an average underweight position in the utilities sector and by weaker stock selection in the utilities, financials, industrials, consumer staples and health care sectors, which detracted from relative performance during the Reporting Period.

• Further, not holding certain individual stocks that outperformed the S&P 500 ex-Energy Index during the Reporting Period —including Apple, Berkshire Hathaway, Johnson & Johnson, Procter & Gamble and AbbVie — dampened relative results.

• The Fund’s MLP & Energy Infrastructure Sleeve outperformed the Alerian MLP Index, the benchmark used for the MLP & Energy Infrastructure Sleeve of the Fund, during the Reporting Period.

• Relative overweights to the gathering & processing and integrated sub-industries contributed most positively. These sub-industries benefited from the strong recovery in crude oil and natural gas liquid prices during the Reporting Period given that these sub-industries are close to the wellhead and therefore tend to be sensitive to commodity price movements.

⁶  Ten of the top 15 U.S. midstream companies in the Alerian US Midstream Energy Index beat consensus EBITDA expectations for the fourth quarter of 2021.

4

MARKET REVIEW

• Stock selection in and a relative underweight to the pipeline transportation/petroleum sub-industry added value as well. This sub-industry benefited from the strong commodity backdrop but to a lesser degree, as the companies within this sub-industry generally have lower commodity price beta, or volatility of returns relative to the overall market. Our focus within the sub-industry was on what the Goldman Sachs Energy Infrastructure & Renewables Team viewed as high quality companies with strong dividend/distribution coverage, cash flow growth potential, a robust outlook for free cash flow generation and a healthy balance sheet.

• These positive contributors were only partially offset by having an overweight exposure to the power generation sub-industry, particularly renewable power generation companies, which detracted. During the Reporting Period, concerns around inflation and higher U.S. interest rates drove a broad rotation from growth to value stocks, which ultimately weighed on the clean energy sector, including renewable power generation companies.

5

FUND BASICS

Income Builder Fund

as of April 30, 2022

PERFORMANCE REVIEW
November 1, 2021–April 30, 2022	Fund Total Return (based on NAV)1			Russell 1000® Value  Index2			ICE BofAML BB to B U.S. High Yield Constrained  Index3
Class A		-5.84	%		-3.94	%		-7.16	%
Class C		-6.19			-3.94			-7.16
Institutional		-5.69			-3.94			-7.16
Investor		-5.75			-3.94			-7.16
Class R6		-5.72			-3.94			-7.16
Class P		-5.68			-3.94			-7.16

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

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

³  The ICE BofAML BB to B U.S. High Yield Constrained Index contains all securities in the ICE BofAML U.S. High Yield Index rated BB1 through B3, based on an average of Moody’s, S&P and Fitch, but caps issuer exposure at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. Similarly, the face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. It is not possible to invest directly in an unmanaged index.

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

6

FUND BASICS

TOP TEN EQUITY HOLDINGS AS OF 4/30/224
Holding	% of Net Assets			Line of Business
JPMorgan Chase & Co.		1.0	%	Banks
Johnson & Johnson		0.9		Pharmaceuticals
UnitedHealth Group, Inc.		0.9		Health Care Providers & Services
Bristol-Myers Squibb Co.		0.9		Pharmaceuticals
Schneider Electric SE ADR		0.8		Electrical Equipment
Shell PLC ADR		0.7		Oil, Gas & Consumable Fuels
Bank of America Corp.		0.7		Banks
Zurich Insurance Group AG ADR		0.7		Insurance
Medtronic PLC		0.7		Health Care Equipment & Supplies
Nordea Bank Abp ADR		0.7		Banks

⁴  The top 10 holdings may not be representative of the Fund's future investments.

FUND’S EQUITY SECTOR ALLOCATIONS VS. BENCHMARK⁵

As of April 30, 2022

⁵  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund's overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard ("GICS"), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of the total value of the Fund's Equity investments. The graph depicts the Fund's investments but may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

7

FUND BASICS

FUND’S FIXED INCOME COMPOSITION⁶

⁶  The percentage shown for each investment category reflects the value of investments in that category as a percentage of the Fund's Fixed Income investments. 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.

8

FUND BASICS

Rising Dividend Growth Fund

as of April 30, 2022

PERFORMANCE REVIEW
November 1, 2021–April 30, 2022	Fund Total Return (based on NAV)1			S&P 500 Index2
Class A		-5.14	%		-9.65	%
Class C		-5.51			-9.65
Institutional		-4.99			-9.65
Investor		-4.96			-9.65
Class R6		-4.92			-9.65
Class R		-5.21			-9.65
Class P		-4.99			-9.65

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

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

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

9

FUND BASICS

	TOP TEN HOLDINGS AS OF 4/30/223
��	Holding	% of Net Assets			Line of Business
	Comcast Corp. Class A		2.1	%	Media
	NextEra Energy, Inc.		2.1		Electric Utilities
	Activision Blizzard, Inc.		2.1		Entertainment
	MPLX LP		1.9		Oil, Gas & Consumable Fuels
	Energy Transfer LP		1.8		Oil, Gas & Consumable Fuels
	Western Midstream Partners LP		1.8		Oil, Gas & Consumable Fuels
	Mastercard, Inc. Class A		1.6		IT Services
	Visa, Inc. Class A		1.6		IT Services
	Microsoft Corp.		1.5		Software
	QUALCOMM, Inc.		1.5		Semiconductors & Semiconductor Equipment

³  The top 10 holdings may not be representative of the Fund’s future investments. The top 10 holdings exclude investments in money market funds.

FUND VS. BENCHMARK SECTOR ALLOCATION⁴

As of April 30, 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. 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 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 your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

10

PORTFOLIO RESULTS

Index Definition

Bloomberg Global Aggregate Index is a flagship measure of global investment grade debt from twenty-four local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.

MSCI World Index captures large and mid cap representation across 23 Developed Markets countries which include Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US.. With 1,539 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

MSCI Emerging Markets Index captures large and mid cap representation across 24 Emerging Markets countries which include Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. With 1,398 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

11

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 37.8%
Aerospace & Defense – 0.5%
	50,057	L3Harris Technologies, Inc.	$	11,626,239
Banks – 3.9%
	450,337	Bank of America Corp.		16,068,024
	434,861	BNP Paribas SA ADR		11,258,551
	198,767	JPMorgan Chase & Co.		23,724,829
	80,085	M&T Bank Corp.		13,345,365
	1,556,813	Nordea Bank Abp ADR		15,723,811
	236,060	Truist Financial Corp.		11,413,501
				91,534,081
Beverages – 0.7%
	60,985	Coca-Cola Europacific Partners PLC		3,046,201
	188,057	The Coca-Cola Co.		12,150,363
				15,196,564
Biotechnology – 0.3%
	27,920	Amgen, Inc.		6,510,665
Capital Markets – 0.9%
	13,077	BlackRock, Inc.		8,168,940
	91,688	Morgan Stanley		7,389,136
	59,418	Singapore Exchange Ltd. ADR		6,307,815
				21,865,891
Chemicals – 0.7%
	23,093	Air Products & Chemicals, Inc.		5,405,378
	38,535	Linde PLC		12,021,379
				17,426,757
Commercial Services & Supplies – 0.6%
	102,594	Republic Services, Inc.		13,775,296
Communications Equipment – 0.9%
	300,718	Cisco Systems, Inc.		14,729,167
	35,606	Intelsat Emergence SA		1,126,040
	156,086	Juniper Networks, Inc.		4,919,831
				20,775,038
Construction & Engineering – 0.3%
	284,572	Vinci SA ADR		6,829,728
Consumer Finance – 0.4%
	54,047	American Express Co.		9,442,551
Containers & Packaging – 0.2%
	108,738	International Paper Co.		5,032,395
Diversified Telecommunication Services – 0.7%
	811,562	AT&T, Inc.		15,306,059
Electric Utilities – 1.3%
	1,699,227	Enel SpA ADR		10,943,022
	191,905	NextEra Energy, Inc.		13,629,093
	90,901	Xcel Energy, Inc.		6,659,407
				31,231,522
Common Stocks – (continued)
Electrical Equipment – 1.4%
	98,703	Eaton Corp. PLC	$	14,313,909
	630,886	Schneider Electric SE ADR		17,961,324
				32,275,233
Electronic Equipment, Instruments & Components – 0.3%
	54,717	TE Connectivity Ltd.		6,827,587
Energy Equipment & Services(a) – 0.1%
	84,943	Noble Corp.		2,712,230
Equity Real Estate Investment Trusts (REITs) – 2.4%
	49,202	Alexandria Real Estate Equities, Inc.		8,962,636
	44,616	American Tower Corp.		10,753,348
	39,127	AvalonBay Communities, Inc.		8,900,610
	39,066	Boston Properties, Inc.		4,594,162
	79,672	Duke Realty Corp.		4,362,042
	115,306	Healthpeak Properties, Inc.		3,783,190
	181,238	Hudson Pacific Properties, Inc.		4,219,221
	206,746	Ventas, Inc.		11,484,740
				57,059,949
Food & Staples Retailing – 0.3%
	52,305	Walmart, Inc.		8,002,142
Food Products – 1.9%
	76,515	Archer-Daniels-Midland Co.		6,852,683
	125,443	General Mills, Inc.		8,872,583
	49,017	McCormick & Co., Inc.		4,929,640
	141,430	Mondelez International, Inc. Class A		9,119,407
	106,375	Nestle SA ADR		13,684,080
				43,458,393
Health Care Equipment & Supplies – 1.0%
	151,837	Medtronic PLC		15,845,709
	52,611	Zimmer Biomet Holdings, Inc.		6,352,778
	5,261	Zimvie, Inc.(a)		118,373
				22,316,860
Health Care Providers & Services – 1.5%
	147,635	CVS Health Corp.		14,192,153
	41,644	UnitedHealth Group, Inc.		21,178,056
				35,370,209
Hotels, Restaurants��& Leisure – 1.0%
	47,131	McDonald’s Corp.		11,743,160
	42,526	Starbucks Corp.		3,174,141
	62,925	Yum! Brands, Inc.		7,362,854
				22,280,155
Household Products – 1.2%
	60,652	Kimberly-Clark Corp.		8,420,317
	32,302	The Clorox Co.		4,634,368
	97,772	The Procter & Gamble Co.		15,697,295
				28,751,980

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

GOLDMAN SACHS INCOME BUILDER FUND

Shares		Description	Value
Common Stocks – (continued)
Industrial Conglomerates – 0.5%
	55,558	Honeywell International, Inc.	$	10,751,029
Insurance – 2.1%
	57,493	Chubb Ltd.		11,869,430
	53,639	Marsh & McLennan Cos., Inc.		8,673,426
	176,940	MetLife, Inc.		11,621,419
	354,323	Zurich Insurance Group AG ADR		16,001,227
				48,165,502
IT Services – 1.3%
	23,409	Accenture PLC Class A		7,031,127
	87,579	Cognizant Technology Solutions Corp. Class A		7,085,141
	59,024	Fidelity National Information Services, Inc.		5,852,230
	74,302	International Business Machines Corp.		9,823,467
				29,791,965
Machinery – 0.7%
	38,428	Cummins, Inc.		7,270,193
	51,033	Illinois Tool Works, Inc.		10,059,115
				17,329,308
Media – 0.1%
	194,739	Bright Pattern Holding Co.(b)		9,737
	85,038	The New York Times Co. Class A		3,258,656
				3,268,393
Metals & Mining – 0.5%
	180,605	Rio Tinto PLC ADR		12,844,628
Multi-Utilities – 1.5%
	101,680	Ameren Corp.		9,446,072
	124,474	CMS Energy Corp.		8,550,119
	120,920	National Grid PLC ADR		8,967,427
	54,312	Sempra Energy		8,763,785
				35,727,403
Multiline Retail – 0.4%
	43,286	Target Corp.		9,897,344
Oil, Gas & Consumable Fuels – 2.8%
	1,000	Chesapeake Energy Corp.		82,020
	79,436	Chevron Corp.		12,445,238
	142,691	ConocoPhillips		13,629,844
	189,153	Devon Energy Corp.		11,003,030
	4,135	Noble Corp.		132,031
	40,884	Pioneer Natural Resources Co.		9,504,304
	304,945	Shell PLC ADR		16,293,211
	86,915	Summit Midstream Partners LP(a)		1,474,078
				64,563,756
Pharmaceuticals – 3.2%
	109,401	AstraZeneca PLC ADR		7,264,226
	271,022	Bristol-Myers Squibb Co.		20,399,826
	49,369	Eli Lilly & Co.		14,422,166
Common Stocks – (continued)
Pharmaceuticals – (continued)
	122,568	Johnson & Johnson	$	22,118,621
	130,254	Novartis AG ADR		11,466,260
				75,671,099
Road & Rail – 0.3%
	33,547	Union Pacific Corp.		7,859,727
Semiconductors & Semiconductor Equipment – 1.0%
	25,687	KLA Corp.		8,200,832
	132,254	Marvell Technology, Inc.		7,681,312
	40,875	Texas Instruments, Inc.		6,958,969
				22,841,113
Software – 0.2%
	18,538	Microsoft Corp.		5,144,666
Specialty Retail – 0.3%
	21,862	Advance Auto Parts, Inc.		4,364,311
	11,642	The Home Depot, Inc.		3,497,257
				7,861,568
Technology Hardware, Storage & Peripherals – 0.1%
	45,337	NetApp, Inc.		3,320,935
Water Utilities – 0.3%
	46,955	American Water Works Co., Inc.		7,234,826
	TOTAL COMMON STOCKS
	(Cost $721,398,850)		$	887,880,786

Shares	Dividend Rate			Value
Preferred Stocks(c) – 0.4%
Capital Markets(d) – 0.2%
Morgan Stanley, Inc. (3M USD LIBOR + 3.708%)
183,597		6.375	%	$	4,779,030
Diversified Telecommunication Services – 0.1%
Qwest Corp.
43,276		6.500			967,219
Insurance(d) – 0.1%
Delphi Financial Group, Inc. (3M USD LIBOR + 3.190%)
143,849		3.696			2,948,904
TOTAL PREFERRED STOCKS
(Cost $8,780,987)				$	8,695,153

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 42.0%
Advertising(c)(e) – 0.1%
	Terrier Media Buyer, Inc.
$	2,850,000		8.875	%		12/15/27	$	2,778,750

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Aerospace & Defense(c) – 0.7%
	Bombardier, Inc.(e)
$	900,000		7.500	%		12/01/24	$	895,500
	998,000		7.500			03/15/25		968,060
	Spirit AeroSystems, Inc.
	4,715,000		4.600			06/15/28		4,066,687
	The Boeing Co.
	3,432,000		5.150			05/01/30		3,418,032
	1,652,000		5.805			05/01/50		1,652,958
	TransDigm, Inc.
	3,300,000		5.500			11/15/27		3,019,500
	315,000		4.625			01/15/29		273,263
	266,000		4.875			05/01/29		232,750
	Triumph Group, Inc.
	2,885,000		7.750			08/15/25		2,805,662
								17,332,412
Agriculture – 0.4%
	BAT Capital Corp.(c)
	10,000,000		4.390			08/15/37		8,516,600
	MHP SE(a)
	270,000		7.750			05/10/24		136,350
								8,652,950
Airlines – 0.5%
	American Airlines, Inc./AAdvantage Loyalty IP Ltd.(e)
	522,000		5.500			04/20/26		517,433
	1,717,000		5.750			04/20/29		1,648,320
	Azul Investments LLP(c)
	200,000		5.875			10/26/24		178,225
	200,000		7.250	(e)		06/15/26		170,725
	Delta Air Lines, Inc.(c)
	3,600,000		7.375			01/15/26		3,834,000
	Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.(c)(e)
	2,155,000		5.750			01/20/26		2,095,737
	United Airlines, Inc.(c)(e)
	1,625,000		4.375			04/15/26		1,564,062
	2,080,000		4.625			04/15/29		1,908,400
								11,916,902
Automotive – 1.4%
	BorgWarner, Inc.(e)
	2,000,000		5.000			10/01/25		2,055,140
	Clarios Global LP/Clarios U.S. Finance Co.(c)(e)
	1,850,000		8.500			05/15/27		1,852,313
	Dana, Inc.(c)
	2,075,000		4.250			09/01/30		1,784,500
	Dealer Tire LLC/DT Issuer LLC(c)(e)
	5,637,000		8.000			02/01/28		5,531,306
	Ford Motor Co.(c)
	3,726,000		3.250			02/12/32		3,029,059
	Ford Motor Credit Co. LLC(c)
	1,600,000		4.140			02/15/23		1,600,038
	400,000		4.687			06/09/25		391,890
	4,260,000		3.375			11/13/25		4,090,985
	3,111,000		4.950			05/28/27		3,026,636
	1,640,000		3.815			11/02/27		1,492,981
Corporate Obligations – (continued)
Automotive – (continued)
	General Motors Co.(c)
	3,000,000		6.600			04/01/36		3,234,390
	General Motors Financial Co., Inc.(c)
	1,975,000		5.650			01/17/29		2,033,539
	NIO, Inc.(f)
	190,000		0.000	(g)		02/01/26		158,758
	40,000		0.500			02/01/27		31,698
	Real Hero Merger Sub 2, Inc.(c)(e)
	360,000		6.250			02/01/29		292,500
	Wheel Pros, Inc.(c)(e)
	1,420,000		6.500			05/15/29		1,070,325
								31,676,058
Banks – 2.8%
	Absa Group Ltd.(c)(d) (5 year CMT + 5.411%)
	460,000		6.375			12/31/99		437,000
	Access Bank PLC
	400,000		6.125	(e)		09/21/26		373,700
	(5 year CMT + 8.070%)
	460,000		9.125	(c)(d)		10/07/49		423,200
	Alfa Bank AO Via Alfa Bond Issuance PLC(a)(c)(d) (5 year CMT + 4.546%)
	360,000		5.950			04/15/30		18,000
	Banco BBVA Peru SA(c)(d) (5 year CMT + 2.750%)
	190,000		5.250			09/22/29		190,154
	Banco Continental SAECA
	720,000		2.750			12/10/25		655,110
	Banco Davivienda SA(c)(d)(e) (10 year CMT + 5.097%)
	220,000		6.650			12/31/99		196,460
	Banco de Bogota SA
	330,000		6.250			05/12/26		327,896
	Banco do Brasil SA(c)(d) (10 Year CMT + 4.398%)
	200,000		6.250			10/29/49		185,538
	Banco Industrial SA/Guatemala(c)(d)(e) (5 Year CMT + 4.442%)
	930,000		4.875			01/29/31		881,175
	Banco Mercantil del Norte SA(c)(d)
	(5 year CMT + 4.643%)
	340,000		5.875	(e)		12/31/99		301,708
	(5 year CMT + 4.967%)
	690,000		6.750			12/31/99		663,176
	Banco Santander SA
	2,000,000		3.490			05/28/30		1,821,040
	Bank Hapoalim BM(c)(d)(e) (5 year CMT + 2.155%)
	460,000		3.255			01/21/32		414,000
	Bank Leumi Le-Israel BM(c)(d)(e) (5 Year CMT + 1.631%)
	710,000		3.275			01/29/31		647,165
	Bank of America Corp.(c)(d) (3M USD LIBOR + 3.898%)
	4,000,000		6.100			12/29/49		4,063,400
	BBVA Bancomer SA(c)(d) (5 Year CMT + 2.650%)
	530,000		5.125			01/18/33		490,250
	BNP Paribas SA(e)
	2,700,000		4.375			05/12/26		2,673,297
	BPCE SA(e)
	4,150,000		4.625			09/12/28		4,119,497
	Citigroup, Inc.(c)(d)
	(3M USD LIBOR + 4.517%)
	1,890,000		6.250			12/29/49		1,908,900

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

GOLDMAN SACHS INCOME BUILDER FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Citigroup, Inc.(c)(d) – (continued)
	(SOFR + 3.914%)
$	900,000		4.412	%		03/31/31	$	879,651
	Credit Bank of Moscow Via CBOM Finance PLC
	260,000		4.700	(e)		01/29/25		37,700
	(5 Year USD Swap + 5.416%)
	280,000		7.500	(c)(d)		10/05/27		35,000
	Credit Suisse Group AG(c)(d)(e) (5 Year USD Swap + 4.598%)
	1,702,000		7.500			12/29/49		1,706,255
	Deutsche Bank AG(c)(d)
	(5 Year CMT + 4.524%)
	800,000		6.000			12/31/99		748,000
	(5 Year USD Swap + 2.248%)
	2,000,000		4.296			05/24/28		1,957,010
	First Bank of Nigeria Ltd. Via FBN Finance Co. BV(e)
	200,000		8.625			10/27/25		198,500
	Freedom Mortgage Corp.(c)(e)
	3,225,000		7.625			05/01/26		2,934,750
	2,610,000		6.625			01/15/27		2,247,862
	ING Groep NV(c)(d) (5 Year USD Swap + 4.446%)
	5,000,000		6.500			12/29/49		5,037,500
	Intesa Sanpaolo SpA(e)
	8,000,000		5.017			06/26/24		7,904,000
	Ipoteka-Bank ATIB
	450,000		5.500			11/19/25		401,850
	Itau Unibanco Holding SA(c)(d) (5 Year CMT + 3.981%)
	500,000		6.125			12/31/99		481,375
	JPMorgan Chase & Co.(c)(d)
	(3M USD LIBOR + 3.330%)
	4,000,000		6.125			12/31/49		4,005,200
	(SOFR + 2.515%)
	441,000		2.956			05/13/31		387,820
	Natwest Group PLC
	2,975,000		6.000			12/19/23		3,062,474
	NBK Tier 1 Financing 2 Ltd.(c)(d) (6 Year USD Swap + 2.832%)
	790,000		4.500			12/31/99		755,092
	Standard Chartered PLC(c)(d)(e) (5 Year CMT + 3.805%)
	4,255,000		4.750			12/31/99		3,629,302
	Tinkoff Bank JSC Via TCS Finance Ltd.(c)(d)(e) (5 year CMT + 5.150%)
	200,000		6.000			12/31/49		10,000
	Truist Financial Corp.(c)(d) (10 Year CMT + 4.349%)
	2,237,000		5.100			12/31/99		2,209,798
	Turkiye Vakiflar Bankasi TAO
	200,000		6.000			11/01/22		199,140
	UBS Group AG(c)(d) (5 Year USD Swap + 4.590%)
	4,000,000		6.875			12/29/49		4,050,000
	UniCredit SpA(c)(d)(e) (5 Year CMT + 4.750%)
	1,525,000		5.459			06/30/35		1,376,206
	United Bank for Africa PLC
	670,000		7.750			06/08/22		657,144
	200,000		6.750			11/19/26		190,163
	Uzbek Industrial and Construction Bank ATB
	600,000		5.750			12/02/24		541,950
	Yapi ve Kredi Bankasi A/S(c)(d) (5 Year USD Swap + 11.245%)
	260,000		13.875			12/31/99		278,005
								66,712,413
Corporate Obligations – (continued)
Beverages(c) – 0.7%
	Anadolu Efes Biracilik Ve Malt Sanayii AS(e)
$	420,000		3.375	%		06/29/28	$	345,450
	Anheuser-Busch Cos., LLC/Anheuser-Busch InBev Worldwide, Inc.
	8,050,000		4.700			02/01/36		7,972,881
	Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL(e)
	400,000		5.250			04/27/29		378,000
	Constellation Brands, Inc.
	2,275,000		2.875			05/01/30		2,023,089
	3,975,000		2.250			08/01/31		3,299,409
	Keurig Dr Pepper, Inc.
	1,055,000		3.200			05/01/30		964,914
	308,000		3.800			05/01/50		260,275
								15,244,018
Building Materials – 0.6%
	Builders FirstSource, Inc.(c)(e)
	1,187,000		6.750			06/01/27		1,221,126
	1,800,000		5.000			03/01/30		1,656,000
	Cemex SAB de CV(c)(d)(e) (5 year CMT + 4.534%)
	470,000		5.125			12/31/99		426,658
	CP Atlas Buyer, Inc.(c)(e)
	2,160,000		7.000			12/01/28		1,803,600
	DiversiTech Holdings, Inc.(d)
	(1M USD LIBOR)
	1,843,571		4.453			12/22/28		1,812,470
	(1M USD LIBOR)
	625,000		7.453			12/21/29		606,250
	Grupo Cementos De Chihuahua SAB de CV(c)(e)
	450,000		3.614			04/20/32		390,938
	Masonite International Corp.(c)(e)
	2,075,000		5.375			02/01/28		1,986,813
	Standard Industries, Inc.(c)(e)
	1,880,000		4.375			07/15/30		1,579,200
	Standard Industries, Inc.(c)(e)
	4,054,000		3.375			01/15/31		3,273,605
								14,756,660
Chemicals – 0.8%
	Air Products & Chemicals, Inc.(c)
	200,000		2.800			05/15/50		155,566
	Ashland LLC(c)(e)
	3,225,000		3.375			09/01/31		2,789,625
	ASP Unifrax Holdings, Inc.(c)(e)
	1,025,000		5.250			09/30/28		900,719
	Axalta Coating Systems LLC(c)(e)
	3,100,000		3.375			02/15/29		2,681,500
	Braskem Netherlands Finance BV
	220,000		4.500			01/31/30		198,880
	Herens Holdco S.a.r.l.(c)(e)
	1,795,000		4.750			05/15/28		1,604,281
	INEOS Quattro Finance 2 PLC(c)(e)
	780,000		3.375			01/15/26		711,750
	Ingevity Corp.(c)(e)
	1,305,000		3.875			11/01/28		1,167,975

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Chemicals – (continued)
	Minerals Technologies, Inc.(c)(e)
$	1,695,000		5.000	%		07/01/28	$	1,576,350
	Rayonier AM Products, Inc.(c)(e)
	281,000		7.625			01/15/26		266,247
	Sasol Financing USA LLC(c)
	280,000		4.375			09/18/26		260,400
	The Chemours Co.(c)(e)
	4,560,000		4.625			11/15/29		3,950,100
	Tianqi Finco Co. Ltd.
	200,000		3.750			11/28/22		190,600
	Valvoline, Inc.(c)(e)
	885,000		3.625			06/15/31		716,850
	WR Grace Holdings LLC(c)(e)
	1,855,000		5.625			08/15/29		1,597,619
								18,768,462
Commercial Services – 1.2%
	Allied Universal Holdco LLC/Allied Universal Finance Corp.(c)(e)
	2,557,000		6.625			07/15/26		2,467,505
	1,700,000		6.000			06/01/29		1,406,750
	APi Escrow Corp.(c)(e)
	575,000		4.750			10/15/29		523,969
	APi Group DE, Inc.(c)(e)
	4,304,000		4.125			07/15/29		3,857,460
	APX Group, Inc.(c)(e)
	4,286,000		5.750			07/15/29		3,503,805
	Avis Budget Car Rental LLC/Avis Budget Finance, Inc.(c)(e)
	1,605,000		5.375			03/01/29		1,516,725
	HealthEquity, Inc.(c)(e)
	1,058,000		4.500			10/01/29		966,748
	Limak Iskenderun Uluslararasi Liman Isletmeciligi AS(c)(e)
	200,000		9.500			07/10/36		184,725
	Metis Merger Sub LLC(c)(e)
	717,000		6.500			05/15/29		623,790
	NESCO Holdings II, Inc.(c)(e)
	3,083,000		5.500			04/15/29		2,905,728
	North Queensland Export Terminal Pty Ltd.
	200,000		4.450			12/15/22		193,000
	Rent-A-Center, Inc.(c)(e)
	850,000		6.375			02/15/29		735,250
	Sabre Global, Inc.(c)(e)
	2,405,000		9.250			04/15/25		2,576,356
	Techem Verwaltungsgesellschaft 674 MBH(c)
EUR	668,190		6.000			07/30/26		692,360
	The ADT Security Corp.(c)(e)
$	4,387,000		4.125			08/01/29		3,717,982
	The Bidvest Group UK PLC(c)(e)
	470,000		3.625			09/23/26		430,050
	Verisure Holding AB(c)(e)
EUR	725,000		3.250			02/15/27		687,598
	Verisure Midholding AB(c)
	800,000		5.250	(e)		02/15/29		751,276
	1,450,000		5.250			02/15/29		1,360,603
								29,101,680
Corporate Obligations – (continued)
Commercial Services & Supplies – 0.0%
	Chesapeake Energy Corp.
$	2,000,000		5.500			09/15/26		37,500
Computers(c) – 0.8%
	Booz Allen Hamilton, Inc.(e)
	2,513,000		3.875			09/01/28		2,318,242
	Dell International LLC/EMC Corp.
	2,699,000		8.100			07/15/36		3,312,861
	Hewlett Packard Enterprise Co.
	3,000,000		6.200			10/15/35		3,278,400
	KBR, Inc.(e)
	1,161,000		4.750			09/30/28		1,091,340
	Presidio Holdings, Inc.(e)
	2,095,000		8.250			02/01/28		2,047,863
	Unisys Corp.(e)
	1,060,000		6.875			11/01/27		1,073,250
	Virtusa Corp.(e)
	2,371,000		7.125			12/15/28		2,169,465
	Western Digital Corp.
	3,000,000		4.750			02/15/26		2,985,000
								18,276,421
Distribution & Wholesale(c)(e) – 0.3%
	American Builders & Contractors Supply Co., Inc.
	2,760,000		3.875			11/15/29		2,435,700
	BCPE Empire Holdings, Inc.
	2,446,000		7.625			05/01/27		2,293,125
	IAA, Inc.
	750,000		5.500			06/15/27		733,125
	Ritchie Bros Holdings, Inc.
	440,000		4.750			12/15/31		440,000
								5,901,950
Diversified Financial Services – 3.0%
	AerCap Holdings NV(c)(d) (5 Year CMT + 4.535%)
	1,825,000		5.875			10/10/79		1,709,414
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust(c)
	3,625,000		3.000			10/29/28		3,151,720
	Air Lease Corp.(c)
	2,750,000		3.750			06/01/26		2,644,785
	Ally Financial, Inc.								��
	4,000,000		8.000			11/01/31		4,761,880
	(7 year CMT + 3.481%)
	3,415,000		4.700	(c)(d)		12/31/99		2,928,362
	Aviation Capital Group LLC(c)(e)
	800,000		1.950			01/30/26		714,048
	Avolon Holdings Funding Ltd.(c)(e)
	3,450,000		5.250			05/15/24		3,474,736
	1,927,000		2.528			11/18/27		1,657,220
	B3 SA – Brasil Bolsa Balcao(e)
	290,000		4.125			09/20/31		252,445
	Castlelake Aviation Finance DAC(c)(e)
	2,420,000		5.000			04/15/27		2,178,000
	Coinbase Global, Inc.(c)(e)
	2,234,000		3.375			10/01/28		1,742,520
	Global Aircraft Leasing Co. Ltd.(c)(e)(h) (PIK 7.250%, Cash 6.500%)
	1,879,174		6.500			09/15/24		1,627,834

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

GOLDMAN SACHS INCOME BUILDER FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	Intercorp Financial Services, Inc., Series I(c)
$	340,000		4.125	%		10/19/27	$	315,520
	Jefferies Finance LLC/JFIN Co-Issuer Corp.(c)(e)
	3,829,000		5.000			08/15/28		3,485,485
	LD Holdings Group LLC(c)(e)
	1,910,000		6.500			11/01/25		1,566,200
	Midcap Financial Issuer Trust(c)(e)
	2,567,000		6.500			05/01/28		2,210,829
	810,000		5.625			01/15/30		644,963
	Nationstar Mortgage Holdings, Inc.(c)(e)
	2,651,000		5.500			08/15/28		2,419,053
	Navient Corp.
	3,000,000		5.500			01/25/23		3,011,250
	4,388,000		5.500	(c)		03/15/29		3,850,470
	NFP Corp.(c)(e)
	3,360,000		6.875			08/15/28		2,965,200
	OneMain Finance Corp.
	1,602,000		7.125			03/15/26		1,622,025
	1,643,000		4.000	(c)		09/15/30		1,343,153
	Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc.(c)(e)
	1,365,000		6.375			02/01/27		1,380,356
	Raymond James Financial, Inc.(c)
	900,000		4.650			04/01/30		910,737
	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.(c)(e)
	2,305,000		2.875			10/15/26		2,037,074
	2,390,000		4.000			10/15/33		1,913,377
	The Charles Schwab Corp.(c)(d)
	(3M USD LIBOR + 3.315%)
	2,195,000		3.838			12/29/49		2,180,864
	(5 year CMT + 3.168%)
	2,875,000		4.000			12/31/99		2,621,684
	(5 Year CMT + 4.971%)
	1,250,000		5.375			12/31/99		1,263,100
	Unifin Financiera SAB de CV(c)(d) (5 year CMT + 6.308%)
	280,000		8.875			12/31/99		90,615
	United Wholesale Mortgage LLC(c)(e)
	3,195,000		5.500			04/15/29		2,671,819
	VistaJet Malta Finance PLC/XO Management Holding, Inc.(c)(e)
	1,230,000		7.875			05/01/27		1,156,200
	3,525,000		6.375			02/01/30		3,066,750
								69,569,688
Electrical – 0.7%
	AES Panama Generation Holdings SRL(c)
	460,000		4.375			05/31/30		409,400
	Calpine Corp.(c)(e)
	4,215,000		3.750			03/01/31		3,551,137
	Cikarang Listrindo Tbk PT(c)
	520,000		4.950			09/14/26		507,585
	EnfraGen Energia Sur SA
	200,000		5.375			12/30/30		144,280
	Eskom Holdings SOC Ltd.
	430,000		7.125			02/11/25		409,252
	Lamar Funding Ltd.
	470,000		3.958			05/07/25		455,841
	LLPL Capital Pte Ltd.
	400,982		6.875			02/04/39		391,659
Corporate Obligations – (continued)
Electrical – (continued)
	Minejesa Capital B.V.
	260,000		4.625			08/10/30		234,029
	Mong Duong Finance Holdings BV
	530,000		5.125			05/07/29		473,025
	NRG Energy, Inc.(c)
	2,800,000		3.750	(e)		06/15/24		2,767,688
	115,000		5.750			01/15/28		112,413
	448,000		3.375	(e)		02/15/29		381,920
	Pacific Gas & Electric Co.(c)
	1,470,000		3.500			08/01/50		1,025,193
	Pike Corp.(c)(e)
	2,420,000		5.500			09/01/28		2,208,250
	Sempra Energy(c)(d) (5 Year CMT + 4.550%)
	3,335,000		4.875			12/31/99		3,287,810
								16,359,482
Electrical Components & Equipment(c)(e) – 0.1%
	Wesco Distribution, Inc.
	1,473,000		7.250			06/15/28		1,524,555
Electronics(c)(e) – 0.2%
	II-VI, Inc.
	1,225,000		5.000			12/15/29		1,148,438
	Imola Merger Corp.
	3,117,000		4.750			05/15/29		2,933,876
	TTM Technologies, Inc.
	799,000		4.000			03/01/29		703,120
								4,785,434
Engineering & Construction – 0.4%
	Aeropuertos Dominicanos Siglo XXI SA(c)
	630,000		6.750			03/30/29		609,131
	Arcosa, Inc.(c)(e)
	1,221,000		4.375			04/15/29		1,111,110
	ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/Andean Telecom Par(c)(e)
	950,000		4.050			04/27/26		855,000
	Dycom Industries, Inc.(c)(e)
	2,764,000		4.500			04/15/29		2,487,600
	Global Infrastructure Solutions, Inc.(c)(e)
	2,805,000		5.625			06/01/29		2,566,575
	IHS Holding Ltd.(c)(e)
	200,000		5.625			11/29/26		190,000
	200,000		6.250			11/29/28		188,000
	International Airport Finance SA(c)
	197,647		12.000			03/15/33		205,792
	Mexico City Airport Trust
	320,000		5.500			10/31/46		255,200
								8,468,408
Entertainment(c)(e) – 0.8%
	Allen Media LLC/Allen Media Co-Issuer, Inc.
	1,575,000		10.500			02/15/28		1,425,375
	Banijay Entertainment SASU
	1,800,000		5.375			03/01/25		1,768,500
	Boyne USA, Inc.
	1,275,000		4.750			05/15/29		1,188,938

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Entertainment(c)(e) – (continued)
	Lions Gate Capital Holdings LLC
$	2,540,000		5.500	%		04/15/29	$	2,247,900
	Motion Bondco DAC
	3,250,000		6.625			11/15/27		2,973,750
	Penn National Gaming, Inc.
	3,067,000		4.125			07/01/29		2,599,282
	Scientific Games International, Inc.
	500,000		7.000			05/15/28		513,125
	SeaWorld Parks & Entertainment, Inc.
	4,880,000		5.250			08/15/29		4,440,800
	Six Flags Entertainment Corp.
	1,854,000		5.500			04/15/27		1,812,285
								18,969,955
Environmental(c) – 0.5%
	Covanta Holding Corp.
	670,000		5.000			09/01/30		603,838
	GFL Environmental, Inc.(e)
	730,000		5.125			12/15/26		717,225
	5,647,000		4.000			08/01/28		4,969,360
	Madison IAQ LLC(e)
	4,294,000		4.125			06/30/28		3,767,985
	485,000		5.875			06/30/29		395,275
	Stericycle, Inc.(e)
	1,950,000		5.375			07/15/24		1,957,312
								12,410,995
Finance Bonds(c)(e) – 0.1%
	Global Infrastructure Solutions, Inc.
	1,390,000		7.500			04/15/32		1,294,438
Food & Drug Retailing – 1.0%
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(c)(e)
	2,595,000		4.625			01/15/27		2,429,569
	1,995,000		5.875			02/15/28		1,937,644
	502,000		4.875			02/15/30		456,820
	Arcor SAIC
	110,000		6.000			07/06/23		109,725
	Bellis Acquisition Co. PLC(c)(e)
GBP	475,000		3.250			02/16/26		522,311
	H-Food Holdings LLC/Hearthside Finance Co., Inc.(c)(e)
$	2,820,000		8.500			06/01/26		2,647,275
	Kraft Heinz Foods Co.(c)
	2,303,000		5.000			07/15/35		2,294,226
	2,592,000		4.375			06/01/46		2,269,832
	Performance Food Group, Inc.(c)(e)
	1,150,000		5.500			10/15/27		1,114,062
	Post Holdings, Inc.(c)(e)
	5,984,000		4.625			04/15/30		5,131,280
	United Natural Foods, Inc.(c)(e)
	1,455,000		6.750			10/15/28		1,455,000
	US Foods, Inc.(c)(e)
	2,690,000		4.750			02/15/29		2,474,800
	1,020,000		4.625			06/01/30		918,000
								23,760,544
Corporate Obligations – (continued)
Forest Products&Paper(c)(e) – 0.0%
	Glatfelter Corp.
	670,000		4.750			11/15/29		536,000
Gaming(c) – 0.1%
	MGM China Holdings Ltd.(e)
	915,000		4.750			02/01/27		768,600
	MGM Resorts International
	1,832,000		4.750			10/15/28		1,685,440
	Wynn Macau Ltd.(e)
	330,000		5.625			08/26/28		265,238
	550,000		5.125			12/15/29		434,500
								3,153,778
Gas(c) – 0.2%
	AmeriGas Partners LP/AmeriGas Finance Corp.
	4,125,000		5.875			08/20/26		4,063,125
	China Oil & Gas Group Ltd.
	102,857		5.500			01/25/23		102,266
								4,165,391
Healthcare Providers & Services(c) – 1.1%
	CAB SELAS(e)
EUR	1,175,000		3.375			02/01/28		1,103,722
	Catalent Pharma Solutions, Inc.(e)
$	1,005,000		3.125			02/15/29		871,837
	840,000		3.500			04/01/30		732,900
	Chrome Holdco SASU(e)
EUR	2,100,000		5.000			05/31/29		1,927,195
	CHS/Community Health Systems, Inc.(e)
$	1,540,000		6.125			04/01/30		1,266,650
	2,170,000		4.750			02/15/31		1,839,075
	DaVita, Inc.(e)
	3,800,000		3.750			02/15/31		3,097,000
	Encompass Health Corp.
	1,200,000		4.500			02/01/28		1,107,000
	HCA, Inc.
	250,000		5.875			02/15/26		258,750
	Laboratoire Eimer Selas(e)
EUR	500,000		5.000			02/01/29		460,364
	LifePoint Health, Inc.(e)
$	2,635,000		5.375			01/15/29		2,252,925
	MEDNAX, Inc.(e)
	725,000		5.375			02/15/30		679,688
	Molina Healthcare, Inc.(e)
	1,893,000		3.875			05/15/32		1,665,840
	Mozart Debt Merger Sub, Inc.(e)
	3,270,000		3.875			04/01/29		2,861,250
	2,285,000		5.250			10/01/29		1,987,950
	Rede D’or Finance S.a.r.l.
	370,000		4.500			01/22/30		323,149
	Select Medical Corp.(e)
	1,700,000		6.250			08/15/26		1,685,125
	Tenet Healthcare Corp.(e)
	2,000,000		6.250			02/01/27		1,990,000
								26,110,420

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

GOLDMAN SACHS INCOME BUILDER FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Holding Companies-Diversified(c) – 0.0%
	KOC Holding A/S
$	700,000		6.500	%		03/11/25	$	697,944
Home Builders – 0.6%
	Brookfield Residential Properties, Inc./Brookfield Residential US LLC(c)(e)
	1,642,000		4.875			02/15/30		1,387,490
	Century Communities, Inc.(c)(e)
	4,550,000		3.875			08/15/29		3,833,375
	Installed Building Products, Inc.(c)(e)
	800,000		5.750			02/01/28		756,000
	LGI Homes, Inc.(c)(e)
	3,698,000		4.000			07/15/29		3,050,850
	PulteGroup, Inc.
	3,000,000		7.875			06/15/32		3,615,000
	Taylor Morrison Communities, Inc.(c)(e)
	1,301,000		5.125			08/01/30		1,180,657
								13,823,372
Home Furnishings(c)(e) – 0.1%
	Tempur Sealy International, Inc.
	1,515,000		3.875			10/15/31		1,257,450
Household Products(c) – 0.1%
	Central Garden & Pet Co.
	1,380,000		4.125			10/15/30		1,197,150
	Spectrum Brands, Inc.
	108,000		5.750			07/15/25		109,080
								1,306,230
Housewares(c) – 0.4%
	CD&R Smokey Buyer, Inc.(e)
	1,094,000		6.750			07/15/25		1,113,145
	Newell Brands, Inc.
	1,380,000		5.750			04/01/46		1,297,200
	SWF Escrow Issuer Corp.(e)
	3,255,000		6.500			10/01/29		2,514,488
	The Scotts Miracle-Gro Co.
	3,702,000		4.000			04/01/31		3,044,895
	Turkiye Sise ve Cam Fabrikalari A/S
	530,000		6.950			03/14/26		515,193
								8,484,921
Insurance – 0.8%
	Acrisure LLC/Acrisure Finance, Inc.(c)(e)
	1,550,000		10.125			08/01/26		1,629,438
	2,230,000		4.250			02/15/29		1,945,675
	2,490,000		6.000			08/01/29		2,175,637
	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer(c)(e)
	1,666,000		6.750			10/15/27		1,576,453
	American International Group, Inc.(c)
	2,250,000		3.400			06/30/30		2,133,112
	BroadStreet Partners, Inc.(c)(e)
	2,940,000		5.875			04/15/29		2,557,800
	Fidelity & Guaranty Life Holdings, Inc.(c)(e)
	2,850,000		5.500			05/01/25		2,937,267
Corporate Obligations – (continued)
Insurance – (continued)
	HUB International Ltd.(c)(e)
$	1,760,000		7.000	%		05/01/26	$	1,738,000
	Sagicor Financial Co. Ltd.(c)(e)
	200,000		5.300			05/13/28		195,500
	Transatlantic Holdings, Inc.
	75,000		8.000			11/30/39		102,514
	USI, Inc.(c)(e)
	1,850,000		6.875			05/01/25		1,822,250
								18,813,646
Internet – 1.8%
	Booking Holdings, Inc.(c)
	2,850,000		4.625			04/13/30		2,921,250
	Endurance International Group Holdings, Inc.(c)(e)
	6,473,000		6.000			02/15/29		5,210,765
	Expedia Group, Inc.(c)
	1,160,000		6.250	(e)		05/01/25		1,216,364
	1,382,000		4.625			08/01/27		1,388,703
	3,425,000		3.250			02/15/30		3,061,676
	Getty Images, Inc.(c)(e)
	3,720,000		9.750			03/01/27		3,840,900
	Go Daddy Operating Co. LLC/GD Finance Co., Inc.(c)(e)
	1,305,000		5.250			12/01/27		1,288,688
	GrubHub Holdings, Inc.(c)(e)
	3,400,000		5.500			07/01/27		2,915,500
	ION Trading Technologies Sarl(c)(e)
	1,868,000		5.750			05/15/28		1,751,250
	Match Group Holdings II LLC(c)(e)
	2,103,000		3.625			10/01/31		1,763,891
	NortonLifeLock, Inc.(c)(e)
	4,000,000		5.000			04/15/25		3,990,000
	Twitter, Inc.(c)(e)
	3,735,000		5.000			03/01/30		3,819,038
	Uber Technologies, Inc.(c)(e)
	3,200,000		7.500			05/15/25		3,304,000
	1,800,000		6.250			01/15/28		1,782,000
	4,090,000		4.500			08/15/29		3,527,625
	United Group B.V.(c)(e)
EUR	1,225,000		4.625			08/15/28		1,148,544
	Vnet Group, Inc.(f)(g)
$	350,000		0.000			02/01/26		301,404
								43,231,598
Investment Companies – 0.0%
	Huarong Finance 2017 Co. Ltd.
	200,000		4.250			11/07/27		183,000
Iron/Steel – 0.2%
	ABJA Investment Co. Pte Ltd.
	650,000		5.950			07/31/24		664,625
	CAP SA(c)(e)
	200,000		3.900			04/27/31		169,413
	Cleveland-Cliffs, Inc.(c)
	2,250,000		5.875			06/01/27		2,250,000
	1,620,000		4.875	(e)		03/01/31		1,512,675
	Metinvest B.V.(c)
	200,000		7.750			04/23/23		111,000
	200,000		8.500			04/23/26		107,000

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Iron/Steel – (continued)
	Samarco Mineracao SA
$	200,000		4.125	%		11/01/22	$	135,975
	Vale Overseas Ltd.(c)
	460,000		3.750			07/08/30		413,712
								5,364,400
Leisure Time – 0.2%
	NCL Corp. Ltd.(c)(e)
	3,550,000		3.625			12/15/24		3,292,625
	Royal Caribbean Cruises Ltd.
	955,000		5.250			11/15/22		956,194
	TUI Cruises GmbH(c)(e)
EUR	1,100,000		6.500			05/15/26		1,051,769
								5,300,588
Lodging(c)(e) – 0.2%
	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc
$	3,795,000		5.000			06/01/29		3,429,731
	Marriott Ownership Resorts, Inc.
	710,000		4.500			06/15/29		629,237
	Travel + Leisure Co.
	598,000		6.625			07/31/26		610,708
								4,669,676
Machinery – Construction & Mining(c)(e) – 0.2%
	BWX Technologies, Inc.
	1,023,000		4.125			06/30/28		948,833
	Vertiv Group Corp.
	2,956,000		4.125			11/15/28		2,568,025
								3,516,858
Machinery-Diversified(c)(e) – 0.2%
	Titan Acquisition Ltd./Titan Co-Borrower LLC
	588,000		7.750			04/15/26		572,565
	TK Elevator Holdco GmbH
	4,509,000		7.625			07/15/28		4,339,913
								4,912,478
Media – 3.5%
	Altice Financing SA(c)(e)
	1,848,000		5.000			01/15/28		1,556,940
EUR	2,975,000		4.250			08/15/29		2,666,387
	AMC Networks, Inc.(c)
$	1,800,000		4.750			08/01/25		1,737,000
	Cable Onda SA(c)
	450,000		4.500			01/30/30		418,984
	CCO Holdings LLC/CCO Holdings Capital Corp.(c)(e)
	4,980,000		4.750			03/01/30		4,432,200
	4,800,000		4.750			02/01/32		4,140,000
	6,580,000		4.250			01/15/34		5,231,100
	Charter Communications Operating LLC/Charter Communications Operating Capital(c)(e)
	12,000,000		6.384			10/23/35		12,564,600
	Comcast Corp.(c)(e)
	2,827,000		2.800			01/15/51		2,076,827
Corporate Obligations – (continued)
Media – (continued)
	CSC Holdings LLC(c)(e)
	2,298,000		4.625			12/01/30		1,757,970
	5,372,000		5.000			11/15/31		4,109,580
	Cumulus Media New Holdings, Inc.(c)(e)
	2,421,000		6.750			07/01/26		2,408,895
	Diamond Sports Group LLC/Diamond Sports Finance Co.(c)(e)
	3,345,000		6.625			08/15/27		694,088
	Directv Financing LLC/Directv Financing Co.-Obligor, Inc.(c)(e)
	5,980,000		5.875			08/15/27		5,621,200
	DISH DBS Corp.
	1,720,000		5.250	(c)(e)		12/01/26		1,573,800
	1,700,000		7.375	(c)		07/01/28		1,496,000
	4,195,000		5.125			06/01/29		3,251,125
	Gray Television, Inc.(c)(e)
	3,125,000		7.000			05/15/27		3,226,562
	iHeartCommunications, Inc.(c)
	2,380,000		8.375			05/01/27		2,362,150
	550,000		4.750	(e)		01/15/28		497,750
	LCPR Senior Secured Financing DAC(c)(e)
	3,156,000		5.125			07/15/29		2,864,070
	News Corp.(c)(e)
	2,470,000		3.875			05/15/29		2,241,525
	Nexstar Media, Inc.(c)(e)
	1,500,000		5.625			07/15/27		1,455,000
	Scripps Escrow II, Inc.(c)(e)
	1,305,000		5.375			01/15/31		1,158,188
	Scripps Escrow, Inc.(c)(e)
	1,050,000		5.875			07/15/27		1,005,375
	Sinclair Television Group, Inc.(c)(e)
	1,210,000		5.125			02/15/27		1,055,725
	Sirius XM Radio, Inc.(c)(e)
	820,000		3.125			09/01/26		754,400
	2,260,000		3.875			09/01/31		1,904,050
	TEGNA, Inc.(c)
	2,300,000		4.625			03/15/28		2,208,000
	Townsquare Media, Inc.(c)(e)
	2,038,000		6.875			02/01/26		2,030,358
	Urban One, Inc.(c)(e)
	1,690,000		7.375			02/01/28		1,639,300
	Ziggo B.V.(c)(e)
	1,628,000		4.875			01/15/30		1,444,850
	Ziggo Bond Co. B.V.(c)(e)
EUR	675,000		3.375			02/28/30		593,236
$	500,000		5.125			02/28/30		432,500
								82,609,735
Mining – 0.6%
	Constellium SE(c)(e)
	2,585,000		3.750			04/15/29		2,229,562
	Endeavour Mining PLC(c)(e)
	200,000		5.000			10/14/26		181,000
	First Quantum Minerals Ltd.(c)(e)
	1,148,000		7.250			04/01/23		1,148,861
	Freeport-McMoRan, Inc.(c)
	2,000,000		5.400			11/14/34		2,050,000
	Glencore Finance Canada Ltd.(e)
	3,000,000		5.550			10/25/42		2,968,290

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

GOLDMAN SACHS INCOME BUILDER FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Mining – (continued)
	Glencore Funding LLC(c)(e)
$	2,975,000		2.850	%		04/27/31	$	2,544,845
	Novelis Corp.(c)(e)
	2,400,000		4.750			01/30/30		2,208,000
	Vedanta Resources Finance II PLC(c)(e)
	200,000		9.250			04/23/26		166,000
								13,496,558
Miscellaneous Manufacturing – 0.3%
	General Electric Co.
	850,000		6.750			03/15/32		985,949
	(3M USD LIBOR + 3.330%)
	4,477,000		4.156	(c)(d)		12/29/49		4,243,211
	Hillenbrand, Inc.(c)
	1,349,000		3.750			03/01/31		1,190,493
								6,419,653
Multi-National – 0.0%
	The African Export-Import Bank(c)
	200,000		3.994			09/21/29		188,106
	The Eastern & Southern African Trade & Development Bank
	200,000		4.125			06/30/28		184,400
								372,506
Office & Business Equipment(c) – 0.1%
	CDW LLC/CDW Finance Corp.
	1,440,000		4.125			05/01/25		1,420,200
	Xerox Holdings Corp.(e)
	1,055,000		5.000			08/15/25		1,016,756
								2,436,956
Oil Field Services – 2.0%
	California Resources Corp.(c)(e)
	2,135,000		7.125			02/01/26		2,161,687
	Cenovus Energy, Inc.(c)
	984,000		5.375			07/15/25		1,021,707
	Cia General de Combustibles SA(e)
	560,000		9.500			03/08/25		559,300
	Civitas Resources, Inc(c)(e)
	1,345,000		5.000			10/15/26		1,281,113
	Continental Resources, Inc.(c)(e)
	1,306,000		5.750			01/15/31		1,337,018
	DNO ASA(c)(e)
	420,000		8.375			05/29/24		419,825
	330,000		7.875			09/09/26		325,978
	EQT Corp.(c)
	460,000		3.900			10/01/27		440,450
	1,915,000		3.625	(e)		05/15/31		1,737,862
	Gazprom PJSC via Gaz Finance PLC
	400,000		2.950			01/27/29		110,000
	Genel Energy Finance 4 PLC(c)(e)
	200,000		9.250			10/14/25		199,125
	Geopark Ltd.(c)(e)
	200,000		5.500			01/17/27		180,538
	Guara Norte S.a.r.l
	355,030		5.198			06/15/34		314,024
Corporate Obligations – (continued)
Oil Field Services – (continued)
	Hunt Oil Co. of Peru LLC Sucursal Del Peru
	440,680		6.375			06/01/28		422,309
	Kosmos Energy Ltd.(c)
	300,000		7.125			04/04/26		292,931
	200,000		7.500			03/01/28		192,500
	Leviathan Bond Ltd.(c)(e)
	470,000		5.750			06/30/23		466,416
	Lukoil Securities B.V.(e)
	500,000		3.875			05/06/30		195,000
	MEG Energy Corp.(c)(e)
	2,480,000		7.125			02/01/27		2,511,000
	1,250,000		5.875			02/01/29		1,218,750
	Nabors Industries, Inc.(c)(e)
	2,645,000		9.000			02/01/25		2,724,350
	4,795,000		7.375			05/15/27		4,890,900
	Noble Finance Co.(c)(h)
	(PIK 15.000%, Cash 11.000%)
	55,098		11.000	(e)		02/15/28		61,572
	(PIK 15.000%, Cash 11.000%)
	564,689		11.000			02/15/28		631,040
	Occidental Petroleum Corp.(c)
	2,180,000		8.000			07/15/25		2,354,400
	2,550,000		6.625			09/01/30		2,763,562
	Petroleos Mexicanos
	210,000		6.490	(c)		01/23/27		201,012
	290,000		6.500			03/13/27		277,034
	Range Resources Corp.(c)
	1,470,000		5.000			03/15/23		1,473,675
	985,000		4.750	(e)		02/15/30		938,213
	SEPLAT Energy PLC(c)(e)
	630,000		7.750			04/01/26		598,752
	ShaMaran Petroleum Corp.(c)(e)
	260,000		12.000			07/30/25		257,075
	Southwestern Energy Co.(c)
	1,445,000		4.750			02/01/32		1,365,525
	Sunoco LP/Sunoco Finance Corp.(c)
	1,720,000		4.500			05/15/29		1,548,000
	TechnipFMC PLC(c)(e)
	1,934,000		6.500			02/01/26		2,001,690
	Tiger Holdco Pte Ltd.(c)(e)(h)
	210,203		13.000			06/10/23		204,068
	Transocean Poseidon Ltd.(c)(e)
	975,938		6.875			02/01/27		939,340
	Transocean, Inc.(c)(e)
	4,448,000		11.500			01/30/27		4,425,760
	USA Compression Partners LP/USA Compression Finance Corp.(c)
	4,480,000		6.875			04/01/26		4,390,400
	YPF SA
	133,000		8.750			04/04/24		123,730
	262,500		8.500			03/23/25		241,303
								47,798,934
Packaging – 1.0%
	ARD Finance SA(c)(h) (PIK 5.750%, Cash 5.000%)
EUR	2,648,270		5.000			06/30/27		2,320,469

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Packaging – (continued)
	Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(c)
EUR	2,531,000		3.000	%		09/01/29	$	2,174,245
$	1,463,000		4.000	(e)		09/01/29		1,250,865
	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(c)(e)
	3,295,000		5.250			08/15/27		2,829,581
	Berry Global, Inc.(c)(e)
	1,308,000		4.500			02/15/26		1,286,745
	2,000,000		5.625			07/15/27		1,990,000
	Kleopatra Holdings 2 SCA(c)(e)
EUR	450,000		6.500			09/01/26		348,782
	LABL, Inc.(c)(e)
$	1,750,000		6.750			07/15/26		1,680,000
	Owens-Brockway Glass Container, Inc.(e)
	1,160,000		5.875			08/15/23		1,175,950
	Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC(c)(e)
	1,410,000		4.000			10/15/27		1,230,225
	Pactiv LLC
	2,845,000		8.375			04/15/27		2,816,550
	SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA(c)(e)
	290,000		3.500			08/02/28		250,633
	Sealed Air Corp.(e)
	1,843,000		6.875			07/15/33		2,018,085
	Trivium Packaging Finance B.V.(c)(e)
	1,075,000		5.500			08/15/26		1,041,406
	1,300,000		8.500			08/15/27		1,283,750
								23,697,286
Pharmaceuticals(c) – 1.4%
	AbbVie, Inc.
	6,650,000		3.200			11/21/29		6,199,263
	AdaptHealth LLC(e)
	1,445,000		6.125			08/01/28		1,365,525
	670,000		4.625			08/01/29		566,150
	1,020,000		5.125			03/01/30		882,300
	Bausch Health Cos., Inc.(e)
	2,240,000		6.125			02/01/27		2,153,200
	1,350,000		5.000			01/30/28		999,000
	1,350,000		5.250			01/30/30		948,375
	Becton Dickinson & Co.
	3,200,000		2.823			05/20/30		2,862,784
	Cheplapharm Arzneimittel GmbH(e)
	1,268,000		5.500			01/15/28		1,214,110
	CVS Health Corp.
	4,715,000		3.750			04/01/30		4,504,428
	Herbalife Nutrition Ltd./HLF Financing, Inc.(e)
	1,312,000		7.875			09/01/25		1,290,680
	HLF Financing S.a.r.l. LLC/Herbalife International, Inc.(e)
	7,384,000		4.875			06/01/29		5,971,810
	Organon & Co./Organon Foreign Debt Co.-Issuer BV(e)
	700,000		4.125			04/30/28		651,000
	1,950,000		5.125			04/30/31		1,769,625
	Prestige Brands, Inc.(e)
	1,855,000		3.750			04/01/31		1,574,431
Corporate Obligations – (continued)
Pharmaceuticals(c) – (continued)
	Teva Pharmaceutical Finance Netherlands II BV
EUR	210,000		3.750			05/09/27		199,827
	Vizient, Inc.(e)
$	580,000		6.250			05/15/27		598,125
								33,750,633
Pipelines – 3.6%
	Buckeye Partners LP(c)
	2,100,000		4.350			10/15/24		2,055,375
	4,636,000		3.950			12/01/26		4,381,020
	929,000		4.125			12/01/27		851,196
	1,217,000		4.500	(e)		03/01/28		1,110,513
	Cheniere Energy Partners LP(c)
	1,800,000		4.500			10/01/29		1,723,500
	CNX Midstream Partners LP(c)(e)
	1,210,000		4.750			04/15/30		1,107,150
	CQP Holdco LP/BIP-V Chinook Holdco LLC(c)(e)
	4,130,000		5.500			06/15/31		3,799,600
	DCP Midstream Operating LP(e)
	4,000,000		6.750			09/15/37		4,540,000
	DT Midstream, Inc.(c)(e)
	4,130,000		4.375			06/15/31		3,706,675
	Energy Transfer LP
	2,985,000		6.625			10/15/36		3,100,967
	Enterprise Products Operating LLC(c)(d) (3M USD LIBOR + 2.778%)
	1,000,000		3.301			06/01/67		875,120
	Genesis Energy LP/Genesis Energy Finance Corp.(c)
	2,010,000		7.750			02/01/28		1,919,550
	Global Partners LP/GLP Finance Corp.(c)
	2,055,000		6.875			01/15/29		1,983,075
	Hess Midstream Operations LP(c)(e)
	990,000		5.500			10/15/30		972,675
	Howard Midstream Energy Partners LLC(c)(e)
	1,565,000		6.750			01/15/27		1,502,400
	ITT Holdings LLC(c)(e)
	3,380,000		6.500			08/01/29		2,991,300
	Kinder Morgan Energy Partners LP
	7,000,000		7.300			08/15/33		8,138,550
	MPLX LP(c)
	5,925,000		2.650			08/15/30		5,096,329
	New Fortress Energy, Inc.(c)(e)
	2,110,000		6.750			09/15/25		2,062,525
	NGL Energy Operating LLC/NGL Energy Finance Corp.(c)(e)
	2,345,000		7.500			02/01/26		2,204,300
	NuStar Logistics LP(c)
	2,569,000		6.375			10/01/30		2,530,465
	Plains All American Pipeline LP/PAA Finance Corp.(c)
	3,000,000		3.600			11/01/24		2,964,990
	Sabine Pass Liquefaction LLC(c)
	2,275,000		4.200			03/15/28		2,234,823
	Summit Midstream Holdings LLC/Summit Midstream Finance Corp.(c)
	3,260,000		5.750			04/15/25		2,640,600
	3,370,000		8.500	(e)		10/15/26		3,134,100

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

GOLDMAN SACHS INCOME BUILDER FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Pipelines – (continued)
	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(c)(e)
$	525,000		6.000	%		12/31/30	$	484,313
	4,485,000		6.000			09/01/31		4,058,925
	Targa Resources Partners LP/Targa Resources Partners Finance Corp.(c)
	1,910,000		4.875			02/01/31		1,833,600
	The Williams Cos., Inc.
	7,000,000		7.500			01/15/31		8,266,650
	Venture Global Calcasieu Pass LLC(c)(e)
	3,243,000		4.125			08/15/31		2,951,130
								85,221,416
Real Estate – 0.1%
	Country Garden Holdings Co. Ltd.(f)
	210,000		5.625			12/15/26		140,175
	IRSA Propiedades Comerciales SA(c)
	540,000		8.750			03/23/23		530,989
	Realogy Group LLC/Realogy Co.-Issuer Corp.(c)(e)
	2,080,000		5.750			01/15/29		1,739,400
	Redsun Properties Group Ltd.(c)
	230,000		7.300			01/13/25		46,862
	The Howard Hughes Corp.(c)(e)
	1,096,000		4.125			02/01/29		986,400
								3,443,826
Real Estate Investment Trust – 0.9%
	American Tower Corp.(c)
	2,125,000		3.950			03/15/29		2,023,637
	Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL(c)(e)
	600,000		5.750			05/15/26		581,769
	CIBANCO SA Institucion de Banca Multiple Trust CIB/3332(c)(e)
	390,000		4.375			07/22/31		314,511
	Crown Castle International Corp.(c)
	300,000		4.150			07/01/50		260,004
	Growthpoint Properties International Pty Ltd.
	270,000		5.872			05/02/23		271,316
	Iron Mountain Information Management Services, Inc.(c)(e)
	2,395,000		5.000			07/15/32		2,107,600
	MPT Operating Partnership LP/MPT Finance Corp.(c)
	3,000,000		5.000			10/15/27		2,878,380
	2,680,000		3.500			03/15/31		2,271,300
	SBA Communications Corp.(c)
	2,637,000		3.875			02/15/27		2,485,372
	Starwood Property Trust, Inc.(c)
	2,700,000		4.750			03/15/25		2,656,125
	VICI Properties LP(c)
	1,306,000		4.625	(e)		06/15/25		1,299,470
	2,480,000		4.750			02/15/28		2,469,386
	VICI Properties LP/VICI Note Co., Inc.(c)(e)
	1,526,000		3.500			02/15/25		1,461,145
								21,080,015
Regional Banks – 0.0%
	National Bank of Uzbekistan
	200,000		4.850			10/21/25		176,663
Corporate Obligations – (continued)
Retailing – 1.5%
	Arko Corp.(c)(e)
	1,770,000		5.125			11/15/29		1,568,662
	Asbury Automotive Group, Inc.(c)(e)
	1,462,000		4.625			11/15/29		1,315,800
	809,000		5.000			02/15/32		722,033
	AutoNation, Inc.(c)
	961,000		4.750			06/01/30		944,874
	Beacon Roofing Supply, Inc.(c)(e)
	2,560,000		4.125			05/15/29		2,246,400
	Carvana Co.(c)(e)
	850,000		5.500			04/15/27		697,000
	4,235,000		4.875			09/01/29		3,112,725
	eG Global Finance PLC(c)(e)
	3,800,000		6.750			02/07/25		3,686,000
	Eurotorg LLC Via Bonitron DAC(e)
	560,000		9.000			10/22/25		170,800
	Foundation Building Materials, Inc.(c)(e)
	820,000		6.000			03/01/29		670,350
	GYP Holdings III Corp.(c)(e)
	1,160,000		4.625			05/01/29		1,042,941
	InRetail Consumer(c)
	200,000		3.250			03/22/28		176,538
	LCM Investments Holdings II LLC(c)(e)
	3,020,000		4.875			05/01/29		2,646,275
	Penske Automotive Group, Inc.(c)
	2,179,000		3.750			06/15/29		1,865,769
	Specialty Building Products Holdings LLC/SBP Finance Corp.(c)(e)
	3,446,000		6.375			09/30/26		3,368,465
	SRS Distribution, Inc.(c)(e)
	1,912,000		4.625			07/01/28		1,744,700
	3,525,000		6.125			07/01/29		3,102,000
	Suburban Propane Partners LP/Suburban Energy Finance Corp.(c)(e)
	2,245,000		5.000			06/01/31		2,026,112
	The Cheesecake Factory, Inc.
	353,000		0.375			06/15/26		301,374
	The Home Depot, Inc.(c)
	1,170,000		3.350			04/15/50		983,385
	Yum! Brands, Inc.(c)(e)
	3,064,000		4.750			01/15/30		2,918,460
								35,310,663
Semiconductors(c) – 0.5%
	Amkor Technology, Inc.(e)
	1,398,000		6.625			09/15/27		1,422,465
	Broadcom, Inc.
	3,723,000		4.150			11/15/30		3,520,134
	2,069,000		3.469	(e)		04/15/34		1,755,505
	1,856,000		3.137	(e)		11/15/35		1,487,788
	3,319,000		3.187	(e)		11/15/36		2,627,254
	NXP B.V./NXP Funding LLC/NXP USA, Inc.(e)
	982,000		3.400			05/01/30		894,484
	Qorvo, Inc.
	750,000		4.375			10/15/29		703,125
								12,410,755

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Software(c) – 1.1%
	Brunello Bidco SpA(e)
EUR	3,100,000		3.500	%		02/15/28	$	2,978,827
	Castle U.S. Holding Corp.(e)
$	4,104,000		9.500			02/15/28		3,765,420
	Clarivate Science Holdings Corp.(e)
	3,509,000		3.875			07/01/28		3,123,010
	2,401,000		4.875			07/01/29		2,112,880
	Elastic NV(e)
	1,835,000		4.125			07/15/29		1,644,619
	Minerva Merger Sub, Inc.(e)
	4,765,000		6.500			02/15/30		4,359,975
	Oracle Corp.
	1,405,000		3.600			04/01/50		1,008,734
	Playtika Holding Corp.(e)
	3,198,000		4.250			03/15/29		2,878,200
	PTC, Inc.(e)
	4,000		3.625			02/15/25		3,885
	ROBLOX Corp.(e)
	1,975,000		3.875			05/01/30		1,703,437
	SS&C Technologies, Inc.(e)
	850,000		5.500			09/30/27		834,063
	ZoomInfo Technologies LLC/ZoomInfo Finance Corp.(e)
	1,450,000		3.875			02/01/29		1,292,312
								25,705,362
Sovereign(c)(d) – 0.2%
	CoBank ACB (3M USD LIBOR + 4.660%)
	5,350,000		6.250			12/29/49		5,356,420
Telecommunication Services – 1.5%
	Altice France SA(c)(e)
	4,695,000		5.500			10/15/29		4,002,487
	America Movil SAB de CV(c)(e)
	360,000		5.375			04/04/32		327,492
	AT&T, Inc.(c)
	2,900,000		2.750			06/01/31		2,557,974
	3,000,000		5.250			03/01/37		3,193,050
	Axian Telecom(c)(e)
	250,000		7.375			02/16/27		242,188
	CommScope, Inc.(c)(e)
	1,100,000		6.000			03/01/26		1,038,125
	1,430,000		7.125			07/01/28		1,145,788
	CT Trust(c)
	440,000		5.125			02/03/32		408,232
	Digicel Group Holdings Ltd.(c)(e)(h) (PIK 3.000%, Cash 5.000%)
	646,348		8.000			04/01/25		540,024
	Digicel International Finance Ltd./Digicel international Holdings Ltd.(c)(e)
	230,000		8.750			05/25/24		224,538
	Frontier Communications Holdings LLC(c)(e)
	873,000		5.000			05/01/28		794,430
	Intelsat Jackson Holdings SA(b)
	708,000		5.500			08/01/23		—
	3,000,000		8.500			10/15/24		—
	Lorca Telecom Bondco SA(c)(e)
EUR	1,525,000		4.000			09/18/27		1,478,132
Corporate Obligations – (continued)
Telecommunication Services – (continued)
	Lumen Technologies, Inc.
$	1,450,000		5.125	%(c)(e)		12/15/26		1,308,625
	2,870,000		7.650			03/15/42		2,525,600
	MTN Mauritius Investments Ltd.
	420,000		6.500			10/13/26		433,466
	Network i2i, Ltd.(c)(d) (5 year CMT + 4.274%)
	360,000		5.650			12/31/99		355,230
	Nokia of America Corp.
	3,000,000		6.450			03/15/29		3,120,000
	Sprint Capital Corp.
	1,150,000		8.750			03/15/32		1,469,125
	T-Mobile USA, Inc.(c)
	2,700,000		3.875			04/15/30		2,555,550
	1,896,000		4.500			04/15/50		1,727,654
	Telecom Argentina SA(e)
	608,000		8.500			08/06/25		587,784
	Telecom Italia Capital SA
	1,800,000		7.200			07/18/36		1,629,000
	1,000,000		7.721			06/04/38		943,750
	Verizon Communications, Inc.(c)
	2,800,000		3.150			03/22/30		2,569,252
								35,177,496
Toys/Games/Hobbies(c) – 0.2%
	Mattel, Inc.
	2,475,000		3.150			03/15/23		2,462,625
	2,185,000		3.375	(e)		04/01/26		2,130,375
								4,593,000
Transportation – 0.1%
	Canadian Pacific Railway Co.(c)
	1,900,000		2.450			12/02/31		1,653,304
	Cargo Aircraft Management, Inc.(c)(e)
	785,000		4.750			02/01/28		733,975
	MV24 Capital B.V.(e)
	307,044		6.748			06/01/34		292,121
								2,679,400
Trucking & Leasing(c)(e) – 0.1%
	Fortress Transportation & Infrastructure Investors LLC
	2,220,000		5.500			05/01/28		1,914,750
	TOTAL CORPORATE OBLIGATIONS
	(Cost $1,080,783,605)						$	987,479,452
Mortgage-Backed Obligations(d) – 0.0%
Collateralized Mortgage Obligation – 0.0%
Sequential Floating Rate – 0.0%
	Merrill Lynch Alternative Note Asset Trust Series 2007-OAR3, Class A1 (1M USD LIBOR + 0.190%)
$	142,165		0.858	%		07/25/47	$	132,631
	(Cost $55,089)
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $55,089)						$	132,631

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

GOLDMAN SACHS INCOME BUILDER FUND

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Debt Obligations – 0.1%
Sovereign – 0.1%
	Oman Government International Bond
$	280,000		5.625	%		01/17/28	$	280,000
	200,000		6.250	(e)		01/25/31		203,000
	Republic of Ecuador(e)(g)
	57,283		0.000			07/31/30		31,194
	Republic of El Salvador(f)
	220,000		7.750			01/24/23		172,700
	Republic of Nigeria
	690,000		6.500			11/28/27		610,650
	Republic of Turkey
	260,000		6.125			10/24/28		231,124
	Ukraine Government Bond
	220,000		7.750			09/01/23		86,900
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $1,863,880)						$	1,615,568
Bank Loans(d)(l) – 7.0%
Advertising – 0.1%
	CMG Media Corp. (1M LIBOR + 3.500%)
$	1,173,150		4.264	%		12/17/26	$	1,155,131
Aerospace & Defense – 0.2%
	ADS Tactical, Inc. (3M LIBOR + 5.750%)
	4,295,443		6.750			03/19/26		4,066,367
Automotive – 0.6%
	First Brands Group LLC
	(3M LIBOR + 5.000%)
	3,325,736		6.000			03/30/27		3,312,233
	(3M LIBOR + 8.500%)
	2,900,000		9.739			03/30/28		2,889,125
	Garrett LX I S.a.r.l. (3M LIBOR + 3.250%)
	2,786,000		4.490			04/30/28		2,708,215
	Holley Purchaser, Inc.(j)
	(3M LIBOR + 3.750%)
	2,878,393		4.500			11/17/28		2,822,034
	(3M LIBOR + 3.750%)
	143,920		4.576			11/17/28		141,102
	OEConnection LLC (1M LIBOR + 4.000%)
	2,544,841		4.554			09/25/26		2,519,393
								14,392,102
Automotive – Parts – 0.0%
	Rough Country LLC (3M LIBOR + 6.500%)
	800,000		7.506			07/26/29		774,000
Building & Construction Materials – 0.2%
	Energize HoldCo LLC(j) (1M LIBOR + 3.750%)
	2,325,000		4.514			12/08/28		2,297,402
	Energize HoldCo. LLC (1M LIBOR + 6.750%)
	1,250,000		7.514			12/07/29		1,231,250
	KKR Apple Bidco LLC(j) (1M LIBOR + 5.750%)
	325,000		6.514			09/21/29		324,188
								3,852,840
Bank Loans(d)(l) – (continued)
Chemicals – 0.2%
	Momentive Performance Materials, Inc. (1M LIBOR + 3.250%)
	2,090,875		4.020			05/15/24		2,073,897
	Starfruit Finco B.V. (3M LIBOR + 3.000%)
	2,234,279		4.006			10/01/25		2,199,827
								4,273,724
Commercial Services – 0.2%
	Allied Universal Holdco LLC (1M LIBOR + 3.750%)
	1,442,750		4.514			05/12/28		1,403,825
	Vaco Holdings, LLC (3M SOFR + 5.000%)
	1,271,813		5.801			01/21/29		1,268,633
	Verscend Holding Corp. (1M LIBOR + 4.000%)
	1,352,054		4.764			08/27/25		1,346,145
								4,018,603
Computers – 0.0%
	Ola Singapore PTE Ltd. (3M SOFR+6.250%)
	822,938		7.000			12/15/26		797,221
Consumer Cyclical Services – 0.1%
	The Hertz Corp.
	(1M LIBOR + 3.250%)
	507,443		4.014			06/30/28		504,972
	(1M LIBOR + 3.250%)
	2,672,362		4.014			06/30/28		2,659,348
								3,164,320
Diversified Financial Services – 0.1%
	Fiserv Investment Solutions, Inc. (3M LIBOR + 4.000%)
	638,625		4.488			02/18/27		635,962
	Syncapay, Inc. (3M LIBOR + 6.500%)
	2,082,813		7.506			12/10/27		2,077,605
								2,713,567
Diversified Manufacturing – 0.1%
	Apex Tool Group, LLC (1M SOFR + 5.250%)
	2,650,000		5.750			02/08/29		2,530,750
Environmental – 0.1%
	Packers Holdings LLC (3M LIBOR + 3.250%)
	2,426,417		4.000			03/09/28		2,379,709
Food & Drug Retailing – 0.0%
	B&G Foods, Inc. (1M LIBOR + 2.500%)
	619,375		3.264			10/10/26		606,368
Health Care – Services – 0.1%
	ICON Luxembourg S.a.r.l.
	(3M LIBOR + 2.250%)
	853,021		3.313			07/03/28		847,553
	(3M LIBOR + 2.250%)
	212,531		3.313			07/03/28		211,168
	U.S. Renal Care, Inc.(b) (1M LIBOR + 5.500%)
	2,388,000		6.500			06/26/26		2,101,440
								3,160,161
Healthcare Providers & Services – 0.2%
	Insulet Corp. (1M LIBOR + 3.250%)
	1,389,500		4.014			05/04/28		1,387,180

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(d)(l) – (continued)
Healthcare Providers & Services – (continued)
	RegionalCare Hospital Partners Holdings, Inc. (1M LIBOR + 3.750%)
$	3,200,000		4.499	%		11/16/25	$	3,158,656
								4,545,836
Home Construction – 0.2%
	Chamberlain Group, Inc. (3M LIBOR + 3.500%)
	4,413,938		4.506			11/03/28		4,327,027
Industrial Services – 0.1%
	LaserShip, Inc. (3M LIBOR + 4.500%)
	2,437,750		5.250			05/07/28		2,413,373
Leisure Time – 0.1%
	Arcis Golf LLC (1M LIBOR + 4.250%)
	2,025,000		5.014			11/24/28		2,017,406
Machinery – 0.0%
	Brown Group Holding LLC (3M LIBOR + 2.500%)
	988,904		3.506			06/07/28		973,576
Machinery-Diversified – 0.1%
	Clark Equipment Co.
	350,000		3.242			04/20/29		348,796
	Engineered Machinery Holdings, Inc.
	(3M EURIBOR + 3.750%)
EUR	870,625		3.750			05/21/28		899,095
	(3M LIBOR + 3.750%)
$	1,866,446		4.756			05/19/28		1,855,957
								3,103,848
Media – Broadcasting & Radio – 0.2%
	Getty Images, Inc. (3M LIBOR + 4.500%)
	1,913,846		5.063			02/19/26		1,904,277
	Grinding Media, Inc. (3M LIBOR + 4.000%)
	2,661,625		4.796			10/12/28		2,601,738
								4,506,015
Media – Cable – 0.5%
	CSC Holdings LLC
	(1M LIBOR + 2.250%)
	1,667,695		2.804			07/17/25		1,633,091
	(1M LIBOR + 2.500%)
	3,716,333		3.054			04/15/27		3,639,702
	Cumulus Media New Holdings, Inc. (6M LIBOR + 3.750%)
	602,528		4.750			03/31/26		599,642
	DirecTV Financing LLC (1M LIBOR + 5.000%)
	2,459,125		5.764			08/02/27		2,446,583
	Syndigo LLC
	(3M LIBOR + 8.000%)
	625,000		8.750			12/15/28		612,500
	(6M LIBOR + 4.50%)
	2,054,250		5.250			12/15/27		2,023,436
								10,954,954
Oil Field Services – 0.1%
	Apergy Corp. (3M LIBOR + 5.000%)
	3,182,051		6.000			06/03/27		3,186,029
Bank Loans(d)(l) – (continued)
Packaging – 0.3%
	LABL, Inc.(j) (1M LIBOR + 5.000%)
	1,895,250		5.764			10/29/28		1,858,539
	Pretium PKG Holdings, Inc. (1M LIBOR + 4.000%)
	1,197,000		4.500			10/02/28		1,160,491
	Reynolds Group Holdings, Inc. (1M LIBOR + 3.250%)
	1,061,563		4.014			02/05/26		1,031,043
	Trident TPI Holdings, Inc.
	(1M LIBOR + 4.000%)
	163,154		4.764			09/15/28		161,035
	(1M LIBOR + 4.000%)
	1,829,935		4.764			09/15/28		1,805,542
								6,016,650
Pharmaceuticals – 0.5%
	Bausch Health Cos., Inc. (1M LIBOR + 3.000%)
	4,960,367		3.764			06/02/25		4,930,406
	Gainwell Acquisition Corp. (3M LIBOR + 4.000%)
	6,320,000		5.006			10/01/27		6,292,382
								11,222,788
Retailers – 0.1%
	TruGreen LP (3M LIBOR + 8.500%)
	2,650,000		9.264			11/02/28		2,656,625
Retailing – 0.2%
	New Era Cap LLC (6M LIBOR + 5.750%)
	2,025,000		6.750			07/13/27		2,004,750
	Rough Country LLC (3M LIBOR + 3.500%)
	1,925,625		4.506			07/28/28		1,871,072
								3,875,822
Semiconductors – 0.0%
	Allegro Microsystems, Inc. (1M LIBOR + 3.750%)
	73,077		4.514			09/30/27		72,346
Services Cyclical – Business Services – 0.1%
	Travelport Finance (Luxembourg) S.a.r.l. (3M LIBOR + 1.500%)
	1,691,913		2.500			02/28/25		1,725,751
Services Cyclical – Consumer Services – 0.1%
	Asurion LLC (1M LIBOR + 3.250%)
	3,283,573		4.014			12/23/26		3,206,967
Technology – Software/Services – 1.9%
	AppLovin Corp. (1M LIBOR + 3.250%)
	839,158		4.014			08/15/25		835,558
	Banff Merger Sub, Inc. (1M LIBOR + 3.750%)
	4,317,366		4.514			10/02/25		4,259,643
	Ceridian HCM Holding, Inc. (1M LIBOR + 2.500%)
	2,895,000		3.264			04/30/25		2,854,296
	Cloudera, Inc. (1M LIBOR + 3.750%)
	3,250,000		4.514			10/08/28		3,193,125
	DCert Buyer, Inc.
	(1M LIBOR + 4.000%)
	2,060,407		4.764			10/16/26		2,050,105
	(1M LIBOR + 7.000%)
	2,700,000		7.764			02/19/29		2,667,384
	Endure Digital, Inc. (3M LIBOR + 3.500%)
	2,009,813		4.250			02/10/28		1,917,703

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

GOLDMAN SACHS INCOME BUILDER FUND

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(d)(l) – (continued)
Technology – Software/Services – (continued)
	Epicor Software Corp.
	(1M LIBOR + 3.250%)
$	4,038,500		4.014	%		07/30/27	$	4,009,302
	(1M LIBOR + 7.750%)
	1,275,000		8.750			07/31/28		1,298,116
	Grab Holdings, Inc. (6M LIBOR + 4.500%)
	3,019,500		5.500			01/29/26		2,935,195
	Idera, Inc.
	(1M LIBOR + 3.750%)
	2,377,617		4.520			03/02/28		2,343,641
	(1M LIBOR + 6.750%)
	405,000		7.500			03/02/29		394,875
	Loyalty Ventures, Inc. (1M LIBOR + 4.500%)
	2,600,313		5.264			11/03/27		2,530,441
	Peraton Corp. (1M LIBOR + 7.750%)
	1,747,455		8.500			02/01/29		1,725,612
	Taboola.com Ltd (1M LIBOR + 4.000%)
	3,905,375		4.500			09/01/28		3,866,321
	The Dun & Bradstreet Corp. (1M LIBOR + 3.250%)
	3,482,666		3.918			02/06/26		3,453,063
	The Ultimate Software Group, Inc. (3M LIBOR + 3.750%)
	1,608,750		4.756			05/04/26		1,599,870
	Virtusa Corp. (1M LIBOR + 3.750%)
	3,757,050		4.514			02/11/28		3,713,618
								45,647,869
Telecommunication Services – 0.1%
	Level 3 Financing, Inc. (1M LIBOR + 1.750%)
	2,023,967		2.514			03/01/27		1,953,634
Wireless Telecommunications(j) – 0.2%
	Intelsat Jackson Holdings S.A. (6M SOFR + 4.250%)
	3,526,489		4.920			02/01/29		3,420,695
	TOTAL BANK LOANS
	(Cost $165,815,308)						$	163,712,073

Shares	Description		Expiration Date		Value
Rights – 0.0%
Intelsat Jackson Holdings SA
3,728		0.000		12/05/25	$	13,980
3,728		0.000		12/05/25		18,640
TOTAL RIGHTS
(Cost $—)					$	32,620
Units	Expiration Date				Value
Warrants – 0.0%
Aspect Software, Inc. Class B(b) (Technology – Software/Services)
194,739		12/31/99			$	9,737
Chesapeake Energy Corp.(a) (Oil, Gas & Consumable Fuels)
1,888		09/02/26				100,989
Warrants– (continued)
Noble Corp.(a) (Oil, Gas & Consumable Fuels)
5,288		02/05/28		85,163
TOTAL WARRANT
(Cost $572,891)			$	195,889

Shares	Dividend Rate			Value
Investment Companies(k) – 10.1%
Goldman Sachs Emerging Markets Equity Fund – Class R6
2,549		0.308	%	$	59,419
Goldman Sachs Financial Square Government Fund – Class R6
52,208,721		0.317			52,208,721
Goldman Sachs Financial Square Government Fund – Institutional Shares
125,403,031		0.317			125,403,031
Goldman Sachs High Yield Fund – Class R6
9,514		4.886			54,899
Goldman Sachs MLP Energy Infrastructure Fund – Class R6
2,149,221		5.558			60,994,899
TOTAL INVESTMENT COMPANIES
(Cost $224,840,669)				$	238,720,969
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $2,204,111,279)				$	2,288,465,141
Securities Lending Reinvestment Vehicle(k) – 0.6%
Goldman Sachs Financial Square Government Fund – Institutional Shares
13,511,889		0.317	%	$	13,511,889
(Cost $13,511,889)
TOTAL INVESTMENTS – 98.0%
(Cost $2,217,623,168)				$	2,301,977,030
OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.0%					47,400,488
NET ASSETS – 100.0%				$	2,349,377,518

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security is currently in default and/or non-income producing.
(b)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(c)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(d)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on April 30, 2022.
(e)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(f)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on April 30, 2022.

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

(g)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(h)	Pay-in-kind securities.
(i)	Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on April 30, 2022. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(j)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(k)	Represents an affiliated issuer.

Currency Abbreviations:
EUR	—Euro
GBP	—British Pound
USD	—U.S. Dollar
Investment Abbreviations:
ADR	—American Depositary Receipt
CMT	—Constant Maturity Treasury Indexes
CP	—Commercial Paper
EURO	—Euro Offered Rate
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
MTN	—Medium Term Note
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust
SOFR	—Secured Overnight Funding Rate
WR	—Withdrawn Rating

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At April 30, 2022, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:

Borrower	Principal Amount		Current Value		Unrealized Loss
DiversiTech Holdings, Inc, due 12/22/28	$	381,429	$	374,994	$	(6,435	)
Holley Purchaser, Inc., due 11/17/28		337,500		330,892		(6,608	)
Trident TPI Holdings, due 09/15/28		97,043		95,694		(1,349	)
TOTAL	$	815,972	$	801,580	$	(14,392	)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At April 30, 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	USD	29,552,919	EUR	25,930,839		05/05/22	$	2,191,896

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	EUR	2,589,537	USD	2,835,990		05/05/22	$	(103,629	)

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

GOLDMAN SACHS INCOME BUILDER FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At April 30, 2022, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Euro Stoxx 50 Index		2,163			06/17/22	$	9,572,392		$	13,111
S&P 500 E-Mini Index		155			06/17/22		31,988,125			(984,197	)
Ultra Long U.S. Treasury Bonds		670			06/21/22		107,493,125			(14,923,853	)
2 Year U.S. Treasury Notes		440			06/30/22		92,757,500			(1,153,769	)
5 Year U.S. Treasury Notes		102			06/30/22		11,492,531			(334,799	)
20 Year U.S. Treasury Bonds		91			06/21/22		12,802,562			(1,201,135	)
Total									$	(18,584,642	)
Short position contracts:
5 Year German Euro-Bobl		(75	)		06/08/22		(10,062,643	)		480,157
10 Year German Euro-Bund		(34	)		06/08/22		(5,509,013	)		477,716
10 Year U.S. Treasury Notes		(348	)		06/21/22		(41,466,375	)		2,510,391
10 Year U.S. Treasury Notes		(226	)		06/21/22		(29,154,000	)		2,424,844
Total									$	5,893,108
TOTAL FUTURES CONTRACTS									$	(12,691,534	)

SWAP CONTRACTS — At April 30, 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)
3M SOFR(a)		0.000%(a)	03/16/23	$	110	$	(2,056	)	$	(415	)	$	(1,641	)
3M SOFR(b)		0.000(b)	03/16/24		40		1,813			396			1,416
0.500%(b)		3M SOFR(b)	03/16/25		230		14,545			11,995			2,549
(0.250)(b)		6M EURO(c)	03/16/25	EUR	360		15,632			673			14,959
3M SOFR(b)		1.000(b)	03/16/27		12,010		(947,258	)		(59,018	)		(888,240	)
(0.250)(b)		6M EURO(c)	03/16/27		180		15,071			1,574			13,497
3M SOFR(b)		1.250(b)	03/16/29	$	10		(909	)		72			(981	)
3M SOFR(b)		1.500(b)	03/16/32		16,110		(1,660,355	)		265,827			(1,926,182	)
TOTAL						$	(2,563,517	)	$	221,104		$	(2,784,623	)

(a) Payments made at maturity.

(b) Payments made annually.

(c) Payments made semi-annually.

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)	Credit Spread at April 30, 2022(b)	Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Purchased:
Transocean, Inc., 8.000%, 02/01/2027	(1.000)%	6.240%		12/20/22	$	550	$	17,638	$	28,388	$	(10,750	)

(a) Payments made quarterly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

WRITTEN OPTIONS CONTRACTS — At April 30, 2022, the Fund had the following written options:

OVER-THE-COUNTER OPTIONS ON EQUITIES

Description	Counterparty		Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
SPX Index		Citibank NA		4,317.870	%		05/31/2022		(18,781	)	$	(8,109,391,647	)	$	(871,717	)	$	(760,497	)	$	(111,220	)
Euro Stoxx Index		MS & Co. Int. PLC		3,920.750			05/31/2022		(10,096	)		(3,958,389,200	)		(396,281	)		(315,927	)		(80,354	)
TOTAL									(28,877	)	$	(12,067,780,847	)	$	(1,267,998	)	$	(1,076,424	)	$	(191,574	)

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

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Schedule of Investments

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 97.1%
Automobiles – 0.4%
	23,365	Thor Industries, Inc.	$	1,788,591
Biotechnology – 1.2%
	25,790	Amgen, Inc.		6,013,970
Building Products – 2.0%
	42,805	A.O. Smith Corp.		2,501,096
	10,250	Lennox International, Inc.		2,185,197
	61,240	Masco Corp.		3,226,736
	25,560	UFP Industries, Inc.		1,977,577
				9,890,606
Capital Markets – 5.6%
	7,810	BlackRock, Inc.		4,878,751
	17,352	Evercore, Inc. Class A		1,834,974
	9,105	FactSet Research Systems, Inc.		3,673,776
	15,930	Moody’s Corp.		5,041,526
	14,725	S&P Global, Inc.		5,543,963
	46,675	SEI Investments Co.		2,600,731
	32,364	T. Rowe Price Group, Inc.		3,982,067
				27,555,788
Chemicals – 1.1%
	20,206	The Sherwin-Williams Co.		5,555,842
Commercial Services & Supplies – 0.7%
	105,167	Rollins, Inc.		3,527,301
Communications Equipment – 2.4%
	140,435	Cisco Systems, Inc.		6,878,506
	24,665	Motorola Solutions, Inc.		5,270,664
				12,149,170
Consumer Finance – 0.9%
	41,190	Discover Financial Services		4,632,227
Distributors – 0.8%
	9,265	Pool Corp.		3,754,363
Electric Utilities – 2.1%
	144,945	NextEra Energy, Inc.		10,293,994
Electronic Equipment, Instruments & Components – 2.9%
	82,345	Amphenol Corp. Class A		5,887,667
	156,510	Corning, Inc.		5,507,587
	12,055	Littelfuse, Inc.		2,763,609
				14,158,863
Entertainment – 2.1%
	134,760	Activision Blizzard, Inc.		10,187,856
Equity Real Estate Investment Trusts (REITs) – 2.4%
	20,255	American Tower Corp.		4,881,860
	19,520	Extra Space Storage, Inc.		3,708,800
	64,965	Iron Mountain, Inc.		3,490,570
				12,081,230
Food & Staples Retailing – 2.0%
	10,511	Costco Wholesale Corp.		5,588,909
Common Stocks – (continued)
Food & Staples Retailing – (continued)
	81,100	The Kroger Co.	$	4,376,156
				9,965,065
Food Products – 2.2%
	82,245	Hormel Foods Corp.		4,308,816
	26,525	Ingredion, Inc.		2,257,543
	48,690	Tyson Foods, Inc. Class A		4,535,960
				11,102,319
Health Care Equipment & Supplies – 1.1%
	23,385	Stryker Corp.		5,641,865
Health Care Providers & Services – 7.2%
	31,945	AmerisourceBergen Corp.		4,832,959
	12,450	Anthem, Inc.		6,249,029
	62,485	CVS Health Corp.		6,006,683
	12,830	Humana, Inc.		5,703,705
	31,220	Quest Diagnostics, Inc.		4,178,485
	26,686	The Ensign Group, Inc.		2,143,686
	13,251	UnitedHealth Group, Inc.		6,738,796
				35,853,343
Hotels, Restaurants & Leisure – 1.3%
	66,170	Starbucks Corp.		4,938,929
	86,120	The Wendy’s Co.		1,701,731
				6,640,660
Household Products – 0.3%
	7,645	WD-40 Co.		1,406,527
Insurance – 2.9%
	23,110	American Financial Group, Inc.		3,200,273
	16,275	Aon PLC Class A		4,687,037
	16,930	Primerica, Inc.		2,193,451
	34,570	The Allstate Corp.		4,374,488
				14,455,249
IT Services – 8.6%
	22,597	Accenture PLC Class A		6,787,235
	28,470	Automatic Data Processing, Inc.		6,211,585
	31,092	Broadridge Financial Solutions, Inc.		4,481,290
	41,810	Global Payments, Inc.		5,727,134
	21,644	Jack Henry & Associates, Inc.		4,103,269
	21,730	Mastercard, Inc. Class A		7,896,247
	35,430	Visa, Inc. Class A		7,551,196
				42,757,956
Life Sciences Tools & Services – 2.2%
	41,095	Agilent Technologies, Inc.		4,901,400
	23,390	Danaher Corp.		5,873,931
				10,775,331
Machinery – 1.4%
	44,410	Graco, Inc.		2,754,308
	28,775	Mueller Industries, Inc.		1,558,166
	30,175	The Toro Co.		2,417,923
				6,730,397

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Media – 3.5%
	262,915	Comcast Corp. Class A	$	10,453,500
	209,905	The Interpublic Group of Cos., Inc.		6,847,101
				17,300,601
Metals & Mining – 1.5%
	16,990	Reliance Steel & Aluminum Co.		3,368,267
	45,005	Steel Dynamics, Inc.		3,859,179
				7,227,446
Multiline Retail – 0.5%
	7,540	Dillard’s, Inc. Class A		2,290,727
Oil, Gas & Consumable Fuels – 16.6%
	35,100	Cheniere Energy Partners LP		1,886,976
	20,800	Cheniere Energy, Inc.		2,824,848
	4,000	Chevron Corp.		626,680
	96,000	Crestwood Equity Partners LP		2,799,360
	157,800	DCP Midstream LP		5,396,760
	10,900	Devon Energy Corp.		634,053
	6,650	Diamondback Energy, Inc.		839,430
	30,600	DTE Midstream, Inc.*		1,644,750
	795,000	Energy Transfer LP		8,808,600
	268,337	EnLink Midstream LLC		2,648,486
	222,600	Enterprise Products Partners LP		5,767,566
	5,600	EOG Resources, Inc.		653,856
	9,900	Exxon Mobil Corp.		843,975
	73,600	Genesis Energy LP		808,128
	28,200	Hess Midstream LP Class A		829,362
	24,500	Holly Energy Partners LP		419,685
	22,800	Kinder Morgan, Inc.		413,820
	112,400	Magellan Midstream Partners LP		5,445,780
	42,772	Marathon Oil Corp.		1,065,878
	295,700	MPLX LP		9,568,852
	110,200	NuStar Energy LP		1,682,754
	19,000	ONEOK, Inc.		1,203,270
	27,500	PBF Logistics LP		431,475
	2,800	Pioneer Natural Resources Co.		650,916
	505,900	Plains All American Pipeline LP		5,241,124
	72,566	Plains GP Holdings LP Class A		810,562
	31,250	Rattler Midstream LP		420,313
	147,500	Shell Midstream Partners LP		2,084,175
	24,200	Suncor Energy, Inc.		869,748
	20,400	Sunoco LP		853,332
	38,900	Targa Resources Corp.		2,855,649
	66,900	The Williams Cos., Inc.		2,294,001
	359,000	Western Midstream Partners LP		8,684,210
				82,008,374
Personal Products – 1.1%
	20,565	The Estee Lauder Cos., Inc. Class A		5,430,394
Pharmaceuticals – 0.4%
	64,385	Perrigo Co. PLC		2,208,405
Professional Services – 0.9%
	16,495	Insperity, Inc.		1,749,295
	28,230	Robert Half International, Inc.		2,775,291
				4,524,586
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – 4.6%
	18,279	KLA Corp.		5,835,754
	29,922	Power Integrations, Inc.		2,393,760
	52,395	QUALCOMM, Inc.		7,319,058
	41,778	Texas Instruments, Inc.		7,112,704
				22,661,276
Software – 4.1%
	14,600	Intuit, Inc.		6,113,750
	26,885	Microsoft Corp.		7,461,125
	91,965	Oracle Corp.		6,750,231
				20,325,106
Specialty Retail – 4.8%
	43,220	Best Buy Co., Inc.		3,886,775
	24,780	Dick’s Sporting Goods, Inc.		2,389,288
	27,920	Lowe’s Cos., Inc.		5,520,621
	20,005	The Home Depot, Inc.		6,009,502
	17,840	Tractor Supply Co.		3,593,868
	19,635	Williams-Sonoma, Inc.		2,561,975
				23,962,029
Technology Hardware, Storage & Peripherals – 1.1%
	153,101	HP, Inc.		5,608,090
Textiles, Apparel & Luxury Goods – 2.4%
	25,935	Columbia Sportswear Co.		2,130,820
	47,695	NIKE, Inc. Class B		5,947,566
	74,038	VF Corp.		3,849,976
				11,928,362
Trading Companies & Distributors – 1.8%
	74,815	Fastenal Co.		4,138,018
	22,833	MSC Industrial Direct Co., Inc. Class A		1,891,942
	10,214	Watsco, Inc.		2,724,891
				8,754,851
	TOTAL COMMON STOCKS
	(Cost $352,181,297)		$	481,148,760

Shares	Dividend Rate			Value
Investment Companies(a) – 1.7%
Goldman Sachs Financial Square Government Fund – Class R6
7,726,042		0.317	%	$	7,726,042
Goldman Sachs Financial Square Government Fund – Institutional Shares
441,332		0.317			441,332
TOTAL INVESTMENT COMPANIES
(Cost $8,167,374)				$	8,167,374
TOTAL INVESTMENTS – 98.8%
(Cost $360,348,671)				$	489,316,134
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.2%					6,132,156
NET ASSETS – 100.0%				$	495,448,290

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

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

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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2022, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index		73		06/17/22	$	15,065,375	$	(234,222	)

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Statements of Assets and Liabilities

April 30, 2022 (Unaudited)

	Income Builder Fund		Rising Dividend Growth Fund
Assets:
Investments of unaffiliated issuers, at value (cost $1,979,270,610 and $352,181,297, respectively)(a)	$	2,049,744,172	$	481,148,760
Investments of affiliated issuers, at value (cost $224,840,669 and $8,167,374, respectively)		238,720,969		8,167,374
Investments in securities lending reinvestment vehicle — affiliated issuer, at value (identified cost $13,511,889 and $0, respectively)		13,511,889		—
Foreign currencies, at value (cost $1,761,307 and $0, respectively)		1,446,199		—
Cash		33,712,505		886,391
Unrealized gain on forward foreign currency exchange contracts		2,191,896		—
Receivables:
Dividends and interest		17,143,812		884,200
Collateral on certain derivative contracts(b)		9,580,895		899,360
Fund shares sold		4,954,390		125,622
Investments sold		3,746,685		4,679,675
Due from broker		1,471,071		—
Foreign tax reclaims		1,279,061		62,144
Investments sold on an extended settlement basis		375,233		48,725
Reimbursement from investment adviser		79,928		37,023
Securities lending income		9,144		114
Other assets		110,096		71,525
Total assets		2,378,077,945		497,010,913
Liabilities:
Variation margin on futures contracts		1,532,385		455,881
Written option contracts, at value (premium received $1,076,424 and $0, respectively)		1,267,998		—
Unrealized loss on forward foreign currency exchange contracts		103,629		—
Variation margin on swaps contracts		89,215		—
Unrealized loss on unfunded loan commitment		14,392		—
Payables:
Payable upon return of securities loaned		13,511,889		—
Investments purchased		6,543,524		2,680
Fund shares redeemed		2,228,819		339,734
Due to broker		1,660,000		—
Management fees		801,097		287,037
Distribution and service fees and transfer agency fees		527,471		154,220
Accrued expenses		420,008		323,071
Total liabilities		28,700,427		1,562,623
Net Assets:
Paid-in capital		2,281,812,573		341,232,181
Total distributable earnings		67,564,945		154,216,109
NET ASSETS	$	2,349,377,518	$	495,448,290
Net Assets:
Class A	$	527,646,590	$	240,489,769
Class C		299,382,374		53,066,266
Institutional		1,053,548,672		117,890,035
Investor		395,964,175		64,923,284
Class R6		27,450,114		3,174,105
Class R		—		1,496,850
Class P		45,385,593		14,407,981
Total Net Assets	$	2,349,377,518	$	495,448,290
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		21,884,741		20,109,880
Class C		12,663,616		4,345,627
Institutional		42,583,857		9,231,386
Investor		16,059,079		5,093,912
Class R6		1,109,801		248,641
Class R		—		125,890
Class P		1,834,580		1,128,014
Net asset value, offering and redemption price per share:(c)
Class A		$24.11		$11.96
Class C		23.64		12.21
Institutional		24.74		12.77
Investor		24.66		12.75
Class R6		24.73		12.77
Class R		—		11.89
Class P		24.74		12.77

(a) Includes loaned securities having a market value of $13,224,175 and $0, respectively.

(b) Segregated for initial margin and/or collateral as follows:

Fund	Futures		Swaps
Income Builder	$	8,269,458	$	1,311,437
Rising Dividend Growth		899,360		—

(c) Maximum public offering price per share for Class A Shares of the Income Builder and the Rising Dividend Growth Funds is $25.51 and $12.66, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Statements of Operations

For the Six Months Ended April 30, 2022 (Unaudited)

	Income Builder Fund			Rising Dividend Growth Fund
Investment income:
Interest	$	33,086,727		$	351
Dividends — unaffiliated issuers (net of foreign withholding taxes of $414,522 and $3,260, respectively)		13,499,243			3,807,116
Dividends — affiliated issuers		1,110,274			4,975
Securities lending income — unaffiliated issuer		26,483			—
Securities lending income — affiliated issuer		—			1,564
Total investment income		47,722,727			3,814,006
Expenses:
Management fees		6,018,815			1,992,953
Distribution and Service fees(a)		1,915,801			562,922
Transfer Agency fees(a)		966,398			337,683
Service fees — Class C		420,776			81,556
Printing and mailing costs		150,167			55,403
Custody, accounting and administrative services		133,929			57,328
Registration fees		87,735			51,169
Professional fees		74,381			89,891
Trustee fees		11,926			10,650
Prime broker fees		296			—
Other		20,777			10,701
Total expenses		9,801,001			3,250,256
Less — expense reductions		(1,490,048	)		(575,515	)
Net expenses		8,310,953			2,674,741
NET INVESTMENT INCOME		39,411,774			1,139,265
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		6,248,394			45,246,039
Futures contracts		(6,467,567	)		(633,093	)
Written options		2,138,767			—
Forward foreign currency exchange contracts		1,234,999			—
Swap contracts		510,491			—
Foreign currency transactions		(85,145	)		(45	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(172,314,708	)		(71,796,829	)
Investments — affiliated issuers		2,853,416			—
Futures contracts		(15,301,979	)		(665,588	)
Swap contracts		(2,399,167	)		—
Forward foreign currency exchange contracts		1,429,415			—
Written options		(231,116	)		—
Unfunded loan commitments		(14,614	)		—
Foreign currency translation		(208,365	)		(2	)
Net realized and unrealized loss		(182,607,179	)		(27,849,518	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(143,195,405	)	$	(26,710,253	)

(a) Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:

	Distribution and/or Service (12b-1) Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Class IR		Class R6		Class R		Class P
Income Builder	$	653,475	$	1,262,327	$	—	$	313,668	$	201,972	$	212,763	$	226,027	$	3,994	$	—	$	7,974
Rising Dividend Growth		314,695		244,668		3,559		201,405		52,196		25,266		54,981		484		1,139		2,212

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Statements of Changes in Net Assets

	Income Builder Fund						Rising Dividend Growth Fund
	For the Six Months Ended April 30, 2022 (Unaudited)			For the Fiscal Year Ended October 31, 2021			For the Six Months Ended April 30, 2022 (Unaudited)			For the Fiscal Year Ended October 31, 2021
From operations:
Net investment income	$	39,411,774		$	65,544,332		$	1,139,265		$	2,174,653
Net realized gain		3,579,939			97,686,210			44,612,901			65,240,557
Net change in unrealized gain (loss)		(186,187,118	)		175,868,243			(72,462,419	)		125,038,384
Net increase (decrease) in net assets resulting from operations		(143,195,405	)		339,098,785			(26,710,253	)		192,453,594
Distributions to shareholders:
From distributable earnings
Class A Shares		(26,598,503	)		(13,460,914	)		(23,185,013	)		(7,247,645	)
Class C Shares		(17,214,753	)		(9,402,892	)		(6,290,215	)		(3,375,426	)
Institutional Shares		(55,482,133	)		(31,390,661	)		(11,396,809	)		(3,851,415	)
Investor Shares		(19,299,892	)		(10,372,177	)		(6,098,968	)		(2,548,791	)
Class R6 Shares		(1,364,012	)		(682,902	)		(280,619	)		(83,317	)
Class R Shares		—			—			(131,478	)		(45,180	)
Class P Shares		(2,794,122	)		(999,603	)		(1,293,344	)		(366,629	)
Total distributions to shareholders		(122,753,415	)		(66,309,149	)		(48,676,446	)		(17,518,403	)
From share transactions:
Proceeds from sales of shares		462,479,042			785,436,537			39,925,788			105,355,066
Reinvestment of distributions		109,721,091			58,761,283			46,100,160			16,498,250
Cost of shares redeemed		(325,983,924	)		(464,970,124	)		(67,989,524	)		(193,071,374	)
Net increase (decrease) in net assets resulting from share transactions		246,216,209			379,227,696			18,036,424			(71,218,058	)
TOTAL INCREASE (DECREASE)		(19,732,611	)		652,017,332			(57,350,275	)		103,717,133
Net assets:
Beginning of period		2,369,110,129			1,717,092,797			552,798,565			449,081,432
End of period	$	2,349,377,518		$	2,369,110,129		$	495,448,290		$	552,798,565

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

GOLDMAN SACHS INCOME BUILDER FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Income Builder Fund
	Class A Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	26.97		$	23.40		$	23.67		$	21.67		$	22.72		$	21.60
Net investment income(a)		0.41			0.81			0.73			0.82			0.80			0.79
Net realized and unrealized gain (loss)		(1.91	)		3.58			(0.21	)		2.02			(1.02	)		1.17
Total from investment operations		(1.50	)		4.39			0.52			2.84			(0.22	)		1.96
Distributions to shareholders from net investment income		(0.43	)		(0.82	)		(0.76	)		(0.84	)		(0.80	)		(0.80	)
Distributions to shareholders from net realized gains		(0.93	)		—			—			—			—			—
Distributions to shareholders from return of capital		—			—			(0.03	)		—			(0.03	)		(0.04	)
Total distributions		(1.36	)		(0.82	)		(0.79	)		(0.84	)		(0.83	)		(0.84	)
Net asset value, end of period	$	24.11		$	26.97		$	23.40		$	23.67		$	21.67		$	22.72
Total return(b)		(5.84	)%		18.90	%		2.29	%		13.34	%		(1.03	)%		9.21	%
Net assets, end of period (in 000s)	$	527,647		$	505,134		$	328,039		$	314,951		$	309,719		$	387,349
Ratio of net expenses to average net assets		0.79	%(c)		0.79	%		0.92	%		0.95	%		0.97	%		0.98	%
Ratio of total expenses to average net assets		0.92	%(c)		0.92	%		0.98	%		1.00	%		1.02	%		1.10	%
Ratio of net investment income (loss) to average net assets		3.22	%(c)		3.07	%		3.15	%		3.63	%		3.54	%		3.55	%
Portfolio turnover rate(d)		13	%		47	%		46	%		47	%		42	%		51	%

(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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INCOME BUILDER FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Income Builder Fund
	Class C Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	26.47		$	22.98		$	23.26		$	21.31		$	22.35		$	21.26
Net investment income(a)		0.31			0.60			0.55			0.64			0.62			0.61
Net realized and unrealized gain (loss)		(1.87	)		3.51			(0.21	)		1.98			(1.00	)		1.16
Total from investment operations		(1.56	)		4.11			0.34			2.62			(0.38	)		1.77
Distributions to shareholders from net investment income		(0.34	)		(0.62	)		(0.60	)		(0.67	)		(0.64	)		(0.65	)
Distributions to shareholders from net realized gains		(0.93	)		—			—			—			—			—
Distributions to shareholders from return of capital		—			—			(0.02	)		—			(0.02	)		(0.03	)
Total distributions		(1.27	)		(0.62	)		(0.62	)		(0.67	)		(0.66	)		(0.68	)
Net asset value, end of period	$	23.64		$	26.47		$	22.98		$	23.26		$	21.31		$	22.35
Total return(b)		(6.19	)%		18.01	%		1.57	%		12.44	%		(1.74	)%		8.41	%
Net assets, end of period (in 000s)	$	299,382		$	368,881		$	380,590		$	463,483		$	475,897		$	619,357
Ratio of net expenses to average net assets		1.54	%(c)		1.54	%		1.67	%		1.70	%		1.72	%		1.73	%
Ratio of total expenses to average net assets		1.67	%(c)		1.67	%		1.73	%		1.75	%		1.77	%		1.85	%
Ratio of net investment income to average net assets		2.46	%(c)		2.32	%		2.41	%		2.88	%		2.79	%		2.79	%
Portfolio turnover rate(d)		13	%		47	%		46	%		47	%		42	%		51	%

(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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INCOME BUILDER FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Income Builder Fund
	Institutional Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	27.64		$	23.96		$	24.21		$	22.15		$	23.20		$	22.04
Net investment income(a)		0.47			0.91			0.84			0.93			0.90			0.90
Net realized and unrealized gain (loss)		(1.97	)		3.67			(0.21	)		2.06			(1.03	)		1.19
Total from investment operations		(1.50	)		4.58			0.63			2.99			(0.13	)		2.09
Distributions to shareholders from net investment income		(0.47	)		(0.90	)		(0.85	)		(0.93	)		(0.89	)		(0.88	)
Distributions to shareholders from net realized gains		(0.93	)		—			—			—			—			—
Distributions to shareholders from return of capital		—			—			(0.03	)		—			(0.03	)		(0.05	)
Total distributions		(1.40	)		(0.90	)		(0.88	)		(0.93	)		(0.92	)		(0.93	)
Net asset value, end of period	$	24.74		$	27.64		$	23.96		$	24.21		$	22.15		$	23.20
Total return(b)		(5.69	)%		19.29	%		2.68	%		13.76	%		(0.63	)%		9.64	%
Net assets, end of period (in 000s)	$	1,053,549		$	1,061,582		$	669,848		$	609,414		$	680,661		$	818,309
Ratio of net expenses to average net assets		0.46	%(c)		0.46	%		0.56	%		0.57	%		0.58	%		0.58	%
Ratio of total expenses to average net assets		0.59	%(c)		0.59	%		0.62	%		0.61	%		0.63	%		0.70	%
Ratio of net investment income to average net assets		3.55	%(c)		3.40	%		3.52	%		4.03	%		3.93	%		3.93	%
Portfolio turnover rate(d)		13	%		47	%		46	%		47	%		42	%		51	%

(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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INCOME BUILDER FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Income Builder Fund
	Investor Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	27.55		$	23.89		$	24.14		$	22.09		$	23.14		$	21.98
Net investment income(a)		0.45			0.89			0.81			0.89			0.87			0.86
Net realized and unrealized gain (loss)		(1.95	)		3.65			(0.21	)		2.05			(1.03	)		1.20
Total from investment operations		(1.50	)		4.54			0.60			2.94			(0.16	)		2.06
Distributions to shareholders from net investment income		(0.46	)		(0.88	)		(0.82	)		(0.89	)		(0.86	)		(0.85	)
Distributions to shareholders from net realized gains		(0.93	)		—			—			—			—			—
Distributions to shareholders from return of capital		—			—			(0.03	)		—			(0.03	)		(0.05	)
Total distributions		(1.39	)		(0.88	)		(0.85	)		(0.89	)		(0.89	)		(0.90	)
Net asset value, end of period	$	24.66		$	27.55		$	23.89		$	24.14		$	22.09		$	23.14
Total return(b)		(5.75	)%		19.22	%		2.53	%		13.59	%		(0.77	)%		9.51	%
Net assets, end of period (in 000s)	$	395,964		$	355,534		$	256,919		$	263,228		$	239,226		$	302,778
Ratio of net expenses to average net assets		0.54	%(c)		0.54	%		0.67	%		0.70	%		0.72	%		0.73	%
Ratio of total expenses to average net assets		0.67	%(c)		0.67	%		0.73	%		0.75	%		0.77	%		0.85	%
Ratio of net investment income to average net assets		3.47	%(c)		3.32	%		3.40	%		3.87	%		3.79	%		3.77	%
Portfolio turnover rate(d)		13	%		47	%		46	%		47	%		42	%		51	%

(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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INCOME BUILDER FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Income Builder Fund
	Class R6 Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	27.64		$	23.95		$	24.21		$	22.15		$	23.20		$	22.04
Net investment income(a)		0.47			0.92			0.83			0.93			0.85			0.90
Net realized and unrealized gain (loss)		(1.97	)		3.67			(0.21	)		2.06			(0.98	)		1.19
Total from investment operations		(1.50	)		4.59			0.62			2.99			(0.13	)		2.09
Distributions to shareholders from net investment income		(0.48	)		(0.90	)		(0.85	)		(0.93	)		(0.89	)		(0.88	)
Distributions to shareholders from net realized gains		(0.93	)		—			—			—			—			—
Distributions to shareholders from return of capital		—			—			(0.03	)		—			(0.03	)		(0.05	)
Total distributions		(1.41	)		(0.90	)		(0.88	)		(0.93	)		(0.92	)		(0.93	)
Net asset value, end of period	$	24.73		$	27.64		$	23.95		$	24.21		$	22.15		$	23.20
Total return(b)		(5.72	)%		19.35	%		2.70	%		13.72	%		(0.62	)%		9.69	%
Net assets, end of period (in 000s)	$	27,450		$	25,215		$	65,293		$	10,486		$	130		$	11
Ratio of net expenses to average net assets		0.45	%(c)		0.46	%		0.54	%		0.56	%		0.57	%		0.57	%
Ratio of total expenses to average net assets		0.58	%(c)		0.58	%		0.61	%		0.61	%		0.61	%		0.69	%
Ratio of net investment income to average net assets		3.57	%(c)		3.44	%		3.51	%		3.96	%		3.72	%		3.93	%
Portfolio turnover rate(d)		13	%		47	%		46	%		47	%		42	%		51	%

(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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INCOME BUILDER FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Income Builder Fund
	Class P Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018(a)
Per Share Data
Net asset value, beginning of period	$	27.64		$	23.96		$	24.21		$	22.15		$	22.95
Net investment income(b)		0.47			0.91			0.84			0.94			0.45
Net realized and unrealized gain (loss)		(1.96	)		3.68			(0.21	)		2.05			(0.71	)
Total from investment operations		(1.49	)		4.59			0.63			2.99			(0.26	)
Distributions to shareholders from net investment income		(0.48	)		(0.91	)		(0.85	)		(0.93	)		(0.51	)
Distributions to shareholders from net realized gains		(0.93	)		—			—			—			—
Distributions to shareholders from return of capital		—			—			(0.03	)		—			(0.03	)
Total distributions		(1.41	)		(0.91	)		(0.88	)		(0.93	)		(0.54	)
Net asset value, end of period	$	24.74		$	27.64		$	23.96		$	24.21		$	22.15
Total return(c)		(5.68	)%		19.31	%		2.70	%		13.77	%		(1.18	)%
Net assets, end of period (in 000s)	$	45,386		$	52,764		$	16,404		$	13,919		$	16,122
Ratio of net expenses to average net assets		0.45	%(d)		0.45	%		0.55	%		0.56	%		0.58	%(d)
Ratio of total expenses to average net assets		0.58	%(d)		0.58	%		0.61	%		0.61	%		0.58	%(d)
Ratio of net investment income to average net assets		3.56	%(d)		3.38	%		3.51	%		4.04	%		3.60	%(d)
Portfolio turnover rate(e)		13	%		47	%		46	%		47	%		42	%

(a) Commenced operations on April 16, 2018.

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

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

(d) Annualized.

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

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Rising Dividend Growth Fund
	Class A Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	13.87		$	9.81		$	11.18		$	19.56		$	22.54		$	19.66
Net investment income(a)		0.03			0.05			0.08			0.10			0.09			0.11
Net realized and unrealized gain (loss)		(0.68	)		4.44			(0.23	)		0.78			1.25			3.48
Total from investment operations		(0.65	)		4.49			(0.15	)		0.88			1.34			3.59
Distributions to shareholders from net investment income		(0.09	)		(0.39	)		(0.24	)		(0.22	)		(0.28	)		(0.25	)
Distributions to shareholders from net realized gains		(1.17	)		(0.04	)		(0.98	)		(9.04	)		(4.04	)		(0.46	)
Total distributions		(1.26	)		(0.43	)		(1.22	)		(9.26	)		(4.32	)		(0.71	)
Net asset value, end of period	$	11.96		$	13.87		$	9.81		$	11.18		$	19.56		$	22.54
Total return(b)		(5.14	)%		46.88	%		(1.80	)%		10.41	%		6.27	%		18.59	%
Net assets, end of period (in 000s)	$	240,490		$	255,730		$	167,765		$	208,416		$	297,772		$	370,204
Ratio of net expenses to average net assets		1.03	%(c)		1.03	%		1.09	%		1.15	%		1.17	%		1.16	%
Ratio of total expenses to average net assets		1.26	%(c)		1.27	%		1.29	%		1.27	%		1.20	%		1.19	%
Ratio of net investment income (loss) to average net assets		0.40	%(c)		0.42	%		0.81	%		0.86	%		0.42	%		0.52	%
Portfolio turnover rate(d)		30	%		38	%		43	%		45	%		101	%		45	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Rising Dividend Growth Fund
	Class C Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	14.13		$	9.99		$	11.36		$	19.71		$	22.69		$	19.79
Net investment income (loss)(a)		(0.02	)		(0.03	)		—	(b)		0.01			(0.07	)		(0.05	)
Net realized and unrealized gain (loss)		(0.70	)		4.52			(0.23	)		0.80			1.26			3.50
Total from investment operations		(0.72	)		4.49			(0.23	)		0.81			1.19			3.45
Distributions to shareholders from net investment income		(0.03	)		(0.31	)		(0.16	)		(0.12	)		(0.13	)		(0.13	)
Distributions to shareholders from net realized gains		(1.17	)		(0.04	)		(0.98	)		(9.04	)		(4.04	)		(0.42	)
Total distributions		(1.20	)		(0.35	)		(1.14	)		(9.16	)		(4.17	)		(0.55	)
Net asset value, end of period	$	12.21		$	14.13		$	9.99		$	11.36		$	19.71		$	22.69
Total return(c)		(5.51	)%		45.74	%		(2.50	)%		9.55	%		5.49	%		17.68	%
Net assets, end of period (in 000s)	$	53,066		$	75,965		$	108,840		$	194,302		$	348,220		$	463,110
Ratio of net expenses to average net assets		1.78	%(d)		1.78	%		1.84	%		1.90	%		1.92	%		1.91	%
Ratio of total expenses to average net assets		2.01	%(d)		2.03	%		2.03	%		2.02	%		1.95	%		1.94	%
Ratio of net investment income (loss) to average net assets		(0.31	)%(d)		(0.23	)%		0.03	%		0.12	%		(0.33	)%		(0.23	)%
Portfolio turnover rate(e)		30	%		38	%		43	%		45	%		101	%		45	%

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Rising Dividend Growth Fund
	Institutional Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	14.72		$	10.38		$	11.76		$	20.08		$	23.02		$	20.08
Net investment income(a)		0.05			0.10			0.12			0.15			0.18			0.20
Net realized and unrealized gain (loss)		(0.72	)		4.70			(0.24	)		0.83			1.28			3.55
Total from investment operations		(0.67	)		4.80			(0.12	)		0.98			1.46			3.75
Distributions to shareholders from net investment income		(0.11	)		(0.42	)		(0.28	)		(0.26	)		(0.36	)		(0.31	)
Distributions to shareholders from net realized gains		(1.17	)		(0.04	)		(0.98	)		(9.04	)		(4.04	)		(0.50	)
Total distributions		(1.28	)		(0.46	)		(1.26	)		(9.30	)		(4.40	)		(0.81	)
Net asset value, end of period	$	12.77		$	14.72		$	10.38		$	11.76		$	20.08		$	23.02
Total return(b)		(4.99	)%		47.16	%		(1.47	)%		10.85	%		6.75	%		19.01	%
Net assets, end of period (in 000s)	$	117,890		$	130,706		$	97,358		$	191,509		$	425,555		$	759,274
Ratio of net expenses to average net assets		0.72	%(c)		0.72	%		0.78	%		0.80	%		0.78	%		0.76	%
Ratio of total expenses to average net assets		0.89	%(c)		0.90	%		0.90	%		0.88	%		0.81	%		0.79	%
Ratio of net investment income to average net assets		0.72	%(c)		0.75	%		1.10	%		1.25	%		0.83	%		0.92	%
Portfolio turnover rate(d)		30	%		38	%		43	%		45	%		101	%		45	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Rising Dividend Growth Fund
	Investor Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	14.69		$	10.36		$	11.75		$	20.07		$	23.01		$	20.07
Net investment income(a)		0.04			0.09			0.11			0.14			0.14			0.17
Net realized and unrealized gain (loss)		(0.70	)		4.69			(0.25	)		0.83			1.29			3.54
Total from investment operations		(0.66	)		4.78			(0.14	)		0.97			1.43			3.71
Distributions to shareholders from net investment income		(0.11	)		(0.41	)		(0.27	)		(0.25	)		(0.33	)		(0.27	)
Distributions to shareholders from net realized gains		(1.17	)		(0.04	)		(0.98	)		(9.04	)		(4.04	)		(0.50	)
Total distributions		(1.28	)		(0.45	)		(1.25	)		(9.29	)		(4.37	)		(0.77	)
Net asset value, end of period	$	12.75		$	14.69		$	10.36		$	11.75		$	20.07		$	23.01
Total return(b)		(4.96	)%		47.09	%		(1.55	)%		10.73	%		6.56	%		18.85	%
Net assets, end of period (in 000s)	$	64,923		$	71,231		$	64,328		$	105,498		$	227,158		$	362,752
Ratio of net expenses to average net assets		0.78	%(c)		0.78	%		0.84	%		0.90	%		0.92	%		0.91	%
Ratio of total expenses to average net assets		1.01	%(c)		1.02	%		1.03	%		1.02	%		0.95	%		0.94	%
Ratio of net investment income to average net assets		0.65	%(c)		0.71	%		1.04	%		1.13	%		0.68	%		0.79	%
Portfolio turnover rate(d)		30	%		38	%		43	%		45	%		101	%		45	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Rising Dividend Growth Fund
	Class R6 Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	14.71		$	10.37		$	11.76		$	20.08		$	20.18
Net investment income(b)		0.05			0.10			0.12			0.14			0.02
Net realized and unrealized gain (loss)		(0.71	)		4.70			(0.25	)		0.85			0.29
Total from investment operations		(0.66	)		4.80			(0.13	)		0.99			0.31
Distributions to shareholders from net investment income		(0.11	)		(0.42	)		(0.28	)		(0.27	)		(0.28	)
Distributions to shareholder from net realized gains		(1.17	)		(0.04	)		(0.98	)		(9.04	)		(0.13	)
Total distributions		(1.28	)		(0.46	)		(1.26	)		(9.31	)		(0.41	)
Net asset value, end of period	$	12.77		$	14.71		$	10.37		$	11.76		$	20.08
Total return(c)		(4.92	)%		47.22	%		(1.47	)%		10.78	%		1.54	%
Net assets, end of period (in 000s)	$	3,174		$	3,063		$	1,868		$	2,240		$	10
Ratio of net expenses to average net assets		0.71	%(d)		0.71	%		0.76	%		0.80	%		0.77	%(d)
Ratio of total expenses to average net assets		0.88	%(d)		0.89	%		0.90	%		0.89	%		0.80	%(d)
Ratio of net investment income to average net assets		0.71	%(d)		0.75	%		1.11	%		1.19	%		0.16	%(d)
Portfolio turnover rate(e)		30	%		38	%		43	%		45	%		101	%

(a) Commenced operations on February 28, 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.

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Rising Dividend Growth Fund
	Class R Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	13.79		$	9.76		$	11.13		$	19.51		$	22.49		$	19.63
Net investment income(a)		0.01			0.02			0.06			0.07			0.04			0.06
Net realized and unrealized gain (loss)		(0.66	)		4.42			(0.24	)		0.78			1.25			3.47
Total from investment operations		(0.65	)		4.44			(0.18	)		0.85			1.29			3.53
Distributions to shareholders from net investment income		(0.08	)		(0.37	)		(0.21	)		(0.19	)		(0.23	)		(0.21	)
Distributions to shareholders from net realized gains		(1.17	)		(0.04	)		(0.98	)		(9.04	)		(4.04	)		(0.46	)
Total distributions		(1.25	)		(0.41	)		(1.19	)		(9.23	)		(4.27	)		(0.67	)
Net asset value, end of period	$	11.89		$	13.79		$	9.76		$	11.13		$	19.51		$	22.49
Total return(b)		(5.21	)%		46.38	%		(2.01	)%		10.08	%		6.07	%		18.27	%
Net assets, end of period (in 000s)	$	1,497		$	1,357		$	1,131		$	2,575		$	3,484		$	4,506
Ratio of net expenses to average net assets		1.28	%(c)		1.28	%		1.35	%		1.40	%		1.42	%		1.41	%
Ratio of total expenses to average net assets		1.51	%(c)		1.52	%		1.53	%		1.52	%		1.45	%		1.44	%
Ratio of net investment income to average net assets		0.17	%(c)		0.19	%		0.57	%		0.61	%		0.18	%		0.27	%
Portfolio turnover rate(d)		30	%		38	%		43	%		45	%		101	%		45	%

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

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

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments 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 RISING DIVIDEND GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Rising Dividend Growth Fund
	Class P Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	14.72		$	10.38		$	11.76		$	20.08		$	20.21
Net investment income (loss)(b)		0.05			0.09			0.12			0.15			(0.04	)
Net realized and unrealized gain (loss)		(0.72	)		4.71			(0.24	)		0.84			0.25
Total from investment operations		(0.67	)		4.80			(0.12	)		0.99			0.21
Distributions to shareholders from net investment income		(0.11	)		(0.42	)		(0.28	)		(0.27	)		(0.21	)
Distributions to shareholders from net realized gains		(1.17	)		(0.04	)		(0.98	)		(9.04	)		(0.13	)
Total distributions		(1.28	)		(0.46	)		(1.26	)		(9.31	)		(0.34	)
Net asset value, end of period	$	12.77		$	14.72		$	10.38		$	11.76		$	20.08
Total return(c)		(4.99	)%		47.17	%		(1.46	)%		10.86	%		1.03	%
Net assets, end of period (in 000s)	$	14,408		$	14,747		$	7,791		$	21,171		$	41,067
Ratio of net expenses to average net assets		0.71	%(d)		0.71	%		0.77	%		0.79	%		0.77	%(d)
Ratio of total expenses to average net assets		0.88	%(d)		0.89	%		0.89	%		0.87	%		0.81	%(d)
Ratio of net investment income to average net assets		0.72	%(d)		0.70	%		1.10	%		1.24	%		(0.37	)%(d)
Portfolio turnover rate(e)		30	%		38	%		43	%		45	%		101	%

(a) Commenced operations on April 16, 2018.

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

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

(d) Annualized.

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

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements

April 30, 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
Income Builder	A, C, Institutional, Investor, R6 and P	Diversified
Rising Dividend Growth	A, C, Institutional, Investor, R6, R 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 contingent deferred sales charge (“CDSC”) of 1.00% which is imposed on redemptions made within 12 months of purchase. Institutional, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income.

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

50

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service fees.

D.  Federal Taxes and Distributions to Shareholders — It is 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
Income Builder	Monthly	Annually
Rising Dividend Growth	Quarterly	Annually

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

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

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

51

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities 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. 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.  Bank Loans — Bank loans (“Loans”) are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions (“Lenders”). A Fund’s investments in Loans are in the form of either participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties (“Assignments”). With respect to

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, assignments result in a Fund having a direct contractual relationship with the borrower, and the Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

The Income Builder Fund may also enter into certain credit arrangements, all or a portion of which may be unfunded. Unfunded loan commitments represent the remaining obligation of a Fund to the borrower. A Fund is obligated to fund these commitments at the borrower’s discretion. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit of a loan. All loans and unfunded loan commitments involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower. Loans, including unfunded loan commitments, are marked to market daily using pricing vendor quotations and the change in value, if any, is recorded as an unrealized gain or loss.

ii.  Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

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

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Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

ii.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

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

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

iv.  Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

A credit default swap is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund’s investment in credit default swaps may involve greater risks than if 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 a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement. The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

A total return swap is an agreement that gives a Fund the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the dollar value of that decline to the counterparty.

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

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Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of April 30, 2022:

INCOME BUILDER
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	6,307,815		$	—		$	—
Europe		207,004,968			—			—
North America		674,426,235			8,859,804			9,737
Fixed Income
Corporate Obligations		—			987,479,452			—
Mortgage-Backed Obligations		—			132,631			—
Foreign Debt Obligations		—			1,615,568			—
Bank Loans		—			161,610,633			2,101,440
Warrants		—			186,152			9,737
Investment Companies		238,720,969			—			—
Securities Lending Reinvestment Vehicle		13,511,889			—			—
Total	$	1,139,971,876		$	1,159,884,240		$	2,120,914
Liabilities(b)
Fixed Income
Unfunded Loan Commitment	$	—		$	(14,392	)	$	—
Derivative Type
Assets(b)
Forward Foreign Currency Exchange Contracts	$	—		$	2,191,896		$	—
Futures Contracts		5,906,219			—			—
Interest Rate Swap Contracts		—			32,421			—
Total	$	5,906,219		$	2,224,317		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(b)	$	—		$	(103,629	)	$	—
Futures Contracts(b)		(18,597,753	)		—			—
Interest Rate Swap Contracts(b)		—			(2,817,044	)		—
Credit Default Swap Contracts(b)		—			(10,750	)		—
Written Option Contracts		—			(1,267,998	)		—
Total	$	(18,597,753	)	$	(4,199,421	)	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

RISING DIVIDEND GROWTH
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	13,682,677		$	—	$	—
North America		467,466,083			—		—
Investment Companies		8,167,374			—		—
Total	$	489,316,134		$	—	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(234,222	)	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

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

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of April 30, 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 tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Income Builder
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest Rate	Variation margin on swap contracts; Variation margin on futures contracts	$	5,925,529	(a)	Variation margin on swap contracts; Variation margin on futures contracts	$	(20,430,600)	(a)
Equity	Variation margin on futures contracts		13,111	(a)	Variation margin on futures contracts; Written option contracts, at value		(2,252,195)	(a)
Credit	—		—		Variation margin on swap contracts		(10,750)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		2,191,896		Payable for unrealized loss on forward foreign currency exchange contracts		(103,629)
Total		$	8,130,536			$	(22,797,174)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

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Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

Rising Dividend Growth
Risk	Statement of Assets and Liabilities	Assets		Statement of Assets and Liabilities	Liabilities
Equity	—	$	—	Variation margin on futures contracts	$	(234,222)	(a)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

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

Income Builder
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Interest	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain on futures contracts and swap contracts	$	3,315,143	$	(14,571,732)
Credit	Net realized gain (loss) from swap contracts/ Net change in unrealized gain on swap contracts		(24,833)		(24,493)
Equity	Net realized gain from futures, swap contracts and written options/Net unrealized gain on futures, swap contracts and written options		(7,108,619)		(3,336,037)
Currency	Net realized gain from forward foreign currency exchange contracts/Net unrealized gain on forward foreign currency exchange contracts		1,234,999		1,429,415
Total		$	(2,583,310)	$	(16,502,847)
Rising Dividend Growth
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net unrealized gain(loss) on futures contracts	$	(633,093)	$	(665,588)

For the six months ended April 30, 2022, the relevant values for each derivative type was as follows:

	Average Number of Contracts or Notional Amount or Shares/Units(a)
Fund	Futures contracts		Forwards contracts		Swap Agreements		Written options
Income Builder		3,980	$	33,372,494	$	63,608,886		31,627
Rising Dividend Growth		69		—		—		—

(a) Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, 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 April 30, 2022.

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended April 30, 2022, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate																		Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
Income Builder		0.54	%		0.49	%		0.46	%		0.45	%		0.44	%		0.51	%		0.42	%*
Rising Dividend Growth		0.75			0.68			0.64			0.63			0.62			0.75			0.67	**

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

* The Investment Adviser agreed to waive a portion of the Management Fee so that the net management fee will not exceed 0.44% as an annual percentage rate of the Fund’s average net assets. This management fee waiver arrangement will remain in effect through at least February 28, 2023, and prior to such date, GSAM may not terminate the arrangement without the approval of the Board of Trustees.

** The Investment Adviser agreed to waive a portion of the Management Fee so that the net management fee will not exceed 0.67% as an annual percentage rate of the Fund’s average net assets. This management fee waiver arrangement will remain in effect through at least February 28, 2023, and prior to such date, GSAM may not terminate the arrangement without the approval of the Board of Trustees.

Certain Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund and Class R6 Shares of the Goldman Sachs Emerging Markets Equity Fund, Goldman Sachs Financial Square Government Fund, Goldman Sachs High Yield Fund, and Goldman Sachs MLP Energy Infrastructure Fund, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to any of the affiliated Underlying Funds in which the Funds invest. For the six months ended April 30, 2022, the management fee waived by GSAM was for each Fund as follows:

Fund	Management Fee Waived
Income Builder	$	275,277
Rising Dividend Growth		8,849

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.

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

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

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Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended April 30, 2022, Goldman Sachs retained the following amounts:

	Front End Sales Charge
Fund	Class A
Income Builder	$	41,438
Rising Dividend Growth		10,882

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

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.12% of the average daily net assets of Class A, Class C and Investor Shares of the Income Builder Fund; 0.16% of the average daily net assets of Class A, Class C, Investor and Class R Shares of the Rising Dividend Growth Fund; 0.03% of the average daily net assets of Class R6 and P Shares of each Fund; and 0.04% of the average daily net assets of Institutional Shares of each Fund.

Goldman Sachs has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.06% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares, as applicable, of the Rising Dividend Growth Fund through at least February 28, 2023, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Income Builder and Rising Dividend Growth Funds are 0.004% and 0.014%, respectively. These Other Expense limitations will remain in place through at least February 28, 2023, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended April 30, 2022, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Transfer Agency Waivers/Credits		Other Expense Reimbursements		Total Expense Reductions
Income Builder	$	1,058,728	$	—	$	431,320	$	1,490,048
Rising Dividend Growth		221,431		116,145		237,939		575,515

G.  Line of Credit Facility — As of April 30, 2022, the Funds participated in a $1,250,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended April 30, 2022, the Funds did not have any borrowings under the facility. Prior to April 22, 2022, the facility was $1,000,000,000.

H.  Other Transactions with Affiliates — For the six months ended April 30, 2022, Goldman Sachs earned $14,443 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Income Builder Fund.

The table below shows the transactions in and earnings from investments in the Underlying Funds for the six months ended April 30, 2022:

Income Builder
Underlying Fund	Beginning Value as of October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Gain/(Loss)			Ending Value as of April 30, 2022		Shares as of April 30, 2022		Dividend Income
Goldman Sachs Emerging Markets Equity Fund — Class R6	$	77,765	$	709	$	—		$	(19,055	)	$	59,419		2,549	$	708
Goldman Sachs Financial Square Government Fund — Institutional Shares		23,234,246		244,365,639		(142,196,854	)		—			125,403,031		125,403,031		39,863
Goldman Sachs Financial Square Government Fund — Class R6 Shares		45,473,604		232,104,898		(225,369,781	)		—			52,208,721		52,208,721		19,725
Goldman Sachs High Yield Fund — Class R6		59,776		1,429		—			(6,306	)		54,899		9,514		1,428
Goldman Sachs MLP Energy Infrastructure Fund — Class R6		34,067,573		24,048,549		—			2,878,777			60,994,899		2,149,221		1,048,550
Total	$	102,912,964	$	500,521,224	$	(367,566,635	)	$	2,853,416		$	238,720,969			$	1,110,274

Rising Dividend Growth
Underlying Fund	Beginning Value as of October 31, 2021		Purchases at Cost		Proceeds from Sales			Ending Value as of April 30, 2022		Shares as of April 30, 2022		Dividend Income
Goldman Sachs Financial Square Government Fund — Institutional Shares	$	83,592	$	5,495,866	$	(5,138,126	)	$	441,332		441,332	$	131
Goldman Sachs Financial Square Government Fund — Class R6 Shares		8,225,405		49,734,357		(50,233,720	)		7,726,042		7,726,042		4,844
Total	$	8,308,997	$	55,230,223	$	(55,371,846	)	$	8,167,374			$	4,975

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Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2022, were as follows:

Fund	Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Income Builder	$	299,152,095	$	281,233,018
Rising Dividend Growth		156,583,767		187,785,934

7. SECURITIES LENDING

The Income Builder Fund may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. Pursuant to exemptive relief granted by the SEC and the terms and conditions contained therein, the Rising Dividend Growth Fund may lend its securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will and BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL or BNYM are unable to purchase replacement securities, GSAL and/or BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ 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 April 30, 2022, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

7. SECURITIES LENDING (continued)

The Income Builder Fund and BNYM received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Funds for the six months ended April 30, 2022, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended April 30, 2022.

Fund	Beginning value as of October 31, 2021		Purchases at Cost		Proceeds from Sales			Ending value as of April 30, 2022		Shares as of April 30, 2022
Income Builder	$	—	$	104,646,845	$	(91,134,956	)	$	13,511,889		13,511,889
Rising Dividend Growth		—		23,183,125		(23,183,125	)		—		—

8. TAX INFORMATION

As of the Fund’s most recent fiscal year end, October 31, 2021, the Fund’s certain timing differences on a tax basis were as follows:

	Income Builder			Rising Dividend Growth
Timing differences (Income Distributions Payable)	$	(125	)	$	—

As of April 30, 2022, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Income Builder			Rising Dividend Growth
Tax Cost	$	2,224,356,712		$	373,001,063
Gross unrealized gain		211,902,207			142,392,031
Gross unrealized loss		(134,281,889	)		(26,076,960	)
Net unrealized gains (losses)	$	77,620,318		$	116,315,071

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures contracts and foreign currency contracts, and differences in the tax treatment of partnership investments, swap transactions, market discount accretion and premium amortization, and material modification of debt securities.

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

9. OTHER RISKS

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

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

9. OTHER RISKS (continued)

techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Dividend-Paying Investments Risk — A Fund’s investments in dividend-paying securities could cause 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 — A Fund may invest in companies 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.

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 the Income Builder 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 the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the 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 the Fund’s investments resulting from a substitute reference rate may also adversely affect the Fund’s performance and/or NAV.

Foreign 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 sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange 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.

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9. OTHER RISKS (continued)

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

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, 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. 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 Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

Loan-Related Investments Risk — In addition to risks generally associated with debt investments (e.g., interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, a Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if a Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender (rather than the borrower),

65

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

9. OTHER RISKS (continued)

subjecting a Fund to the creditworthiness of that lender as well. Investors in loans, such as a Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, a Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet a Fund’s redemption obligations for a period after the sale of the loans, and, as a result, a Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations.

Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because Second Lien Loans are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans generally have greater price volatility than Senior Loans and may be less liquid.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and 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.

Master Limited Partnership Risk — Investments in securities of MLPs involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks, limited liquidity and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price.

Short Position Risk — 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 the 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.

10. INDEMNIFICATIONS

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

11. SUBSEQUENT EVENTS

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

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Income Builder Fund
	For the Six Months Ended April 30, 2022 (Unaudited)						For the Fiscal Year Ended October 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		4,884,063		$	124,961,714			6,867,523		$	180,553,524
Reinvestment of distributions		897,643			23,213,070			449,961			11,836,775
Shares redeemed		(2,623,078	)		(67,180,084	)		(2,608,400	)		(68,285,982	)
		3,158,628			80,994,700			4,709,084			124,104,317
Class C Shares
Shares sold		789,563			20,011,027			1,847,515			47,544,663
Reinvestment of distributions		660,615			16,782,768			355,353			9,151,437
Shares redeemed		(2,720,257	)		(68,347,471	)		(4,830,410	)		(124,413,665	)
		(1,270,079	)		(31,553,676	)		(2,627,542	)		(67,717,565	)
Institutional Shares
Shares sold		7,726,819			202,965,263			14,503,053			386,338,647
Reinvestment of distributions		1,747,213			46,351,105			956,216			25,771,275
Shares redeemed		(5,293,412	)		(138,989,686	)		(5,011,669	)		(134,495,439	)
		4,180,620			110,326,682			10,447,600			277,614,483
Investor Shares
Shares sold		3,944,587			103,349,163			4,665,028			124,550,077
Reinvestment of distributions		730,210			19,298,686			386,405			10,371,807
Shares redeemed		(1,518,581	)		(39,783,190	)		(2,904,236	)		(77,247,188	)
		3,156,216			82,864,659			2,147,197			57,674,696
Class R6 Shares
Shares sold		232,160			6,129,312			383,900			10,356,613
Reinvestment of distributions		48,331			1,281,340			23,368			630,386
Shares redeemed		(83,092	)		(2,187,957	)		(2,221,047	)		(57,015,947	)
		197,399			5,222,695			(1,813,779	)		(46,028,948	)
Class P Shares
Shares sold		188,904			5,062,563			1,318,947			36,093,013
Reinvestment of distributions		105,275			2,794,122			36,867			999,603
Shares redeemed		(368,468	)		(9,495,536	)		(131,552	)		(3,511,903	)
		(74,289	)		(1,638,851	)		1,224,262			33,580,713
NET INCREASE		9,348,495		$	246,216,209			14,086,822		$	379,227,696

67

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Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Rising Dividend Growth Fund
	For the Six Months Ended April 30, 2022 (Unaudited)						For the Fiscal Year Ended October 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,678,922		$	21,335,456			4,781,865		$	60,067,261
Reinvestment of distributions		1,656,133			21,018,961			558,204			6,434,401
Shares redeemed		(1,669,296	)		(21,597,722	)		(4,006,108	)		(49,070,420	)
		1,665,759			20,756,695			1,333,961			17,431,242
Class C Shares
Shares sold		145,827			1,913,756			236,781			2,999,106
Reinvestment of distributions		484,031			6,252,711			291,322			3,343,818
Shares redeemed		(1,661,788	)		(21,495,720	)		(6,041,952	)		(76,504,065	)
		(1,031,930	)		(13,329,253	)		(5,513,849	)		(70,161,141	)
Institutional Shares
Shares sold		739,571			10,212,129			2,168,184			29,309,851
Reinvestment of distributions		814,190			11,029,781			300,766			3,677,997
Shares redeemed		(1,202,839	)		(16,436,737	)		(2,971,856	)		(37,608,612	)
		350,922			4,805,173			(502,906	)		(4,620,764	)
Investor Shares
Shares sold		352,990			4,805,825			567,806			7,461,953
Reinvestment of distributions		450,758			6,097,024			209,775			2,548,105
Shares redeemed		(558,194	)		(7,720,253	)		(2,139,015	)		(27,496,297	)
		245,554			3,182,596			(1,361,434	)		(17,486,239	)
Class R6 Shares
Shares sold		44,958			627,993			61,468			824,734
Reinvestment of distributions		20,713			280,619			6,813			83,317
Shares redeemed		(25,182	)		(348,724	)		(40,210	)		(532,863	)
		40,489			559,888			28,071			375,188
Class R Shares
Shares sold		23,658			301,915			15,617			197,582
Reinvestment of distributions		10,130			127,720			3,863			43,983
Shares redeemed		(6,241	)		(80,316	)		(37,028	)		(465,104	)
		27,547			349,319			(17,548	)		(223,539	)
Class P Shares
Shares sold		53,676			728,714			330,890			4,494,579
Reinvestment of distributions		95,396			1,293,344			29,967			366,629
Shares redeemed		(22,879	)		(310,052	)		(109,846	)		(1,394,013	)
		126,193			1,712,006			251,011			3,467,195
NET INCREASE (DECREASE)		1,424,534		$	18,036,424			(5,782,694	)	$	(71,218,058	)

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GOLDMAN SACHS DIVIDEND FOCUS 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.

69

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Fund Expenses — Six Month Period Ended  April 30, 2022 (Unaudited)

As a shareholder of Class A, Class C, Institutional, 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 and Class R Shares); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Investor, Class R6, Class R or 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 November 1, 2021 through April 30, 2022, which represents a period of 181 days in a 365 day year.

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

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

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

	Income Builder Fund							Rising Dividend Growth Fund
Share Class	Beginning Account Value 11/1/21		Ending Account Value 4/30/22			Expenses Paid for the 6 months ended 4/30/22*		Beginning Account Value 11/1/21		Ending Account Value 4/30/22			Expenses Paid for the 6 months ended 4/30/22*
Class A
Actual	$	1,000.00	$	941.60		$	3.80	$	1,000.00	$	948.60		$	4.98
Hypothetical 5% return		1,000.00		1,020.88	+		3.96		1,000.00		1,019.69	+		5.16
Class C
Actual		1,000.00		938.10			7.40		1,000.00		944.90			8.58
Hypothetical 5% return		1,000.00		1,017.16	+		7.70		1,000.00		1,015.97	+		8.90
Institutional
Actual		1,000.00		943.10			2.22		1,000.00		950.10			3.48
Hypothetical 5% return		1,000.00		1,022.51	+		2.31		1,000.00		1,021.22	+		3.61
Investor
Actual		1,000.00		942.50			2.60		1,000.00		950.40			3.77
Hypothetical 5% return		1,000.00		1,022.12	+		2.71		1,000.00		1,020.93	+		3.91
Class R6
Actual		1,000.00		942.80			2.17		1,000.00		950.80			3.43
Hypothetical 5% return		1,000.00		1,022.56	+		2.26		1,000.00		1,021.27	+		3.56
Class R
Actual		—		—			—		1,000.00		947.90			6.18
Hypothetical 5% return		—		—			—		1,000.00		1,018.45	+		6.41
Class P
Actual		1,000.00		943.20			2.17		1,000.00		950.10			3.43
Hypothetical 5% return		1,000.00		1,022.56	+		2.26		1,000.00		1,021.27	+		3.56

* Expenses for each share class are calculated using each 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 April 30, 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	Class A			Class C			Institutional			Investor			Class R6			Class R			Class P
Income Builder		0.79	%		1.54	%		0.46	%		0.54	%		0.45	%		—			0.45	%
Rising Dividend Growth		1.03			1.78			0.72			0.78			0.71			1.28	%		0.71

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

70

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Impact of Russian Invasion of Ukraine (Unaudited)

The Russian invasion of Ukraine has negatively affected the global economy and has resulted in significant disruptions in financial markets and increased macroeconomic uncertainty. In addition, governments around the world have responded to Russia’s invasion by imposing economic sanctions and export controls on certain industry sectors, companies and individuals in or associated with Russia. Russia has imposed its own restrictions against investors and countries outside Russia and has proposed additional measures aimed at non-Russian-owned businesses. Businesses in the U.S. and globally have experienced shortages in materials and increased costs for transportation, energy and raw materials due, in part, to the negative effects of the war on the global economy. The escalation or continuation of the war between Russia and Ukraine or other hostilities presents heightened risks relating to cyber-attacks, the frequency and volume of failures to settle securities transactions, supply chain disruptions, inflation, as well as the potential for increased volatility in commodity, currency and other financial markets. The extent and duration of the war, sanctions and resulting market disruptions, as well as the potential adverse consequences for the Funds’ operations are difficult to predict.

71

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 $2.13 trillion in assets under supervision as of March 31, 2022, 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

∎ High Quality Floating Rate 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

∎ 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	OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

All or a portion of the Funds’ distributions may be treated for tax purposes as a return of capital, however, the final characterization of such distributions will be reported annually on Form 1099-DIV. The final tax status of the distributions may differ substantially from the above dividend information.

Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Funds’ entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

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

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

© 2022 Goldman Sachs. All rights reserved. 281659-OTU-1621278 DIVFOSAR-22

Goldman Sachs Funds

Semi-Annual Report	April 30, 2022
	Domestic Equity Insights Funds
	Large Cap Growth Insights
	Large Cap Value Insights
	Small Cap Equity Insights
	Small Cap Growth Insights
	Small Cap Value Insights
	U.S. Equity Insights

Goldman Sachs Domestic Equity Insights Funds

∎ LARGE CAP GROWTH INSIGHTS

∎ LARGE CAP VALUE INSIGHTS

∎ SMALL CAP EQUITY INSIGHTS

∎ SMALL CAP GROWTH INSIGHTS

∎ SMALL CAP VALUE INSIGHTS

∎ U.S. EQUITY INSIGHTS

TABLE OF CONTENTS
Market Review	1
Fund Basics	3
Schedules of Investments	15
Financial Statements	44
Financial Highlights	51
Large Cap Growth Insights	51
Large Cap Value Insights	59
Small Cap Equity Insights	67
Small Cap Growth Insights	75
Small Cap Value Insights	82
U.S. Equity Insights	89
Notes to Financial Statements	97
Other Information	119

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET REVIEW

Goldman Sachs Domestic Equity Insights 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 Domestic Equity Insights Funds (the “Funds”) during the six months ended April 30, 2022 (the “Reporting Period”). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmarks 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 October 31, 2022.

Market and Economic Review

• Overall, U.S. equities struggled during the Reporting Period. The Standard & Poor’s 500^® Index (the “S&P 500 Index”) ended the Reporting Period with a return of -9.65%. The Russell 3000^® Index generated a return of -11.75%.

• Persistent supply-chain disruptions, hawkish Federal Reserve (“Fed”) policy and inflationary pressures were the common themes during the Reporting Period, while the biggest headlines were COVID-19 variants and the start of the yet ongoing Russia/Ukraine war. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

• As the Reporting Period began in November 2021, the S&P 500 Index fell, though retail earnings upside surprises and hints of easing supply chain constraints supported the U.S. equity market’s upward trajectory through most of the month.

• Later in November, a $1 trillion infrastructure bill was signed into law, and Fed Chair Jerome 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 2021, the S&P 500 Index rebounded despite record COVID-19 case counts in many U.S. population centers, as studies showed the Omicron 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.

• The Fed walked back its use of “transitory” in describing the inflationary environment, 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 the first quarter of 2022, marking its first quarterly decline since the first quarter of 2020.

• Fed officials raised short-term interest rates by 25 basis points in March, the first U.S. rate hike since the end of 2018. (A basis point is 1/100th of a percentage point.) Fed officials also forecast six more increases by the end of 2022.

• The dramatic repricing of the Fed’s interest rate hike path and expectations for a more aggressive balance sheet runoff phase were accelerated due to concerns about elevated and persistent inflation pressures.

• Tensions arising from geopolitical conflict, most notably Russia’s invasion of Ukraine, also brought about concern, as commodity prices became volatile and the global supply chain came back into question.

• Among other concerns during the quarter were slowing corporate earnings momentum, the velocity and magnitude of U.S. Treasury yield increases and the overhang of the Omicron variant, which exacerbated supply chain issues and worker shortages.

• In April 2022, the S&P 500 Index decreased, as U.S. equities remained under pressure, ending the month with its worst one-day return since June 11, 2020 and in correction territory.

• First-quarter U.S. inflation, as measured by the Consumer Price Index, was reported in April, with the 8.5% year-over-year increase marking the largest 12-month advance since December 1981.

• Later in the month, Fed Chair Powell confirmed a 50 basis point interest rate hike was on the table for May 2022 and that the Fed was expected to formally announce the start of its balance sheet runoff.

1

MARKET REVIEW

• Geopolitics continued to weigh on U.S. equities, given that they affected energy prices, which led, in turn, to a drop in consumer sentiment and a potential change in consumer spending trends.

• Moreover, tightening financial conditions, spans of yield curve inversion (meaning short-term U.S. Treasury yields were higher than longer-term U.S. Treasury yields) and negative real wage growth dynamics drove some recession talk.

• China’s unwillingness to deviate from its zero-tolerance COVID-19 policy and related lockdowns continued to disrupt supply chains, while labor shortages and negative U.S. Gross Domestic Product growth in the first quarter of 2022 were also prevalent market themes in April, even as the U.S. labor market overall remained strong and early corporate earnings reports appeared positive.

• For the Reporting Period overall, all segments of the U.S. equity market declined, but value stocks significantly outperformed growth stocks across the capitalization spectrum in part as a potential byproduct of anticipated higher interest rates in the near term.

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

Fund Changes and Highlights

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

Goldman Sachs Large Cap Value Insights Fund

• While absolute returns were disappointing, the Fund outperformed its benchmark, the Russell 1000^® Value Index (the “Index”) on a relative basis, during the Reporting Period, with three of its investment themes — High Quality Business Models, Market Themes & Trends and Fundamental Mispricings — adding to performance. The impact of the Sentiment Analysis investment theme was rather neutral during the Reporting Period.

• High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives.

• Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment.

• Fundamental Mispricings seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run.

• Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment.

• Within individual stock selection, the Fund benefited from its overweight position versus the Index in agricultural processing company Archer-Daniels-Midland and from its underweight in financial services firm JPMorgan Chase. Both positions were driven primarily by our High Quality Business Models and Market Themes & Trends investment themes. The Fund was also helped by an overweight in agricultural fertilizer maker CF Industries Holdings, which was mostly based on our Market Themes & Trends investment theme.

• Among individual detractors, the Fund was hampered by underweights in Chevron, Exxon Mobil and Pfizer. The underweights in Chevron and Exxon Mobil, both integrated energy companies, were largely driven by our Sentiment Analysis and Fundamental Mispricings investment themes. Our Market Themes & Trends investment theme led to the Fund’s underweight in pharmaceutical company Pfizer.

2

FUND BASICS

Large Cap Growth Insights Fund

as of April 30, 2022

PERFORMANCE REVIEW
November 1, 2021–April 30, 2022	Fund Total Return (based on NAV)1			Russell 1000® Growth Index2
Class A		-17.93	%		-17.84	%
Class C		-18.22			-17.84
Institutional		-17.76			-17.84
Service		-17.98			-17.84
Investor		-17.83			-17.84
Class R6		-17.75			-17.84
Class R		-18.02			-17.84
Class P		-17.78			-17.84

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

²  The Russell 1000^® Growth Index (with dividends reinvested) is an unmanaged market capitalization weighted index of the 1000 largest U.S. companies with higher price-to-book ratios and higher forecasted growth values. The figures for the Russell 1000^® Growth Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

3

FUND BASICS

TOP TEN HOLDINGS AS OF 4/30/223
Holding	% of Net Assets			Line of Business
Apple, Inc.		12.0	%	Technology Hardware, Storage & Peripherals
Microsoft Corp.		10.0		Software
Alphabet, Inc., Class C		5.6		Interactive Media & Services
Amazon.com, Inc.		5.2		Internet & Direct Marketing Retail
Tesla, Inc.		3.8		Automobiles
Meta Platforms, Inc., Class A		2.8		Interactive Media & Services
NVIDIA Corp.		2.3		Semiconductors & Semiconductor Equipment
AbbVie, Inc.		1.5		Biotechnology
Oracle Corp.		1.5		Software
Palo Alto Networks, Inc.		1.3		Software

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 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. 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. Percentages may not sum to 100% due to rounding.

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

4

FUND BASICS

Large Cap Value Insights Fund

as of April 30, 2022

PERFORMANCE REVIEW
November 1, 2021–April 30, 2022	Fund Total Return (based on NAV)1			Russell 1000® Value Index2
Class A		-2.09	%		-3.94	%
Class C		-2.46			-3.94
Institutional		-1.90			-3.94
Service		-2.18			-3.94
Investor		-1.96			-3.94
Class R6		-1.89			-3.94
Class R		-2.23			-3.94
Class P		-1.94			-3.94

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

²  The Russell 1000^® Value Index (with dividends reinvested) is an unmanaged market capitalization weighted index of the 1000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The figures for the Russell 1000^® Value Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

5

FUND BASICS

TOP TEN HOLDINGS AS OF 4/30/223
Holding	% of Net Assets			Line of Business
Berkshire Hathaway, Inc., Class B		4.0	%	Diversified Financial Services
UnitedHealth Group, Inc.		2.5		Health Care Providers & Services
Johnson & Johnson		2.5		Pharmaceuticals
Pfizer, Inc.		1.7		Pharmaceuticals
Merck & Co., Inc.		1.6		Pharmaceuticals
Anthem, Inc.		1.6		Health Care Providers & Services
AT&T, Inc.		1.5		Diversified Telecommunication Services
CSX Corp.		1.4		Road & Rail
Gilead Sciences, Inc.		1.4		Biotechnology
Norfolk Southern Corp.		1.4		Road & Rail

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 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. 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. Percentages may not sum to 100% due to rounding.

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

Small Cap Equity Insights Fund

as of April 30, 2022

PERFORMANCE REVIEW
November 1, 2021–April 30, 2022	Fund Total Return (based on NAV)1			Russell 2000® Index2
Class A		-16.42	%		-18.38	%
Class C		-16.74			-18.38
Institutional		-16.27			-18.38
Service		-16.49			-18.38
Investor		-16.31			-18.38
Class R6		-16.26			-18.38
Class R		-16.53			-18.38
Class P		-16.27			-18.38

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

²  The Russell 2000^® Index (with dividends reinvested) is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000^® Index. The figures for the Russell 2000^® Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

7

FUND BASICS

TOP TEN HOLDINGS AS OF 4/30/223
Holding	% of Net Assets				Line of Business
Murphy USA, Inc.		0.8	%		Specialty Retail
Independence Realty Trust, Inc. REIT		0.8			Equity Real Estate Investment Trusts (REITs)
Range Resources Corp.		0.8			Oil, Gas & Consumable Fuels
National Storage Affiliates Trust REIT		0.8			Equity Real Estate Investment Trusts (REITs)
American Equity Investment Life Holding Co.		0.8			Insurance
Alkermes PLC		0.8			Biotechnology
Vishay Intertechnology, Inc.		0.7			Electronic Equipment, Instruments & Components
Group 1 Automotive, Inc.		0.7		��	Specialty Retail
Ovintiv, Inc.		0.7			Oil, Gas & Consumable Fuels
International Bancshares Corp.		0.7			Banks

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 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. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.2% of the Fund’s net assets as of April 30, 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. Percentages may not sum to 100% due to rounding.

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

8

FUND BASICS

Small Cap Growth Insights Fund

as of April 30, 2022

PERFORMANCE REVIEW
November 1, 2021–April 30, 2022	Fund Total Return (based on NAV)1			Russell 2000 Growth® Index2
Class A		-25.42	%		-26.77	%
Class C		-25.79			-26.77
Institutional		-25.29			-26.77
Investor		-25.31			-26.77
Class R6		-25.29			-26.77
Class R		-25.48			-26.77
Class P		-25.29			-26.77

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

²  The Russell 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 tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

9

FUND BASICS

TOP TEN HOLDINGS AS OF 4/30/223
Holding	% of Net Assets			Line of Business
EastGroup Properties, Inc. REIT		1.3	%	Equity Real Estate Investment Trusts (REITs)
Murphy USA, Inc.		1.1		Specialty Retail
Mimecast Ltd.		1.1		Software
National Storage Affiliates Trust REIT		1.0		Equity Real Estate Investment Trusts (REITs)
Lattice Semiconductor Corp.		1.0		Semiconductors & Semiconductor Equipment
Alkermes PLC		1.0		Biotechnology
WillScot Mobile Mini Holdings Corp.		1.0		Construction & Engineering
Medpace Holdings, Inc.		1.0		Life Sciences Tools & Services
RLI Corp.		0.9		Insurance
ACI Worldwide, Inc.		0.9		Software

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 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. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.9% of the Fund’s net assets as of April 30, 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. Percentages may not sum to 100% due to rounding.

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 Insights Fund

as of April 30, 2022

PERFORMANCE REVIEW
November 1, 2021–April 30, 2022	Fund Total Return (based on NAV)1			Russell 2000® Value Index2
Class A		-8.17	%		-9.50	%
Class C		-8.46			-9.50
Institutional		-7.98			-9.50
Investor		-8.04			-9.50
Class R6		-7.97			-9.50
Class R		-8.25			-9.50
Class P		-7.98			-9.50

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

²  The Russell 2000^® Value Index (with dividends reinvested) 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 index.

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

11

FUND BASICS

TOP TEN HOLDINGS AS OF 4/30/223
Holding	% of Net Assets			Line of Business
Ovintiv, Inc.		1.2	%	Oil, Gas & Consumable Fuels
Range Resources Corp.		1.2		Oil, Gas & Consumable Fuels
Independence Realty Trust, Inc. REIT		1.0		Equity Real Estate Investment Trusts (REITs)
Terreno Realty Corp. REIT		1.0		Equity Real Estate Investment Trusts (REITs)
Antero Resources Corp.		0.9		Oil, Gas & Consumable Fuels
SM Energy Co.		0.8		Oil, Gas & Consumable Fuels
American Equity Investment Life Holding Co.		0.8		Insurance
Group 1 Automotive, Inc.		0.8		Specialty Retail
Murphy Oil Corp.		0.8		Oil, Gas & Consumable Fuels
FirstCash Holdings, Inc.		0.8		Consumer Finance

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 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. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.1% of the Fund’s net assets as of April 30, 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. Percentages may not sum to 100% due to rounding.

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

U.S. Equity Insights Fund

as of April 30, 2022

PERFORMANCE REVIEW
November 1, 2021–April 30, 2022	Fund Total Return (based on NAV)1			S&P 500® Index2
Class A		-10.42	%		-9.65	%
Class C		-10.76			-9.65
Institutional		-10.25			-9.65
Service		-10.48			-9.65
Investor		-10.30			-9.65
Class R6		-10.24			-9.65
Class R		-10.53			-9.65
Class P		-10.26			-9.65

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes 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 (with dividends reinvested) is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The figures for the S&P 500^® Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

13

FUND BASICS

TOP TEN HOLDINGS AS OF 4/30/223
Holding	% of Net Assets			Line of Business
Apple, Inc.		6.3	%	Technology Hardware, Storage & Peripherals
Microsoft Corp.		5.2		Software
Alphabet, Inc., Class C		3.7		Interactive Media & Services
Berkshire Hathaway, Inc., Class B		2.7		Diversified Financial Services
Amazon.com, Inc.		2.4		Internet & Direct Marketing Retail
Tesla, Inc.		2.1		Automobiles
Meta Platforms, Inc., Class A		1.6		Interactive Media & Services
Merck & Co., Inc.		1.5		Pharmaceuticals
UnitedHealth Group, Inc.		1.5		Health Care Providers & Services
AbbVie, Inc.		1.4		Biotechnology

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 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. 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. Percentages may not sum to 100% due to rounding.

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 LARGE CAP GROWTH INSIGHTS FUND

Schedule of Investments

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 98.8%
Automobiles – 4.5%
	222,784	General Motors Co.*	$	8,445,741
	48,967	Tesla, Inc.*		42,638,505
				51,084,246
Banks – 0.2%
	5,959	East West Bancorp, Inc.		424,877
	7,626	PacWest Bancorp		250,819
	21,609	Prosperity Bancshares, Inc.		1,412,796
	6,904	Wintrust Financial Corp.		602,857
				2,691,349
Beverages – 0.7%
	82,596	Monster Beverage Corp.*		7,076,825
	3,245	PepsiCo, Inc.		557,199
				7,634,024
Biotechnology – 4.9%
	115,721	AbbVie, Inc.		16,997,101
	32,961	Biogen, Inc.*		6,837,430
	43,301	Exelixis, Inc.*		967,344
	187,064	Gilead Sciences, Inc.		11,100,378
	61,659	Horizon Therapeutics PLC*		6,077,111
	117,985	Incyte Corp.*		8,844,156
	24,903	Moderna, Inc.*		3,347,212
	8,045	Sarepta Therapeutics, Inc.*		581,814
	3,716	Seagen, Inc.*		486,833
				55,239,379
Capital Markets – 0.9%
	35,586	Ameriprise Financial, Inc.		9,447,727
	3,711	MarketAxess Holdings, Inc.		978,257
				10,425,984
Chemicals – 0.1%
	10,717	CF Industries Holdings, Inc.		1,037,727
Commercial Services & Supplies – 0.8%
	21,093	Cintas Corp.		8,379,405
Communications Equipment – 0.0%(a)
	3,753	Arista Networks, Inc.*		433,734
Construction & Engineering – 0.3%
	41,395	MasTec, Inc.*		2,980,854
Consumer Finance – 0.7%
	222,975	Synchrony Financial		8,207,710
Distributors – 1.0%
	229,590	LKQ Corp.		11,394,552
Diversified Consumer Services – 0.3%
	123,056	H&R Block, Inc.		3,208,070
Diversified Financial Services – 0.5%
	18,894	Berkshire Hathaway, Inc., Class B*		6,099,550
Electronic Equipment, Instruments & Components – 0.2%
	33,354	Corning, Inc.		1,173,727
Common Stocks – (continued)
Electronic Equipment, Instruments & Components – (continued)
	2,263	Teledyne Technologies, Inc.*		976,598
				2,150,325
Entertainment – 1.0%
	111,669	Live Nation Entertainment, Inc.*		11,711,845
Equity Real Estate Investment Trusts (REITs) – 3.4%
	69,547	Camden Property Trust REIT		10,911,229
	86,760	Equity LifeStyle Properties, Inc. REIT		6,704,813
	55,942	Life Storage, Inc. REIT		7,411,755
	9,026	Public Storage REIT		3,353,159
	81,197	Simon Property Group, Inc. REIT		9,581,246
				37,962,202
Food & Staples Retailing – 0.8%
	9,281	Casey’s General Stores, Inc.		1,868,265
	12,979	Costco Wholesale Corp.		6,901,194
				8,769,459
Food Products – 0.2%
	11,395	Hershey Co. (The)		2,572,649
Health Care Equipment & Supplies – 0.8%
	1,179	ABIOMED, Inc.*		337,878
	21,935	Align Technology, Inc.*		6,359,176
	8,820	Masimo Corp.*		996,395
	3,669	Teleflex, Inc.		1,047,940
				8,741,389
Health Care Providers & Services – 1.5%
	43,096	HCA Healthcare, Inc.		9,246,247
	24,765	Molina Healthcare, Inc.*		7,762,589
				17,008,836
Hotels, Restaurants & Leisure – 5.5%
	7,505	Boyd Gaming Corp.		454,653
	81,610	Choice Hotels International, Inc.		11,462,940
	26,653	Expedia Group, Inc.*		4,657,612
	83,240	Hilton Worldwide Holdings, Inc.*		12,926,340
	79,210	Marriott International, Inc., Class A*		14,061,359
	25,841	Travel + Leisure Co.		1,433,659
	18,845	Vail Resorts, Inc.		4,789,645
	132,091	Wyndham Hotels & Resorts, Inc.		11,618,724
				61,404,932
Household Durables – 0.2%
	618	NVR, Inc.*		2,704,498
Household Products – 0.2%
	12,921	Clorox Co. (The)		1,853,776
Insurance – 0.0%(a)
	1,789	RenaissanceRe Holdings Ltd. (Bermuda)		256,757
Interactive Media & Services – 8.5%
	27,473	Alphabet, Inc., Class C*		63,169,493
	159,461	Meta Platforms, Inc., Class A*		31,967,147
				95,136,640

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Internet & Direct Marketing Retail – 5.2%
	23,457	Amazon.com, Inc.*	$	58,305,423
	15,231	Chewy, Inc., Class A*(b)		442,613
				58,748,036
IT Services – 5.7%
	1,643	Cloudflare, Inc., Class A*		141,528
	13,202	EPAM Systems, Inc.*		3,498,398
	69,564	Euronet Worldwide, Inc.*		8,462,461
	44,796	Gartner, Inc.*		13,015,478
	24,667	Genpact Ltd.		993,340
	19,934	Mastercard, Inc., Class A		7,243,617
	24,068	Okta, Inc.*		2,871,553
	102,262	PayPal Holdings, Inc.*		8,991,898
	25,801	Snowflake, Inc., Class A*		4,423,323
	20,662	VeriSign, Inc.*		3,692,093
	45,649	Visa, Inc., Class A		9,729,171
	77,483	Western Union Co. (The)		1,298,615
				64,361,475
Leisure Products – 0.3%
	120,505	Mattel, Inc.*		2,929,476
Life Sciences Tools & Services – 4.8%
	112,905	Agilent Technologies, Inc.		13,466,179
	263,555	Avantor, Inc.*		8,402,133
	170,299	Bruker Corp.		9,790,490
	36,833	IQVIA Holdings, Inc.*		8,029,226
	17,158	Maravai LifeSciences Holdings, Inc., Class A*		527,265
	10,305	Mettler-Toledo International, Inc.*		13,164,947
	5,115	Syneos Health, Inc.*		373,855
	1,927	Waters Corp.*		583,920
				54,338,015
Machinery – 2.6%
	60,941	Caterpillar, Inc.		12,830,518
	43,600	Illinois Tool Works, Inc.		8,593,996
	102,445	Otis Worldwide Corp.		7,462,094
				28,886,608
Media – 0.8%
	15,457	Charter Communications, Inc., Class A*		6,623,170
	13,574	Nexstar Media Group, Inc., Class A		2,150,393
				8,773,563
Metals & Mining – 0.0%(a)
	8,105	Freeport-McMoRan, Inc.		328,658
Pharmaceuticals – 0.0%(a)
	8,240	Perrigo Co. PLC		282,632
Professional Services – 0.0%(a)
	3,248	CoStar Group, Inc.*		206,638
Road & Rail – 1.3%
	334,929	CSX Corp.		11,501,462
	73,570	Lyft, Inc., Class A*		2,398,382
Common Stocks – (continued)
Road & Rail – (continued)
	1,596	Union Pacific Corp.	$	373,927
				14,273,771
Semiconductors & Semiconductor Equipment – 7.3%
	147,243	Advanced Micro Devices, Inc.*		12,592,221
	46,356	Applied Materials, Inc.		5,115,385
	22,899	Broadcom, Inc.		12,694,977
	4,608	Enphase Energy, Inc.*		743,731
	19,494	First Solar, Inc.*		1,423,647
	8,301	KLA Corp.		2,650,177
	17,459	Lam Research Corp.		8,131,704
	16,169	Microchip Technology, Inc.		1,054,219
	139,194	NVIDIA Corp.		25,816,311
	15,963	ON Semiconductor Corp.*		831,832
	75,448	QUALCOMM, Inc.		10,539,331
	8,622	Teradyne, Inc.		909,276
				82,502,811
Software – 20.0%
	32,120	Crowdstrike Holdings, Inc., Class A*		6,384,171
	14,850	Datadog, Inc., Class A*		1,793,583
	3,610	Fair Isaac Corp.*		1,348,371
	43,897	Fortinet, Inc.*		12,686,672
	29,557	Intuit, Inc.		12,376,994
	59,923	Manhattan Associates, Inc.*		7,822,948
	407,380	Microsoft Corp.		113,056,098
	9,702	New Relic, Inc.*		613,846
	223,823	Oracle Corp.		16,428,608
	25,216	Palo Alto Networks, Inc.*		14,153,236
	43,144	Paycom Software, Inc.*		12,143,742
	26,427	ServiceNow, Inc.*		12,634,749
	24,041	Synopsys, Inc.*		6,894,718
	32,277	VMware, Inc., Class A		3,487,207
	15,099	Zscaler, Inc.*		3,061,171
				224,886,114
Specialty Retail – 1.5%
	1,338	AutoZone, Inc.*		2,616,419
	2,115	GameStop Corp., Class A*		264,523
	27,440	Home Depot, Inc. (The)		8,242,976
	87,365	TJX Cos., Inc. (The)		5,353,727
				16,477,645
Technology Hardware, Storage & Peripherals – 12.0%
	859,389	Apple, Inc.		135,482,676
Trading Companies & Distributors – 0.1%
	2,353	United Rentals, Inc.*		744,771
	TOTAL COMMON STOCKS
	(Cost $776,195,189)		$	1,112,312,781
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $776,195,189)		$	1,112,312,781

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Shares	Dividend Rate			Value
Securities Lending Reinvestment Vehicle – 0.0%(a)(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
475,200		0.317	%	$	475,200
(Cost $475,200)
TOTAL INVESTMENTS – 98.8%
(Cost $776,670,389)				$	1,112,787,981
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.2%					13,409,234
NET ASSETS – 100.0%				$	1,126,197,215

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)	Less than 0.05%
(b)	All or a portion of security is on loan.
(c)	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. 17

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 99.2%
Aerospace & Defense – 1.8%
	22,832	General Dynamics Corp.	$	5,400,453
	62,097	Howmet Aerospace, Inc.		2,118,750
				7,519,203
Automobiles – 2.1%
	227,370	Ford Motor Co.		3,219,559
	137,032	General Motors Co.*		5,194,883
				8,414,442
Banks – 3.2%
	37,332	Bank of America Corp.		1,332,006
	14,456	East West Bancorp, Inc.		1,030,713
	27,405	JPMorgan Chase & Co.		3,271,061
	69,558	KeyCorp		1,343,165
	40,905	PacWest Bancorp		1,345,365
	42,121	Prosperity Bancshares, Inc.		2,753,871
	57,565	Regions Financial Corp.		1,192,747
	10,706	Wintrust Financial Corp.		934,848
				13,203,776
Beverages – 0.1%
	11,963	Keurig Dr Pepper, Inc.		447,416
Biotechnology – 3.4%
	22,435	Biogen, Inc.*		4,653,916
	94,020	Gilead Sciences, Inc.		5,579,147
	19,578	Horizon Therapeutics PLC*		1,929,608
	6,630	Vertex Pharmaceuticals, Inc.*		1,811,449
				13,974,120
Building Products – 0.5%
	8,698	Lennox International, Inc.		1,854,327
Capital Markets – 3.2%
	756	Ameriprise Financial, Inc.		200,711
	21,416	CME Group, Inc.		4,697,385
	44,723	Intercontinental Exchange, Inc.		5,179,371
	38,844	Morgan Stanley		3,130,438
				13,207,905
Chemicals – 3.8%
	22,160	Air Products and Chemicals, Inc.		5,186,991
	48,011	CF Industries Holdings, Inc.		4,648,905
	42,265	Corteva, Inc.		2,438,268
	20,033	Dow, Inc.		1,332,194
	3,879	International Flavors & Fragrances, Inc.		470,523
	22,816	Mosaic Co. (The)		1,424,175
				15,501,056
Commercial Services & Supplies – 2.0%
	3,324	Clean Harbors, Inc.*		348,787
	35,637	Republic Services, Inc.		4,784,980
	19,214	Waste Management, Inc.		3,159,550
				8,293,317
Communications Equipment – 1.3%
	103,691	Cisco Systems, Inc.		5,078,785
Common Stocks – (continued)
Construction & Engineering – 0.6%
	5,266	AECOM		371,569
	26,362	MasTec, Inc.*		1,898,328
				2,269,897
Construction Materials – 0.5%
	3,100	Eagle Materials, Inc.		382,292
	10,542	Vulcan Materials Co.		1,816,281
				2,198,573
Consumer Finance – 2.0%
	33,004	Capital One Financial Corp.		4,112,958
	105,912	Synchrony Financial		3,898,621
				8,011,579
Containers & Packaging – 1.2%
	55,172	International Paper Co.		2,553,360
	13,819	Packaging Corp. of America		2,227,208
				4,780,568
Distributors – 1.1%
	89,688	LKQ Corp.		4,451,215
Diversified Financial Services – 4.5%
	50,388	Berkshire Hathaway, Inc., Class B*		16,266,758
	66,269	Equitable Holdings, Inc.		1,910,535
				18,177,293
Diversified Telecommunication Services – 1.5%
	316,831	AT&T, Inc.		5,975,432
	3,769	Verizon Communications, Inc.		174,505
				6,149,937
Electric Utilities – 2.6%
	11,075	American Electric Power Co., Inc.		1,097,644
	53,588	Eversource Energy		4,683,591
	3,991	NextEra Energy, Inc.		283,441
	63,047	Xcel Energy, Inc.		4,618,823
				10,683,499
Electrical Equipment – 1.8%
	27,728	AMETEK, Inc.		3,500,937
	41,354	Emerson Electric Co.		3,729,304
				7,230,241
Electronic Equipment, Instruments & Components – 1.0%
	27,406	Corning, Inc.		964,417
	7,457	Teledyne Technologies, Inc.*		3,218,069
				4,182,486
Energy Equipment & Services – 0.4%
	41,802	Schlumberger NV		1,630,696
Entertainment – 2.2%
	41,174	Live Nation Entertainment, Inc.*		4,318,329
	30,153	Walt Disney Co. (The)*		3,365,979
	76,646	Warner Bros Discovery, Inc.*		1,391,125
				9,075,433

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – 6.7%
	94,781	American Homes 4 Rent, Class A REIT	$	3,754,275
	27,424	Camden Property Trust REIT		4,302,551
	31,736	Equity Residential REIT		2,586,484
	66,288	First Industrial Realty Trust, Inc. REIT		3,844,704
	63,118	Host Hotels & Resorts, Inc. REIT		1,284,451
	26,888	Life Storage, Inc. REIT		3,562,391
	22,773	Mid-America Apartment Communities, Inc. REIT		4,478,994
	30,528	Rexford Industrial Realty, Inc. REIT		2,382,405
	23,093	Weyerhaeuser Co. REIT		951,894
				27,148,149
Food & Staples Retailing – 1.2%
	17,524	Casey’s General Stores, Inc.		3,527,581
	15,808	Kroger Co. (The)		853,000
	2,806	Walmart, Inc.		429,290
				4,809,871
Food Products – 2.7%
	56,214	Archer-Daniels-Midland Co.		5,034,526
	36,623	Bunge Ltd.		4,142,794
	25,453	Darling Ingredients, Inc.*		1,867,995
				��
				11,045,315
Health Care Equipment & Supplies – 2.4%
	123,574	Boston Scientific Corp.*		5,203,701
	37,850	Medtronic PLC		3,950,026
	2,130	Teleflex, Inc.		608,371
				9,762,098
Health Care Providers & Services – 6.6%
	13,278	Anthem, Inc.		6,664,626
	17,877	Centene Corp.*		1,439,992
	4,737	Cigna Corp.		1,168,997
	4,977	HCA Healthcare, Inc.		1,067,815
	1,337	Humana, Inc.		594,377
	13,168	Molina Healthcare, Inc.*		4,127,510
	20,342	UnitedHealth Group, Inc.		10,344,924
	12,820	Universal Health Services, Inc., Class B		1,570,835
				26,979,076
Hotels, Restaurants & Leisure – 3.4%
	151,627	Carnival Corp.*		2,623,147
	29,374	Hilton Worldwide Holdings, Inc.*		4,561,488
	17,045	Hyatt Hotels Corp., Class A*		1,618,593
	21,036	Marriott International, Inc., Class A*		3,734,311
	4,432	Marriott Vacations Worldwide Corp.		661,831
	8,853	Wyndham Hotels & Resorts, Inc.		778,710
				13,978,080
Household Durables – 0.8%
	9,997	Garmin Ltd.		1,097,071
	11,279	Whirlpool Corp.		2,047,364
				3,144,435
Household Products – 1.0%
	3,521	Kimberly-Clark Corp.		488,821
Common Stocks – (continued)
Household Products – (continued)
	23,446	Procter & Gamble Co. (The)		3,764,255
				4,253,076
Insurance – 4.2%
	21,742	American International Group, Inc.		1,272,124
	23,801	Arch Capital Group Ltd.*		1,086,992
	2,059	Cincinnati Financial Corp.		252,557
	33,589	Globe Life, Inc.		3,294,409
	18,511	Loews Corp.		1,163,231
	25,499	Marsh & McLennan Cos., Inc.		4,123,188
	46,679	MetLife, Inc.		3,065,877
	17,138	Reinsurance Group of America, Inc.		1,839,250
	6,474	Travelers Cos., Inc. (The)		1,107,443
				17,205,071
Interactive Media & Services – 0.3%
	461	Alphabet, Inc., Class A*		1,052,090
IT Services – 2.4%
	14,983	DXC Technology Co.*		430,012
	722	Fidelity National Information Services, Inc.		71,586
	14,394	Gartner, Inc.*		4,182,177
	13,708	Genpact Ltd.		552,021
	20,958	VeriSign, Inc.*		3,744,985
	53,118	Western Union Co. (The)		890,258
				9,871,039
Life Sciences Tools & Services – 2.4%
	6,004	Agilent Technologies, Inc.		716,097
	20,032	IQVIA Holdings, Inc.*		4,366,776
	21,056	QIAGEN NV*		955,311
	8,562	Syneos Health, Inc.*		625,796
	5,760	Thermo Fisher Scientific, Inc.		3,184,819
				9,848,799
Machinery – 1.4%
	65,627	Otis Worldwide Corp.		4,780,271
	3,125	Parker-Hannifin Corp.		846,312
				5,626,583
Media – 1.7%
	441	Charter Communications, Inc., Class A*		188,964
	1,887	Comcast Corp., Class A		75,027
	21,478	Liberty Broadband Corp., Class C*		2,401,670
	122,246	News Corp., Class A		2,427,806
	10,175	Nexstar Media Group, Inc., Class A		1,611,923
				6,705,390
Metals & Mining – 0.8%
	77,937	Freeport-McMoRan, Inc.		3,160,345
Mortgage Real Estate Investment Trusts (REITs) – 0.3%
	182,986	Annaly Capital Management, Inc. REIT		1,174,770
Multi-Utilities – 1.1%
	64,276	CMS Energy Corp.		4,415,118

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – 4.8%
	13,944	Chevron Corp.	$	2,184,606
	49,567	ConocoPhillips		4,734,640
	59,199	Exxon Mobil Corp.		5,046,715
	16,065	Hess Corp.		1,655,820
	58,870	Kinder Morgan, Inc.		1,068,491
	49,437	Marathon Oil Corp.		1,231,970
	22,889	ONEOK, Inc.		1,449,560
	31,701	Targa Resources Corp.		2,327,170
				19,698,972
Pharmaceuticals – 6.8%
	46,940	Elanco Animal Health, Inc.*		1,188,051
	56,797	Johnson & Johnson		10,249,587
	75,158	Merck & Co., Inc.		6,665,763
	6,920	Organon & Co.		223,724
	62,779	Perrigo Co. PLC		2,153,320
	142,348	Pfizer, Inc.		6,985,016
				27,465,461
Road & Rail – 2.8%
	167,897	CSX Corp.		5,765,583
	21,265	Norfolk Southern Corp.		5,483,818
				11,249,401
Semiconductors & Semiconductor Equipment – 1.5%
	25,799	First Solar, Inc.*		1,884,101
	56,503	Micron Technology, Inc.		3,852,940
	5,855	ON Semiconductor Corp.*		305,104
				6,042,145
Software – 1.6%
	3,581	Fortinet, Inc.*		1,034,945
Common Stocks – (continued)
Software – (continued)
	14,182	Oracle Corp.		1,040,959
	1,592	Paycom Software, Inc.*		448,100
	37,416	VMware, Inc., Class A		4,042,425
				6,566,429
Specialty Retail – 0.8%
	12,657	AutoNation, Inc.*		1,467,073
	899	AutoZone, Inc.*		1,757,967
				3,225,040
Technology Hardware, Storage & Peripherals – 0.7%
	37,321	Dell Technologies, Inc., Class C		1,754,460
	71,247	Hewlett Packard Enterprise Co.		1,097,917
				2,852,377
	TOTAL INVESTMENTS – 99.2%
	(Cost $394,993,071)		$	403,614,894
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.8%			3,423,139
	NET ASSETS – 100.0%		$	407,038,033

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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 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		7		06/17/22	$	1,565,410	$	(120,785	)

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 98.9%
Aerospace & Defense – 0.4%
	17,270	AAR Corp.*	$	811,345
	6,050	Kratos Defense & Security Solutions, Inc.*		91,778
	30,089	Vectrus, Inc.*		1,086,213
				1,989,336
Auto Components – 0.4%
	11,771	Cooper-Standard Holdings, Inc.*		54,264
	10,618	Fox Factory Holding Corp.*		869,402
	58,146	Goodyear Tire & Rubber Co. (The)*		774,505
	519	Patrick Industries, Inc.		32,308
				1,730,479
Automobiles – 0.0%(a)
	8,098	Fisker, Inc.*(b)		81,466
Banks – 8.5%
	31,381	1st Source Corp.		1,357,856
	1,861	American National Bankshares, Inc.		64,651
	14,366	Atlantic Union Bankshares Corp.		485,284
	72,781	Bancorp, Inc. (The)*		1,651,401
	20,034	BankUnited, Inc.		752,076
	54,468	Cadence Bank		1,363,879
	6,819	Capital City Bank Group, Inc.		174,635
	98,839	Central Pacific Financial Corp.		2,389,927
	79,706	Columbia Banking System, Inc.		2,238,144
	19,186	Community Bank System, Inc.		1,235,578
	34,193	CrossFirst Bankshares, Inc.*		438,012
	236,030	First BanCorp. (Puerto Rico)		3,212,368
	6,534	First Bancshares, Inc. (The)		210,329
	12,642	First Bank		180,275
	27,496	First Commonwealth Financial Corp.		370,646
	37,038	First Financial Bancorp		757,427
	7,871	First Financial Bankshares, Inc.		314,683
	9,481	Great Southern Bancorp, Inc.		537,952
	2,592	Guaranty Bancshares, Inc.		89,165
	33,254	Hancock Whitney Corp.		1,555,290
	67,358	Hanmi Financial Corp.		1,559,338
	5,187	HarborOne Bancorp, Inc.		69,454
	101,919	Hilltop Holdings, Inc.		2,597,915
	7,825	HomeTrust Bancshares, Inc.		211,510
	90,058	Hope Bancorp, Inc.		1,287,829
	4,395	Independent Bank Corp.		86,757
	82,111	International Bancshares Corp.		3,267,197
	5,949	Macatawa Bank Corp.		52,054
	48,655	OFG Bancorp (Puerto Rico)		1,293,250
	35,004	Origin Bancorp, Inc.		1,318,951
	1,622	Peoples Financial Services Corp.		80,516
	6,715	Sandy Spring Bancorp, Inc.		263,698
	9,272	Sierra Bancorp		201,666
	3,603	Silvergate Capital Corp., Class A*		421,407
	5,678	Southern First Bancshares, Inc.*		259,485
	31,334	Texas Capital Bancshares, Inc.*		1,609,314
	72,293	Towne Bank		1,993,118
	79,353	Trustmark Corp.		2,212,362
	7,630	UMB Financial Corp.		688,073
Common Stocks – (continued)
Banks – (continued)
	5,831	United Community Banks, Inc.		175,746
				39,029,218
Beverages – 0.4%
	4,120	Coca-Cola Consolidated, Inc.		1,818,980
Biotechnology – 7.1%
	77,380	ACADIA Pharmaceuticals, Inc.*		1,426,887
	62,003	Akebia Therapeutics, Inc.*		25,744
	1,550	Albireo Pharma, Inc.*		49,321
	10,052	Aldeyra Therapeutics, Inc.*		30,860
	17,538	Alector, Inc.*		168,365
	119,339	Alkermes PLC*		3,442,930
	8,042	Allakos, Inc.*		30,318
	49,064	Allogene Therapeutics, Inc.*		409,684
	26,024	ALX Oncology Holdings, Inc.*		332,587
	178,412	Amicus Therapeutics, Inc.*		1,263,157
	11,659	AnaptysBio, Inc.*		272,821
	21,911	Anavex Life Sciences Corp.*		188,215
	3,497	Anika Therapeutics, Inc.*		75,290
	7,612	Apellis Pharmaceuticals, Inc.*		331,350
	50,975	Arrowhead Pharmaceuticals, Inc.*		2,095,582
	36,539	Avid Bioservices, Inc.*		491,815
	12,998	Beam Therapeutics, Inc.*		487,815
	49,580	BioCryst Pharmaceuticals, Inc.*		460,598
	513	Biohaven Pharmaceutical Holding Co. Ltd.*		45,744
	27,002	Bioxcel Therapeutics, Inc.*(b)		353,996
	24,462	Bridgebio Pharma, Inc.*		196,185
	55,829	Cardiff Oncology, Inc.*		74,811
	12,813	CareDx, Inc.*		390,028
	9,607	Caribou Biosciences, Inc.*(b)		71,092
	113,495	Catalyst Pharmaceuticals, Inc.*		864,832
	9,198	ChemoCentryx, Inc.*		169,795
	29,446	Denali Therapeutics, Inc.*		700,815
	14,233	Design Therapeutics, Inc.*		169,942
	130,030	Dynavax Technologies Corp.*		1,148,165
	24,435	Eagle Pharmaceuticals, Inc.*		1,078,317
	28,731	Eiger BioPharmaceuticals, Inc.*		197,382
	8,503	Emergent BioSolutions, Inc.*		275,327
	70,589	Erasca, Inc.*(b)		513,888
	6,092	Fate Therapeutics, Inc.*		173,988
	21,907	Global Blood Therapeutics, Inc.*		672,545
	7,916	Gossamer Bio, Inc.*		54,700
	34,851	Halozyme Therapeutics, Inc.*		1,390,555
	115,826	Heron Therapeutics, Inc.*		523,534
	12,585	IGM Biosciences, Inc.*		210,673
	15,100	Inhibrx, Inc.*		239,335
	26,986	Insmed, Inc.*		592,882
	3,525	Intellia Therapeutics, Inc.*		172,831
	24,939	Intercept Pharmaceuticals, Inc.*(b)		391,792
	2,944	iTeos Therapeutics, Inc.*		78,575
	15,630	IVERIC bio, Inc.*		216,475
	16,365	KalVista Pharmaceuticals, Inc.*		208,326
	2,918	Karuna Therapeutics, Inc.*		325,240
	18,998	Karyopharm Therapeutics, Inc.*		115,888
	65,097	Kezar Life Sciences, Inc.*		773,352

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Biotechnology – (continued)
	13,898	Kodiak Sciences, Inc.*	$	83,666
	15,485	Kronos Bio, Inc.*		73,244
	2,887	Madrigal Pharmaceuticals, Inc.*		202,090
	201,415	MannKind Corp.*		630,429
	7,929	MeiraGTx Holdings PLC*		81,589
	11,541	Nkarta, Inc.*		212,816
	122,492	Organogenesis Holdings, Inc.*		788,848
	129,323	Precision BioSciences, Inc.*		257,353
	12,341	Protagonist Therapeutics, Inc.*		112,180
	24,722	Prothena Corp. PLC (Ireland)*		720,894
	34,620	Puma Biotechnology, Inc.*		81,703
	62,290	Radius Health, Inc.*		426,064
	28,584	Rhythm Pharmaceuticals, Inc.*		178,936
	179,176	Selecta Biosciences, Inc.*		137,303
	50,570	Seres Therapeutics, Inc.*		239,196
	2,484	SpringWorks Therapeutics, Inc.*		106,588
	33,105	Sutro Biopharma, Inc.*		198,961
	28,494	Travere Therapeutics, Inc.*		716,054
	14,588	Turning Point Therapeutics, Inc.*		429,471
	5,680	Twist Bioscience Corp.*		163,811
	174,390	Vanda Pharmaceuticals, Inc.*		1,729,949
	86,306	VBI Vaccines, Inc.*(b)		107,882
	7,659	Veracyte, Inc.*		156,780
	3,403	Verve Therapeutics, Inc.*		50,773
	19,533	Vir Biotechnology, Inc.*		397,497
	4,241	XBiotech, Inc.		32,910
	3,890	Xencor, Inc.*		97,172
	10,617	Zentalis Pharmaceuticals, Inc.*		281,563
				32,670,071
Building Products – 0.3%
	608	CSW Industrials, Inc.		64,150
	16,514	UFP Industries, Inc.		1,277,688
				1,341,838
Capital Markets – 1.7%
	39,024	Focus Financial Partners, Inc., Class A*		1,539,497
	7,859	Houlihan Lokey, Inc.		654,576
	53,314	Moelis & Co., Class A		2,359,678
	60,500	Oppenheimer Holdings, Inc., Class A		1,949,310
	8,283	Virtus Investment Partners, Inc.		1,467,416
				7,970,477
Chemicals – 1.8%
	5,268	AdvanSix, Inc.		234,637
	7,314	Avient Corp.		360,141
	34,438	FutureFuel Corp.		327,505
	32,964	Innospec, Inc.		3,141,799
	4,143	Intrepid Potash, Inc.*		317,271
	11,874	Koppers Holdings, Inc.		288,063
	23,470	Minerals Technologies, Inc.		1,492,927
	126,259	Tronox Holdings PLC, Class A		2,171,655
				8,333,998
Commercial Services & Supplies – 1.1%
	21,520	ACCO Brands Corp.		157,741
	12,596	BrightView Holdings, Inc.*		159,465
Common Stocks – (continued)
Commercial Services & Supplies – (continued)
	5,382	Casella Waste Systems, Inc., Class A*		442,616
	3,249	Cimpress PLC (Ireland)*		164,107
	73,219	Ennis, Inc.		1,263,028
	6,477	Harsco Corp.*		66,195
	17,109	Healthcare Services Group, Inc.		292,393
	66,747	Heritage-Crystal Clean, Inc.*		1,822,193
	16,331	Matthews International Corp., Class A		486,827
	1,087	UniFirst Corp.		187,290
				5,041,855
Communications Equipment – 1.0%
	16,570	Cambium Networks Corp.*		253,024
	10,311	Clearfield, Inc.*		600,409
	171,739	Harmonic, Inc.*		1,425,434
	71,656	NetScout Systems, Inc.*		2,207,005
				4,485,872
Construction & Engineering – 1.6%
	33,654	Arcosa, Inc.		1,801,499
	21,690	Argan, Inc.		797,758
	10,401	Dycom Industries, Inc.*		883,149
	76,129	Fluor Corp.*		1,884,193
	34,584	Sterling Construction Co., Inc.*		791,628
	35,356	WillScot Mobile Mini Holdings Corp.*		1,240,995
				7,399,222
Construction Materials – 0.4%
	69,434	Summit Materials, Inc., Class A*		1,930,265
	412	United States Lime & Minerals, Inc.		45,118
				1,975,383
Consumer Finance – 0.9%
	36,837	FirstCash Holdings, Inc.		2,938,856
	3,483	Oportun Financial Corp.*		40,368
	23,400	Regional Management Corp.		1,007,370
				3,986,594
Diversified Consumer Services – 0.3%
	1,583	Carriage Services, Inc.		67,895
	40,215	Laureate Education, Inc.		455,636
	16,774	Stride, Inc.*		659,218
				1,182,749
Diversified Financial Services – 0.3%
	8,193	A-Mark Precious Metals, Inc.		645,608
	52,593	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		762,073
				1,407,681
Diversified Telecommunication Services – 0.3%
	364,547	Globalstar, Inc.*(b)		422,874
	32,563	Iridium Communications, Inc.*		1,162,825
				1,585,699
Electrical Equipment – 1.4%
	9,924	Array Technologies, Inc.*		64,804
	8,383	Atkore, Inc.*		805,606

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Electrical Equipment – (continued)
	16,122	AZZ, Inc.	$	735,808
	13,976	Bloom Energy Corp., Class A*		259,395
	27,898	Encore Wire Corp.		3,147,173
	15,503	FTC Solar, Inc.*		43,408
	35,808	FuelCell Energy, Inc.*		146,097
	38,878	GrafTech International Ltd.		353,012
	20,636	Powell Industries, Inc.		398,275
	15,733	Thermon Group Holdings, Inc.*		235,995
	444	Vicor Corp.*		26,871
				6,216,444
Electronic Equipment, Instruments & Components – 3.4%
	2,479	Badger Meter, Inc.		200,031
	18,455	Belden, Inc.		952,832
	82,022	CTS Corp.		2,901,118
	23,694	ePlus, Inc.*		1,338,237
	14,146	Fabrinet (Thailand)*		1,388,996
	1,528	FARO Technologies, Inc.*		52,395
	29,978	Insight Enterprises, Inc.*		2,978,914
	17,433	PC Connection, Inc.		862,759
	4,887	Sanmina Corp.*		199,830
	11,473	TTM Technologies, Inc.*		160,048
	182,313	Vishay Intertechnology, Inc.		3,396,491
	43,659	Vishay Precision Group, Inc.*		1,362,597
				15,794,248
Energy Equipment & Services – 0.7%
	230,450	Helix Energy Solutions Group, Inc.*		947,149
	38,526	Liberty Energy, Inc.*		621,810
	4,045	National Energy Services Reunited Corp.*		27,061
	39,871	Oceaneering International, Inc.*		451,738
	129,768	Oil States International, Inc.*		877,232
	6,961	RPC, Inc.*		71,977
	33,583	TETRA Technologies, Inc.*		123,585
				3,120,552
Entertainment – 1.5%
	95,519	AMC Entertainment Holdings, Inc., Class A*(b)		1,461,441
	179,359	Cinemark Holdings, Inc.*		2,844,634
	95,830	IMAX Corp.*		1,516,030
	54,004	Marcus Corp. (The)*		849,483
				6,671,588
Equity Real Estate Investment Trusts (REITs) – 6.8%
	44,273	Alexander & Baldwin, Inc. REIT		938,588
	70,519	Apple Hospitality REIT, Inc. REIT		1,247,481
	92,959	Armada Hoffler Properties, Inc. REIT		1,259,594
	107,954	CatchMark Timber Trust, Inc., Class A REIT		886,302
	44,540	Chatham Lodging Trust REIT*		639,594
	72,601	City Office REIT, Inc. REIT		1,077,399
	10,909	EastGroup Properties, Inc. REIT		2,045,438
	41,424	Empire State Realty Trust, Inc., Class A REIT		357,903
	50,283	Franklin Street Properties Corp. REIT		259,460
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	138,010	Independence Realty Trust, Inc. REIT		3,762,153
	61,303	Industrial Logistics Properties Trust REIT		990,657
	41,199	LXP Industrial Trust REIT		517,047
	26,017	Macerich Co. (The) REIT		326,513
	64,346	National Storage Affiliates Trust REIT		3,641,984
	36,560	NexPoint Residential Trust, Inc. REIT		3,259,690
	123,769	Outfront Media, Inc. REIT		3,168,486
	53,753	Piedmont Office Realty Trust, Inc., Class A REIT		865,423
	80,389	Retail Opportunity Investments Corp. REIT		1,497,647
	50,247	RLJ Lodging Trust REIT		704,463
	53,612	SITE Centers Corp. REIT		852,431
	22,263	STAG Industrial, Inc. REIT		830,855
	10,142	Tanger Factory Outlet Centers, Inc. REIT		163,591
	22,131	Terreno Realty Corp. REIT		1,610,030
	4,724	Universal Health Realty Income Trust REIT		237,098
				31,139,827
Food & Staples Retailing – 0.7%
	4,328	Chefs’ Warehouse, Inc. (The)*		158,405
	28,866	Ingles Markets, Inc., Class A		2,688,002
	6,272	PriceSmart, Inc.		498,310
				3,344,717
Food Products – 1.2%
	2,547	B&G Foods, Inc.(b)		68,591
	48,316	Cal-Maine Foods, Inc.		2,596,019
	13,184	Sanderson Farms, Inc.		2,496,654
	5,238	Tootsie Roll Industries, Inc.		183,487
				5,344,751
Gas Utilities – 0.0%(a)
	4,454	Northwest Natural Holding Co.		213,035
Health Care Equipment & Supplies – 3.1%
	33,535	AngioDynamics, Inc.*		705,912
	25,313	Artivion, Inc.*		513,601
	82,897	Avanos Medical, Inc.*		2,417,276
	16,861	Cardiovascular Systems, Inc.*		315,301
	4,230	CryoPort, Inc.*		95,429
	2,544	Heska Corp.*		279,433
	2,618	Inari Medical, Inc.*		211,273
	81,116	Invacare Corp.*		134,652
	35,824	LeMaitre Vascular, Inc.		1,547,955
	18,641	LivaNova PLC*		1,429,019
	23,501	Merit Medical Systems, Inc.*		1,457,297
	66,373	Neogen Corp.*		1,752,247
	13,353	Retractable Technologies, Inc.*(b)		51,142
	3,274	Shockwave Medical, Inc.*		494,800
	18,531	STAAR Surgical Co.*		1,057,935
	33,111	Surmodics, Inc.*		1,280,071
	4,362	Utah Medical Products, Inc.		368,981
				14,112,324

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Health Care Providers & Services – 4.2%
	6,114	Addus HomeCare Corp.*	$	515,288
	14,686	AMN Healthcare Services, Inc.*		1,435,556
	1,144	Apollo Medical Holdings, Inc.*		41,733
	75,437	Aveanna Healthcare Holdings, Inc.*		220,276
	380,083	Brookdale Senior Living, Inc.*		2,348,913
	72,630	Community Health Systems, Inc.*		557,072
	58,333	Covetrus, Inc.*		804,995
	19,183	Cross Country Healthcare, Inc.*		359,489
	71,149	Hanger, Inc.*		1,169,690
	25,861	Joint Corp. (The)*		789,278
	2,577	MEDNAX, Inc.*		47,726
	13,731	National HealthCare Corp.		934,532
	104,994	OPKO Health, Inc.*		283,484
	17,414	Owens & Minor, Inc.		618,023
	103,418	Patterson Cos., Inc.		3,182,172
	101,153	Select Medical Holdings Corp.		2,287,069
	119,353	Sharps Compliance Corp.*		515,605
	7,878	Surgery Partners, Inc.*		403,038
	35,590	Tenet Healthcare Corp.*		2,580,631
	4,019	US Physical Therapy, Inc.		417,052
				19,511,622
Health Care Technology – 0.6%
	15,000	Allscripts Healthcare Solutions, Inc.*		309,900
	8,144	Computer Programs and Systems, Inc.*		259,956
	17,067	Evolent Health, Inc., Class A*		469,684
	7,989	Inspire Medical Systems, Inc.*		1,643,817
				2,683,357
Hotels, Restaurants & Leisure – 2.2%
	8,076	BJ’s Restaurants, Inc.*		224,432
	1,504	Bloomin’ Brands, Inc.		33,073
	27,527	Chuy’s Holdings, Inc.*		688,450
	37,652	Dave & Buster’s Entertainment, Inc.*		1,713,166
	150,806	Drive Shack, Inc.*(b)		185,491
	2,149	Hilton Grand Vacations, Inc.*		100,638
	8,828	International Game Technology PLC		192,715
	15,202	PlayAGS, Inc.*		100,333
	6,890	RCI Hospitality Holdings, Inc.		426,905
	69,544	Red Rock Resorts, Inc., Class A		3,057,154
	42,950	SeaWorld Entertainment, Inc.*		2,896,548
	3,530	Shake Shack, Inc., Class A*		204,140
	7,998	Sweetgreen, Inc., Class A*(b)		215,946
				10,038,991
Household Durables – 2.0%
	15,060	Beazer Homes USA, Inc.*		227,105
	1,025	Cavco Industries, Inc.*		242,156
	1,988	Ethan Allen Interiors, Inc.		47,195
	69,988	GoPro, Inc., Class A*		624,293
	2,570	Green Brick Partners, Inc.*		50,629
	7,625	Installed Building Products, Inc.		613,584
	24,360	LGI Homes, Inc.*		2,282,776
	33,583	M/I Homes, Inc.*		1,487,055
	19,336	Meritage Homes Corp.*		1,596,187
	3,958	Skyline Champion Corp.*		202,016
	85,862	Tri Pointe Homes, Inc.*		1,774,767
				9,147,763
Common Stocks – (continued)
Household Products – 0.4%
	10,129	WD-40 Co.		1,863,533
Independent Power and Renewable Electricity Producers – 0.0%(a)
	3,095	Clearway Energy, Inc., Class C		94,491
	1,236	Ormat Technologies, Inc.		96,037
				190,528
Insurance – 4.8%
	94,864	American Equity Investment Life Holding Co.		3,578,270
	28,132	AMERISAFE, Inc.		1,303,918
	65,820	Argo Group International Holdings Ltd.		2,817,096
	79,754	BRP Group, Inc., Class A*		1,843,912
	54,970	Employers Holdings, Inc.		2,162,520
	497,238	Genworth Financial, Inc., Class A*		1,844,753
	29,499	Goosehead Insurance, Inc., Class A		1,695,897
	143	Kinsale Capital Group, Inc.		31,702
	1,889	National Western Life Group, Inc., Class A		375,458
	19,375	Palomar Holdings, Inc.*		1,054,969
	23,114	RLI Corp.		2,653,025
	50,232	Stewart Information Services Corp.		2,591,971
				21,953,491
Interactive Media & Services – 0.4%
	18,490	Cargurus, Inc.*		604,253
	47,008	Eventbrite, Inc., Class A*		497,345
	68,181	fuboTV, Inc.*(b)		258,406
	36,416	Liberty TripAdvisor Holdings, Inc., Class A*		54,624
	48,141	QuinStreet, Inc.*		457,821
				1,872,449
Internet & Direct Marketing Retail – 0.5%
	14,866	1-800-Flowers.com, Inc., Class A*		151,633
	57,832	aka Brands Holding Corp.*		204,147
	40,249	CarParts.com, Inc.*		241,092
	12,091	Lands’ End, Inc.*		169,516
	29,729	Liquidity Services, Inc.*		428,692
	13,727	Overstock.com, Inc.*		460,678
	13,981	PetMed Express, Inc.(b)		306,184
	9,496	Revolve Group, Inc.*		401,301
	3,989	Xometry, Inc., Class A*(b)		130,919
				2,494,162
IT Services – 2.7%
	40,193	Brightcove, Inc.*		283,361
	153,921	Conduent, Inc.*		866,575
	57,499	EVERTEC, Inc. (Puerto Rico)		2,265,461
	38,269	Evo Payments, Inc., Class A*		862,201
	19,796	ExlService Holdings, Inc.*		2,695,225
	12,310	Hackett Group, Inc. (The)		289,162
	22,767	I3 Verticals, Inc., Class A*		624,954
	27,232	Perficient, Inc.*		2,707,133
	102,070	Rackspace Technology, Inc.*		1,009,472
	4,780	Tucows, Inc., Class A*(b)		275,424
	40,487	Unisys Corp.*		575,320
				12,454,288

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Leisure Products – 0.1%
	25,886	Latham Group, Inc.*	$	310,632
	30,779	Solo Brands, Inc., Class A*(b)		183,751
				494,383
Life Sciences Tools & Services – 1.3%
	5,996	Berkeley Lights, Inc.*		29,830
	102,609	Codexis, Inc.*		1,234,386
	65,757	Cytek Biosciences, Inc.*		621,404
	5,527	Inotiv, Inc.*		78,760
	40,125	MaxCyte, Inc.*		222,292
	22,954	Medpace Holdings, Inc.*		3,065,966
	21,896	NanoString Technologies, Inc.*		411,207
	61,355	Pacific Biosciences of California, Inc.*		388,991
				6,052,836
Machinery – 2.3%
	1,597	CIRCOR International, Inc.*		31,381
	14,346	Douglas Dynamics, Inc.		444,152
	16,483	Enerpac Tool Group Corp.		330,978
	113,140	Kennametal, Inc.		2,911,092
	4,470	Miller Industries, Inc.		119,841
	60,185	Mueller Industries, Inc.		3,259,018
	10,078	Nikola Corp.*(b)		72,360
	88,346	Terex Corp.		3,003,764
	25,030	Titan International, Inc.*		346,916
	7,831	Trinity Industries, Inc.		217,232
				10,736,734
Marine – 1.8%
	176,909	Costamare, Inc. (Monaco)		2,372,349
	22,479	Eagle Bulk Shipping, Inc.		1,399,093
	73,157	Genco Shipping & Trading Ltd.		1,611,649
	16,314	Matson, Inc.		1,403,330
	391,780	Safe Bulkers, Inc. (Greece)		1,610,216
				8,396,637
Media – 0.8%
	153,809	Clear Channel Outdoor Holdings, Inc.*		378,370
	1,248	Daily Journal Corp.*		320,923
	34,890	EW Scripps Co. (The), Class A*		574,289
	59,944	Gray Television, Inc.		1,110,163
	11,472	Hemisphere Media Group, Inc.*		44,626
	22,936	iHeartMedia, Inc., Class A*		366,747
	12,915	TechTarget, Inc.*		869,309
				3,664,427
Metals & Mining – 1.1%
	35,463	Coeur Mining, Inc.*		128,731
	25,512	Constellium SE*		425,795
	2,246	Haynes International, Inc.		87,774
	76,554	Novagold Resources, Inc. (Canada)*		476,166
	11,565	Ryerson Holding Corp.		425,708
	175,279	SunCoke Energy, Inc.		1,458,321
	2,638	TimkenSteel Corp.*		54,527
	56,549	Warrior Met Coal, Inc.		1,926,624
				4,983,646
Common Stocks – (continued)
Mortgage Real Estate Investment Trusts (REITs) – 1.3%
	39,998	Blackstone Mortgage Trust, Inc., Class A REIT		1,201,540
	15,002	BrightSpire Capital, Inc. REIT		127,517
	168,245	Chimera Investment Corp. REIT		1,685,815
	27,731	Great Ajax Corp. REIT		258,175
	27,138	Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		1,085,249
	41,115	Ladder Capital Corp. REIT		468,300
	124,446	TPG RE Finance Trust, Inc. REIT		1,312,905
				6,139,501
Multiline Retail – 0.4%
	1,865	Dillard’s, Inc., Class A		566,606
	50,335	Macy’s, Inc.		1,216,597
				1,783,203
Multi-Utilities – 0.0%(a)
	3,368	Avista Corp.		136,640
Oil, Gas & Consumable Fuels – 5.4%
	75,128	Antero Resources Corp.*		2,644,506
	21,233	Callon Petroleum Co.*		1,088,616
	106,516	Centennial Resource Development, Inc., Class A*		824,434
	6,586	Comstock Resources, Inc.*		112,160
	1,630	CONSOL Energy, Inc.*		77,506
	109,850	Kosmos Energy Ltd. (Ghana)*		742,586
	15,913	Laredo Petroleum, Inc.*		1,133,165
	90,437	Magnolia Oil & Gas Corp., Class A		2,101,756
	34,744	Matador Resources Co.		1,696,202
	38,761	Murphy Oil Corp.		1,476,019
	5,002	Oasis Petroleum, Inc.		663,565
	65,790	Ovintiv, Inc.		3,367,790
	10,008	PBF Energy, Inc., Class A*		290,832
	8,332	PDC Energy, Inc.		581,074
	6,988	Peabody Energy Corp.*		158,208
	123,381	Range Resources Corp.*		3,694,027
	10,357	Ranger Oil Corp., Class A*		329,870
	2,459	REX American Resources Corp.*		208,105
	90,334	SM Energy Co.		3,209,567
	8,635	Talos Energy, Inc.*		156,898
	20,465	Tellurian, Inc.*		101,916
	66,826	W&T Offshore, Inc.*		318,092
				24,976,894
Personal Products – 0.1%
	2,426	Medifast, Inc.		432,701
Pharmaceuticals – 2.0%
	169,718	Amneal Pharmaceuticals, Inc.*		655,111
	30,645	Amphastar Pharmaceuticals, Inc.*		1,086,978
	3,270	Axsome Therapeutics, Inc.*		103,823
	1,342	Cassava Sciences, Inc.*(b)		28,008
	150,360	Endo International PLC*		300,720
	47,929	Innoviva, Inc.*		817,669
	115,468	Phibro Animal Health Corp., Class A		2,077,269
	51,348	Prestige Consumer Healthcare, Inc.*		2,806,682

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Pharmaceuticals – (continued)
	54,899	Supernus Pharmaceuticals, Inc.*	$	1,531,682
				9,407,942
Professional Services – 0.9%
	4,889	Barrett Business Services, Inc.		351,861
	3,771	Exponent, Inc.		361,300
	14,932	Forrester Research, Inc.*		831,563
	5,007	Franklin Covey Co.*		200,630
	18,726	Heidrick & Struggles International, Inc.		598,483
	2,200	Huron Consulting Group, Inc.*		113,916
	3,167	Insperity, Inc.		335,860
	16,240	Korn Ferry		997,786
	3,393	ManTech International Corp., Class A		272,594
				4,063,993
Real Estate Management & Development – 0.2%
	15,563	St. Joe Co. (The)		828,107
Road & Rail – 1.0%
	2,350	ArcBest Corp.		169,576
	6,875	Avis Budget Group, Inc.*		1,840,231
	4,666	Heartland Express, Inc.		64,391
	37,887	Marten Transport Ltd.		658,476
	8,433	Saia, Inc.*		1,736,861
				4,469,535
Semiconductors & Semiconductor Equipment – 3.2%
	47,702	Amkor Technology, Inc.		897,275
	24,360	Axcelis Technologies, Inc.*		1,326,402
	53,888	Cohu, Inc.*		1,431,265
	4,060	Credo Technology Group Holding Ltd.*(b)		44,822
	22,873	Diodes, Inc.*		1,670,415
	34,350	FormFactor, Inc.*		1,309,079
	17,529	Kulicke & Soffa Industries, Inc. (Singapore)		813,521
	47,044	Lattice Semiconductor Corp.*		2,259,994
	27,866	MaxLinear, Inc.*		1,333,946
	14,342	Power Integrations, Inc.		1,147,360
	22,769	Semtech Corp.*		1,357,032
	18,908	Ultra Clean Holdings, Inc.*		589,362
	19,039	Veeco Instruments, Inc.*		436,374
				14,616,847
Software – 6.0%
	64,211	A10 Networks, Inc.		916,933
	79,611	ACI Worldwide, Inc.*		2,198,856
	25,273	Alarm.com Holdings, Inc.*		1,543,675
	20,291	Altair Engineering, Inc., Class A*		1,102,207
	5,313	American Software, Inc., Class A		90,852
	48,592	CommVault Systems, Inc.*		2,964,112
	5,550	Domo, Inc., Class B*		229,881
	183,594	E2open Parent Holdings, Inc.*		1,421,018
	5,817	Ebix, Inc.		173,347
	22,810	Envestnet, Inc.*		1,816,588
	5,182	Marathon Digital Holdings, Inc.*(b)		80,839
	1,265	MicroStrategy, Inc., Class A*(b)		448,025
Common Stocks – (continued)
Software – (continued)
	27,112	Mimecast Ltd.*		2,160,284
	44,655	PagerDuty, Inc.*		1,275,793
	17,655	Q2 Holdings, Inc.*		913,293
	1,158	Qualys, Inc.*		157,812
	18,972	Rapid7, Inc.*		1,812,206
	65,141	Rimini Street, Inc.*		375,212
	51,510	Sapiens International Corp. NV (Israel)*		1,197,092
	21,047	SPS Commerce, Inc.*		2,517,853
	42,127	Telos Corp.*		328,169
	7,306	Tenable Holdings, Inc.*		403,510
	46,584	Upland Software, Inc.*		695,033
	11,544	Workiva, Inc.*		1,114,112
	146,929	Yext, Inc.*		850,719
	82,945	Zuora, Inc., Class A*		1,009,441
				27,796,862
Specialty Retail – 3.2%
	14,095	Arko Corp.		130,661
	3,731	Bed Bath & Beyond, Inc.*(b)		50,779
	9,637	Big 5 Sporting Goods Corp.(b)		139,447
	20,448	Boot Barn Holdings, Inc.*		1,841,547
	74,976	Buckle, Inc. (The)		2,328,755
	4,339	Cato Corp. (The), Class A		58,793
	17,098	Designer Brands, Inc., Class A		236,294
	19,341	Group 1 Automotive, Inc.		3,368,042
	16,159	Murphy USA, Inc.		3,774,742
	131,080	Party City Holdco, Inc.*		405,037
	11,580	Rent-A-Center, Inc.		279,310
	14,737	Shoe Carnival, Inc.		444,910
	17,810	Sonic Automotive, Inc., Class A		757,815
	20,768	TravelCenters of America, Inc.*		789,392
				14,605,524
Technology Hardware, Storage & Peripherals – 0.1%
	69,862	Diebold Nixdorf, Inc.*		286,434
	17,475	Eastman Kodak Co.*(b)		90,346
				376,780
Textiles, Apparel & Luxury Goods – 1.2%
	19,581	Crocs, Inc.*		1,300,766
	34,895	Fossil Group, Inc.*		344,763
	40,807	G-III Apparel Group Ltd.*		1,080,569
	10,968	Kontoor Brands, Inc.		435,759
	3,770	Movado Group, Inc.		135,607
	49,408	Steven Madden Ltd.		2,028,692
				5,326,156
Thrifts & Mortgage Finance – 1.1%
	4,716	Bridgewater Bancshares, Inc.*		75,551
	268,467	Capitol Federal Financial, Inc.		2,585,337
	10,527	Essent Group Ltd.		426,659
	3,912	Home Bancorp, Inc.		149,947
	46,614	Merchants Bancorp		1,096,361
	3,658	Mr Cooper Group, Inc.*		164,500
	17,823	TrustCo Bank Corp.		555,187
				5,053,542

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Tobacco – 0.2%
	63,448	Vector Group Ltd.	$	807,059
Trading Companies & Distributors – 1.8%
	9,990	GMS, Inc.*		479,020
	51,576	H&E Equipment Services, Inc.		1,829,916
	6,862	Herc Holdings, Inc.		877,101
	21,749	McGrath RentCorp		1,815,171
	179,731	MRC Global, Inc.*		2,154,975
	21,244	NOW, Inc.*		231,560
	39,715	Titan Machinery, Inc.*		936,480
				8,324,223
Water Utilities – 0.1%
	3,413	American States Water Co.		268,467
Wireless Telecommunication Services – 0.2%
	53,067	Gogo, Inc.*(b)		976,963
	TOTAL COMMON STOCKS
	(Cost $478,656,816)		$	454,918,190
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $478,656,816)		$	454,918,190

Shares	Dividend Rate			Value
Securities Lending Reinvestment Vehicle – 1.2%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
5,346,284		0.317	%	$	5,346,284
(Cost $5,346,284)
TOTAL INVESTMENTS – 100.1%
(Cost $484,003,100)				$	460,264,474
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.1)%					(240,333	)
NET ASSETS – 100.0%				$	460,024,141

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)	Less than 0.05%
(b)	All or a portion of security is on loan.
(c)	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. 27

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 99.2%
Aerospace & Defense – 0.1%
	2,599	Vectrus, Inc.*	$	93,824
Auto Components – 0.8%
	10,302	Fox Factory Holding Corp.*		843,528
	2,563	Patrick Industries, Inc.		159,547
	2,350	Visteon Corp.*		246,068
				1,249,143
Automobiles – 0.1%
	13,667	Fisker, Inc.*(a)		137,490
Banks – 2.0%
	2,101	Bancorp, Inc. (The)*		47,672
	8,871	Central Pacific Financial Corp.		214,501
	1,186	Columbia Banking System, Inc.		33,303
	11,177	CrossFirst Bankshares, Inc.*		143,177
	4,272	First BanCorp. (Puerto Rico)		58,142
	19,564	First Financial Bankshares, Inc.		782,169
	2,026	Hanmi Financial Corp.		46,902
	11,436	Hilltop Holdings, Inc.		291,504
	22,359	International Bancshares Corp.		889,664
	4,438	Origin Bancorp, Inc.		167,224
	3,319	Silvergate Capital Corp., Class A*		388,190
	624	Southern First Bancshares, Inc.*		28,517
	1,807	Texas Capital Bancshares, Inc.*		92,807
				3,183,772
Beverages – 0.7%
	2,454	Coca-Cola Consolidated, Inc.		1,083,441
	1,267	National Beverage Corp.		55,849
				1,139,290
Biotechnology – 10.8%
	46,598	ACADIA Pharmaceuticals, Inc.*		859,267
	1,171	Albireo Pharma, Inc.*		37,261
	27,374	Aldeyra Therapeutics, Inc.*		84,038
	24,100	Alector, Inc.*		231,360
	11,346	Aligos Therapeutics, Inc.*		13,388
	56,248	Alkermes PLC*		1,622,755
	16,589	ALX Oncology Holdings, Inc.*		212,007
	103,449	Amicus Therapeutics, Inc.*		732,419
	14,223	Anavex Life Sciences Corp.*		122,176
	9,220	Apellis Pharmaceuticals, Inc.*		401,347
	32,927	Arrowhead Pharmaceuticals, Inc.*		1,353,629
	20,741	Avid Bioservices, Inc.*		279,174
	10,824	Beam Therapeutics, Inc.*		406,225
	12,008	Beyondspring, Inc.*		18,252
	5,664	BioCryst Pharmaceuticals, Inc.*		52,619
	919	Biohaven Pharmaceutical Holding Co. Ltd.*		81,947
	18,759	Bioxcel Therapeutics, Inc.*(a)		245,930
	11,381	Bridgebio Pharma, Inc.*		91,276
	10,134	C4 Therapeutics, Inc.*		86,848
	12,581	CareDx, Inc.*		382,966
	2,326	Catalyst Pharmaceuticals, Inc.*		17,724
	20,099	Denali Therapeutics, Inc.*		478,356
	75,881	Dynavax Technologies Corp.*		670,029
Common Stocks – (continued)
Biotechnology – (continued)
	8,183	Eagle Pharmaceuticals, Inc.*		361,116
	30,389	Erasca, Inc.*(a)		221,232
	8,427	Fate Therapeutics, Inc.*		240,675
	9,336	Global Blood Therapeutics, Inc.*		286,615
	26,981	Halozyme Therapeutics, Inc.*		1,076,542
	106,433	Heron Therapeutics, Inc.*		481,077
	3,718	IGM Biosciences, Inc.*		62,239
	8,343	Inhibrx, Inc.*		132,237
	17,528	Insmed, Inc.*		385,090
	10,116	Intellia Therapeutics, Inc.*		495,987
	36,791	Intercept Pharmaceuticals, Inc.*(a)		577,987
	13,119	Ironwood Pharmaceuticals, Inc.*		157,428
	16,201	KalVista Pharmaceuticals, Inc.*		206,239
	3,672	Karuna Therapeutics, Inc.*		409,281
	22,907	Karyopharm Therapeutics, Inc.*		139,733
	9,653	Kezar Life Sciences, Inc.*		114,678
	11,851	Kodiak Sciences, Inc.*		71,343
	1,230	Kymera Therapeutics, Inc.*		38,561
	2,614	Madrigal Pharmaceuticals, Inc.*		182,980
	22,519	MannKind Corp.*		70,484
	67,216	Organogenesis Holdings, Inc.*		432,871
	101,213	Precision BioSciences, Inc.*		201,414
	11,896	Protagonist Therapeutics, Inc.*		108,135
	8,871	Prothena Corp. PLC (Ireland)*		258,678
	50,285	Puma Biotechnology, Inc.*		118,673
	53,009	Radius Health, Inc.*		362,582
	3,192	Rhythm Pharmaceuticals, Inc.*		19,982
	11,528	Rubius Therapeutics, Inc.*		19,136
	30,768	Seres Therapeutics, Inc.*		145,533
	5,765	SpringWorks Therapeutics, Inc.*		247,376
	3,985	Twist Bioscience Corp.*		114,927
	36,603	Vanda Pharmaceuticals, Inc.*		363,102
	5,090	Vericel Corp.*		145,065
	12,481	Vir Biotechnology, Inc.*		253,988
	54,561	VistaGen Therapeutics, Inc.*		69,292
	7,224	Xencor, Inc.*		180,456
	11,447	Zentalis Pharmaceuticals, Inc.*		303,574
				17,537,301
Building Products – 0.4%
	1,918	CSW Industrials, Inc.		202,368
	5,792	UFP Industries, Inc.		448,127
				650,495
Capital Markets – 1.7%
	27,188	Focus Financial Partners, Inc., Class A*		1,072,567
	5,312	Houlihan Lokey, Inc.		442,436
	9,389	Moelis & Co., Class A		415,557
	5,598	Oppenheimer Holdings, Inc., Class A		180,367
	2,937	Pzena Investment Management, Inc., Class A		18,474
	3,480	Virtus Investment Partners, Inc.		616,517
				2,745,918
Chemicals – 1.3%
	4,344	Aspen Aerogels, Inc.*		93,830

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Chemicals – (continued)
	5,815	Ingevity Corp.*	$	348,319
	11,566	Innospec, Inc.		1,102,355
	11,347	Livent Corp.*		242,372
	17,813	Tronox Holdings PLC, Class A		306,384
				2,093,260
Commercial Services & Supplies – 1.2%
	6,763	Casella Waste Systems, Inc., Class A*		556,189
	4,950	Cimpress PLC (Ireland)*		250,025
	3,417	Healthcare Services Group, Inc.		58,397
	29,338	Heritage-Crystal Clean, Inc.*		800,927
	8,079	Pitney Bowes, Inc.		42,576
	1,924	Tetra Tech, Inc.		267,975
				1,976,089
Communications Equipment – 0.5%
	14,654	Cambium Networks Corp.*		223,767
	14,310	Casa Systems, Inc.*		70,119
	7,874	Clearfield, Inc.*		458,503
	1,031	Harmonic, Inc.*		8,557
				760,946
Construction & Engineering – 1.5%
	9,710	Dycom Industries, Inc.*		824,476
	5,458	Fluor Corp.*		135,086
	44,391	WillScot Mobile Mini Holdings Corp.*		1,558,124
				2,517,686
Consumer Finance – 0.3%
	3,246	Atlanticus Holdings Corp.*		139,708
	6,787	Regional Management Corp.		292,180
				431,888
Diversified Financial Services – 0.0%(b)
	2,997	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		43,427
Diversified Telecommunication Services – 0.5%
	193,417	Globalstar, Inc.*(a)		224,364
	15,609	Iridium Communications, Inc.*		557,397
				781,761
Electrical Equipment – 1.7%
	7,482	Atkore, Inc.*		719,020
	1,439	Blink Charging Co.*(a)		27,485
	18,582	Bloom Energy Corp., Class A*		344,882
	9,834	Encore Wire Corp.		1,109,373
	31,446	FTC Solar, Inc.*		88,049
	24,363	FuelCell Energy, Inc.*(a)		99,401
	20,837	GrafTech International Ltd.		189,200
	6,177	Stem, Inc.*		44,289
	2,107	Vicor Corp.*		127,516
				2,749,215
Electronic Equipment, Instruments & Components – 1.7%
	4,550	Arlo Technologies, Inc.*		35,217
	5,824	Badger Meter, Inc.		469,939
Common Stocks – (continued)
Electronic Equipment, Instruments & Components – (continued)
	8,986	Fabrinet (Thailand)*		882,335
	10,071	Insight Enterprises, Inc.*		1,000,755
	5,877	Napco Security Technologies, Inc.*		102,847
	2,860	Vishay Intertechnology, Inc.		53,282
	6,657	Vishay Precision Group, Inc.*		207,765
				2,752,140
Energy Equipment & Services – 0.4%
	3,194	Cactus, Inc., Class A		159,476
	16,939	Helix Energy Solutions Group, Inc.*		69,619
	12,732	Liberty Energy, Inc.*		205,495
	12,959	Oil States International, Inc.*		87,603
	45,641	TETRA Technologies, Inc.*		167,959
				690,152
Entertainment – 0.8%
	80,126	Cinemark Holdings, Inc.*		1,270,798
Equity Real Estate Investment Trusts (REITs) – 3.5%
	1,585	Alexander & Baldwin, Inc. REIT		33,602
	18,500	CatchMark Timber Trust, Inc., Class A REIT		151,885
	11,099	EastGroup Properties, Inc. REIT		2,081,062
	29,158	National Storage Affiliates Trust REIT		1,650,343
	12,173	NexPoint Residential Trust, Inc. REIT		1,085,345
	20,873	Outfront Media, Inc. REIT		534,349
	2,265	Universal Health Realty Income Trust REIT		113,680
				5,650,266
Food & Staples Retailing – 0.1%
	3,120	Performance Food Group Co.*		153,660
Food Products – 0.6%
	4,905	Sanderson Farms, Inc.		928,860
Health Care Equipment & Supplies – 6.0%
	12,041	Artivion, Inc.*		244,312
	4,137	AtriCure, Inc.*		214,834
	27,435	Avanos Medical, Inc.*		800,005
	5,289	Axonics, Inc.*		274,076
	33,749	Cardiovascular Systems, Inc.*		631,106
	5,226	CryoPort, Inc.*		117,898
	2,240	Heska Corp.*		246,042
	6,006	Inari Medical, Inc.*		484,684
	2,568	iRadimed Corp.		84,513
	1,007	iRhythm Technologies, Inc.*		124,233
	19,690	LeMaitre Vascular, Inc.		850,805
	13,839	LivaNova PLC*		1,060,898
	17,373	Merit Medical Systems, Inc.*		1,077,300
	41,915	Neogen Corp.*		1,106,556
	1,736	Omnicell, Inc.*		189,519
	23,412	Retractable Technologies, Inc.*(a)		89,668
	6,900	Senseonics Holdings, Inc.*		9,660
	4,182	Shockwave Medical, Inc.*		632,026
	10,430	STAAR Surgical Co.*		595,449
	17,249	Surmodics, Inc.*		666,846

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Health Care Equipment & Supplies – (continued)
	2,507	Utah Medical Products, Inc.	$	212,067
				9,712,497
Health Care Providers & Services – 5.3%
	9,593	Accolade, Inc.*		53,337
	1,047	Addus HomeCare Corp.*		88,241
	14,169	Agiliti, Inc.*		279,696
	11,251	AMN Healthcare Services, Inc.*		1,099,785
	6,490	Apollo Medical Holdings, Inc.*		236,755
	73,868	Aveanna Healthcare Holdings, Inc.*		215,695
	102,552	Brookdale Senior Living, Inc.*		633,771
	25,324	Community Health Systems, Inc.*		194,235
	65,647	Hanger, Inc.*		1,079,237
	13,987	Joint Corp. (The)*		426,883
	5,861	National Research Corp.		201,032
	11,851	Owens & Minor, Inc.		420,592
	8,881	Patterson Cos., Inc.		273,268
	6,136	Pennant Group, Inc. (The)*		100,569
	7,238	PetIQ, Inc.*		144,036
	4,481	Progyny, Inc.*		172,295
	60,566	Select Medical Holdings Corp.		1,369,397
	98,409	Sharps Compliance Corp.*		425,127
	8,060	Surgery Partners, Inc.*		412,350
	1,285	Tenet Healthcare Corp.*		93,175
	7,246	US Physical Therapy, Inc.		751,918
				8,671,394
Health Care Technology – 0.9%
	6,307	Inspire Medical Systems, Inc.*		1,297,728
	8,580	Schrodinger, Inc.*		212,098
				1,509,826
Hotels, Restaurants & Leisure – 3.7%
	291	Biglari Holdings, Inc., Class B*		39,689
	8,291	BJ’s Restaurants, Inc.*		230,407
	8,350	Bloomin’ Brands, Inc.		183,616
	10,663	Chuy’s Holdings, Inc.*		266,682
	12,655	Dave & Buster’s Entertainment, Inc.*		575,802
	86,221	Drive Shack, Inc.*		106,052
	18,847	Everi Holdings, Inc.*		327,184
	5,656	Full House Resorts, Inc.*		51,187
	11,722	Hilton Grand Vacations, Inc.*		548,941
	11,353	International Game Technology PLC		247,836
	1,810	Krispy Kreme, Inc.		24,037
	1,059	Kura Sushi USA, Inc., Class A*		53,141
	1,262	Life Time Group Holdings, Inc.*		18,046
	16,899	ONE Group Hospitality, Inc. (The)*		157,330
	18,569	PlayAGS, Inc.*		122,555
	8,984	RCI Hospitality Holdings, Inc.		556,649
	32,429	Red Rock Resorts, Inc., Class A		1,425,579
	1,739	Ruth’s Hospitality Group, Inc.		36,467
	11,849	SeaWorld Entertainment, Inc.*		799,096
	4,020	Shake Shack, Inc., Class A*		232,477
	4,126	Sweetgreen, Inc., Class A*(a)		111,402
				6,114,175
Common Stocks – (continued)
Household Durables – 2.0%
	1,113	Cavco Industries, Inc.*		262,946
	58,699	GoPro, Inc., Class A*		523,595
	5,423	Installed Building Products, Inc.		436,389
	1,999	iRobot Corp.*		101,249
	12,120	LGI Homes, Inc.*		1,135,765
	9,550	Skyline Champion Corp.*		487,432
	14,320	Sonos, Inc.*		326,783
				3,274,159
Household Products – 0.9%
	7,762	WD-40 Co.		1,428,053
Insurance – 2.8%
	8,169	American Equity Investment Life Holding Co.		308,135
	32,272	BRP Group, Inc., Class A*		746,128
	6,129	Citizens, Inc.*		18,326
	10,777	Genworth Financial, Inc., Class A*		39,983
	9,137	Goosehead Insurance, Inc., Class A		525,286
	14,598	Palomar Holdings, Inc.*		794,861
	13,082	RLI Corp.		1,501,552
	12,095	Stewart Information Services Corp.		624,102
				4,558,373
Interactive Media & Services – 1.0%
	16,370	Cargurus, Inc.*		534,972
	37,010	Eventbrite, Inc., Class A*		391,566
	38,517	fuboTV, Inc.*(a)		145,979
	101,790	Liberty TripAdvisor Holdings, Inc., Class A*		152,685
	14,104	QuinStreet, Inc.*		134,129
	1,936	Yelp, Inc.*		62,978
	1,614	Ziff Davis, Inc.*		142,613
				1,564,922
Internet & Direct Marketing Retail – 1.0%
	11,225	1-800-Flowers.com, Inc., Class A*		114,495
	55,916	aka Brands Holding Corp.*		197,384
	49,941	CarParts.com, Inc.*		299,147
	14,998	Liquidity Services, Inc.*		216,271
	4,852	Lulu’s Fashion Lounge Holdings, Inc.*(a)		46,773
	8,621	Overstock.com, Inc.*		289,321
	6,562	PetMed Express, Inc.(a)		143,708
	13,905	RealReal, Inc. (The)*		75,365
	2,712	Revolve Group, Inc.*		114,609
	1,438	Shutterstock, Inc.		108,885
	1,848	Xometry, Inc., Class A*(a)		60,651
				1,666,609
IT Services – 3.6%
	8,341	BigCommerce Holdings, Inc.Series 1*		149,054
	17,865	Brightcove, Inc.*		125,948
	25,607	EVERTEC, Inc. (Puerto Rico)		1,008,916
	13,249	Evo Payments, Inc., Class��A*		298,500
	10,600	ExlService Holdings, Inc.*		1,443,190
	4,807	Hackett Group, Inc. (The)		112,916

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
IT Services – (continued)
	26,461	I3 Verticals, Inc., Class A*	$	726,355
	11,382	Perficient, Inc.*		1,131,485
	40,372	Rackspace Technology, Inc.*		399,279
	4,136	Tucows, Inc., Class A*(a)		238,316
	19,962	Unisys Corp.*		283,660
				5,917,619
Leisure Products – 0.3%
	28,345	Latham Group, Inc.*		340,140
	18,843	Solo Brands, Inc., Class A*(a)		112,493
				452,633
Life Sciences Tools & Services – 1.8%
	21,509	Berkeley Lights, Inc.*		107,007
	60,813	Codexis, Inc.*		731,580
	13,172	Cytek Biosciences, Inc.*		124,475
	4,126	Harvard Bioscience, Inc.*		21,538
	5,415	Inotiv, Inc.*		77,164
	22,389	MaxCyte, Inc.*		124,035
	11,571	Medpace Holdings, Inc.*		1,545,538
	10,197	NanoString Technologies, Inc.*		191,500
	13,475	Pacific Biosciences of California, Inc.*		85,432
				3,008,269
Machinery – 3.3%
	223	Chart Industries, Inc.*		37,647
	11,660	CIRCOR International, Inc.*		229,119
	24,964	Douglas Dynamics, Inc.		772,885
	18,434	Energy Recovery, Inc.*		341,398
	24,116	Enerpac Tool Group Corp.		484,249
	1,676	Evoqua Water Technologies Corp.*		69,872
	12,682	Hydrofarm Holdings Group, Inc.*		121,113
	2,629	John Bean Technologies Corp.		309,933
	946	Kennametal, Inc.		24,341
	22,529	Mueller Industries, Inc.		1,219,945
	22,202	Nikola Corp.*(a)		159,410
	527	Omega Flex, Inc.		58,497
	5,218	Shyft Group, Inc. (The)		132,903
	41,182	Terex Corp.		1,400,188
				5,361,500
Marine – 0.9%
	45,787	Costamare, Inc. (Monaco)		614,004
	2,469	Eagle Bulk Shipping, Inc.		153,670
	4,844	Genco Shipping & Trading Ltd.		106,713
	148,888	Safe Bulkers, Inc. (Greece)		611,930
				1,486,317
Media – 0.7%
	2,646	Daily Journal Corp.*		680,419
	3,354	Magnite, Inc.*		32,366
	7,542	TechTarget, Inc.*		507,652
				1,220,437
Metals & Mining – 0.7%
	7,268	Coeur Mining, Inc.*		26,383
Common Stocks – (continued)
Metals & Mining – (continued)
	9,975	MP Materials Corp.*		379,449
	55,769	Novagold Resources, Inc. (Canada)*		346,883
	6,845	Ryerson Holding Corp.		251,965
	5,361	Warrior Met Coal, Inc.		182,649
				1,187,329
Mortgage Real Estate Investment Trusts (REITs) – 0.1%
	15,186	TPG RE Finance Trust, Inc. REIT		160,212
Multiline Retail – 0.0%(b)
	43	Dillard’s, Inc., Class A		13,064
Oil, Gas & Consumable Fuels – 3.0%
	10,518	Callon Petroleum Co.*		539,258
	8,256	Energy Fuels, Inc.*(a)		62,002
	89,475	Kosmos Energy Ltd. (Ghana)*		604,851
	1,106	Laredo Petroleum, Inc.*		78,758
	58,374	Magnolia Oil & Gas Corp., Class A		1,356,612
	22,688	Matador Resources Co.		1,107,628
	3,005	Range Resources Corp.*		89,970
	12,911	SM Energy Co.		458,728
	46,502	Southwestern Energy Co.*		348,765
	42,320	Tellurian, Inc.*		210,754
				4,857,326
Personal Products – 0.3%
	2,596	Beauty Health Co. (The)*		34,008
	2,915	Medifast, Inc.		519,919
				553,927
Pharmaceuticals – 1.9%
	104,460	Amneal Pharmaceuticals, Inc.*		403,216
	7,820	Amphastar Pharmaceuticals, Inc.*		277,375
	3,349	Arvinas, Inc.*		184,094
	3,833	Axsome Therapeutics, Inc.*		121,698
	4,712	Cassava Sciences, Inc.*(a)		98,339
	51,045	Durect Corp.*		22,970
	6,046	Evolus, Inc.*		67,655
	7,678	Intra-Cellular Therapies, Inc.*		388,584
	60,819	Phibro Animal Health Corp., Class A		1,094,134
	8,557	Prestige Consumer Healthcare, Inc.*		467,726
				3,125,791
Professional Services – 1.9%
	2,309	CRA International, Inc.		190,192
	7,748	Exponent, Inc.		742,336
	5,822	Forrester Research, Inc.*		324,227
	17,981	Franklin Covey Co.*		720,499
	5,342	Insperity, Inc.		566,519
	9,782	KBR, Inc.		481,568
				3,025,341
Real Estate Management & Development – 0.7%
	22,468	St. Joe Co. (The)		1,195,522
Road & Rail – 0.8%
	6,333	Saia, Inc.*		1,304,345

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Road & Rail – (continued)
	3,232	Universal Logistics Holdings, Inc.	$	65,545
				1,369,890
Semiconductors & Semiconductor Equipment – 6.1%
	972	Ambarella, Inc.*		79,782
	6,516	Amkor Technology, Inc.		122,566
	17,951	Axcelis Technologies, Inc.*		977,432
	16,980	Cohu, Inc.*		450,989
	5,438	Credo Technology Group Holding Ltd.*(a)		60,036
	17,628	Diodes, Inc.*		1,287,373
	12,048	FormFactor, Inc.*		459,149
	10,657	Kulicke & Soffa Industries, Inc. (Singapore)		494,591
	34,353	Lattice Semiconductor Corp.*		1,650,318
	21,683	MaxLinear, Inc.*		1,037,965
	15,009	Power Integrations, Inc.		1,200,720
	19,552	Semtech Corp.*		1,165,299
	1,993	SiTime Corp.*		335,960
	1,349	Synaptics, Inc.*		200,246
	15,726	Ultra Clean Holdings, Inc.*		490,179
				10,012,605
Software – 11.3%
	16,222	A10 Networks, Inc.		231,650
	54,196	ACI Worldwide, Inc.*		1,496,894
	19,485	Alarm.com Holdings, Inc.*		1,190,144
	15,320	Altair Engineering, Inc., Class A*		832,182
	8,089	American Software, Inc., Class A		138,322
	506	Blackbaud, Inc.*		29,353
	23,796	CommVault Systems, Inc.*		1,451,556
	2,223	Digital Turbine, Inc.*		70,358
	4,615	Domo, Inc., Class B*		191,153
	8,101	E2open Parent Holdings, Inc.*		62,702
	7,907	Envestnet, Inc.*		629,713
	5,250	JFrog Ltd. (Israel)*		109,567
	1,164	MicroStrategy, Inc., Class A*(a)		412,254
	21,442	Mimecast Ltd.*		1,708,499
	26,834	PagerDuty, Inc.*		766,647
	16,800	Q2 Holdings, Inc.*		869,064
	5,642	Qualys, Inc.*		768,892
	14,788	Rapid7, Inc.*		1,412,550
	36,835	Rimini Street, Inc.*		212,170
	8,295	Riot Blockchain, Inc.*(a)		84,111
	31,053	Sapiens International Corp. NV (Israel)*		721,672
	8,843	Sprout Social, Inc., Class A*		541,899
	11,607	SPS Commerce, Inc.*		1,388,545
	34,758	Telos Corp.*		270,765
	9,684	Tenable Holdings, Inc.*		534,847
	26,879	Upland Software, Inc.*		401,035
	4,020	Varonis Systems, Inc.*		173,664
	7,145	Workiva, Inc.*		689,564
	65,915	Yext, Inc.*		381,648
	48,300	Zuora, Inc., Class A*		587,811
				18,359,231
Common Stocks – (continued)
Specialty Retail – 4.4%
	25,945	Arko Corp.		240,510
	12,733	Boot Barn Holdings, Inc.*		1,146,734
	38,143	Buckle, Inc. (The)		1,184,722
	11,197	Caleres, Inc.		256,747
	1,549	Children’s Place, Inc. (The)*		71,765
	26,200	Designer Brands, Inc., Class A		362,084
	4,848	Group 1 Automotive, Inc.		844,231
	7,874	Murphy USA, Inc.		1,839,366
	101,117	Party City Holdco, Inc.*		312,451
	13,501	Rent-A-Center, Inc.		325,644
	12,298	Shoe Carnival, Inc.		371,277
	3,574	TravelCenters of America, Inc.*		135,848
				7,091,379
Technology Hardware, Storage & Peripherals – 0.1%
	47,889	Diebold Nixdorf, Inc.*		196,345
	6,087	Eastman Kodak Co.*(a)		31,470
				227,815
Textiles, Apparel & Luxury Goods – 1.6%
	11,351	Crocs, Inc.*		754,047
	4,850	Fossil Group, Inc.*		47,918
	788	G-III Apparel Group Ltd.*		20,866
	18,338	Kontoor Brands, Inc.		728,569
	25,650	Steven Madden Ltd.		1,053,189
				2,604,589
Trading Companies & Distributors – 1.4%
	231	BlueLinx Holdings, Inc.*		15,401
	31,127	H&E Equipment Services, Inc.		1,104,386
	6,635	Herc Holdings, Inc.		848,086
	264	McGrath RentCorp		22,033
	22,074	MRC Global, Inc.*		264,667
				2,254,573
Wireless Telecommunication Services – 0.0%(b)
	2,243	Gogo, Inc.*		41,294
	TOTAL COMMON STOCKS
	(Cost $174,429,273)		$	161,564,052
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $174,429,273)		$	161,564,052

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Shares	Dividend Rate			Value
Securities Lending Reinvestment Vehicle – 1.9%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
3,100,086		0.317	%	$	3,100,086
(Cost $3,100,086)
TOTAL INVESTMENTS – 101.1%
(Cost $177,529,359)				$	164,664,138
LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.1)%					(1,805,167	)
NET ASSETS – 100.0%				$	162,858,971

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)	Less than 0.05%
(c)	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. 33

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 98.6%
Aerospace & Defense – 0.9%
	58,240	AAR Corp.*	$	2,736,115
	31,348	Kratos Defense & Security Solutions, Inc.*		475,549
	25,671	Maxar Technologies, Inc.		826,863
	1,478	Moog, Inc., Class A		118,048
	27,070	National Presto Industries, Inc.		1,925,489
	25,820	Triumph Group, Inc.*		581,983
	86,439	Vectrus, Inc.*		3,120,448
				9,784,495
Air Freight & Logistics – 0.1%
	11,216	Atlas Air Worldwide Holdings, Inc.*		773,231
Auto Components – 0.3%
	10,999	Cooper-Standard Holdings, Inc.*		50,705
	267,014	Goodyear Tire & Rubber Co. (The)*		3,556,627
				3,607,332
Banks – 14.4%
	63,964	1st Source Corp.		2,767,722
	56,193	Amalgamated Financial Corp.		988,435
	15,131	Ameris Bancorp		630,963
	38,531	Associated Banc-Corp.		768,693
	138,080	Atlantic Union Bankshares Corp.		4,664,342
	203,062	Bancorp, Inc. (The)*		4,607,477
	129,413	BankUnited, Inc.		4,858,164
	3,141	Business First Bancshares, Inc.		69,605
	219,930	Cadence Bank		5,507,047
	28,428	Camden National Corp.		1,272,153
	26,315	Capital Bancorp, Inc.		592,351
	28,213	Capital City Bank Group, Inc.		722,535
	28,364	Capstar Financial Holdings, Inc.		571,535
	254,250	Central Pacific Financial Corp.		6,147,765
	26,069	Civista Bancshares, Inc.		542,757
	263,139	Columbia Banking System, Inc.		7,388,943
	94,044	Community Bank System, Inc.		6,056,434
	39,125	Community Trust Bancorp, Inc.		1,557,566
	84,531	CrossFirst Bankshares, Inc.*		1,082,842
	55,008	Enterprise Financial Services Corp.		2,429,703
	567,229	First BanCorp. (Puerto Rico)		7,719,987
	31,782	First Bancshares, Inc. (The)		1,023,063
	325,568	First Commonwealth Financial Corp.		4,388,657
	171,554	First Financial Bancorp		3,508,279
	45,016	First Foundation, Inc.		1,000,256
	6,452	Flushing Financial Corp.		138,718
	16,044	Glacier Bancorp, Inc.		734,173
	45,291	Great Southern Bancorp, Inc.		2,569,811
	155,037	Hancock Whitney Corp.		7,251,080
	293,408	Hanmi Financial Corp.		6,792,395
	180,500	HarborOne Bancorp, Inc.		2,416,895
	27,755	Heartland Financial USA, Inc.		1,214,836
	264,698	Hilltop Holdings, Inc.		6,747,152
	53,634	Home BancShares, Inc.		1,159,567
	23,046	HomeStreet, Inc.		935,437
Common Stocks – (continued)
Banks – (continued)
	44,787	HomeTrust Bancshares, Inc.		1,210,593
	491,018	Hope Bancorp, Inc.		7,021,557
	93,652	Independent Bank Corp.		1,848,690
	203,087	International Bancshares Corp.		8,080,832
	10,686	Macatawa Bank Corp.		93,502
	202,038	OFG Bancorp (Puerto Rico)		5,370,170
	112,770	Origin Bancorp, Inc.		4,249,174
	20,826	Sandy Spring Bancorp, Inc.		817,837
	56,544	Sierra Bancorp		1,229,832
	9,849	Southern First Bancshares, Inc.*		450,099
	36,295	Southside Bancshares, Inc.		1,422,401
	51,796	Texas Capital Bancshares, Inc.*		2,660,243
	216,168	Towne Bank		5,959,752
	254,066	Trustmark Corp.		7,083,360
	79,429	UMB Financial Corp.		7,162,907
	119,572	United Bankshares, Inc.		3,976,965
	84,029	United Community Banks, Inc.		2,532,634
	34,410	Univest Financial Corp.		867,132
	18,687	Veritex Holdings, Inc.		613,868
				163,478,886
Beverages – 0.1%
	3,402	Coca-Cola Consolidated, Inc.		1,501,983
Biotechnology – 4.0%
	64,820	ACADIA Pharmaceuticals, Inc.*		1,195,281
	96,772	Alkermes PLC*		2,791,872
	54,685	AnaptysBio, Inc.*		1,279,629
	61,556	Anika Therapeutics, Inc.*		1,325,301
	33,522	Arcus Biosciences, Inc.*		811,568
	28,256	Arrowhead Pharmaceuticals, Inc.*		1,161,604
	32,649	Avidity Biosciences, Inc.*		466,881
	177,716	BioCryst Pharmaceuticals, Inc.*		1,650,982
	166,734	Cardiff Oncology, Inc.*		223,424
	509,710	Catalyst Pharmaceuticals, Inc.*		3,883,990
	36,589	ChemoCentryx, Inc.*		675,433
	150,000	Dynavax Technologies Corp.*		1,324,500
	64,805	Eagle Pharmaceuticals, Inc.*		2,859,845
	46,041	Emergent BioSolutions, Inc.*		1,490,808
	74,718	Erasca, Inc.*(a)		543,947
	19,069	Gossamer Bio, Inc.*		131,767
	24,374	Heron Therapeutics, Inc.*		110,170
	139,260	Homology Medicines, Inc.*		231,172
	23,861	iTeos Therapeutics, Inc.*		636,850
	96,513	IVERIC bio, Inc.*		1,336,705
	192,479	Kezar Life Sciences, Inc.*		2,286,650
	46,917	Kronos Bio, Inc.*		221,917
	1,854	Krystal Biotech, Inc.*		112,371
	5,336	Ligand Pharmaceuticals, Inc.*		495,501
	582,804	MannKind Corp.*(a)		1,824,177
	47,550	MeiraGTx Holdings PLC*		489,289
	30,241	Myriad Genetics, Inc.*		619,940
	36,062	Nkarta, Inc.*(a)		664,983
	55,169	Organogenesis Holdings, Inc.*		355,288
	130,792	Precision BioSciences, Inc.*		260,276
	9,701	Prothena Corp. PLC (Ireland)*		282,881
	83,002	Rhythm Pharmaceuticals, Inc.*		519,593

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Biotechnology – (continued)
	318,767	Selecta Biosciences, Inc.*	$	244,271
	107,066	Sutro Biopharma, Inc.*		643,467
	185,385	Travere Therapeutics, Inc.*		4,658,725
	69,757	Turning Point Therapeutics, Inc.*		2,053,646
	506,748	Vanda Pharmaceuticals, Inc.*		5,026,940
	24,659	Veracyte, Inc.*		504,770
	105,917	Viking Therapeutics, Inc.*		252,082
	19,263	XBiotech, Inc.		149,481
				45,797,977
Building Products – 0.2%
	1,908	Insteel Industries, Inc.		80,937
	122,991	Quanex Building Products Corp.		2,363,887
				2,444,824
Capital Markets – 0.7%
	5,552	Focus Financial Partners, Inc., Class A*		219,027
	60,590	Moelis & Co., Class A		2,681,713
	144,973	Oppenheimer Holdings, Inc., Class A		4,671,030
	5,437	StoneX Group, Inc.*		368,520
				7,940,290
Chemicals – 2.3%
	34,366	AdvanSix, Inc.		1,530,662
	52,673	Avient Corp.		2,593,619
	193,763	FutureFuel Corp.		1,842,686
	80,327	Innospec, Inc.		7,655,966
	10,537	Intrepid Potash, Inc.*		806,923
	22,885	Koppers Holdings, Inc.		555,190
	78,875	Minerals Technologies, Inc.		5,017,239
	368,678	Tronox Holdings PLC, Class A		6,341,262
				26,343,547
Commercial Services & Supplies – 1.1%
	118,007	ACCO Brands Corp.		864,991
	70,701	BrightView Holdings, Inc.*		895,075
	188,792	Ennis, Inc.		3,256,662
	9,941	Harsco Corp.*		101,597
	113,479	Heritage-Crystal Clean, Inc.*		3,097,977
	64,356	Matthews International Corp., Class A		1,918,452
	10,248	UniFirst Corp.		1,765,730
				11,900,484
Communications Equipment – 1.1%
	9,841	Comtech Telecommunications Corp.		133,838
	496,441	Harmonic, Inc.*		4,120,460
	250,746	NetScout Systems, Inc.*		7,722,977
				11,977,275
Construction & Engineering – 2.1%
	132,816	Arcosa, Inc.		7,109,641
	109,862	Argan, Inc.		4,040,724
	29,510	EMCOR Group, Inc.		3,142,225
Common Stocks – (continued)
Construction & Engineering – (continued)
	255,922	Fluor Corp.*		6,334,070
	93,932	Sterling Construction Co., Inc.*		2,150,103
	69,707	Tutor Perini Corp.*		646,184
				23,422,947
Construction Materials – 0.5%
	221,490	Summit Materials, Inc., Class A*		6,157,422
Consumer Finance – 1.4%
	151,145	EZCORP, Inc., Class A*		1,058,015
	112,854	FirstCash Holdings, Inc.		9,003,492
	27,649	Oportun Financial Corp.*		320,452
	46,705	PRA Group, Inc.*		1,963,011
	65,468	Regional Management Corp.		2,818,397
	866	World Acceptance Corp.*		163,423
				15,326,790
Containers & Packaging – 0.0%(b)
	29,655	Pactiv Evergreen, Inc.		292,398
Diversified Consumer Services – 0.7%
	4,386	Carriage Services, Inc.		188,116
	4,489	Graham Holdings Co., Class B		2,659,149
	73,347	Laureate Education, Inc.		831,021
	2,218	Strategic Education, Inc.		143,283
	111,508	Stride, Inc.*		4,382,264
				8,203,833
Diversified Financial Services – 0.5%
	36,959	A-Mark Precious Metals, Inc.		2,912,369
	192,102	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		2,783,558
				5,695,927
Diversified Telecommunication Services – 0.1%
	34,247	Consolidated Communications Holdings, Inc.*		203,770
	117,146	Globalstar, Inc.*		135,889
	10,345	Iridium Communications, Inc.*		369,420
				709,079
Electric Utilities – 0.1%
	14,299	ALLETE, Inc.		848,503
	4,615	MGE Energy, Inc.		359,370
				1,207,873
Electrical Equipment – 1.2%
	81,831	AZZ, Inc.		3,734,767
	71,691	Encore Wire Corp.		8,087,462
	50,512	Powell Industries, Inc.		974,881
	87,915	Thermon Group Holdings, Inc.*		1,318,725
				14,115,835
Electronic Equipment, Instruments & Components – 4.2%
	95,525	Belden, Inc.		4,931,956
	197,490	CTS Corp.		6,985,221
	64,243	Daktronics, Inc.*		215,214

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Electronic Equipment, Instruments & Components – (continued)
	113,072	ePlus, Inc.*	$	6,386,307
	78,554	Insight Enterprises, Inc.*		7,805,911
	40,012	OSI Systems, Inc.*		3,164,949
	83,479	PC Connection, Inc.		4,131,376
	64,977	Sanmina Corp.*		2,656,909
	109,871	TTM Technologies, Inc.*		1,532,700
	431,133	Vishay Intertechnology, Inc.		8,032,008
	64,309	Vishay Precision Group, Inc.*		2,007,084
				47,849,635
Energy Equipment & Services – 1.2%
	96,937	Archrock, Inc.		844,321
	894,170	Helix Energy Solutions Group, Inc.*		3,675,039
	101,425	Liberty Energy, Inc.*		1,636,999
	100,258	National Energy Services Reunited Corp.*		670,726
	203,527	Oceaneering International, Inc.*		2,305,961
	347,956	Oil States International, Inc.*		2,352,183
	71,372	RPC, Inc.*		737,986
	63,839	US Silica Holdings, Inc.*		1,186,129
				13,409,344
Entertainment – 1.7%
	444,322	AMC Entertainment Holdings, Inc., Class A*(a)		6,798,127
	277,231	Cinemark Holdings, Inc.*		4,396,884
	311,554	IMAX Corp.*		4,928,784
	213,132	Marcus Corp. (The)*(a)		3,352,566
				19,476,361
Equity Real Estate Investment Trusts (REITs) – 11.2%
	242,249	Alexander & Baldwin, Inc. REIT		5,135,679
	85,995	American Assets Trust, Inc. REIT		3,147,417
	21,373	Apartment Investment and Management Co., Class A REIT*		134,650
	373,166	Apple Hospitality REIT, Inc. REIT		6,601,307
	463,784	Armada Hoffler Properties, Inc. REIT		6,284,273
	97,750	CatchMark Timber Trust, Inc., Class A REIT		802,528
	163,383	Chatham Lodging Trust REIT*		2,346,180
	408,930	City Office REIT, Inc. REIT		6,068,521
	79,955	DiamondRock Hospitality Co. REIT*		849,122
	159,807	Empire State Realty Trust, Inc., Class A REIT		1,380,732
	14,534	Essential Properties Realty Trust, Inc. REIT		348,816
	402,600	Franklin Street Properties Corp. REIT		2,077,416
	13,423	Gladstone Commercial Corp. REIT		282,420
	414,291	Independence Realty Trust, Inc. REIT		11,293,573
	194,424	Industrial Logistics Properties Trust REIT		3,141,892
	234,557	LXP Industrial Trust REIT		2,943,690
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	146,045	Macerich Co. (The) REIT		1,832,865
	96,433	National Storage Affiliates Trust REIT		5,458,108
	94,927	NexPoint Residential Trust, Inc. REIT		8,463,691
	312,555	Outfront Media, Inc. REIT		8,001,408
	39,001	Pebblebrook Hotel Trust REIT		952,404
	58,983	Phillips Edison & Co., Inc. REIT		1,997,164
	339,667	Piedmont Office Realty Trust, Inc., Class A REIT		5,468,639
	27,801	PotlatchDeltic Corp. REIT		1,539,897
	414,921	Retail Opportunity Investments Corp. REIT		7,729,978
	348,308	RLJ Lodging Trust REIT		4,883,278
	71,882	RPT Realty REIT		955,312
	316,036	SITE Centers Corp. REIT		5,024,972
	178,374	STAG Industrial, Inc. REIT		6,656,918
	49,628	Tanger Factory Outlet Centers, Inc. REIT		800,500
	147,859	Terreno Realty Corp. REIT		10,756,742
	11,787	Uniti Group, Inc. REIT		146,041
	144,831	Urstadt Biddle Properties, Inc., Class A REIT		2,512,818
	33,069	Xenia Hotels & Resorts, Inc. REIT*		637,901
				126,656,852
Food & Staples Retailing – 1.2%
	11,786	Andersons, Inc. (The)		592,011
	31,255	Chefs’ Warehouse, Inc. (The)*		1,143,933
	87,139	Ingles Markets, Inc., Class A		8,114,384
	47,638	Natural Grocers by Vitamin Cottage, Inc.		971,339
	27,474	PriceSmart, Inc.		2,182,809
				13,004,476
Food Products – 1.3%
	34,203	B&G Foods, Inc.(a)		921,087
	142,501	Cal-Maine Foods, Inc.		7,656,579
	5,522	Fresh Del Monte Produce, Inc.		143,848
	47,910	Hostess Brands, Inc.*		1,087,078
	16,447	Sanderson Farms, Inc.		3,114,568
	19,734	Seneca Foods Corp., Class A*		1,070,569
	15,890	Tootsie Roll Industries, Inc.		556,627
				14,550,356
Gas Utilities – 1.2%
	3,908	Chesapeake Utilities Corp.		489,164
	104,177	Northwest Natural Holding Co.		4,982,786
	98,119	ONE Gas, Inc.		8,278,300
				13,750,250
Health Care Equipment & Supplies – 0.9%
	125,866	AngioDynamics, Inc.*		2,649,479
	234,576	Avanos Medical, Inc.*		6,840,236
	2,935	Integer Holdings Corp.*		220,624
	215,449	Invacare Corp.*		357,646

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Health Care Equipment & Supplies – (continued)
	7,829	Utah Medical Products, Inc.	$	662,255
				10,730,240
Health Care Providers & Services – 2.9%
	2,142	Addus HomeCare Corp.*		180,528
	1,065,467	Brookdale Senior Living, Inc.*		6,584,586
	173,913	Covetrus, Inc.*		2,399,999
	82,522	Cross Country Healthcare, Inc.*		1,546,462
	4,607	Fulgent Genetics, Inc.*		252,832
	103,270	Hanger, Inc.*		1,697,759
	5,760	Joint Corp. (The)*		175,795
	36,158	National HealthCare Corp.		2,460,914
	557,938	OPKO Health, Inc.*		1,506,433
	3,921	Owens & Minor, Inc.		139,156
	231,994	Patterson Cos., Inc.		7,138,455
	31,062	Select Medical Holdings Corp.		702,312
	67,018	Sharps Compliance Corp.*		289,518
	105,289	Tenet Healthcare Corp.*		7,634,505
				32,709,254
Health Care Technology – 0.7%
	204,746	Allscripts Healthcare Solutions, Inc.*		4,230,052
	85,328	Computer Programs and Systems, Inc.*		2,723,670
	28,241	Evolent Health, Inc., Class A*		777,192
				7,730,914
Hotels, Restaurants & Leisure – 1.1%
	28,134	Chuy’s Holdings, Inc.*		703,632
	62,294	Dave & Buster’s Entertainment, Inc.*		2,834,377
	171,973	Drive Shack, Inc.*(a)		211,527
	107,597	Red Rock Resorts, Inc., Class A		4,729,964
	51,887	SeaWorld Entertainment, Inc.*		3,499,259
				11,978,759
Household Durables – 1.6%
	33,815	Beazer Homes USA, Inc.*		509,930
	46,234	Ethan Allen Interiors, Inc.		1,097,595
	12,398	Green Brick Partners, Inc.*		244,241
	3,107	LGI Homes, Inc.*		291,157
	121,603	M/I Homes, Inc.*		5,384,581
	64,729	Meritage Homes Corp.*		5,343,379
	273,127	Tri Pointe Homes, Inc.*		5,645,535
				18,516,418
Household Products – 0.1%
	5,536	WD-40 Co.		1,018,513
Independent Power and Renewable Electricity Producers – 0.4%
	33,665	Clearway Energy, Inc., Class C		1,027,793
	37,792	Ormat Technologies, Inc.		2,936,438
				3,964,231
Insurance – 4.6%
	246,468	American Equity Investment Life Holding Co.		9,296,773
Common Stocks – (continued)
Insurance – (continued)
	118,639	AMERISAFE, Inc.		5,498,918
	177,324	Argo Group International Holdings Ltd.		7,589,467
	46,292	BRP Group, Inc., Class A*		1,070,271
	54,919	Donegal Group, Inc., Class A		743,054
	168,684	Employers Holdings, Inc.		6,636,029
	1,479,566	Genworth Financial, Inc., Class A*		5,489,190
	73,237	Goosehead Insurance, Inc., Class A		4,210,395
	1,728	Investors Title Co.		324,259
	8,709	National Western Life Group, Inc., Class A		1,731,001
	10,463	Palomar Holdings, Inc.*		569,710
	34,739	ProAssurance Corp.		853,537
	123,075	Stewart Information Services Corp.		6,350,670
	105,018	Tiptree, Inc.		1,221,359
				51,584,633
Interactive Media & Services – 0.0%(b)
	12,590	Eventbrite, Inc., Class A*		133,202
	91,859	fuboTV, Inc.*(a)		348,146
				481,348
Internet & Direct Marketing Retail – 0.1%
	116,028	aka Brands Holding Corp.*(a)		409,579
	35,975	Lands’ End, Inc.*		504,369
	10,095	PetMed Express, Inc.(a)		221,081
				1,135,029
IT Services – 0.8%
	666,582	Conduent, Inc.*		3,752,857
	20,239	EVERTEC, Inc. (Puerto Rico)		797,416
	1,782	ExlService Holdings, Inc.*		242,619
	6,162	I3 Verticals, Inc., Class A*		169,147
	27,512	Perficient, Inc.*		2,734,968
	100,134	Rackspace Technology, Inc.*(a)		990,325
	14,842	Unisys Corp.*		210,905
				8,898,237
Leisure Products – 0.0%(b)
	34,257	Solo Brands, Inc., Class A*(a)		204,514
	8,210	Vista Outdoor, Inc.*		289,239
				493,753
Life Sciences Tools & Services – 0.6%
	58,950	Codexis, Inc.*		709,168
	41,726	Medpace Holdings, Inc.*		5,573,342
	102,227	Pacific Biosciences of California, Inc.*		648,119
				6,930,629
Machinery – 1.9%
	5,650	Barnes Group, Inc.		189,727
	5,559	Columbus McKinnon Corp.		197,067
	296,000	Kennametal, Inc.		7,616,080
	71,487	Miller Industries, Inc.		1,916,567
	141,603	Mueller Industries, Inc.		7,667,802
	5,419	Terex Corp.		184,246

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Machinery – (continued)
	39,833	Titan International, Inc.*	$	552,085
	103,669	Trinity Industries, Inc.		2,875,778
	30,125	Wabash National Corp.		431,089
				21,630,441
Marine – 2.1%
	431,389	Costamare, Inc. (Monaco)		5,784,927
	51,885	Eagle Bulk Shipping, Inc.		3,229,322
	181,306	Genco Shipping & Trading Ltd.		3,994,171
	87,405	Matson, Inc.		7,518,578
	922,381	Safe Bulkers, Inc. (Greece)		3,790,986
				24,317,984
Media – 1.1%
	379,930	Clear Channel Outdoor Holdings, Inc.*		934,628
	2,429	Daily Journal Corp.*		624,617
	188,890	EW Scripps Co. (The), Class A*		3,109,129
	232,534	Gray Television, Inc.		4,306,530
	17,239	John Wiley & Sons, Inc., Class A		877,293
	8,448	Scholastic Corp.		311,309
	6,479	Sinclair Broadcast Group, Inc., Class A		144,093
	71,246	TEGNA, Inc.		1,570,974
				11,878,573
Metals & Mining – 1.5%
	170,501	Constellium SE*		2,845,662
	41,755	Haynes International, Inc.		1,631,785
	9,556	Ryerson Holding Corp.		351,756
	544,534	SunCoke Energy, Inc.		4,530,523
	36,729	TimkenSteel Corp.*		759,189
	185,800	Warrior Met Coal, Inc.		6,330,206
				16,449,121
Mortgage Real Estate Investment Trusts (REITs) – 2.6%
	16,417	Ares Commercial Real Estate Corp. REIT		247,404
	174,844	Blackstone Mortgage Trust, Inc., Class A REIT		5,252,314
	107,324	BrightSpire Capital, Inc. REIT		912,254
	779,263	Chimera Investment Corp. REIT		7,808,215
	176,743	Great Ajax Corp. REIT		1,645,477
	109,444	Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		4,376,666
	101,584	Invesco Mortgage Capital, Inc. REIT		176,756
	336,640	Ladder Capital Corp. REIT		3,834,330
	19,418	MFA Financial, Inc. REIT		276,706
	416,405	TPG RE Finance Trust, Inc. REIT		4,393,073
				28,923,195
Multiline Retail – 0.8%
	6,733	Dillard’s, Inc., Class A		2,045,553
	273,523	Macy’s, Inc.		6,611,051
				8,656,604
Common Stocks – (continued)
Multi-Utilities – 0.8%
	72,923	Avista Corp.		2,958,486
	12,444	Black Hills Corp.		911,399
	95,723	NorthWestern Corp.		5,426,537
	6,090	Unitil Corp.		310,590
				9,607,012
Oil, Gas & Consumable Fuels – 7.5%
	281,534	Antero Resources Corp.*		9,909,997
	11,668	Callon Petroleum Co.*		598,218
	336,253	Centennial Resource Development, Inc., Class A*		2,602,598
	4,697	Civitas Resources, Inc.		275,338
	46,653	Clean Energy Fuels Corp.*		273,387
	120,101	Comstock Resources, Inc.*		2,045,320
	19,908	CONSOL Energy, Inc.*		946,625
	454,073	Equitrans Midstream Corp.		3,569,014
	118,928	Golar LNG Ltd. (Cameroon)*		2,654,473
	6,256	HighPeak Energy, Inc.(a)		170,851
	40,200	Laredo Petroleum, Inc.*		2,862,642
	57,050	Magnolia Oil & Gas Corp., Class A		1,325,842
	237,200	Murphy Oil Corp.		9,032,576
	255,594	Ovintiv, Inc.		13,083,857
	61,666	PBF Energy, Inc., Class A*		1,792,014
	68,766	PDC Energy, Inc.		4,795,741
	25,207	Peabody Energy Corp.*		570,687
	436,895	Range Resources Corp.*		13,080,636
	47,524	Ranger Oil Corp., Class A*		1,513,639
	10,289	REX American Resources Corp.*		870,758
	268,575	SM Energy Co.		9,542,470
	49,764	Talos Energy, Inc.*		904,212
	472,373	W&T Offshore, Inc.*		2,248,496
				84,669,391
Pharmaceuticals – 2.0%
	79,614	Amphastar Pharmaceuticals, Inc.*		2,823,909
	574,829	Endo International PLC*		1,149,658
	159,792	Innoviva, Inc.*		2,726,051
	123,701	Phibro Animal Health Corp., Class A		2,225,381
	162,007	Prestige Consumer Healthcare, Inc.*		8,855,303
	181,945	Supernus Pharmaceuticals, Inc.*		5,076,265
				22,856,567
Professional Services – 0.9%
	22,793	Barrett Business Services, Inc.		1,640,412
	26,241	Heidrick & Struggles International, Inc.		838,662
	10,857	Huron Consulting Group, Inc.*		562,176
	71,357	Korn Ferry		4,384,174
	35,865	ManTech International Corp., Class A		2,881,394
	8,972	TrueBlue, Inc.*		229,414
				10,536,232
Road & Rail – 1.7%
	24,070	ArcBest Corp.		1,736,891

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Road & Rail – (continued)
	33,613	Avis Budget Group, Inc.*	$	8,997,192
	312,091	Heartland Express, Inc.		4,306,856
	248,507	Marten Transport Ltd.		4,319,051
				19,359,990
Semiconductors & Semiconductor Equipment – 0.6%
	119,601	Amkor Technology, Inc.		2,249,695
	15,129	Diodes, Inc.*		1,104,871
	9,170	Lattice Semiconductor Corp.*		440,527
	27,932	Photronics, Inc.*		418,701
	92,107	Veeco Instruments, Inc.*		2,111,092
				6,324,886
Software – 1.0%
	10,487	Alarm.com Holdings, Inc.*		640,546
	56,443	CommVault Systems, Inc.*		3,443,023
	612,243	E2open Parent Holdings, Inc.*		4,738,761
	36,703	Ebix, Inc.		1,093,749
	47,558	Marathon Digital Holdings, Inc.*(a)		741,905
	24,875	PagerDuty, Inc.*		710,679
	26,159	Telos Corp.*		203,778
				11,572,441
Specialty Retail – 2.1%
	34,597	Bed Bath & Beyond, Inc.*(a)		470,865
	17,888	Big 5 Sporting Goods Corp.(a)		258,839
	2,006	Boot Barn Holdings, Inc.*		180,660
	78,074	Buckle, Inc. (The)		2,424,979
	78,159	Cato Corp. (The), Class A		1,059,055
	52,451	Group 1 Automotive, Inc.		9,133,817
	7,899	Murphy USA, Inc.		1,845,207
	35,338	ODP Corp. (The)*		1,520,594
	80,003	Sonic Automotive, Inc., Class A		3,404,128
	23,444	Tilly’s, Inc., Class A		206,776
	73,839	TravelCenters of America, Inc.*		2,806,620
				23,311,540
Technology Hardware, Storage & Peripherals – 0.0%(b)
	19,360	Diebold Nixdorf, Inc.*		79,376
Textiles, Apparel & Luxury Goods – 0.6%
	103,305	Fossil Group, Inc.*		1,020,653
	109,878	G-III Apparel Group Ltd.*		2,909,569
	43,684	Movado Group, Inc.		1,571,314
	10,910	Oxford Industries, Inc.		977,536
				6,479,072
Thrifts & Mortgage Finance – 1.7%
	697,232	Capitol Federal Financial, Inc.		6,714,344
	52,881	Essent Group Ltd.		2,143,267
	8,234	FS Bancorp, Inc.		241,997
	138,687	Merchants Bancorp		3,261,918
	41,856	Mr. Cooper Group, Inc.*		1,882,265
	132,198	TrustCo Bank Corp.		4,117,968
	14,402	WSFS Financial Corp.		577,088
				18,938,847
Common Stocks – (continued)
Tobacco – 0.4%
	355,580	Vector Group Ltd.		4,522,978
Trading Companies & Distributors – 1.5%
	84,473	GMS, Inc.*		4,050,480
	588,164	MRC Global, Inc.*		7,052,086
	182,991	NOW, Inc.*		1,994,602
	139,409	Titan Machinery, Inc.*		3,287,264
	7,707	Triton International Ltd. (Bermuda)		470,821
	1,046	Veritiv Corp.*		147,005
				17,002,258
Water Utilities – 0.0%(b)
	3,269	American States Water Co.		257,140
Wireless Telecommunication Services – 0.2%
	147,910	Gogo, Inc.*(a)		2,723,023
	TOTAL COMMON STOCKS
	(Cost $1,098,806,376)		$	1,115,648,331
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,098,806,376)		$	1,115,648,331

Shares	Dividend Rate			Value
Securities Lending Reinvestment Vehicle – 1.1%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
12,866,518		0.317	%	$	12,866,518
(Cost $12,866,518)
TOTAL INVESTMENTS – 99.7%
(Cost $1,111,672,894)				$	1,128,514,849
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.3%					3,257,642
NET ASSETS – 100.0%				$	1,131,772,491

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)	Less than 0.05%
(c)	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 SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 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		36		06/17/22	$	3,552,995	$	(202,655	)

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 99.1%
Aerospace & Defense – 0.9%
	33,042	General Dynamics Corp.	$	7,815,424
	39,731	Howmet Aerospace, Inc.		1,355,622
				9,171,046
Automobiles – 3.6%
	316,600	Ford Motor Co.		4,483,056
	307,685	General Motors Co.*		11,664,338
	23,855	Tesla, Inc.*		20,771,980
				36,919,374
Banks – 0.6%
	19,455	East West Bancorp, Inc.		1,387,141
	6,792	JPMorgan Chase & Co.		810,693
	107,883	KeyCorp		2,083,221
	9,495	Prosperity Bancshares, Inc.		620,783
	20,242	Regions Financial Corp.		419,414
	6,727	Wintrust Financial Corp.		587,402
				5,908,654
Beverages – 1.5%
	27,861	Keurig Dr Pepper, Inc.		1,042,001
	20,350	Monster Beverage Corp.*		1,743,588
	75,241	PepsiCo, Inc.		12,919,632
				15,705,221
Biotechnology – 4.0%
	96,244	AbbVie, Inc.		14,136,319
	38,997	Biogen, Inc.*		8,089,538
	205,981	Gilead Sciences, Inc.		12,222,912
	31,299	Horizon Therapeutics PLC*		3,084,829
	6,105	Moderna, Inc.*		820,573
	6,690	Vertex Pharmaceuticals, Inc.*		1,827,842
				40,182,013
Capital Markets – 2.8%
	11,691	Ameriprise Financial, Inc.		3,103,843
	30,580	CME Group, Inc.		6,707,417
	76,275	Intercontinental Exchange, Inc.		8,833,408
	44,015	Morgan Stanley		3,547,169
	15,854	S&P Global, Inc.		5,969,031
				28,160,868
Chemicals – 3.3%
	50,416	Air Products and Chemicals, Inc.		11,800,873
	112,413	CF Industries Holdings, Inc.		10,884,951
	51,893	Dow, Inc.		3,450,884
	3,395	International Flavors & Fragrances, Inc.		411,814
	18,598	Linde PLC (United Kingdom)		5,801,832
	20,645	Mosaic Co. (The)		1,288,661
				33,639,015
Commercial Services & Supplies – 1.4%
	40,521	Republic Services, Inc.		5,440,754
	50,397	Waste Management, Inc.		8,287,283
				13,728,037
Common Stocks – (continued)
Communications Equipment – 0.8%
	175,414	Cisco Systems, Inc.		8,591,778
Construction & Engineering – 0.2%
	7,051	AECOM		497,519
	18,504	MasTec, Inc.*		1,332,473
				1,829,992
Construction Materials – 0.1%
	4,631	Vulcan Materials Co.		797,875
Consumer Finance – 1.6%
	53,551	Capital One Financial Corp.		6,673,526
	252,281	Synchrony Financial		9,286,463
				15,959,989
Containers & Packaging – 0.8%
	87,029	International Paper Co.		4,027,702
	27,145	Packaging Corp. of America		4,374,960
				8,402,662
Distributors – 1.1%
	215,425	LKQ Corp.		10,691,543
Diversified Financial Services – 3.0%
	84,953	Berkshire Hathaway, Inc., Class B*		27,425,377
	87,942	Equitable Holdings, Inc.		2,535,368
				29,960,745
Diversified Telecommunication Services – 1.0%
	549,137	AT&T, Inc.		10,356,724
Electric Utilities – 0.5%
	5,272	Eversource Energy		460,773
	63,456	Xcel Energy, Inc.		4,648,786
				5,109,559
Electrical Equipment – 0.6%
	28,376	AMETEK, Inc.		3,582,754
	28,320	Emerson Electric Co.		2,553,897
				6,136,651
Electronic Equipment, Instruments & Components – 0.6%
	125,482	Corning, Inc.		4,415,712
	4,326	Teledyne Technologies, Inc.*		1,866,885
				6,282,597
Energy Equipment & Services – 0.3%
	79,567	Schlumberger NV		3,103,909
Entertainment – 1.7%
	102,782	Live Nation Entertainment, Inc.*		10,779,776
	34,736	Walt Disney Co. (The)*		3,877,580
	132,845	Warner Bros Discovery, Inc.*		2,411,137
				17,068,493
Equity Real Estate Investment Trusts (REITs) – 4.1%
	39,757	American Homes 4 Rent, Class A REIT		1,574,775
	66,299	Camden Property Trust REIT		10,401,650

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	43,587	Equity LifeStyle Properties, Inc. REIT	$	3,368,403
	137,724	First Industrial Realty Trust, Inc. REIT		7,987,992
	54,408	Life Storage, Inc. REIT		7,208,516
	29,488	Mid-America Apartment Communities, Inc. REIT		5,799,700
	4,983	Public Storage REIT		1,851,185
	6,758	Rexford Industrial Realty, Inc. REIT		527,394
	19,476	Simon Property Group, Inc. REIT		2,298,168
				41,017,783
Food & Staples Retailing – 0.2%
	4,015	Casey’s General Stores, Inc.		808,220
	1,471	Costco Wholesale Corp.		782,160
				1,590,380
Food Products – 1.8%
	125,641	Archer-Daniels-Midland Co.		11,252,408
	44,964	Bunge Ltd.		5,086,327
	18,969	Darling Ingredients, Inc.*		1,392,135
				17,730,870
Health Care Equipment & Supplies – 2.0%
	15,219	Abbott Laboratories		1,727,357
	10,277	Align Technology, Inc.*		2,979,405
	179,030	Boston Scientific Corp.*		7,538,953
	46,656	Medtronic PLC		4,869,020
	10,756	Teleflex, Inc.		3,072,129
				20,186,864
Health Care Providers & Services – 5.3%
	26,424	Anthem, Inc.		13,262,998
	21,787	Centene Corp.*		1,754,943
	31,547	HCA Healthcare, Inc.		6,768,409
	9,881	Humana, Inc.		4,392,697
	33,408	Molina Healthcare, Inc.*		10,471,738
	29,236	UnitedHealth Group, Inc.		14,867,968
	16,772	Universal Health Services, Inc., Class B		2,055,073
				53,573,826
Hotels, Restaurants & Leisure – 3.3%
	350,234	Carnival Corp.*		6,059,048
	3,909	Choice Hotels International, Inc.		549,058
	73,508	Hilton Worldwide Holdings, Inc.*		11,415,057
	4,097	Hyatt Hotels Corp., Class A*		389,051
	65,547	Marriott International, Inc., Class A*		11,635,904
	35,086	Wyndham Hotels & Resorts, Inc.		3,086,165
				33,134,283
Household Durables – 0.4%
	5,073	Garmin Ltd.		556,711
	20,940	Whirlpool Corp.		3,801,029
				4,357,740
Household Products – 0.3%
	14,507	Kimberly-Clark Corp.		2,014,007
	4,689	Procter & Gamble Co. (The)		752,819
				2,766,826
Common Stocks – (continued)
Insurance – 1.4%
	28,454	American International Group, Inc.	$	1,664,844
	7,692	Globe Life, Inc.		754,431
	3,823	Lincoln National Corp.		229,953
	49,624	Marsh & McLennan Cos., Inc.		8,024,201
	54,963	MetLife, Inc.		3,609,970
				14,283,399
Interactive Media & Services – 5.3%
	320	Alphabet, Inc., Class A*		730,301
	16,103	Alphabet, Inc., Class C*		37,026,111
	81,674	Meta Platforms, Inc., Class A*		16,373,187
				54,129,599
Internet & Direct Marketing Retail – 2.4%
	9,943	Amazon.com, Inc.*		24,714,619
IT Services – 2.8%
	3,770	EPAM Systems, Inc.*		999,012
	10,919	Euronet Worldwide, Inc.*		1,328,297
	38,069	Gartner, Inc.*		11,060,948
	53,186	PayPal Holdings, Inc.*		4,676,645
	52,920	VeriSign, Inc.*		9,456,275
	68,807	Western Union Co. (The)		1,153,205
				28,674,382
Life Sciences Tools & Services – 3.1%
	84,987	Agilent Technologies, Inc.		10,136,399
	49,521	IQVIA Holdings, Inc.*		10,795,083
	7,967	Mettler-Toledo International, Inc.*		10,178,082
	960	Thermo Fisher Scientific, Inc.		530,803
				31,640,367
Machinery – 2.4%
	52,657	Caterpillar, Inc.		11,086,405
	2,149	Illinois Tool Works, Inc.		423,589
	151,989	Otis Worldwide Corp.		11,070,879
	4,622	Parker-Hannifin Corp.		1,251,730
				23,832,603
Media – 1.0%
	11,502	Charter Communications, Inc., Class A*		4,928,492
	12,068	Liberty Broadband Corp., Class C*		1,349,444
	164,714	News Corp., Class A		3,271,220
	5,666	Nexstar Media Group, Inc., Class A		897,607
				10,446,763
Metals & Mining – 0.6%
	138,909	Freeport-McMoRan, Inc.		5,632,760
Multi-Utilities – 1.0%
	154,112	CMS Energy Corp.		10,585,953
Oil, Gas & Consumable Fuels – 1.6%
	41,588	ConocoPhillips		3,972,486
	78,398	Exxon Mobil Corp.		6,683,429
	10,462	Hess Corp.		1,078,318
	54,885	Kinder Morgan, Inc.		996,163

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – (continued)
	18,817	Marathon Oil Corp.	$	468,920
	16,830	ONEOK, Inc.		1,065,844
	26,729	Targa Resources Corp.		1,962,176
				16,227,336
Pharmaceuticals – 2.8%
	65,360	Elanco Animal Health, Inc.*		1,654,261
	24,984	Johnson & Johnson		4,508,613
	172,912	Merck & Co., Inc.		15,335,565
	58,280	Perrigo Co. PLC		1,999,004
	107,954	Pfizer, Inc.		5,297,303
				28,794,746
Road & Rail – 3.3%
	362,180	CSX Corp.		12,437,261
	47,021	Norfolk Southern Corp.		12,125,776
	39,903	Union Pacific Corp.		9,348,874
				33,911,911
Semiconductors & Semiconductor Equipment – 4.9%
	74,367	Advanced Micro Devices, Inc.*		6,359,866
	20,784	Applied Materials, Inc.		2,293,514
	12,804	Broadcom, Inc.		7,098,410
	33,659	First Solar, Inc.*		2,458,117
	3,811	Lam Research Corp.		1,775,011
	119,950	Micron Technology, Inc.		8,179,390
	70,368	NVIDIA Corp.		13,051,153
	30,844	ON Semiconductor Corp.*		1,607,281
	49,165	QUALCOMM, Inc.		6,867,859
				49,690,601
Software – 10.2%
	4,497	Crowdstrike Holdings, Inc., Class A*		893,824
	29,781	Fortinet, Inc.*		8,607,007
	8,923	Intuit, Inc.		3,736,506
	188,777	Microsoft Corp.		52,389,393
	183,069	Oracle Corp.		13,437,265
	10,534	Palo Alto Networks, Inc.*		5,912,523
	10,157	Paycom Software, Inc.*		2,858,891
	9,398	ServiceNow, Inc.*		4,493,184
	8,566	Synopsys, Inc.*		2,456,643
	75,230	VMware, Inc., Class A		8,127,849
				102,913,085
Specialty Retail – 1.5%
	31,172	AutoNation, Inc.*		3,613,146
	2,991	AutoZone, Inc.*		5,848,811
	12,553	Home Depot, Inc. (The)		3,770,921
	2,738	O’Reilly Automotive, Inc.*		1,660,734
				14,893,612
Common Stocks – (continued)
Technology Hardware, Storage & Peripherals – 7.0%
	401,939	Apple, Inc.		63,365,683
	143,762	Dell Technologies, Inc., Class C		6,758,252
	29,740	Hewlett Packard Enterprise Co.		458,293
				70,582,228
	TOTAL INVESTMENTS – 99.1%
	(Cost $862,324,233)		$	1,003,019,281
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.9%			8,683,489
	NET ASSETS – 100.0%		$	1,011,702,770

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

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Assets and Liabilities

April 30, 2022 (Unaudited)

	Large Cap Growth Insights Fund		Large Cap Value Insights Fund			Small Cap Equity Insights Fund
Assets:
Investments in unaffiliated issuers, at value (cost $776,195,189, $394,993,071 and $478,656,816, respectively)(a)	$	1,112,312,781	$	403,614,894		$	454,918,190
Investments in securities lending reinvestment vehicle, at value which equals cost		475,200		—			5,346,284
Cash		10,878,386		3,393,889			5,192,169
Receivables:
Investments sold		31,598,419		—	��		—
Fund shares sold		6,169,852		294,479			2,703,409
Dividends		362,111		344,462			249,380
Reimbursement from investment adviser		22,670		18,076			20,029
Foreign tax reclaims		1,236		—			—
Securities lending income		9		—			11,061
Due from broker		—		96,240			—
Other assets		166,417		59,754			64,849
Total assets		1,161,987,081		407,821,794			468,505,371
Liabilities:
Variation margin on futures contracts		—		54,600			—
Payables:
Investments purchased		30,992,895		—			—
Fund shares redeemed		3,104,094		278,753			2,490,310
Management fees		512,359		183,164			316,580
Upon return of securities loaned		475,200		—			5,346,284
Distribution and Service fees and Transfer Agency fees		199,905		56,416			44,215
Accrued expenses		505,413		210,828			283,841
Total liabilities		35,789,866		783,761			8,481,230
Net Assets:
Paid-in capital		636,289,826		375,332,886			483,337,503
Total distributable earnings (loss)		489,907,389		31,705,147			(23,313,362	)
NET ASSETS	$	1,126,197,215	$	407,038,033		$	460,024,141
Net Assets:
Class A	$	242,923,002	$	62,331,646		$	35,637,008
Class C		33,065,101		9,354,308			5,649,103
Institutional		361,519,355		109,229,820			170,472,059
Service		20,566,883		6,437,906			1,954,629
Investor		189,591,041		85,195,098			36,034,412
Class R6		189,437,848		77,316,361			85,601,810
Class R		24,799,161		5,110,872			12,875,829
Class P		64,294,824		52,062,022			111,799,291
Total Net Assets	$	1,126,197,215	$	407,038,033		$	460,024,141
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		8,894,485		2,781,338			1,618,588
Class C		1,546,680		422,131			328,422
Institutional		12,411,532		4,881,321			7,291,602
Service		776,703		285,711			91,145
Investor		7,089,594		3,819,126			1,644,947
Class R6		6,510,907		3,455,270			3,660,323
Class R		955,787		230,011			607,656
Class P		2,211,495		2,328,139			4,782,116
Net asset value and offering price per share:(b)
Class A		$27.31		$22.41			$22.02
Class C		21.38		22.16			17.20
Institutional		29.13		22.38			23.38
Service		26.48		22.53			21.45
Investor		26.74		22.31			21.91
Class R6		29.10		22.38			23.39
Class R		25.95		22.22			21.19
Class P		29.07		22.36			23.38

(a) Includes loaned securities having a market value of $418,464, $— and $4,950,642, respectively.

(b) Maximum public offering price per share for Class A Shares of the Large Cap Growth Insights, Large Cap Value Insights and Small Cap Equity Insights Funds is $28.90, $23.71 and $23.30, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Assets and Liabilities (continued)

April 30, 2022 (Unaudited)

	Small Cap Growth Insights Fund			Small Cap Value Insights Fund		U.S. Equity Insights Fund
Assets:
Investments in unaffiliated issuers, at value (cost $174,429,273, $1,098,806,376 and $862,324,233, respectively)(a)	$	161,564,052		$	1,115,648,331	$	1,003,019,281
Investments in securities lending reinvestment vehicle, at value which equals cost		3,100,086			12,866,518		—
Cash		1,975,647			13,042,757		6,513,455
Receivables:
Investments sold		3,280,667			21,830,526		29,809,756
Fund shares sold		161,366			3,329,716		1,175,604
Dividends		52,458			731,419		728,566
Reimbursement from investment adviser		17,148			36,434		21,472
Securities lending income		8,632			11,808		—
Due from broker		—			247,623		—
Foreign tax reclaims		—			—		950
Other assets		82,687			183,656		72,184
Total assets		170,242,743			1,167,928,788		1,041,341,268
Liabilities:
Variation margin on futures contracts		—			96,480		—
Payables:
Investments purchased		3,270,573			20,786,395		28,131,587
Upon return of securities loaned		3,100,086			12,866,518		—
Fund shares redeemed		203,490			1,129,862		460,822
Management fees		110,162			783,342		465,954
Distribution and Service fees and Transfer Agency fees		29,425			129,768		177,029
Accrued expenses		670,036			363,932		403,106
Total liabilities		7,383,772			36,156,297		29,638,498
Net Assets:
Paid-in capital		185,891,180			1,078,893,445		856,665,496
Total distributable earnings (loss)		(23,032,209	)		52,879,046		155,037,274
NET ASSETS	$	162,858,971		$	1,131,772,491	$	1,011,702,770
Net Assets:
Class A	$	36,039,649		$	132,830,781	$	319,507,262
Class C		5,813,494			5,909,849		15,768,552
Institutional		48,284,773			357,264,078		274,551,275
Service		—			—		5,189,638
Investor		25,516,299			323,610,201		95,389,331
Class R6		36,175,633			251,203,015		19,808,993
Class R		4,066,191			20,935,539		19,007,540
Class P		6,962,932			40,019,028		262,480,179
Total Net Assets	$	162,858,971		$	1,131,772,491	$	1,011,702,770
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		3,005,966			3,795,668		6,274,198
Class C		2,675,458			309,007		364,668
Institutional		2,468,486			6,756,006		5,155,644
Service		—			—		102,662
Investor		1,913,348			9,316,837		1,908,534
Class R6		1,846,261			4,751,469		372,434
Class R		398,051			619,433		383,269
Class P		355,388			757,010		4,934,491
Net asset value and offering price per share:(b)
Class A		$11.99			$35.00		$50.92
Class C		2.17			19.13		43.24
Institutional		19.56			52.88		53.25
Service		—			—		50.55
Investor		13.34			34.73		49.98
Class R6		19.59			52.87		53.19
Class R		10.22			33.80		49.59
Class P		19.59			52.86		53.19

(a) Includes loaned securities having a market value of $2,863,819, $12,107,017 and $—, respectively.

(b) Maximum public offering price per share for Class A Shares of the Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds is $12.69, $37.04 and $53.88, 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. 45

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Operations

For the Six Months Ended April 30, 2022 (Unaudited)

	Large Cap Growth Insights Fund			Large Cap Value Insights Fund			Small Cap Equity Insights Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $—, $174 and $7,334, respectively)	$	8,426,546		$	4,277,460		$	3,924,546
Securities lending income — affiliated issuer		11,314			2,903			29,525
Dividends — affiliated issuers		147			284			976
Total investment income		8,438,007			4,280,647			3,955,047
Expenses:
Management fees		3,608,729			1,074,547			2,162,595
Transfer Agency fees(a)		627,778			176,538			164,457
Distribution and Service (12b-1) fees(a)		627,666			139,798			116,450
Custody, accounting and administrative services		73,960			29,134			51,300
Registration fees		70,142			52,187			56,532
Service fees — Class C		51,585			12,685			8,382
Professional fees		44,667			44,084			46,648
Printing and mailing costs		34,383			16,018			18,794
Shareholder Administration fees — Service Shares		32,416			8,377			3,894
Trustee fees		11,388			12,030			11,931
Other		15,225			7,372			11,019
Total expenses		5,197,939			1,572,770			2,652,002
Less — expense reductions		(222,096	)		(152,818	)		(186,766	)
Net expenses		4,975,843			1,419,952			2,465,236
NET INVESTMENT INCOME		3,462,164			2,860,695			1,489,811
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		157,018,458			23,808,491			1,565,609
Futures contracts		522,728			20,830			433,498
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(409,910,347	)		(35,230,869	)		(95,514,397	)
Futures contracts		—			(120,785	)		(290,252	)
Foreign currency translations		(47	)		—			—
Net realized and unrealized loss		(252,369,208	)		(11,522,333	)		(93,805,542	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(248,907,044	)	$	(8,661,638	)	$	(92,315,731	)

(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
Large Cap Growth Insights	$	369,643	$	154,755	$	32,416	$	70,852	$	236,574	$	33,015	$	96,597	$	5,187	$	185,042	$	38,137	$	22,673	$	10,553
Large Cap Value Insights		80,020		38,056		8,377		13,345		51,213		8,119		22,403		1,340		70,071		11,953		4,270		7,169
Small Cap Equity Insights		50,631		25,145		3,894		36,780		32,404		5,364		39,338		623		40,764		14,277		11,770		19,917

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Operations (continued)

For the Six Months Ended April 30, 2022 (Unaudited)

	Small Cap Growth Insights Fund			Small Cap Value Insights Fund			U.S. Equity Insights Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $1,998, $21,861 and $58, respectively)	$	1,233,720		$	11,938,452		$	9,109,255
Securities lending income — affiliated issuer		35,720			45,482			8,218
Dividends — affiliated issuers		17			236			1,152
Total investment income		1,269,457			11,984,170			9,118,625
Expenses:
Management fees		1,136,925			4,853,111			2,943,313
Transfer Agency fees(a)		116,801			534,215			524,108
Distribution and Service (12b-1) fees(a)		101,652			264,122			574,938
Registration fees		50,982			62,292			59,799
Professional fees		45,657			45,649			45,656
Custody, accounting and administrative services		38,488			78,315			66,900
Printing and mailing costs		31,174			32,860			26,567
Trustee fees		11,902			14,072			9,328
Service fees — Class C		9,138			8,279			22,704
Shareholder Administration fees — Service Shares		—			—			7,435
Other		9,552			16,868			9,593
Total expenses		1,552,271			5,909,783			4,290,341
Less — expense reductions		(182,242	)		(225,997	)		(195,755	)
Net expenses		1,370,029			5,683,786			4,094,586
NET INVESTMENT INCOME		(100,572	)		6,300,384			5,024,039
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(4,981,008	)		41,311,691			17,834,218
Futures contracts		320,646			(635,985	)		316,386
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(71,379,009	)		(145,053,623	)		(140,089,572	)
Futures contracts		—			(532,817	)		—
Foreign currency translations		—			—			(37	)
Net realized and unrealized loss		(76,039,371	)		(104,910,734	)		(121,939,005	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(76,139,943	)	$	(98,610,350	)	$	(116,914,966	)

(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
Small Cap Growth Insights	$	60,538	$	27,414	$	—	$	13,700	$	38,745	$	5,849	$	20,391	$	—	$	36,030	$	10,050	$	4,384	$	1,352
Small Cap Value Insights		182,919		24,839		—		56,364		117,069		5,299		74,117		—		270,296		42,966		18,037		6,431
U.S. Equity Insights		446,670		68,112		7,435		52,721		285,872		14,531		61,297		1,190		96,809		2,635		16,871		44,903

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets

	Large Cap Growth Insights Fund						Large Cap Value Insights Fund
	For the Six Months Ended April 30, 2022 (Unaudited)			For the Fiscal Year Ended October 31, 2021			For the Six Months Ended April 30, 2022 (Unaudited)			For the Fiscal Year Ended October 31, 2021
From operations:
Net investment income	$	3,462,164		$	670,404		$	2,860,695		$	4,444,971
Net realized gain		157,541,186			505,708,986			23,829,321			93,826,050
Net change in unrealized gain (loss)		(409,910,394	)		180,816,034			(35,351,654	)		36,195,508
Net increase (decrease) in net assets resulting from operations		(248,907,044	)		687,195,424			(8,661,638	)		134,466,529
Distributions to shareholders:
From distributable earnings:
Class A Shares		(104,931,005	)		(27,425,346	)		(9,886,620	)		(676,736	)
Class C Shares		(17,126,354	)		(4,743,046	)		(1,618,849	)		(44,821	)
Institutional Shares		(158,129,393	)		(73,425,541	)		(17,859,592	)		(1,641,866	)
Service Shares		(10,860,025	)		(4,697,947	)		(1,068,616	)		(64,814	)
Investor Shares		(84,678,086	)		(31,566,895	)		(14,229,147	)		(1,222,900	)
Class R6 Shares		(89,995,214	)		(34,402,556	)		(12,734,505	)		(1,203,585	)
Class R Shares		(9,787,214	)		(2,831,396	)		(842,592	)		(54,226	)
Class P Shares		(23,693,905	)		(5,886,489	)		(7,434,726	)		(619,341	)
Total distributions to shareholders		(499,201,196	)		(184,979,216	)		(65,674,647	)		(5,528,289	)
From share transactions:
Proceeds from sales of shares		194,641,271			364,468,504			68,711,098			79,433,361
Reinvestment of distributions		419,949,153			164,888,599			62,037,947			5,295,179
Cost of shares redeemed		(726,368,598	)		(931,130,685	)		(66,146,457	)		(117,460,596	)
Net increase (decrease) in net assets resulting from share transactions		(111,778,174	)		(401,773,582	)		64,602,588			(32,732,056	)
TOTAL INCREASE (DECREASE)		(859,886,414	)		100,442,626			(9,733,697	)		96,206,184
Net assets:
Beginning of period		1,986,083,629			1,885,641,003			416,771,730			320,565,546
End of period	$	1,126,197,215		$	1,986,083,629		$	407,038,033		$	416,771,730

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets (continued)

	Small Cap Equity Insights Fund						Small Cap Growth Insights Fund
	For the Six Months Ended April 30, 2022 (Unaudited)			For the Fiscal Year Ended October 31, 2021			For the Six Months Ended April 30, 2022 (Unaudited)			For the Fiscal Year Ended October 31, 2021
From operations:
Net investment income (loss)	$	1,489,811		$	1,126,927		$	(100,572	)	$	(2,442,927	)
Net realized gain (loss)		1,999,107			159,963,606			(4,660,362	)		356,301,385
Net change in unrealized gain (loss)		(95,804,649	)		86,727,159			(71,379,009	)		18,542,494
Net increase (decrease) in net assets resulting from operations		(92,315,731	)		247,817,692			(76,139,943	)		372,400,952
Distributions to shareholders:
From distributable earnings:
Class A Shares		(10,704,326	)		(72,203	)		(48,790,883	)		(2,093,905	)
Class C Shares		(2,167,796	)		—			(12,321,506	)		(366,093	)
Institutional Shares		(49,102,288	)		(946,817	)		(75,809,056	)		(6,793,298	)
Service Shares		(861,999	)		(5,076	)		—			—
Investor Shares		(14,260,306	)		(295,176	)		(35,980,459	)		(18,616,142	)
Class R6 Shares		(23,794,917	)		(765,740	)		(46,540,269	)		(7,408,415	)
Class R Shares		(3,915,484	)		(3,581	)		(4,303,299	)		(351,853	)
Class P Shares		(34,137,536	)		(568,617	)		(5,274,692	)		(361,013	)
Total distributions to shareholders		(138,944,652	)		(2,657,210	)		(229,020,164	)		(35,990,719	)
From share transactions:
Proceeds from sales of shares		78,983,652			189,597,209			62,937,056			247,305,100
Reinvestment of distributions		137,848,944			2,591,640			224,260,058			34,839,289
Cost of shares redeemed		(135,152,339	)		(372,114,225	)		(230,378,324	)		(1,188,950,493	)
Net increase (decrease) in net assets resulting from share transactions		81,680,257			(179,925,376	)		56,818,790			(906,806,104	)
TOTAL INCREASE (DECREASE)		(149,580,126	)		65,235,106			(248,341,317	)		(570,395,871	)
Net assets:
Beginning of period		609,604,267			544,369,161			411,200,288			981,596,159
End of period	$	460,024,141		$	609,604,267		$	162,858,971		$	411,200,288

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets (continued)

	Small Cap Value Insights Fund						U.S. Equity Insights Fund
	For the Six Months Ended April 30, 2022 (Unaudited)			For the Fiscal Year Ended October 31, 2021			For the Six Months Ended April 30, 2022 (Unaudited)			For the Fiscal Year Ended October 31, 2021
From operations:
Net investment income	$	6,300,384		$	8,699,106		$	5,024,039		$	5,827,946
Net realized gain		40,675,706			303,869,950			18,150,604			259,553,956
Net change in unrealized gain (loss)		(145,586,440	)		189,427,785			(140,089,609	)		115,297,206
Net increase (decrease) in net assets resulting from operations		(98,610,350	)		501,996,841			(116,914,966	)		380,679,108
Distributions to shareholders:
From distributable earnings:
Class A Shares		(43,779,967	)		(785,368	)		(82,471,108	)		(13,719,487	)
Class C Shares		(2,978,431	)		(24,825	)		(4,771,581	)		(762,606	)
Institutional Shares		(80,217,562	)		(1,852,902	)		(68,876,505	)		(12,408,988	)
Service Shares		—			—			(1,361,000	)		(254,428	)
Investor Shares		(88,616,425	)		(2,781,222	)		(29,215,058	)		(4,441,328	)
Class R6 Shares		(65,637,668	)		(1,592,174	)		(3,966,077	)		(431,144	)
Class R Shares		(6,680,785	)		(118,456	)		(4,945,801	)		(1,852,525	)
Class P Shares		(9,546,149	)		(273,740	)		(65,314,484	)		(12,331,032	)
Total distributions to shareholders		(297,456,987	)		(7,428,687	)		(260,921,614	)		(46,201,538	)
From share transactions:
Proceeds from sales of shares		360,539,236			449,592,114			107,428,585			138,787,492
Reinvestment of distributions		292,056,096			7,237,135			255,838,078			45,365,118
Cost of shares redeemed		(404,201,973	)		(440,679,567	)		(196,207,817	)		(252,334,903	)
Net increase (decrease) in net assets resulting from share transactions		248,393,359			16,149,682			167,058,846			(68,182,293	)
TOTAL INCREASE (DECREASE)		(147,673,978	)		510,717,836			(210,777,734	)		266,295,277
Net assets:
Beginning of period		1,279,446,469			768,728,633			1,222,480,504			956,185,227
End of period	$	1,131,772,491		$	1,279,446,469		$	1,011,702,770		$	1,222,480,504

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Growth Insights Fund
	Class A Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	48.76		$	37.63		$	31.54		$	31.05		$	30.36		$	23.44
Net investment income (loss)(a)		0.03	(b)		(0.09	)		—	(c)		0.10			0.10			0.10
Net realized and unrealized gain (loss)		(6.14	)		15.02			7.31			3.00			1.96			6.93
Total from investment operations		(6.11	)		14.93			7.31			3.10			2.06			7.03
Distributions to shareholders from net investment income		—			—			(0.10	)		(0.09	)		(0.08	)		(0.11	)
Distributions to shareholders from net realized gains		(15.34	)		(3.80	)		(1.12	)		(2.52	)		(1.29	)		—
Total distributions		(15.34	)		(3.80	)		(1.22	)		(2.61	)		(1.37	)		(0.11	)
Net asset value, end of period	$	27.31		$	48.76		$	37.63		$	31.54		$	31.05		$	30.36
Total Return(d)		(17.93	)%		42.69	%		23.84	%		11.28	%		6.95	%		30.11	%
Net assets, end of period (in 000’s)	$	242,923		$	336,453		$	286,777		$	301,506		$	317,418		$	316,689
Ratio of net expenses to average net assets		0.92	%(e)		0.91	%		0.92	%		0.93	%		0.92	%		0.95	%
Ratio of total expenses to average net assets		0.95	%(e)		0.94	%		0.95	%		0.97	%		0.95	%		1.10	%
Ratio of net investment income (loss) to average net assets		0.16	%(b)(e)		(0.21	)%		(0.01	)%		0.33	%		0.32	%		0.38	%
Portfolio turnover rate(f)		97	%		214	%		218	%		192	%		188	%		196	%

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

(b) Reflects income recognized from special dividends which amounted to $0.09 per share and 0.51% of average net assets.

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

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

(e) Annualized.

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

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Growth Insights Fund
	Class C Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	41.64		$	32.87		$	27.79		$	27.78		$	27.42		$	21.23
Net investment loss(a)		(0.08	)(b)		(0.35	)		(0.23	)		(0.10	)		(0.12	)		(0.09	)
Net realized and unrealized gain (loss)		(4.84	)		12.92			6.43			2.63			1.77			6.28
Total from investment operations		(4.92	)		12.57			6.20			2.53			1.65			6.19
Distributions to shareholders from net realized gains		(15.34	)		(3.80	)		(1.12	)		(2.52	)		(1.29	)		—
Net asset value, end of period	$	21.38		$	41.64		$	32.87		$	27.79		$	27.78		$	27.42
Total Return(c)		(18.22	)%		41.59	%		22.97	%		10.42	%		6.18	%		29.16	%
Net assets, end of period (in 000’s)	$	33,065		$	47,078		$	41,838		$	42,004		$	56,046		$	63,500
Ratio of net expenses to average net assets		1.67	%(d)		1.66	%		1.67	%		1.68	%		1.67	%		1.70	%
Ratio of total expenses to average net assets		1.70	%(d)		1.69	%		1.70	%		1.72	%		1.70	%		1.85	%
Ratio of net investment loss to average net assets		(0.58	)%(b)(d)		(0.96	)%		(0.76	)%		(0.40	)%		(0.42	)%		(0.37	)%
Portfolio turnover rate(e)		97	%		214	%		218	%		192	%		188	%		196	%

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

(b) Reflects income recognized from special dividends which amounted to $0.09 per share and 0.51% 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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Growth Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	50.98		$	39.16		$	32.77		$	32.17		$	31.39		$	24.21
Net investment income(a)		0.15	(b)		0.07			0.13			0.23			0.23			0.22
Net realized and unrealized gain (loss)		(6.58	)		15.66			7.61			3.09			2.02			7.15
Total from investment operations		(6.43	)		15.73			7.74			3.32			2.25			7.37
Distributions to shareholders from net investment income		(0.08	)		(0.11	)		(0.23	)		(0.20	)		(0.18	)		(0.19	)
Distributions to shareholders from net realized gains		(15.34	)		(3.80	)		(1.12	)		(2.52	)		(1.29	)		—
Total distributions		(15.42	)		(3.91	)		(1.35	)		(2.72	)		(1.47	)		(0.19	)
Net asset value, end of period	$	29.13		$	50.98		$	39.16		$	32.77		$	32.17		$	31.39
Total Return(c)		(17.76	)%		43.18	%		24.33	%		11.70	%		7.38	%		30.63	%
Net assets, end of period (in 000’s)	$	361,519		$	893,602		$	741,893		$	760,316		$	806,091		$	897,009
Ratio of net expenses to average net assets		0.55	%(d)		0.54	%		0.54	%		0.54	%		0.53	%		0.56	%
Ratio of total expenses to average net assets		0.58	%(d)		0.57	%		0.58	%		0.58	%		0.56	%		0.70	%
Ratio of net investment income to average net assets		0.81	%(b)(d)		0.16	%		0.36	%		0.72	%		0.71	%		0.78	%
Portfolio turnover rate(e)		97	%		214	%		218	%		192	%		188	%		196	%

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

(b) Reflects income recognized from special dividends which amounted to $0.09 per share and 0.51% 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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Growth Insights Fund
	Service Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	47.77		$	36.98		$	31.02		$	30.53		$	29.94		$	23.15
Net investment income (loss)(a)		0.02	(b)		(0.14	)		(0.05	)		0.07			0.07			0.04
Net realized and unrealized gain (loss)		(5.97	)		14.73			7.20			2.95			1.92			6.88
Total from investment operations		(5.95	)		14.59			7.15			3.02			1.99			6.92
Distributions to shareholders from net investment income		—			—			(0.07	)		(0.01	)		(0.11	)		(0.13	)
Distributions to shareholders from net realized gains		(15.34	)		(3.80	)		(1.12	)		(2.52	)		(1.29	)		—
Total distributions		(15.34	)		(3.80	)		(1.19	)		(2.53	)		(1.40	)		(0.13	)
Net asset value, end of period	$	26.48		$	47.77		$	36.98		$	31.02		$	30.53		$	29.94
Total Return(c)		(17.98	)%		42.50	%		23.68	%		11.15	%		6.82	%		30.04	%
Net assets, end of period (in 000’s)	$	20,567		$	34,280		$	47,346		$	50,445		$	53,347		$	67,450
Ratio of net expenses to average net assets		1.05	%(d)		1.04	%		1.04	%		1.04	%		1.03	%		1.05	%
Ratio of total expenses to average net assets		1.08	%(d)		1.07	%		1.08	%		1.08	%		1.06	%		1.19	%
Ratio of net investment income (loss) to average net assets		0.10	%(b)(d)		(0.34	)%		(0.13	)%		0.22	%		0.21	%		0.17	%
Portfolio turnover rate(e)		97	%		214	%		218	%		192	%		188	%		196	%

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

(b) Reflects income recognized from special dividends which amounted to $0.09 per share and 0.51% 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 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 LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Growth Insights Fund
	Investor Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	48.07		$	37.12		$	31.13		$	30.69		$	30.03		$	23.19
Net investment income(a)		0.07	(b)		0.02			0.09			0.17			0.18			0.16
Net realized and unrealized gain (loss)		(6.01	)		14.80			7.21			2.95			1.93			6.86
Total from investment operations		(5.94	)		14.82			7.30			3.12			2.11			7.02
Distributions to shareholders from net investment income		(0.05	)		(0.07	)		(0.19	)		(0.16	)		(0.16	)		(0.18	)
Distributions to shareholders from net realized gains		(15.34	)		(3.80	)		(1.12	)		(2.52	)		(1.29	)		—
Total distributions		(15.39	)		(3.87	)		(1.31	)		(2.68	)		(1.45	)		(0.18	)
Net asset value, end of period	$	26.74		$	48.07		$	37.12		$	31.13		$	30.69		$	30.03
Total Return(c)		(17.83	)%		43.03	%		24.17	%		11.56	%		7.23	%		30.43	%
Net assets, end of period (in 000’s)	$	189,591		$	271,096		$	308,107		$	401,677		$	415,757		$	365,836
Ratio of net expenses to average net assets		0.67	%(d)		0.66	%		0.67	%		0.68	%		0.67	%		0.70	%
Ratio of total expenses to average net assets		0.70	%(d)		0.69	%		0.70	%		0.72	%		0.70	%		0.84	%
Ratio of net investment income to average net assets		0.42	%(b)(d)		0.04	%		0.26	%		0.58	%		0.56	%		0.59	%
Portfolio turnover rate(e)		97	%		214	%		218	%		192	%		188	%		196	%

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

(b) Reflects income recognized from special dividends which amounted to $0.09 per share and 0.51% 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 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 LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Growth Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	50.95		$	39.14		$	32.75		$	32.15		$	31.38		$	24.21
Net investment income(a)		0.10	(b)		0.08			0.13			0.23			0.24			0.21
Net realized and unrealized gain (loss)		(6.51	)		15.65			7.61			3.10			2.01			7.16
Total from investment operations		(6.41	)		15.73			7.74			3.33			2.25			7.37
Distributions to shareholders from net investment income		(0.10	)		(0.12	)		(0.23	)		(0.21	)		(0.19	)		(0.20	)
Distributions to shareholders from net realized gains		(15.34	)		(3.80	)		(1.12	)		(2.52	)		(1.29	)		—
Total distributions		(15.44	)		(3.92	)		(1.35	)		(2.73	)		(1.48	)		(0.20	)
Net asset value, end of period	$	29.10		$	50.95		$	39.14		$	32.75		$	32.15		$	31.38
Total Return(c)		(17.75	)%		43.19	%		24.36	%		11.72	%		7.37	%		30.64	%
Net assets, end of period (in 000’s)	$	189,438		$	295,157		$	373,079		$	313,461		$	344,129		$	133,877
Ratio of net expenses to average net assets		0.54	%(d)		0.53	%		0.53	%		0.53	%		0.52	%		0.54	%
Ratio of total expenses to average net assets		0.57	%(d)		0.56	%		0.57	%		0.57	%		0.55	%		0.67	%
Ratio of net investment income to average net assets		0.55	%(b)(d)		0.17	%		0.36	%		0.75	%		0.71	%		0.74	%
Portfolio turnover rate(e)		97	%		214	%		218	%		192	%		188	%		196	%

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

(b) Reflects income recognized from special dividends which amounted to $0.09 per share and 0.51% 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 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 LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Growth Insights Fund
	Class R Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	47.14		$	36.58		$	30.73		$	30.30		$	29.67		$	22.93
Net investment income (loss)(a)		(0.02	)(b)		(0.19	)		(0.08	)		0.02			0.02			0.04
Net realized and unrealized gain (loss)		(5.83	)		14.55			7.12			2.93			1.92			6.78
Total from investment operations		(5.85	)		14.36			7.04			2.95			1.94			6.82
Distributions to shareholders from net investment income		—			—			(0.07	)		—			(0.02	)		(0.08	)
Distributions to shareholders from net realized gains		(15.34	)		(3.80	)		(1.12	)		(2.52	)		(1.29	)		—
Total distributions		(15.34	)		(3.80	)		(1.19	)		(2.52	)		(1.31	)		(0.08	)
Net asset value, end of period	$	25.95		$	47.14		$	36.58		$	30.73		$	30.30		$	29.67
Total Return(c)		(18.02	)%		42.33	%		23.55	%		10.98	%		6.69	%		29.81	%
Net assets, end of period (in 000’s)	$	24,799		$	30,111		$	27,314		$	34,397		$	25,893		$	29,734
Ratio of net expenses to average net assets		1.17	%(d)		1.16	%		1.17	%		1.18	%		1.17	%		1.20	%
Ratio of total expenses to average net assets		1.20	%(d)		1.19	%		1.20	%		1.22	%		1.20	%		1.35	%
Ratio of net investment income (loss) to average net assets		(0.11	)%(b)(d)		(0.46	)%		(0.25	)%		0.05	%		0.08	%		0.14	%
Portfolio turnover rate(e)		97	%		214	%		218	%		192	%		188	%		196	%

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

(b) Reflects income recognized from special dividends which amounted to $0.09 per share and 0.51% 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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Growth Insights Fund
	Class P Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	50.93		$	39.12		$	32.74		$	32.15		$	32.07
Net investment income(b)		0.10	(c)		0.07			0.13			0.22			0.12
Net realized and unrealized gain (loss)		(6.53	)		15.66			7.61			3.10			(0.04	)
Total from investment operations		(6.43	)		15.73			7.74			3.32			0.08
Distributions to shareholders from net investment income		(0.09	)		(0.12	)		(0.24	)		(0.21	)		—
Distributions to shareholders from net realized gains		(15.34	)		(3.80	)		(1.12	)		(2.52	)		—
Total distributions		(15.43	)		(3.92	)		(1.36	)		(2.73	)		—
Net asset value, end of period	$	29.07		$	50.93		$	39.12		$	32.74		$	32.15
Total Return(d)		(17.78	)%		43.21	%		24.34	%		11.71	%		0.25	%
Net assets, end of period (in 000’s)	$	64,295		$	78,307		$	59,286		$	49,099		$	39,938
Ratio of net expenses to average net assets		0.54	%(e)		0.53	%		0.53	%		0.53	%		0.52	%(e)
Ratio of total expenses to average net assets		0.57	%(e)		0.56	%		0.57	%		0.57	%		0.56	%(e)
Ratio of net investment income to average net assets		0.54	%(c)(e)		0.17	%		0.36	%		0.71	%		0.66	%(e)
Portfolio turnover rate(f)		97	%		214	%		218	%		192	%		188	%

(a) Commenced operations on April 16, 2018.

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

(c) Reflects income recognized from special dividends which amounted to $0.09 per share and 0.51% 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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Insights Fund
	Class A Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	27.15		$	19.23		$	21.27		$	21.59		$	21.01		$	17.27
Net investment income(a)		0.13	(b)		0.22	(c)		0.25			0.28			0.25			0.27
Net realized and unrealized gain (loss)		(0.59	)		7.98			(2.03	)		0.75			0.56			3.77
Total from investment operations		(0.46	)		8.20			(1.78	)		1.03			0.81			4.04
Distributions to shareholders from net investment income		(0.13	)		(0.28	)		(0.26	)		(0.29	)		(0.23	)		(0.30	)
Distributions to shareholders from net realized gains		(4.15	)		—			—			(1.06	)		—			—
Total distributions		(4.28	)		(0.28	)		(0.26	)		(1.35	)		(0.23	)		(0.30	)
Net asset value, end of period	$	22.41		$	27.15		$	19.23		$	21.27		$	21.59		$	21.01
Total Return(d)		(2.09	)%		42.87	%		(8.34	)%		5.30	%		3.82	%		23.51	%
Net assets, end of period (in 000’s)	$	62,332		$	62,575		$	47,125		$	65,556		$	62,349		$	63,848
Ratio of net expenses to average net assets		0.93	%(e)		0.93	%		0.94	%		0.95	%		0.95	%		0.96	%
Ratio of total expenses to average net assets		1.01	%(e)		1.03	%		1.05	%		1.07	%		1.03	%		1.10	%
Ratio of net investment income to average net assets		1.12	%(b)(e)		0.87	%(b)		1.26	%		1.36	%		1.13	%		1.37	%
Portfolio turnover rate(f)		100	%		215	%		212	%		225	%		202	%		208	%

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

(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.38% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% 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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Insights Fund
	Class C Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	26.90		$	19.05		$	21.06		$	21.39		$	20.82		$	17.12
Net investment income(a)		0.05	(b)		0.04	(c)		0.10			0.12			0.08			0.11
Net realized and unrealized gain (loss)		(0.60	)		7.91			(2.01	)		0.75			0.55			3.75
Total from investment operations		(0.55	)		7.95			(1.91	)		0.87			0.63			3.86
Distributions to shareholders from net investment income		(0.04	)		(0.10	)		(0.10	)		(0.14	)		(0.06	)		(0.16	)
Distributions to shareholders from net realized gains		(4.15	)		—			—			(1.06	)		—			—
Total distributions		(4.19	)		(0.10	)		(0.10	)		(1.20	)		(0.06	)		(0.16	)
Net asset value, end of period	$	22.16		$	26.90		$	19.05		$	21.06		$	21.39		$	20.82
Total Return(d)		(2.46	)%		41.85	%		(9.02	)%		4.53	%		3.00	%		22.59	%
Net assets, end of period (in 000’s)	$	9,354		$	10,713		$	8,773		$	12,694		$	10,058		$	10,601
Ratio of net expenses to average net assets		1.68	%(e)		1.68	%		1.69	%		1.70	%		1.70	%		1.71	%
Ratio of total expenses to average net assets		1.76	%(e)		1.78	%		1.80	%		1.82	%		1.78	%		1.85	%
Ratio of net investment income to average net assets		0.41	%(b)(e)		0.16	%(b)		0.52	%		0.61	%		0.37	%		0.59	%
Portfolio turnover rate(f)		100	%		215	%		212	%		225	%		202	%		208	%

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

(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.38% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% 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 and certain derivatives. 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 LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021				2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	27.11		$	19.20			$	21.24		$	21.57		$	20.99		$	17.25
Net investment income(a)		0.18	(b)		0.31	(c)			0.33			0.36			0.33			0.35
Net realized and unrealized gain (loss)		(0.60	)		7.97				(2.04	)		0.74			0.56			3.77
Total from investment operations		(0.42	)		8.28				(1.71	)		1.10			0.89			4.12
Distributions to shareholders from net investment income		(0.16	)		(0.37	)			(0.33	)		(0.37	)		(0.31	)		(0.38	)
Distributions to shareholders from net realized gains		(4.15	)		—				—			(1.06	)		—			—
Total distributions		(4.31	)		(0.37	)			(0.33	)		(1.43	)		(0.31	)		(0.38	)
Net asset value, end of period	$	22.38		$	27.11			$	19.20		$	21.24		$	21.57		$	20.99
Total Return(d)		(1.90	)%		43.40	%			(7.98	)%		5.68	%		4.22	%		24.02	%
Net assets, end of period (in 000’s)	$	109,230		$	114,706		��	$	88,472		$	120,417		$	122,587		$	261,684
Ratio of net expenses to average net assets		0.56	%(e)		0.56	%			0.56	%		0.57	%		0.56	%		0.56	%
Ratio of total expenses to average net assets		0.64	%(e)		0.66	%			0.67	%		0.68	%		0.64	%		0.70	%
Ratio of net investment income to average net assets		1.52	%(b)(e)		1.26	%(b)			1.64	%		1.74	%		1.52	%		1.78	%
Portfolio turnover rate(f)		100	%		215	%			212	%		225	%		202	%		208	%

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

(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.38% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% 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 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. 61

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Insights Fund
	Service Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	27.28		$	19.32		$	21.36		$	21.67		$	21.09		$	17.34
Net investment income(a)		0.12	(b)		0.19	(c)		0.23			0.27			0.22			0.25
Net realized and unrealized gain (loss)		(0.61	)		8.02			(2.04	)		0.75			0.56			3.79
Total from investment operations		(0.49	)		8.21			(1.81	)		1.02			0.78			4.04
Distributions to shareholders from net investment income		(0.11	)		(0.25	)		(0.23	)		(0.27	)		(0.20	)		(0.29	)
Distributions to shareholders from net realized gains		(4.15	)		—			—			(1.06	)		—			—
Total distributions		(4.26	)		(0.25	)		(0.23	)		(1.33	)		(0.20	)		(0.29	)
Net asset value, end of period	$	22.53		$	27.28		$	19.32		$	21.36		$	21.67		$	21.09
Total Return(d)		(2.18	)%		42.68	%		(8.44	)%		5.19	%		3.70	%		23.37	%
Net assets, end of period (in 000’s)	$	6,438		$	6,769		$	5,230		$	7,554		$	10,199		$	8,403
Ratio of net expenses to average net assets		1.06	%(e)		1.06	%		1.06	%		1.07	%		1.06	%		1.06	%
Ratio of total expenses to average net assets		1.14	%(e)		1.16	%		1.17	%		1.18	%		1.14	%		1.20	%
Ratio of net investment income to average net assets		1.01	%(b)(e)		0.76	%(b)		1.13	%		1.28	%		1.00	%		1.28	%
Portfolio turnover rate(f)		100	%		215	%		212	%		225	%		202	%		208	%

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

(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.38% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% 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 and certain derivatives. 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 LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Insights Fund
	Investor Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	27.04		$	19.15		$	21.18		$	21.51		$	20.94		$	17.22
Net investment income(a)		0.17	(b)		0.28	(c)		0.31			0.32			0.29			0.34
Net realized and unrealized gain (loss)		(0.60	)		7.95			(2.03	)		0.76			0.57			3.74
Total from investment operations		(0.43	)		8.23			(1.72	)		1.08			0.86			4.08
Distributions to shareholders from net investment income		(0.15	)		(0.34	)		(0.31	)		(0.35	)		(0.29	)		(0.36	)
Distributions to shareholders from net realized gains		(4.15	)		—			—			(1.06	)		—			—
Total distributions		(4.30	)		(0.34	)		(0.31	)		(1.41	)		(0.29	)		(0.36	)
Net asset value, end of period	$	22.31		$	27.04		$	19.15		$	21.18		$	21.51		$	20.94
Total Return(d)		(1.96	)%		43.24	%		(8.09	)%		5.55	%		4.07	%		23.79	%
Net assets, end of period (in 000’s)	$	85,195		$	91,133		$	70,302		$	134,069		$	84,895		$	29,871
Ratio of net expenses to average net assets		0.68	%(e)		0.68	%		0.69	%		0.70	%		0.70	%		0.71	%
Ratio of total expenses to average net assets		0.76	%(e)		0.78	%		0.80	%		0.82	%		0.78	%		0.84	%
Ratio of net investment income to average net assets		1.40	%(b)(e)		1.13	%(b)		1.54	%		1.58	%		1.33	%		1.70	%
Portfolio turnover rate(f)		100	%		215	%		212	%		225	%		202	%		208	%

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

(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.38% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% 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 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. 63

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	27.11		$	19.20		$	21.24		$	21.56		$	20.99		$	17.25
Net investment income(a)		0.18	(b)		0.31	(c)		0.32			0.40			0.33			0.36
Net realized and unrealized gain (loss)		(0.59	)		7.98			(2.02	)		0.72			0.55			3.77
Total from investment operations		(0.41	)		8.29			(1.70	)		1.12			0.88			4.13
Distributions to shareholders from net investment income		(0.17	)		(0.38	)		(0.34	)		(0.38	)		(0.31	)		(0.39	)
Distributions to shareholders from net realized gains		(4.15	)		—			—			(1.06	)		—			—
Total distributions		(4.32	)		(0.38	)		(0.34	)		(1.44	)		(0.31	)		(0.39	)
Net asset value, end of period	$	22.38		$	27.11		$	19.20		$	21.24		$	21.56		$	20.99
Total Return(d)		(1.89	)%		43.42	%		(7.97	)%		5.73	%		4.19	%		24.05	%
Net assets, end of period (in 000’s)	$	77,316		$	79,348		$	65,692		$	73,981		$	149,225		$	75
Ratio of net expenses to average net assets		0.55	%(e)		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Ratio of total expenses to average net assets		0.63	%(e)		0.65	%		0.66	%		0.66	%		0.62	%		0.67	%
Ratio of net investment income to average net assets		1.51	%(b)(e)		1.26	%(b)		1.63	%		1.84	%		1.47	%		1.81	%
Portfolio turnover rate(f)		100	%		215	%		212	%		225	%		202	%		208	%

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

(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.38% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% 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 and certain derivatives. 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 VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Insights Fund
	Class R Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	26.96		$	19.09		$	21.12		$	21.45		$	20.88		$	17.18
Net investment income(a)		0.11	(b)		0.16	(c)		0.19			0.23			0.19			0.24
Net realized and unrealized gain (loss)		(0.60	)		7.93			(2.01	)		0.74			0.56			3.73
Total from investment operations		(0.49	)		8.09			(1.82	)		0.97			0.75			3.97
Distributions to shareholders from net investment income		(0.10	)		(0.22	)		(0.21	)		(0.24	)		(0.18	)		(0.27	)
Distributions to shareholders from net realized gains		(4.15	)		—			—			(1.06	)		—			—
Total distributions		(4.25	)		(0.22	)		(0.21	)		(1.30	)		(0.18	)		(0.27	)
Net asset value, end of period	$	22.22		$	26.96		$	19.09		$	21.12		$	21.45		$	20.88
Total Return(d)		(2.23	)%		42.57	%		(8.58	)%		5.01	%		3.56	%		23.19	%
Net assets, end of period (in 000’s)	$	5,111		$	5,450		$	4,885		$	5,189		$	5,651		$	5,240
Ratio of net expenses to average net assets		1.18	%(e)		1.18	%		1.19	%		1.20	%		1.20	%		1.21	%
Ratio of total expenses to average net assets		1.26	%(e)		1.28	%		1.30	%		1.32	%		1.28	%		1.34	%
Ratio of net investment income to average net assets		0.90	%(b)(e)		0.64	%(b)		0.99	%		1.12	%		0.88	%		1.22	%
Portfolio turnover rate(f)		100	%		215	%		212	%		225	%		202	%		208	%

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

(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.38% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% 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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Insights Fund
	Class P Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	27.10		$	19.19		$	21.23		$	21.55		$	21.87
Net investment income(b)		0.18	(c)		0.30	(d)		0.32			0.36			0.17
Net realized and unrealized gain (loss)		(0.60	)		7.99			(2.02	)		0.76			(0.33	)
Total from investment operations		(0.42	)		8.29			(1.70	)		1.12			(0.16	)
Distributions to shareholders from net investment income		(0.17	)		(0.38	)		(0.34	)		(0.38	)		(0.16	)
Distributions to shareholders from net realized gains		(4.15	)		—			—			(1.06	)		—
Total distributions		(4.32	)		(0.38	)		(0.34	)		(1.44	)		(0.16	)
Net asset value, end of period	$	22.36		$	27.10		$	19.19		$	21.23		$	21.55
Total Return(e)		(1.94	)%		43.44	%		(7.97	)%		5.74	%		(0.77	)%
Net assets, end of period (in 000’s)	$	52,062		$	46,078		$	30,086		$	33,601		$	27,967
Ratio of net expenses to average net assets		0.55	%(f)		0.55	%		0.55	%		0.56	%		0.55	%(f)
Ratio of total expenses to average net assets		0.63	%(f)		0.65	%		0.66	%		0.67	%		0.65	%(f)
Ratio of net investment income to average net assets		1.49	%(c)(f)		1.23	%(c)		1.63	%		1.75	%		1.38	%(f)
Portfolio turnover rate(g)		100	%		215	%		212	%		225	%		202	%

(a) Commenced operations on April 16, 2018.

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

(c) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.38% of average net assets.

(d) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% 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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Equity Insights Fund
	Class A Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	35.35		$	22.96		$	25.62		$	25.74		$	24.77		$	19.73
Net investment income (loss)(a)		0.03			(0.04	)		(0.01	)		0.05			0.01	(b)		0.04
Net realized and unrealized gain (loss)		(4.76	)		12.48			(2.60	)		1.23			0.96			5.06
Total from investment operations		(4.73	)		12.44			(2.61	)		1.28			0.97			5.10
Distributions to shareholders from net investment income		—			(0.05	)		(0.05	)		—			—			(0.06	)
Distributions to shareholders from net realized gains		(8.60	)		—			—			(1.40	)		—			—
Total distributions		(8.60	)		(0.05	)		(0.05	)		(1.40	)		—			(0.06	)
Net asset value, end of period	$	22.02		$	35.35		$	22.96		$	25.62		$	25.74		$	24.77
Total Return(c)		(16.42	)%		54.23	%		(10.18	)%		5.64	%		3.92	%		25.87	%
Net assets, end of period (in 000’s)	$	35,637		$	44,195		$	34,071		$	53,503		$	55,472		$	41,945
Ratio of net expenses to average net assets		1.21	%(d)		1.21	%		1.22	%		1.23	%		1.23	%		1.24	%
Ratio of total expenses to average net assets		1.28	%(d)		1.29	%		1.30	%		1.34	%		1.31	%		1.43	%
Ratio of net investment income (loss) to average net assets		0.24	%(d)		(0.13	)%		(0.02	)%		0.19	%		0.04	%(b)		0.16	%
Portfolio turnover rate(e)		67	%		165	%		141	%		140	%		111	%		137	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% 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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Equity Insights Fund
	Class C Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	29.67		$	19.39		$	21.75		$	22.23		$	21.56		$	17.25
Net investment loss(a)		(0.05	)		(0.24	)		(0.15	)		(0.12	)		(0.17	)(b)		(0.11	)
Net realized and unrealized gain (loss)		(3.82	)		10.52			(2.21	)		1.04			0.84			4.42
Total from investment operations		(3.87	)		10.28			(2.36	)		0.92			0.67			4.31
Distributions to shareholders from net realized gains		(8.60	)		—			—			(1.40	)		—			—
Net asset value, end of period	$	17.20		$	29.67		$	19.39		$	21.75		$	22.23		$	21.56
Total Return(c)		(16.74	)%		53.02	%		(10.82	)%		4.86	%		3.16	%		24.93	%
Net assets, end of period (in 000’s)	$	5,649		$	7,503		$	5,951		$	7,785		$	7,139		$	9,439
Ratio of net expenses to average net assets		1.96	%(d)		1.96	%		1.97	%		1.98	%		1.98	%		1.99	%
Ratio of total expenses to average net assets		2.03	%(d)		2.04	%		2.05	%		2.09	%		2.06	%		2.18	%
Ratio of net investment loss to average net assets		(0.50	)%(d)		(0.88	)%		(0.78	)%		(0.57	)%		(0.72	)%(b)		(0.56	)%
Portfolio turnover rate(e)		67	%		165	%		141	%		140	%		111	%		137	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% 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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Equity Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	36.92		$	23.98		$	26.74		$	26.77		$	25.73		$	20.47
Net investment income(a)		0.09			0.09			0.08			0.14			0.12	(b)		0.13
Net realized and unrealized gain (loss)		(5.03	)		13.00			(2.69	)		1.29			0.99			5.27
Total from investment operations		(4.94	)		13.09			(2.61	)		1.43			1.11			5.40
Distributions to shareholders from net investment income		—			(0.15	)		(0.15	)		(0.06	)		(0.07	)		(0.14	)
Distributions to shareholders from net realized gains		(8.60	)		—			—			(1.40	)		—			—
Total distributions		(8.60	)		(0.15	)		(0.15	)		(1.46	)		(0.07	)		(0.14	)
Net asset value, end of period	$	23.38		$	36.92		$	23.98		$	26.74		$	26.77		$	25.73
Total Return(c)		(16.27	)%		54.73	%		(9.82	)%		6.03	%		4.32	%		26.44	%
Net assets, end of period (in 000’s)	$	170,472		$	226,678		$	216,274		$	290,652		$	212,229		$	231,226
Ratio of net expenses to average net assets		0.84	%(d)		0.84	%		0.84	%		0.85	%		0.84	%		0.84	%
Ratio of total expenses to average net assets		0.91	%(d)		0.93	%		0.92	%		0.96	%		0.93	%		1.03	%
Ratio of net investment income to average net assets		0.62	%(d)		0.28	%		0.34	%		0.54	%		0.43	%(b)		0.56	%
Portfolio turnover rate(e)		67	%		165	%		141	%		140	%		111	%		137	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% 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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Equity Insights Fund
	Service Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	34.68		$	22.55		$	25.17		$	25.34		$	24.41		$	19.44
Net investment income (loss)(a)		0.02			(0.08	)		(0.03	)		0.01			(0.02	)(b)		0.01
Net realized and unrealized gain (loss)		(4.65	)		12.25			(2.56	)		1.22			0.95			5.00
Total from investment operations		(4.63	)		12.17			(2.59	)		1.23			0.93			5.01
Distributions to shareholders from net investment income		—			(0.04	)		(0.03	)		—			—			(0.04	)
Distributions to shareholders from net realized gains		(8.60	)		—			—			(1.40	)		—			—
Total distributions		(8.60	)		(0.04	)		(0.03	)		(1.40	)		—			(0.04	)
Net asset value, end of period	$	21.45		$	34.68		$	22.55		$	25.17		$	25.34		$	24.41
Total Return(c)		(16.49	)%		54.06	%		(10.29	)%		5.52	%		3.81	%		25.77	%
Net assets, end of period (in 000’s)	$	1,955		$	3,701		$	2,867		$	3,141		$	2,031		$	769
Ratio of net expenses to average net assets		1.34	%(d)		1.34	%		1.34	%		1.35	%		1.34	%		1.34	%
Ratio of total expenses to average net assets		1.41	%(d)		1.43	%		1.42	%		1.45	%		1.42	%		1.53	%
Ratio of net investment income (loss) to average net assets		0.15	%(d)		(0.26	)%		(0.15	)%		0.04	%		(0.06	)%(b)		0.06	%
Portfolio turnover rate(e)		67	%		165	%		141	%		140	%		111	%		137	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% 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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Equity Insights Fund
	Investor Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	35.18		$	22.85		$	25.50		$	25.62		$	24.61		$	19.61
Net investment income(a)		0.07			0.05			0.05			0.09			0.08	(b)		0.14
Net realized and unrealized gain (loss)		(4.74	)		12.40			(2.58	)		1.24			0.95			4.99
Total from investment operations		(4.67	)		12.45			(2.53	)		1.33			1.03			5.13
Distributions to shareholders from net investment income		—			(0.12	)		(0.12	)		(0.05	)		(0.02	)		(0.13	)
Distributions to shareholders from net realized gains		(8.60	)		—			—			(1.40	)		—			—
Total distributions		(8.60	)		(0.12	)		(0.12	)		(1.45	)		(0.02	)		(0.13	)
Net asset value, end of period	$	21.91		$	35.18		$	22.85		$	25.50		$	25.62		$	24.61
Total Return(c)		(16.31	)%		54.61	%		(9.95	)%		5.90	%		4.19	%		26.22	%
Net assets, end of period (in 000’s)	$	36,034		$	66,963		$	64,724		$	74,881		$	44,984		$	2,684
Ratio of net expenses to average net assets		0.96	%(d)		0.96	%		0.97	%		0.99	%		0.98	%		0.99	%
Ratio of total expenses to average net assets		1.03	%(d)		1.05	%		1.05	%		1.09	%		1.06	%		1.17	%
Ratio of net investment income to average net assets		0.55	%(d)		0.15	%		0.22	%		0.40	%		0.31	%(b)		0.60	%
Portfolio turnover rate(e)		67	%		165	%		141	%		140	%		111	%		137	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% 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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Equity Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	36.93		$	23.98		$	26.74		$	26.77		$	25.73		$	20.47
Net investment income(a)		0.09			0.11			0.09			0.16			0.13	(b)		0.11
Net realized and unrealized gain (loss)		(5.03	)		13.00			(2.70	)		1.27			0.99			5.29
Total from investment operations		(4.94	)		13.11			(2.61	)		1.43			1.12			5.40
Distributions to shareholders from net investment income		—			(0.16	)		(0.15	)		(0.06	)		(0.08	)		(0.14	)
Distributions to shareholders from net realized gains		(8.60	)		—			—			(1.40	)		—			—
Total distributions		(8.60	)		(0.16	)		(0.15	)		(1.46	)		(0.08	)		(0.14	)
Net asset value, end of period	$	23.39		$	36.93		$	23.98		$	26.74		$	26.77		$	25.73
Total Return(c)		(16.26	)%		54.82	%		(9.81	)%		6.05	%		4.35	%		26.45	%
Net assets, end of period (in 000’s)	$	85,602		$	100,558		$	119,496		$	153,129		$	173,112		$	337
Ratio of net expenses to average net assets		0.83	%(d)		0.83	%		0.83	%		0.84	%		0.83	%		0.83	%
Ratio of total expenses to average net assets		0.90	%(d)		0.91	%		0.91	%		0.94	%		0.89	%		1.02	%
Ratio of net investment income to average net assets		0.61	%(d)		0.34	%		0.36	%		0.63	%		0.45	%(b)		0.47	%
Portfolio turnover rate(e)		67	%		165	%		141	%		140	%		111	%		137	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% 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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Equity Insights Fund
	Class R Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	34.39		$	22.36		$	24.96		$	25.18		$	24.29		$	19.36
Net investment income (loss)(a)		—	(b)		(0.11	)		(0.06	)		(0.02	)		(0.06	)(c)		(0.02	)
Net realized and unrealized gain (loss)		(4.60	)		12.15			(2.54	)		1.20			0.95			4.98
Total from investment operations		(4.60	)		12.04			(2.60	)		1.18			0.89			4.96
Distributions to shareholders from net investment income		—			(0.01	)		—			—			—			(0.03	)
Distributions to shareholders from net realized gains		(8.60	)		—			—			(1.40	)		—			—
Total distributions		(8.60	)		(0.01	)		—			(1.40	)		—			(0.03	)
Net asset value, end of period	$	21.19		$	34.39		$	22.36		$	24.96		$	25.18		$	24.29
Total Return(d)		(16.53	)%		53.83	%		(10.39	)%		5.35	%		3.66	%		25.60	%
Net assets, end of period (in 000’s)	$	12,876		$	15,767		$	13,817		$	16,562		$	14,625		$	15,284
Ratio of net expenses to average net assets		1.46	%(e)		1.46	%		1.47	%		1.48	%		1.48	%		1.49	%
Ratio of total expenses to average net assets		1.53	%(e)		1.54	%		1.55	%		1.59	%		1.56	%		1.68	%
Ratio of net investment income (loss) to average net assets		(0.01	)%(e)		(0.36	)%		(0.28	)%		(0.08	)%		(0.22	)%(c)		(0.10	)%
Portfolio turnover rate(f)		67	%		165	%		141	%		140	%		111	%		137	%

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

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

(c) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% 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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Equity Insights Fund
	Class P Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	36.92		$	23.98		$	26.74		$	26.77		$	27.21
Net investment income(b)		0.09			0.08			0.09			0.13			0.08	(c)
Net realized and unrealized gain (loss)		(5.03	)		13.02			(2.70	)		1.30			(0.52	)
Total from investment operations		(4.94	)		13.10			(2.61	)		1.43			(0.44	)
Distributions to shareholders from net investment income		—			(0.16	)		(0.15	)		(0.06	)		—
Distributions to shareholders from net realized gains		(8.60	)		—			—			(1.40	)		—
Total distributions		(8.60	)		(0.16	)		(0.15	)		(1.46	)		—
Net asset value, end of period	$	23.38		$	36.92		$	23.98		$	26.74		$	26.77
Total Return(d)		(16.27	)%		54.78	%		(9.81	)%		6.06	%		(1.62	)%
Net assets, end of period (in 000’s)	$	111,799		$	144,239		$	87,170		$	106,039		$	66,823
Ratio of net expenses to average net assets		0.83	%(e)		0.83	%		0.83	%		0.84	%		0.83	%(e)
Ratio of total expenses to average net assets		0.90	%(e)		0.92	%		0.91	%		0.94	%		0.92	%(e)
Ratio of net investment income to average net assets		0.62	%(e)		0.23	%		0.36	%		0.53	%		0.48	%(c)(e)
Portfolio turnover rate(f)		67	%		165	%		141	%		140	%		111	%

(a) Commenced operations on April 16, 2018.

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

(c) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% 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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Insights Fund
	Class A Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	47.18		$	34.29		$	35.08		$	37.25		$	36.71		$	28.34
Net investment loss(a)		(0.03	)		(0.28	)		(0.17	)		(0.12	)		(0.13	)(b)		(0.07	)
Net realized and unrealized gain (loss)		(5.98	)		14.62			(0.13	)		1.76			2.20			8.44
Total from investment operations		(6.01	)		14.34			(0.30	)		1.64			2.07			8.37
Distributions to shareholders from net investment income		—			(0.04	)		—	(c)		—			—			—
Distributions to shareholders from net realized gains		(29.18	)		(1.41	)		(0.49	)		(3.81	)		(1.53	)		—
Total distributions		(29.18	)		(1.45	)		(0.49	)		(3.81	)		(1.53	)		—
Net asset value, end of period	$	11.99		$	47.18		$	34.29		$	35.08		$	37.25		$	36.71
Total Return(d)		(25.42	)%		42.51	%		(0.95	)%		5.65	%		5.87	%		29.53	%
Net assets, end of period (in 000’s)	$	36,040		$	59,166		$	50,865		$	84,557		$	88,316		$	77,969
Ratio of net expenses to average net assets		1.21	%(e)		1.21	%		1.22	%		1.24	%		1.22	%		1.22	%
Ratio of total expenses to average net assets		1.34	%(e)		1.33	%		1.30	%		1.32	%		1.32	%		1.40	%
Ratio of net investment loss to average net assets		(0.34	)%(e)		(0.64	)%		(0.51	)%		(0.36	)%		(0.35	)%(b)		(0.21	)%
Portfolio turnover rate(f)		75	%		170	%		144	%		140	%		127	%		136	%

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

(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets.

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

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

(e) Annualized.

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

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Insights Fund
	Class C Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	34.06		$	25.26		$	26.16		$	28.98		$	29.12		$	22.64
Net investment loss(a)		(0.02	)		(0.45	)		(0.31	)		(0.28	)		(0.33	)(b)		(0.25	)
Net realized and unrealized gain (loss)		(2.69	)		10.70			(0.10	)		1.27			1.72			6.73
Total from investment operations		(2.71	)		10.25			(0.41	)		0.99			1.39			6.48
Distributions to shareholders from net investment income		—			(0.04	)		—	(c)		—			—			—
Distributions to shareholders from net realized gains		(29.18	)		(1.41	)		(0.49	)		(3.81	)		(1.53	)		—
Total distributions		(29.18	)		(1.45	)		(0.49	)		(3.81	)		(1.53	)		—
Net asset value, end of period	$	2.17		$	34.06		$	25.26		$	26.16		$	28.98		$	29.12
Total Return(d)		(25.79	)%		41.47	%		(1.70	)%		4.92	%		5.03	%		28.62	%
Net assets, end of period (in 000’s)	$	5,813		$	7,866		$	6,439		$	8,303		$	8,179		$	9,852
Ratio of net expenses to average net assets		1.96	%(e)		1.96	%		1.97	%		1.99	%		1.97	%		1.97	%
Ratio of total expenses to average net assets		2.09	%(e)		2.08	%		2.05	%		2.07	%		2.07	%		2.15	%
Ratio of net investment loss to average net assets		(1.05	)%(e)		(1.39	)%		(1.26	)%		(1.11	)%		(1.09	)%(b)		(0.95	)%
Portfolio turnover rate(f)		75	%		170	%		144	%		140	%		127	%		136	%

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

(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets.

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

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

(e) Annualized.

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

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	57.27		$	41.22		$	41.92		$	43.56		$	42.53		$	32.76
Net investment income (loss)(a)		0.01			(0.13	)		(0.05	)		0.01			0.02	(b)		0.05
Net realized and unrealized gain (loss)		(8.54	)		17.63			(0.16	)		2.16			2.54			9.79
Total from investment operations		(8.53	)		17.50			(0.21	)		2.17			2.56			9.84
Distributions to shareholders from net investment income		—			(0.04	)		—	(c)		—			—			(0.07	)
Distributions to shareholders from net realized gains		(29.18	)		(1.41	)		(0.49	)		(3.81	)		(1.53	)		—
Total distributions		(29.18	)		(1.45	)		(0.49	)		(3.81	)		(1.53	)		(0.07	)
Net asset value, end of period	$	19.56		$	57.27		$	41.22		$	41.92		$	43.56		$	42.53
Total Return(d)		(25.29	)%		43.04	%		(0.57	)%		6.08	%		6.26	%		30.04	%
Net assets, end of period (in 000’s)	$	48,285		$	163,028		$	200,116		$	349,348		$	307,032		$	265,199
Ratio of net expenses to average net assets		0.84	%(e)		0.84	%		0.84	%		0.85	%		0.84	%		0.85	%
Ratio of total expenses to average net assets		0.97	%(e)		0.96	%		0.92	%		0.93	%		0.93	%		1.01	%
Ratio of net investment income (loss) to average net assets		0.05	%(e)		(0.25	)%		(0.13	)%		0.02	%		0.03	%(b)		0.13	%
Portfolio turnover rate(f)		75	%		170	%		144	%		140	%		127	%		136	%

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

(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets.

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

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

(e) Annualized.

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

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Insights Fund
	Investor Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	48.95		$	35.44		$	36.16		$	38.18		$	37.50		$	28.93
Net investment income (loss)(a)		(0.01	)		(0.15	)		(0.09	)		(0.04	)		(0.04	)(b)		—	(c)
Net realized and unrealized gain (loss)		(6.42	)		15.11			(0.14	)		1.83			2.25			8.63
Total from investment operations		(6.43	)		14.96			(0.23	)		1.79			2.21			8.63
Distributions to shareholders from net investment income		—			(0.04	)		—	(c)		—			—			(0.06	)
Distributions to shareholders from net realized gains		(29.18	)		(1.41	)		(0.49	)		(3.81	)		(1.53	)		—
Total distributions		(29.18	)		(1.45	)		(0.49	)		(3.81	)		(1.53	)		(0.06	)
Net asset value, end of period	$	13.34		$	48.95		$	35.44		$	36.16		$	38.18		$	37.50
Total Return(d)		(25.31	)%		42.89	%		(0.72	)%		5.93	%		6.13	%		29.87	%
Net assets, end of period (in 000’s)	$	25,516		$	66,827		$	442,743		$	378,807		$	308,366		$	192,860
Ratio of net expenses to average net assets		0.96	%(e)		0.96	%		0.97	%		0.99	%		0.97	%		0.96	%
Ratio of total expenses to average net assets		1.09	%(e)		1.06	%		1.05	%		1.07	%		1.07	%		1.16	%
Ratio of net investment income (loss) to average net assets		(0.08	)%(e)		(0.32	)%		(0.26	)%		(0.12	)%		(0.10	)%(b)		0.01	%
Portfolio turnover rate(f)		75	%		170	%		144	%		140	%		127	%		136	%

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

(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets.

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

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

(e) Annualized.

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

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	57.31		$	41.24		$	41.95		$	43.58		$	42.54		$	32.78
Net investment income (loss)(a)		0.01			(0.10	)		(0.05	)		—			0.02	(b)		0.04
Net realized and unrealized gain (loss)		(8.55	)		17.62			(0.17	)		2.18			2.55			9.80
Total from investment operations		(8.54	)		17.52			(0.22	)		2.18			2.57			9.84
Distributions to shareholders from net investment income		—			(0.04	)		—	(c)		—			—			(0.08	)
Distributions to shareholders from net realized gains		(29.18	)		(1.41	)		(0.49	)		(3.81	)		(1.53	)		—
Total distributions		(29.18	)		(1.45	)		(0.49	)		(3.81	)		(1.53	)		(0.08	)
Net asset value, end of period	$	19.59		$	57.31		$	41.24		$	41.95		$	43.58		$	42.54
Total Return(d)		(25.29	)%		43.07	%		(0.57	)%		6.08	%		6.25	%		30.05	%
Net assets, end of period (in 000’s)	$	36,176		$	96,907		$	263,023		$	307,820		$	118,729		$	42,042
Ratio of net expenses to average net assets		0.83	%(e)		0.83	%		0.83	%		0.84	%		0.83	%		0.83	%
Ratio of total expenses to average net assets		0.96	%(e)		0.93	%		0.91	%		0.93	%		0.92	%		1.00	%
Ratio of net investment income (loss) to average net assets		0.08	%(e)		(0.19	)%		(0.12	)%		(0.01	)%		0.04	%(b)		0.09	%
Portfolio turnover rate(f)		75	%		170	%		144	%		140	%		127	%		136	%

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

(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets.

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

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

(e) Annualized.

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

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Insights Fund
	Class R Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	44.83		$	32.71		$	33.58		$	35.90		$	35.53		$	27.49
Net investment loss(a)		(0.05	)		(0.36	)		(0.25	)		(0.20	)		(0.22	)(b)		(0.16	)
Net realized and unrealized gain (loss)		(5.38	)		13.93			(0.13	)		1.69			2.12			8.20
Total from investment operations		(5.43	)		13.57			(0.38	)		1.49			1.90			8.04
Distributions to shareholders from net investment income		—			(0.04	)		—	(c)		—			—			—
Distributions to shareholders from net realized gains		(29.18	)		(1.41	)		(0.49	)		(3.81	)		(1.53	)		—
Total distributions		(29.18	)		(1.45	)		(0.49	)		(3.81	)		(1.53	)		—
Net asset value, end of period	$	10.22		$	44.83		$	32.71		$	33.58		$	35.90		$	35.53
Total Return(d)		(25.48	)%		42.20	%		(1.23	)%		5.42	%		5.58	%		29.25	%
Net assets, end of period (in 000’s)	$	4,066		$	6,605		$	8,168		$	19,707		$	19,998		$	12,113
Ratio of net expenses to average net assets		1.46	%(e)		1.46	%		1.47	%		1.49	%		1.47	%		1.46	%
Ratio of total expenses to average net assets		1.59	%(e)		1.57	%		1.55	%		1.57	%		1.57	%		1.66	%
Ratio of net investment loss to average net assets		(0.61	)%(e)		(0.86	)%		(0.77	)%		(0.61	)%		(0.59	)%(b)		(0.50	)%
Portfolio turnover rate(f)		75	%		170	%		144	%		140	%		127	%		136	%

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

(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets.

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

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

(e) Annualized.

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

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Insights Fund
	Class P Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	57.31		$	41.24		$	41.94		$	43.58		$	44.33
Net investment income (loss)(b)		—	(c)		(0.13	)		(0.05	)		0.01			0.03	(d)
Net realized and unrealized gain (loss)		(8.54	)		17.65			(0.16	)		2.16			(0.78	)
Total from investment operations		(8.54	)		17.52			(0.21	)		2.17			(0.75	)
Distributions to shareholders from net investment income		—			(0.04	)		—	(c)		—			—
Distributions to shareholders from net realized gains		(29.18	)		(1.41	)		(0.49	)		(3.81	)		—
Total distributions		(29.18	)		(1.45	)		(0.49	)		(3.81	)		—
Net asset value, end of period	$	19.59		$	57.31		$	41.24		$	41.94		$	43.58
Total Return(e)		(25.29	)%		43.07	%		(0.57	)%		6.08	%		(1.69	)%
Net assets, end of period (in 000’s)	$	6,963		$	10,801		$	10,241		$	12,534		$	10,878
Ratio of net expenses to average net assets		0.83	%(f)		0.83	%		0.83	%		0.84	%		0.83	%(f)
Ratio of total expenses to average net assets		0.96	%(f)		0.95	%		0.91	%		0.93	%		0.93	%(f)
Ratio of net investment income (loss) to average net assets		0.01	%(f)		(0.25	)%		(0.12	)%		0.02	%		0.12	%(c)(f)
Portfolio turnover rate(g)		75	%		170	%		144	%		140	%		127	%

(a) Commenced operations on April 16, 2018.

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

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

(d) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% 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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Insights Fund
	Class A Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	53.90		$	32.93		$	39.69		$	42.30		$	46.29		$	38.86
Net investment income(a)		0.15			0.24			0.19			0.25			0.20			0.23	(b)
Net realized and unrealized gain (loss)		(3.78	)		21.00			(6.70	)		1.17			0.70			9.04
Total from investment operations		(3.63	)		21.24			(6.51	)		1.42			0.90			9.27
Distributions to shareholders from net investment income		(0.31	)		(0.27	)		(0.25	)		(0.19	)		(0.17	)		(0.25	)
Distributions to shareholders from net realized gains		(14.96	)		—			—			(3.84	)		(4.72	)		(1.59	)
Total distributions		(15.27	)		(0.27	)		(0.25	)		(4.03	)		(4.89	)		(1.84	)
Net asset value, end of period	$	35.00		$	53.90		$	32.93		$	39.69		$	42.30		$	46.29
Total Return(c)		(8.17	)%		64.75	%		(16.49	)%		4.40	%		2.08	%		23.98	%
Net assets, end of period (in 000’s)	$	132,831		$	154,971		$	98,493		$	132,886		$	112,219		$	102,127
Ratio of net expenses to average net assets		1.21	%(d)		1.21	%		1.22	%		1.25	%		1.23	%		1.24	%
Ratio of total expenses to average net assets		1.25	%(d)		1.26	%		1.31	%		1.39	%		1.40	%		1.49	%
Ratio of net investment income to average net assets		0.75	%(d)		0.49	%		0.56	%		0.67	%		0.44	%		0.53	%(b)
Portfolio turnover rate(e)		84	%		187	%		153	%		142	%		130	%		138	%

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

(b) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.07% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes 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.

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Insights Fund
	Class C Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	36.61		$	22.48		$	27.24		$	30.35		$	34.65		$	29.53
Net investment income (loss)(a)		—	(b)		(0.08	)		(0.04	)		(0.02	)		(0.10	)		(0.07	)(c)
Net realized and unrealized gain (loss)		(2.30	)		14.32			(4.61	)		0.75			0.52			6.85
Total from investment operations		(2.30	)		14.24			(4.65	)		0.73			0.42			6.78
Distributions to shareholders from net investment income		(0.22	)		(0.11	)		(0.11	)		—			—			(0.07	)
Distributions to shareholders from net realized gains		(14.96	)		—			—			(3.84	)		(4.72	)		(1.59	)
Total distributions		(15.18	)		(0.11	)		(0.11	)		(3.84	)		(4.72	)		(1.66	)
Net asset value, end of period	$	19.13		$	36.61		$	22.48		$	27.24		$	30.35		$	34.65
Total Return(d)		(8.46	)%		63.49	%		(17.11	)%		3.67	%		1.31	%		23.09	%
Net assets, end of period (in 000’s)	$	5,910		$	7,118		$	5,313		$	7,961		$	6,903		$	17,037
Ratio of net expenses to average net assets		1.96	%(e)		1.96	%		1.97	%		2.00	%		1.98	%		1.99	%
Ratio of total expenses to average net assets		2.00	%(e)		2.01	%		2.06	%		2.14	%		2.14	%		2.24	%
Ratio of net investment income (loss) to average net assets		0.01	%(e)		(0.25	)%		(0.19	)%		(0.07	)%		(0.31	)%		(0.22	)%(c)
Portfolio turnover rate(f)		84	%		187	%		153	%		142	%		130	%		138	%

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

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

(c) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.07% 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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	73.39		$	44.70		$	53.74		$	55.71		$	59.38		$	49.35
Net investment income(a)		0.33			0.56			0.43			0.47			0.48			0.50	(b)
Net realized and unrealized gain (loss)		(5.44	)		28.53			(9.07	)		1.73			0.90			11.53
Total from investment operations		(5.11	)		29.09			(8.64	)		2.20			1.38			12.03
Distributions to shareholders from net investment income		(0.44	)		(0.40	)		(0.40	)		(0.33	)		(0.33	)		(0.41	)
Distributions to shareholders from net realized gains		(14.96	)		—			—			(3.84	)		(4.72	)		(1.59	)
Total distributions		(15.40	)		(0.40	)		(0.40	)		(4.17	)		(5.05	)		(2.00	)
Net asset value, end of period	$	52.88		$	73.39		$	44.70		$	53.74		$	55.71		$	59.38
Total Return(c)		(7.98	)%		65.37	%		(16.19	)%		4.81	%		2.47	%		24.49	%
Net assets, end of period (in 000’s)	$	357,264		$	379,380		$	190,491		$	192,820		$	60,516		$	56,191
Ratio of net expenses to average net assets		0.84	%(d)		0.84	%		0.84	%		0.87	%		0.84	%		0.84	%
Ratio of total expenses to average net assets		0.88	%(d)		0.89	%		0.93	%		1.02	%		1.00	%		1.09	%
Ratio of net investment income to average net assets		1.11	%(d)		0.86	%		0.93	%		0.96	%		0.82	%		0.90	%(b)
Portfolio turnover rate(e)		84	%		187	%		153	%		142	%		130	%		138	%

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

(b) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.07% of average net assets.

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

(d) Annualized.

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

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Insights Fund
	Investor Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	53.64		$	32.77		$	39.53		$	42.18		$	46.17		$	38.78
Net investment income(a)		0.21			0.36			0.25			0.30			0.31			0.31	(b)
Net realized and unrealized gain (loss)		(3.77	)		20.88			(6.64	)		1.20			0.69			9.05
Total from investment operations		(3.56	)		21.24			(6.39	)		1.50			1.00			9.36
Distributions to shareholders from net investment income		(0.39	)		(0.37	)		(0.37	)		(0.31	)		(0.27	)		(0.38	)
Distributions to shareholders from net realized gains		(14.96	)		—			—			(3.84	)		(4.72	)		(1.59	)
Total distributions		(15.35	)		(0.37	)		(0.37	)		(4.15	)		(4.99	)		(1.97	)
Net asset value, end of period	$	34.73		$	53.64		$	32.77		$	39.53		$	42.18		$	46.17
Total Return(c)		(8.04	)%		65.17	%		(16.32	)%		4.69	%		2.33	%		24.30	%
Net assets, end of period (in 000’s)	$	323,610		$	363,808		$	273,560		$	59,800		$	18,257		$	5,695
Ratio of net expenses to average net assets		0.96	%(d)		0.96	%		0.97	%		1.01	%		0.98	%		0.99	%
Ratio of total expenses to average net assets		1.00	%(d)		1.01	%		1.06	%		1.15	%		1.17	%		1.24	%
Ratio of net investment income to average net assets		1.03	%(d)		0.75	%		0.77	%		0.83	%		0.70	%		0.72	%(b)
Portfolio turnover rate(e)		84	%		187	%		153	%		142	%		130	%		138	%

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

(b) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.07% of average net assets.

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

(d) Annualized.

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

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	73.38		$	44.70		$	53.73		$	55.71		$	59.38		$	49.35
Net investment income(a)		0.34			0.57			0.43			0.45			0.50			0.46	(b)
Net realized and unrealized gain (loss)		(5.44	)		28.51			(9.06	)		1.75			0.90			11.56
Total from investment operations		(5.10	)		29.08			(8.63	)		2.20			1.40			12.02
Distributions to shareholders from net investment income		(0.45	)		(0.40	)		(0.40	)		(0.34	)		(0.35	)		(0.40	)
Distributions to shareholders from net realized gains		(14.96	)		—			—			(3.84	)		(4.72	)		(1.59	)
Total distributions		(15.41	)		(0.40	)		(0.40	)		(4.18	)		(5.07	)		(1.99	)
Net asset value, end of period	$	52.87		$	73.38		$	44.70		$	53.73		$	55.71		$	59.38
Total Return(c)		(7.97	)%		65.36	%		(16.17	)%		4.83	%		2.49	%		24.49	%
Net assets, end of period (in 000’s)	$	251,203		$	306,101		$	158,330		$	118,331		$	22,460		$	4,542
Ratio of net expenses to average net assets		0.83	%(d)		0.83	%		0.83	%		0.86	%		0.83	%		0.83	%
Ratio of total expenses to average net assets		0.87	%(d)		0.88	%		0.93	%		1.00	%		1.02	%		1.11	%
Ratio of net investment income to average net assets		1.15	%(d)		0.86	%		0.94	%		0.91	%		0.85	%		0.83	%(b)
Portfolio turnover rate(e)		84	%		187	%		153	%		142	%		130	%		138	%

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

(b) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.07% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes 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.

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Insights Fund
	Class R Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	52.56		$	32.21		$	38.96		$	41.63		$	45.57		$	38.32
Net investment income(a)		0.10			0.11			0.10			0.08			0.09			0.14	(b)
Net realized and unrealized gain (loss)		(3.66	)		20.52			(6.56	)		1.22			0.69			8.89
Total from investment operations		(3.56	)		20.63			(6.46	)		1.30			0.78			9.03
Distributions to shareholders from net investment income		(0.24	)		(0.28	)		(0.29	)		(0.13	)		—			(0.19	)
Distributions to shareholders from net realized gains		(14.96	)		—			—			(3.84	)		(4.72	)		(1.59	)
Total distributions		(15.20	)		(0.28	)		(0.29	)		(3.97	)		(4.72	)		(1.78	)
Net asset value, end of period	$	33.80		$	52.56		$	32.21		$	38.96		$	41.63		$	45.57
Total Return(c)		(8.25	)%		64.31	%		(16.70	)%		4.14	%		1.83	%		23.67	%
Net assets, end of period (in 000’s)	$	20,936		$	22,584		$	14,038		$	8,514		$	2,320		$	1,621
Ratio of net expenses to average net assets		1.46	%(d)		1.46	%		1.47	%		1.53	%		1.48	%		1.49	%
Ratio of total expenses to average net assets		1.50	%(d)		1.51	%		1.56	%		1.69	%		1.66	%		1.73	%
Ratio of net investment income to average net assets		0.49	%(d)		0.24	%		0.30	%		0.23	%		0.20	%		0.33	%(b)
Portfolio turnover rate(e)		84	%		187	%		153	%		142	%		130	%		138	%

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

(b) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.07% of average net assets.

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

(d) Annualized.

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

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Insights Fund
	Class P Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	73.38		$	44.69		$	53.72		$	55.70		$	57.05
Net investment income(b)		0.34			0.57			0.44			0.54			0.30
Net realized and unrealized gain (loss)		(5.45	)		28.52			(9.07	)		1.66			(1.65	)
Total from investment operations		(5.11	)		29.09			(8.63	)		2.20			(1.35	)
Distributions to shareholders from net investment income		(0.45	)		(0.40	)		(0.40	)		(0.34	)		—
Distributions to shareholders from net realized gains		(14.96	)		—			—			(3.84	)		—
Total distributions		(15.41	)		(0.40	)		(0.40	)		(4.18	)		—
Net asset value, end of period	$	52.86		$	73.38		$	44.69		$	53.72		$	55.70
Total Return(c)		(7.98	)%		65.36	%		(16.18	)%		4.82	%		(2.37	)%
Net assets, end of period (in 000’s)	$	40,019		$	45,484		$	28,504		$	47,977		$	42,165
Ratio of net expenses to average net assets		0.83	%(d)		0.83	%		0.83	%		0.85	%		0.83	%(d)
Ratio of total expenses to average net assets		0.87	%(d)		0.88	%		0.92	%		0.99	%		1.06	%(d)
Ratio of net investment income to average net assets		1.13	%(d)		0.88	%		0.94	%		1.07	%		0.93	%(d)
Portfolio turnover rate(e)		84	%		187	%		153	%		142	%		130	%

(a) Commenced operations on April 16, 2018.

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

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

(d) 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.

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Insights Fund
	Class A Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	72.68		$	53.72		$	49.48		$	47.72		$	49.73		$	40.76
Net investment income(a)		0.19	(b)		0.20			0.28			0.44			0.36			0.49
Net realized and unrealized gain (loss)		(6.13	)		21.27			4.67			3.14			2.46			10.17
Total from investment operations		(5.94	)		21.47			4.95			3.58			2.82			10.66
Distributions to shareholders from net investment income		(0.25	)		(0.28	)		(0.71	)		(0.17	)		(0.45	)		(0.31	)
Distributions to shareholders from net realized gains		(15.57	)		(2.23	)		—			(1.65	)		(4.38	)		(1.38	)
Total distributions		(15.82	)		(2.51	)		(0.71	)		(1.82	)		(4.83	)		(1.69	)
Net asset value, end of period	$	50.92		$	72.68		$	53.72		$	49.48		$	47.72		$	49.73
Total Return(c)		(10.42	)%		41.26	%		10.04	%		7.98	%		5.93	%		26.89	%
Net assets, end of period (in 000’s)	$	319,507		$	380,721		$	294,540		$	299,440		$	301,934		$	278,516
Ratio of net expenses to average net assets		0.93	%(d)		0.93	%		0.94	%		0.94	%		0.95	%		0.96	%
Ratio of total expenses to average net assets		0.96	%(d)		0.97	%		1.00	%		1.01	%		1.00	%		1.14	%
Ratio of net investment income to average net assets		0.66	%(b)(d)		0.31	%		0.55	%		0.93	%		0.73	%		1.08	%
Portfolio turnover rate(e)		96	%		214	%		213	%		199	%		168	%		193	%

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

(b) Reflects income recognized from special dividends which amounted to $0.11 per share and 0.39% 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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Insights Fund
	Class C Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	64.06		$	47.71		$	44.04		$	42.80		$	45.08		$	37.10
Net investment income (loss)(a)		(0.02	)(b)		(0.25	)		(0.09	)		0.08			0.01			0.13
Net realized and unrealized gain (loss)		(5.23	)		18.83			4.16			2.81			2.22			9.25
Total from investment operations		(5.25	)		18.58			4.07			2.89			2.23			9.38
Distributions to shareholders from net investment income		—			—			(0.40	)		—			(0.13	)		(0.02	)
Distributions to shareholders from net realized gains		(15.57	)		(2.23	)		—			(1.65	)		(4.38	)		(1.38	)
Total distributions		(15.57	)		(2.23	)		(0.40	)		(1.65	)		(4.51	)		(1.40	)
Net asset value, end of period	$	43.24		$	64.06		$	47.71		$	44.04		$	42.80		$	45.08
Total Return(c)		(10.76	)%		40.22	%		9.25	%		7.20	%		5.15	%		25.93	%
Net assets, end of period (in 000’s)	$	15,769		$	19,252		$	16,275		$	15,854		$	14,277		$	28,756
Ratio of net expenses to average net assets		1.68	%(d)		1.68	%		1.69	%		1.69	%		1.70	%		1.71	%
Ratio of total expenses to average net assets		1.71	%(d)		1.72	%		1.75	%		1.76	%		1.75	%		1.89	%
Ratio of net investment income (loss) to average net assets		(0.09	)%(b)(d)		(0.44	)%		(0.20	)%		0.18	%		0.01	%		0.31	%
Portfolio turnover rate(e)		96	%		214	%		213	%		199	%		168	%		193	%

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

(b) Reflects income recognized from special dividends which amounted to $0.11 per share and 0.39% 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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	75.37		$	55.60		$	51.16		$	49.30		$	51.21		$	41.92
Net investment income(a)		0.31	(b)		0.45			0.50			0.72			0.54			0.70
Net realized and unrealized gain (loss)		(6.41	)		22.02			4.82			3.14			2.56			10.45
Total from investment operations		(6.10	)		22.47			5.32			3.86			3.10			11.15
Distributions to shareholders from net investment income		(0.45	)		(0.47	)		(0.88	)		(0.35	)		(0.63	)		(0.48	)
Distributions to shareholders from net realized gains		(15.57	)		(2.23	)		—			(1.65	)		(4.38	)		(1.38	)
Total distributions		(16.02	)		(2.70	)		(0.88	)		(2.00	)		(5.01	)		(1.86	)
Net asset value, end of period	$	53.25		$	75.37		$	55.60		$	51.16		$	49.30		$	51.21
Total Return(c)		(10.25	)%		41.79	%		10.47	%		8.39	%		6.34	%		27.40	%
Net assets, end of period (in 000’s)	$	274,551		$	325,457		$	255,177		$	295,408		$	842,673		$	249,034
Ratio of net expenses to average net assets		0.56	%(d)		0.56	%		0.56	%		0.55	%		0.55	%		0.56	%
Ratio of total expenses to average net assets		0.59	%(d)		0.60	%		0.62	%		0.60	%		0.62	%		0.74	%
Ratio of net investment income to average net assets		1.03	%(b)(d)		0.68	%		0.94	%		1.40	%		1.07	%		1.50	%
Portfolio turnover rate(e)		96	%		214	%		213	%		199	%		168	%		193	%

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

(b) Reflects income recognized from special dividends which amounted to $0.11 per share and 0.39% 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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Insights Fund
	Service Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	72.21		$	53.38		$	49.19		$	47.41		$	49.47		$	40.60
Net investment income(a)		0.15	(b)		0.11			0.22			0.38			0.30			0.43
Net realized and unrealized gain (loss)		(6.09	)		21.14			4.64			3.13			2.45			10.14
Total from investment operations		(5.94	)		21.25			4.86			3.51			2.75			10.57
Distributions to shareholders from net investment income		(0.15	)		(0.19	)		(0.67	)		(0.08	)		(0.43	)		(0.32	)
Distributions to shareholders from net realized gains		(15.57	)		(2.23	)		—			(1.65	)		(4.38	)		(1.38	)
Total distributions		(15.72	)		(2.42	)		(0.67	)		(1.73	)		(4.81	)		(1.70	)
Net asset value, end of period	$	50.55		$	72.21		$	53.38		$	49.19		$	47.41		$	49.47
Total Return(c)		(10.48	)%		41.08	%		9.93	%		7.86	%		5.81	%		26.76	%
Net assets, end of period (in 000’s)	$	5,190		$	6,302		$	5,761		$	6,700		$	5,925		$	6,739
Ratio of net expenses to average net assets		1.06	%(d)		1.06	%		1.06	%		1.05	%		1.06	%		1.06	%
Ratio of total expenses to average net assets		1.09	%(d)		1.10	%		1.12	%		1.13	%		1.11	%		1.24	%
Ratio of net investment income to average net assets		0.53	%(b)(d)		0.17	%		0.44	%		0.81	%		0.61	%		0.96	%
Portfolio turnover rate(e)		96	%		214	%		213	%		199	%		168	%		193	%

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

(b) Reflects income recognized from special dividends which amounted to $0.11 per share and 0.39% 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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Insights Fund
	Investor Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	71.70		$	53.02		$	48.84		$	47.17		$	49.22		$	40.39
Net investment income(a)		0.26	(b)		0.36			0.42			0.54			0.46			0.61
Net realized and unrealized gain (loss)		(6.01	)		20.96			4.59			3.09			2.45			10.05
Total from investment operations		(5.75	)		21.32			5.01			3.63			2.91			10.66
Distributions to shareholders from net investment income		(0.40	)		(0.41	)		(0.83	)		(0.31	)		(0.58	)		(0.45	)
Distributions to shareholders from net realized gains		(15.57	)		(2.23	)		—			(1.65	)		(4.38	)		(1.38	)
Total distributions		(15.97	)		(2.64	)		(0.83	)		(1.96	)		(4.96	)		(1.83	)
Net asset value, end of period	$	49.98		$	71.70		$	53.02		$	48.84		$	47.17		$	49.22
Total Return(c)		(10.30	)%		41.61	%		10.33	%		8.25	%		6.20	%		27.21	%
Net assets, end of period (in 000’s)	$	95,389		$	127,076		$	88,924		$	116,633		$	103,230		$	43,290
Ratio of net expenses to average net assets		0.68	%(d)		0.68	%		0.69	%		0.69	%		0.70	%		0.71	%
Ratio of total expenses to average net assets		0.71	%(d)		0.72	%		0.75	%		0.76	%		0.76	%		0.89	%
Ratio of net investment income to average net assets		0.91	%(b)(d)		0.56	%		0.84	%		1.17	%		0.95	%		1.36	%
Portfolio turnover rate(e)		96	%		214	%		213	%		199	%		168	%		193	%

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

(b) Reflects income recognized from special dividends which amounted to $0.11 per share and 0.39% 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 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. 93

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	75.30		$	55.56		$	51.13		$	49.27		$	51.19		$	41.91
Net investment income(a)		0.28	(b)		0.46			0.50			0.76			0.42			0.82
Net realized and unrealized gain (loss)		(6.36	)		21.99			4.83			3.10			2.68			10.33
Total from investment operations		(6.08	)		22.45			5.33			3.86			3.10			11.15
Distributions to shareholders from net investment income		(0.46	)		(0.48	)		(0.90	)		(0.35	)		(0.64	)		(0.49	)
Distributions to shareholders from net realized gains		(15.57	)		(2.23	)		—			(1.65	)		(4.38	)		(1.38	)
Total distributions		(16.03	)		(2.71	)		(0.90	)		(2.00	)		(5.02	)		(1.87	)
Net asset value, end of period	$	53.19		$	75.30		$	55.56		$	51.13		$	49.27		$	51.19
Total Return(c)		(10.24	)%		41.78	%		10.49	%		8.38	%		6.37	%		27.41	%
Net assets, end of period (in 000’s)	$	19,809		$	14,142		$	8,871		$	12,068		$	31,916		$	2,557
Ratio of net expenses to average net assets		0.55	%(d)		0.55	%		0.55	%		0.54	%		0.54	%		0.55	%
Ratio of total expenses to average net assets		0.58	%(d)		0.60	%		0.61	%		0.59	%		0.63	%		0.71	%
Ratio of net investment income to average net assets		0.94	%(b)(d)		0.69	%		0.95	%		1.49	%		0.82	%		1.70	%
Portfolio turnover rate(e)		96	%		214	%		213	%		199	%		168	%		193	%

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

(b) Reflects income recognized from special dividends which amounted to $0.11 per share and 0.39% 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 and certain derivatives. 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 U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Insights Fund
	Class R Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	71.12		$	52.63		$	48.47		$	46.74		$	48.89		$	40.12
Net investment income(a)		0.12	(b)		0.07			0.16			0.32			0.23			0.37
Net realized and unrealized gain (loss)		(5.99	)		20.80			4.57			3.08			2.42			10.01
Total from investment operations		(5.87	)		20.87			4.73			3.40			2.65			10.38
Distributions to shareholders from net investment income		(0.09	)		(0.15	)		(0.57	)		(0.02	)		(0.42	)		(0.23	)
Distributions to shareholders from net realized gains		(15.57	)		(2.23	)		—			(1.65	)		(4.38	)		(1.38	)
Total distributions		(15.66	)		(2.38	)		(0.57	)		(1.67	)		(4.80	)		(1.61	)
Net asset value, end of period	$	49.59		$	71.12		$	52.63		$	48.47		$	46.74		$	48.89
Total Return(c)		(10.53	)%		40.91	%		9.79	%		7.72	%		5.65	%		26.58	%
Net assets, end of period (in 000’s)	$	19,008		$	22,030		$	41,005		$	44,555		$	49,993		$	51,263
Ratio of net expenses to average net assets		1.18	%(d)		1.18	%		1.19	%		1.19	%		1.20	%		1.21	%
Ratio of total expenses to average net assets		1.21	%(d)		1.22	%		1.25	%		1.26	%		1.25	%		1.39	%
Ratio of net investment income to average net assets		0.41	%(b)(d)		0.11	%		0.31	%		0.69	%		0.48	%		0.84	%
Portfolio turnover rate(e)		96	%		214	%		213	%		199	%		168	%		193	%

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

(b) Reflects income recognized from special dividends which amounted to $0.11 per share and 0.39% 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 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. 95

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Insights Fund
	Class P Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	75.31		$	55.56		$	51.14		$	49.28		$	49.09
Net investment income(b)		0.32	(c)		0.46			0.50			0.65			0.26
Net realized and unrealized gain (loss)		(6.41	)		22.00			4.83			3.21			(0.07	)
Total from investment operations		(6.09	)		22.46			5.33			3.86			0.19
Distributions to shareholders from net investment income		(0.46	)		(0.48	)		(0.91	)		(0.35	)		—
Distributions to shareholders from net realized gains		(15.57	)		(2.23	)		—			(1.65	)		—
Total distributions		(16.03	)		(2.71	)		(0.91	)		(2.00	)		—
Net asset value, end of period	$	53.19		$	75.31		$	55.56		$	51.14		$	49.28
Total Return(d)		(10.26	)%		41.80	%		10.49	%		8.40	%		0.39	%
Net assets, end of period (in 000’s)	$	262,480		$	327,501		$	245,632		$	225,899		$	203,525
Ratio of net expenses to average net assets		0.55	%(e)		0.55	%		0.55	%		0.54	%		0.54	%(e)
Ratio of total expenses to average net assets		0.58	%(e)		0.59	%		0.61	%		0.62	%		0.62	%(e)
Ratio of net investment income to average net assets		1.05	%(c)(e)		0.68	%		0.94	%		1.33	%		0.93	%(e)
Portfolio turnover rate(f)		96	%		214	%		213	%		199	%		168	%

(a) Commenced operations on April 16, 2018.

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

(c) Reflects income recognized from special dividends which amounted to $0.11 per share and 0.39% 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 and certain derivatives. 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 DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements

April 30, 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 Growth Insights	A, C, Institutional, Service, Investor, R6, R and P	Non-diversified
Large Cap Value Insights, Small Cap Equity Insights and U.S. Equity Insights	A, C, Institutional, Service, Investor, R6, R and P	Diversified
Small Cap Growth Insights and Small Cap Value Insights	A, C, Institutional, Investor, R6, R 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.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract of the contract.

97

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Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

98

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS 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.

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.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be

99

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i.  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.

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 April 30, 2022:

LARGE CAP GROWTH INSIGHTS FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	1,112,312,781		$	—	$	—
Securities Lending Reinvestment Vehicle		475,200			—		—
Total	$	1,112,787,981		$	—	$	—
LARGE CAP VALUE INSIGHTS FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	403,614,894		$	—	$	—
Total	$	403,614,894		$	—	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(120,785	)	$	—	$	—

(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.

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

100

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SMALL CAP EQUITY INSIGHTS FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	742,586		$	—	$	—
Asia		3,399,609			—		—
Europe		4,867,566			—		—
North America		445,908,429			—		—
Securities Lending Reinvestment Vehicle		5,346,284			—		—
Total	$	460,264,474		$	—	$	—
SMALL CAP GROWTH INSIGHTS FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	604,851		$	—	$	—
Asia		2,208,165			—		—
Europe		1,734,637			—		—
North America		157,016,399			—		—
Securities Lending Reinvestment Vehicle		3,100,086			—		—
Total	$	164,664,138		$	—	$	—
SMALL CAP VALUE INSIGHTS FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	2,654,473		$	—	$	—
Europe		9,858,794			—		—
North America		1,103,135,064			—		—
Securities Lending Reinvestment Vehicle		12,866,518			—		—
Total	$	1,128,514,849		$	—	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(202,655	)	$	—	$	—

(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.

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

101

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Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

U.S. EQUITY INSIGHTS FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	5,801,832	$	—	$	—
North America		997,217,449		—		—
Total	$	1,003,019,281	$	—	$	—

(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. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of April 30, 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 tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Risk	Fund	Statement of Assets and Liabilities	Assets (Liabilities)(a)
Equity	Large Cap Value Insights	Variation Margin on Futures Contracts	$(120,785)
Equity	Small Cap Value Insights	Variation Margin on Futures Contracts	(202,655)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of April 30, 2022 is reported within the Statements of Assets and Liabilities.

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

Risk	Fund	Net Realized Gain (Loss) from Futures Contracts			Net Change in Unrealized Gain (Loss) on Futures Contracts
Equity	Large Cap Growth Insights	$	522,728		$	—
Equity	Large Cap Value Insights		20,830			(120,785	)
Equity	Small Cap Equity Insights		433,498			(290,252	)
Equity	Small Cap Growth Insights		320,646			—
Equity	Small Cap Value Insights		(635,985	)		(532,817	)
Equity	U.S. Equity Insights		316,386			—

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

For the six months ended April 30, 2022, the relevant values for each derivative type were as follows:

Fund	Number of Contracts(a)
Large Cap Growth Insights		118
Large Cap Value Insights		6
Small Cap Equity Insights		48
Small Cap Growth Insights		1
Small Cap Value Insights		31
U.S. Equity Insights		71

(a) Amount disclosed represents average number of contracts for the months that the Fund held such derivatives during the six months ended April 30, 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 each Fund’s average daily net assets.

For the six months ended April 30, 2022, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate^
Large Cap Growth Insights		0.52	%		0.47	%		0.44	%		0.44	%		0.43	%		0.50	%		0.50	%
Large Cap Value Insights		0.52			0.47			0.44			0.44			0.43			0.52			0.52
Small Cap Equity Insights		0.80			0.80			0.72			0.68			0.67			0.80			0.80
Small Cap Growth Insights		0.80			0.80			0.72			0.68			0.67			0.80			0.80
Small Cap Value Insights		0.80			0.80			0.72			0.68			0.67			0.80			0.80
U.S. Equity Insights		0.52			0.47			0.44			0.44			0.43			0.51			0.51

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

The Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds invest in Institutional Shares of the 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 Funds 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

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Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

in the Underlying Money Market Fund. For the six months ended April 30, 2022, the management fee waived by GSAM for each Fund was as follows:

Fund	Management Fee Waived
Large Cap Growth Insights	$	934
Large Cap Value Insights		259
Small Cap Equity Insights		1,356
Small Cap Growth Insights		172
Small Cap Value Insights		205
U.S. Equity Insights		849

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

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

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

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

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the 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 April 30, 2022, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Large Cap Growth Insights	$	11,717	$	—
Large Cap Value Insights		2,527		377
Small Cap Equity Insights		580		230
Small Cap Growth Insights		3,845		25
Small Cap Value Insights		1,878		—
U.S. Equity Insights		3,069		257

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.

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.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets are 0.004%. These Other Expense limitations will remain in place through at least February 28, 2023, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

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Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended April 30, 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
Large Cap Growth Insights	$	934	$	221,162	$	222,096
Large Cap Value Insights		259		152,559		152,818
Small Cap Equity Insights		1,356		185,410		186,766
Small Cap Growth Insights		172		182,070		182,242
Small Cap Value Insights		205		225,792		225,997
U.S. Equity Insights		849		194,906		195,755

G.  Line of Credit Facility — As of April 30, 2022, the Funds participated in a $1,250,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended April 30, 2022, the Funds did not have any borrowings under the facility. Prior to April 22, 2022, the facility was $1,000,000,000.

H.  Other Transactions with Affiliates — For the six months ended April 30, 2022, Goldman Sachs did not earn brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs.

As of April 30, 2022, the following Goldman Sachs Dynamic Global Equity Fund and Goldman Sachs Enhanced Dividend Global Equity Portfolio were beneficial owners of 5% or more of total outstanding shares of the following Funds:

Fund	Goldman Sachs Dynamic Global Equity			Goldman Sachs Enhanced Dividend Global Equity
Large Cap Value Insights		6	%		—	%
Small Cap Equity Insights		—			7

The following table provides information about the Funds’ investments in the Underlying Fund as of and for the six months ended April 30, 2022:

Fund	Market Value as of October 31, 2021		Purchased at Cost		Proceeds from Sales			Market Value as of April 30, 2022		Shares as of April 30, 2022		Dividend Income from Affiliated Investment Companies
Large Cap Growth Insights	$	—	$	16,701,934	$	(16,701,934	)	$	—		—	$	147
Large Cap Value Insights		—		13,664,489		(13,664,489	)		—		—		284
Small Cap Equity Insights		5,888,756		21,352,246		(27,241,002	)		—		—		976
Small Cap Growth Insights		—		20,571,006		(20,571,006	)		—		—		17
Small Cap Value Insights		1,412,504		24,501,634		(25,914,138	)		—		—		236
U.S. Equity Insights		—		25,567,595		(25,567,595	)		—		—		1,152

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6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2022 were as follows:

Fund	Purchase		Sales and Maturities
Large Cap Growth Insights	$	1,395,674,474	$	1,998,383,777
Large Cap Value Insights		410,793,628		408,791,593
Small Cap Equity Insights		356,765,560		401,358,502
Small Cap Growth Insights		215,973,429		387,730,582
Small Cap Value Insights		1,000,990,661		1,043,037,921
U.S. Equity Insights		1,086,429,136		1,173,049,453

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The

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Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

7. SECURITIES LENDING (continued)

Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of April 30, 2022, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable. The U.S. Equity Insights Fund did not have securities on loan as of April 30, 2022.

Both the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned by the Funds for the six months ended April 30, 2022 are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

	For the Six Months Ended April 30, 2022				Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of April 30, 2022
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
Large Cap Growth Insights	$	532	$	1,571	$	—
Large Cap Value Insights		137		427		—
Small Cap Equity Insights		3,347		4,831		2,044,033
Small Cap Growth Insights		4,001		4,436		648,372
Small Cap Value Insights		5,042		12,137		4,328,809
U.S. Equity Insights		405		87		—

The following table provides information about the Funds’ investments in the Government Money Market Fund for the six months ended April 30, 2022.

Fund	Beginning value as of October 31, 2021		Purchases at Cost		Proceeds from Sales			Ending value as of April 30, 2022
Large Cap Growth Insights	$	14,135,325	$	11,680,915	$	(25,341,040	)	$	475,200
Large Cap Value Insights		3,732,000		3,716,250		(7,448,250	)		—
Small Cap Equity Insights		8,587,928		28,564,047		(31,805,691	)		5,346,284
Small Cap Growth Insights		5,015,264		23,081,752		(24,996,930	)		3,100,086
Small Cap Value Insights		25,942,175		78,865,053		(91,940,710	)		12,866,518
U.S. Equity Insights		10,200,800		6,755,975		(16,956,775	)		—

8. TAX INFORMATION

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

	Large Cap Growth Insights			Large Cap Value Insights		Small Cap Equity Insights		Small Cap Growth Insights		Small Cap Value Insights		U.S. Equity Insights
Timing differences (Qualified Late Year Loss Deferral)	$	(263,601	)	$	—	$	—	$	—	$	—	$	—

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8. TAX INFORMATION (continued)

As of April 30, 2022, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Large Cap Growth Insights			Large Cap Value Insights			Small Cap Equity Insights			Small Cap Growth Insights			Small Cap Value Insights			U.S. Equity Insights
Tax Cost	$	781,770,839		$	395,804,213		$	487,065,312		$	182,934,896		$	1,117,393,706		$	868,322,606
Gross unrealized gain		382,578,253			29,351,803			42,572,914			14,988,940			114,892,025			190,680,781
Gross unrealized loss		(51,561,111	)		(21,541,122	)		(69,373,752	)		(33,259,698	)		(103,770,882	)		(55,984,106	)
Net unrealized gain (loss)	$	331,017,142		$	7,810,681		$	(26,800,838	)	$	(18,270,758	)	$	11,121,143		$	134,696,675

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales and net mark to market gains (losses) on regulated futures contracts, and differences in the tax treatment of passive foreign investment company investments.

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

9. OTHER RISKS

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

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

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.

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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Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

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

10. INDEMNIFICATIONS

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

11. OTHER MATTERS

At a meeting held on April 13, 2022 (the “Meeting”), the Board of Trustees of the Goldman Sachs Trust approved a reverse share split for Class C Shares of the Small Cap Growth Insights Fund (the “Fund”), pursuant to which shareholders will receive one Class C Share in exchange for every 9 Class C Shares of the Fund they currently own. The reverse stock split is intended to bring the net asset value (“NAV”) of the Class C Shares of the Fund into better alignment with the NAVs of the Fund’s other share classes and reduce the variances among the NAVs that currently exist. This is intended to reduce marketplace confusion and bring greater uniformity to the ratio of capital gains to the NAV across all share classes of the Fund. The amount of each shareholder’s aggregate investment in the Fund will remain unchanged as a result of the split. The effect of the reverse share split is to reduce the number of shares outstanding of the Fund and increase the Fund’s Class C NAV per share. The reverse share split will not be a taxable event, nor does it have an impact on the Fund’s holdings or performance. No changes are contemplated at this time for the other share classes offered by the Fund.

The reverse share split will occur on or about June 10, 2022.

12. SUBSEQUENT EVENTS

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

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13. SUMMARY OF SHARE TRANSACTIONS

	Large Cap Growth Insights Fund
	For the Six Months Ended April 30, 2022 (Unaudited)						For the Fiscal Year Ended October 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,037,134		$	34,120,606			1,095,454		$	45,113,329
Reinvestment of distributions		2,688,364			88,635,361			615,562			23,145,148
Shares redeemed		(1,731,305	)		(56,332,462	)		(2,431,447	)		(99,948,201	)
		1,994,193			66,423,505			(720,431	)		(31,689,724	)
Class C Shares
Shares sold		118,748			2,978,933			87,523			3,134,888
Reinvestment of distributions		635,744			16,453,064			141,544			4,574,698
Shares redeemed		(338,395	)		(8,434,135	)		(371,462	)		(13,306,116	)
		416,097			10,997,862			(142,395	)		(5,596,530	)
Institutional Shares
Shares sold		2,094,560			75,061,984			4,360,670			191,925,368
Reinvestment of distributions		3,140,645			110,517,603			1,561,511			61,376,167
Shares redeemed		(10,351,848	)		(487,628,728	)		(7,340,923	)		(320,397,444	)
		(5,116,643	)		(302,049,141	)		(1,418,742	)		(67,095,909	)
Service Shares
Shares sold		60,166			1,902,956			126,694			5,030,496
Reinvestment of distributions		135,426			4,330,914			85,767			3,163,099
Shares redeemed		(136,532	)		(4,319,411	)		(774,972	)		(30,914,145	)
		59,060			1,914,459			(562,511	)		(22,720,550	)
Investor Shares
Shares sold		891,133			27,771,126			939,158			38,504,632
Reinvestment of distributions		2,620,037			84,626,583			851,697			31,563,303
Shares redeemed		(2,061,372	)		(65,691,373	)		(4,451,351	)		(181,534,942	)
		1,449,798			46,706,336			(2,660,496	)		(111,467,007	)
Class R6 Shares
Shares sold		966,975			36,195,626			1,599,203			68,595,141
Reinvestment of distributions		2,334,785			82,112,342			828,918			32,565,309
Shares redeemed		(2,583,571	)		(86,705,462	)		(6,168,258	)		(259,942,675	)
		718,189			31,602,506			(3,740,137	)		(158,782,225	)
Class R Shares
Shares sold		113,034			3,609,479			192,530			7,756,717
Reinvestment of distributions		305,562			9,579,381			71,765			2,614,386
Shares redeemed		(101,587	)		(3,245,570	)		(372,150	)		(15,253,333	)
		317,009			9,943,290			(107,855	)		(4,882,230	)
Class P Shares
Shares sold		407,033			13,000,561			105,163			4,407,933
Reinvestment of distributions		674,287			23,693,905			149,914			5,886,489
Shares redeemed		(407,493	)		(14,011,457	)		(232,991	)		(9,833,829	)
		673,827			22,683,009			22,086			460,593
NET INCREASE (DECREASE)		511,530		$	(111,778,174	)		(9,330,481	)	$	(401,773,582	)

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Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

13. SUMMARY OF SHARE TRANSACTIONS (continued)

	Large Cap Value Insights Fund
	For the Six Months Ended April 30, 2022 (Unaudited)						For the Fiscal Year Ended October 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		503,967		$	11,712,564			374,537		$	9,278,898
Reinvestment of distributions		395,321			9,130,110			25,367			608,567
Shares redeemed		(422,413	)		(10,113,596	)		(546,202	)		(13,495,141	)
		476,875			10,729,078			(146,298	)		(3,607,676	)
Class C Shares
Shares sold		38,652			891,160			80,854			2,011,740
Reinvestment of distributions		68,600			1,564,298			1,882			42,611
Shares redeemed		(83,326	)		(1,958,339	)		(144,995	)		(3,467,473	)
		23,926			497,119			(62,259	)		(1,413,122	)
Institutional Shares
Shares sold		1,168,922			27,795,096			1,174,035			29,189,417
Reinvestment of distributions		662,919			15,293,861			62,528			1,502,175
Shares redeemed		(1,181,086	)		(28,125,419	)		(1,614,015	)		(39,580,481	)
		650,755			14,963,538			(377,452	)		(8,888,889	)
Service Shares
Shares sold		20,442			488,424			51,346			1,269,338
Reinvestment of distributions		45,939			1,066,381			2,702			64,678
Shares redeemed		(28,805	)		(680,916	)		(76,691	)		(1,879,356	)
		37,576			873,889			(22,643	)		(545,340	)
Investor Shares
Shares sold		544,012			12,911,012			969,056			23,461,684
Reinvestment of distributions		618,549			14,225,515			51,114			1,222,745
Shares redeemed		(713,328	)		(17,023,240	)		(1,321,311	)		(32,404,001	)
		449,233			10,113,287			(301,141	)		(7,719,572	)
Class R6 Shares
Shares sold		123,146			2,922,736			320,757			7,992,785
Reinvestment of distributions		540,981			12,480,464			49,082			1,180,836
Shares redeemed		(135,457	)		(3,190,314	)		(864,911	)		(21,451,153	)
		528,670			12,212,886			(495,072	)		(12,277,532	)
Class R Shares
Shares sold		25,876			625,655			41,893			1,025,052
Reinvestment of distributions		36,808			842,592			2,302			54,226
Shares redeemed		(34,807	)		(840,480	)		(97,866	)		(2,428,101	)
		27,877			627,767			(53,671	)		(1,348,823	)
Class P Shares
Shares sold		485,727			11,364,451			221,021			5,204,447
Reinvestment of distributions		322,382			7,434,726			25,656			619,341
Shares redeemed		(180,434	)		(4,214,153	)		(114,163	)		(2,754,890	)
		627,675			14,585,024			132,514			3,068,898
NET INCREASE (DECREASE)		2,822,587		$	64,602,588			(1,326,022	)	$	(32,732,056	)

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13. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small Cap Equity Insights Fund
	For the Six Months Ended April 30, 2022 (Unaudited)						For the Fiscal Year Ended October 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		108,730		$	2,767,429			198,389		$	6,402,737
Reinvestment of distributions		407,005			10,240,249			2,449			69,444
Shares redeemed		(147,433	)		(3,777,144	)		(434,186	)		(14,009,213	)
		368,302			9,230,534			(233,348	)		(7,537,032	)
Class C Shares
Shares sold		20,851			428,352			47,542			1,298,606
Reinvestment of distributions		109,923			2,166,576			—			—
Shares redeemed		(55,243	)		(1,083,180	)		(101,633	)		(2,784,132	)
		75,531			1,511,748			(54,091	)		(1,485,526	)
Institutional Shares
Shares sold		858,359			23,466,586			3,254,959			106,543,708
Reinvestment of distributions		1,821,341			48,593,389			31,539			931,340
Shares redeemed		(1,527,518	)		(45,476,999	)		(6,166,178	)		(183,839,430	)
		1,152,182			26,582,976			(2,879,680	)		(76,364,382	)
Service Shares
Shares sold		6,303			158,595			60,889			1,978,686
Reinvestment of distributions		35,155			861,999			180			5,026
Shares redeemed		(57,029	)		(1,426,654	)		(81,456	)		(2,641,770	)
		(15,571	)		(406,060	)		(20,387	)		(658,058	)
Investor Shares
Shares sold		294,237			7,888,093			815,337			26,010,460
Reinvestment of distributions		570,066			14,257,356			10,482			295,176
Shares redeemed		(1,122,822	)		(30,351,429	)		(1,754,425	)		(53,617,675	)
		(258,519	)		(8,205,980	)		(928,606	)		(27,312,039	)
Class R6 Shares
Shares sold		594,188			16,312,047			631,922			21,122,074
Reinvestment of distributions		887,467			23,686,493			24,331			718,494
Shares redeemed		(544,399	)		(14,622,859	)		(2,915,629	)		(92,706,574	)
		937,256			25,375,681			(2,259,376	)		(70,866,006	)
Class R Shares
Shares sold		66,629			1,651,205			125,400			3,882,129
Reinvestment of distributions		161,112			3,905,346			128			3,543
Shares redeemed		(78,561	)		(1,938,691	)		(284,861	)		(8,669,839	)
		149,180			3,617,860			(159,333	)		(4,784,167	)
Class P Shares
Shares sold		999,841			26,311,345			656,903			22,358,809
Reinvestment of distributions		1,279,518			34,137,536			19,262			568,617
Shares redeemed		(1,404,164	)		(36,475,383	)		(404,571	)		(13,845,592	)
		875,195			23,973,498			271,594			9,081,834
NET INCREASE (DECREASE)		3,283,556		$	81,680,257			(6,263,227	)	$	(179,925,376	)

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Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

13. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small Cap Growth Insights Fund
	For the Six Months Ended April 30, 2022 (Unaudited)						For the Fiscal Year Ended October 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		737,515		$	25,663,970			200,305		$	8,989,161
Reinvestment of distributions		3,171,796			47,830,685			49,962			2,024,645
Shares redeemed		(2,157,292	)		(34,573,857	)		(479,824	)		(21,229,689	)
		1,752,019			38,920,798			(229,557	)		(10,215,883	)
Class C Shares
Shares sold		345,258			6,696,658			21,857			709,037
Reinvestment of distributions		4,490,243			12,303,265			12,362			363,996
Shares redeemed		(2,391,020	)		(6,596,609	)		(58,186	)		(1,901,256	)
		2,444,481			12,403,314			(23,967	)		(828,223	)
Institutional Shares
Shares sold		769,883			19,352,662			954,048			51,400,881
Reinvestment of distributions		2,934,400			72,098,210			133,643			6,550,783
Shares redeemed		(4,082,468	)		(102,713,042	)		(3,096,424	)		(167,651,024	)
		(378,185	)		(11,262,170	)		(2,008,733	)		(109,699,360	)
Investor Shares
Shares sold		223,891			4,082,760			2,878,928			130,807,137
Reinvestment of distributions		2,144,431			35,940,663			443,811			18,615,787
Shares redeemed		(1,820,082	)		(33,285,018	)		(14,448,839	)		(678,528,770	)
		548,240			6,738,405			(11,126,100	)		(529,105,846	)
Class R6 Shares
Shares sold		146,288			4,382,821			990,249			52,473,767
Reinvestment of distributions		1,889,851			46,509,244			134,792			6,611,412
Shares redeemed		(1,880,725	)		(48,066,996	)		(5,811,777	)		(308,314,516	)
		155,414			2,825,069			(4,686,736	)		(249,229,337	)
Class R Shares
Shares sold		53,059			789,427			47,078			1,999,938
Reinvestment of distributions		334,627			4,303,299			8,078			311,653
Shares redeemed		(136,967	)		(1,765,086	)		(157,505	)		(6,656,958	)
		250,719			3,327,640			(102,349	)		(4,345,367	)
Class P Shares
Shares sold		89,131			1,968,758			16,769			925,178
Reinvestment of distributions		214,331			5,274,692			7,360			361,013
Shares redeemed		(136,538	)		(3,377,716	)		(83,999	)		(4,668,279	)
		166,924			3,865,734			(59,870	)		(3,382,088	)
NET INCREASE (DECREASE)		4,939,612		$	56,818,790			(18,237,312	)	$	(906,806,104	)

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13. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small Cap Value Insights Fund
	For the Six Months Ended April 30, 2022 (Unaudited)						For the Fiscal Year Ended October 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		341,630		$	13,495,846			566,524		$	27,357,223
Reinvestment of distributions		1,110,993			41,255,586			17,972			733,047
Shares redeemed		(532,252	)		(21,348,377	)		(700,432	)		(32,964,079	)
		920,371			33,403,055			(115,936	)		(4,873,809	)
Class C Shares
Shares sold		30,737			713,380			42,344			1,422,441
Reinvestment of distributions		145,934			2,976,487			889			24,811
Shares redeemed		(62,096	)		(1,352,278	)		(85,171	)		(2,791,574	)
		114,575			2,337,589			(41,938	)		(1,344,322	)
Institutional Shares
Shares sold		1,487,545			89,571,540			2,422,336			155,514,994
Reinvestment of distributions		1,395,749			78,161,504			31,205			1,727,414
Shares redeemed		(1,296,593	)		(78,844,472	)		(1,545,560	)		(101,726,881	)
		1,586,701			88,888,572			907,981			55,515,527
Investor Shares
Shares sold		4,071,334			181,444,089			2,218,254			107,386,728
Reinvestment of distributions		2,401,504			88,614,645			68,663			2,781,203
Shares redeemed		(3,937,989	)		(192,661,283	)		(3,851,812	)		(180,467,491	)
		2,534,849			77,397,451			(1,564,895	)		(70,299,560	)
Class R6 Shares
Shares sold		1,122,650			70,185,752			2,244,099			143,401,680
Reinvestment of distributions		1,158,040			64,837,855			28,540			1,579,576
Shares redeemed		(1,700,641	)		(103,192,992	)		(1,643,652	)		(105,757,051	)
		580,049			31,830,615			628,987			39,224,205
Class R Shares
Shares sold		81,447			3,172,095			143,180			6,706,149
Reinvestment of distributions		186,001			6,663,870			2,943			117,344
Shares redeemed		(77,656	)		(2,918,948	)		(152,368	)		(7,129,277	)
		189,792			6,917,017			(6,245	)		(305,784	)
Class P Shares
Shares sold		33,561			1,956,534			126,625			7,802,899
Reinvestment of distributions		170,528			9,546,149			4,947			273,740
Shares redeemed		(66,961	)		(3,883,623	)		(149,515	)		(9,843,214	)
		137,128			7,619,060			(17,943	)		(1,766,575	)
NET INCREASE (DECREASE)		6,063,465		$	248,393,359			(209,989	)	$	16,149,682

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Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

13. SUMMARY OF SHARE TRANSACTIONS (continued)

	U.S. Equity Insights Fund
	For the Six Months Ended April 30, 2022 (Unaudited)						For the Fiscal Year Ended October 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		133,159		$	7,721,235			207,268		$	13,062,919
Reinvestment of distributions		1,370,090			78,101,475			227,426			12,992,585
Shares redeemed		(467,235	)		(26,917,065	)		(678,999	)		(44,102,994	)
		1,036,014			58,905,645			(244,305	)		(18,047,490	)
Class C Shares
Shares sold		32,697			1,735,999			57,587			3,282,580
Reinvestment of distributions		98,696			4,769,992			15,127			762,084
Shares redeemed		(67,275	)		(3,231,626	)		(113,279	)		(6,257,364	)
		64,118			3,274,365			(40,565	)		(2,212,700	)
Institutional Shares
Shares sold		430,022			26,597,949			728,154			48,148,149
Reinvestment of distributions		1,146,235			68,455,553			208,034			12,322,729
Shares redeemed		(738,674	)		(45,146,808	)		(1,207,280	)		(79,403,501	)
		837,583			49,906,694			(271,092	)		(18,932,623	)
Service Shares
Shares sold		8,175			475,421			10,669			694,330
Reinvestment of distributions		22,830			1,290,452			4,293			243,533
Shares redeemed		(15,618	)		(869,822	)		(35,614	)		(2,372,863	)
		15,387			896,051			(20,652	)		(1,435,000	)
Investor Shares
Shares sold		276,278			17,124,879			464,534			29,994,670
Reinvestment of distributions		521,209			29,215,058			78,789			4,441,328
Shares redeemed		(661,246	)		(37,265,824	)		(448,219	)		(28,495,429	)
		136,241			9,074,113			95,104			5,940,569
Class R6 Shares
Shares sold		177,476			11,411,660			65,402			4,400,402
Reinvestment of distributions		65,441			3,904,300			7,120			421,374
Shares redeemed		(58,275	)		(3,455,478	)		(44,390	)		(3,013,307	)
		184,642			11,860,482			28,132			1,808,469
Class R Shares
Shares sold		38,227			2,298,690			75,688			4,589,321
Reinvestment of distributions		86,368			4,786,764			33,114			1,850,453
Shares redeemed		(51,083	)		(2,908,974	)		(578,215	)		(34,437,536	)
		73,512			4,176,480			(469,413	)		(27,997,762	)
Class P Shares
Shares sold		708,684			40,062,752			536,918			34,615,121
Reinvestment of distributions		1,094,747			65,314,484			208,354			12,331,032
Shares redeemed		(1,217,896	)		(76,412,220	)		(817,391	)		(54,251,909	)
		585,535			28,965,016			(72,119	)		(7,305,756	)
NET INCREASE (DECREASE)		2,933,032		$	167,058,846			(994,910	)	$	(68,182,293	)

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Liquidity Risk Management Program (Unaudited)

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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Impact of Russian Invasion of Ukraine (Unaudited)

The Russian invasion of Ukraine has negatively affected the global economy and has resulted in significant disruptions in financial markets and increased macroeconomic uncertainty. In addition, governments around the world have responded to Russia’s invasion by imposing economic sanctions and export controls on certain industry sectors, companies and individuals in or associated with Russia. Russia has imposed its own restrictions against investors and countries outside Russia and has proposed additional measures aimed at non-Russian-owned businesses. Businesses in the U.S. and globally have experienced shortages in materials and increased costs for transportation, energy and raw materials due, in part, to the negative effects of the war on the global economy. The escalation or continuation of the war between Russia and Ukraine or other hostilities presents heightened risks relating to cyber-attacks, the frequency and volume of failures to settle securities transactions, supply chain disruptions, inflation, as well as the potential for increased volatility in commodity, currency and other financial markets. The extent and duration of the war, sanctions and resulting market disruptions, as well as the potential adverse consequences for the Funds’ operations are difficult to predict.

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Fund Expenses — Six Month Period Ended April 30, 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 and Class R Shares); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2021 through April 30, 2022, which represents a period of 181 days in a 365 day year. This projection assumes that annualized expense ratios were in effect during the period.

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:

	Large Cap Growth Insights Fund							Large Cap Value Insights Fund							Small Cap Equity Insights Fund
Share Class	Beginning Account Value 11/1/21		Ending Account Value 4/30/22			Expenses Paid for the 6 months  ended 4/30/2022*		Beginning Account Value 11/1/21		Ending Account Value 4/30/22			Expenses Paid for the 6 months  ended 4/30/2022*		Beginning Account Value 11/1/21		Ending Account Value 4/30/22			Expenses Paid for the 6 months  ended 4/30/2022*
Class A
Actual	$	1,000.00	$	820.68		$	4.15	$	1,000.00	$	979.07		$	4.58	$	1,000.00	$	835.77		$	5.52
Hypothetical 5% return		1,000.00		1,020.24	+		4.60		1,000.00		1,020.16	+		4.68		1,000.00		1,018.78	+		6.07
Class C
Actual		1,000.00		817.79			7.52		1,000.00		975.41			8.25		1,000.00		832.58			8.92
Hypothetical 5% return		1,000.00		1,016.52	+		8.34		1,000.00		1,016.44	+		8.42		1,000.00		1,015.06	+		9.81
Institutional
Actual		1,000.00		822.36			2.48		1,000.00		981.01			2.77		1,000.00		837.32			3.84
Hypothetical 5% return		1,000.00		1,022.08	+		2.75		1,000.00		1,022.00	+		2.83		1,000.00		1,020.61	+		4.23
Service
Actual		1,000.00		820.22			4.73		1,000.00		978.17			5.22		1,000.00		835.14			6.11
Hypothetical 5% return		1,000.00		1,019.60	+		5.25		1,000.00		1,019.52	+		5.33		1,000.00		1,018.13	+		6.72
Investor
Actual		1,000.00		821.71			3.02		1,000.00		980.41			3.36		1,000.00		836.89			4.39
Hypothetical 5% return		1,000.00		1,021.48	+		3.35		1,000.00		1,021.40	+		3.43		1,000.00		1,020.02	+		4.83
Class R6
Actual		1,000.00		822.49			2.43		1,000.00		981.07			2.72		1,000.00		837.38			3.80
Hypothetical 5% return		1,000.00		1,022.12	+		2.70		1,000.00		1,022.05	+		2.78		1,000.00		1,020.66	+		4.18
Class R
Actual		1,000.00		819.85			5.28		1,000.00		977.75			5.81		1,000.00		834.71			6.66
Hypothetical 5% return		1,000.00		1,019.00	+		5.85		1,000.00		1,018.92	+		5.93		1,000.00		1,017.54	+		7.32
Class P
Actual		1,000.00		822.17			2.44		1,000.00		980.62			2.72		1,000.00		837.38			3.80
Hypothetical 5% return		1,000.00		1,022.12	+		2.70		1,000.00		1,022.05	+		2.78		1,000.00		1,020.66	+		4.18

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 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.

119

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Fund Expenses — Six Month Period Ended April 30, 2022 (Unaudited) (continued)

	Small Cap Growth Insights Fund							Small Cap Value Insights Fund							U.S. Equity Insights Fund
Share Class	Beginning Account Value 11/1/21		Ending Account Value 4/30/22			Expenses Paid for the 6 months  ended 4/30/2022*		Beginning Account Value 11/1/21		Ending Account Value 4/30/22			Expenses Paid for the 6 months  ended 4/30/2022*		Beginning Account Value 11/1/21		Ending Account Value 4/30/22			Expenses Paid for the 6 months  ended 4/30/2022*
Class A
Actual	$	1,000.00	$	745.80		$	5.25	$	1,000.00	$	918.31		$	5.77	$	1,000.00	$	895.81		$	4.36
Hypothetical 5% return		1,000.00		1,018.78	+		6.08		1,000.00		1,018.77	+		6.08		1,000.00		1,020.20	+		4.64
Class C
Actual		1,000.00		742.10			8.48		1,000.00		915.36			9.33		1,000.00		892.43			7.87
Hypothetical 5% return		1,000.00		1,015.06	+		9.81		1,000.00		1,015.06	+		9.81		1,000.00		1,016.48	+		8.38
Institutional
Actual		1,000.00		747.09			3.66		1,000.00		920.20			4.02		1,000.00		897.46			2.62
Hypothetical 5% return		1,000.00		1,020.61	+		4.23		1,000.00		1,020.61	+		4.23		1,000.00		1,022.03	+		2.79
Service
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		895.19			4.97
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		1,019.55	+		5.29
Investor
Actual		1,000.00		746.92			4.17		1,000.00		919.59			4.59		1,000.00		896.97			3.18
Hypothetical 5% return		1,000.00		1,020.01	+		4.83		1,000.00		1,020.01	+		4.83		1,000.00		1,021.44	+		3.39
Class R6
Actual		1,000.00		747.06			3.61		1,000.00		920.28			3.97		1,000.00		897.63			2.57
Hypothetical 5% return		1,000.00		1,020.66	+		4.18		1,000.00		1,020.66	+		4.18		1,000.00		1,022.08	+		2.74
Class R
Actual		1,000.00		745.17			6.33		1,000.00		917.51			6.96		1,000.00		894.67			5.53
Hypothetical 5% return		1,000.00		1,017.54	+		7.32		1,000.00		1,017.53	+		7.32		1,000.00		1,018.96	+		5.89
Class P
Actual		1,000.00		747.06			3.61		1,000.00		920.23			3.97		1,000.00		897.42			2.57
Hypothetical 5% return		1,000.00		1,020.66	+		4.18		1,000.00		1,020.66	+		4.18		1,000.00		1,022.08	+		2.74

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 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
Large Cap Growth Insights Fund		0.92	%		1.67	%		0.55	%		1.05	%		0.67	%		0.54	%		1.17	%		0.54	%
Large Cap Value Insights Fund		0.93			1.68			0.56			1.06			0.68			0.55			1.18			0.55
Small Cap Equity Insights Fund		1.21			1.96			0.84			1.34			0.96			0.83			1.46			0.83
Small Cap Growth Insights Fund		1.21			1.96			0.84			N/A			0.96			0.83			1.46			0.83
Small Cap Value Insights Fund		1.21			1.96			0.84			N/A			0.96			0.83			1.46			0.83
U.S. Equity Insights Fund		0.93			1.68			0.56			1.06			0.68			0.55			1.18			0.55

+ 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.

120

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 $2.13 trillion in assets under supervision as of March 31, 2022, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ 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

∎ 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.

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 Eileen H. Dowling Joaquin Delgado James A. McNamara Roy W. Templin Gregory G. Weaver Paul C. Wirth	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 their portfolio holdings for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

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

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

© 2022 Goldman Sachs. All rights reserved. 281666-OTU-1622984 DOMINSSAR-22

Goldman Sachs Funds

Semi-Annual Report	April 30, 2022
	Fundamental Equity International Funds
	China Equity
	Emerging Markets Equity
	ESG Emerging Markets Equity
	International Equity ESG
	International Equity Income

Goldman Sachs Fundamental Equity International Funds

∎ CHINA EQUITY

∎ EMERGING MARKETS EQUITY

∎ ESG EMERGING MARKETS EQUITY

∎ INTERNATIONAL EQUITY ESG

∎ INTERNATIONAL EQUITY INCOME

TABLE OF CONTENTS
Market Review	1
Schedules of Investments	14
Financial Statements	27
Financial Highlights	34
China Equity	34
Emerging Markets Equity	40
ESG Emerging Markets Equity	47
International Equity ESG	54
International Equity Income	61
Notes to the Financial Statements	68
Other Information	88

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET REVIEW

Fundamental International Equity Funds

The following are highlights both of key factors affecting the international and emerging markets equity markets and of any key changes made to the Goldman Sachs Fundamental International Equity Funds (the “Funds”) during the six months ended April 30, 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 October 31, 2022.

Market and Economic Review

International Equities

• Representing the developed international equity markets, the MSCI EAFE Index (net) returned -11.80% for the Reporting Period, underperforming the U.S. equity market, as represented by the -9.65% return of the S&P 500 Index.

• As the Reporting Period began, international equity markets receded in November 2021 following a strong October.

• The markets fell around fears that the new Omicron variant of COVID-19 would weigh on investor sentiment. Travel restrictions were re-imposed to curtail the variant’s spread, and lockdown measures were re-instituted in Europe. Japan’s equity market fell due to both inflation and supply-chain issues as well as concerns about the Omicron variant.

• Persistently high inflation weighed on market sentiment as well.

• Following the sell-off in November, international equities saw a strong rebound in December 2021, as the initial scare around the Omicron variant dissipated among studies showing its symptoms were less severe than prior variants. Also, value stocks outperformed growth stocks, which benefited international equities given their relatively high value/cyclical exposures.

• During the first quarter of 2022, international equities fell, facing pressures from global concerns around rising inflation, planned interest rate hikes by the U.S. Federal Reserve (the “Fed”), rising bond yields, valuation concerns, and Russia’s invasion of Ukraine.

• Major countries around the world took a public stance condemning Russia’s action and imposed various economic sanctions, including removal of Russian financial institutions from bank connectivity network SWIFT, banning transactions with the Russian central bank and halting trading of Russian securities. Such sanctions further boosted the price of crude oil in the global markets.

• Driven by increased market volatility, the Fed signaled a slower than anticipated pace of monetary policy tightening while retaining a cautionary focus on rising inflation.

• Hopes around the success of diplomatic talks and peaceful negotiations between Russia and Ukraine led to some market recovery toward the end of the quarter.

• Still, beyond the broader concerns around the geopolitical crisis, the impact on commodity prices reinforced concerns around supply-side inflation and led markets to worry about a potential stagflation scenario—particularly in Europe. (Stagflation is characterized by slow economic growth and high inflation.) However, the corporate earnings season retained its overall strength.

• Other macroeconomic uncertainties included those around regulation in China, the status of Chinese shares listed in the U.S., and slowing economic growth in China, all exacerbated by the imposition of lockdowns and manufacturing halts due to a rise in COVID-19 cases, leading, in turn, to further supply-chain issues.

• International equities continued to sell off in April 2022.

• Inflation continued to rise, and supply-chain issues worsened as China instituted lockdowns following a surge in COVID-19 cases.

1

MARKET REVIEW

• More consumer-facing sectors, in particular, struggled, as they were negatively impacted by supply-chain disruptions and weak consumer confidence.

• The best performing sector within the MSCI EAFE Index during the Reporting Period was energy, the only sector to post a positive total return for the Reporting Period. The weakest performing sectors were information technology, consumer discretionary and industrials.

• The best performing country within the MSCI EAFE Index was Chile, the only constituent to post a positive total return for the Reporting Period. Other countries within the MSCI EAFE Index that performed comparatively well, albeit generating negative total returns, were the U.K., Australia, Norway and Hong Kong. The weakest performing countries during the Reporting Period were Poland, the Netherlands, Ireland, Austria and New Zealand.

Emerging Markets Equities

• Representing the emerging markets equity markets, the MSCI Emerging Markets Index (net) returned -14.15% during the Reporting Period, underperforming both the U.S. equity market and the developed international equity markets overall.

• As the Reporting Period began in November 2021, the MSCI Emerging Markets Index fell sharply, as the Omicron variant of COVID-19 spread across regions, dampening investor sentiment and leading to mixed outlooks for the global economic recovery.

• In December 2021, emerging markets equity markets rose. Global economic data was encouraging despite market participants closely monitoring the implications of the spread of the Omicron variant, inflation remaining top of mind for investors, and China’s heightened regulations, mainly in the technology sector, weighing on sentiment.

• The MSCI Emerging Markets Index fell in each of the first four months of 2022.

• In January, both growing tensions between Russia and Ukraine and rising global borrowing costs worried investors. COVID-19 cases surged and hospitalizations rose, further dampening investor sentiment around an economic recovery across emerging markets.

• In February, the Russia/Ukraine situation deteriorated sharply, with Russia launching a full-scale invasion, triggering a sell-off in emerging markets equities.

• In March and April, the Russia/Ukraine war continued to drive a sell-off in emerging markets equities.

• Additionally in April, as inflation loomed internationally, the acceleration in global food prices rivaled the move in oil prices, creating a new set of risks for the emerging markets.

• The best performing sector within the MSCI Emerging Markets Index during the Reporting Period was utilities, the only sector to post a positive total return for the Reporting Period. The weakest performing sectors were consumer discretionary, health care and energy.

• The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were United Arab Emirates, Brazil, Saudi Arabia, Kuwait and Qatar—all oil exporting countries. The weakest performing countries during the Reporting Period were Hungary, Poland, China, Egypt and South Korea.

• Of the largest emerging markets equity markets, the equity markets of China, Taiwan, India, Brazil and Saudi Arabia posted total returns for the Reporting Period of -25.05%, -9.22%, -2.93%, +20.59% and +19.80%, respectively.

• The MSCI Russia Index declined 52.75% in February 2022, having been a top detractor from the MSCI Emerging Markets Index in prior months as well. Tensions with the U.S. rose, as the U.S. discussed potential sanctions on the country amid rumors of a potential invasion of Ukraine. Russia invaded Ukraine on February 24, 2022.

• Effective March 9, 2022, MSCI Inc. removed Russian securities from the MSCI Emerging Market Index after deeming the Russian equity market “uninvestable” amidst Russia’s invasion of Ukraine. MSCI Inc. announced the MSCI Russia Indexes would be reclassified to “standalone markets” instead of “emerging markets” across all of MSCI’s indexes “at a price that is effectively zero.”

2

MARKET REVIEW

Fund Changes and Highlights

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

Goldman Sachs Emerging Markets Equity Fund

• The Fund underperformed its benchmark, the MSCI Emerging Markets Index (Net, USD, Unhedged), during the Reporting Period.

• Stock selection overall detracted from the Fund’s performance during the Reporting Period, especially in the financials, communication services and information technology sectors.

• Having an underweight to state-owned enterprises in general particularly dampened returns. (A state-owned enterprise is a legal entity that is created by a government in order to partake in commercial activities on the government’s behalf.)

• From a country perspective, stock selection in Brazil, Taiwan, China and India detracted most during the Reporting Period.

Goldman Sachs ESG Emerging Markets Equity Fund

• The Fund underperformed its benchmark, the MSCI Emerging Markets Index (Net, USD, Unhedged), during the Reporting Period.

• Stock selection overall detracted from the Fund’s performance during the Reporting Period, especially in the financials, communication services and industrials sectors.

• Having an underweight to state-owned enterprises in general particularly dampened returns. (A state-owned enterprise is a legal entity that is created by a government in order to partake in commercial activities on the government’s behalf.)

• From a country perspective, stock selection in Brazil, Taiwan, China and India detracted most during the Reporting Period.

Goldman Sachs International Equity Income Fund

• While posting disappointing absolute returns, the Fund outperformed its benchmark, the MSCI EAFE Index (Net, USD, Unhedged), on a relative basis during the Reporting Period.

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

• Having an underweight to the consumer discretionary sector, which underperformed the Fund’s benchmark during the Reporting Period, also added value.

• From a country perspective, stock selection in and having an overweight to the U.K. boosted the Fund’s relative results as did stock selection in the Netherlands and Japan. Such positive contributors were partially offset by stock selection in Italy and having underweighted positions in Australia and Hong Kong, which detracted.

3

FUND BASICS

China Equity Fund

as of April 30, 2022

PERFORMANCE REVIEW
November 1, 2021–April 30, 2022	Fund Total Return (based on NAV)1			MSCI® China All Shares  Index2
Class A		-29.56	%		-23.79	%
Class C		-29.84			-23.79
Institutional		-29.46			-23.79
Investor		-29.46			-23.79
Class R6		-29.45			-23.79
Class P		-29.44			-23.79

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 China All Shares Index (Net, USD, Unhedged) captures large- and mid-cap representation across China A Shares, B Shares, H Shares, Red Chips, P-Chips and foreign listings. The MSCI China All Shares Index (Net, USD, Unhedged) aims to reflect the opportunity set of China share classes listed in Hong Kong, Shanghai, Shenzhen and outside of China. MSCI uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI China All Shares Index (Net, USD, Unhedged) does not reflect any deductions of expenses associated with mutual funds such as management fees and other expenses.

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 4/30/223,4,5
Holding	% of Net Assets			Line of Business	Country
Tencent Holdings Ltd.		8.7	%	Media & Entertainment	China
Alibaba Group Holding Ltd.		6.3		Retailing	China
Kweichow Moutai Co. Ltd., Class A		5.8		Food, Beverage & Tobacco	China
Meituan, Class B		4.7		Retailing	China
NetEase, Inc.		3.5		Media & Entertainment	China
Bank of Ningbo Co. Ltd., Class A		3.2		Banks	China
Contemporary Amperex Technology Co. Ltd., Class A		3.2		Capital Goods	China
China Merchants Bank Co. Ltd., Class H		3.1		Banks	China
China Mengniu Dairy Co. Ltd.		2.6		Food, Beverage & Tobacco	China
CITIC Securities Co. Ltd., Class H		2.1		Diversified Financials	China

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

⁴  The line of business for each holding is reported at the industry or sub-industry level.

4

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2022

⁶  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 0.3% of the Fund’s net assets at April 30, 2022.

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

Emerging Markets Equity Fund

as of April 30, 2022

PERFORMANCE REVIEW
November 1, 2021–April 30, 2022	Fund Total Return (based on NAV)1			MSCI® Emerging Markets Index2
Class A		-23.70	%		-14.15	%
Class C		-24.00			-14.15
Institutional		-23.60			-14.15
Service		-23.78			-14.15
Investor		-23.61			-14.15
Class R6		-23.59			-14.15
Class P		-23.57			-14.15

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance 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^® Emerging Markets Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of April 30, 2022 the MSCI^® Emerging Markets Index consists of the following 24 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. For this Index, the dividend is reinvested after deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. MSCI Barra uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI Emerging Markets Index does not reflect any deductions of expenses associated with mutual funds such as management fees and other expenses. It is not possible to invest directly in an index.

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 4/30/223,4
Holding	% of Net Assets			Line of Business	Country
Taiwan Semiconductor Manufacturing Co. Ltd.		8.1	%	Semiconductors & Semiconductor Equipment	Taiwan
Samsung Electronics Co. Ltd.		5.6		Technology Hardware & Equipment	South Korea
Tencent Holdings Ltd.		5.2		Media & Entertainment	China
iShares ESG Aware MSCI EM ETF		2.6		Exchange Traded Funds	United States
Bank Central Asia Tbk PT		1.9		Banks	Indonesia
Kweichow Moutai Co. Ltd., Class A		1.9		Food Products	China
China Merchants Bank Co. Ltd., Class H		1.8		Banks	China
Meituan, Class B		1.5		Retailing	China
Saudi National Bank (The)		1.5		Banks	Saudi Arabia
AIA Group Ltd.		1.5		Insurance	Hong Kong

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

⁴  The line of business for each holding is reported at the industry or sub-industry level.

6

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁵

As of April 30, 2022

⁵ The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 1.7% of the Fund’s net assets at April 30, 2022.

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

7

FUND BASICS

ESG Emerging Markets Equity Fund

as of April 30, 2022

PERFORMANCE REVIEW
November 1, 2021–April 30, 2022	Fund Total Return (based on NAV)1			MSCI® Emerging Markets Index2
Class A		-22.48	%		-14.15	%
Class C		-22.75			-14.15
Institutional		-22.34			-14.15
Investor		-22.38			-14.15
Class R6		-22.38			-14.15
Class R		-22.54			-14.15
Class P		-22.38			-14.15

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance 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^® Emerging Markets Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of April 30, 2022 the MSCI^® Emerging Markets Index consists of the following 24 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. For this Index, the dividend is reinvested after deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. MSCI Barra uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI Emerging Markets Index does not reflect any deductions of expenses associated with mutual funds such as management fees and other expenses. It is not possible to invest directly in an index.

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 4/30/223,4
Holding	% of Net Assets			Line of Business	Country
Taiwan Semiconductor Manufacturing Co. Ltd.		8.9	%	Semiconductors & Semiconductor Equipment	Taiwan
Tencent Holdings Ltd.		6.1		Media & Entertainment	China
Samsung Electronics Co. Ltd.		5.9		Technology Hardware & Equipment	South Korea
MediaTek, Inc.		2.3		Semiconductors & Semiconductor Equipment	Taiwan
Bank Central Asia Tbk PT		2.2		Banks	Indonesia
China Merchants Bank Co. Ltd., Class H		2.2		Banks	China
AIA Group Ltd.		2.1		Insurance	Hong Kong
Infosys Ltd. ADR		2.0		Software & Services	India
Wal-Mart de Mexico SAB de CV		1.9		Food & Staples Retailing	Mexico
MercadoLibre, Inc.		1.8		Retailing	Brazil

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

⁴  The line of business for each holding is reported at the industry or sub-industry level.

8

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁵

As of April 30, 2022

⁵  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value.

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

9

FUND BASICS

International Equity ESG Fund

as of April 30, 2022

PERFORMANCE REVIEW
November 1, 2021–April 30, 2022	Fund Total Return (based on NAV)1			MSCI® EAFE Index2
Class A		-14.36	%		-11.80	%
Class C		-14.69			-11.80
Institutional		-14.20			-11.80
Service		-14.41			-11.80
Investor		-14.24			-11.80
Class R6		-14.21			-11.80
Class P		-14.22			-11.80

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 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^® EAFE Index is a market capitalization-weighted composite of securities in 21 developed markets. The MSCI^® EAFE Index approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction for withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI^® Inc. uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI^® EAFE Index is unmanaged and the figures for the MSCI^® EAFE Index do not include any deduction for fees or expenses. It is not possible to invest directly in an index.

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 4/30/223,4
Holding	% of Net Assets			Line of Business	Country
Iberdrola SA		5.0	%	Utilities	Spain
Rentokil Initial PLC		4.4		Commercial & Professional Services	United Kingdom
Zurich Insurance Group AG		4.2		Insurance	Switzerland
Schneider Electric SE		4.0		Capital Goods	United States
Novo Nordisk A/S, Class B		3.8		Pharmaceuticals, Biotechnology & Life Sciences	Denmark
AstraZeneca PLC		3.8		Pharmaceuticals, Biotechnology & Life Sciences	United Kingdom
Neste OYJ		3.6		Energy	Finland
ORIX Corp.		3.5		Diversified Financials	Japan
BNP Paribas SA		3.5		Banks	France
Reckitt Benckiser Group PLC		3.4		Household & Personal Products	United Kingdom

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

⁴  The line of business for each holding is reported at the industry or sub-industry level.

10

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁵

As of April 30, 2022

⁵  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 5.7% of the Fund’s net assets at April 30, 2022.

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.

11

FUND BASICS

International Equity Income Fund

as of April 30, 2022

PERFORMANCE REVIEW
November 1, 2021–April 30, 2022	Fund Total Return (based on NAV)1			MSCI® EAFE Index2
Class A		-4.64	%		-11.80	%
Class C		-4.95			-11.80
Institutional		-4.47			-11.80
Investor		-4.44			-11.80
Class R6		-4.47			-11.80
Class R		-4.73			-11.80
Class P		-4.48			-11.80

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 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^® EAFE Index is a market capitalization-weighted composite of securities in 21 developed markets. The MSCI^® EAFE Index approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction for withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI^® Inc. uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI^® EAFE Index is unmanaged and the figures for the MSCI^® EAFE Index do not include any deduction for fees or expenses. It is not possible to invest directly in an index.

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 4/30/223,4
Holding	% of Net Assets			Line of Business	Country
Zurich Insurance Group AG		4.3	%	Insurance	Switzerland
AstraZeneca PLC		3.8		Pharmaceuticals, Biotechnology & Life Sciences	United Kingdom
Sanofi		3.8		Pharmaceuticals, Biotechnology & Life Sciences	France
Roche Holding AG		3.7		Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
Nestle SA (Registered)		3.4		Food Products	Switzerland
Taiwan Semiconductor Manufacturing Co. Ltd.		3.4		Semiconductors & Semiconductor Equipment	Taiwan
Rio Tinto PLC		3.3		Materials	Australia
Iberdrola SA		3.3		Utilities	Spain
Coca-Cola Europacific Partners PLC		3.2		Food, Beverage & Tobacco	United Kingdom
HSBC Holdings PLC		3.2		Banks	United Kingdom

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

⁴  The line of business for each holding is reported at the industry or sub-industry level.

12

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁵

As of April 30, 2022

⁵  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above.

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.

13

GOLDMAN SACHS CHINA EQUITY FUND

Schedule of Investments

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 98.4%
China – 92.7%
	498,076	Alibaba Group Holding Ltd. (Retailing)*	$	6,075,376
	50,800	ANTA Sports Products Ltd. (Consumer Durables & Apparel)		583,819
	3,500	Baidu, Inc. ADR (Media & Entertainment)*		434,595
	107,550	Baidu, Inc., Class A (Media & Entertainment)*		1,714,747
	577,341	Bank of Ningbo Co. Ltd., Class A (Banks)		3,126,722
	626,896	Baoshan Iron & Steel Co. Ltd., Class A (Materials)		604,840
	76,100	Beijing Easpring Material Technology Co. Ltd., Class A (Materials)		756,034
	112,900	Budweiser Brewing Co. APAC Ltd. (Food, Beverage & Tobacco)(a)		280,917
	25,400	CanSino Biologics, Inc., Class H (Pharmaceuticals, Biotechnology & Life Sciences)*(a)		269,519
	494,000	China Feihe Ltd. (Food, Beverage & Tobacco)(a)		469,679
	469,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)*		2,531,203
	97,700	China Merchants Bank Co. Ltd., Class A (Banks)		583,826
	500,500	China Merchants Bank Co. Ltd., Class H (Banks)		3,016,639
	109,600	China Vanke Co. Ltd., Class A (Real Estate)		319,219
	285,200	China Vanke Co. Ltd., Class H (Real Estate)		672,502
	104,700	China Yangtze Power Co. Ltd., Class A (Utilities)		356,795
	3,345,500	CIFI Holdings Group Co. Ltd. (Real Estate)		1,609,245
	935,500	CITIC Securities Co. Ltd., Class H (Diversified Financials)		2,055,419
	50,998	Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods)		3,090,897
	236,976	East Money Information Co. Ltd., Class A (Diversified Financials)		801,109
	54,500	Ecovacs Robotics Co. Ltd., Class A (Consumer Durables & Apparel)		877,485
	29,200	ENN Energy Holdings Ltd. (Utilities)		391,136
	887,766	Focus Media Information Technology Co. Ltd., Class A (Media & Entertainment)		772,912
	69,800	Ganfeng Lithium Co. Ltd., Class H (Materials)(a)		835,452
	227,674	Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Durables & Apparel)		1,051,246
	58,600	Hangzhou Tigermed Consulting Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a)		567,921
	14,000	Helens International Holdings Co. Ltd. (Consumer Services)*		19,264

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	129,710	Hongfa Technology Co. Ltd., Class A (Capital Goods)*	$	938,136
	38,246	Huazhu Group Ltd. ADR (Consumer Services)		1,156,559
	539,000	Jiumaojiu International Holdings Ltd. (Consumer Services)(a)		1,185,844
	110,828	Juewei Food Co. Ltd., Class A (Food, Beverage & Tobacco)		727,574
	503,000	Kingdee International Software Group Co. Ltd. (Software & Services)*		1,026,419
	20,419	Kweichow Moutai Co. Ltd., Class A (Food, Beverage & Tobacco)		5,604,936
	132,400	Li Auto, Inc., Class A (Automobiles & Components)*		1,547,378
	122,000	Li Ning Co. Ltd. (Consumer Durables & Apparel)		950,889
	228,674	Luxshare Precision Industry Co. Ltd., Class A (Technology Hardware & Equipment)		1,051,354
	213,700	Meituan, Class B (Retailing)*(a)		4,578,823
	44,000	Midea Group Co. Ltd., Class A (Consumer Durables & Apparel)		374,400
	534,000	Minth Group Ltd. (Automobiles & Components)		1,258,215
	176,485	NetEase, Inc. (Media & Entertainment)		3,380,620
	342,760	Ping An Bank Co. Ltd., Class A (Banks)		785,537
	228,500	Ping An Insurance Group Co. of China Ltd., Class H (Insurance)		1,444,284
	47,915	Qingdao Haier Biomedical Co. Ltd., Class A (Health Care Equipment & Services)		464,017
	96,500	SF Holding Co. Ltd., Class A (Transportation)*		739,964
	21,300	SG Micro Corp., Class A (Semiconductors & Semiconductor Equipment)		885,203
	62,800	Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials)		282,891
	14,200	Shanghai Putailai New Energy Technology Co. Ltd., Class A (Materials)*		249,775
	192,978	Shenzhen Inovance Technology Co. Ltd., Class A (Capital Goods)		1,658,159
	39,200	Shenzhen Kangtai Biological Products Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)		380,033
	24,900	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services)		1,167,195
	58,900	Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)		799,212
	116,912	Sungrow Power Supply Co. Ltd., Class A (Capital Goods)		1,096,414
	81,700	Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment)		1,190,687

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

GOLDMAN SACHS CHINA EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	178,300	Tencent Holdings Ltd. (Media & Entertainment)	$	8,402,367
	222,000	Tsingtao Brewery Co. Ltd., Class H (Food, Beverage & Tobacco)		1,797,348
	58,100	Wanhua Chemical Group Co. Ltd., Class A (Materials)		675,906
	742,000	Weimob, Inc. (Software & Services)*(a)(b)		434,826
	28,532	Will Semiconductor Co. Ltd., Class A (Semiconductors & Semiconductor Equipment)		637,882
	85,328	WuXi AppTec Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a)		1,160,614
	207,500	Wuxi Biologics Cayman, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*(a)		1,531,519
	109,646	XPeng, Inc., Class A (Automobiles & Components)*		1,362,438
	296,678	Yantai Jereh Oilfield Services Group Co. Ltd., Class A (Energy)		1,373,664
	478,370	Yunnan Aluminium Co. Ltd., Class A (Materials)*		741,604
	42,720	Yunnan Energy New Material Co. Ltd., Class A (Materials)*		1,289,953
	224,419	Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Capital Goods)		559,964
	39,149	ZTO Express Cayman, Inc. ADR (Transportation)		1,076,989
				89,838,110
Hong Kong – 4.5%
	121,000	AIA Group Ltd. (Insurance)		1,188,675
	70,300	ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)		708,469
	18,001	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		763,584
	2,042,500	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,071,356
	49,500	Techtronic Industries Co. Ltd. (Capital Goods)		660,731
				4,392,815
Taiwan – 1.2%
	43,000	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)		1,185,424
	TOTAL COMMON STOCKS
	(Cost $112,860,367)		$	95,416,349
Shares		Dividend Rate	Value
Investment Company – 1.4%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,321,208	0.317%	$	1,321,208
	(Cost $1,321,208)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $114,181,575)		$	96,737,557
Securities Lending Reinvestment Vehicle – 0.3%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	259,000	0.317%	$	259,000
	(Cost $259,000)
	TOTAL INVESTMENTS – 100.1%
	(Cost $114,440,575)		$	96,996,557
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.1)%			(42,098	)
	NET ASSETS – 100.0%		$	96,954,459

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

Investment Abbreviations:
ADR	—American Depositary Receipt

Sector Name	% of Market Value
Consumer Discretionary		22.5	%
Communication Services		15.1
Financials		14.2
Consumer Staples		11.8
Industrials		10.1
Information Technology		7.3
Health Care		6.8
Materials		5.6
Real Estate		2.7
Energy		1.4
Investment Company		1.4
Utilities		0.8
Securities Lending Reinvestment Vehicle		0.3
TOTAL INVESTMENTS		100.0	%

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Schedule of Investments

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 96.2%
Brazil – 3.9%
	10,721,261	Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA (Capital Goods)	$	10,582,582
	425,342	Banco Bradesco SA ADR (Banks)		1,531,231
	1,261,925	Blau Farmaceutica SA (Pharmaceuticals, Biotechnology & Life Sciences)		6,355,633
	5,352,224	Boa Vista Servicos SA (Commercial & Professional Services)		8,693,122
	11,954,979	Caixa Seguridade Participacoes SA (Insurance)		18,957,925
	12,545,300	Hapvida Participacoes e Investimentos SA (Health Care Equipment & Services)(a)		22,253,923
	3,318,607	Locaweb Servicos de Internet SA (Software & Services)*(a)		4,812,834
	36,022	MercadoLibre, Inc. (Retailing)*		35,072,100
	523,231	Pagseguro Digital Ltd., Class A (Software & Services)*		7,696,728
	2,259,386	Rede D’Or Sao Luiz SA (Health Care Equipment & Services)(a)		16,785,616
	1,650,900	Sao Martinho SA (Food, Beverage & Tobacco)		15,497,380
				148,239,074
China – 26.8%
	480,318	Alibaba Group Holding Ltd. ADR (Retailing)*		46,634,075
	3,579,756	Alibaba Group Holding Ltd. (Retailing)*		43,664,751
	1,901,800	ANTA Sports Products Ltd. (Consumer Durables & Apparel)		21,856,427
	353,534	Baidu, Inc. ADR (Media & Entertainment)*		43,898,317
	1,754,003	Beijing Easpring Material Technology Co. Ltd., Class A (Materials)		17,425,559
	5,613,600	Budweiser Brewing Co. APAC Ltd. (Food, Beverage & Tobacco)(a)		13,967,745
	15,444,000	China Feihe Ltd. (Food, Beverage & Tobacco)(a)		14,683,662
	7,094,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)*		38,286,474
	10,996,000	China Merchants Bank Co. Ltd., Class H (Banks)		66,275,644
	440,368	Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods)		26,689,916
	862,267	Ecovacs Robotics Co. Ltd., Class A (Consumer Durables & Apparel)		13,883,047
	3,420,200	ENN Energy Holdings Ltd. (Utilities)		45,813,839
	4,096,884	Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Durables & Apparel)		18,916,673
Common Stocks – (continued)
China – (continued)
	5,758,000	Jiumaojiu International Holdings Ltd. (Consumer Services)(a)(b)		12,668,067
	256,178	Kweichow Moutai Co. Ltd., Class A (Food, Beverage & Tobacco)		70,319,864
	4,111,311	Luxshare Precision Industry Co. Ltd., Class A (Technology Hardware & Equipment)		18,902,206
	2,725,700	Meituan, Class B (Retailing)*(a)		58,401,956
	5,694,000	Minth Group Ltd. (Automobiles & Components)		13,416,243
	6,016,500	Ping An Insurance Group Co. of China Ltd., Class H (Insurance)		38,028,606
	775,500	Ping An Insurance Group Co. of China Ltd., Class H (Insurance)		5,005,354
	1,050,414	Qingdao Haier Biomedical Co. Ltd., Class A (Health Care Equipment & Services)		10,172,380
	3,138,838	SF Holding Co. Ltd., Class A (Transportation)*		24,068,664
	4,624,600	Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials)		20,832,108
	1,770,100	Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)		24,018,430
	236,497	Silergy Corp. (Semiconductors & Semiconductor Equipment)		21,055,911
	1,548,870	Sungrow Power Supply Co. Ltd., Class A (Capital Goods)		14,525,478
	1,313,400	Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment)		19,141,343
	4,207,200	Tencent Holdings Ltd. (Media & Entertainment)		198,263,817
	1,634,794	WuXi AppTec Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a)		22,236,136
	13,028,392	Yunnan Aluminium Co. Ltd., Class A (Materials)*		20,197,552
	5,742,003	Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Capital Goods)		14,327,282
				1,017,577,526
Egypt – 0.9%
	10,032,146	Commercial International Bank Egypt SAE (Banks)		24,221,980
	9,117,564	E-Finance for Digital & Financial Investments (Software & Services)		8,595,246
				32,817,226
Greece – 1.2%
	1,336,217	Hellenic Exchanges – Athens Stock Exchange SA (Diversified Financials)		5,244,881

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
Greece – (continued)
	1,191,399	JUMBO SA (Retailing)	$	19,310,047
	2,330,211	National Bank of Greece SA (Banks)*		9,242,730
	1,557,836	Sarantis SA (Household & Personal Products)		11,908,777
				45,706,435
Hong Kong – 3.5%
	5,658,200	AIA Group Ltd. (Insurance)		55,584,796
	788,413	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		33,443,672
	40,137,500	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		21,053,395
	1,646,500	Techtronic Industries Co. Ltd. (Capital Goods)		21,977,656
				132,059,519
Hungary – 0.5%
	585,129	OTP Bank Nyrt (Banks)*		17,454,072
India – 15.4%
	515,099	Amber Enterprises India Ltd. (Consumer Durables & Apparel)*		24,847,083
	432,392	Avenue Supermarts Ltd. (Food & Staples Retailing)*(a)		22,149,367
	529,897	Cartrade Tech Ltd. (Retailing)*		4,461,711
	253,349	Coforge Ltd. (Software & Services)		13,770,141
	652,062	Computer Age Management Services Ltd. (Software & Services)		20,938,474
	3,918,077	Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel)		19,614,026
	694,240	FSN E-Commerce Ventures Ltd. (Retailing)*		15,200,415
	1,678,949	Godrej Properties Ltd. (Real Estate)*		34,148,179
	5,514,888	ICICI Bank Ltd. (Banks)		53,015,000
	1,323,817	ICICI Lombard General Insurance Co. Ltd. (Insurance)(a)		22,004,463
	308,729	Info Edge India Ltd. (Media & Entertainment)		18,604,120
	2,629,988	Infosys Ltd. (Software & Services)		53,302,484
	1,367,448	Kotak Mahindra Bank Ltd. (Banks)		31,711,314
	663,903	Navin Fluorine International Ltd. (Materials)		33,929,467
	710,167	Reliance Industries Ltd. (Energy)		25,731,095
	1,148,289	Route Mobile Ltd. (Software & Services)		24,367,401
	1,428,231	SBI Life Insurance Co. Ltd. (Insurance)(a)		20,513,231
	2,819,045	Sona Blw Precision Forgings Ltd. (Automobiles & Components)(a)		23,157,543
	2,370,134	Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		28,650,151
Common Stocks – (continued)
India – (continued)
	3,186,877	Tata Consumer Products Ltd. (Food, Beverage & Tobacco)		34,147,394
	399,315	TeamLease Services Ltd. (Commercial & Professional Services)*		20,130,394
	3,318,645	Wipro Ltd. (Software & Services)		21,804,796
	20,552,469	Zomato Ltd. (Retailing)*		19,059,271
				585,257,520
Indonesia – 3.8%
	68,286,100	Bank BTPN Syariah Tbk PT (Banks)*		16,214,388
	129,939,200	Bank Central Asia Tbk PT (Banks)		72,879,207
	224,029,600	BFI Finance Indonesia Tbk PT (Diversified Financials)		19,857,766
	43,002,100	Cisarua Mountain Dairy PT TBK (Food, Beverage & Tobacco)*		12,132,068
	30,019,800	Map Aktif Adiperkasa PT (Retailing)*		6,361,954
	300,456,400	Pakuwon Jati Tbk PT (Real Estate)*		11,589,602
	11,075,111	Semen Indonesia Persero Tbk PT (Materials)		4,887,120
				143,922,105
Mexico – 4.0%
	6,397,499	Arca Continental SAB de CV (Food, Beverage & Tobacco)		40,595,504
	8,844,800	Banco del Bajio SA (Banks)(a)		21,758,212
	8,732,750	Gentera SAB de CV (Diversified Financials)*		6,782,843
	15,124,399	Kimberly-Clark de Mexico SAB de CV, Class A (Household & Personal Products)		21,115,533
	7,165,632	Prologis Property Mexico SA de CV REIT (Real Estate)		19,232,189
	12,370,800	Wal-Mart de Mexico SAB de CV (Food & Staples Retailing)		43,744,735
				153,229,016
Philippines – 1.0%
	6,337,700	Del Monte Pacific Ltd. (Food, Beverage & Tobacco)		1,741,441
	3,546,140	Jollibee Foods Corp. (Consumer Services)		14,567,424
	86,614,400	Monde Nissin Corp. (Food, Beverage & Tobacco)*(a)		21,535,388
				37,844,253
Poland – 0.7%
	435,215	Dino Polska SA (Food & Staples Retailing)*(a)		28,154,845
Russia – %
	10,483,256	Detsky Mir PJSC (Retailing)(a)(c)		—

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Russia – (continued)
	2,495,750	Renaissance Insurance Group JSC (Insurance)*(c)	$	—
	4,327,745	Sberbank of Russia PJSC (Banks)(c)		—
	15,182	TCS Group Holding PLC GDR (Banks)*(c)		—
	740,821	United Medical Group CY PLC GDR (Health Care Equipment & Services)(c)		—
				—
Saudi Arabia – 4.0%
	1,457,418	Alinma Bank (Banks)		15,986,918
	362,066	Leejam Sports Co. JSC (Consumer Services)		10,676,256
	2,852,622	Saudi Arabian Oil Co. (Energy)(a)		34,088,224
	2,770,581	Saudi National Bank (The) (Banks)		58,070,907
	648,632	Saudi Tadawul Group Holding Co. (Diversified Financials)*		34,966,778
				153,789,083
Singapore – 0.7%
	7,586,393	Nanofilm Technologies International Ltd. (Materials)		14,642,054
	740,700	TDCX, Inc. ADR (Software & Services)*		10,258,695
				24,900,749
Slovenia – 0.3%
	950,887	Nova Ljubljanska Banka dd GDR (Banks)		13,241,428
South Africa – 3.1%
	1,122,547	Clicks Group Ltd. (Food & Staples Retailing)		22,093,402
	2,147,687	JSE Ltd. (Diversified Financials)		15,095,346
	2,489,749	Mr Price Group Ltd. (Retailing)		33,908,198
	520,226	Santam Ltd. (Insurance)		9,623,152
	11,115,591	Transaction Capital Ltd. (Diversified Financials)		35,551,591
				116,271,689
South Korea – 9.9%
	411,116	Hankook Tire & Technology Co. Ltd. (Automobiles & Components)		11,283,805
	724,593	KB Financial Group, Inc. (Banks)		33,711,047
	363,763	LG Electronics, Inc. (Consumer Durables & Apparel)		32,944,946
	170,456	NAVER Corp. (Media & Entertainment)		37,970,615
	74,601	NCSoft Corp. (Media & Entertainment)		24,705,358
	493,327	NHN KCP Corp. (Software & Services)*		8,110,376
	179,250	Orion Corp. (Food, Beverage & Tobacco)		13,360,291
Common Stocks – (continued)
South Korea – (continued)
	3,984,963	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		212,372,933
				374,459,371
Taiwan – 12.4%
	360,000	ASMedia Technology, Inc. (Semiconductors & Semiconductor Equipment)		16,943,380
	3,278,814	Chailease Holding Co. Ltd. (Diversified Financials)		26,056,109
	1,995,000	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)		54,998,157
	420,600	momo.com, Inc. (Retailing)		11,102,655
	1,342,000	Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel)		14,134,417
	16,918,883	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		305,938,392
	2,186,718	Tong Hsing Electronic Industries Ltd. (Technology Hardware & Equipment)		16,973,650
	15,879,000	United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		25,225,207
				471,371,967
Thailand – 2.4%
	15,857,200	Airports of Thailand PCL (Transportation)*		30,643,554
	4,777,700	Kasikornbank PCL (Banks)		21,149,503
	15,134,323	Ngern Tid Lor PCL (Diversified Financials)		16,157,178
	5,072,600	PTT Exploration & Production PCL (Energy)		22,194,718
				90,144,953
United Arab Emirates – 1.1%
	10,409,380	Abu Dhabi Commercial Bank PJSC (Banks)		28,774,964
	7,998,212	Fertiglobe PLC (Materials)		12,078,564
				40,853,528
United States – 0.6%
	9,858,000	Samsonite International SA (Consumer Durables & Apparel)*(a)		21,604,473
	TOTAL COMMON STOCKS
	(Cost $3,609,956,448)		$	3,648,898,832

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Shares		Description	Rate			Value
Preferred Stocks – 1.4%
Brazil – 1.4%
	9,288,459	Banco Bradesco SA (Banks)		5.16	%	$	33,779,972
	3,208,800	Gerdau SA (Materials)		11.19			18,153,528
	TOTAL PREFERRED STOCKS
	(Cost $61,498,424)					$	51,933,500

Shares		Description	Value
Exchange-Traded Fund – 2.6%
United States – 2.6%
	2,917,964	iShares ESG Aware MSCI EM ETF(b)
	(Cost $105,981,335)		$	100,173,704
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $3,777,436,207)		$	3,801,006,036
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 1.8%(d)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	68,061,600	0.317%	$	68,061,600
	(Cost $68,061,600)
	TOTAL INVESTMENTS – 102.0%
	(Cost $3,845,497,807)		$	3,869,067,636
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (2.0)%			(74,897,089	)
	NET ASSETS – 100.0%		$	3,794,170,547

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	All or a portion of security is on loan.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Represents an affiliated issuer.

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

Sector Name	% of Market Value
Financials		22.8	%
Information Technology		22.4
Consumer Discretionary		14.7
Consumer Staples		11.0
Communication Services		8.4
Industrials		4.4
Materials		3.7
Health Care		3.3
Exchange-Traded Fund		2.6
Energy		2.1
Real Estate		1.7
Utilities		1.2
Securities Lending Reinvestment Vehicle		1.7
TOTAL INVESTMENTS		100.0	%

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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Schedule of Investments

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 95.6%
Brazil – 6.2%
	181,013	Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA (Capital Goods)	$	178,672
	219,302	Banco Bradesco SA ADR (Banks)		789,487
	158,463	Caixa Seguridade Participacoes SA (Insurance)		251,287
	143,600	Hapvida Participacoes e Investimentos SA (Health Care Equipment & Services)(a)		254,730
	863	MercadoLibre, Inc. (Retailing)*		840,243
	8,854	Pagseguro Digital Ltd., Class A (Software & Services)*		130,242
	27,318	Rede D’Or Sao Luiz SA (Health Care Equipment & Services)(a)		202,953
	20,200	Sao Martinho SA (Food, Beverage & Tobacco)		189,622
				2,837,236
China – 25.6%
	46,080	Alibaba Group Holding Ltd. (Retailing)*		562,070
	5,108	Alibaba Group Holding Ltd. ADR (Retailing)*		495,936
	26,600	ANTA Sports Products Ltd. (Consumer Durables & Apparel)		305,700
	4,556	Baidu, Inc. ADR (Media & Entertainment)*		565,718
	209,000	China Feihe Ltd. (Food, Beverage & Tobacco)(a)		198,711
	109,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)*		588,275
	165,000	China Merchants Bank Co. Ltd., Class H (Banks)		994,496
	7,400	Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods)		448,501
	13,100	Ecovacs Robotics Co. Ltd., Class A (Consumer Durables & Apparel)		210,918
	58,300	ENN Energy Holdings Ltd. (Utilities)		780,933
	52,700	Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Durables & Apparel)		243,333
	45,600	Luxshare Precision Industry Co. Ltd., Class A (Technology Hardware & Equipment)		209,651
	32,400	Meituan, Class B (Retailing)*(a)		694,216
	103,000	Ping An Insurance Group Co. of China Ltd., Class H (Insurance)		651,034
	11,340	Qingdao Haier Biomedical Co. Ltd., Class A (Health Care Equipment & Services)		109,818
	28,900	SF Holding Co. Ltd., Class A (Transportation)*		221,606
	37,200	Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials)		167,572
	2,000	Silergy Corp. (Semiconductors & Semiconductor Equipment)		178,065
Common Stocks – (continued)
China – (continued)
	23,000	Sungrow Power Supply Co. Ltd., Class A (Capital Goods)		215,697
	21,600	Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment)		314,796
	60,100	Tencent Holdings Ltd. (Media & Entertainment)		2,832,206
	31,328	WuXi AppTec Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a)		426,117
	168,900	Yunnan Aluminium Co. Ltd., Class A (Materials)*		261,841
	59,650	Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Capital Goods)		148,837
				11,826,047
Egypt – 0.6%
	124,393	Commercial International Bank Egypt SAE (Banks)		300,339
Greece – 1.2%
	27,438	JUMBO SA (Retailing)		444,712
	27,925	National Bank of Greece SA (Banks)*		110,764
				555,476
Hong Kong – 4.8%
	100,400	AIA Group Ltd. (Insurance)		986,305
	16,067	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		681,546
	459,000	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		240,760
	24,500	Techtronic Industries Co. Ltd. (Capital Goods)		327,029
				2,235,640
Hungary – 0.7%
	10,549	OTP Bank Nyrt (Banks)*		314,671
India – 13.8%
	5,686	Avenue Supermarts Ltd. (Food & Staples Retailing)*(a)		291,266
	63,038	Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel)		315,570
	10,974	FSN E-Commerce Ventures Ltd. (Retailing)*		240,276
	10,460	Godrej Properties Ltd. (Real Estate)*		212,746
	68,549	ICICI Bank Ltd. (Banks)		658,966
	27,165	ICICI Lombard General Insurance Co. Ltd. (Insurance)(a)		451,536
	5,841	Info Edge India Ltd. (Media & Entertainment)		351,981
	47,365	Infosys Ltd. ADR (Software & Services)		941,143
	21,982	Kotak Mahindra Bank Ltd. (Banks)		509,766

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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
India – (continued)
	21,931	SBI Life Insurance Co. Ltd. (Insurance)(a)	$	314,988
	28,791	Sona Blw Precision Forgings Ltd. (Automobiles & Components)(a)		236,509
	22,837	Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		276,053
	75,408	Tata Consumer Products Ltd. (Food, Beverage & Tobacco)		807,997
	64,689	Wipro Ltd. (Software & Services)		425,032
	339,346	Zomato Ltd. (Retailing)*		314,692
				6,348,521
Indonesia – 2.8%
	1,155,400	Bank BTPN Syariah Tbk PT (Banks)*		274,347
	1,806,100	Bank Central Asia Tbk PT (Banks)		1,012,990
				1,287,337
Mexico – 5.0%
	96,699	Arca Continental SAB de CV (Food, Beverage & Tobacco)		613,606
	133,900	Banco del Bajio SA (Banks)(a)		329,394
	202,765	Kimberly-Clark de Mexico SAB de CV, Class A (Household & Personal Products)		283,085
	85,872	Prologis Property Mexico SA de CV REIT (Real Estate)		230,476
	246,000	Wal-Mart de Mexico SAB de CV (Food & Staples Retailing)		869,888
				2,326,449
Philippines – 0.8%
	22,020	Jollibee Foods Corp. (Consumer Services)		90,458
	1,038,100	Monde Nissin Corp. (Food, Beverage & Tobacco)*(a)		258,108
				348,566
Russia – 0.0%
	96,162	Detsky Mir PJSC (Retailing)(a)(b)		—
	16,753	Renaissance Insurance Group JSC (Insurance)*(b)		—
	139	TCS Group Holding PLC GDR (Banks)*(b)		—
				—
Saudi Arabia – 3.2%
	21,948	Alinma Bank (Banks)		240,755
	38,091	Saudi National Bank (The) (Banks)		798,381
	7,926	Saudi Tadawul Group Holding Co. (Diversified Financials)*		427,279
				1,466,415
South Africa – 4.2%
	36,676	Clicks Group Ltd. (Food & Staples Retailing)		721,838
Common Stocks – (continued)
South Africa – (continued)
	40,535	Mr Price Group Ltd. (Retailing)		552,051
	11,764	Santam Ltd. (Insurance)		217,611
	138,085	Transaction Capital Ltd. (Diversified Financials)		441,645
				1,933,145
South Korea – 10.2%
	8,268	KB Financial Group, Inc. (Banks)		384,661
	6,325	LG Electronics, Inc. (Consumer Durables & Apparel)		572,837
	2,695	NAVER Corp. (Media & Entertainment)		600,336
	853	NCSoft Corp. (Media & Entertainment)		282,485
	2,159	Orion Corp. (Food, Beverage & Tobacco)		160,920
	51,150	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		2,725,966
				4,727,205
Taiwan – 13.7%
	64,362	Chailease Holding Co. Ltd. (Diversified Financials)		511,472
	38,000	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)		1,047,584
	22,000	Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel)		231,712
	228,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		4,122,846
	256,000	United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		406,679
				6,320,293
Thailand – 1.5%
	196,000	Airports of Thailand PCL (Transportation)*		378,764
	67,700	Kasikornbank PCL (Banks)		299,688
				678,452
United Arab Emirates – 1.3%
	162,767	Abu Dhabi Commercial Bank PJSC (Banks)		449,941
	95,617	Fertiglobe PLC (Materials)		144,397
				594,338
	TOTAL COMMON STOCKS
	(Cost $51,304,543)		$	44,100,130

Shares		Description	Rate			Value
Preferred Stock – 0.5%
Brazil – 0.5%
	38,800	Gerdau SA (Materials)		11.19	%	$	219,508
	(Cost $232,937)

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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Shares		Dividend Rate	Value
Investment Company – 2.0%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	900,774	0.317%	$	900,774
	(Cost $900,774)
	TOTAL INVESTMENTS – 98.1%
	(Cost $52,438,254)		$	45,220,412
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.9%			888,731
	NET ASSETS – 100.0%		$	46,109,143

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(c)	Represents an affiliated issuer.

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

Sector Name	% of Market Value
Financials		27.4	%
Information Technology		23.2
Consumer Discretionary		14.1
Consumer Staples		11.0
Communication Services		10.3
Industrials		4.2
Health Care		3.3
Investment Company		2.0
Materials		1.8
Utilities		1.7
Real Estate		1.0
TOTAL INVESTMENTS		100.0	%

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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Schedule of Investments

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 98.4%
Denmark – 3.8%
	172,516	Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences)	$	19,705,862
Finland – 3.6%
	434,952	Neste OYJ (Energy)		18,663,281
France – 9.7%
	347,868	BNP Paribas SA (Banks)		18,037,443
	670,331	Klepierre SA REIT (Real Estate)*		16,044,812
	162,206	Vinci SA (Capital Goods)(a)		15,739,477
				49,821,732
Germany – 2.8%
	498,417	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		14,146,683
Japan – 15.5%
	136,200	Hoya Corp. (Health Care Equipment & Services)		13,516,779
	33,400	Keyence Corp. (Technology Hardware & Equipment)		13,426,942
	153,200	Nidec Corp. (Capital Goods)		9,904,243
	998,500	ORIX Corp. (Diversified Financials)		18,211,613
	198,900	Shiseido Co. Ltd. (Household & Personal Products)		9,402,291
	537,373	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		15,592,708
				80,054,576
Netherlands – 5.0%
	216,154	Aalberts NV (Capital Goods)		10,503,420
	90,544	Koninklijke DSM NV (Materials)		15,221,320
				25,724,740
Singapore – 2.5%
	533,480	DBS Group Holdings Ltd. (Banks)		12,942,562
Spain – 13.0%
	252,505	Amadeus IT Group SA (Software & Services)*		15,822,705
	1,887,599	Banco Bilbao Vizcaya Argentaria SA (Banks)(a)		9,904,707
	337,641	Cellnex Telecom SA (Telecommunication Services)*(b)		15,737,554
	2,219,425	Iberdrola SA (Utilities)		25,502,978
				66,967,944
Sweden – 2.0%
	778,169	Hexagon AB, Class B (Technology Hardware & Equipment)*(a)		10,040,661
Switzerland – 4.2%
	47,241	Zurich Insurance Group AG (Insurance)		21,507,407
Common Stocks – (continued)
Taiwan – 2.3%
	129,874	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment)		12,069,191
United Kingdom – 24.6%
	146,782	AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences)		19,586,778
	481,394	Compass Group PLC (Consumer Services)		10,158,308
	3,836,759	DS Smith PLC (Materials)		15,766,274
	425,564	Experian PLC (Commercial & Professional Services)		14,696,582
	537,771	Farfetch Ltd., Class A (Retailing)*		6,023,035
	1,399,824	Informa PLC (Media & Entertainment)*		9,930,215
	161,277	InterContinental Hotels Group PLC (Consumer Services)		10,295,884
	227,424	Reckitt Benckiser Group PLC (Household & Personal Products)		17,735,803
	3,260,445	Rentokil Initial PLC (Commercial & Professional Services)		22,393,631
				126,586,510
United States – 9.4%
	125,071	Ferguson PLC (Capital Goods)		15,690,061
	92,975	Nestle SA (Registered) (Food, Beverage & Tobacco)		12,002,523
	144,437	Schneider Electric SE (Capital Goods)		20,722,249
				48,414,833
	TOTAL COMMON STOCKS
	(Cost $533,508,759)		$	506,645,982

Shares		Dividend Rate	Value
Investment Company – 0.7%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	3,479,973	0.317%	$	3,479,973
(Cost $3,479,973)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $536,988,732)		$	510,125,955

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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 5.9%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	30,579,478	0.317%	$	30,579,478
	(Cost $30,579,478)
	TOTAL INVESTMENTS – 105.0%
	(Cost $567,568,210)		$	540,705,433
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (5.0)%			(25,735,574	)
	NET ASSETS – 100.0%		$	514,969,859

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

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

Sector Name	% of Market Value
Industrials		20.3	%
Financials		14.9
Health Care		12.7
Information Technology		12.1
Consumer Staples		7.2
Materials		5.7
Consumer Discretionary		4.9
Communication Services		4.7
Utilities		4.7
Energy		3.5
Real Estate		3.0
Investment Company		0.6
Securities Lending Reinvestment Vehicle		5.7
TOTAL INVESTMENTS		100.0	%

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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Schedule of Investments

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 96.9%
Australia – 7.3%
	99,852	Rio Tinto PLC (Materials)	$	7,055,161
	471,713	Transurban Group (Transportation)		4,736,762
	215,786	Westpac Banking Corp. (Banks)		3,612,257
				15,404,180
Denmark – 2.4%
	43,653	Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences)		4,986,320
Finland – 2.5%
	530,199	Nordea Bank Abp (Banks)		5,286,129
France – 13.3%
	95,549	BNP Paribas SA (Banks)		4,954,349
	49,137	Gecina SA REIT (Real Estate)		5,535,195
	147,400	Klepierre SA REIT (Real Estate)*		3,528,116
	75,426	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)		7,972,148
	64,313	Vinci SA (Capital Goods)		6,240,540
				28,230,348
Germany – 2.6%
	139,957	Vonovia SE (Real Estate)*		5,576,027
Italy – 3.7%
	617,329	Enel SpA (Utilities)		4,014,426
	417,142	UniCredit SpA (Banks)		3,860,683
				7,875,109
Japan – 5.6%
	237,700	ORIX Corp. (Diversified Financials)		4,335,404
	139,200	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		4,039,103
	63,300	Trend Micro, Inc. (Software & Services)		3,529,413
				11,903,920
Netherlands – 4.7%
	1,475,737	Koninklijke KPN NV (Telecommunication Services)		5,092,168
	181,510	Shell PLC (Energy)		4,872,800
				9,964,968
Singapore – 4.0%
	181,400	DBS Group Holdings Ltd. (Banks)		4,400,879
	591,200	Singapore Exchange Ltd. (Diversified Financials)		4,159,888
				8,560,767
Spain – 3.3%
	613,331	Iberdrola SA (Utilities)		7,047,666
Switzerland – 14.1%
	55,913	Nestle SA (Registered) (Food Products)		7,218,038
	21,015	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		7,792,657
	2,289	SGS SA (Registered) (Commercial & Professional Services)		5,881,634
	19,843	Zurich Insurance Group AG (Insurance)		9,033,921
				29,926,250
Common Stocks – (continued)
Taiwan – 3.4%
	394,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		7,124,568
United Kingdom – 23.9%
	59,747	AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences)		7,972,716
	1,361,827	BP PLC (Energy)		6,574,625
	134,963	Coca-Cola Europacific Partners PLC (Food, Beverage & Tobacco)		6,741,402
	202,243	Compass Group PLC (Consumer Services)		4,267,703
	1,053,124	DS Smith PLC (Materials)		4,327,569
	1,075,618	HSBC Holdings PLC (Banks)		6,721,677
	428,918	National Grid PLC (Utilities)		6,372,427
	45,560	Reckitt Benckiser Group PLC (Household & Personal Products)		3,553,025
	88,380	Unilever PLC (Household & Personal Products)		4,108,798
				50,639,942
United States – 6.1%
	33,027	Ferguson PLC (Capital Goods)		4,143,212
	23,757	Schneider Electric SE (Capital Goods)		3,408,396
	65,783	Swiss Re AG (Insurance)		5,394,656
				12,946,264
	TOTAL COMMON STOCKS
	(Cost $211,610,720)		$	205,472,458

Shares		Dividend Rate	Value
Investment Company – 3.9%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	8,346,685	0.317%	$	8,346,685
	(Cost $8,346,685)
	TOTAL INVESTMENTS – 100.8%
	(Cost $219,957,405)		$	213,819,143
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.8)%			(1,876,453	)
	NET ASSETS – 100.0%		$	211,942,690

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

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Sector Name	% of Market Value
Financials		24.2	%
Health Care		15.3
Industrials		11.4
Consumer Staples		10.1
Utilities		8.2
Real Estate		6.8
Energy		5.4
Materials		5.3
Information Technology		5.0
Investment Company		3.9
Communication Services		2.4
Consumer Discretionary		2.0
TOTAL INVESTMENTS		100.0	%

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Statements of Assets and Liabilities

April 30, 2022 (Unaudited)

	China Equity Fund			Emerging Markets Equity Fund			ESG Emerging Markets Equity Fund
Assets:
Investments in unaffiliated issuers, at value (cost $112,860,367, $3,777,436,207 and $51,537,480, respectively)(a)	$	95,416,349		$	3,801,006,036		$	44,319,638
Investments in affiliated issuers, at value (cost $1,321,208, $0 and $900,774, respectively)		1,321,208			—			900,774
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		259,000			68,061,600			—
Cash		886,957			8,052,591			205,466
Foreign currency, at value (cost $52,377, $6,709,977 and $617,596, respectively)		51,542			6,700,454			609,293
Receivables:
Investments sold		913,539			4,378,764			20,870
Fund shares sold		31,575			6,257,335			187,526
Reimbursement from investment adviser		30,943			—			42,323
Dividends		28,734			1,916,475			24,415
Foreign capital gains taxes		14,320			—			—
Securities lending income		430			2,788			—
Foreign tax reclaims		—			259,604			2,273
Other assets		44,411			739,009			94,999
Total assets		98,999,008			3,897,374,655			46,407,577
Liabilities:
Payables:
Investments purchased		1,175,864			746,280			9,636
Payable upon return of securities loaned		259,000			68,061,600			—
Fund shares redeemed		216,755			17,610,863			1,772
Management fees		83,024			3,177,017			38,713
Distribution and Service fees and Transfer Agency fees		9,780			354,484			2,690
Foreign capital gains taxes		—			12,022,268			13,094
Accrued expenses		300,126			1,231,596			232,529
Total liabilities		2,044,549			103,204,108			298,434
Net Assets:
Paid-in capital		125,748,361			4,185,773,700			109,440,021
Total distributable loss		(28,793,902	)		(391,603,153	)		(63,330,878	)
NET ASSETS	$	96,954,459		$	3,794,170,547		$	46,109,143
Net Assets:
Class A	$	16,377,801		$	214,067,012		$	2,710,147
Class C		1,271,292			25,681,619			79,868
Institutional		16,574,006			2,450,508,790			22,192,679
Service		—			25,233,018			—
Investor		440,786			243,194,562			812,122
Class R6		1,091,764			107,265,020			683,182
Class R		—			—			246,563
Class P		61,198,810			728,220,526			19,384,582
Total Net Assets	$	96,954,459		$	3,794,170,547		$	46,109,143
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Class A		692,441			9,902,931			267,980
Class C		61,823			1,343,633			8,061
Institutional		647,613			105,576,720			2,190,206
Service		—			1,211,876			—
Investor		17,355			10,559,260			80,177
Class R6		42,811			4,600,790			67,460
Class R		—			—			24,542
Class P		2,398,841			31,232,470			1,913,033
Net asset value, offering and redemption price per share:(b)
Class A		$23.65			$21.62			$10.11
Class C		20.56			19.11			9.91
Institutional		25.59			23.21			10.13
Service		—			20.82			—
Investor		25.40			23.03			10.13
Class R6		25.50			23.31			10.13
Class R		—			—			10.05
Class P		25.51			23.32			10.13

(a) Includes loaned securities having a market value of $216,827, $66,606,424 and $—.

(b) Maximum public offering price per share for Class A Shares of the China Equity Fund, Emerging Markets Equity Fund and ESG Emerging Markets Equity Fund Funds is $25.03, $22.88 and $10.70. 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. 27

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Statements of Assets and Liabilities (continued)

April 30, 2022 (Unaudited)

	International Equity ESG Fund			International Equity Income Fund
Assets:
Investments in unaffiliated issuers, at value (cost $533,508,759 and $211,610,720, respectively)(a)	$	506,645,982		$	205,472,458
Investments in affiliated issuers, at value (cost $3,479,973 and $8,346,685, respectively)		3,479,973			8,346,685
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		30,579,478			—
Cash		—			673,782
Foreign currency, at value (cost $409,097 and $727,022, respectively)		406,048			715,742
Receivables:
Investments sold		17,499,444			3,871,985
Dividends		1,869,948			272,332
Fund shares sold		1,062,538			1,435,437
Foreign tax reclaims		752,451			503,357
Reimbursement from investment adviser		35,436			24,923
Securities lending income		10,932			—
Other assets		100,297			79,344
Total assets		562,442,527			221,396,045
Liabilities:
Payables:
Payable upon return of securities loaned		30,579,478			—
Investments purchased		9,985,363			8,894,993
Due to custodian		4,992,533			—
Fund shares redeemed		913,337			193,259
Management fees		373,227			137,157
Distribution and Service fees and Transfer Agency fees		52,967			23,730
Accrued expenses		575,763			204,216
Total liabilities		47,472,668			9,453,355
Net Assets:
Paid-in capital		548,142,776			215,248,148
Total distributable loss		(33,172,917	)		(3,305,458	)
NET ASSETS	$	514,969,859		$	211,942,690
Net Assets:
Class A	$	61,086,355		$	32,788,206
Class C		9,086,976			2,178,828
Institutional		218,051,758			96,119,946
Service		676,639			—
Investor		80,918,153			39,827,193
Class R6		33,818,124			12,059,714
Class R		—			623,333
Class P		111,331,854			28,345,470
Total Net Assets	$	514,969,859		$	211,942,690
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Class A		2,511,146			2,304,043
Class C		408,312			175,221
Institutional		8,735,698			6,375,715
Service		26,620			—
Investor		3,264,047			2,804,804
Class R6		1,362,859			801,187
Class R		—			43,606
Class P		4,486,336			1,884,405
Net asset value, offering and redemption price per share:(b)
Class A		$24.33			$14.23
Class C		22.25			12.43
Institutional		24.96			15.08
Service		25.42			—
Investor		24.79			14.20
Class R6		24.81			15.05
Class R		—			14.29
Class P		24.82			15.04

(a) Includes loaned securities having a market value of $29,502,323 and $—.

(b) Maximum public offering price per share for Class A Shares of the International Equity ESG Fund and International Equity Income Fund Funds is $25.75 and $15.06. 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.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Statements of Operations

For the Six Months Ended April 30, 2022 (Unaudited)

	China Equity Fund			Emerging Markets Equity Fund			ESG Emerging Markets Equity Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $2,431, $3,335,091 and $28,357, respectively)	$	417,579		$	32,931,875		$	276,061
Dividends — affiliated issuers		739			13,185			402
Securities lending income — affiliated issuer		500			57,449			16
Interest		—			2,543,344			—
Total investment income		418,818			35,545,853			276,479
Expenses:
Management fees		598,455			20,428,918			180,316
Custody, accounting and administrative services		101,121			1,233,874			94,113
Professional fees		53,472			66,227			103,608
Registration fees		48,005			170,536			48,873
Transfer Agency fees(a)		32,622			1,126,086			9,174
Distribution and/or Service (12b-1) fees(a)		29,399			436,322			5,272
Printing and mailing costs		21,064			203,164			32,056
Trustee fees		11,215			14,218			11,128
Service fees — Class C		1,878			67,578			131
Shareholder Administration fees — Service Shares		—			37,749			—
Other		13,494			33,216			11,644
Total expenses		910,725			23,817,888			496,315
Less — expense reductions		(187,352	)		(2,510,069	)		(283,104	)
Net expenses		723,373			21,307,819			213,211
NET INVESTMENT INCOME (LOSS)		(304,555	)		14,238,034			63,268
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(9,996,405	)		(340,664,119	)		(3,161,089	)
Foreign currency transactions		(4,868	)		4,615,949			(40,362	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers (including the effects of the foreign capital gains tax liability of $17,294, $(14,797,576) and $(18,810), respectively)		(30,056,793	)		(811,185,202	)		(7,144,679	)
Foreign currency translations		(18,873	)		4,064,290			(6,092	)
Net realized and unrealized loss		(40,076,939	)		(1,143,169,082	)		(10,352,222	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(40,381,494	)	$	(1,128,931,048	)	$	(10,288,954	)

(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	Service		Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
China Equity Fund	$	—	$	23,766	$	5,633	$	—	$	15,210	$	1,202	$	3,985	$	—	$	414	$	183	$	—	$	11,628
Emerging Markets Equity Fund		7,845		310,133		118,344		—		198,485		25,247		528,800		5,898		217,612		18,775		—		131,269
ESG Emerging Markets Equity Fund		—		4,210		393		669		2,694		84		2,320		—		792		29		214		3,041

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Statements of Operations (continued)

For the Six Months Ended April 30, 2022 (Unaudited)

	International Equity ESG Fund			International Equity Income Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $820,627 and $701,264, respectively)	$	4,827,409		$	3,497,131
Securities lending income — affiliated issuer		10,727			—
Dividends — affiliated issuers		4,778			2,514
Total investment income		4,842,914			3,499,645
Expenses:
Management fees		1,952,591			602,279
Transfer Agency fees(a)		163,351			61,510
Distribution and/or Service (12b-1) fees(a)		114,516			41,238
Professional fees		93,309			47,697
Custody, accounting and administrative services		71,398			60,691
Registration fees		59,190			49,849
Printing and mailing costs		25,743			19,690
Service fees — Class C		12,170			2,743
Trustee fees		11,347			11,179
Shareholder Administration fees — Service Shares		420			—
Other		12,772			7,318
Total expenses		2,516,807			904,194
Less — expense reductions		(375,190	)		(196,894	)
Net expenses		2,141,617			707,300
NET INVESTMENT INCOME		2,701,297			2,792,345
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(6,576,298	)		1,054,977
Foreign currency transactions		51,829			(18,745	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(74,351,903	)		(15,079,141	)
Foreign currency translations		(125,699	)		(51,496	)
Net realized and unrealized loss		(81,002,071	)		(14,094,405	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(78,300,774	)	$	(11,302,060	)

(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		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
International Equity ESG Fund	$	79,264	$	35,252	$	—	$	50,729	$	7,520	$	36,055	$	67	$	47,366	$	3,200	$	—	$	18,414
International Equity Income Fund		31,391		8,230		1,617		20,090		1,756		11,646		—		22,135		1,043		518		4,322

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Statements of Changes in Net Assets

	China Equity Fund						Emerging Markets Equity Fund
	For the Six Months Ended April 30, 2022 (Unaudited)			For the Fiscal Year Ended October 31, 2021			For the Six Months Ended April 30, 2022 (Unaudited)			For the Fiscal Year Ended October 31, 2021
From operations:
Net investment income (loss)	$	(304,555	)	$	(77,561	)	$	14,238,034		$	7,272,920
Net realized gain (loss)		(10,001,273	)		6,588,397			(336,048,170	)		180,856,993
Net change in unrealized gain (loss)		(30,075,666	)		(14,596,604	)		(807,120,912	)		294,374,618
Net increase (decrease) in net assets resulting from operations		(40,381,494	)		(8,085,768	)		(1,128,931,048	)		482,504,531
Distributions to shareholders:
From distributable earnings:
Class A Shares		(1,284,176	)		(1,032,658	)		(1,742,196	)		(195,130	)
Class C Shares		(117,728	)		(58,412	)		(113,290	)		—
Institutional Shares		(1,257,226	)		(579,417	)		(26,320,435	)		(5,534,105	)
Service Shares		—			—			(248,453	)		—
Investor Shares		(33,071	)		(88,975	)		(2,572,982	)		(461,894	)
Class R6 Shares		(75,181	)		(38,386	)		(1,248,690	)		(207,233	)
Class P Shares		(4,901,721	)		(3,246,437	)		(8,752,840	)		(1,905,777	)
Total distributions to shareholders		(7,669,103	)		(5,044,285	)		(40,998,886	)		(8,304,139	)
From share transactions:
Proceeds from sales of shares		23,507,525			106,114,403			1,523,361,202			2,204,016,948
Reinvestment of distributions		7,587,962			4,973,744			38,197,200			7,511,354
Cost of shares redeemed		(25,865,943	)		(46,334,845	)		(1,032,193,565	)		(700,870,868	)
Net increase in net assets resulting from share transactions		5,229,544			64,753,302			529,364,837			1,510,657,434
TOTAL INCREASE (DECREASE)		(42,821,053	)		51,623,249			(640,565,097	)		1,984,857,826
Net Assets:
Beginning of period		139,775,512			88,152,263			4,434,735,644			2,449,877,818
End of period	$	96,954,459		$	139,775,512		$	3,794,170,547		$	4,434,735,644

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Statements of Changes in Net Assets (continued)

	ESG Emerging Markets Equity Fund						International Equity ESG Fund
	For the Six Months Ended April 30, 2022 (Unaudited)			For the Fiscal Year Ended October 31, 2021			For the Six Months Ended April 30, 2022 (Unaudited)			For the Fiscal Year Ended October 31, 2021
From operations:
Net investment income	$	63,268		$	18,695		$	2,701,297		$	2,523,575
Net realized gain (loss)		(3,201,451	)		4,793,527			(6,524,469	)		24,378,654
Net change in unrealized gain (loss)		(7,150,771	)		(5,226,807	)		(74,477,602	)		43,827,449
Net increase (decrease) in net assets resulting from operations		(10,288,954	)		(414,585	)		(78,300,774	)		70,729,678
Distributions to shareholders:
From distributable earnings:
Class A Shares		(261,225	)		—			(3,927,097	)		(1,466	)
Class C Shares		(9,013	)		—			(555,440	)		—
Institutional Shares		(400,976	)		(30,382	)		(7,449,330	)		(91,491	)
Service Shares		—			—			(20,704	)		—
Investor Shares		(77,847	)		(158	)		(2,279,918	)		(5,951	)
Class R6 Shares		(4,683	)		(237	)		(1,253,796	)		(7,595	)
Class R Shares		(17,502	)		—			—			—
Class P Shares		(1,441,940	)		(586	)		(7,925,666	)		(223,814	)
Total distributions to shareholders		(2,213,186	)		(31,363	)		(23,411,951	)		(330,317	)
From share transactions:
Proceeds from sales of shares		31,780,179			9,402,122			336,831,584			199,535,178
Proceeds received in connection with merger		—			26,514,969			—			—
Reinvestment of distributions		2,210,726			31,363			22,947,346			327,945
Cost of shares redeemed		(6,123,425	)		(14,006,154	)		(105,660,556	)		(42,252,620	)
Net increase in net assets resulting from share transactions		27,867,480			21,942,300			254,118,374			157,610,503
TOTAL INCREASE		15,365,340			21,496,352			152,405,649			228,009,864
Net Assets:
Beginning of period		30,743,803			9,247,451			362,564,210			134,554,346
End of period	$	46,109,143		$	30,743,803		$	514,969,859		$	362,564,210

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Statements of Changes in Net Assets (continued)

	International Equity Income Fund
	For the Six Months Ended April 30, 2022 (Unaudited)			For the Fiscal Year Ended October 31, 2021
From operations:
Net investment income	$	2,792,345		$	2,392,132
Net realized gain		1,036,232			3,170,433
Net change in unrealized gain (loss)		(15,130,637	)		14,849,663
Net increase (decrease) in net assets resulting from operations		(11,302,060	)		20,412,228
Distributions to shareholders:
From distributable earnings:
Class A Shares		(259,728	)		(409,392	)
Class C Shares		(24,914	)		(36,613	)
Institutional Shares		(496,363	)		(343,890	)
Investor Shares		(318,940	)		(358,627	)
Class R6 Shares		(87,992	)		(95,219	)
Class R Shares		(7,665	)		(9,504	)
Class P Shares		(402,984	)		(652,395	)
Total distributions to shareholders		(1,598,586	)		(1,905,640	)
From share transactions:
Proceeds from sales of shares		144,543,711			42,199,176
Reinvestment of distributions		1,588,532			1,892,437
Cost of shares redeemed		(23,377,570	)		(17,978,889	)
Net increase in net assets resulting from share transactions		122,754,673			26,112,724
TOTAL INCREASE		109,854,027			44,619,312
Net Assets:
Beginning of period		102,088,663			57,469,351
End of period	$	211,942,690		$	102,088,663

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

GOLDMAN SACHS CHINA EQUITY FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs China Equity Fund
	Class A Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	35.80		$	36.99		$	25.87		$	23.13		$	27.69		$	21.08
Net investment income (loss)(a)		(0.11	)		(0.15	)		(0.07	)		0.04			0.05			(0.02	)(b)
Net realized and unrealized gain (loss)		(9.90	)		0.93			11.35			4.23			(4.22	)		6.63
Total from investment operations		(10.01	)		0.78			11.28			4.27			(4.17	)		6.61
Distributions to shareholders from net investment income		—			—			(0.16	)		(0.04	)		—			—
Distributions to shareholders from net realized gains		(2.14	)		(1.97	)		—			(1.49	)		(0.39	)		—
Total distributions		(2.14	)		(1.97	)		(0.16	)		(1.53	)		(0.39	)		—
Net asset value, end of period	$	23.65		$	35.80		$	36.99		$	25.87		$	23.13		$	27.69
Total Return(c)		(29.56	)%		1.96	%		43.67	%		19.54	%		(15.32	)%		31.36	%
Net assets, end of period (in 000’s)	$	16,378		$	22,002		$	18,617		$	13,397		$	13,598		$	16,860
Ratio of net expenses to average net assets		1.46	%(d)		1.45	%		1.47	%		1.51	%		1.54	%		1.55	%
Ratio of total expenses to average net assets		1.82	%(d)		1.77	%		2.11	%		2.10	%		1.91	%		2.03	%
Ratio of net investment income (loss) to average net assets		(0.76	)%(d)		(0.38	)%		(0.24	)%		0.17	%		0.17	%		(0.09	)%(b)
Portfolio turnover rate(e)		18	%		46	%		106	%		20	%		39	%		89	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.17% of average net assets.

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

(d) Annualized.

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

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

GOLDMAN SACHS CHINA EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs China Equity Fund
	Class C Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	31.53		$	33.03		$	23.14		$	20.95		$	25.31		$	19.41
Net investment loss(a)		(0.19	)		(0.40	)		(0.26	)		(0.14	)		(0.13	)		(0.17	)(b)
Net realized and unrealized gain (loss)		(8.64	)		0.87			10.15			3.82			(3.84	)		6.07
Total from investment operations		(8.83	)		0.47			9.89			3.68			(3.97	)		5.90
Distributions to shareholders from net realized gains		(2.14	)		(1.97	)		—			(1.49	)		(0.39	)		—
Net asset value, end of period	$	20.56		$	31.53		$	33.03		$	23.14		$	20.95		$	25.31
Total Return(c)		(29.84	)%		1.22	%		42.60	%		18.66	%		(15.94	)%		30.35	%
Net assets, end of period (in 000’s)	$	1,271		$	1,737		$	973		$	896		$	1,318		$	1,732
Ratio of net expenses to average net assets		2.21	%(d)		2.20	%		2.21	%		2.27	%		2.29	%		2.30	%
Ratio of total expenses to average net assets		2.58	%(d)		2.54	%		2.85	%		2.85	%		2.66	%		2.78	%
Ratio of net investment loss to average net assets		(1.51	)%(d)		(1.17	)%		(0.98	)%		(0.63	)%		(0.52	)%		(0.79	)%(b)
Portfolio turnover rate(e)		18	%		46	%		106	%		20	%		39	%		89	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.17% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes 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. 35

GOLDMAN SACHS CHINA EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs China Equity Fund
	Institutional Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	38.50		$	39.52		$	27.63		$	24.56		$	29.28		$	22.20
Net investment income (loss)(a)		(0.07	)		0.03			0.05			0.14			0.19			0.09	(b)
Net realized and unrealized gain (loss)		(10.70	)		0.92			12.09			4.50			(4.51	)		6.99
Total from investment operations		(10.77	)		0.95			12.14			4.64			(4.32	)		7.08
Distributions to shareholders from net investment income		—			—			(0.25	)		(0.08	)		(0.01	)		—
Distributions to shareholders from net realized gains		(2.14	)		(1.97	)		—			(1.49	)		(0.39	)		—
Total distributions		(2.14	)		(1.97	)		(0.25	)		(1.57	)		(0.40	)		—
Net asset value, end of period	$	25.59		$	38.50		$	39.52		$	27.63		$	24.56		$	29.28
Total Return(c)		(29.46	)%		2.28	%		44.13	%		19.98	%		(14.98	)%		31.91	%
Net assets, end of period (in 000’s)	$	16,574		$	23,762		$	10,824		$	6,327		$	6,997		$	62,843
Ratio of net expenses to average net assets		1.15	%(d)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Ratio of total expenses to average net assets		1.46	%(d)		1.40	%		1.74	%		1.71	%		1.47	%		1.63	%
Ratio of net investment income (loss) to average net assets		(0.45	)%(d)		0.07	%		0.17	%		0.54	%		0.63	%		0.36	%(b)
Portfolio turnover rate(e)		18	%		46	%		106	%		20	%		39	%		89	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.17% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes 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.

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

GOLDMAN SACHS CHINA EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs China Equity Fund
	Investor Shares(a)
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	38.24		$	39.28		$	27.46		$	24.41		$	29.14		$	22.12
Net investment income (loss)(b)		(0.08	)		(0.01	)		0.01			0.09			0.15			0.06	(c)
Net realized and unrealized gain (loss)		(10.62	)		0.94			12.03			4.50			(4.48	)		6.96
Total from investment operations		(10.70	)		0.93			12.04			4.59			(4.33	)		7.02
Distributions to shareholders from net investment income		—			—			(0.22	)		(0.05	)		(0.01	)		—
Distributions to shareholders from net realized gains		(2.14	)		(1.97	)		—			(1.49	)		(0.39	)		—
Total distributions		(2.14	)		(1.97	)		(0.22	)		(1.54	)		(0.40	)		—
Net asset value, end of period	$	25.40		$	38.24		$	39.28		$	27.46		$	24.41		$	29.14
Total Return(d)		(29.46	)%		2.22	%		44.01	%		19.86	%		(15.11	)%		31.74	%
Net assets, end of period (in 000’s)	$	441		$	636		$	762		$	226		$	392		$	136
Ratio of net expenses to average net assets		1.21	%(e)		1.20	%��		1.22	%		1.27	%		1.29	%		1.30	%
Ratio of total expenses to average net assets		1.58	%(e)		1.49	%		1.86	%		1.85	%		1.63	%		1.78	%
Ratio of net investment income (loss) to average net assets		(0.51	)%(e)		(0.02	)%		0.04	%		0.35	%		0.52	%		0.24	%(c)
Portfolio turnover rate(f)		18	%		46	%		106	%		20	%		39	%		89	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

(c) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.17% of average net assets.

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

(e) Annualized.

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

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

GOLDMAN SACHS CHINA EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs China Equity Fund
	Class R6 Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	38.37		$	39.39		$	27.54		$	24.56		$	30.83
Net investment income (loss)(b)		(0.07	)		0.03			(0.02	)		0.15			0.19
Net realized and unrealized gain (loss)		(10.66	)		0.92			12.13			4.48			(6.46	)
Total from investment operations		(10.73	)		0.95			12.11			4.63			(6.27	)
Distributions to shareholders from net investment income		—			—			(0.26	)		(0.16	)		—
Distributions to shareholders from net realized gains		(2.14	)		(1.97	)		—			(1.49	)		—
Total distributions		(2.14	)		(1.97	)		(0.26	)		(1.65	)		—
Net asset value, end of period	$	25.50		$	38.37		$	39.39		$	27.54		$	24.56
Total Return(c)		(29.45	)%		2.29	%		44.15	%		19.96	%		(20.34	)%
Net assets, end of period (in 000’s)	$	1,092		$	1,389		$	631		$	432		$	8
Ratio of net expenses to average net assets		1.14	%(d)		1.14	%		1.14	%		1.15	%		1.15	%(d)
Ratio of total expenses to average net assets		1.45	%(d)		1.38	%		1.71	%		1.70	%		1.55	%(d)
Ratio of net investment income (loss) to average net assets		(0.44	)%(d)		0.08	%		(0.07	)%		0.57	%		1.00	%(d)
Portfolio turnover rate(e)		18	%		46	%		106	%		20	%		39	%

(a) Commenced operations on February 28, 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.

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

GOLDMAN SACHS CHINA EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs China Equity Fund
	Class P Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	38.39		$	39.40		$	27.55		$	24.57		$	30.61
Net investment income (loss)(b)		(0.07	)		—	(c)		0.01			0.14			0.09
Net realized and unrealized gain (loss)		(10.67	)		0.96			12.10			4.49			(6.13	)
Total from investment operations		(10.74	)		0.96			12.11			4.63			(6.04	)
Distributions to shareholders from net investment income		—			—			(0.26	)		(0.16	)		—
Distributions to shareholders from net realized gains		(2.14	)		(1.97	)		—			(1.49	)		—
Total distributions		(2.14	)		(1.97	)		(0.26	)		(1.65	)		—
Net asset value, end of period	$	25.51		$	38.39		$	39.40		$	27.55		$	24.57
Total Return(d)		(29.44	)%		2.26	%		44.17	%		19.98	%		(19.73	)%
Net assets, end of period (in 000’s)	$	61,199		$	90,250		$	56,345		$	52,673		$	47,901
Ratio of net expenses to average net assets		1.14	%(e)		1.14	%		1.14	%		1.15	%		1.14	%(e)
Ratio of total expenses to average net assets		1.45	%(e)		1.39	%		1.71	%		1.70	%		1.77	%(e)
Ratio of net investment income (loss) to average net assets		(0.44	)%(e)		0.01	%		0.04	%		0.55	%		0.59	%(e)
Portfolio turnover rate(f)		18	%		46	%		106	%		20	%		39	%

(a) Commenced operations on April 16, 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. 39

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Fund
	Class A Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	28.53		$	23.76		$	20.35		$	17.18		$	20.91		$	16.23
Net investment income (loss)(a)		0.05			(0.02	)		0.11			0.07			0.10			0.05	(b)
Net realized and unrealized gain (loss)		(6.78	)		4.81			3.49			3.18			(3.69	)		4.74
Total from investment operations		(6.73	)		4.79			3.60			3.25			(3.59	)		4.79
Distributions to shareholders from net investment income		(0.18	)		(0.02	)		(0.19	)		(0.08	)		(0.14	)		(0.11	)
Net asset value, end of period	$	21.62		$	28.53		$	23.76		$	20.35		$	17.18		$	20.91
Total Return(c)		(23.70	)%		20.11	%		17.77	%		19.03	%		(17.32	)%		29.78	%
Net assets, end of period (in 000’s)	$	214,067		$	265,040		$	247,765		$	230,234		$	152,596		$	85,679
Ratio of net expenses to average net assets		1.29	%(d)		1.34	%		1.49	%		1.55	%		1.56	%		1.57	%
Ratio of total expenses to average net assets		1.46	%(d)		1.48	%		1.54	%		1.58	%		1.64	%		1.75	%
Ratio of net investment income (loss) to average net assets		0.40	%(d)		(0.08	)%		0.51	%		0.39	%		0.46	%		0.29	%(b)
Portfolio turnover rate(e)		26	%		52	%		31	%		33	%		52	%		113	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes 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.

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Fund
	Class C Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	25.23		$	21.16		$	18.12		$	15.34		$	18.72		$	14.53
Net investment loss(a)		(0.04	)		(0.21	)		(0.06	)		(0.06	)		(0.05	)		(0.09	)(b)
Net realized and unrealized gain (loss)		(6.00	)		4.28			3.12			2.84			(3.30	)		4.28
Total from investment operations		(6.04	)		4.07			3.06			2.78			(3.35	)		4.19
Distributions to shareholders from net investment income		(0.08	)		—			(0.02	)		—			(0.03	)		—
Net asset value, end of period	$	19.11		$	25.23		$	21.16		$	18.12		$	15.34		$	18.72
Total Return(c)		(24.00	)%		19.23	%		16.85	%		18.12	%		(17.91	)%		28.84	%
Net assets, end of period (in 000’s)	$	25,682		$	36,367		$	23,425		$	30,115		$	33,252		$	36,286
Ratio of net expenses to average net assets		2.04	%(d)		2.09	%		2.24	%		2.30	%		2.31	%		2.32	%
Ratio of total expenses to average net assets		2.21	%(d)		2.23	%		2.29	%		2.33	%		2.39	%		2.50	%
Ratio of net investment loss to average net assets		(0.35	)%(d)		(0.81	)%		(0.34	)%		(0.33	)%		(0.25	)%		(0.55	)%(b)
Portfolio turnover rate(e)		26	%		52	%		31	%		33	%		52	%		113	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes 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. 41

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Fund
	Institutional Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	30.67		$	25.54		$	21.85		$	18.43		$	22.40		$	17.38
Net investment income(a)		0.10			0.07			0.21			0.17			0.20			0.12	(b)
Net realized and unrealized gain (loss)		(7.28	)		5.15			3.73			3.40			(3.96	)		5.07
Total from investment operations		(7.18	)		5.22			3.94			3.57			(3.76	)		5.19
Distributions to shareholders from net investment income		(0.28	)		(0.09	)		(0.25	)		(0.15	)		(0.21	)		(0.17	)
Net asset value, end of period	$	23.21		$	30.67		$	25.54		$	21.85		$	18.43		$	22.40
Total Return(c)		(23.60	)%		20.51	%		18.11	%		19.51	%		(16.99	)%		30.31	%
Net assets, end of period (in 000’s)	$	2,450,509		$	2,699,332		$	1,479,859		$	940,632		$	678,197		$	664,085
Ratio of net expenses to average net assets		0.98	%(d)		1.03	%		1.16	%		1.17	%		1.17	%		1.18	%
Ratio of total expenses to average net assets		1.09	%(d)		1.11	%		1.17	%		1.19	%		1.24	%		1.36	%
Ratio of net investment income to average net assets		0.70	%(d)		0.24	%		0.93	%		0.84	%		0.91	%		0.63	%(b)
Portfolio turnover rate(e)		26	%		52	%		31	%		33	%		52	%		113	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes 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.

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Fund
	Service Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	27.54		$	22.97		$	19.68		$	16.60		$	20.21		$	15.71
Net investment income (loss)(a)		0.03			(0.07	)		0.07			0.06			0.07			0.02	(b)
Net realized and unrealized gain (loss)		(6.54	)		4.64			3.38			3.06			(3.56	)		4.59
Total from investment operations		(6.51	)		4.57			3.45			3.12			(3.49	)		4.61
Distributions to shareholders from net investment income		(0.21	)		—			(0.16	)		(0.04	)		(0.12	)		(0.11	)
Net asset value, end of period	$	20.82		$	27.54		$	22.97		$	19.68		$	16.60		$	20.21
Total Return(c)		(23.78	)%		19.90	%		17.55	%		18.85	%		(17.38	)%		29.65	%
Net assets, end of period (in 000’s)	$	25,233		$	32,940		$	26,329		$	24,183		$	19,922		$	26,049
Ratio of net expenses to average net assets		1.48	%(d)		1.53	%		1.65	%		1.67	%		1.67	%		1.68	%
Ratio of total expenses to average net assets		1.59	%(d)		1.61	%		1.67	%		1.69	%		1.75	%		1.86	%
Ratio of net investment income (loss) to average net assets		0.21	%(d)		(0.26	)%		0.35	%		0.32	%		0.36	%		0.11	%(b)
Portfolio turnover rate(e)		26	%		52	%		31	%		33	%		52	%		113	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets.

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

(d) Annualized.

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

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Fund
	Investor Shares(a)
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	30.43		$	25.33		$	21.66		$	18.28		$	22.24		$	17.27
Net investment income(b)		0.09			0.06			0.16			0.12			0.17			0.13	(c)
Net realized and unrealized gain (loss)		(7.23	)		5.11			3.73			3.38			(3.94	)		5.01
Total from investment operations		(7.14	)		5.17			3.89			3.50			(3.77	)		5.14
Distributions to shareholders from net investment income		(0.26	)		(0.07	)		(0.22	)		(0.12	)		(0.19	)		(0.17	)
Net asset value, end of period	$	23.03		$	30.43		$	25.33		$	21.66		$	18.28		$	22.24
Total Return(d)		(23.61	)%		20.43	%		18.02	%		19.31	%		17.07	%		30.11	%
Net assets, end of period (in 000’s)	$	243,195		$	295,910		$	147,386		$	135,484		$	139,726		$	62,974
Ratio of net expenses to average net assets		1.04	%(e)		1.08	%		1.24	%		1.30	%		1.31	%		1.31	%
Ratio of total expenses to average net assets		1.21	%(e)		1.23	%		1.29	%		1.33	%		1.38	%		1.49	%
Ratio of net investment income to average net assets		0.65	%(e)		0.20	%		0.70	%		0.58	%		0.79	%		0.67	%(c)
Portfolio turnover rate(f)		26	%		52	%		31	%		33	%		52	%		113	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

(c) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes 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.

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Fund
	Class R6 Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	30.81		$	25.65		$	21.94		$	18.51		$	22.41		$	17.38
Net investment income(a)		0.10			0.07			0.16			0.17			0.21			0.16	(b)
Net realized and unrealized gain (loss)		(7.32	)		5.19			3.80			3.41			(4.00	)		5.05
Total from investment operations		(7.22	)		5.26			3.96			3.58			(3.79	)		5.21
Distributions to shareholders from net investment income		(0.28	)		(0.10	)		(0.25	)		(0.15	)		(0.11	)		(0.18	)
Net asset value, end of period	$	23.31		$	30.81		$	25.65		$	21.94		$	18.51		$	22.41
Total Return(c)		(23.59	)%		20.51	%		18.13	%		19.52	%		(16.96	)%		30.35	%
Net assets, end of period (in 000’s)	$	107,265		$	141,786		$	53,424		$	25,387		$	37,865		$	245
Ratio of net expenses to average net assets		0.97	%(d)		1.02	%		1.15	%		1.16	%		1.16	%		1.17	%
Ratio of total expenses to average net assets		1.08	%(d)		1.10	%		1.16	%		1.18	%		1.21	%		1.35	%
Ratio of net investment income to average net assets		0.72	%(d)		0.22	%		0.71	%		0.82	%		0.99	%		0.88	%(b)
Portfolio turnover rate(e)		26	%		52	%		31	%		33	%		52	%		113	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets.

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

(d) Annualized.

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

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Fund
	Class P Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	30.81		$	25.65		$	21.94		$	18.51		$	23.46
Net investment income(b)		0.10			0.08			0.19			0.17			0.10
Net realized and unrealized gain (loss)		(7.31	)		5.18			3.77			3.41			(5.05	)
Total from investment operations		(7.21	)		5.26			3.96			3.58			(4.95	)
Distributions to shareholders from net investment income		(0.28	)		(0.10	)		(0.25	)		(0.15	)		—
Net asset value, end of period	$	23.32		$	30.81		$	25.65		$	21.94		$	18.51
Total Return(c)		(23.57	)%		20.50	%		18.14	%		19.47	%		(21.06	)%
Net assets, end of period (in 000’s)	$	728,221		$	963,360		$	471,690		$	389,019		$	311,447
Ratio of net expenses to average net assets		0.97	%(d)		1.01	%		1.15	%		1.16	%		1.15	%(d)
Ratio of total expenses to average net assets		1.08	%(d)		1.10	%		1.15	%		1.18	%		1.24	%(d)
Ratio of net investment income to average net assets		0.72	%(d)		0.27	%		0.86	%		0.82	%		0.94	%(d)
Portfolio turnover rate(e)		26	%		52	%		31	%		33	%		52	%

(a) Commenced operations on April 16, 2018.

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

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

(d) 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.

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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs ESG Emerging Markets Equity Fund
	Class A Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	14.02		$	11.73		$	9.95		$	8.40		$	10.00
Net investment income (loss)(b)		—	(c)		(0.02	)		—	(c)		0.04			0.03
Net realized and unrealized gain (loss)		(2.97	)		2.31			1.84			1.53			(1.63	)
Total from investment operations		(2.97	)		2.29			1.84			1.57			(1.60	)
Distributions to shareholders from net investment income		(0.04	)		—			(0.06	)		(0.02	)		—
Distributions to shareholders from net realized gains		(0.90	)		—			—			—			—
Total distributions		(0.94	)		—			(0.06	)		(0.02	)		—
Net asset value, end of period	$	10.11		$	14.02		$	11.73		$	9.95		$	8.40
Total Return(d)		(22.48	)%		19.52	%		18.46	%		18.74	%		(16.00	)%
Net assets, end of period (in 000’s)	$	2,710		$	4,072		$	92		$	50		$	42
Ratio of net expenses to average net assets		1.46	%(e)		1.47	%		1.49	%		1.60	%		1.53	%(e)
Ratio of total expenses to average net assets		3.13	%(e)		3.64	%		6.33	%		7.73	%		10.28	%(e)
Ratio of net investment income (loss) to average net assets		0.04	%(e)		(0.17	)%		0.02	%		0.44	%		0.64	%(e)
Portfolio turnover rate(f)		26	%		116	%		28	%		57	%		23	%

(a) Commenced operations on May 31, 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. 47

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs ESG Emerging Markets Equity Fund
	Class C Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	13.77		$	11.61		$	9.87		$	8.37		$	10.00
Net investment loss(b)		(0.04	)		(0.14	)		(0.09	)		(0.03	)		—	(c)
Net realized and unrealized gain (loss)		(2.92	)		2.30			1.83			1.53			(1.63	)
Total from investment operations		(2.96	)		2.16			1.74			1.50			(1.63	)
Distributions to shareholders from net realized gains		(0.90	)		—			—			—			—
Net asset value, end of period	$	9.91		$	13.77		$	11.61		$	9.87		$	8.37
Total Return(d)		(22.75	)%		18.60	%		17.58	%		17.92	%		(16.30	)%
Net assets, end of period (in 000’s)	$	80		$	137		$	58		$	49		$	42
Ratio of net expenses to average net assets		2.21	%(e)		2.20	%		2.24	%		2.35	%		2.28	%(e)
Ratio of total expenses to average net assets		3.90	%(e)		3.64	%		6.94	%		8.49	%		11.03	%(e)
Ratio of net investment loss to average net assets		(0.71	)%(e)		(0.96	)%		(0.84	)%		(0.31	)%		(0.11	)%(e)
Portfolio turnover rate(f)		26	%		116	%		28	%		57	%		23	%

(a) Commenced operations on May 31, 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.

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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs ESG Emerging Markets Equity Fund
	Institutional Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	14.06		$	11.77		$	9.98		$	8.41		$	10.00
Net investment income(b)		0.02			0.01			0.03			0.08			0.04
Net realized and unrealized gain (loss)		(2.98	)		2.32			1.85			1.53			(1.63	)
Total from investment operations		(2.96	)		2.33			1.88			1.61			(1.59	)
Distributions to shareholders from net investment income		(0.07	)		(0.04	)		(0.09	)		(0.04	)		—
Distributions to shareholders from net realized gains		(0.90	)		—			—			—			—
Total distributions		(0.97	)		(0.04	)		(0.09	)		(0.04	)		—
Net asset value, end of period	$	10.13		$	14.06		$	11.77		$	9.98		$	8.41
Total Return(c)		(22.34	)%		19.81	%		18.91	%		19.26	%		(15.90	)%
Net assets, end of period (in 000’s)	$	22,193		$	5,008		$	8,631		$	6,912		$	5,679
Ratio of net expenses to average net assets		1.12	%(d)		1.14	%		1.14	%		1.21	%		1.14	%(d)
Ratio of total expenses to average net assets		2.54	%(d)		3.16	%		5.83	%		7.31	%		9.89	%(d)
Ratio of net investment income to average net assets		0.38	%(d)		0.06	%		0.26	%		0.85	%		1.03	%(d)
Portfolio turnover rate(e)		26	%		116	%		28	%		57	%		23	%

(a) Commenced operations on May 31, 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. 49

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs ESG Emerging Markets Equity Fund
	Investor Shares(a)
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2018(b)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	14.06		$	11.76		$	9.97		$	8.41		$	10.00
Net investment income(c)		0.02			0.01			0.02			0.06			0.03
Net realized and unrealized gain (loss)		(2.98	)		2.32			1.85			1.53			(1.62	)
Total from investment operations		(2.96	)		2.33			1.87			1.59			(1.59	)
Distributions to shareholders from net investment income		(0.07	)		(0.03	)		(0.08	)		(0.03	)		—
Distributions to shareholders from net realized gains		(0.90	)		—			—			—			—
Total distributions		(0.97	)		(0.03	)		(0.08	)		(0.03	)		—
Net asset value, end of period	$	10.13		$	14.06		$	11.76		$	9.97		$	8.41
Total Return(d)		(22.38	)%		19.82	%		18.79	%		19.03	%		(15.90	)%
Net assets, end of period (in 000’s)	$	812		$	1,088		$	59		$	50		$	42
Ratio of net expenses to average net assets		1.21	%(e)		1.22	%		1.24	%		1.35	%		1.28	%(e)
Ratio of total expenses to average net assets		2.87	%(e)		3.33	%		5.94	%		7.49	%		10.03	%(e)
Ratio of net investment income to average net assets		0.29	%(e)		0.08	%		0.15	%		0.69	%		0.89	%(e)
Portfolio turnover rate(f)		26	%		116	%		28	%		57	%		23	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operations on May 31, 2018.

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

(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.

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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs ESG Emerging Markets Equity Fund
	Class R6 Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	14.07		$	11.77		$	9.98		$	8.41		$	10.00
Net investment income(b)		0.02			0.02			0.03			0.08			0.04
Net realized and unrealized gain (loss)		(2.98	)		2.32			1.85			1.53			(1.63	)
Total from investment operations		(2.96	)		2.34			1.88			1.61			(1.59	)
Distributions to shareholders from net investment income		(0.08	)		(0.04	)		(0.09	)		(0.04	)		—
Distributions to shareholders from net realized gains		(0.90	)		—			—			—			—
Total distributions		(0.98	)		(0.04	)		(0.09	)		(0.04	)		—
Net asset value, end of period	$	10.13		$	14.07		$	11.77		$	9.98		$	8.41
Total Return(c)		(22.38	)%		19.90	%		18.92	%		19.26	%		(15.90	)%
Net assets, end of period (in 000’s)	$	683		$	17		$	65		$	50		$	42
Ratio of net expenses to average net assets		1.10	%(d)		1.13	%		1.13	%		1.20	%		1.13	%(d)
Ratio of total expenses to average net assets		2.35	%(d)		3.00	%		5.84	%		7.34	%		9.88	%(d)
Ratio of net investment income to average net assets		0.41	%(d)		0.13	%		0.26	%		0.84	%		1.04	%(d)
Portfolio turnover rate(e)		26	%		116	%		28	%		57	%		23	%

(a) Commenced operations on May 31, 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 ESG EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs ESG Emerging Markets Equity Fund
	Class R Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	13.92		$	11.68		$	9.94		$	8.39		$	10.00
Net investment income (loss)(b)		(0.01	)		(0.07	)		(0.03	)		0.01			0.02
Net realized and unrealized gain (loss)		(2.95	)		2.31			1.83			1.55			(1.63	)
Total from investment operations		(2.96	)		2.24			1.80			1.56			(1.61	)
Distributions to shareholders from net investment income		(0.01	)		—			(0.06	)		(0.01	)		—
Distributions to shareholders from net realized gains		(0.90	)		—			—			—			—
Total distributions		(0.91	)		—			(0.06	)		(0.01	)		—
Net asset value, end of period	$	10.05		$	13.92		$	11.68		$	9.94		$	8.39
Total Return(c)		(22.54	)%		19.18	%		18.11	%		18.57	%		(16.10	)%
Net assets, end of period (in 000’s)	$	247		$	267		$	255		$	167		$	42
Ratio of net expenses to average net assets		1.71	%(d)		1.72	%		1.74	%		1.92	%		1.78	%(d)
Ratio of total expenses to average net assets		3.35	%(d)		4.12	%		6.53	%		7.68	%		10.53	%(d)
Ratio of net investment income (loss) to average net assets		(0.21	)%(d)		(0.47	)%		(0.34	)%		0.06	%		0.39	%(d)
Portfolio turnover rate(e)		26	%		116	%		28	%		57	%		23	%

(a) Commenced operations on May 31, 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.

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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs ESG Emerging Markets Equity Fund
	Class P Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Period Ended October 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	14.07		$	11.77		$	10.87
Net investment income(b)		0.02			0.02			0.03
Net realized and unrealized gain (loss)		(2.98	)		2.32			0.87
Total from investment operations		(2.96	)		2.34			0.90
Distributions to shareholders from net investment income		(0.08	)		(0.04	)		—
Distributions to shareholders from net realized gains		(0.90	)		—			—
Total distributions		(0.98	)		(0.04	)		—
Net asset value, end of period	$	10.13		$	14.07		$	11.77
Total Return(c)		(22.38	)%		19.92	%		8.28	%
Net assets, end of period (in 000’s)	$	19,385		$	20,156		$	86
Ratio of net expenses to average net assets		1.12	%(d)		1.13	%		1.08	%(d)
Ratio of total expenses to average net assets		2.70	%(d)		3.46	%		6.51	%(d)
Ratio of net investment income to average net assets		0.39	%(d)		0.17	%		0.30	%(d)
Portfolio turnover rate(e)		26	%		116	%		28	%

(a) Commenced operations on January 31, 2020.

(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. 53

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity ESG Fund
	Class A Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	30.27		$	21.01		$	20.67		$	17.88		$	19.92		$	16.61
Net investment income(a)		0.13			0.23			0.04			0.28			0.22			0.14
Net realized and unrealized gain (loss)		(4.26	)		9.03			0.66			2.76			(2.01	)		3.63
Total from investment operations		(4.13	)		9.26			0.70			3.04			(1.79	)		3.77
Distributions to shareholders from net investment income		(0.33	)		—	(b)		(0.36	)		(0.25	)		(0.25	)		(0.46	)
Distributions to shareholders from net realized gains		(1.48	)		—			—			—			—			—
Total distributions		(1.81	)		—			(0.36	)		(0.25	)		(0.25	)		(0.46	)
Net asset value, end of period	$	24.33		$	30.27		$	21.01		$	20.67		$	17.88		$	19.92
Total Return(c)		(14.36	)%		44.15	%		3.30	%		17.33	%		(9.11	)%		23.29	%
Net assets, end of period (in 000’s)	$	61,086		$	62,250		$	33,927		$	35,181		$	34,602		$	38,330
Ratio of net expenses to average net assets		1.18	%(d)		1.18	%		1.20	%		1.26	%		1.29	%		1.30	%
Ratio of total expenses to average net assets		1.39	%(d)		1.47	%		1.69	%		1.69	%		1.58	%		1.63	%
Ratio of net investment income to average net assets		0.93	%(d)		0.82	%		0.21	%		1.52	%		1.11	%		0.78	%
Portfolio turnover rate(e)		21	%		39	%		55	%		41	%		38	%		116	%

(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.

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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity ESG Fund
	Class C Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	27.80		$	19.44		$	19.16		$	16.49		$	18.39		$	15.37
Net investment income (loss)(a)		0.02			—	(b)		(0.10	)		0.13			0.07			0.02
Net realized and unrealized gain (loss)		(3.91	)		8.36			0.60			2.58			(1.86	)		3.35
Total from investment operations		(3.89	)		8.36			0.50			2.71			(1.79	)		3.37
Distributions to shareholders from net investment income		(0.18	)		—			(0.22	)		(0.04	)		(0.11	)		(0.35	)
Distributions to shareholders from net realized gains		(1.48	)		—			—			—			—			—
Total distributions		(1.66	)		—			(0.22	)		(0.04	)		(0.11	)		(0.35	)
Net asset value, end of period	$	22.25		$	27.80		$	19.44		$	19.16		$	16.49		$	18.39
Total Return(c)		(14.69	)%		43.08	%		2.53	%		16.49	%		(9.79	)%		22.40	%
Net assets, end of period (in 000’s)	$	9,087		$	8,953		$	9,369		$	10,400		$	9,985		$	15,681
Ratio of net expenses to average net assets		1.93	%(d)		1.93	%		1.95	%		2.01	%		2.04	%		2.05	%
Ratio of total expenses to average net assets		2.14	%(d)		2.23	%		2.44	%		2.44	%		2.33	%		2.37	%
Ratio of net investment income (loss) to average net assets		0.18	%(d)		(0.01	)%		(0.54	)%		0.78	%		0.40	%		0.12	%
Portfolio turnover rate(e)		21	%		39	%		55	%		41	%		38	%		116	%

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity ESG Fund
	Institutional Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	31.04		$	21.53		$	21.17		$	18.23		$	20.30		$	16.93
Net investment income(a)		0.17			0.35			0.15			0.29			0.40			0.22
Net realized and unrealized gain (loss)		(4.37	)		9.23			0.63			2.89			(2.14	)		3.69
Total from investment operations		(4.20	)		9.58			0.78			3.18			(1.74	)		3.91
Distributions to shareholders from net investment income		(0.40	)		(0.07	)		(0.42	)		(0.24	)		(0.33	)		(0.54	)
Distributions to shareholders from net realized gains		(1.48	)		—			—			—			—			—
Total distributions		(1.88	)		(0.07	)		(0.42	)		(0.24	)		(0.33	)		(0.54	)
Net asset value, end of period	$	24.96		$	31.04		$	21.53		$	21.17		$	18.23		$	20.30
Total Return(b)		(14.20	)%		44.62	%		3.62	%		17.76	%		(8.76	)%		23.78	%
Net assets, end of period (in 000’s)	$	218,052		$	111,615		$	23,137		$	7,660		$	6,835		$	127,403
Ratio of net expenses to average net assets		0.86	%(c)		0.86	%		0.86	%		0.90	%		0.90	%		0.90	%
Ratio of total expenses to average net assets		1.00	%(c)		1.09	%		1.33	%		1.31	%		1.17	%		1.22	%
Ratio of net investment income to average net assets		1.25	%(c)		1.20	%		0.72	%		1.49	%		1.94	%		1.22	%
Portfolio turnover rate(d)		21	%		39	%		55	%		41	%		38	%		116	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity ESG Fund
	Service Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	31.63		$	22.00		$	21.63		$	18.70		$	20.68		$	16.79
Net investment income(a)		0.11			0.17			0.01			0.28			0.22			0.13
Net realized and unrealized gain (loss)		(4.46	)		9.46			0.70			2.88			(2.10	)		3.76
Total from investment operations		(4.35	)		9.63			0.71			3.16			(1.88	)		3.89
Distributions to shareholders from net investment income		(0.38	)		—			(0.34	)		(0.23	)		(0.10	)		—
Distributions to shareholders from net realized gains		(1.48	)		—			—			—			—			—
Total distributions		(1.86	)		—			(0.34	)		(0.23	)		(0.10	)		—
Net asset value, end of period	$	25.42		$	31.63		$	22.00		$	21.63		$	18.70		$	20.68
Total Return(b)		(14.41	)%		43.90	%		3.16	%		17.20	%		(9.14	)%		23.17	%
Net assets, end of period (in 000’s)	$	677		$	260		$	4		$	4		$	4		$	4
Ratio of net expenses to average net assets		1.36	%(c)		1.36	%		1.34	%		1.36	%		1.34	%		1.39	%
Ratio of total expenses to average net assets		1.51	%(c)		1.58	%		1.79	%		1.75	%		1.58	%		1.66	%
Ratio of net investment income to average net assets		0.75	%(c)		0.57	%		0.07	%		1.44	%		1.07	%		0.71	%
Portfolio turnover rate(d)		21	%		39	%		55	%		41	%		38	%		116	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity ESG Fund
	Investor Shares(a)
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	30.85		$	21.41		$	21.06		$	18.20		$	20.23		$	16.86
Net investment income(b)		0.16			0.34			0.09			0.36			0.24			0.27
Net realized and unrealized gain (loss)		(4.34	)		9.17			0.68			2.78			(2.02	)		3.60
Total from investment operations		(4.18	)		9.51			0.77			3.14			(1.78	)		3.87
Distributions to shareholders from net investment income		(0.40	)		(0.07	)		(0.42	)		(0.28	)		(0.25	)		(0.50	)
Distributions to shareholders from net realized gains		(1.48	)		—			—			—			—			—
Total distributions		(1.88	)		(0.07	)		(0.42	)		(0.28	)		(0.25	)		(0.50	)
Net asset value, end of period	$	24.79		$	30.85		$	21.41		$	21.06		$	18.20		$	20.23
Total Return(c)		(14.24	)%		44.52	%		3.56	%		17.64	%		(8.92	)%		23.63	%
Net assets, end of period (in 000’s)	$	80,918		$	31,735		$	1,298		$	492		$	421		$	1,009
Ratio of net expenses to average net assets		0.93	%(d)		0.93	%		0.95	%		1.00	%		1.04	%		1.05	%
Ratio of total expenses to average net assets		1.12	%(d)		1.20	%		1.44	%		1.44	%		1.34	%		1.39	%
Ratio of net investment income to average net assets		1.18	%(d)		1.15	%		0.44	%		1.87	%		1.20	%		1.50	%
Portfolio turnover rate(e)		21	%		39	%		55	%		41	%		38	%		116	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes 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 INTERNATIONAL EQUITY ESG FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity ESG Fund
	Class R6 Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	30.87		$	21.41		$	21.06		$	18.23		$	20.30		$	16.93
Net investment income(a)		0.17			0.36			0.14			0.45			0.31			0.22
Net realized and unrealized gain (loss)		(4.35	)		9.17			0.64			2.71			(2.05	)		3.69
Total from investment operations		(4.18	)		9.53			0.78			3.16			(1.74	)		3.91
Distributions to shareholders from net investment income		(0.40	)		(0.07	)		(0.43	)		(0.33	)		(0.33	)		(0.54	)
Distributions to shareholders from net realized gains		(1.48	)		—			—			—			—			—
Total distributions		(1.88	)		(0.07	)		(0.43	)		(0.33	)		(0.33	)		(0.54	)
Net asset value, end of period	$	24.81		$	30.87		$	21.41		$	21.06		$	18.23		$	20.30
Total Return(b)		(14.21	)%		44.65	%		3.63	%		17.76	%		(8.74	)%		23.80	%
Net assets, end of period (in 000’s)	$	33,818		$	15,095		$	1,981		$	470		$	11		$	12
Ratio of net expenses to average net assets		0.85	%(c)		0.85	%		0.85	%		0.90	%		0.89	%		0.89	%
Ratio of total expenses to average net assets		1.00	%(c)		1.08	%		1.32	%		1.31	%		1.18	%		1.22	%
Ratio of net investment income to average net assets		1.26	%(c)		1.23	%		0.69	%		2.35	%		1.53	%		1.21	%
Portfolio turnover rate(d)		21	%		39	%		55	%		41	%		38	%		116	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity ESG Fund
	Class P Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	30.87		$	21.42		$	21.05		$	18.23		$	20.84
Net investment income(b)		0.17			0.33			0.11			0.36			0.06
Net realized and unrealized gain (loss)		(4.34	)		9.19			0.69			2.79			(2.67	)
Total from investment operations		(4.17	)		9.52			0.80			3.15			(2.61	)
Distributions to shareholders from net investment income		(0.40	)		(0.07	)		(0.43	)		(0.33	)		—
Distributions to shareholders from net realized gains		(1.48	)		—			—			—			—
Total distributions		(1.88	)		(0.07	)		(0.43	)		(0.33	)		—
Net asset value, end of period	$	24.82		$	30.87		$	21.42		$	21.05		$	18.23
Total Return(c)		(14.22	)%		44.64	%		3.67	%		17.73	%		(12.52	)%
Net assets, end of period (in 000’s)	$	111,332		$	132,657		$	64,838		$	68,987		$	94,972
Ratio of net expenses to average net assets		0.85	%(d)		0.85	%		0.86	%		0.89	%		0.89	%(d)
Ratio of total expenses to average net assets		1.01	%(d)		1.09	%		1.30	%		1.29	%		1.22	%(d)
Ratio of net investment income to average net assets		1.26	%(d)		1.16	%		0.55	%		1.88	%		0.59	%(d)
Portfolio turnover rate(e)		21	%		39	%		55	%		41	%		38	%

(a) Commenced operations on April 16, 2018.

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

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

(d) 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.

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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Income Fund
	Class A Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	15.13		$	11.54		$	13.50		$	13.25		$	14.50		$	11.99
Net investment income(a)		0.26			0.39			0.23			0.37			0.37			0.17
Net realized and unrealized gain (loss)		(0.97	)		3.53			(1.69	)		1.53			(1.36	)		2.58
Total from investment operations		(0.71	)		3.92			(1.46	)		1.90			(0.99	)		2.75
Distributions to shareholders from net investment income		(0.19	)		(0.33	)		(0.50	)		(0.36	)		(0.26	)		(0.24	)
Distributions to shareholders from net realized gains		—			—			—			(1.29	)		—			—
Total distributions		(0.19	)		(0.33	)		(0.50	)		(1.65	)		(0.26	)		(0.24	)
Net asset value, end of period	$	14.23		$	15.13		$	11.54		$	13.50		$	13.25		$	14.50
Total Return(b)		(4.64	)%		34.07	%		(11.23	)%		(16.95	)%		(6.98	)%		23.38	%
Net assets, end of period (in 000’s)	$	32,788		$	20,086		$	13,669		$	16,711		$	15,844		$	17,937
Ratio of net expenses to average net assets		1.19	%(c)		1.20	%		1.23	%		1.25	%		1.26	%		1.30	%
Ratio of total expenses to average net assets		1.48	%(c)		1.69	%		1.92	%		2.16	%		1.90	%		1.88	%
Ratio of net investment income to average net assets		3.46	%(c)		2.71	%		1.87	%		2.99	%		2.54	%		1.32	%
Portfolio turnover rate(d)		7	%		28	%		51	%		27	%		87	%		32	%

(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 INTERNATIONAL EQUITY INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Income Fund
	Class C Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	13.24		$	10.14		$	11.89		$	11.88		$	12.98		$	10.75
Net investment income(a)		0.18			0.25			0.13			0.25			0.25			0.07
Net realized and unrealized gain (loss)		(0.84	)		3.09			(1.50	)		1.34			(1.22	)		2.31
Total from investment operations		(0.66	)		3.34			(1.37	)		1.59			(0.97	)		2.38
Distributions to shareholders from net investment income		(0.15	)		(0.24	)		(0.38	)		(0.29	)		(0.13	)		(0.15	)
Distributions to shareholders from net realized gains		—			—			—			(1.29	)		—			—
Total distributions		(0.15	)		(0.24	)		(0.38	)		(1.58	)		(0.13	)		(0.15	)
Net asset value, end of period	$	12.43		$	13.24		$	10.14		$	11.89		$	11.88		$	12.98
Total Return(b)		(4.95	)%		33.02	%		(11.88	)%		16.01	%		7.59	%		22.44	%
Net assets, end of period (in 000’s)	$	2,179		$	2,149		$	1,514		$	1,638		$	1,673		$	3,770
Ratio of net expenses to average net assets		1.94	%(c)		1.95	%		1.97	%		2.00	%		2.01	%		2.05	%
Ratio of total expenses to average net assets		2.25	%(c)		2.44	%		2.67	%		2.91	%		2.63	%		2.63	%
Ratio of net investment income to average net assets		2.71	%(c)		1.92	%		1.19	%		2.24	%		1.89	%		0.58	%
Portfolio turnover rate(d)		7	%		28	%		51	%		27	%		87	%		32	%

(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 INTERNATIONAL EQUITY INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Income Fund
	Institutional Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	16.01		$	12.20		$	14.26		$	13.88		$	15.20		$	12.56
Net investment income(a)		0.30			0.47			0.31			0.42			0.49			0.23
Net realized and unrealized gain (loss)		(1.01	)		3.71			(1.80	)		1.63			(1.46	)		2.70
Total from investment operations		(0.71	)		4.18			(1.49	)		2.05			(0.97	)		2.93
Distributions to shareholders from net investment income		(0.22	)		(0.37	)		(0.57	)		(0.38	)		(0.35	)		(0.29	)
Distributions to shareholders from net realized gains		—			—			—			(1.29	)		—			—
Total distributions		(0.22	)		(0.37	)		(0.57	)		(1.67	)		(0.35	)		(0.29	)
Net asset value, end of period	$	15.08		$	16.01		$	12.20		$	14.26		$	13.88		$	15.20
Total Return(b)		(4.47	)%		34.45	%		(10.86	)%		17.29	%		(6.59	)%		23.88	%
Net assets, end of period (in 000’s)	$	96,120		$	24,118		$	10,051		$	5,232		$	2,666		$	40,667
Ratio of net expenses to average net assets		0.85	%(c)		0.85	%		0.85	%		0.88	%		0.87	%		0.90	%
Ratio of total expenses to average net assets		1.08	%(c)		1.30	%		1.55	%		1.79	%		1.42	%		1.49	%
Ratio of net investment income to average net assets		3.80	%(c)		3.05	%		2.36	%		3.13	%		3.19	%		1.71	%
Portfolio turnover rate(d)		7	%		28	%		51	%		27	%		87	%		32	%

(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 INTERNATIONAL EQUITY INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Income Fund
	Investor Shares(a)
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	15.09		$	11.52		$	13.51		$	13.25		$	14.51		$	12.00
Net investment income(b)		0.27			0.42			0.29			0.34			0.40			0.24
Net realized and unrealized gain (loss)		(0.95	)		3.51			(1.72	)		1.59			(1.35	)		2.54
Total from investment operations		(0.68	)		3.93			(1.43	)		1.93			(0.95	)		2.78
Distributions to shareholders from net investment income		(0.21	)		(0.36	)		(0.56	)		(0.38	)		(0.31	)		(0.27	)
Distributions to shareholders from net realized gains		—			—			—			(1.29	)		—			—
Total distributions		(0.21	)		(0.36	)		(0.56	)		(1.67	)		(0.31	)		(0.27	)
Net asset value, end of period	$	14.20		$	15.09		$	11.52		$	13.51		$	13.25		$	14.51
Total Return(c)		(4.44	)%		34.25	%		(10.99	)%		17.21	%		(6.74	)%		23.75	%
Net assets, end of period (in 000’s)	$	39,827		$	20,450		$	8,958		$	3,515		$	349		$	426
Ratio of net expenses to average net assets		0.94	%(d)		0.95	%		0.98	%		1.09	%		1.01	%		1.05	%
Ratio of total expenses to average net assets		1.22	%(d)		1.43	%		1.71	%		1.98	%		1.65	%		1.64	%
Ratio of net investment income to average net assets		3.71	%(d)		2.92	%		2.39	%		2.67	%		2.78	%		1.85	%
Portfolio turnover rate(e)		7	%		28	%		51	%		27	%		87	%		32	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes 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 INTERNATIONAL EQUITY INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Income Fund
	Class R6 Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	15.99		$	12.18		$	14.25		$	13.87		$	15.20		$	12.56
Net investment income(a)		0.30			0.47			0.28			0.49			0.45			0.16
Net realized and unrealized gain (loss)		(1.02	)		3.72			(1.78	)		1.57			(1.43	)		2.77
Total from investment operations		(0.72	)		4.19			(1.50	)		2.06			(0.98	)		2.93
Distributions to shareholders from net investment income		(0.22	)		(0.38	)		(0.57	)		(0.39	)		(0.35	)		(0.29	)
Distributions to shareholders from net realized gains		—			—			—			(1.29	)		—			—
Total distributions		(0.22	)		(0.38	)		(0.57	)		(1.68	)		(0.35	)		(0.29	)
Net asset value, end of period	$	15.05		$	15.99		$	12.18		$	14.25		$	13.87		$	15.20
Total Return(b)		(4.47	)%		34.52	%		(10.93	)%		17.41	%		(6.62	)%		23.91	%
Net assets, end of period (in 000’s)	$	12,060		$	6,050		$	2,304		$	332		$	68		$	72
Ratio of net expenses to average net assets		0.84	%(c)		0.84	%		0.84	%		0.86	%		0.86	%		0.89	%
Ratio of total expenses to average net assets		1.09	%(c)		1.29	%		1.59	%		1.80	%		1.51	%		1.43	%
Ratio of net investment income to average net assets		3.81	%(c)		3.03	%		2.22	%		3.74	%		2.99	%		1.16	%
Portfolio turnover rate(d)		7	%		28	%		51	%		27	%		87	%		32	%

(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 INTERNATIONAL EQUITY INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Income Fund
	Class R Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	15.19		$	11.60		$	13.55		$	13.32		$	14.59		$	12.08
Net investment income(a)		0.24			0.41			0.24			0.36			0.34			0.14
Net realized and unrealized gain (loss)		(0.96	)		3.48			(1.74	)		1.52			(1.37	)		2.59
Total from investment operations		(0.72	)		3.89			(1.50	)		1.88			(1.03	)		2.73
Distributions to shareholders from net investment income		(0.18	)		(0.30	)		(0.45	)		(0.36	)		(0.24	)		(0.22	)
Distributions to shareholders from net realized gains		—			—			—			(1.29	)		—			—
Total distributions		(0.18	)		(0.30	)		(0.45	)		(1.65	)		(0.24	)		(0.22	)
Net asset value, end of period	$	14.29		$	15.19		$	11.60		$	13.55		$	13.32		$	14.59
Total Return(b)		(4.73	)%		33.62	%		(11.44	)%		(16.63	)%		(7.19	)%		22.99	%
Net assets, end of period (in 000’s)	$	623		$	620		$	173		$	73		$	84		$	44
Ratio of net expenses to average net assets		1.44	%(c)		1.44	%		1.48	%		1.50	%		1.51	%		1.55	%
Ratio of total expenses to average net assets		1.75	%(c)		1.91	%		2.19	%		2.40	%		2.18	%		2.12	%
Ratio of net investment income to average net assets		3.21	%(c)		2.79	%		1.96	%		2.90	%		2.38	%		1.05	%
Portfolio turnover rate(d)		7	%		28	%		51	%		27	%		87	%		32	%

(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 INTERNATIONAL EQUITY INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Income Fund
	Class P Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	15.98		$	12.17		$	14.23		$	13.86		$	15.62
Net investment income(b)		0.30			0.47			0.30			0.44			0.16
Net realized and unrealized gain (loss)		(1.02	)		3.72			(1.79	)		1.61			(1.84	)
Total from investment operations		(0.72	)		4.19			(1.49	)		2.05			(1.68	)
Distributions to shareholders from net investment income		(0.22	)		(0.38	)		(0.57	)		(0.39	)		(0.08	)
Distributions to shareholders from net realized gains		—			—			—			(1.29	)		—
Total distributions		(0.22	)		(0.38	)		(0.57	)		(1.68	)		(0.08	)
Net asset value, end of period	$	15.04		$	15.98		$	12.17		$	14.23		$	13.86
Total Return(c)		(4.48	)%		34.55	%		(10.89	)%		17.34	%		(10.76	)%
Net assets, end of period (in 000’s)	$	28,345		$	28,616		$	20,799		$	32,643		$	30,930
Ratio of net expenses to average net assets		0.84	%(d)		0.84	%		0.84	%		0.85	%		0.84	%(d)
Ratio of total expenses to average net assets		1.12	%(d)		1.32	%		1.51	%		1.76	%		1.84	%(d)
Ratio of net investment income to average net assets		3.81	%(d)		3.05	%		2.33	%		3.37	%		2.00	%(d)
Portfolio turnover rate(e)		7	%		28	%		51	%		27	%		87	%

(a) Commenced operations on April 16, 2018.

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

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

(d) 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 FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Notes to Financial Statements

April 30, 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
China Equity	A, C, Institutional, Investor, R6 and P	Diversified
Emerging Markets Equity	A, C, Institutional, Service, Investor, R6 and P	Non-diversified
ESG Emerging Markets Equity	A, C, Institutional, Investor, R6, R and P	Non-diversified
International Equity ESG	A, C, Institutional, Service, Investor, R6 and P	Diversified
International Equity Income	A, C, Institutional, Investor, R6, R 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.

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.

68

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
China Equity	Annually	Annually
Emerging Markets Equity	Annually	Annually
ESG Emerging Markets Equity	Annually	Annually
International Equity ESG	Annually	Annually
International Equity Income	Semi-Annually	Annually

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

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

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the 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;

69

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities 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. 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.

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.

70

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL 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 April 30, 2022:

CHINA EQUITY FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	2,668,143	$	92,748,206	$	—
Investment Company		1,321,208		—		—
Securities Lending Reinvestment Vehicle		259,000		—		—
Total	$	4,248,351	$	92,748,206	$	—
EMERGING MARKETS EQUITY FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	116,271,689	$	32,817,226	$	—
Asia		201,700,784		2,870,479,790		—	(b)
Europe		—		104,556,780		—
North America		153,229,016		21,604,473		—
South America		148,239,074		51,933,500		—
Exchange-Traded Fund		100,173,704		—		—
Securities Lending Reinvestment Vehicle		68,061,600		—		—
Total	$	787,675,867	$	3,081,391,769	$	—
ESG EMERGING MARKETS EQUITY FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	1,933,145	$	300,339	$	—
Asia		2,688,184		33,144,630		—	(b)
Europe		—		870,147		—
North America		2,326,449		—		—
South America		2,837,236		219,508		—
Investment Company		900,774		—		—
Total	$	10,685,788	$	34,534,624	$	—

(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.

(b) Amount represents valuations of Russian investments for which GSAM has determined include significant unobservable inputs as of April 30, 2022. To the extent that the same positions were held as of the Fund’s prior fiscal year end, October 31, 2021, they were classified as either Level 1 or Level 2.

71

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

INTERNATIONAL EQUITY ESG FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	12,069,191	$	92,997,138	$	—
Europe		6,023,035		347,141,785		—
North America		—		48,414,833		—
Investment Company		3,479,973		—		—
Securities Lending Reinvestment Vehicle		30,579,478		—		—
Total	$	52,151,677	$	488,553,756	$	—
INTERNATIONAL EQUITY INCOME FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	—	$	27,589,255	$	—
Europe		6,741,402		135,573,319		—
North America		—		20,164,302		—
Oceania		—		15,404,180		—
Investment Company		8,346,685		—		—
Total	$	15,088,087	$	198,731,056	$	—

(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.

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended April 30, 2022, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate															Effective Rate			Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Next $8 billion
China Equity		1.00	%		0.90	%		0.86	%		0.84	%		0.82	%		1.00	%		1.00	%
Emerging Markets Equity		1.02			1.02			0.92			0.87			0.85			0.97			0.86	(1)
ESG Emerging Markets Equity		0.98			0.98			0.88			0.84			0.82			0.98			0.96	(2)
International Equity ESG		0.85			0.77			0.73			0.71			0.70			0.85			0.82	(3)
International Equity Income		0.80			0.72			0.68			0.67			0.66			0.80			0.80

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

(1) GSAM agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.90% as an annual percentage of the average daily net assets of the Fund. This waiver will be effective through at least February 28, 2023, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees.

(2) Effective February 28, 2022, GSAM agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.94% as an annual percentage of average daily net assets of the Fund. This waiver will be effective through at least February 28, 2023, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees.

(3) GSAM agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.82% as an annual percentage of the average daily net assets of the Fund. This waiver will be effective through at least February 28, 2023, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended April 30, 2022, GSAM waived $723, $20,560, $530, $8,855 and $2,698 of the China Equity, Emerging Markets Equity, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds’ management fees, respectively.

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

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

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

	Distribution and/or Service Plan Rates
	Class A*			Class C			Service			Class R*
Distribution and/or Service 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.

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Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. For the six months ended April 30, 2022, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
China Equity	$	3,735	$	—
Emerging Markets Equity		18,420		—
ESG Emerging Markets Equity		94		—
International Equity ESG		7,236		192
International Equity Income		2,183		—

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.

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 April 30, 2022, the transfer agency fee waivers were as follows:

	China Equity			Emerging Markets Equity			ESG Emerging Markets Equity			International Equity ESG			International Equity Income
Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares)*		0.04%	(a)		0.06	%		0.04	%		0.05	%		0.03	%

* These arrangements will remain in effect through at least February 28, 2023, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

(a) Prior to February 28, 2022, the waiver was 0.07%.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the China Equity, Emerging Markets Equity, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds are 0.114%, 0.104%, 0.124%, 0.004% and 0.014%, respectively. These Other Expense limitations will remain in place through at least February 28, 2023 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.

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended April 30, 2022, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Transfer Agency Waiver/Credits		Other Expense Reimbursement		Total Expense Reductions
China Equity	$	723	$	6,453	$	180,176	$	187,352
Emerging Markets Equity		2,344,566		165,503		—		2,510,069
ESG Emerging Markets Equity		3,546		946		278,612		283,104
International Equity ESG		77,770		32,848		264,572		375,190
International Equity Income		2,698		8,310		185,886		196,894

G.  Line of Credit Facility — As of April 30, 2022, the Funds participated in a $1,250,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended April 30, 2022, the Funds did not have any borrowings under the facility. Prior to April 22, 2022 the facility was $1,000,000,000.

H.  Other Transactions with Affiliates — For the six months ended April 30, 2022, Goldman Sachs earned $1,304, $11, and $387 in brokerage commissions from portfolio transactions, on behalf of the Emerging Markets Equity, ESG Emerging Markets Equity and International Equity ESG Funds, respectively.

The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended April 30, 2022:

Fund	Beginning Value as of October 31, 2021		Purchased at Cost		Proceeds from Sales			Ending Value as of April 30, 2022		Shares as of April 30, 2022		Dividend Income
China Equity	$	—	$	26,449,591	$	(25,128,383	)	$	1,321,208		1,321,208	$	739
Emerging Markets Equity		36,545,431		954,067,369		(990,612,800	)		—		—		13,185
ESG Emerging Markets Equity		884,272		25,356,212		(25,339,710	)		900,774		900,774		402
International Equity ESG		12,758,723		212,639,531		(221,918,281	)		3,479,973		3,479,973		4,778
International Equity Income		2,460,180		81,763,286		(75,876,781	)		8,346,685		8,346,685		2,514

As of April 30, 2022, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:    

Fund	Class C			Investor			Class R6			Class R
ESG Emerging Markets Equity		10	%		0	%		0	%		0	%

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Notes to Financial Statements (continued)

April 30, 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 April 30, 2022, were as follows:

Fund	Purchases		Sales and Maturities
China Equity	$	21,633,486	$	24,036,206
Emerging Markets Equity		1,675,521,579		1,096,714,611
ESG Emerging Markets Equity		34,646,214		9,308,064
International Equity ESG		335,400,090		94,459,521
International Equity Income		131,651,525		10,481,581

6. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein the China Equity, Emerging Markets Equity, International Equity ESG and International Equity Income Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The China Equity, Emerging Markets Equity, International Equity ESG and International Equity Income Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross

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6. SECURITIES LENDING (continued)

amounts of recognized liabilities for securities lending transactions outstanding as of April 30, 2022, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Each of the China Equity, Emerging Markets Equity, International Equity ESG and International Equity Income Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended April 30, 2022, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

	For the six months ended April 30, 2022				Amounts Payable to Goldman Sachs upon Return of Securities Loaned as of April 30, 2022
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
China Equity	$	59	$	—	$	—
Emerging Markets Equity		6,318		12,393		—
ESG Emerging Markets Equity		2		—		—
International Equity ESG		—		—		—

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended April 30, 2022.

Fund	Beginning Value as of October 31, 2021		Purchases at Cost		Proceeds from Sales			Ending Value as of April 30, 2022
China Equity	$	352,275	$	1,397,725	$	(1,491,000	)	$	259,000
Emerging Markets Equity		45,470,600		312,378,343		(289,787,343	)		68,061,600
International Equity ESG		—		35,612,477		(5,032,999	)		30,579,478

7. TAX INFORMATION

As of the Funds’ most recent fiscal year ended October 31, 2021, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:

	China Equity		Emerging Markets Equity			ESG Emerging Markets Equity			International Equity ESG		International Equity Income
Capital loss carryforwards:
Perpetual Long-term	$	—	$	—		$	(24,018,179	)	$	—	$	—
Perpetual Short-term		—		(16,346,119	)		(28,752,165	)		—		(108,296	)
Total capital loss carryforwards	$	—	$	(16,346,119	)	$	(52,770,344	)	$	—	$	(108,296	)
Timing differences (Foreign Tax Reclaims
Accrued but not Received/Late Year
Ordinary Loss Deferrals)	$	—	$	—		$	(9,562	)	$	209,559	$	25,435

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Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

7. TAX INFORMATION (continued)

As of April 30, 2022, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	China Equity			Emerging Markets Equity			ESG Emerging Markets Equity			International Equity ESG			International Equity Income
Tax cost	$	115,500,695		$	3,906,623,271		$	52,594,914		$	569,997,929		$	220,495,937
Gross unrealized gain		9,154,459			504,134,666			1,183,649			20,695,555			7,160,156
Gross unrealized loss		(27,658,597	)		(541,690,301	)		(8,558,151	)		(49,988,051	)		(13,836,950	)
Net unrealized gain (loss)	$	(18,504,138	)	$	(37,555,635	)	$	(7,374,502	)	$	(29,292,496	)	$	(6,676,794	)

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.

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.

ESG Standards Risk — The ESG Emerging Markets Equity and International Equity ESG Funds’ adherence to their environmental, social and governance (“ESG”) criteria and the application of GSAM’s supplemental ESG analysis when selecting investments may affect the Funds’ exposure to certain companies, sectors, regions, and countries and may affect the Funds’ performance depending on whether such investments are in or out of favor. For example, the Funds will not seek to invest in companies that GSAM believes have adverse social or environmental impacts (i.e., gambling, alcohol, tobacco, coal or weapons companies), and the Funds will not seek to invest in companies that GSAM believes show inadequate governance standards (e.g., certain state-owned enterprises).

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information; 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 sanctions, 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.

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8. OTHER RISKS (continued)

The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange 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 — A 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 the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

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

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

Issuer Concentration Risk — The Funds may invest in a relatively small number of issuers. As a result, they may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Funds may affect the overall value of the Funds more than it would affect a mutual fund that holds more investments. In particular, the Funds may be more susceptible to adverse developments affecting any single issuer in the Funds and may be susceptible to greater losses because of these developments.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use 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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Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

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 — Emerging Markets Equity and ESG Emerging Markets Equity Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

9. INDEMNIFICATIONS

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

10. SUBSEQUENT EVENTS

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

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11. SUMMARY OF SHARE TRANSACTIONS

	China Equity Fund
	For the Six Months Ended April 30, 2022 (Unaudited)						For the Fiscal Year Ended October 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		233,538		$	6,607,142			327,821		$	12,698,801
Reinvestment of distributions		38,187			1,231,906			26,855			987,442
Shares redeemed		(193,773	)		(5,912,518	)		(243,540	)		(9,138,855	)
		77,952			1,926,530			111,136			4,547,388
Class C Shares
Shares sold		21,822			577,139			42,814			1,389,950
Reinvestment of distributions		4,182			117,638			1,789			58,335
Shares redeemed		(19,271	)		(494,724	)		(18,973	)		(620,691	)
		6,733			200,053			25,630			827,594
Institutional Shares
Shares sold		189,064			6,096,854			639,105			27,686,559
Reinvestment of distributions		35,229			1,228,445			14,051			554,169
Shares redeemed		(193,839	)		(6,478,132	)		(309,907	)		(12,471,869	)
		30,454			847,167			343,249			15,768,859
Investor Shares
Shares sold		5,098			146,188			92,918			4,040,569
Reinvestment of distributions		955			33,071			2,271			88,975
Shares redeemed		(5,322	)		(168,047	)		(97,961	)		(3,867,348	)
		731			11,212			(2,772	)		262,196
Class R6 Shares
Shares sold		12,884			393,141			46,019			1,989,393
Reinvestment of distributions		2,164			75,181			977			38,386
Shares redeemed		(8,430	)		(277,312	)		(26,832	)		(1,045,178	)
		6,618			191,010			20,164			982,601
Class P
Shares sold		299,754			9,687,061			1,328,102			58,309,131
Reinvestment of distributions		141,016			4,901,721			82,585			3,246,437
Shares redeemed		(393,040	)		(12,535,210	)		(489,595	)		(19,190,904	)
		47,730			2,053,572			921,092			42,364,664
NET INCREASE		170,218		$	5,229,544			1,418,499		$	64,753,302

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Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Emerging Markets Equity Fund
	For the Six Months Ended April 30, 2022 (Unaudited)						For the Fiscal Year Ended October 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		2,542,121		$	65,763,006			4,280,912		$	124,419,278
Reinvestment of distributions		63,497			1,666,807			6,822			187,599
Shares redeemed		(1,992,751	)		(51,361,073	)		(5,423,589	)		(158,313,522	)
		612,867			16,068,740			(1,135,855	)		(33,706,645	)
Class C Shares
Shares sold		109,137			2,514,348			577,804			15,201,688
Reinvestment of distributions		4,469			103,985			—			—
Shares redeemed		(211,279	)		(4,796,540	)		(243,447	)		(6,278,331	)
		(97,673	)		(2,178,207	)		334,357			8,923,357
Institutional Shares
Shares sold		41,190,553			1,112,622,850			42,501,112			1,316,059,363
Reinvestment of distributions		839,728			23,638,349			161,320			4,755,711
Shares redeemed		(24,451,930	)		(650,280,619	)		(12,616,376	)		(390,477,385	)
		17,578,351			485,980,580			30,046,056			930,337,689
Service Shares
Shares sold		97,265			2,403,811			216,703			6,127,997
Reinvestment of distributions		9,770			247,171			—			—
Shares redeemed		(91,177	)		(2,256,241	)		(166,951	)		(4,692,764	)
		15,858			394,742			49,752			1,435,233
Investor Shares
Shares sold		3,815,945			102,295,338			6,072,425			188,814,654
Reinvestment of distributions		91,807			2,565,099			15,778			461,817
Shares redeemed		(3,072,426	)		(82,388,109	)		(2,182,734	)		(67,958,019	)
		835,326			22,472,328			3,905,469			121,318,452
Class R6 Shares
Shares sold		1,260,694			34,723,933			3,147,994			97,502,426
Reinvestment of distributions		43,244			1,222,948			6,770			200,450
Shares redeemed		(1,304,696	)		(35,716,529	)		(636,100	)		(20,095,496	)
		(758	)		230,352			2,518,664			77,607,380
Class P Shares
Shares sold		7,320,805			203,037,916			14,510,264			455,891,542
Reinvestment of distributions		309,507			8,752,840			64,362			1,905,777
Shares redeemed		(7,663,200	)		(205,394,454	)		(1,699,704	)		(53,055,351	)
		(32,888	)		6,396,302			12,874,922			404,741,968
NET INCREASE		18,911,082		$	529,364,837			48,593,365		$	1,510,657,434

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11. SUMMARY OF SHARE TRANSACTIONS (continued)

	ESG Emerging Markets Equity Fund
	For the Six Months Ended April 30, 2022 (Unaudited)						For the Fiscal Year Ended October 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		9,116		$	113,674			69,991		$	1,033,573
Reinvestment of distributions		20,700			259,255			—			—
Shares redeemed		(52,257	)		(654,073	)		(60,759	)		(867,587	)
Shares issued in connection with merger		—			—			273,310			4,187,103
		(22,441	)		(281,144	)		282,542			4,353,089
Class C Shares
Shares sold		367			4,096			360			5,184
Shares redeemed		736			9,013			(56,226	)		(820,204	)
Shares issued in connection with merger		(2,996	)		(36,888	)		60,820			920,201
		(1,893	)		(23,779	)		4,954			105,181
Institutional Shares
Shares sold		1,896,843			22,142,947			160,077			2,311,073
Reinvestment of distributions		31,841			400,485			2,172			30,382
Shares redeemed		(94,518	)		(1,141,145	)		(822,989	)		(11,743,225	)
Shares issued in connection with merger		—			—			283,218			4,341,741
		1,834,166			21,402,287			(377,522	)		(5,060,029	)
Investor Shares
Shares sold		16,405			209,290			6,580			93,266
Reinvestment of distributions		6,195			77,847			11			158
Shares redeemed		(19,818	)		(248,620	)		(19,002	)		(271,406	)
Shares issued in connection with merger		—			—			84,748			1,299,196
		2,782			38,517			72,337			1,121,214
Class R6 Shares
Shares sold		65,995			746,409			395			5,656
Reinvestment of distributions		373			4,683			17			237
Shares redeemed		(83	)		(1,034	)		(5,536	)		(79,946	)
Shares issued in connection with merger		—			—			757			11,598
		66,285			750,058			(4,367	)		(62,455	)
Class R Shares
Shares sold		3,965			47,256			2,987			41,861
Reinvestment of distributions		1,409			17,502			—			—
Shares redeemed		(19	)		(226	)		(5,624	)		(78,627	)
		5,355			64,532			(2,637	)		(36,766	)
Class P Shares
Shares sold		710,152			8,516,507			407,953			5,911,509
Reinvestment of distributions		114,661			1,441,940			42			586
Shares redeemed		(344,671	)		(4,041,438	)		(10,184	)		(145,159	)
Shares issued in connection with merger		—			—			1,027,732			15,755,130
		480,142			5,917,009			1,425,543			21,522,066
NET INCREASE		2,364,396		$	27,867,480			1,400,850		$	21,942,300

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Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Equity ESG Fund
	For the Six Months Ended April 30, 2022 (Unaudited)						For the Fiscal Year Ended October 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		647,142		$	17,773,748			722,947		$	20,409,262
Reinvestment of distributions		131,881			3,638,112			54			1,408
Shares redeemed		(324,195	)		(8,704,365	)		(281,154	)		(7,863,045	)
		454,828			12,707,495			441,847			12,547,625
Class C Shares
Shares sold		98,006			2,494,538			104,783			2,658,899
Reinvestment of distributions		21,874			551,527			—			—
Shares redeemed		(33,638	)		(852,740	)		(264,638	)		(6,724,888	)
		86,242			2,193,325			(159,855	)		(4,065,989	)
Institutional Shares
Shares sold		7,311,336			204,393,098			3,216,053			92,806,415
Reinvestment of distributions		257,096			7,277,624			3,345			89,177
Shares redeemed		(2,428,179	)		(64,090,051	)		(698,424	)		(20,179,279	)
		5,140,253			147,580,671			2,520,974			72,716,313
Service Shares
Shares sold		23,027			625,347			12,152			364,641
Reinvestment of distributions		717			20,704			—			—
Shares redeemed		(5,345	)		(140,290	)		(4,125	)		(122,300	)
		18,399			505,761			8,027			242,341
Investor Shares
Shares sold		2,669,538			73,164,465			1,052,845			30,820,739
Reinvestment of distributions		81,077			2,279,918			225			5,951
Shares redeemed		(515,174	)		(13,808,360	)		(85,096	)		(2,449,463	)
		2,235,441			61,636,023			967,974			28,377,227
Class R6 Shares
Shares sold		1,011,561			27,822,320			435,422			12,635,665
Reinvestment of distributions		44,543			1,253,796			286			7,595
Shares redeemed		(182,167	)		(4,919,419	)		(39,284	)		(1,133,096	)
		873,937			24,156,697			396,424			11,510,164
Class P Shares
Shares sold		375,599			10,558,070			1,393,169			39,839,557
Reinvestment of distributions		281,627			7,925,666			8,443			223,814
Shares redeemed		(468,068	)		(13,145,332	)		(132,065	)		(3,780,549	)
		189,158			5,338,404			1,269,547			36,282,822
NET INCREASE		8,998,258		$	254,118,376			5,444,938		$	157,610,503

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11. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Equity Income Fund
	For the Six Months Ended April 30, 2022 (Unaudited)							For the Fiscal Year Ended October 31, 2021
	Shares			Dollars				Shares			Dollars
Class A Shares
Shares sold		1,395,734		$	21,011,783				303,236		$	4,398,992
Reinvestment of distributions		17,088			250,000				27,263			396,802
Shares redeemed		(436,751	)		(6,165,150	)			(186,971	)		(2,701,106	)
		976,071			15,096,633		��		143,528			2,094,688
Class C Shares
Shares sold		33,562			440,507				48,433			623,178
Reinvestment of distributions		1,943			24,914				2,846			36,613
Shares redeemed		(22,558	)		(295,369	)			(38,233	)		(484,150	)
		12,947			170,052				13,046			175,641
Institutional Shares
Shares sold		5,156,075			82,267,043				1,092,396			16,937,735
Reinvestment of distributions		32,044			496,037				22,270			343,278
Shares redeemed		(318,659	)		(4,990,359	)			(432,411	)		(6,467,584	)
		4,869,460			77,772,721				682,255			10,813,429
Investor Shares
Shares sold		1,976,195			29,366,747				946,534			13,807,772
Reinvestment of distributions		21,875			318,940				24,711			358,627
Shares redeemed		(548,034	)		(8,126,756	)			(394,436	)		(5,736,642	)
		1,450,036			21,558,931				576,809			8,429,757
Class R6 Shares
Shares sold		473,159			7,469,128				225,518			3,444,069
Reinvestment of distributions		5,695			87,992				6,190			95,219
Shares redeemed		(56,118	)		(882,125	)			(42,460	)		(637,707	)
		422,736			6,674,995				189,248			2,901,581
Class R Shares
Shares sold		3,917			58,934				27,958			395,632
Reinvestment of distributions		521			7,665				641			9,503
Shares redeemed		(1,628	)		(24,619	)			(2,753	)		(39,514	)
		2,810			41,980				25,846			365,621
Class P Shares
Shares sold		245,889			3,929,569				166,755			2,591,798
Reinvestment of distributions		26,100			402,984				42,660			652,395
Shares redeemed		(178,825	)		(2,893,193	)			(127,109	)		(1,912,186	)
		93,164			1,439,360				82,306			1,332,007
NET INCREASE		7,827,224		$	122,754,672				1,713,038		$	26,112,724

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Liquidity Risk Management Program (Unaudited)

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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Impact of Russian Invasion of Ukraine (Unaudited)

The Russian invasion of Ukraine has negatively affected the global economy and has resulted in significant disruptions in financial markets and increased macroeconomic uncertainty. In addition, governments around the world have responded to Russia’s invasion by imposing economic sanctions and export controls on certain industry sectors, companies and individuals in or associated with Russia. Russia has imposed its own restrictions against investors and countries outside Russia and has proposed additional measures aimed at non-Russian-owned businesses. Businesses in the U.S. and globally have experienced shortages in materials and increased costs for transportation, energy and raw materials due, in part, to the negative effects of the war on the global economy. The escalation or continuation of the war between Russia and Ukraine or other hostilities presents heightened risks relating to cyber-attacks, the frequency and volume of failures to settle securities transactions, supply chain disruptions, inflation, as well as the potential for increased volatility in commodity, currency and other financial markets. The extent and duration of the war, sanctions and resulting market disruptions, as well as the potential adverse consequences for the Funds operations are difficult to predict.

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Fund Expenses — Six Month Period Ended April 30, 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) and contingent deferred sales charges on redemptions (with respect to Class C Shares); and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C and Service Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class 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 November 1, 2021 through April 30, 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 ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

	China Equity Fund							Emerging Markets Equity Fund							ESG Emerging Markets Equity Fund							International Equity ESG Fund							International Equity Income Fund
Share Class	Beginning Account Value 11/1/21		Ending Account Value 4/30/22			Expenses Paid for the 6 months ended 4/30/2022*		Beginning Account Value 11/1/21		Ending Account Value 4/30/22			Expenses Paid for the 6 months ended 4/30/2022*		Beginning Account Value 11/1/21		Ending Account Value 4/30/22			Expenses Paid for the 6 months ended 4/30/2022*		Beginning Account Value 11/1/21		Ending Account Value 4/30/22			Expenses Paid for the 6 months ended 4/30/2022*		Beginning Account Value 11/1/21		Ending Account Value 4/30/22			Expenses Paid for the 6 months ended 4/30/2022*
Class A
Actual	$	1,000.00	$	704.40		$	6.17	$	1,000.00	$	763.05		$	5.64	$	1,000.00	$	775.16		$	6.43	$	1,000.00	$	856.41		$	5.43	$	1,000.00	$	953.64		$	5.76
Hypothetical 5% return		1,000.00		1,017.55	+		7.30		1,000.00		1,018.40	+		6.46		1,000.00		1,017.55	+		7.30		1,000.00		1,018.94	+		5.91		1,000.00		1,018.89	+		5.96
Class C
Actual		1,000.00		701.65			9.32		1,000.00		760.02			8.90		1,000.00		772.51			9.71		1,000.00		853.08			8.87		1,000.00		950.49			9.38
Hypothetical 5% return		1,000.00		1,013.84	+		11.04		1,000.00		1,014.68	+		10.19		1,000.00		1,013.84	+		11.04		1,000.00		1,015.22	+		9.64		1,000.00		1,015.17	+		9.69
Institutional
Actual		1,000.00		705.44			4.86		1,000.00		763.97			4.29		1,000.00		776.61			4.93		1,000.00		857.97			3.96		1,000.00		955.31			4.12
Hypothetical 5% return		1,000.00		1,019.09	+		5.76		1,000.00		1,019.93	+		4.91		1,000.00		1,019.24	+		5.61		1,000.00		1,020.53	+		4.31		1,000.00		1,020.58	+		4.26
Service
Actual		N/A		N/A			N/A		1,000.00		762.21			6.47		N/A		N/A			N/A		1,000.00		855.94			6.26		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		1,000.00		1,017.46	+		7.40		N/A		N/A			N/A		1,000.00		1,018.05	+		6.80		N/A		N/A			N/A
Investor
Actual		1,000.00		705.45			5.12		1,000.00		763.88			4.55		1,000.00		776.20			5.33		1,000.00		857.63			4.28		1,000.00		955.56			4.56
Hypothetical 5% return		1,000.00		1,018.79	+		6.06		1,000.00		1,019.64	+		5.21		1,000.00		1,018.79	+		6.06		1,000.00		1,020.18	+		4.66		1,000.00		1,020.13	+		4.71
Class R6
Actual		1,000.00		705.49			4.82		1,000.00		764.08			4.24		1,000.00		776.25			4.84		1,000.00		857.90			3.92		1,000.00		955.27			4.07
Hypothetical 5% return		1,000.00		1,019.14	+		5.71		1,000.00		1,019.98	+		4.86		1,000.00		1,019.34	+		5.51		1,000.00		1,020.58	+		4.26		1,000.00		1,020.63	+		4.21
Class R
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		774.63			7.52		N/A		N/A			N/A		1,000.00		952.71			6.97
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		1,016.31	+		8.55		N/A		N/A			N/A		1,000.00		1,017.65	+		7.20
Class P
Actual		1,000.00		705.56			4.82		1,000.00		764.34			4.24		1,000.00		776.23			4.93		1,000.00		857.79			3.92		1,000.00		955.22			4.07
Hypothetical 5% return		1,000.00		1,019.14	+		5.71		1,000.00		1,019.98	+		4.86		1,000.00		1,019.24	+		5.61		1,000.00		1,020.58	+		4.26		1,000.00		1,020.63	+		4.21

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

* Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 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
China Equity Fund		1.46	%		2.21	%		1.15	%		N/A			1.21	%		1.14	%		N/A			1.14	%
Emerging Markets Equity Fund		1.29			2.04			0.98			1.48	%		1.04			0.97			N/A			0.97
ESG Emerging Markets Equity Fund		1.46			2.21			1.12			N/A			1.21			1.10			1.71	%		1.12
International Equity ESG Fund		1.18			1.93			0.86			1.36			0.93			0.85			N/A			0.85
International Equity Income Fund		1.19			1.94			0.85			N/A			0.94			0.84			1.44			0.84

88

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 $2.13 trillion in assets under supervision as of March 31, 2022, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ 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

∎ 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.

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	OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our website 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).

Fund holdings and allocations shown are as of April 30, 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 dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

© 2022 Goldman Sachs. All rights reserved. 281668-OTU-1622081 EQINTEMESAR-22

Goldman Sachs Funds

Semi-Annual Report	April 30, 2022
	International Equity Insights Funds
	Emerging Markets Equity Insights
	International Equity Insights
	International Small Cap Insights

Goldman Sachs International Equity

Insights Funds

∎ EMERGING MARKETS EQUITY INSIGHTS

∎ INTERNATIONAL EQUITY INSIGHTS

∎ INTERNATIONAL SMALL CAP INSIGHTS

TABLE OF CONTENTS
Market and Economic Review	1
Fund Basics	3
Schedules of Investments	9
Financial Statements	32
Financial Highlights	36
Emerging Markets Equity Insights	36
International Equity Insights	43
International Small Cap Insights	51
Notes to the Financial Statements	57
Other Information	76

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET REVIEW

Goldman Sachs International Equity Insights Funds

The following are highlights both of key factors affecting the emerging markets and international equity markets and of any key changes made to the Goldman Sachs International Equity Insights Funds (the “Funds”) during the six months ended April 30, 2022 (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 October 31, 2022.

Market and Economic Review

Emerging Markets Equities

• Representing the emerging markets equity markets, the MSCI Emerging Markets Standard Index (net) (MSCI Emerging Markets Index) returned -14.15% during the Reporting Period.

• As the Reporting Period began in November 2021, the MSCI Emerging Markets Index fell sharply, as the Omicron variant of COVID-19 spread across regions, dampening investor sentiment and leading to mixed outlooks for the global economic recovery.

• In December 2021, emerging markets equities rose. Global economic data was encouraging despite market participants closely monitoring the implications of the spread of the Omicron variant, inflation remaining top of mind for investors, and China’s heightened regulations, mainly in the technology sector, weighing on sentiment.

• The MSCI Emerging Markets Index fell in each of the first four months of 2022.

• In January, both growing tensions between Russia and Ukraine and rising global borrowing costs worried investors. COVID-19 cases surged and hospitalizations rose, further dampening investor sentiment around an economic recovery across emerging markets.

• In February, the Russia/Ukraine situation deteriorated sharply, with Russia launching a full-scale invasion, triggering a sell-off in emerging markets equities.

• In March and April, the Russia/Ukraine war continued to drive a sell-off in emerging markets equities.

• Additionally in April, as inflation loomed internationally, the acceleration in global food prices rivaled the increase in oil prices, creating a new set of risks for the emerging markets.

• The best performing sector within the MSCI Emerging Markets Index during the Reporting Period was utilities, the only sector to post a positive total return for the Reporting Period. The weakest performing sectors were consumer discretionary, health care and energy.

• The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were United Arab Emirates, Brazil, Saudi Arabia, Kuwait and Qatar — all oil exporting countries. The weakest performing countries during the Reporting Period were Hungary, Poland, China, Egypt and South Korea.

• The MSCI Russia Index declined 52.75% in February 2022, having been a top detractor from the MSCI Emerging Markets Index in prior months as well.

• Effective March 9, 2022, MSCI Inc. removed Russian securities from the MSCI Emerging Markets Index after deeming the Russian equity market “uninvestable” amidst Russia’s invasion of Ukraine. MSCI Inc. announced the MSCI Russia Indexes would be reclassified to “standalone markets” instead of “emerging markets” across all of MSCI’s indexes “at a price that is effectively zero.”

International Equities

• Representing the developed international equity markets, the MSCI EAFE Standard Index (net) (MSCI EAFE Index) returned -11.80% for the Reporting Period.

1

MARKET REVIEW

• As the Reporting Period began, international equity markets receded in November 2021 following a strong October.

• The markets fell around fears that the new Omicron variant of COVID-19 would weigh on investor sentiment. Travel restrictions were re-imposed to curtail the variant’s spread, and lockdown measures were re-instituted in Europe. Japan’s equity market fell due to both inflation and supply-chain issues as well as concerns about the Omicron variant.

• Persistently high inflation weighed on market sentiment as well.

• In December 2021, international equities experienced a strong rebound, as the initial scare around the Omicron variant dissipated amid studies showing its symptoms were less severe than prior variants. Also, value stocks generally outperformed growth stocks, which benefited international equities given their relatively high value/cyclical exposures.

• During the first quarter of 2022, international equities fell, facing pressures from global concerns around rising inflation, planned interest rate hikes by the U.S. Federal Reserve (the “Fed”), rising bond yields, valuation concerns, and Russia’s invasion of Ukraine.

• Major countries around the world took a public stance condemning Russia’s invasion and imposed various economic sanctions, including removal of Russian financial institutions from bank connectivity network SWIFT, banning transactions with the Russian central bank and halting trading of Russian securities. Such sanctions further boosted the price of crude oil in the global markets.

• Driven by increased market volatility, the Fed signaled a slower than anticipated pace of monetary policy tightening while retaining a cautionary focus on rising inflation. That said, Fed officials raised short-term interest rates by 25 basis points in March, the first U.S. rate hike since the end of 2018. (A basis point is 1/100th of a percentage point.)

• Hopes around the success of diplomatic talks and peaceful negotiations between Russia and Ukraine led to some market recovery toward the end of the first calendar quarter.

• Still, beyond the broader concerns around the geopolitical crisis, the impact on commodity prices reinforced concerns around supply-side inflation and led to worries about a potential stagflation scenario — particularly in Europe. (Stagflation is characterized by slow economic growth and high inflation.) However, the corporate earnings season retained its overall strength.

• Other macroeconomic uncertainties included those around regulation in China, the status of Chinese shares listed in the U.S., and slowing economic growth in China, all exacerbated by the imposition of lockdowns and manufacturing halts due to a rise in COVID-19 cases, leading, in turn, to further supply-chain issues.

• International equities continued to sell off in April 2022.

• Inflation continued to rise, and supply-chain issues worsened as China instituted lockdowns following a surge in COVID-19 cases.

• More consumer-facing sectors, in particular, struggled, as they were negatively impacted by supply-chain disruptions and weak consumer confidence.

• The best performing sector within the MSCI EAFE Index during the Reporting Period was energy, the only sector to post a positive total return for the Reporting Period. The weakest performing sectors were information technology, consumer discretionary and industrials.

• The best performing country within the MSCI EAFE Index was Chile, the only constituent to post a positive total return for the Reporting Period. Other countries within the MSCI EAFE Index that performed comparatively well, albeit generating negative total returns, were the U.K., Australia, Norway and Hong Kong. The weakest performing countries during the Reporting Period were Poland, the Netherlands, Ireland, Austria and New Zealand.

Fund Changes and Highlights

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

2

FUND BASICS

Emerging Markets Equity Insights Fund

as of April 30, 2022

PERFORMANCE REVIEW
November 1, 2021–April 30, 2022	Fund Total Return (based on NAV)1			MSCI Emerging Markets Standard Index (Net, USD, Unhedged)2
Class A		-10.94	%		-14.15	%
Class C		-11.30			-14.15
Institutional		-10.74			-14.15
Investor		-10.78			-14.15
Class R6		-10.73			-14.15
Class R		-11.04			-14.15
Class P		-10.74			-14.15

¹  The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance 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 Emerging Markets Standard Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of April 30, 2022, the MSCI^® Emerging Markets Standard Index (Net, USD, Unhedged) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Saudi Arabia, South Africa, Korea, Kuwait, Taiwan, Thailand, Turkey and the United Arab Emirates. The MSCI^® Emerging Markets Standard Index (Net, USD, Unhedged) figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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 4/30/221
Holding	% of Net Assets			Line of Business	Country
Taiwan Semiconductor Manufacturing Co. Ltd.		5.7	%	Semiconductors & Semiconductor Equipment	Taiwan
Samsung Electronics Co. Ltd.		4.7		Technology Hardware & Equipment	South Korea
Tencent Holdings Ltd.		3.3		Media & Entertainment	China
Alibaba Group Holding Ltd. ADR		2.2		Retailing	China
Infosys Ltd. ADR		2.2		Software & Services	India
China Construction Bank Corp., Class H		2.0		Banks	China
NetEase, Inc. ADR		1.9		Media & Entertainment	China
Vale SA ADR		1.8		Materials	Brazil
Cathay Financial Holding Co. Ltd.		1.7		Insurance	Taiwan
Hana Financial Group, Inc.		1.6		Banks	South Korea

¹  The top 10 holdings may not be representative of the Fund’s future investments.

3

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of April 30, 2022

²  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.4% of the Fund’s net assets at April 30, 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. Percentages may not sum to 100% due to rounding.

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

International Equity Insights Fund

as of April 30, 2022

PERFORMANCE REVIEW
November 1, 2021–April 30, 2022	Fund Total Return (based on NAV)1			MSCI® EAFE Standard  Index (Net, USD, Unhedged)2
Class A		-11.03	%		-11.80	%
Class C		-11.37			-11.80
Institutional		-10.87			-11.80
Service		-11.11			-11.80
Investor		-10.95			-11.80
Class R6		-10.87			-11.80
Class R		-11.15			-11.80
Class P		-10.87			-11.80

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 assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The unmanaged MSCI^® EAFE Standard Index (Net, USD, Unhedged) is a market capitalization-weighted composite of securities in 21 developed markets. As of April 30, 2022, the MSCI^® EAFE Standard Index (Net, USD, Unhedged) consists of the following 21 developed countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The MSCI^® EAFE Standard Index (Net, USD, Unhedged) figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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 4/30/221
Holding	% of Net Assets			Line of Business	Country
ASML Holding NV		2.4	%	Semiconductors & Semiconductor Equipment	Netherlands
Novo Nordisk A/S, Class B		2.1		Pharmaceuticals, Biotechnology & Life Sciences	Denmark
British American Tobacco PLC		1.5		Food, Beverage & Tobacco	United Kingdom
Commonwealth Bank of Australia		1.5		Banks	Australia
Shell PLC		1.4		Energy	Netherlands
GlaxoSmithKline PLC ADR		1.3		Pharmaceuticals, Biotechnology & Life Sciences	United States
BHP Group Ltd.		1.3		Materials	Australia
Diageo PLC		1.3		Food, Beverage & Tobacco	United Kingdom
Nestle SA (Registered)		1.2		Food, Beverage & Tobacco	United States
UBS Group AG (Registered)		1.2		Diversified Financials	Switzerland

¹  The top 10 holdings may not be representative of the Fund’s future investments.

5

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of April 30, 2022

²  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 4.1% of the Fund’s net assets at April 30, 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. Percentages may not sum to 100% due to rounding.

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

International Small Cap Insights Fund

as of April 30, 2022

PERFORMANCE REVIEW
November 1, 2021–April 30, 2022	Fund Total Return (based on NAV)1			MSCI® EAFE Small Cap  Index (Net, USD, Unhedged)2
Class A		-12.75	%		-16.06	%
Class C		-13.06			-16.06
Institutional		-12.57			-16.06
Investor		-12.61			-16.06
Class R6		-12.53			-16.06
Class P		-12.53			-16.06

¹  The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance 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^® EAFE Small Cap Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI^® EAFE Small Cap Index (Net, USD, Unhedged) selects the most liquid securities across developed markets relative to their market capitalization, and targets for index inclusion 40% of the full market capitalization of the eligible small cap universe within each industry group, within each country. Its returns include net reinvested dividends but, unlike Fund returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the MSCI^® EAFE Small Cap Index (Net, USD, Unhedged). It is not possible to invest directly in an index.

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 4/30/221
Holding	% of Net Assets			Line of Business	Country
K+S AG (Registered)		1.2	%	Materials	Germany
PSP Swiss Property AG (Registered)		1.2		Real Estate	Switzerland
D’ieteren Group		1.1		Retailing	Belgium
Tritax Big Box REIT PLC REIT		1.1		Real Estate	United Kingdom
Leonardo SpA		1.1		Capital Goods	Italy
Golden Ocean Group Ltd.		1.1		Transportation	Norway
Charter Hall Group REIT		1.0		Real Estate	Australia
OCI NV		1.0		Materials	Netherlands
Aurubis AG		1.0		Materials	Germany
Man Group PLC		1.0		Diversified Financials	United Kingdom

¹  The top 10 holdings may not be representative of the Fund’s future investments.

7

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of April 30, 2022

²  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 2.6% of the Fund’s net assets at April 30, 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. Percentages may not sum to 100% due to rounding.

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 93.1%
Brazil – 5.3%
	849,100	Ambev SA ADR (Food, Beverage & Tobacco)	$	2,470,881
	1,425,200	Banco do Brasil SA (Banks)		9,576,380
	29,800	Cia Energetica de Minas Gerais (Utilities)		115,428
	5,153,000	Cia Energetica de Minas Gerais ADR (Utilities)(a)		15,613,590
	459,600	CPFL Energia SA (Utilities)		3,360,580
	211,800	EDP – Energias do Brasil SA (Utilities)		907,356
	245,225	Embraer SA ADR (Capital Goods)*		2,788,208
	784,600	Enauta Participacoes SA (Energy)		3,275,548
	1,075,900	Grendene SA (Consumer Durables & Apparel)		2,056,505
	150,500	Itau Unibanco Holding SA (Banks)		611,260
	619,700	Marfrig Global Foods SA (Food, Beverage & Tobacco)		2,350,221
	48,200	Odontoprev SA (Health Care Equipment & Services)		98,955
	248,500	Petro Rio SA (Energy)*		1,342,034
	99,600	Porto Seguro SA (Insurance)		409,968
	572,200	Santos Brasil Participacoes SA (Transportation)		820,578
	628,500	Sao Martinho SA (Food, Beverage & Tobacco)		5,899,875
	982,400	Transmissora Alianca de Energia Eletrica SA (Utilities)		8,739,156
	1,942,500	Vale SA ADR (Materials)		32,808,825
	275,800	WEG SA (Capital Goods)		1,679,139
				94,924,487
Chile – 0.8%
	31,060	Banco Santander Chile ADR (Banks)		603,806
	2,255,673	Cencosud SA (Food & Staples Retailing)		3,610,622
	136,549	Cia Cervecerias Unidas SA ADR (Food, Beverage & Tobacco)		1,821,564
	6,699,020	Cia Sud Americana de Vapores SA (Transportation)		757,289
	1,261,730	Falabella SA (Retailing)		3,543,603
	43,836	Sociedad Quimica y Minera de Chile SA ADR (Materials)		3,235,097
				13,571,981
China – 33.2%
	60,265,000	Agricultural Bank of China Ltd., Class H (Banks)		22,603,108
	408,000	Alibaba Group Holding Ltd. ADR (Retailing)*		39,612,720
	218,000	Anhui Expressway Co. Ltd., Class H (Transportation)		192,134
	784,413	AVIC Electromechanical Systems Co. Ltd., Class A (Capital Goods)		1,160,429
Common Stocks – (continued)
China – (continued)
	9,400	Baidu, Inc. ADR (Media & Entertainment)*		1,167,198
	37,382,000	Bank of China Ltd., Class H (Banks)		14,668,045
	786,500	Bank of Communications Co. Ltd., Class A (Banks)		599,010
	12,182,000	Bank of Communications Co. Ltd., Class H (Banks)		8,477,320
	12,982,000	Bosideng International Holdings Ltd. (Consumer Durables & Apparel)		6,475,045
	54,500	BYD Co. Ltd., Class H (Automobiles & Components)		1,586,044
	17,551,000	CGN Power Co. Ltd., Class H (Utilities)(b)		4,931,896
	4,204,000	China BlueChemical Ltd., Class H (Materials)		1,445,126
	16,138,000	China CITIC Bank Corp. Ltd., Class H (Banks)		8,202,137
	49,877,000	China Construction Bank Corp., Class H (Banks)		35,532,338
	1,562,000	China Education Group Holdings Ltd. (Consumer Services)		1,331,195
	1,465,600	China International Marine Containers Group Co. Ltd., Class H (Capital Goods)		2,015,721
	1,019,000	China Medical System Holdings Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,458,950
	410,000	China Merchants Port Holdings Co. Ltd. (Transportation)		715,777
	552,261	China National Medicines Corp. Ltd. (Health Care Equipment & Services)		2,439,868
	932,552	China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials)		4,390,664
	330,000	China Oilfield Services Ltd., Class H (Energy)		337,841
	1,818,800	China Pacific Insurance Group Co. Ltd., Class H (Insurance)		4,032,233
	32,654,000	China Petroleum & Chemical Corp., Class H (Energy)		15,983,224
	594,000	China Resources Land Ltd. (Real Estate)		2,652,931
	218,600	China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)		1,213,393
	868,000	China Shenhua Energy Co. Ltd., Class H (Energy)		2,773,136
	619,000	China Suntien Green Energy Corp. Ltd., Class H (Energy)		349,438
	754,000	China XLX Fertiliser Ltd. (Materials)		647,011

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	1,087,382	China Yangtze Power Co. Ltd., Class A (Utilities)	$	3,705,568
	6,148,000	China Yongda Automobiles Services Holdings Ltd. (Retailing)		5,700,902
	9,960,000	CITIC Ltd. (Capital Goods)		10,303,720
	99,250	COSCO SHIPPING Holdings Co. Ltd., Class H (Transportation)*		154,409
	161,000	Country Garden Services Holdings Co. Ltd. (Real Estate)		678,580
	10,428,000	CSPC Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		10,661,028
	120,000	Do-Fluoride New Materials Co. Ltd., Class A (Materials)		562,450
	1,485,942	Dong-E-E-Jiao Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)		6,737,919
	688,000	Dongyue Group Ltd. (Materials)		809,971
	248,500	ENN Energy Holdings Ltd. (Utilities)		3,328,676
	13,055,921	Focus Media Information Technology Co. Ltd., Class A (Media & Entertainment)		11,366,817
	5,064,500	Great Wall Motor Co. Ltd., Class H (Automobiles & Components)		7,092,461
	2,874,890	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)		12,526,586
	912,000	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)		2,352,490
	893,000	Haitian International Holdings Ltd. (Capital Goods)		2,198,056
	56,700	Huazhu Group Ltd. ADR (Consumer Services)		1,714,608
	496,100	Hubei Xingfa Chemicals Group Co. Ltd., Class A (Materials)		2,364,870
	6,881,000	Industrial & Commercial Bank of China Ltd., Class H (Banks)		4,147,913
	815,307	Inner Mongolia Yuan Xing Energy Co. Ltd., Class A (Materials)*		1,031,352
	86,300	JD.com, Inc. ADR (Retailing)*		5,321,258
	117,921	JD.com, Inc., Class A (Retailing)*		3,676,607
	317,625	Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A (Food, Beverage & Tobacco)		7,538,038
	32,400	JOYY, Inc. ADR (Media & Entertainment)		1,282,068
	1,969,500	Kingboard Holdings Ltd. (Technology Hardware & Equipment)		8,866,921
	16,626,000	Kunlun Energy Co. Ltd. (Utilities)		13,797,699
	768,500	KWG Group Holdings Ltd. (Real Estate)		274,981
Common Stocks – (continued)
China – (continued)
	2,220,000	Lenovo Group Ltd. (Technology Hardware & Equipment)		2,155,627
	537,700	Li Auto, Inc. ADR (Automobiles & Components)*		12,060,611
	1,660,500	Li Ning Co. Ltd. (Consumer Durables & Apparel)		12,942,218
	2,882,000	Lifetech Scientific Corp. (Health Care Equipment & Services)*		803,571
	110,500	Longfor Group Holdings Ltd. (Real Estate)(b)		547,261
	940,400	Meituan, Class B (Retailing)*(b)		20,149,392
	348,000	NetEase, Inc. ADR (Media & Entertainment)		33,174,840
	208,400	NetEase, Inc. (Media & Entertainment)		3,991,960
	1,271,000	People’s Insurance Co. Group of China Ltd. (The), Class H (Insurance)		404,882
	36,220,000	PetroChina Co. Ltd., Class H (Energy)		17,193,417
	395,700	Pharmaron Beijing Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)(b)		4,970,963
	20,564,000	PICC Property & Casualty Co. Ltd., Class H (Insurance)		21,033,259
	367,800	Pinduoduo, Inc. ADR (Retailing)*		15,848,502
	5,806,700	Shandong Nanshan Aluminum Co. Ltd., Class A (Materials)		2,806,803
	127,000	Shanghai Industrial Holdings Ltd. (Capital Goods)		187,093
	7,653,448	Shanghai International Port Group Co. Ltd., Class A (Transportation)		6,793,805
	310,800	Shanghai Pharmaceuticals Holding Co. Ltd., Class H (Health Care Equipment & Services)		502,555
	3,380,558	Shanxi Meijin Energy Co. Ltd., Class A (Materials)*		5,249,447
	1,474,441	Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials)		1,307,882
	2,138,000	Shougang Fushan Resources Group Ltd. (Materials)		798,909
	1,291,417	Sichuan Swellfun Co. Ltd., Class A (Food, Beverage & Tobacco)		13,611,934
	29,000	Silergy Corp. (Semiconductors & Semiconductor Equipment)		2,581,941
	2,032,000	Sinofert Holdings Ltd. (Materials)*		338,800
	4,878,000	SITC International Holdings Co. Ltd. (Transportation)		16,216,763
	1,251,800	Tencent Holdings Ltd. (Media & Entertainment)		58,990,931
	271,000	Tian Lun Gas Holdings Ltd. (Utilities)		159,027
	636,176	Tibet Summit Resources Co. Ltd., Class A (Materials)*		1,842,426
	58,000	Trip.com Group Ltd. ADR (Consumer Services)*		1,371,700

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	237,000	Uni-President China Holdings Ltd. (Food, Beverage & Tobacco)	$	207,684
	1,040,938	Wens Foodstuffs Group Co. Ltd., Class A (Food, Beverage & Tobacco)		2,913,699
	162,000	Wharf Holdings Ltd. (The) (Real Estate)		474,644
	234,000	Wuxi Biologics Cayman, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*(b)		1,727,111
	78,900	Xiamen Faratronic Co. Ltd., Class A (Technology Hardware & Equipment)		1,720,725
	1,053,680	Yintai Gold Co. Ltd., Class A (Materials)*		1,472,927
	203,120	YongXing Special Materials Technology Co. Ltd., Class A (Materials)		3,122,833
	23,000	Yunnan Baiyao Group Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)		262,750
	2,454,339	Zhejiang NHU Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)		9,841,998
	352,500	Zhongsheng Group Holdings Ltd. (Retailing)		2,329,256
				597,300,026
Greece – 0.8%
	21,300	Danaos Corp. (Transportation)		1,741,062
	167,319	Hellenic Telecommunications Organization SA (Telecommunication Services)		3,218,894
	344,000	Star Bulk Carriers Corp. (Transportation)		9,666,400
				14,626,356
Hong Kong – 0.1%
	5,640,000	Concord New Energy Group Ltd. (Utilities)		519,141
	2,171,000	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,138,758
	650,000	Truly International Holdings Ltd. (Technology Hardware & Equipment)		177,038
				1,834,937
India – 13.3%
	322,906	Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services)		18,698,425
	4,092,623	Bharat Electronics Ltd. (Capital Goods)		12,666,776
	845,028	Chambal Fertilisers and Chemicals Ltd. (Materials)		5,009,476
Common Stocks – (continued)
India – (continued)
	39,583	Coromandel International Ltd. (Materials)		461,029
	91,522	EIH Ltd. (Consumer Services)*		190,206
	65,628	Embassy Office Parks REIT (Real Estate)		329,445
	66,970	Finolex Industries Ltd. (Materials)		135,606
	7,178,134	GAIL India Ltd. (Utilities)		14,839,541
	472,913	Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (Materials)		5,078,055
	225,543	Gujarat State Fertilizers & Chemicals Ltd. (Materials)		500,093
	1,908,778	Hindalco Industries Ltd. (Materials)		11,883,559
	99,869	Hindustan Aeronautics Ltd. (Capital Goods)		2,069,799
	1,136,417	Hindustan Zinc Ltd. (Materials)		4,747,109
	796,447	ICICI Bank Ltd. ADR (Banks)		15,164,351
	48,208	ICICI Securities Ltd. (Diversified Financials)(b)		351,059
	1,006,887	Indian Hotels Co. Ltd. (Consumer Services)		3,334,696
	503,402	Indian Oil Corp. Ltd. (Energy)		821,236
	1,978,349	Infosys Ltd. ADR (Software & Services)		39,309,795
	7,721,695	ITC Ltd. (Food, Beverage & Tobacco)		26,025,325
	86,962	JSW Steel Ltd. (Materials)		818,483
	40,847	KPR Mill Ltd. (Consumer Durables & Apparel)		334,650
	37,140	Larsen & Toubro Ltd. (Capital Goods)		816,246
	25,386	Narayana Hrudayalaya Ltd. (Health Care Equipment & Services)*		231,810
	6,101,624	National Aluminium Co. Ltd. (Materials)		8,239,956
	4,542,837	NMDC Ltd. (Materials)		9,424,375
	3,610,772	Oil & Natural Gas Corp. Ltd. (Energy)		7,482,988
	1,321,464	Oil India Ltd. (Energy)		3,902,059
	8,228	Persistent Systems Ltd. (Software & Services)		461,155
	1,143,776	Power Finance Corp. Ltd. (Diversified Financials)		1,749,853
	1,470,854	Power Grid Corp. of India Ltd. (Utilities)		4,358,666
	5,303,379	REC Ltd. (Diversified Financials)		8,758,202
	445,673	Redington India Ltd. (Technology Hardware & Equipment)		883,133
	260,917	State Bank of India (Banks)		1,675,774
	209,380	Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		2,530,983
	128,764	Tata Consultancy Services Ltd. (Software & Services)		5,934,520
	625,073	Tata Steel Ltd. (Materials)		10,263,170

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
India – (continued)
	162,198	Tech Mahindra Ltd. (Software & Services)	$	2,649,039
	208,628	Trent Ltd. (Retailing)		3,317,225
	103,255	Vardhman Textiles Ltd. (Consumer Durables & Apparel)		585,138
	395,317	Vedanta Ltd. (Materials)		2,079,489
				238,112,495
Indonesia – 1.2%
	367,600	Astra Agro Lestari Tbk PT (Food, Beverage & Tobacco)		314,726
	351,100	Bank Mandiri Persero Tbk PT (Banks)		215,588
	8,246,200	Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT (Banks)		839,011
	39,513,600	Bank Pembangunan Daerah Jawa Timur Tbk PT (Banks)		2,166,884
	349,700	Matahari Department Store Tbk PT (Retailing)		139,909
	6,028,600	Mitra Keluarga Karyasehat Tbk PT (Health Care Equipment & Services)		1,053,922
	2,808,500	Perusahaan Gas Negara Tbk PT (Utilities)*		279,591
	49,634,300	Telkom Indonesia Persero Tbk PT (Telecommunication Services)		15,817,788
	576,500	Vale Indonesia Tbk PT (Materials)		289,153
				21,116,572
Mexico – 1.9%
	443,327	Alfa SAB de CV, Class A (Capital Goods)		296,978
	1,205,340	America Movil SAB de CV, Class L ADR (Telecommunication Services)		23,419,756
	40,481	Arca Continental SAB de CV (Food, Beverage & Tobacco)		256,873
	120,143	Coca-Cola Femsa SAB de CV ADR (Food, Beverage & Tobacco)		6,559,808
	21,200	El Puerto de Liverpool SAB de CV (Retailing)		106,880
	78,585	Grupo Aeroportuario del Centro Norte SAB de CV (Transportation)		547,686
	84,600	Grupo Aeroportuario del Pacifico SAB de CV, Class B (Transportation)*		1,301,886
	6,984	Grupo Aeroportuario del Sureste SAB de CV ADR (Transportation)		1,524,049
				34,013,916
Monaco – 0.0%
	6,000	Costamare, Inc. (Transportation)		80,460
Peru – 0.7%
	215,900	Southern Copper Corp. (Materials)		13,444,093
Common Stocks – (continued)
Philippines – 0.5%
	2,337,020	International Container Terminal Services, Inc. (Transportation)		9,595,787
	34,250	Manila Electric Co. (Utilities)		230,562
				9,826,349
Poland – 0.5%
	148,378	Bank Polska Kasa Opieki SA (Banks)		3,260,646
	5,543	KRUK SA (Diversified Financials)		318,922
	458,992	Powszechna Kasa Oszczednosci Bank Polski SA (Banks)*		3,387,611
	136,690	Powszechny Zaklad Ubezpieczen SA (Insurance)		945,040
	11,624	Santander Bank Polska SA (Banks)		707,869
				8,620,088
Qatar – 0.0%
	138,206	Qatar Aluminum Manufacturing Co. (Materials)		91,081
	36,873	Qatar Electricity & Water Co. QSC (Utilities)		172,424
				263,505
Russia – 0.0%
	2,397	Novatek PJSC GDR (Energy)(c)		—
	216,156	Novolipetsk Steel PJSC GDR (Materials)(c)		—
	106,118	PhosAgro PJSC GDR (Materials)(c)		—
	683	PhosAgro PJSC NPV GDR (Materials)(c)		—
	18,426	Polyus PJSC GDR (Materials)(c)		—
	2,789,380	Sberbank of Russia PJSC (Banks)(c)		—
	699,855	Severstal PAO GDR (Materials)(c)		—
	137,040	VTB Bank PJSC GDR (Banks)(c)		—
				—
Saudi Arabia – 2.2%
	32,070	Alinma Bank (Banks)		351,787
	20,668	Banque Saudi Fransi (Banks)		296,962
	655,276	Riyad Bank (Banks)		7,101,288
	167,304	SABIC Agri-Nutrients Co. (Materials)		7,207,221
	539,839	Sahara International Petrochemical Co. (Materials)		8,086,630
	157,710	Saudi Arabian Mining Co. (Materials)*		5,743,271
	286,534	Saudi Basic Industries Corp. (Materials)		9,926,014
				38,713,173
South Africa – 1.9%
	99,316	African Rainbow Minerals Ltd. (Materials)		1,646,976
	29,559	Anglo American Platinum Ltd. (Materials)		3,284,254
	249,073	Barloworld Ltd. (Capital Goods)		1,808,372

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
South Africa – (continued)
	408,015	Coronation Fund Managers Ltd. (Diversified Financials)	$	1,080,462
	4,388,096	FirstRand Ltd. (Diversified Financials)		18,898,132
	52,327	Gold Fields Ltd. ADR (Materials)		702,752
	11,134	Kumba Iron Ore Ltd. (Materials)		369,632
	178,245	Rand Merchant Investment Holdings Ltd. (Insurance)		304,853
	509,403	Standard Bank Group Ltd. (Banks)		5,398,402
	309,318	Vukile Property Fund Ltd. REIT (Real Estate)		263,437
				33,757,272
South Korea – 12.7%
	684,156	BNK Financial Group, Inc. (Banks)		4,243,160
	25,958	Daeduck Electronics Co. Ltd. / New (Technology Hardware & Equipment)		616,081
	67,320	DB Insurance Co. Ltd. (Insurance)		3,595,324
	13,679	Dentium Co. Ltd. (Health Care Equipment & Services)		728,908
	663,359	DGB Financial Group, Inc. (Banks)		4,675,913
	23,900	DI Dong Il Corp. (Consumer Durables & Apparel)		454,043
	6,682	GOLFZON Co. Ltd. (Consumer Durables & Apparel)		854,038
	753,170	Hana Financial Group, Inc. (Banks)		27,962,725
	224,500	Hanwha Aerospace Co. Ltd. (Capital Goods)		9,394,892
	51,011	HMM Co. Ltd. (Transportation)		1,130,695
	37,059	Hyundai Marine & Fire Insurance Co. Ltd. (Insurance)		955,142
	289,344	Industrial Bank of Korea (Banks)		2,567,316
	539,518	JB Financial Group Co. Ltd. (Banks)		3,816,215
	10,964	Jusung Engineering Co. Ltd. (Semiconductors & Semiconductor Equipment)		182,080
	472,763	KB Financial Group, Inc. (Banks)		21,994,880
	250,516	Kia Corp. (Automobiles & Components)		16,431,416
	12,244	Korea Aerospace Industries Ltd. (Capital Goods)		422,169
	59,725	Korea Real Estate Investment & Trust Co. Ltd. (Real Estate)		103,867
	896	Korea Zinc Co. Ltd. (Materials)		409,058
	3,578	KT&G Corp. (Food, Beverage & Tobacco)		234,963
	3,367	LEENO Industrial, Inc. (Semiconductors & Semiconductor Equipment)		466,729
	38,610	LF Corp. (Consumer Durables & Apparel)		596,816
	57,485	LOTTE Fine Chemical Co. Ltd. (Materials)		3,690,507
Common Stocks – (continued)
South Korea – (continued)
	4,209	Meritz Fire & Marine Insurance Co. Ltd. (Insurance)		147,260
	1,056,856	Mirae Asset Securities Co. Ltd. (Diversified Financials)		6,685,328
	1,293	MK Electron Co. Ltd. (Semiconductors & Semiconductor Equipment)		15,383
	1,136,059	Pan Ocean Co. Ltd. (Transportation)		5,938,663
	1,592,821	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		84,887,129
	13,933	Samsung Securities Co. Ltd. (Diversified Financials)		435,154
	225,959	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)		19,800,363
	711,351	TK Chemical Corp. (Consumer Durables & Apparel)*		2,777,694
	47,417	Tongyang Life Insurance Co. Ltd. (Insurance)		252,399
	199,240	Woori Financial Group, Inc. (Banks)		2,308,279
				228,774,589
Taiwan – 14.0%
	1,732,000	Ardentec Corp. (Semiconductors & Semiconductor Equipment)		2,517,022
	2,753,000	Brighton-Best International Taiwan, Inc. (Capital Goods)		3,269,039
	14,144,000	Cathay Financial Holding Co. Ltd. (Insurance)		29,738,647
	365,000	Chailease Holding Co. Ltd. (Diversified Financials)		2,900,585
	848,000	Compeq Manufacturing Co. Ltd. (Technology Hardware & Equipment)		1,293,956
	260,000	CTCI Corp. (Capital Goods)		409,347
	16,000	eMemory Technology, Inc. (Semiconductors & Semiconductor Equipment)		672,431
	1,084,000	Evergreen Marine Corp. Taiwan Ltd. (Transportation)		5,210,719
	3,438,400	Fubon Financial Holding Co. Ltd. (Insurance)		8,633,537
	827,000	Greatek Electronics, Inc. (Semiconductors & Semiconductor Equipment)		1,923,559
	1,267,000	Kinsus Interconnect Technology Corp. (Semiconductors & Semiconductor Equipment)		7,142,372
	219,000	Lite-On Technology Corp. (Technology Hardware & Equipment)		479,830
	1,891,000	Mega Financial Holding Co. Ltd. (Banks)		2,658,381
	2,096,000	Nan Ya Plastics Corp. (Materials)		6,123,637

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Taiwan – (continued)
	294,000	Nan Ya Printed Circuit Board Corp. (Technology Hardware & Equipment)	$	3,905,042
	472,840	President Securities Corp. (Diversified Financials)		331,850
	37,000	Sitronix Technology Corp. (Semiconductors & Semiconductor Equipment)		317,336
	135,000	Stark Technology, Inc. (Technology Hardware & Equipment)		413,147
	4,171,000	Taishin Financial Holding Co. Ltd. (Banks)		2,728,300
	2,552,000	Taiwan Fertilizer Co. Ltd. (Materials)		6,423,628
	5,616,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		101,552,213
	33,000	U-Ming Marine Transport Corp. (Transportation)		70,916
	2,379,000	Unimicron Technology Corp. (Technology Hardware & Equipment)		16,686,618
	8,522,000	United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		13,537,957
	4,166,500	Wan Hai Lines Ltd. (Transportation)		20,195,976
	2,832,000	Wisdom Marine Lines Co. Ltd. (Transportation)		8,714,318
	58,000	Yang Ming Marine Transport Corp. (Transportation)*		241,971
	3,482,000	Yuanta Financial Holding Co. Ltd. (Diversified Financials)		3,064,833
				251,157,167
Thailand – 3.0%
	508,500	Bangkok Chain Hospital PCL (Health Care Equipment & Services)		319,205
	442,600	Bangkok Dusit Medical Services PCL, Class F (Health Care Equipment & Services)		331,303
	1,017,200	Bumrungrad Hospital PCL (Health Care Equipment & Services)		4,739,565
	327,100	Central Retail Corp. PCL (Retailing)*		373,790
	27,890,100	Chularat Hospital PCL, Class F (Health Care Equipment & Services)		3,175,807
	807,500	Intouch Holdings PCL, Class F (Telecommunication Services)		1,643,786
	6,997,000	Precious Shipping PCL (Transportation)		3,868,105
Common Stocks – (continued)
Thailand – (continued)
	2,316,500	PTT Exploration & Production PCL (Energy)		10,135,643
	1,640,400	PTT Global Chemical PCL (Materials)		2,378,279
	3,491,000	Regional Container Lines PCL (Transportation)		4,525,110
	6,138,100	SCB X PCL (Banks)		20,609,679
	2,346,100	SPCG PCL (Utilities)		1,148,044
	2,483,700	Thoresen Thai Agencies PCL (Capital Goods)		699,018
				53,947,334
Turkey – 0.3%
	668,367	BIM Birlesik Magazalar AS (Food & Staples Retailing)		3,754,946
	256,243	Enka Insaat ve Sanayi AS (Capital Goods)		272,381
	1,256,844	Turkcell Iletisim Hizmetleri AS (Telecommunication Services)		1,831,738
				5,859,065
United States – 0.7%
	1,343,800	JBS SA (Food, Beverage & Tobacco)		10,287,893
	46,000	Parade Technologies Ltd. (Semiconductors & Semiconductor Equipment)		2,187,605
				12,475,498
	TOTAL COMMON STOCKS
	(Cost $1,716,174,069)		$	1,672,419,363

Shares	Description	Rate			Value
Preferred Stocks – 2.1%
Brazil – 1.5%
1,351,900	Bradespar SA (Materials)		33.23	%	$	8,009,213
534,600	Cia de Transmissao de Energia Eletrica Paulista (Utilities)		8.24			2,720,605
1,866,900	Cia Paranaense de Energia (Utilities)		17.46			2,809,441
117,200	Gerdau SA (Materials)		11.19			663,049
1,116,500	Itau Unibanco Holding SA (Banks)		2.77			5,390,600
438,096	Unipar Carbocloro SA, Class B (Materials)		15.70			8,507,691
						28,100,599

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Shares	Description	Rate			Value
Preferred Stocks – (continued)
South Korea – 0.6%
284,543	Mirae Asset Securities Co. Ltd. (Diversified Financials)		6.70	%	$	998,472
196,998	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		2.43			9,235,983
904	Samsung Fire & Marine Insurance Co. Ltd. (Insurance)		7.43			116,416
						10,350,871
TOTAL PREFERRED STOCKS
(Cost $30,782,923)					$	38,451,470

Shares	Dividend Rate			Value
Investment Company – 0.4%(d)
Goldman Sachs Financial Square Government Fund – Institutional Shares
6,474,097		0.317	%	$	6,474,097
(Cost $6,474,097)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $1,753,431,089)				$	1,717,344,930
Securities Lending Reinvestment Vehicle – 0.4%(d)
Goldman Sachs Financial Square Government Fund – Institutional Shares
6,574,425		0.317	%	$	6,574,425
(Cost $6,574,425)
TOTAL INVESTMENTS – 96.0%
(Cost $1,760,005,514)				$	1,723,919,355
OTHER ASSETS IN EXCESS OF     LIABILITIES – 4.0%					73,294,824
NET ASSETS – 100.0%				$	1,797,214,179

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Represents an affiliated issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
GDR	—Global Depositary Receipt
REIT	—Real Estate Investment Trust

Sector Name	% of Market Value
Financials		20.9	%
Information Technology		19.3
Materials		12.2
Consumer Discretionary		10.0
Communication Services		9.0
Industrials		8.9
Health Care		5.1
Consumer Staples		5.1
Utilities		4.7
Energy		3.7
Investment Company		0.4
Real Estate		0.3
Securities Lending Reinvestment Vehicle		0.4
TOTAL INVESTMENTS		100.0	%

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2022, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
MSCI Emerging Markets E-Mini Index		802		06/17/22	$	43,123,897	$	(722,157	)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At April 30, 2022, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JP Morgan Chase Bank, N.A	USD	1,012,163	ZAR	16,022,000		5/3/2022	$	(2,370	)

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 96.0%
Australia – 10.2%
	602,167	Aristocrat Leisure Ltd. (Consumer Services)	$	13,971,689
	13,190	ASX Ltd. (Diversified Financials)		797,463
	5,146,902	Aurizon Holdings Ltd. (Transportation)		14,535,455
	1,068,985	Australia & New Zealand Banking Group Ltd. (Banks)		20,341,927
	770,457	BHP Group Ltd. (Materials)		25,819,891
	251,787	Charter Hall Group REIT (Real Estate)		2,706,059
	82,752	Coles Group Ltd. (Food & Staples Retailing)		1,088,078
	416,175	Commonwealth Bank of Australia (Banks)		30,249,073
	746,538	Computershare Ltd. (Software & Services)		13,161,525
	55,982	CSL Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		10,684,182
	963,717	Glencore PLC (Materials)*		5,938,105
	48,156	National Australia Bank Ltd. (Banks)		1,099,339
	108,467	Premier Investments Ltd. (Retailing)		1,922,033
	177,687	Qube Holdings Ltd. (Transportation)		367,182
	10,176	Rio Tinto Ltd. (Materials)		804,962
	200,472	Rio Tinto PLC ADR (Materials)		14,257,569
	441,310	Suncorp Group Ltd. (Insurance)		3,543,275
	5,430,041	Telstra Corp. Ltd. (Telecommunication Services)		15,413,988
	1,810,802	Treasury Wine Estates Ltd. (Food, Beverage & Tobacco)		14,326,505
	515,855	Wesfarmers Ltd. (Retailing)		17,850,184
	37,475	Woodside Petroleum Ltd. (Energy)		815,310
				209,693,794
Belgium – 0.4%
	48,197	D’ieteren Group (Retailing)		7,736,231
	10,606	UCB SA (Pharmaceuticals, Biotechnology & Life Sciences)		1,205,613
				8,941,844
Brazil – 0.2%
	77,675	Yara International ASA (Materials)(a)		3,949,637
Canada – 0.2%
	353,397	International Petroleum Corp. (Energy)*		3,395,179
China – 0.1%
	1,021,800	Chow Tai Fook Jewellery Group Ltd. (Retailing)*		1,713,276
Denmark – 3.6%
	1,794	AP Moller – Maersk A/S, Class A (Transportation)		5,078,170
	5,400	AP Moller – Maersk A/S, Class B (Transportation)		15,628,827
Common Stocks – (continued)
Denmark – (continued)
	19,144	D/S Norden A/S (Transportation)		711,307
	5,690	Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)*		2,000,841
	373,789	Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences)		42,696,530
	92,499	Pandora A/S (Consumer Durables & Apparel)		8,122,010
				74,237,685
Finland – 2.4%
	482,233	Kesko OYJ, Class B (Food & Staples Retailing)		12,140,924
	988,368	Nokia OYJ (Technology Hardware & Equipment)*		5,011,096
	1,705,478	Nordea Bank Abp (Banks)		17,003,760
	111,632	Nordea Bank Abp (Banks)		1,113,742
	314,796	Sampo OYJ, Class A (Insurance)		15,285,699
				50,555,221
France – 9.8%
	82,442	Arkema SA (Materials)		9,393,802
	85,267	AXA SA (Insurance)		2,255,742
	59,385	BNP Paribas SA (Banks)		3,079,196
	296,324	Cie de Saint-Gobain (Capital Goods)		17,287,011
	29,029	Covivio REIT (Real Estate)		2,067,375
	16,845	Dassault Aviation SA (Capital Goods)		2,826,678
	384,428	Dassault Systemes SE (Software & Services)		17,001,087
	24,444	Eiffage SA (Capital Goods)		2,413,815
	220,921	Engie SA (Utilities)(a)		2,606,974
	18,144	Gecina SA REIT (Real Estate)		2,043,889
	35,199	Ipsen SA (Pharmaceuticals, Biotechnology & Life Sciences)		3,648,862
	32,249	Kering (Consumer Durables & Apparel)(a)		17,158,806
	120,756	Legrand SA (Capital Goods)		10,700,697
	33,991	LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel)(a)		21,996,782
	91,682	Pernod Ricard SA (Food, Beverage & Tobacco)		18,921,723
	225,291	Publicis Groupe SA (Media & Entertainment)		13,525,734
	369,430	Rexel SA (Capital Goods)*		7,567,650
	33,187	Rubis SCA (Utilities)		882,691
	168,826	Safran SA (Capital Goods)		18,131,655
	161,055	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)		17,022,701
	2,915	Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences)		953,873
	44,571	Societe Generale SA (Banks)		1,071,222
	4,698	Teleperformance (Commercial & Professional Services)		1,686,164

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
France – (continued)
	47,970	Thales SA (Capital Goods)	$	6,141,359
	130,438	Vivendi SE (Media & Entertainment)		1,498,156
				201,883,644
Germany – 8.0%
	67,870	alstria office REIT-AG REIT (Real Estate)		951,119
	42,825	Aurubis AG (Materials)		4,866,609
	210,044	BASF SE (Materials)*		11,061,543
	334,676	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		22,045,463
	124,965	Brenntag SE (Capital Goods)		9,642,734
	86,420	Covestro AG (Materials)(b)		3,720,861
	548,038	Deutsche Bank AG (Registered) (Diversified Financials)*		5,480,016
	285,986	Deutsche Post AG (Registered) (Transportation)		12,218,037
	85,919	Deutsche Telekom AG (Registered) (Telecommunication Services)		1,582,728
	25,547	DWS Group GmbH & Co. KGaA (Diversified Financials)(b)		840,712
	1,660,290	E.ON SE (Utilities)		17,278,576
	26,593	GEA Group AG (Capital Goods)		1,035,171
	5,439	Hapag-Lloyd AG (Transportation)(a)(b)		2,165,194
	418,878	K+S AG (Registered) (Materials)*		14,069,275
	110,849	Merck KGaA (Pharmaceuticals, Biotechnology & Life Sciences)		20,565,531
	29,609	MTU Aero Engines AG (Capital Goods)*		5,971,121
	30,420	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) (Insurance)		7,244,241
	354,708	RWE AG (Utilities)		14,727,263
	99,431	SAP SE (Software & Services)		10,076,937
				165,543,131
Hong Kong – 1.0%
	541,800	AIA Group Ltd. (Insurance)		5,322,513
	120,500	CK Asset Holdings Ltd. (Real Estate)		816,887
	224,200	Link REIT (Real Estate)		1,936,591
	263,000	Orient Overseas International Ltd. (Transportation)		7,257,247
	482,000	Sun Hung Kai Properties Ltd. (Real Estate)		5,551,238
				20,884,476
Indonesia – 0.0%
	251,400	First Resources Ltd. (Food, Beverage & Tobacco)		383,434
Israel – 0.2%
	221,006	Plus500 Ltd. (Diversified Financials)		4,303,635
Common Stocks – (continued)
Italy – 3.0%
	3,370,740	A2A SpA (Utilities)		5,759,106
	93,282	Atlantia SpA (Transportation)*		2,225,293
	113,118	BFF Bank SpA (Diversified Financials)(b)		705,360
	533,155	Davide Campari-Milano NV (Food, Beverage & Tobacco)		6,015,686
	3,163,066	Enel SpA (Utilities)		20,569,085
	154,758	Falck Renewables SpA (Utilities)		1,442,420
	7,453	Ferrari NV (Automobiles & Components)		1,569,265
	306,964	Hera SpA (Utilities)		1,144,852
	1,249,256	Leonardo SpA (Capital Goods)*		12,856,578
	37,703	Recordati Industria Chimica e Farmaceutica SpA (Pharmaceuticals, Biotechnology & Life Sciences)		1,816,846
	29,259	Reply SpA (Software & Services)		4,307,427
	525,429	Unipol Gruppo SpA (Insurance)		2,864,966
				61,276,884
Japan – 23.9%
	752,200	Acom Co. Ltd. (Diversified Financials)		1,934,451
	1,141,500	Amada Co. Ltd. (Capital Goods)		8,863,705
	47,000	Central Japan Railway Co. (Transportation)		5,916,604
	141,000	Chubu Electric Power Co., Inc. (Utilities)		1,423,404
	20,800	Coca-Cola Bottlers Japan Holdings, Inc. (Food, Beverage & Tobacco)		233,177
	341,800	Daiwa House Industry Co. Ltd. (Real Estate)		8,216,939
	2,631,900	Daiwa Securities Group, Inc. (Diversified Financials)		12,899,280
	189,900	East Japan Railway Co. (Transportation)		9,902,675
	70,700	Eisai Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		3,079,051
	582,000	ENEOS Holdings, Inc. (Energy)		2,047,834
	156,000	Hankyu Hanshin Holdings, Inc. (Transportation)		4,117,090
	83,800	Hoya Corp. (Health Care Equipment & Services)		8,316,491
	315,300	ITOCHU Corp. (Capital Goods)		9,516,063
	78,400	J Front Retailing Co. Ltd. (Retailing)		587,501
	940,700	Japan Tobacco, Inc. (Food, Beverage & Tobacco)		16,002,998
	28,700	Kamigumi Co. Ltd. (Transportation)		487,295
	322,500	Kao Corp. (Household & Personal Products)		12,925,308
	41,800	KDDI Corp. (Telecommunication Services)		1,384,194
	31,400	Keisei Electric Railway Co. Ltd. (Transportation)		769,911
	209,800	Konami Holdings Corp. (Media & Entertainment)		12,901,314

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	34,900	Lawson, Inc. (Food & Staples Retailing)	$	1,283,630
	52,600	Mitsubishi Corp. (Capital Goods)		1,766,073
	579,100	Mitsubishi Estate Co. Ltd. (Real Estate)		8,435,507
	161,300	Mitsubishi Gas Chemical Co., Inc. (Materials)		2,355,458
	3,067,800	Mitsubishi HC Capital, Inc. (Diversified Financials)		13,803,480
	17,600	Mitsubishi Logistics Corp. (Transportation)		405,637
	443,000	Mitsui & Co. Ltd. (Capital Goods)		10,727,602
	734,500	Mitsui Fudosan Co. Ltd. (Real Estate)		15,566,814
	22,800	Mitsui Mining & Smelting Co. Ltd. (Materials)		576,513
	514,400	Mitsui OSK Lines Ltd. (Transportation)		12,042,684
	318,100	NEC Corp. (Software & Services)		12,340,966
	945,700	NGK Insulators Ltd. (Capital Goods)		12,721,201
	192,100	NIPPON EXPRESS HOLDINGS, Inc. (Transportation)		11,262,971
	122,100	Nippon Suisan Kaisha Ltd. (Food, Beverage & Tobacco)		539,110
	460,900	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		13,582,428
	136,300	Nippon Yusen KK (Transportation)		9,833,227
	1,311,400	Nissan Motor Co. Ltd. (Automobiles & Components)*		5,250,252
	18,700	NOF Corp. (Materials)		701,895
	1,277,800	Nomura Holdings, Inc. (Diversified Financials)		4,920,113
	83,900	Nomura Real Estate Holdings, Inc. (Real Estate)		2,044,286
	399	Nomura Real Estate Master Fund, Inc. REIT (Real Estate)		500,960
	13,700	NS United Kaiun Kaisha Ltd. (Transportation)		376,515
	864,000	NTT Data Corp. (Software & Services)		15,930,359
	46,500	Odakyu Electric Railway Co. Ltd. (Transportation)		704,152
	33,500	Oriental Land Co. Ltd. (Consumer Services)		5,067,551
	833,000	ORIX Corp. (Diversified Financials)		15,193,063
	437,400	Osaka Gas Co. Ltd. (Utilities)		7,883,440
	1,291,600	Ricoh Co. Ltd. (Technology Hardware & Equipment)		9,431,150
	726,700	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		5,911,475
	12,800	Sawai Group Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		429,372
Common Stocks – (continued)
Japan – (continued)
	117,300	SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment)		9,586,844
	599,000	Sekisui House Ltd. (Consumer Durables & Apparel)		10,403,396
	341,000	SoftBank Group Corp. (Telecommunication Services)		14,025,413
	348,800	Sompo Holdings, Inc. (Insurance)		14,199,647
	24,700	Square Enix Holdings Co. Ltd. (Media & Entertainment)		986,167
	189,200	SUMCO Corp. (Semiconductors & Semiconductor Equipment)		2,724,796
	1,245,600	Sumitomo Corp. (Capital Goods)		19,709,928
	717,400	Sumitomo Forestry Co. Ltd. (Consumer Durables & Apparel)		10,975,395
	533,100	Sumitomo Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		4,748,644
	496,400	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		14,403,813
	17,900	Toho Gas Co. Ltd. (Utilities)		419,917
	141,600	Tokio Marine Holdings, Inc. (Insurance)		7,656,128
	872,900	Tokyo Gas Co. Ltd. (Utilities)		16,719,925
	192,900	Tokyo Seimitsu Co. Ltd. (Semiconductors & Semiconductor Equipment)		6,635,930
	465,900	TOPPAN, Inc. (Commercial & Professional Services)		7,701,176
	913,100	Tosoh Corp. (Materials)		12,608,561
	155,400	Toyota Motor Corp. (Automobiles & Components)		2,662,579
	383,500	Toyota Tsusho Corp. (Capital Goods)		13,778,099
				493,059,527
Luxembourg – 0.8%
	177,621	Eurofins Scientific SE (Pharmaceuticals, Biotechnology & Life Sciences)		16,507,710
Netherlands – 5.9%
	15,100	Aalberts NV (Capital Goods)		733,744
	130,158	Aegon NV (Insurance)		674,828
	4,104	ASM International NV (Semiconductors & Semiconductor Equipment)		1,233,220
	88,303	ASML Holding NV (Semiconductors & Semiconductor Equipment)		50,115,365
	44,569	ASR Nederland NV (Insurance)		2,025,602
	17,077	Heineken Holding NV (Food, Beverage & Tobacco)		1,333,069
	662,453	Koninklijke Ahold Delhaize NV (Food & Staples Retailing)		19,539,702

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Netherlands – (continued)
	488,938	Koninklijke Philips NV (Health Care Equipment & Services)	$	12,776,498
	81,607	OCI NV (Materials)*		3,092,295
	1,070,272	Shell PLC (Energy)		28,897,834
	25,959	Signify NV (Capital Goods)(b)		1,098,263
				121,520,420
New Zealand – 0.0%
	149,768	Fletcher Building Ltd. (Capital Goods)		596,604
Norway – 2.2%
	434,003	Aker BP ASA (Energy)(a)		15,549,843
	613,740	Golden Ocean Group Ltd. (Transportation)		7,640,531
	69,178	Leroy Seafood Group ASA (Food, Beverage & Tobacco)		649,255
	84,037	Mowi ASA (Food, Beverage & Tobacco)		2,373,797
	2,416,049	MPC Container Ships ASA (Transportation)		7,191,330
	1,306,896	Norsk Hydro ASA (Materials)		10,974,692
	8,595	Salmar ASA (Food, Beverage & Tobacco)		703,327
				45,082,775
Portugal – 0.1%
	90,860	Galp Energia SGPS SA (Energy)		1,105,916
Singapore – 0.1%
	222,600	Oversea-Chinese Banking Corp. Ltd. (Banks)		1,976,374
South Africa – 1.0%
	472,938	Anglo American PLC (Materials)		20,946,897
Spain – 0.6%
	1,480,367	Bankinter SA (Banks)		8,711,775
	209,221	Red Electrica Corp. SA (Utilities)		4,212,510
				12,924,285
Sweden – 4.4%
	277,295	Boliden AB (Materials)(a)		12,023,837
	251,741	Getinge AB, Class B (Health Care Equipment & Services)(a)		7,282,311
	122,743	Industrivarden AB, Class A (Diversified Financials)		3,144,987
	324,838	Investor AB, Class A (Diversified Financials)		6,784,735
	350,678	Investor AB, Class B (Diversified Financials)(a)		6,748,063
	404,980	Lundin Energy AB (Energy)(a)		16,744,246
	2,070,392	SSAB AB, Class B (Materials)		12,175,203
	854,554	Swedbank AB, Class A (Banks)		13,518,397
	1,003,561	Swedish Match AB (Food, Beverage & Tobacco)(a)		7,993,143
Common Stocks – (continued)
Sweden – (continued)
	570,562	Telefonaktiebolaget LM Ericsson, Class B (Technology Hardware & Equipment)		4,551,501
				90,966,423
Switzerland – 6.9%
	2,868	Allreal Holding AG (Registered) (Real Estate)		540,971
	50,546	Baloise Holding AG (Registered) (Insurance)		8,792,020
	369	Chocoladefabriken Lindt & Spruengli AG (Food, Beverage & Tobacco)		4,138,333
	13	Chocoladefabriken Lindt & Spruengli AG (Registered) (Food, Beverage & Tobacco)		1,542,226
	183,531	Cie Financiere Richemont SA (Registered) (Consumer Durables & Apparel)		21,324,601
	68,283	Galenica AG (Health Care Equipment & Services)(b)		5,028,189
	25,131	Helvetia Holding AG (Registered) (Insurance)		3,229,504
	62,477	Kuehne + Nagel International AG (Registered) (Transportation)		17,477,709
	33,818	Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		19,940,253
	46,467	PSP Swiss Property AG (Registered) (Real Estate)		5,856,326
	45,452	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		16,854,240
	9,611	Sonova Holding AG (Registered) (Health Care Equipment & Services)		3,465,978
	3,157	Swiss Prime Site AG (Registered) (Real Estate)		308,579
	21,417	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		6,436,188
	39,896	Temenos AG (Registered) (Software & Services)		4,027,333
	1,417,109	UBS Group AG (Registered) (Diversified Financials)		24,057,750
				143,020,200
United Kingdom – 7.9%
	182,597	3i Group PLC (Diversified Financials)		2,988,245
	57,186	AstraZeneca PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)		3,797,150
	3,245,186	Aviva PLC (Insurance)		17,410,844
	237,422	BAE Systems PLC (Capital Goods)		2,192,986
	20,695	Berkeley Group Holdings PLC (Consumer Durables & Apparel)*		1,049,578

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	731,146	British American Tobacco PLC (Food, Beverage & Tobacco)	$	30,644,050
	48,479	DCC PLC (Capital Goods)		3,673,205
	516,787	Diageo PLC (Food, Beverage & Tobacco)		25,781,911
	44,278	Drax Group PLC (Utilities)		447,460
	129,482	IG Group Holdings PLC (Diversified Financials)		1,323,316
	843,330	Imperial Brands PLC (Food, Beverage & Tobacco)		17,554,364
	120,877	InterContinental Hotels Group PLC (Consumer Services)		7,716,758
	29,533	Intertek Group PLC (Commercial & Professional Services)		1,840,348
	2,136,245	ITV PLC (Media & Entertainment)		1,972,724
	35,295	Land Securities Group PLC REIT (Real Estate)		331,017
	7,717,919	Lloyds Banking Group PLC (Banks)		4,383,500
	893,555	M&G PLC (Diversified Financials)		2,372,341
	1,387,910	Melrose Industries PLC (Capital Goods)		2,016,770
	1,962,438	NatWest Group PLC (Banks)		5,264,805
	186,084	Next PLC (Retailing)		13,937,827
	80,701	Pennon Group PLC (Utilities)		1,121,442
	491,817	SSE PLC (Utilities)		11,422,859
	307,205	Taylor Wimpey PLC (Consumer Durables & Apparel)		483,159
	212,432	Vodafone Group PLC ADR (Telecommunication Services)		3,226,842
	35,837	Whitbread PLC (Consumer Services)*		1,250,957
				164,204,458
United States – 3.1%
	587,748	GlaxoSmithKline PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)		26,613,229
	198,851	Nestle SA (Registered) (Food, Beverage & Tobacco)		25,670,489
	856,765	Stellantis NV (Automobiles & Components)		11,502,634
				63,786,352
	TOTAL COMMON STOCKS
	(Cost $1,995,088,365)		$	1,982,459,781

Shares	Description	Rate			Value
Preferred Stocks – 1.1%
Germany – 1.1%
203,285	Henkel AG & Co. KGaA (Household & Personal Products)		3.05	%	$	13,053,200
70,992	Volkswagen AG (Automobiles & Components)		3.30			10,994,281
TOTAL PREFERRED STOCKS
(Cost $31,812,305)					$	24,047,481
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $2,026,900,670)					$	2,006,507,262

Shares	Dividend Rate			Value
Securities Lending Reinvestment Vehicle – 4.1%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
85,554,548		0.317	%	$	85,554,548
(Cost $85,554,548)
TOTAL INVESTMENTS – 101.2%
(Cost $2,112,455,218)				$	2,092,061,810
OTHER ASSETS IN EXCESS OF     LIABILITIES – (1.2)%					(26,473,229	)
NET ASSETS – 100.0%				$	2,065,588,581

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

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Sector Name	% of Market Value
Industrials		16.3	%
Financials		14.7
Health Care		13.3
Consumer Staples		11.2
Consumer Discretionary		9.3
Materials		8.1
Information Technology		7.9
Utilities		5.2
Communication Services		3.8
Energy		3.3
Real Estate		2.8
Securities Lending Reinvestment Vehicle		4.1
TOTAL INVESTMENTS		100.0	%

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2022, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
EURO STOXX 50 Index		176		06/17/22	$	7,097,718	$	115,259
FTSE 100 Index		26		06/17/22		2,422,474		124,286
Hang Seng Index		5		05/30/22		636,992		32,067
MSCI Singapore Index		9		05/30/22		201,191		4,301
SPI 200 Index		8		06/16/22		1,023,569		44,960
TOPIX Index		25		06/09/22		3,855,304		155,788
Total Futures Contracts							$	476,661

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 98.3%
Australia – 8.5%
	359,373	Abacus Property Group REIT (Real Estate)	$	824,759
	59,612	Allkem Ltd. (Materials)*		496,820
	406,266	ALS Ltd. (Commercial & Professional Services)		3,678,781
	97,978	Altium Ltd. (Software & Services)		2,207,178
	3,787,448	AMP Ltd. (Diversified Financials)*		3,059,975
	368,326	Beach Energy Ltd. (Energy)		419,935
	2,118,467	Bendigo & Adelaide Bank Ltd. (Banks)		15,794,922
	336,860	BWP Trust REIT (Real Estate)		979,112
	3,147,403	Centuria Capital Group (Real Estate)		6,113,462
	269,631	Centuria Industrial REIT (Real Estate)		751,413
	769,642	Challenger Ltd. (Diversified Financials)		3,894,046
	3,117,567	Charter Hall Group REIT (Real Estate)		33,505,780
	833,972	Charter Hall Retail REIT (Real Estate)		2,605,128
	1,510,073	Charter Hall Social Infrastructure REIT (Real Estate)		4,274,770
	55,042	Corporate Travel Management Ltd. (Consumer Services)*		993,101
	1,111,177	Data#3 Ltd. (Software & Services)		4,512,615
	448,962	Downer EDI Ltd. (Commercial & Professional Services)		1,737,038
	198,727	Elders Ltd. (Food, Beverage & Tobacco)		1,997,828
	87,484	Flight Centre Travel Group Ltd. (Consumer Services)*		1,366,223
	293,027	Genworth Mortgage Insurance Australia Ltd. (Banks)		616,086
	2,634,561	GrainCorp Ltd., Class A (Food & Staples Retailing)		19,038,318
	121,294	Growthpoint Properties Australia Ltd. REIT (Real Estate)		373,080
	2,293,401	Iluka Resources Ltd. (Materials)		17,963,991
	8,493,167	Incitec Pivot Ltd. (Materials)		22,906,262
	506,508	Inghams Group Ltd. (Food, Beverage & Tobacco)		1,096,632
	7,975,616	Karoon Energy Ltd. (Energy)*		11,453,777
	134,619	Lovisa Holdings Ltd. (Retailing)		1,541,299
	233,016	NRW Holdings Ltd. (Capital Goods)		317,688
	1,223,652	Nufarm Ltd. (Materials)		5,504,848
	3,624,854	Paladin Energy Ltd. (Energy)*		1,994,853
	238,487	Perpetual Ltd. (Diversified Financials)		5,482,758
	858,365	Perseus Mining Ltd. (Materials)		1,194,439
	3,667,025	Pilbara Minerals Ltd. (Materials)*		7,112,916
	418,969	Pinnacle Investment Management Group Ltd. (Diversified Financials)		2,738,231
	988,321	Premier Investments Ltd. (Retailing)		17,513,027
	279,667	Pro Medicus Ltd. (Health Care Equipment & Services)		9,146,155
Common Stocks – (continued)
Australia – (continued)
	12,320,502	Qube Holdings Ltd. (Transportation)		25,459,767
	5,633,760	Sandfire Resources Ltd. (Materials)		22,329,199
	557,905	Technology One Ltd. (Software & Services)		4,025,980
	983,971	Waypoint REIT Ltd. REIT (Real Estate)		1,854,867
	326,944	West African Resources Ltd. (Materials)*		311,902
	324,791	Whitehaven Coal Ltd. (Energy)		1,115,348
	134,045	Worley Ltd. (Energy)		1,303,591
				271,607,900
Austria – 0.4%
	15,368	ANDRITZ AG (Capital Goods)		653,310
	211,682	BAWAG Group AG (Banks)*(a)		10,051,481
	46,667	EVN AG (Utilities)		1,187,970
				11,892,761
Belgium – 1.9%
	254,336	Bekaert SA (Materials)		9,427,943
	220,645	D’ieteren Group (Retailing)		35,416,326
	54,988	Melexis NV (Semiconductors & Semiconductor Equipment)		4,719,874
	317,267	Warehouses De Pauw CVA REIT (Real Estate)		12,205,327
				61,769,470
China – 0.3%
	454,000	VSTECS Holdings Ltd. (Technology Hardware & Equipment)		390,872
	2,188,200	Yangzijiang Shipbuilding Holdings Ltd. (Capital Goods)		1,427,633
	10,160,610	Yanlord Land Group Ltd. (Real Estate)		8,902,309
				10,720,814
Cyprus – 0.1%
	395,123	Atalaya Mining PLC (Materials)		1,875,600
Denmark – 2.8%
	421,738	D/S Norden A/S (Transportation)		15,669,939
	245,719	Dfds A/S (Transportation)		9,515,887
	177,479	Jyske Bank A/S (Registered) (Banks)*		9,813,547
	133,588	Royal Unibrew A/S (Food, Beverage & Tobacco)		11,514,105
	195,942	Scandinavian Tobacco Group A/S (Food, Beverage & Tobacco)(a)		4,084,557
	685,268	Sydbank AS (Banks)		23,554,620
	252,445	Topdanmark AS (Insurance)		14,206,118
				88,358,773
Finland – 0.6%
	916,374	Metso Outotec OYJ (Capital Goods)		7,802,889

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Finland – (continued)
	649,036	Tokmanni Group Corp. (Retailing)	$	8,433,989
	58,074	Uponor OYJ (Capital Goods)		1,020,410
	31,825	Valmet OYJ (Capital Goods)		852,298
				18,109,586
France – 4.6%
	34,421	Alten SA (Software & Services)		4,619,564
	5,368,478	CGG SA (Energy)*		6,176,101
	1,508,236	Coface SA (Insurance)		18,081,164
	831,399	Derichebourg SA (Commercial & Professional Services)		7,502,830
	70,628	Eramet SA (Materials)*		9,413,444
	837,282	Eutelsat Communications SA (Media & Entertainment)		9,305,063
	44,223	Gaztransport Et Technigaz SA (Energy)		5,266,011
	102,777	IPSOS (Media & Entertainment)		4,947,795
	228,880	Nexans SA (Capital Goods)		20,848,106
	362,746	Nexity SA (Real Estate)		11,015,199
	713,412	Rexel SA (Capital Goods)*		14,614,007
	468,046	Rubis SCA (Utilities)		12,448,854
	410,889	SCOR SE (Insurance)		11,617,410
	106,803	SPIE SA (Commercial & Professional Services)		2,513,721
	377,725	Television Francaise 1 (Media & Entertainment)		3,199,025
	65,079	Verallia SA (Materials)(a)		1,788,979
	10,716	Virbac SA (Pharmaceuticals, Biotechnology & Life Sciences)		4,326,556
				147,683,829
Georgia – 0.0%
	6,808	Bank of Georgia Group PLC (Banks)		105,126
Germany – 4.7%
	9,679	1&1 AG (Telecommunication Services)		203,968
	286,224	Aurubis AG (Materials)		32,526,335
	8,080	Bilfinger SE (Commercial & Professional Services)*		325,199
	37,976	CANCOM SE (Software & Services)		1,833,766
	1,884	CTS Eventim AG & Co. KGaA (Media & Entertainment)*		129,310
	40,762	Dermapharm Holding SE (Pharmaceuticals, Biotechnology & Life Sciences)		2,304,708
	489,771	Deutsche Pfandbriefbank AG (Banks)(a)		6,164,082
	38,516	Eckert & Ziegler Strahlen- und Medizintechnik AG (Health Care Equipment & Services)		1,932,772
	207,905	Evotec SE (Pharmaceuticals, Biotechnology & Life Sciences)*		5,062,166
Common Stocks – (continued)
Germany – (continued)
	84,855	Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences)(b)		5,894,229
	35,941	GFT Technologies SE (Software & Services)		1,427,595
	288,714	Hensoldt AG (Capital Goods)		8,040,392
	45,784	HUGO BOSS AG (Consumer Durables & Apparel)		2,567,702
	1,176,813	K+S AG (Registered) (Materials)*		39,526,796
	1,750,803	Kloeckner & Co SE (Capital Goods)*		22,553,426
	47,989	Krones AG (Capital Goods)		3,705,404
	94,484	METRO AG (Food & Staples Retailing)*		829,943
	69,223	Rheinmetall AG (Capital Goods)		15,604,540
	18,054	Softwareone Holding AG (Technology Hardware & Equipment)*		244,099
	4,219	Varta AG (Capital Goods)(b)		394,754
				151,271,186
Guernsey – 0.2%
	3,472,852	BMO Commercial Property Trust Ltd. REIT (Real Estate)		5,126,035
Hong Kong – 2.4%
	2,827,800	ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)		28,497,960
	668,960	Bank of East Asia Ltd. (The) (Banks)		989,873
	2,816,000	Fortune Real Estate Investment Trust REIT (Real Estate)		2,460,401
	1,803,000	Hang Lung Group Ltd. (Real Estate)		3,520,344
	4,720,000	Kerry Properties Ltd. (Real Estate)		12,763,522
	1,229,000	Luk Fook Holdings International Ltd. (Retailing)		2,813,072
	50,385,000	Pacific Basin Shipping Ltd. (Transportation)		23,117,173
	599,000	Sun Hung Kai & Co. Ltd. (Diversified Financials)		284,729
	5,132,000	United Laboratories International Holdings Ltd. (The) (Pharmaceuticals, Biotechnology & Life Sciences)		2,515,058
				76,962,132
Indonesia – 0.6%
	10,057,700	First Resources Ltd. (Food, Beverage & Tobacco)		15,339,936
	10,811,800	Golden Agri-Resources Ltd. (Food, Beverage & Tobacco)		2,526,034
				17,865,970
Israel – 3.4%
	85,182	Airport City Ltd. (Real Estate)*		1,896,384

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Israel – (continued)
	181,670	Alony Hetz Properties & Investments Ltd. (Real Estate)	$	2,973,264
	388,389	Amot Investments Ltd. (Real Estate)		2,948,186
	5,224,046	Bezeq The Israeli Telecommunication Corp. Ltd. (Telecommunication Services)*		8,281,618
	15,352	Big Shopping Centers Ltd. (Real Estate)		2,319,976
	56,122	Camtek Ltd. (Semiconductors & Semiconductor Equipment)*		1,651,742
	112,503	Clal Insurance Enterprises Holdings Ltd. (Insurance)*		2,493,711
	5,678	Delta Galil Industries Ltd. (Consumer Durables & Apparel)		378,400
	12,632	Elco Ltd. (Capital Goods)		979,150
	1,631	Electra Ltd. (Capital Goods)		1,119,195
	66,883	Energix-Renewable Energies Ltd. (Utilities)		226,599
	981,122	Enlight Renewable Energy Ltd. (Utilities)*		2,104,941
	19,272	Fattal Holdings 1998 Ltd. (Consumer Services)*		2,779,663
	185,915	First International Bank Of Israel Ltd. (The) (Banks)		7,807,038
	18,382	Fox Wizel Ltd. (Retailing)		2,702,710
	234,813	Gazit-Globe Ltd. (Real Estate)		2,201,306
	257,740	Harel Insurance Investments & Financial Services Ltd. (Insurance)		3,159,089
	207,554	Israel Canada T.R Ltd. (Real Estate)		1,026,199
	10,260	Israel Corp. Ltd. (The) (Materials)*		5,764,766
	47,832	Maytronics Ltd. (Consumer Durables & Apparel)		849,296
	36,586	Melisron Ltd. (Real Estate)*		2,967,746
	673,991	Mivne Real Estate KD Ltd. (Real Estate)		2,525,307
	40,053	Nova Ltd. (Semiconductors & Semiconductor Equipment)*		3,840,871
	42,762	Perion Network Ltd. (Media & Entertainment)*		914,298
	804,806	Phoenix Holdings Ltd. (The) (Insurance)		10,124,822
	1,301,702	Plus500 Ltd. (Diversified Financials)		25,347,953
	166,642	Shapir Engineering and Industry Ltd. (Capital Goods)		1,559,135
	231,884	Shikun & Binui Ltd. (Capital Goods)*		1,367,065
	580,627	Shufersal Ltd. (Food & Staples Retailing)		4,885,163
	39,085	Strauss Group Ltd. (Food, Beverage & Tobacco)		1,044,785
	36,986	Tower Semiconductor Ltd. (Semiconductors & Semiconductor Equipment)*		1,778,663
				110,019,041
Common Stocks – (continued)
Italy – 4.7%
	15,040,717	A2A SpA (Utilities)		25,697,943
	126,666	ACEA SpA (Utilities)		2,172,813
	245,624	Banca IFIS SpA (Diversified Financials)		4,460,360
	2,203,037	BFF Bank SpA (Diversified Financials)(a)		13,737,280
	854,957	Falck Renewables SpA (Utilities)		7,968,614
	4,382,032	Hera SpA (Utilities)		16,343,205
	1,970,039	Iren SpA (Utilities)		5,092,423
	3,329,944	Leonardo SpA (Capital Goods)*		34,269,745
	400,901	MFE-MediaForEurope NV, Class B (Media & Entertainment)(b)		369,215
	61,867	RAI Way SpA (Telecommunication Services)(a)		363,743
	174,453	Reply SpA (Software & Services)		25,682,478
	2,523,219	Unipol Gruppo SpA (Insurance)		13,758,160
				149,915,979
Japan – 27.9%
	18,400	77 Bank Ltd. (The) (Banks)		228,151
	138,400	Air Water, Inc. (Materials)		1,836,970
	116,000	Airtrip Corp. (Consumer Services)		2,827,047
	122,200	Alfresa Holdings Corp. (Health Care Equipment & Services)		1,661,762
	3,012,900	Amada Co. Ltd. (Capital Goods)		23,395,055
	748,200	Aozora Bank Ltd. (Banks)		14,979,364
	23,400	Autobacs Seven Co. Ltd. (Retailing)		246,379
	168,100	Avex, Inc. (Media & Entertainment)		1,807,028
	251,200	Bell System24 Holdings, Inc. (Software & Services)		2,905,018
	13,000	Benesse Holdings, Inc. (Consumer Services)		227,460
	375,300	BIPROGY, Inc. (Software & Services)		9,481,949
	87,300	BML, Inc. (Health Care Equipment & Services)		2,246,717
	36,400	Canon Marketing Japan, Inc. (Technology Hardware & Equipment)		792,059
	594,200	Chugoku Electric Power Co., Inc. (The) (Utilities)		3,913,708
	6,331,400	Citizen Watch Co. Ltd. (Technology Hardware & Equipment)		23,895,392
	1,745,600	Coca-Cola Bottlers Japan Holdings, Inc. (Food, Beverage & Tobacco)		19,568,963
	174	CRE Logistics REIT, Inc. REIT (Real Estate)		266,091
	8,100	Daido Steel Co. Ltd. (Materials)		231,051
	67,000	Daihen Corp. (Capital Goods)		1,916,695
	1,138	Daiwa Office Investment Corp. REIT (Real Estate)		6,442,515
	763,900	DeNA Co. Ltd. (Media & Entertainment)		11,072,030

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	303,500	Dexerials Corp. (Technology Hardware & Equipment)	$	6,654,951
	30,600	Doshisha Co. Ltd. (Retailing)		360,446
	10,400	Doutor Nichires Holdings Co. Ltd. (Consumer Services)		119,528
	140,700	DTS Corp. (Software & Services)		3,087,148
	18,800	Eagle Industry Co. Ltd. (Automobiles & Components)		149,796
	62,600	Ebara Corp. (Capital Goods)		2,875,054
	12,800	Eizo Corp. (Technology Hardware & Equipment)		333,649
	296,100	EXEO Group, Inc. (Capital Goods)		4,929,420
	215,900	Ezaki Glico Co. Ltd. (Food, Beverage & Tobacco)		6,189,552
	519,900	Financial Products Group Co. Ltd. (Diversified Financials)		3,181,640
	104,600	Fuji Oil Holdings, Inc. (Food, Beverage & Tobacco)		1,484,467
	28,600	Fuji Soft, Inc. (Software & Services)		1,524,302
	1,284,600	Fujikura Ltd. (Capital Goods)		6,076,798
	17,800	Future Corp. (Software & Services)		260,807
	25,300	Fuyo General Lease Co. Ltd. (Diversified Financials)		1,368,854
	8,061	Global One Real Estate Investment Corp. REIT (Real Estate)		6,909,850
	1,390,700	Gunma Bank Ltd. (The) (Banks)		3,997,633
	51,100	Gunze Ltd. (Consumer Durables & Apparel)		1,471,071
	1,226,600	H2O Retailing Corp. (Retailing)		8,023,540
	161,600	Hanwa Co. Ltd. (Capital Goods)		3,950,084
	606,500	Haseko Corp. (Consumer Durables & Apparel)		6,645,439
	210,100	HIS Co. Ltd. (Consumer Services)*(b)		3,582,231
	5,600	Hisamitsu Pharmaceutical Co., Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		153,422
	235,800	Hitachi Zosen Corp. (Capital Goods)		1,272,433
	84,800	Hokkaido Electric Power Co., Inc. (Utilities)		314,786
	11,600	Horiba Ltd. (Technology Hardware & Equipment)		564,379
	347,300	IDOM, Inc. (Retailing)		1,740,212
	31,800	Iino Kaiun Kaisha Ltd. (Transportation)		180,041
	6,629	Industrial & Infrastructure Fund Investment Corp. REIT (Real Estate)		9,511,852
	86,800	Itoham Yonekyu Holdings, Inc. (Food, Beverage & Tobacco)		436,869
	18,000	Izumi Co. Ltd. (Retailing)		391,205
	3,913,900	J Front Retailing Co. Ltd. (Retailing)		29,329,317
	454	Japan Excellent, Inc. REIT (Real Estate)		445,457
	18,600	Japan Lifeline Co. Ltd. (Health Care Equipment & Services)		155,037
Common Stocks – (continued)
Japan – (continued)
	161,400	Japan Petroleum Exploration Co. Ltd. (Energy)		3,217,347
	5,387	Japan Prime Realty Investment Corp. REIT (Real Estate)		16,342,866
	102,400	Japan Steel Works Ltd. (The) (Capital Goods)		2,882,007
	3,000	Jeol Ltd. (Health Care Equipment & Services)		134,726
	785,500	Kamigumi Co. Ltd. (Transportation)		13,336,929
	294,200	Kaneka Corp. (Materials)		7,872,074
	990,200	Kanematsu Corp. (Capital Goods)		10,233,847
	13,400	Kanematsu Electronics Ltd. (Software & Services)		400,401
	41,900	Kawasaki Kisen Kaisha Ltd. (Transportation)		2,190,618
	1,657	Kenedix Office Investment Corp. REIT (Real Estate)		8,660,659
	536	Kenedix Retail REIT Corp. REIT (Real Estate)		1,128,409
	221,800	Kumagai Gumi Co. Ltd. (Capital Goods)		4,628,714
	38,100	KYB Corp. (Automobiles & Components)		862,393
	132,000	Kyokuto Kaihatsu Kogyo Co. Ltd. (Capital Goods)		1,330,802
	223,800	Life Corp. (Food & Staples Retailing)		5,105,300
	82,400	Lintec Corp. (Materials)		1,534,916
	368,100	Macnica Fuji Electronics Holdings, Inc. (Technology Hardware & Equipment)		7,631,773
	313,300	Makino Milling Machine Co. Ltd. (Capital Goods)		9,653,835
	30,300	Mandom Corp. (Household & Personal Products)		301,265
	33,400	Mani, Inc. (Health Care Equipment & Services)		381,429
	60,700	Matsuda Sangyo Co. Ltd. (Commercial & Professional Services)		1,065,869
	520,800	Maxell Ltd. (Technology Hardware & Equipment)		4,643,830
	30,600	Megachips Corp. (Semiconductors & Semiconductor Equipment)		783,941
	587	Mirai Corp. REIT (Real Estate)		228,011
	272,500	Mirait Holdings Corp. (Capital Goods)		3,818,715
	566,700	Mitsubishi Logistics Corp. (Transportation)		13,061,049
	134,100	Mitsubishi Research Institute, Inc. (Software & Services)		4,037,411
	672,300	Mitsui Mining & Smelting Co. Ltd. (Materials)		16,999,549
	1,125	Mori Hills REIT Investment Corp. REIT (Real Estate)		1,275,905
	942	Mori Trust Sogo REIT, Inc. REIT (Real Estate)		1,025,715
	120,000	Nachi-Fujikoshi Corp. (Capital Goods)		3,490,030

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	184,400	Nagoya Railroad Co. Ltd. (Transportation)	$	2,961,675
	858,800	NEC Networks & System Integration Corp. (Software & Services)		12,194,306
	627,400	NGK Spark Plug Co. Ltd. (Automobiles & Components)		9,627,591
	261,700	Nichias Corp. (Capital Goods)		4,699,985
	389,400	Nikkon Holdings Co. Ltd. (Transportation)		5,897,873
	150,720	Nippon Light Metal Holdings Co. Ltd. (Materials)		1,931,095
	7,284	NIPPON REIT Investment Corp. REIT (Real Estate)		20,878,820
	298,800	Nippon Shokubai Co. Ltd. (Materials)		12,021,127
	29,800	Nippon Steel Trading Corp. (Capital Goods)		1,212,785
	4,512,700	Nippon Suisan Kaisha Ltd. (Food, Beverage & Tobacco)		19,924,990
	59,000	Nisshin Oillio Group Ltd. (The) (Food, Beverage & Tobacco)		1,335,245
	52,600	Nisshinbo Holdings, Inc. (Capital Goods)		393,556
	85,300	NOF Corp. (Materials)		3,201,691
	490,500	NOK Corp. (Automobiles & Components)		4,173,308
	189,000	NS Solutions Corp. (Software & Services)		5,638,516
	657,400	NS United Kaiun Kaisha Ltd. (Transportation)(b)		18,067,242
	203,100	Okamura Corp. (Commercial & Professional Services)		1,866,479
	237,400	OKUMA Corp. (Capital Goods)		8,485,016
	5,700	Okumura Corp. (Capital Goods)		134,559
	547	One REIT, Inc. REIT (Real Estate)		1,161,158
	5,969,800	Orient Corp. (Diversified Financials)		5,730,351
	228,500	Paramount Bed Holdings Co. Ltd. (Health Care Equipment & Services)		3,805,656
	10,000	Prima Meat Packers Ltd. (Food, Beverage & Tobacco)		163,981
	1,061,000	Resorttrust, Inc. (Consumer Services)		17,849,769
	65,300	Rohto Pharmaceutical Co. Ltd. (Household & Personal Products)		1,743,808
	7,900	Round One Corp. (Consumer Services)		87,929
	79,500	S Foods, Inc. (Food, Beverage & Tobacco)		1,849,555
	361,300	Sankyo Co. Ltd. (Consumer Durables & Apparel)		10,396,410
	399,700	Sankyu, Inc. (Transportation)		12,186,461
	202,200	Sato Holdings Corp. (Commercial & Professional Services)		2,780,278
	363,200	Sawai Group Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		12,183,421
Common Stocks – (continued)
Japan – (continued)
	388,000	SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment)		31,710,960
	21,600	Sega Sammy Holdings, Inc. (Consumer Durables & Apparel)		382,744
	1,284,700	Seino Holdings Co. Ltd. (Transportation)		10,494,661
	2,201	Sekisui House REIT, Inc. REIT (Real Estate)		1,287,919
	1,274,200	Senko Group Holdings Co. Ltd. (Transportation)		8,617,279
	758,200	Shikoku Electric Power Co., Inc. (Utilities)		4,359,283
	8,100	Shochiku Co. Ltd. (Media & Entertainment)*		826,692
	527,800	Showa Denko KK (Materials)		10,270,126
	4,086,600	SKY Perfect JSAT Holdings, Inc. (Media & Entertainment)		13,238,171
	507,700	Sodick Co. Ltd. (Capital Goods)		2,840,797
	236,800	Sojitz Corp. (Capital Goods)		3,610,809
	787	SOSiLA Logistics REIT, Inc. REIT (Real Estate)		956,633
	10,843	Star Asia Investment Corp. REIT (Real Estate)		4,963,007
	66,000	Star Micronics Co. Ltd. (Capital Goods)		739,828
	71,500	Starts Corp., Inc. (Real Estate)		1,325,201
	4,200	Sumitomo Bakelite Co. Ltd. (Materials)		137,807
	1,961,600	Sumitomo Forestry Co. Ltd. (Consumer Durables & Apparel)		30,010,223
	98,200	Sumitomo Heavy Industries Ltd. (Capital Goods)		2,078,049
	468,500	Sumitomo Warehouse Co. Ltd. (The) (Transportation)		7,862,197
	162,500	Suzuken Co. Ltd. (Health Care Equipment & Services)		4,796,554
	209,900	Takara Holdings, Inc. (Food, Beverage & Tobacco)		1,767,964
	9,347	Takara Leben Real Estate Investment Corp. REIT (Real Estate)		8,711,455
	1,014,300	Takashimaya Co. Ltd. (Retailing)		9,251,680
	11,700	TechnoPro Holdings, Inc. (Commercial & Professional Services)		297,977
	1,015,200	Toho Gas Co. Ltd. (Utilities)		23,815,635
	235,800	Tohoku Electric Power Co., Inc. (Utilities)		1,311,648
	755,600	Tokyo Seimitsu Co. Ltd. (Semiconductors & Semiconductor Equipment)		25,993,305
	584,200	Tokyo Tatemono Co. Ltd. (Real Estate)		8,236,601
	432,900	Tokyotokeiba Co. Ltd. (Consumer Services)		14,730,855
	187,700	Tokyu Fudosan Holdings Corp. (Real Estate)		976,729

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	34,000	Tomy Co. Ltd. (Consumer Durables & Apparel)	$	322,578
	16,700	Toridoll Holdings Corp. (Consumer Services)		302,869
	1,297,000	Toyo Seikan Group Holdings Ltd. (Materials)		14,028,848
	202,300	Toyo Tanso Co. Ltd. (Capital Goods)		4,395,903
	55,900	Tsubakimoto Chain Co. (Capital Goods)		1,276,452
	13,100	Tsumura & Co. (Pharmaceuticals, Biotechnology & Life Sciences)		322,323
	820,000	TV Asahi Holdings Corp. (Media & Entertainment)		9,366,343
	184,600	UACJ Corp. (Materials)		3,088,350
	115,500	Ulvac, Inc. (Semiconductors & Semiconductor Equipment)		4,525,855
	5,748	United Urban Investment Corp. REIT (Real Estate)		6,289,092
	1,084,100	Ushio, Inc. (Capital Goods)		14,055,986
	215,800	Yellow Hat Ltd. (Retailing)		2,695,778
				896,730,811
Luxembourg – 0.7%
	578,368	APERAM SA (Materials)		22,323,551
Netherlands – 3.5%
	267,283	Aalberts NV (Capital Goods)		12,987,896
	5,854	AMG Advanced Metallurgical Group NV (Materials)		228,903
	77,435	Arcadis NV (Capital Goods)		3,230,877
	566,562	ASR Nederland NV (Insurance)		25,749,496
	37,885	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)		2,309,419
	35,777	Eurocommercial Properties NV REIT (Real Estate)		865,659
	306,503	Fugro NV (Capital Goods)*		3,754,768
	1,842,571	Koninklijke BAM Groep NV (Capital Goods)*		5,099,940
	873,419	OCI NV (Materials)*		33,096,052
	605,701	Signify NV (Capital Goods)(a)		25,625,755
	9,417	TKH Group NV (Capital Goods)		461,812
	22,936	Van Lanschot Kempen NV (Diversified Financials)		597,289
				114,007,866
New Zealand – 0.5%
	4,176,437	Fletcher Building Ltd. (Capital Goods)		16,636,922
Norway – 5.4%
	6,002,198	Aker Solutions ASA (Energy)		20,739,715
	758,838	Austevoll Seafood ASA (Food, Beverage & Tobacco)		12,031,438
	512,760	BW Offshore Ltd. (Energy)		1,474,712
	1,829,610	Europris ASA (Retailing)(a)(b)		9,296,739
Common Stocks – (continued)
Norway – (continued)
	2,738,271	Golden Ocean Group Ltd. (Transportation)		34,089,099
	525,657	Grieg Seafood ASA (Food, Beverage & Tobacco)*		7,831,230
	501,347	Kongsberg Gruppen ASA (Capital Goods)		21,534,148
	1,738,973	Leroy Seafood Group ASA (Food, Beverage & Tobacco)		16,320,764
	9,756,072	MPC Container Ships ASA (Transportation)		29,038,786
	759,227	NEL ASA (Capital Goods)*(b)		1,078,915
	168,611	Nordic Semiconductor ASA (Semiconductors & Semiconductor Equipment)*		3,352,196
	42,483	Salmar ASA (Food, Beverage & Tobacco)		3,476,372
	127,978	Selvaag Bolig ASA (Real Estate)(b)		609,234
	334,908	Veidekke ASA (Capital Goods)		4,336,602
	1,335,038	Wallenius Wilhelmsen ASA (Transportation)		8,379,742
				173,589,692
Portugal – 0.5%
	74,726	NOS SGPS SA (Telecommunication Services)		316,001
	1,533,242	REN – Redes Energeticas Nacionais SGPS SA (Utilities)		4,674,558
	10,346,259	Sonae SGPS SA (Food & Staples Retailing)		11,169,725
				16,160,284
Singapore – 0.2%
	69,234	Kenon Holdings Ltd. (Utilities)		3,954,112
	880,500	Parkway Life Real Estate Investment Trust REIT (Real Estate)		3,068,065
	1,721,200	Yangzijiang Financial Holding Pte Ltd. (Diversified Financials)*		678,299
				7,700,476
Spain – 1.5%
	3,723,711	Bankinter SA (Banks)		21,913,575
	404,340	Faes Farma SA (Pharmaceuticals, Biotechnology & Life Sciences)		1,693,438
	28,493	Indra Sistemas SA (Software & Services)*		290,361
	1,359,194	Mediaset Espana Comunicacion SA (Media & Entertainment)*(b)		6,082,356
	1,217,260	Merlin Properties Socimi SA REIT (Real Estate)		13,223,904
	117,441	Viscofan SA (Food, Beverage & Tobacco)		6,483,252
				49,686,886

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Sweden – 5.6%
	167,606	AddTech AB, Class B (Capital Goods)	$	2,956,635
	17,594	AFRY AB (Commercial & Professional Services)		291,667
	2,489,626	Arjo AB, Class B (Health Care Equipment & Services)(b)		18,761,980
	1,725,810	Betsson AB, Class B (Consumer Services)*		10,601,530
	652,362	Biotage AB (Pharmaceuticals, Biotechnology & Life Sciences)(b)		13,513,696
	264,586	Bonava AB, Class B (Consumer Durables & Apparel)		1,284,438
	448,025	Bravida Holding AB (Commercial & Professional Services)*(a)		4,592,978
	465,542	Hexpol AB (Materials)(b)		3,997,221
	17,672	HMS Networks AB (Technology Hardware & Equipment)		723,312
	198,345	Intrum AB (Commercial & Professional Services)*(b)		4,794,606
	819,555	Inwido AB (Capital Goods)(b)		11,314,663
	248,007	Lindab International AB (Capital Goods)		5,784,456
	176,771	Mekonomen AB (Retailing)*		2,037,220
	196,363	MIPS AB (Consumer Durables & Apparel)		13,945,595
	1,100,229	NCC AB, Class B (Capital Goods)		13,632,164
	454,662	New Wave Group AB, Class B (Consumer Durables & Apparel)		7,938,643
	63,182	Nyfosa AB (Real Estate)		696,369
	451,535	Saab AB, Class B (Capital Goods)		19,099,447
	784,241	SSAB AB, Class A (Materials)(b)		4,980,806
	5,475,433	SSAB AB, Class B (Materials)(b)		32,198,978
	272,727	Trelleborg AB, Class B (Capital Goods)(b)		5,981,881
	29,470	Wihlborgs Fastigheter AB (Real Estate)		510,941
				179,639,226
Switzerland – 4.2%
	2,906	ALSO Holding AG (Registered) (Technology Hardware & Equipment)*		657,145
	21,282	Bucher Industries AG (Registered) (Capital Goods)		7,672,907
	19,480	Comet Holding AG (Registered) (Technology Hardware & Equipment)		4,211,073
	139,482	DKSH Holding AG (Commercial & Professional Services)		11,976,613
	221,804	Galenica AG (Health Care Equipment & Services)(a)		16,333,090
	183,330	Huber + Suhner AG (Registered) (Capital Goods)		16,078,619
	28,690	Mobilezone Holding AG (Registered) (Retailing)		464,553
Common Stocks – (continued)
Switzerland – (continued)
	306,994	PSP Swiss Property AG (Registered) (Real Estate)		38,691,052
	9,934	Siegfried Holding AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		7,201,551
	12,476	Stadler Rail AG (Capital Goods)(b)		455,305
	35,122	Swissquote Group Holding SA (Registered) (Diversified Financials)		5,708,330
	58,119	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		17,465,790
	1,899	u-blox Holding AG (Semiconductors & Semiconductor Equipment)*		157,762
	31,613	Valiant Holding AG (Registered) (Banks)		3,157,750
	63,929	Zehnder Group AG (Capital Goods)		4,998,956
				135,230,496
United Kingdom – 13.0%
	2,879,303	Babcock International Group PLC (Capital Goods)*		10,993,057
	1,347,988	Balfour Beatty PLC (Capital Goods)		4,084,017
	255,305	Bellway PLC (Consumer Durables & Apparel)		7,754,196
	467,483	Britvic PLC (Food, Beverage & Tobacco)		5,037,760
	743,613	Capita PLC (Software & Services)*		221,914
	1,186,383	Capital & Counties Properties PLC REIT (Real Estate)		2,451,265
	81,010	Capricorn Energy PLC (Energy)*		208,361
	896,481	Central Asia Metals PLC (Materials)		3,003,657
	16,828,256	Centrica PLC (Utilities)*		16,673,275
	29,678	Clarkson PLC (Transportation)		1,366,447
	355,626	Computacenter PLC (Software & Services)		11,948,919
	560,590	Crest Nicholson Holdings PLC (Consumer Durables & Apparel)		1,763,882
	10,039	Dechra Pharmaceuticals PLC (Pharmaceuticals, Biotechnology & Life Sciences)		454,921
	1,444,769	Drax Group PLC (Utilities)		14,600,413
	62,889	Electrocomponents PLC (Capital Goods)		820,858
	11,163	Euromoney Institutional Investor PLC (Media & Entertainment)		137,650
	136,069	Fevertree Drinks PLC (Food, Beverage & Tobacco)		3,085,331
	2,064,013	Halfords Group PLC (Retailing)		5,875,972
	1,279,467	Hammerson PLC REIT (Real Estate)		461,930
	922,846	Harbour Energy PLC (Energy)		5,787,171

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	351,493	Hays PLC (Commercial & Professional Services)	$	539,840
	2,646,003	IG Group Holdings PLC (Diversified Financials)		27,042,346
	694,725	IMI PLC (Capital Goods)		11,695,511
	2,861,160	Inchcape PLC (Retailing)		25,600,712
	1,021,563	Indivior PLC (Pharmaceuticals, Biotechnology & Life Sciences)*		4,023,257
	52,528	Intermediate Capital Group PLC (Diversified Financials)		1,005,201
	1,724,295	Investec PLC (Diversified Financials)		10,155,914
	21,294,874	ITV PLC (Media & Entertainment)		19,664,836
	157,891	Lancashire Holdings Ltd. (Insurance)		836,806
	2,525,778	LondonMetric Property PLC REIT (Real Estate)		8,536,809
	11,108,801	Man Group PLC (Diversified Financials)		32,376,918
	42,656	Morgan Advanced Materials PLC (Capital Goods)		149,593
	223,204	Morgan Sindall Group PLC (Capital Goods)		6,018,102
	338,182	OSB Group PLC (Banks)		2,360,660
	537,903	Pagegroup PLC (Commercial & Professional Services)		3,291,364
	1,475,762	Paragon Banking Group PLC (Banks)		9,126,484
	2,227,609	Pennon Group PLC (Utilities)		30,955,429
	414,476	Pets at Home Group PLC (Retailing)		1,608,832
	579,276	QinetiQ Group PLC (Capital Goods)		2,457,648
	365,398	Quilter PLC (Diversified Financials)(a)		601,915
	1,631,990	Reach PLC (Media & Entertainment)		3,336,790
	571,194	Redde Northgate PLC (Transportation)		2,825,633
	272,298	Redrow PLC (Consumer Durables & Apparel)		1,784,995
	39,454	Renishaw PLC (Technology Hardware & Equipment)		2,085,033
	1,887,092	Royal Mail PLC (Transportation)		8,088,645
	497,396	Safestore Holdings PLC REIT (Real Estate)		7,824,922
	194,657	Savills PLC (Real Estate)		2,618,644
	692,383	Serica Energy PLC (Energy)		3,041,838
	595,399	Spectris PLC (Technology Hardware & Equipment)		21,776,064
	1,014,233	Spirent Communications PLC (Technology Hardware & Equipment)		2,932,540
	282,537	SSP Group PLC (Consumer Services)*		833,944
	477,650	SThree PLC (Commercial & Professional Services)		2,201,922
Common Stocks – (continued)
United Kingdom – (continued)
	1,318,574	Tate & Lyle PLC (Food, Beverage & Tobacco)*		12,816,022
	671,682	Travis Perkins PLC (Capital Goods)		10,244,780
	11,379,161	Tritax Big Box REIT PLC REIT (Real Estate)		34,736,833
	2,400,475	UK Commercial Property REIT Ltd. REIT (Real Estate)		2,644,836
	144,119	Urban Logistics REIT PLC REIT (Real Estate)		338,886
	215,918	Vesuvius PLC (Capital Goods)		878,051
	358,510	Warehouse REIT PLC REIT (Real Estate)		723,097
				416,512,648
United States – 0.1%
	157,932	Carnival PLC ADR (Consumer Services)*(b)		2,493,746
	TOTAL COMMON STOCKS
	(Cost $3,199,443,333)		$	3,153,996,806
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $3,199,443,333)		$	3,153,996,806

Shares	Dividend Rate			Value
Securities Lending Reinvestment Vehicle – 2.6%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
83,972,023		0.317	%	$	83,972,023
(Cost $83,972,023)
TOTAL INVESTMENTS – 100.9%
(Cost $3,283,415,356)				$	3,237,968,829
OTHER ASSETS IN EXCESS OF     LIABILITIES – (0.9)%					(27,804,378	)
NET ASSETS – 100.0%				$	3,210,164,451

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

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

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Sector Name	% of Market Value
Industrials		24.5	%
Financials		11.7
Real Estate		10.9
Materials		10.8
Consumer Discretionary		10.1
Information Technology		8.7
Consumer Staples		6.2
Utilities		5.5
Health Care		4.2
Communication Services		2.9
Energy		1.9
Securities Lending Reinvestment Vehicle		2.6
TOTAL INVESTMENTS		100.0	%

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2022, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
EURO STOXX 50 Index		85		06/17/22	$	3,280,040	$	70,060
FTSE 100 Index		16		06/17/22		1,430,836		80,720
Hang Seng Index		8		05/30/22		1,019,319		51,307
MSCI Singapore Index		7		05/30/22		155,489		3,345
SPI 200 Index		6		06/16/22		751,505		33,720
TOPIX Index		17		06/09/22		2,299,479		193,374
Total Futures Contracts							$	432,526

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Assets and Liabilities

April 30, 2022 (Unaudited)

	Emerging Markets Equity Insights Fund			International Equity Insights Fund			International Small Cap Insights Fund
Assets:
Investments in unaffiliated issuers, at value (cost $1,746,956,992, $2,026,900,670 and $3,199,443,333, respectively)(a)	$	1,710,870,833		$	2,006,507,262		$	3,153,996,806
Investments in affiliated issuers, at value (cost $6,474,097, $0 and $0, respectively)		6,474,097			—			—
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		6,574,425			85,554,548			83,972,023
Cash		32,316,574			30,136,299			138,867
Foreign currency, at value (cost 9,993,455, $15,374,139 and $33,548,460, respectively)		9,893,230			15,248,920			33,206,167
Receivables:
Fund shares sold		36,613,251			7,482,688			3,830,927
Investments sold		7,415,842			16,748,298			4,183,462
Dividends		3,590,869			10,092,426			20,382,512
Collateral on certain derivative contracts(b)		2,545,538			8,766,712			773,628
Foreign tax reclaims		154,891			6,542,626			6,841,688
Reimbursement from investment adviser		125,395			100,429			150,456
Securities lending income		1,850			125,440			156,243
Variation margin on futures contracts		189,469			108,205			83,466
Other assets		59,544			96,455			145,449
Total assets		1,816,825,808			2,187,510,308			3,307,861,694
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		2,370			—			—
Payables:
Investments purchased		7,490,462			23,003,581			4,167,940
Payable upon return of securities loaned		6,574,425			85,554,548			83,972,023
Fund shares redeemed		1,558,908			2,654,817			2,485,852
Foreign capital gains tax		1,497,778			—			—
Management fees		1,496,744			1,356,864			2,267,020
Distribution and Service fees and Transfer Agency fees		91,737			126,090			166,523
Due to custodian		30,344			2,732,173			3,556,886
Due to broker		17,039			5,812,805			—
Accrued expenses		851,822			680,849			1,080,999
Total liabilities		19,611,629			121,921,727			97,697,243
Net Assets:
Paid-in capital		1,932,870,020			2,080,029,390			3,393,180,792
Total distributable loss		(135,655,841	)		(14,440,809	)		(183,016,341	)
NET ASSETS	$	1,797,214,179		$	2,065,588,581		$	3,210,164,451
Net Assets:
Class A	$	36,508,597		$	82,455,395		$	93,067,283
Class C		4,323,939			11,579,629			20,782,610
Institutional		1,008,026,408			914,570,258			2,288,540,787
Service		—			2,298,415			—
Investor		76,688,757			80,233,652			114,276,752
Class R6		534,199,124			551,610,725			642,908,938
Class R		22,073,788			6,371,811			—
Class P		115,393,566			416,468,696			50,588,081
Total Net Assets	$	1,797,214,179		$	2,065,588,581		$	3,210,164,451
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		4,185,687			6,676,180			7,672,182
Class C		501,987			957,239			1,770,928
Institutional		116,011,475			71,784,281			189,155,739
Service		—			183,658			—
Investor		8,839,140			6,608,497			9,483,022
Class R6		61,552,530			43,332,753			53,014,969
Class R		2,583,006			531,726			—
Class P		13,295,682			32,743,631			4,172,035
Net asset value, offering and redemption price per share:(c)
Class A		$8.72			$12.35			$12.13
Class C		8.61			12.10			11.74
Institutional		8.69			12.74			12.10
Service		—			12.51			—
Investor		8.68			12.14			12.05
Class R6		8.68			12.73			12.13
Class R		8.55			11.98			—
Class P		8.68			12.72			12.13

(a) Includes loaned securities having a market value of $6,129,387, $79,972,538 and $79,503,031 for the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds, respectively.

(b) Segregated for initial margin and/or collateral as follows:

Fund	Futures
Emerging Markets Equity Insights	$	2,545,538
International Equity Insights Fund		8,766,712
International Small Cap Insights Fund		773,628

(c) Maximum public offering price per share for Class A Shares of the Emerging Markets Equity Insights Fund, International Equity Insights Fund and International Small Cap Insights Fund is $9.23, $13.07 and $12.84, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Operations

For the Six Months Ended April 30, 2022 (Unaudited)

	Emerging Markets Equity Insights Fund			International Equity Insights Fund			International Small Cap Insights Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $3,659,331, $4,758,371 and $7,126,982, respectively)	$	25,365,242		$	37,180,915		$	59,828,717
Securities lending income — affiliated issuer		24,582			163,388			237,566
Dividends — affiliated issuers		3,591			202			252
Total investment income		25,393,415			37,344,505			60,066,535
Expenses:
Management fees		9,216,191			8,945,623			14,693,249
Custody, accounting and administrative services		860,006			382,182			564,665
Transfer Agency fees(a)		433,378			542,937			840,532
Distribution and/or Service (12b-1) fees(a)		133,455			190,022			232,069
Professional fees		72,063			69,168			82,946
Printing and mailing costs		71,287			97,604			303,210
Registration fees		58,383			64,581			98,708
Trustee fees		12,655			13,138			13,910
Service fees — Class C		6,276			16,583			30,952
Shareholder Administration fees — Service Shares		—			3,305			—
Other		39,496			21,371			33,486
Total expenses		10,903,190			10,346,514			16,893,727
Less — expense reductions		(620,288	)		(600,981	)		(844,278	)
Net expenses		10,282,902			9,745,533			16,049,449
NET INVESTMENT INCOME		15,110,513			27,598,972			44,017,086
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(75,421,512	)		13,020,824			(77,454,214	)
Futures contracts		(4,182,455	)		(121,083	)		(2,447,909	)
Forward foreign currency contracts		(276,256	)		(13,777	)		86,621
Foreign currency transactions		(869,574	)		(1,701,331	)		(1,338,964	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers (including the effects of the net change in the foreign capital gains tax liability of $111,656, $0 and $0)		(143,116,919	)		(294,361,757	)		(443,394,798	)
Futures contracts		(1,089,912	)		482,407			(864,235	)
Forward foreign currency contracts		(2,370	)		—			—
Foreign currency translations		1,133,519			(1,262,605	)		(1,701,224	)
Net realized and unrealized loss		(223,825,479	)		(283,957,322	)		(527,114,723	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(208,714,966	)	$	(256,358,350	)	$	(483,097,637	)

(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 R		Service		Class A		Class C		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Emerging Markets Equity Insights Fund	$	60,872	$	—	$	53,756	$	18,827	$	34,404	$	4,017	$	198,545	$	—	$	90,468	$	66,507	$	19,479	$	19,958
International Equity Insights Fund		14,790		7,073		118,410		49,749		75,783		10,613		217,653		529		91,255		73,631		5,939		67,534
International Small Cap Insights Fund		—		—		139,213		92,856		89,096		19,809		495,562		—		131,417		96,373		—		8,275

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets

	Emerging Markets Equity Insights Fund						International Equity Insights Fund
	For the Six Months Ended April 30, 2022 (Unaudited)			For the Fiscal Year Ended October 31, 2021			For the Six Months Ended April 30, 2022 (Unaudited)			For the Fiscal Year Ended October 31, 2021
From operations:
Net investment income	$	15,110,513		$	37,277,064		$	27,598,972		$	54,448,379
Net realized gain (loss)		(80,749,797	)		519,399,041			11,184,633			450,034,238
Net change in unrealized gain (loss)		(143,075,682	)		(254,997,365	)		(295,141,955	)		158,176,835
Net increase (decrease) in net assets resulting from operations		(208,714,966	)		301,678,740			(256,358,350	)		662,659,452
Distributions to shareholders:
From distributable earnings:
Class A Shares		(8,031,963	)		(416,421	)		(6,018,415	)		(3,661,413	)
Class C Shares		(943,653	)		—			(744,639	)		(112,935	)
Institutional Shares		(181,910,548	)		(12,590,250	)		(72,980,996	)		(17,452,273	)
Service Shares		—			—			(155,727	)		(57,944	)
Investor Shares		(17,824,612	)		(1,039,734	)		(5,961,017	)		(1,748,151	)
Class R6 Shares		(99,744,666	)		(6,059,820	)		(39,942,112	)		(11,124,915	)
Class R Shares		(4,417,480	)		(214,543	)		(452,341	)		(133,553	)
Class P Shares		(25,054,959	)		(1,464,922	)		(28,448,250	)		(7,760,380	)
Total distributions to shareholders		(337,927,881	)		(21,785,690	)		(154,703,497	)		(42,051,564	)
From share transactions:
Proceeds from sales of shares		396,627,233			456,165,404			290,675,534			613,851,340
Reinvestment of distributions		318,435,948			20,103,969			124,852,158			32,493,972
Cost of shares redeemed		(297,707,580	)		(545,794,919	)		(490,049,818	)		(947,885,594	)
Net increase (decrease) in net assets resulting from share transactions		417,355,601			(69,525,546	)		(74,522,126	)		(301,540,282	)
TOTAL INCREASE (DECREASE)		(129,287,246	)		210,367,504			(485,583,973	)		319,067,606
Net Assets:
Beginning of period		1,926,501,425			1,716,133,921			2,551,172,554			2,232,104,948
End of period	$	1,797,214,179		$	1,926,501,425		$	2,065,588,581		$	2,551,172,554

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets (continued)

	International Small Cap Insights Fund
	For the Six Months Ended April 30, 2022 (Unaudited)			For the Fiscal Year Ended October 31, 2021
From operations:
Net investment income	$	44,017,086		$	72,728,316
Net realized gain (loss)		(81,154,466	)		543,692,448
Net change in unrealized gain (loss)		(445,960,257	)		202,086,027
Net increase (decrease) in net assets resulting from operations		(483,097,637	)		818,506,791
Distributions to shareholders:
From distributable earnings:
Class A Shares		(3,065,760	)		(2,062,155	)
Class C Shares		(570,555	)		(217,691	)
Institutional Shares		(86,190,468	)		(34,889,859	)
Investor Shares		(4,455,953	)		(2,520,745	)
Class R6 Shares		(29,007,109	)		(10,388,113	)
Class P Shares		(1,934,023	)		(897,729	)
Total distributions to shareholders		(125,223,868	)		(50,976,292	)
From share transactions:
Proceeds from sales of shares		545,496,124			1,280,534,656
Reinvestment of distributions		120,740,450			48,546,591
Cost of shares redeemed		(685,698,669	)		(1,155,660,041	)
Net increase (decrease) in net assets resulting from share transactions		(19,462,095	)		173,421,206
TOTAL INCREASE (DECREASE)		(627,783,600	)		940,951,705
Net Assets:
Beginning of period		3,837,948,051			2,896,996,346
End of period	$	3,210,164,451		$	3,837,948,051

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Insights Fund
	Class A Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	11.87		$	10.25		$	9.34		$	8.98		$	11.00		$	8.54
Net investment income(a)		0.06			0.18			0.10			0.15			0.18			0.13
Net realized and unrealized gain (loss)		(1.17	)		1.53			0.96			0.36			(1.66	)		2.41
Total from investment operations		(1.11	)		1.71			1.06			0.51			(1.48	)		2.54
Distributions to shareholders from net investment income		(0.17	)		(0.09	)		(0.15	)		(0.15	)		(0.12	)		(0.08	)
Distributions to shareholders from net realized gains		(1.87	)		—			—			—			(0.42	)		—
Total distributions		(2.04	)		(0.09	)		(0.15	)		(0.15	)		(0.54	)		(0.08	)
Net asset value, end of period	$	8.72		$	11.87		$	10.25		$	9.34		$	8.98		$	11.00
Total Return(b)		(10.94	)%		16.60	%		11.56	%		5.74	%		(14.11	)%		30.15	%
Net assets, end of period (in 000’s)	$	36,509		$	50,146		$	52,068		$	72,886		$	82,726		$	95,930
Ratio of net expenses to average net assets		1.46	%(c)		1.46	%		1.47	%		1.48	%		1.48	%		1.52	%
Ratio of total expenses to average net assets		1.53	%(c)		1.51	%		1.53	%		1.56	%		1.54	%		1.55	%
Ratio of net investment income to average net assets		1.29	%(c)		1.45	%		1.13	%		1.61	%		1.72	%		1.36	%
Portfolio turnover rate(d)		81	%		189	%		178	%		165	%		147	%		172	%

(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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Insights Fund
	Class C Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	11.69		$	10.10		$	9.19		$	8.83		$	10.88		$	8.45
Net investment income(a)		0.03			0.09			0.04			0.08			0.10			0.07
Net realized and unrealized gain (loss)		(1.16	)		1.50			0.94			0.36			(1.64	)		2.39
Total from investment operations		(1.13	)		1.59			0.98			0.44			(1.54	)		2.46
Distributions to shareholders from net investment income		(0.08	)		—			(0.07	)		(0.08	)		(0.09	)		(0.03	)
Distributions to shareholders from net realized gains		(1.87	)		—			—			—			(0.42	)		—
Total distributions		(1.95	)		—			(0.07	)		(0.08	)		(0.51	)		(0.03	)
Net asset value, end of period	$	8.61		$	11.69		$	10.10		$	9.19		$	8.83		$	10.88
Total Return(b)		(11.30	)%		15.74	%		10.65	%		5.09	%		(14.80	)%		29.20	%
Net assets, end of period (in 000’s)	$	4,324		$	5,817		$	5,905		$	8,303		$	8,975		$	7,563
Ratio of net expenses to average net assets		2.21	%(c)		2.21	%		2.21	%		2.23	%		2.23	%		2.26	%
Ratio of total expenses to average net assets		2.28	%(c)		2.26	%		2.28	%		2.31	%		2.29	%		2.29	%
Ratio of net investment income to average net assets		0.54	%(c)		0.74	%		0.41	%		0.85	%		0.98	%		0.72	%
Portfolio turnover rate(d)		81	%		189	%		178	%		165	%		147	%		172	%

(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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	11.86		$	10.24		$	9.33		$	8.99		$	11.01		$	8.54
Net investment income(a)		0.08			0.23			0.14			0.19			0.19			0.17
Net realized and unrealized gain (loss)		(1.17	)		1.52			0.96			0.35			(1.64	)		2.41
Total from investment operations		(1.09	)		1.75			1.10			0.54			(1.45	)		2.58
Distributions to shareholders from net investment income		(0.21	)		(0.13	)		(0.19	)		(0.20	)		(0.15	)		(0.11	)
Distributions to shareholders from net realized gains		(1.87	)		—			—			—			(0.42	)		—
Total distributions		(2.08	)		(0.13	)		(0.19	)		(0.20	)		(0.57	)		(0.11	)
Net asset value, end of period	$	8.69		$	11.86		$	10.24		$	9.33		$	8.99		$	11.01
Total Return(b)		(10.74	)%		17.07	%		11.90	%		6.18	%		(13.83	)%		30.67	%
Net assets, end of period (in 000’s)	$	1,008,026		$	1,029,785		$	961,138		$	938,157		$	981,091		$	1,488,246
Ratio of net expenses to average net assets		1.09	%(c)		1.09	%		1.09	%		1.10	%		1.10	%		1.15	%
Ratio of total expenses to average net assets		1.16	%(c)		1.14	%		1.16	%		1.18	%		1.14	%		1.15	%
Ratio of net investment income to average net assets		1.66	%(c)		1.88	%		1.53	%		2.01	%		1.84	%		1.74	%
Portfolio turnover rate(d)		81	%		189	%		178	%		165	%		147	%		172	%

(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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Insights Fund
	Investor Shares(a)
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	11.83		$	10.22		$	9.32		$	8.97		$	10.99		$	8.53
Net investment income(b)		0.08			0.22			0.13			0.18			0.21			0.18
Net realized and unrealized gain (loss)		(1.16	)		1.51			0.95			0.36			(1.66	)		2.38
Total from investment operations		(1.08	)		1.73			1.08			0.54			(1.45	)		2.56
Distributions to shareholders from net investment income		(0.20	)		(0.12	)		(0.18	)		(0.19	)		(0.15	)		(0.10	)
Distributions to shareholders from net realized gains		(1.87	)		—			—			—			(0.42	)		—
Total distributions		(2.07	)		(0.12	)		(0.18	)		(0.19	)		(0.57	)		(0.10	)
Net asset value, end of period	$	8.68		$	11.83		$	10.22		$	9.32		$	8.97		$	10.99
Total Return(c)		(10.78	)%		16.96	%		11.76	%		6.06	%		(13.90	)%		30.47	%
Net assets, end of period (in 000’s)	$	76,689		$	103,200		$	89,556		$	118,727		$	96,779		$	67,068
Ratio of net expenses to average net assets		1.21	%(d)		1.21	%		1.22	%		1.23	%		1.23	%		1.26	%
Ratio of total expenses to average net assets		1.28	%(d)		1.26	%		1.28	%		1.31	%		1.29	%		1.29	%
Ratio of net investment income to average net assets		1.54	%(d)		1.78	%		1.39	%		1.92	%		1.99	%		1.81	%
Portfolio turnover rate(e)		81	%		189	%		178	%		165	%		147	%		172	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

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

(d) Annualized.

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

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	11.85		$	10.23		$	9.33		$	8.98		$	11.00		$	8.53
Net investment income(a)		0.08			0.23			0.14			0.17			0.29			0.19
Net realized and unrealized gain (loss)		(1.17	)		1.52			0.95			0.38			(1.73	)		2.39
Total from investment operations		(1.09	)		1.75			1.09			0.55			(1.44	)		2.58
Distributions to shareholders from net investment income		(0.21	)		(0.13	)		(0.19	)		(0.20	)		(0.16	)		(0.11	)
Distributions to shareholders from net realized gains		(1.87	)		—			—			—			(0.42	)		—
Total distributions		(2.08	)		(0.13	)		(0.19	)		(0.20	)		(0.58	)		(0.11	)
Net asset value, end of period	$	8.68		$	11.85		$	10.23		$	9.33		$	8.98		$	11.00
Total Return(b)		(10.73	)%		17.10	%		11.81	%		6.32	%		(13.84	)%		30.74	%
Net assets, end of period (in 000’s)	$	534,199		$	572,973		$	465,604		$	491,306		$	621,590		$	13,164
Ratio of net expenses to average net assets		1.08	%(c)		1.08	%		1.08	%		1.09	%		1.08	%		1.13	%
Ratio of total expenses to average net assets		1.15	%(c)		1.13	%		1.15	%		1.17	%		1.15	%		1.13	%
Ratio of net investment income to average net assets		1.67	%(c)		1.90	%		1.53	%		1.89	%		2.78	%		1.87	%
Portfolio turnover rate(d)		81	%		189	%		178	%		165	%		147	%		172	%

(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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Insights Fund
	Class R Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	11.66		$	10.08		$	9.20		$	8.86		$	10.87		$	8.44
Net investment income(a)		0.05			0.13			0.08			0.12			0.15			0.10
Net realized and unrealized gain (loss)		(1.14	)		1.52			0.95			0.36			(1.64	)		2.40
Total from investment operations		(1.09	)		1.65			1.03			0.48			(1.49	)		2.50
Distributions to shareholders from net investment income		(0.15	)		(0.07	)		(0.15	)		(0.14	)		(0.10	)		(0.07	)
Distributions to shareholders from net realized gains		(1.87	)		—			—			—			(0.42	)		—
Total distributions		(2.02	)		(0.07	)		(0.15	)		(0.14	)		(0.52	)		(0.07	)
Net asset value, end of period	$	8.55		$	11.66		$	10.08		$	9.20		$	8.86		$	10.87
Total Return(b)		(11.04	)%		16.43	%		11.19	%		5.52	%		(14.34	)%		29.86	%
Net assets, end of period (in 000’s)	$	22,074		$	24,710		$	29,635		$	27,790		$	20,852		$	19,243
Ratio of net expenses to average net assets		1.71	%(c)		1.71	%		1.72	%		1.73	%		1.73	%		1.77	%
Ratio of total expenses to average net assets		1.78	%(c)		1.76	%		1.78	%		1.82	%		1.79	%		1.79	%
Ratio of net investment income to average net assets		1.04	%(c)		1.11	%		0.91	%		1.27	%		1.46	%		1.06	%
Portfolio turnover rate(d)		81	%		189	%		178	%		165	%		147	%		172	%

(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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Insights Fund
	Class P Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	11.85		$	10.23		$	9.33		$	8.98		$	10.84
Net investment income(b)		0.08			0.24			0.14			0.18			0.18
Net realized and unrealized gain (loss)		(1.17	)		1.51			0.95			0.37			(2.04	)
Total from investment operations		(1.09	)		1.75			1.09			0.55			(1.86	)
Distributions to shareholders from net investment income		(0.21	)		(0.13	)		(0.19	)		(0.20	)		—
Distributions to shareholders from net realized gains		(1.87	)		—			—			—			—
Total distributions		(2.08	)		(0.13	)		(0.19	)		(0.20	)		—
Net asset value, end of period	$	8.68		$	11.85		$	10.23		$	9.33		$	8.98
Total Return(c)		(10.74	)%		17.10	%		11.80	%		6.33	%		(17.16	)%
Net assets, end of period (in 000’s)	$	115,394		$	139,870		$	112,229		$	125,429		$	130,763
Ratio of net expenses to average net assets		1.08	%(d)		1.08	%		1.08	%		1.09	%		1.08	%(d)
Ratio of total expenses to average net assets		1.15	%(d)		1.13	%		1.15	%		1.17	%		1.17	%(d)
Ratio of net investment income to average net assets		1.67	%(d)		1.92	%		1.48	%		1.96	%		3.36	%(d)
Portfolio turnover rate(e)		81	%		189	%		178	%		165	%		147	%

(a) Commenced operations on April 16, 2018.

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

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

(d) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Insights Fund
	Class A Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	14.76		$	11.40		$	12.46		$	11.88		$	13.19		$	10.53
Net investment income(a)		0.14			0.22			0.14			0.23			0.23			0.18
Net realized and unrealized gain (loss)		(1.69	)		3.35			(0.92	)		0.52			(1.36	)		2.71
Total from investment operations		(1.55	)		3.57			(0.78	)		0.75			(1.13	)		2.89
Distributions to shareholders from net investment income		(0.41	)		(0.21	)		(0.28	)		(0.17	)		(0.18	)		(0.23	)
Distributions to shareholders from net realized gains		(0.45	)		—			—			—			—			—
Total distributions		(0.86	)		(0.21	)		(0.28	)		(0.17	)		(0.18	)		(0.23	)
Net asset value, end of period	$	12.35		$	14.76		$	11.40		$	12.46		$	11.88		$	13.19
Total Return(b)		(11.03	)%		31.50	%		(6.44	)%		6.58	%		(8.71	)%		28.07	%
Net assets, end of period (in 000’s)	$	82,455		$	103,852		$	204,087		$	237,898		$	184,222		$	138,267
Ratio of net expenses to average net assets		1.17	%(c)		1.17	%		1.17	%		1.16	%		1.14	%		1.21	%
Ratio of total expenses to average net assets		1.22	%(c)		1.21	%		1.23	%		1.24	%		1.26	%		1.35	%
Ratio of net investment income to average net assets		2.00	%(c)		1.55	%		1.22	%		1.97	%		1.76	%		1.54	%
Portfolio turnover rate(d)		70	%		164	%		160	%		136	%		124	%		161	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Insights Fund
	Class C Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	14.42		$	11.13		$	12.13		$	11.56		$	12.91		$	10.32
Net investment income(a)		0.08			0.15			0.05			0.14			0.14			0.09
Net realized and unrealized gain (loss)		(1.65	)		3.24			(0.90	)		0.52			(1.34	)		2.66
Total from investment operations		(1.57	)		3.39			(0.85	)		0.66			(1.20	)		2.75
Distributions to shareholders from net investment income		(0.30	)		(0.10	)		(0.15	)		(0.09	)		(0.15	)		(0.16	)
Distributions to shareholders from net realized gains		(0.45	)		—			—			—			—			—
Total distributions		(0.75	)		(0.10	)		(0.15	)		(0.09	)		(0.15	)		(0.16	)
Net asset value, end of period	$	12.10		$	14.42		$	11.13		$	12.13		$	11.56		$	12.91
Total Return(b)		(11.37	)%		30.53	%		(7.08	)%		5.79	%		(9.45	)%		27.11	%
Net assets, end of period (in 000’s)	$	11,580		$	14,406		$	13,484		$	22,427		$	32,338		$	14,886
Ratio of net expenses to average net assets		1.92	%(c)		1.92	%		1.92	%		1.91	%		1.89	%		1.95	%
Ratio of total expenses to average net assets		1.97	%(c)		1.96	%		1.98	%		1.99	%		2.01	%		2.09	%
Ratio of net investment income to average net assets		1.24	%(c)		1.05	%		0.42	%		1.25	%		1.11	%		0.79	%
Portfolio turnover rate(d)		70	%		164	%		160	%		136	%		124	%		161	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	15.23		$	11.76		$	12.83		$	12.22		$	13.57		$	10.82
Net investment income(a)		0.17			0.33			0.18			0.29			0.28			0.23
Net realized and unrealized gain (loss)		(1.75	)		3.40			(0.93	)		0.54			(1.41	)		2.79
Total from investment operations		(1.58	)		3.73			(0.75	)		0.83			(1.13	)		3.02
Distributions to shareholders from net investment income		(0.46	)		(0.26	)		(0.32	)		(0.22	)		(0.22	)		(0.27	)
Distributions to shareholders from net realized gains		(0.45	)		—			—			—			—			—
Total distributions		(0.91	)		(0.26	)		(0.32	)		(0.22	)		(0.22	)		(0.27	)
Net asset value, end of period	$	12.74		$	15.23		$	11.76		$	12.83		$	12.22		$	13.57
Total Return(b)		(10.87	)%		31.93	%		(6.07	)%		7.07	%		(8.48	)%		28.57	%
Net assets, end of period (in 000’s)	$	914,570		$	1,227,429		$	810,510		$	1,256,782		$	1,323,745		$	1,012,010
Ratio of net expenses to average net assets		0.80	%(c)		0.80	%		0.79	%		0.79	%		0.81	%		0.85	%
Ratio of total expenses to average net assets		0.85	%(c)		0.84	%		0.85	%		0.85	%		0.87	%		0.94	%
Ratio of net investment income to average net assets		2.36	%(c)		2.25	%		1.54	%		2.41	%		2.08	%		1.92	%
Portfolio turnover rate(d)		70	%		164	%		160	%		136	%		124	%		161	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Insights Fund
	Service Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	14.91		$	11.52		$	12.57		$	11.98		$	13.32		$	10.63
Net investment income(a)		0.13			0.25			0.12			0.23			0.21			0.18
Net realized and unrealized gain (loss)		(1.72	)		3.33			(0.91	)		0.52			(1.38	)		2.73
Total from investment operations		(1.59	)		3.58			(0.79	)		0.75			(1.17	)		2.91
Distributions to shareholders from net investment income		(0.36	)		(0.19	)		(0.26	)		(0.16	)		(0.17	)		(0.22	)
Distributions to shareholders from net realized gains		(0.45	)		—			—			—			—			—
Total distributions		(0.81	)		(0.19	)		(0.26	)		(0.16	)		(0.17	)		(0.22	)
Net asset value, end of period	$	12.51		$	14.91		$	11.52		$	12.57		$	11.98		$	13.32
Total Return(b)		(11.11	)%		31.25	%		(6.50	)%		6.45	%		(8.92	)%		27.89	%
Net assets, end of period (in 000’s)	$	2,298		$	2,927		$	3,675		$	5,386		$	4,538		$	4,073
Ratio of net expenses to average net assets		1.30	%(c)		1.30	%		1.29	%		1.29	%		1.31	%		1.35	%
Ratio of total expenses to average net assets		1.35	%(c)		1.34	%		1.35	%		1.35	%		1.37	%		1.45	%
Ratio of net investment income to average net assets		1.87	%(c)		1.71	%		1.03	%		1.93	%		1.57	%		1.51	%
Portfolio turnover rate(d)		70	%		164	%		160	%		136	%		124	%		161	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Insights Fund
	Investor Shares(a)
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	14.55		$	11.19		$	12.23		$	11.67		$	12.97		$	10.36
Net investment income(b)		0.15			0.25			0.16			0.27			0.27			0.23
Net realized and unrealized gain (loss)		(1.67	)		3.30			(0.89	)		0.50			(1.35	)		2.64
Total from investment operations		(1.52	)		3.55			(0.73	)		0.77			(1.08	)		2.87
Distributions to shareholders from net investment income		(0.44	)		(0.19	)		(0.31	)		(0.21	)		(0.22	)		(0.26	)
Distributions to shareholders from net realized gains		(0.45	)		—			—			—			—			—
Total distributions		(0.89	)		(0.19	)		(0.31	)		(0.21	)		(0.22	)		(0.26	)
Net asset value, end of period	$	12.14		$	14.55		$	11.19		$	12.23		$	11.67		$	12.97
Total Return(c)		(10.95	)%		31.90	%		(6.21	)%		6.90	%		(8.52	)%		28.44	%
Net assets, end of period (in 000’s)	$	80,234		$	96,352		$	311,446		$	549,732		$	393,993		$	147,186
Ratio of net expenses to average net assets		0.92	%(d)		0.92	%		0.92	%		0.91	%		0.89	%		0.94	%
Ratio of total expenses to average net assets		0.97	%(d)		0.96	%		0.98	%		0.99	%		1.01	%		1.07	%
Ratio of net investment income to average net assets		2.24	%(d)		1.86	%		1.42	%		2.29	%		2.09	%		1.87	%
Portfolio turnover rate(e)		70	%		164	%		160	%		136	%		124	%		161	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

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

(d) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	15.22		$	11.75		$	12.82		$	12.22		$	13.56		$	10.82
Net investment income(a)		0.17			0.33			0.19			0.30			0.33			0.23
Net realized and unrealized gain (loss)		(1.75	)		3.40			(0.94	)		0.52			(1.45	)		2.78
Total from investment operations		(1.58	)		3.73			(0.75	)		0.82			(1.12	)		3.01
Distributions to shareholders from net investment income		(0.46	)		(0.26	)		(0.32	)		(0.22	)		(0.22	)		(0.27	)
Distributions to shareholders from net realized gains		(0.45	)		—			—			—			—			—
Total distributions		(0.91	)		(0.26	)		(0.32	)		(0.22	)		(0.22	)		(0.27	)
Net asset value, end of period	$	12.73		$	15.22		$	11.75		$	12.82		$	12.22		$	13.56
Total Return(b)		(10.87	)%		31.97	%		(6.06	)%		7.10	%		(8.48	)%		28.51	%
Net assets, end of period (in 000’s)	$	551,611		$	627,430		$	522,707		$	595,264		$	415,327		$	80,686
Ratio of net expenses to average net assets		0.79	%(c)		0.79	%		0.78	%		0.78	%		0.79	%		0.83	%
Ratio of total expenses to average net assets		0.84	%(c)		0.83	%		0.84	%		0.84	%		0.86	%		0.93	%
Ratio of net investment income to average net assets		2.37	%(c)		2.24	%		1.61	%		2.49	%		2.45	%		1.96	%
Portfolio turnover rate(d)		70	%		164	%		160	%		136	%		124	%		161	%

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

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

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments 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 INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Insights Fund
	Class R Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	14.32		$	11.08		$	12.10		$	11.54		$	12.85		$	10.29
Net investment income(a)		0.11			0.21			0.11			0.21			0.19			0.16
Net realized and unrealized gain (loss)		(1.64	)		3.21			(0.89	)		0.50			(1.33	)		2.64
Total from investment operations		(1.53	)		3.42			(0.78	)		0.71			(1.14	)		2.80
Distributions to shareholders from net investment income		(0.36	)		(0.18	)		(0.24	)		(0.15	)		(0.17	)		(0.24	)
Distributions to shareholders from net realized gains		(0.45	)		—			—			—			—			—
Total distributions		(0.81	)		(0.18	)		(0.24	)		(0.15	)		(0.14	)		(0.24	)
Net asset value, end of period	$	11.98		$	14.32		$	11.08		$	12.10		$	11.54		$	12.85
Total Return(b)		(11.15	)%		31.19	%		(6.69	)%		6.36	%		(9.01	)%		27.81	%
Net assets, end of period (in 000’s)	$	6,372		$	7,896		$	8,321		$	9,281		$	7,548		$	7,071
Ratio of net expenses to average net assets		1.42	%(c)		1.42	%		1.42	%		1.41	%		1.40	%		1.45	%
Ratio of total expenses to average net assets		1.47	%(c)		1.46	%		1.48	%		1.49	%		1.51	%		1.59	%
Ratio of net investment income to average net assets		1.74	%(c)		1.56	%		0.99	%		1.79	%		1.49	%		1.39	%
Portfolio turnover rate(d)		70	%		164	%		160	%		136	%		124	%		161	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Insights Fund
	Class P Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	15.21		$	11.74		$	12.81		$	12.21		$	13.79
Net investment income(b)		0.17			0.33			0.19			0.30			0.12
Net realized and unrealized gain (loss)		(1.75	)		3.40			(0.94	)		0.52			(1.70	)
Total from investment operations		(1.58	)		3.73			(0.75	)		0.82			(1.58	)
Distributions to shareholders from net investment income		(0.46	)		(0.26	)		(0.32	)		(0.22	)		—
Distributions to shareholders from net realized gains		(0.45	)		—			—			—			—
Total distributions		(0.91	)		(0.26	)		(0.32	)		(0.22	)		—
Net asset value, end of period	$	12.72		$	15.21		$	11.74		$	12.81		$	12.21
Total Return(c)		(10.87	)%		32.00	%		(6.06	)%		7.03	%		(11.46	)%
Net assets, end of period (in 000’s)	$	416,469		$	470,881		$	357,875		$	372,536		$	245,618
Ratio of net expenses to average net assets		0.79	%(d)		0.79	%		0.78	%		0.78	%		0.78	%(d)
Ratio of total expenses to average net assets		0.84	%(d)		0.83	%		0.84	%		0.84	%		0.87	%(d)
Ratio of net investment income to average net assets		2.37	%(d)		2.24	%		1.62	%		2.43	%		1.65	%(d)
Portfolio turnover rate(e)		70	%		164	%		160	%		136	%		124	%

(a) Commenced operations on April 16, 2018.

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

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

(d) 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.

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Small Cap Insights Fund
	Class A Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	14.32		$	10.96		$	11.77		$	11.16		$	13.39		$	10.71
Net investment income(a)		0.14			0.27			0.08			0.17			0.17			0.14
Net realized and unrealized gain (loss)		(1.93	)		3.28			(0.52	)		0.55			(1.39	)		2.79
Total from investment operations		(1.79	)		3.55			(0.44	)		0.72			(1.22	)		2.93
Distributions to shareholders from net investment income		(0.40	)		(0.19	)		(0.37	)		(0.11	)		(0.18	)		(0.25	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.83	)		—
Total distributions		(0.40	)		(0.19	)		(0.37	)		(0.11	)		(1.01	)		(0.25	)
Net asset value, end of period	$	12.13		$	14.32		$	10.96		$	11.77		$	11.16		$	13.39
Total Return(b)		(12.75	)%		32.65	%		(3.98	)%		6.68	%		(9.88	)%		28.01	%
Net assets, end of period (in 000’s)	$	93,067		$	150,934		$	120,602		$	163,427		$	193,465		$	211,268
Ratio of net expenses to average net assets		1.24	%(c)		1.24	%		1.25	%		1.26	%		1.26	%		1.29	%
Ratio of total expenses to average net assets		1.28	%(c)		1.30	%		1.31	%		1.33	%		1.31	%		1.34	%
Ratio of net investment income to average net assets		2.09	%(c)		1.96	%		0.76	%		1.52	%		1.34	%		1.18	%
Portfolio turnover rate(d)		75	%		185	%		149	%		131	%		110	%		129	%

(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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Small Cap Insights Fund
	Class C Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	13.81		$	10.56		$	11.34		$	10.73		$	12.95		$	10.35
Net investment income(a)		0.09			0.16			—	(b)		0.09			0.08			0.07
Net realized and unrealized gain (loss)		(1.87	)		3.17			(0.51	)		0.54			(1.35	)		2.70
Total from investment operations		(1.78	)		3.33			(0.51	)		0.63			(1.27	)		2.77
Distributions to shareholders from net investment income		(0.29	)		(0.08	)		(0.27	)		(0.02	)		(0.12	)		(0.17	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.83	)		—
Total distributions		(0.29	)		(0.08	)		(0.27	)		(0.02	)		(0.95	)		(0.17	)
Net asset value, end of period	$	11.74		$	13.81		$	10.56		$	11.34		$	10.73		$	12.95
Total Return(c)		(13.06	)%		31.67	%		(4.71	)%		5.94	%		(10.59	)%		27.20	%
Net assets, end of period (in 000’s)	$	20,783		$	28,406		$	29,190		$	51,728		$	68,767		$	65,194
Ratio of net expenses to average net assets		1.99	%(d)		1.99	%		2.00	%		2.01	%		2.01	%		2.04	%
Ratio of total expenses to average net assets		2.03	%(d)		2.05	%		2.06	%		2.08	%		2.06	%		2.09	%
Ratio of net investment income (loss) to average net assets		1.34	%(d)		1.20	%		(0.01	)%		0.82	%		0.61	%		0.60	%
Portfolio turnover rate(e)		75	%		185	%		149	%		131	%		110	%		129	%

(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.

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Small Cap Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	14.33		$	10.97		$	11.78		$	11.19		$	13.42		$	10.73
Net investment income(a)		0.16			0.33			0.12			0.22			0.21			0.21
Net realized and unrealized gain (loss)		(1.92	)		3.27			(0.52	)		0.54			(1.38	)		2.77
Total from investment operations		(1.76	)		3.60			(0.40	)		0.76			(1.17	)		2.98
Distributions to shareholders from net investment income		(0.47	)		(0.24	)		(0.41	)		(0.17	)		(0.23	)		(0.29	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.83	)		—
Total distributions		(0.47	)		(0.24	)		(0.41	)		(0.17	)		(1.06	)		(0.29	)
Net asset value, end of period	$	12.10		$	14.33		$	10.97		$	11.78		$	11.19		$	13.42
Total Return(b)		(12.57	)%		33.11	%		(3.61	)%		7.10	%		(9.53	)%		28.59	%
Net assets, end of period (in 000’s)	$	2,288,541		$	2,579,024		$	1,608,195		$	2,134,382		$	2,250,288		$	1,796,887
Ratio of net expenses to average net assets		0.87	%(c)		0.87	%		0.87	%		0.87	%		0.87	%		0.90	%
Ratio of total expenses to average net assets		0.91	%(c)		0.92	%		0.93	%		0.95	%		0.92	%		0.94	%
Ratio of net investment income to average net assets		2.46	%(c)		2.39	%		1.13	%		1.96	%		1.67	%		1.77	%
Portfolio turnover rate(d)		75	%		185	%		149	%		131	%		110	%		129	%

(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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Small Cap Insights Fund
	Investor Shares(a)
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	14.26		$	10.92		$	11.72		$	11.12		$	13.36		$	10.68
Net investment income(b)		0.15			0.30			0.10			0.19			0.21			0.21
Net realized and unrealized gain (loss)		(1.91	)		3.26			(0.51	)		0.56			(1.40	)		2.75
Total from investment operations		(1.76	)		3.56			(0.41	)		0.75			(1.19	)		2.96
Distributions to shareholders from net investment income		(0.45	)		(0.22	)		(0.39	)		(0.15	)		(0.22	)		(0.28	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.83	)		—
Total distributions		(0.45	)		(0.22	)		(0.39	)		(0.15	)		(1.05	)		(0.28	)
Net asset value, end of period	$	12.05		$	14.26		$	10.92		$	11.72		$	11.12		$	13.36
Total Return(c)		(12.61	)%		32.88	%		(3.72	)%		7.01	%		(9.72	)%		28.48	%
Net assets, end of period (in 000’s)	$	114,277		$	141,731		$	131,558		$	274,079		$	532,484		$	344,700
Ratio of net expenses to average net assets		0.99	%(d)		0.99	%		1.00	%		1.01	%		1.01	%		1.04	%
Ratio of total expenses to average net assets		1.03	%(d)		1.05	%		1.06	%		1.08	%		1.06	%		1.09	%
Ratio of net investment income to average net assets		2.34	%(d)		2.21	%		0.95	%		1.74	%		1.68	%		1.76	%
Portfolio turnover rate(e)		75	%		185	%		149	%		131	%		110	%		129	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes 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.

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Small Cap Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	14.36		$	10.99		$	11.80		$	11.21		$	13.45		$	10.75
Net investment income(a)		0.16			0.31			0.13			0.22			0.22			0.20
Net realized and unrealized gain (loss)		(1.92	)		3.29			(0.52	)		0.54			(1.40	)		2.79
Total from investment operations		(1.76	)		3.60			(0.39	)		0.76			(1.18	)		2.99
Distributions to shareholders from net investment income		(0.47	)		(0.23	)		(0.42	)		(0.17	)		(0.23	)		(0.29	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.83	)		—
Total distributions		(0.47	)		(0.23	)		(0.42	)		(0.17	)		(1.06	)		(0.29	)
Net asset value, end of period	$	12.13		$	14.36		$	10.99		$	11.80		$	11.21		$	13.45
Total Return(b)		(12.53	)%		33.12	%		(3.60	)%		7.11	%		(9.57	)%		28.67	%
Net assets, end of period (in 000’s)	$	642,909		$	878,443		$	963,821		$	1,192,142		$	1,076,035		$	116,788
Ratio of net expenses to average net assets		0.86	%(c)		0.86	%		0.86	%		0.86	%		0.85	%		0.88	%
Ratio of total expenses to average net assets		0.90	%(c)		0.91	%		0.92	%		0.94	%		0.92	%		0.92	%
Ratio of net investment income to average net assets		2.47	%(c)		2.26	%		1.19	%		2.01	%		1.72	%		1.58	%
Portfolio turnover rate(d)		75	%		185	%		149	%		131	%		110	%		129	%

(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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Small Cap Insights Fund
	Class P Shares
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	14.36		$	10.99		$	11.80		$	11.21		$	13.08
Net investment income(b)		0.16			0.33			0.12			0.22			0.08
Net realized and unrealized gain (loss)		(1.92	)		3.28			(0.51	)		0.54			(1.95	)
Total from investment operations		(1.76	)		3.61			(0.39	)		0.76			(1.87	)
Distributions to shareholders from net investment income		(0.47	)		(0.24	)		(0.42	)		(0.17	)		—
Net asset value, end of period	$	12.13		$	14.36		$	10.99		$	11.80		$	11.21
Total Return(c)		(12.53	)%		33.15	%		(3.60	)%		7.11	%		(14.30	)%
Net assets, end of period (in 000’s)	$	50,588		$	59,410		$	43,631		$	80,926		$	90,943
Ratio of net expenses to average net assets		0.86	%(d)		0.86	%		0.86	%		0.86	%		0.85	%(d)
Ratio of total expenses to average net assets		0.90	%(d)		0.92	%		0.92	%		0.94	%		0.93	%(d)
Ratio of net investment income to average net assets		2.47	%(d)		2.41	%		1.08	%		1.96	%		1.20	%(d)
Portfolio turnover rate(e)		75	%		185	%		149	%		131	%		110	%

(a) Commenced operations on April 16, 2018.

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

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

(d) 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.

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements

April 30, 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
Emerging Markets Equity Insights	A, C, Institutional, Investor, R6, R and P	Non-Diversified
International Equity Insights	A, C, Institutional, Service, Investor, R6, R and P	Diversified
International Small Cap Insights	A, C, Institutional, 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.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

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

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

57

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid 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 a Fund are maintained in United States (“U.S.”) dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price 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.

58

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities 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.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

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.

59

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

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.

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 April 30, 2022:

EMERGING MARKETS EQUITY INSIGHTS FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	9,091,106	$	24,666,166	$	—
Asia		212,419,239		1,244,836,844		—	(b)
Europe		11,806,844		11,520,060		—
North America		44,301,809		2,187,605		—
South America		127,470,607		22,570,553		—
Investment Company		6,474,097		—		—
Securities Lending Reinvestment Vehicle		6,574,425		—		—
Total	$	418,138,127	$	1,305,781,228	$	—
Derivative Type
Liabilities(c)
Forward Foreign Currency Contracts	$	—	$	(2,370)	$	—
Futures Contracts		(722,157)		—		—
Total	$	(722,157)	$	(2,370)	$	—

(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.

(b) Amount represents valuations of Russian investments that GSAM has determined include significant unobservable inputs as of April 30, 2022. To the extent that the same positions were held as of the Fund’s prior fiscal year end, October 31, 2021, they were classified as either Level 1 or Level 2.

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

60

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

INTERNATIONAL EQUITY INSIGHTS FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	—	$	20,946,897	$	—
Asia		—		522,320,722		—
Europe		10,008,638		1,171,809,439		—
North America		26,613,229		40,568,302		—
Oceania		14,257,569		196,032,829		—
South America		—		3,949,637		—
Securities Lending Reinvestment Vehicle		85,554,548		—		—
Total	$	136,433,984	$	1,955,627,826	$	—
Derivative Type
Assets(b)
Futures Contracts	$	476,661	$	—	$	—
INTERNATIONAL SMALL CAP INSIGHTS FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	5,926,035	$	1,114,073,209	$	—
Europe		70,458,660		1,672,695,208		—
North America		2,598,872		—		—
Oceania		—		288,244,822		—
Securities Lending Reinvestment Vehicle		83,972,023		—		—
Total	$	162,955,590	$	3,075,013,239	$	—
Derivative Type
Assets(b)
Futures Contracts	$	432,526	$	—	$	—

(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.

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

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

61

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 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 April 30, 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 tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure:

Emerging Markets Equity Insights
Risk	Statements of Assets and Liabilities	Assets(a)		Statements of Assets and Liabilities	Liabilities(a)
Currency	—	$	—	Unrealized loss on forward foreign currency exchange contracts	$	(2,370)
Equity	—		—	Variation margin on futures contracts		(722,157)
Total		$	—		$	(724,527)
International Equity Insights
Risk	Statements of Assets and Liabilities	Assets(a)		Statements of Assets and Liabilities	Liabilities(a)
Equity	Variation margin on futures contracts	$	476,661	—		—
International Small Cap Insights
Risk	Statements of Assets and Liabilities	Assets(a)		Statements of Assets and Liabilities	Liabilities(a)
Equity	Variation margin on futures contracts	$	432,526	—		—

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of April 30, 2022 is reported within the Statements of Assets and Liabilities.

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

Fund	Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Emerging Markets Equity Insights	Currency	Net realized gain (loss) from forward foreign currency contracts/Net change in unrealized gain (loss) on forward foreign currency contracts	$	(276,256	)	$	(2,370	)
	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(4,182,455	)		(1,089,912	)
Total			$	(4,458,711	)	$	(1,092,282	)

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4. INVESTMENTS IN DERIVATIVES (continued)

Fund	Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
International Equity Insights	Currency	Net realized gain (loss) from forward foreign currency contracts/Net change in unrealized gain (loss) on forward foreign currency contracts	$	(13,777	)	$	—
	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(121,083	)		482,407
Total			$	(134,860	)	$	482,407

Fund	Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
International Small Cap Insights	Currency	Net realized gain (loss) from forward foreign currency contracts/Net change in unrealized gain (loss) on forward foreign currency contracts	$	86,621		$	—
	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(2,447,909	)		(864,235	)
Total			$	(2,361,288	)	$	(864,235	)

For the six months ended April 30, 2022, the relevant values for each derivative type was as follows:

	Average Number of Contracts or Notional Amounts(1)
Fund	Futures Contracts		Forward Contracts
Emerging Markets Equity Insights		534	$	893,123
International Equity Insights		450		—
International Small Cap Insights		501		9,662,008

(a) Amounts disclosed represent average number of contracts for futures or notional amounts for forward contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended April 30, 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 each Fund’s average daily net assets.

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Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended April 30, 2022, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate																		Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
Emerging Markets Equity Insights		1.00	%		1.00	%		0.90	%		0.86	%		0.84	%		1.00	%		1.00	%
International Equity Insights		0.81			0.73			0.69			0.68			0.67			0.76			0.76
International Small Cap Insights		0.85			0.85			0.77			0.73			0.72			0.81			0.81

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

The Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended April 30, 2022, GSAM waived $4,012 and $189 of the Emerging Markets Equity Insights and International Equity Insights Funds’ management fees, respectively.

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

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

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

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

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

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5. 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 April 30, 2022, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Emerging Markets Equity Insights	$	18,109	$	—
International Equity Insights		1,985		—
International Small Cap Insights		829		—

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.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds are 0.054%, 0.004% and 0.014%, respectively. These Other Expense limitations will remain in place through at least February 28, 2023, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended April 30, 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
Emerging Markets Equity Insights	$	4,012	$	616,276	$	620,288
International Equity Insights		189		600,792		600,981
International Small Cap Insights		—		844,278		844,278

G.  Line of Credit Facility — As of April 30, 2022, the Funds participated in a $1,250,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having

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Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended April 30, 2022, the Funds did not have any borrowings under the facility. Prior to April 22, 2022 the facility was $1,000,000,000.

H.  Other Transactions with Affiliates — For the six months ended April 30, 2022, Goldman Sachs earned $0 in brokerage commissions from portfolio transactions from the Funds.

The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended April 30, 2022:

Fund	Beginning Value as of October 31, 2021	Purchased at Cost		Proceeds from Sales			Ending Value as of April 30, 2022		Shares as of April 30, 2022		Dividend Income
Emerging Markets Equity Insights	$1,812,123	$	330,129,599	$	(325,467,625	)	$	6,474,097		6,474,097	$	3,591
International Equity Insights	—		20,317,873		(20,317,873	)		—		—		202
International Small Cap Insights	—		35,549,161		(35,549,161	)		—		—		252

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2022, were as follows:

Fund	Purchase		Sales and Maturities
Emerging Markets Equity Insights	$	1,503,529,363	$	1,453,955,921
International Equity Insights		1,623,116,416		1,818,754,257
International Small Cap Insights		2,637,348,891		2,679,570,819

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust.

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7. SECURITIES LENDING (continued)

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of April 30, 2022, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended April 30, 2022, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

	For the six months ended April 30, 2022				Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of April 30, 2022
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
Emerging Markets Equity Insights	$	2,661	$	1,427	$	2,221,375
International Equity Insights		17,664		—		—
International Small Cap Insights		27,596		2,381		—

The following table provides information about the Funds’ investments in the Government Money Market Fund for the six months ended April 30, 2022.

Fund	Beginning value as of October 31, 2021		Purchases at Cost		Proceeds from Sales			Ending value as of April 30, 2022
Emerging Markets Equity Insights	$	16,271,799	$	51,234,885	$	(60,932,259	)	$	6,574,425
International Equity Insights		30,644,800		166,200,050		(111,290,302	)		85,554,548
International Small Cap Insights		4,960,133		230,579,854		(151,567,964	)		83,972,023

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Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

8. TAX INFORMATION

As of the Funds’ most recent fiscal year ended, October 31, 2021, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:

	Emerging Markets Equity Insights		International Equity Insights		International Small Cap Insights
Capital loss carryforwards:
Perpetual Long-Term	$	—	$	—	$	—
Perpetual Short-Term		—		—		(43,199,247	)
Total Capital Loss Carryfowards	$	—	$	—	$	(43,199,247	)
Timing differences (Foreign Tax Reclaims Accrued but not Received)	$	—	$	1,580,427	$	45,542

As of April 30, 2022, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Emerging Markets Equity Insights			International Equity Insights			International Small Cap Insights
Tax Cost	$	1,785,349,559		$	2,140,457,736		$	3,333,661,697
Gross unrealized gain		139,478,616			151,126,590			262,057,305
Gross unrealized loss		(200,908,820	)		(199,522,516	)		(357,750,172	)
Net unrealized gain (loss)	$	(61,430,204	)	$	(48,395,926	)	$	(95,692,867	)

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

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

9. OTHER RISKS

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

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information; 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 sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property,

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9. OTHER RISKS (continued)

trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in 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.

The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange 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 — A 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 the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. 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

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Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

9. OTHER RISKS (continued)

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

10. INDEMNIFICATIONS

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

11. SUBSEQUENT EVENTS

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

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12. SUMMARY OF SHARE TRANSACTIONS

	Emerging Markets Equity Insights Fund
	For the Six Months Ended April 30, 2022 (Unaudited)						For the Fiscal Year Ended October 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		557,079		$	5,388,957			1,324,816		$	16,294,291
Reinvestment of distributions		818,417			8,011,778			36,210			415,329
Shares redeemed		(1,416,185	)		(14,316,710	)		(2,216,318	)		(27,128,058	)
		(40,689	)		(915,975	)		(855,292	)		(10,418,438	)
Class C Shares
Shares sold		23,617			219,662			45,497			564,663
Reinvestment of distributions		98,001			943,653			–			–
Shares redeemed		(117,054	)		(1,148,751	)		(132,966	)		(1,594,414	)
		4,564			14,564			(87,469	)		(1,029,751	)
Institutional Shares
Shares sold		28,011,814			265,508,686			21,839,140			268,136,552
Reinvestment of distributions		17,222,127			168,236,880			1,005,185			11,479,207
Shares redeemed		(16,083,007	)		(160,054,379	)		(29,843,944	)		(372,402,951	)
		29,150,934			273,691,187			(6,999,619	)		(92,787,192	)
Investor Shares
Shares sold		1,243,617			12,148,492			2,323,143			28,596,840
Reinvestment of distributions		1,822,918			17,774,994			90,785			1,036,768
Shares redeemed		(2,948,324	)		(28,726,912	)		(2,454,743	)		(30,210,098	)
		118,211			1,196,574			(40,815	)		(576,490	)
Class R6 Shares
Shares sold		9,613,739			91,925,760			9,885,269			121,090,710
Reinvestment of distributions		9,632,514			93,996,204			481,437			5,493,200
Shares redeemed		(6,063,561	)		(61,551,162	)		(7,503,302	)		(91,186,499	)
		13,182,692			124,370,802			2,863,404			35,397,411
Class R Shares
Shares sold		295,871			2,891,440			487,856			5,941,268
Reinvestment of distributions		460,887			4,417,480			19,003			214,543
Shares redeemed		(293,301	)		(2,754,520	)		(1,327,242	)		(16,785,106	)
		463,457			4,554,400			(820,383	)		(10,629,295	)
Class P
Shares sold		2,042,901			18,544,236			1,255,341			15,541,080
Reinvestment of distributions		2,567,811			25,054,959			128,389			1,464,922
Shares redeemed		(3,122,235	)		(29,155,146	)		(544,878	)		(6,487,793	)
		1,488,477			14,444,049			838,852			10,518,209
NET INCREASE/DECREASE		44,367,646		$	417,355,601			(5,101,322	)	$	(69,525,546	)

71

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2022 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Equity Insights Fund
	For the Six Months Ended April 30, 2022 (Unaudited)						For the Fiscal Year Ended October 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		637,843		$	8,693,740			1,417,226		$	19,755,218
Reinvestment of distributions		381,838			5,244,473			250,858			3,336,409
Shares redeemed		(1,379,338	)		(18,892,213	)		(12,528,302	)		(167,727,703	)
		(359,657	)		(4,954,000	)		(10,860,218	)		(144,636,076	)
Class C Shares
Shares sold		24,858			331,308			91,531			1,260,249
Reinvestment of distributions		46,326			623,465			7,365			96,259
Shares redeemed		(113,294	)		(1,487,993	)		(311,058	)		(4,246,853	)
		(42,110	)		(533,220	)		(212,162	)		(2,890,345	)
Institutional Shares
Shares sold		10,445,981			147,074,535			31,304,317			450,174,099
Reinvestment of distributions		3,501,048			49,669,529			695,950			9,520,592
Shares redeemed		(22,754,607	)		(321,716,721	)		(20,341,719	)		(297,907,746	)
		(8,807,578	)		(124,972,657	)		11,658,548			161,786,945
Service Shares
Shares sold		14,944			205,280			70,409			1,006,325
Reinvestment of distributions		10,537			146,553			4,118			55,391
Shares redeemed		(38,104	)		(523,606	)		(197,347	)		(2,896,166	)
		(12,623	)		(171,773	)		(122,820	)		(1,834,450	)
Investor Shares
Shares sold		774,046			10,191,192			1,465,638			19,663,724
Reinvestment of distributions		441,728			5,961,017			133,647			1,748,099
Shares redeemed		(1,231,327	)		(16,205,092	)		(22,805,003	)		(290,920,623	)
		(15,553	)		(52,883	)		(21,205,718	)		(269,508,800	)
Class R6 Shares
Shares sold		5,971,495			85,929,912			5,715,945			82,452,861
Reinvestment of distributions		2,426,596			34,310,169			720,183			9,844,905
Shares redeemed		(6,292,643	)		(88,014,574	)		(9,697,850	)		(141,144,260	)
		2,105,448			32,225,507			(3,261,722	)		(48,846,494	)
Class R Shares
Shares sold		45,457			600,728			97,389			1,337,005
Reinvestment of distributions		33,666			448,702			10,204			131,937
Shares redeemed		(98,699	)		(1,270,609	)		(307,654	)		(4,266,758	)
		(19,576	)		(221,179	)		(200,061	)		(2,797,816	)
Class P Shares
Shares sold		2,789,703			37,648,839			2,597,903			38,201,859
Reinvestment of distributions		2,013,329			28,448,250			568,110			7,760,380
Shares redeemed		(3,024,899	)		(41,939,010	)		(2,683,872	)		(38,775,485	)
		1,778,133			24,158,079			482,141			7,186,754
NET DECREASE		(5,373,516	)	$	(74,522,126	)		(23,722,012	)	$	(301,540,282	)

72

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Small Cap Insights Fund
	For the Six Months Ended April 30, 2022 (Unaudited)						For the Fiscal Year Ended October 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		643,233		$	8,513,596			2,448,685		$	33,474,118
Reinvestment of distributions		202,215			2,679,347			150,353			1,874,899
Shares redeemed		(3,715,507	)		(51,253,863	)		(3,058,568	)		(41,366,848	)
		(2,870,059	)		(40,060,920	)		(459,530	)		(6,017,831	)
Class C Shares
Shares sold		15,326			194,244			89,719			1,208,876
Reinvestment of distributions		43,827			563,181			17,735			214,601
Shares redeemed		(345,821	)		(4,386,978	)		(813,730	)		(10,661,059	)
		(286,668	)		(3,629,553	)		(706,276	)		(9,237,582	)
Institutional Shares
Shares sold		33,852,643			448,613,853			58,587,612			824,933,074
Reinvestment of distributions		6,276,089			82,844,371			2,655,507			33,034,503
Shares redeemed		(30,936,787	)		(402,373,298	)		(27,868,028	)		(372,394,193	)
		9,191,945			129,084,926			33,375,091			485,573,384
Investor Shares
Shares sold		1,261,869			16,975,014			2,036,645			28,143,329
Reinvestment of distributions		338,843			4,455,780			203,421			2,520,385
Shares redeemed		(2,053,549	)		(26,391,946	)		(4,353,122	)		(58,408,160	)
		(452,837	)		(4,961,152	)		(2,113,056	)		(27,744,446	)
Class R6 Shares
Shares sold		5,307,926			71,146,256			26,986,066			386,482,826
Reinvestment of distributions		2,136,338			28,263,748			802,927			10,004,474
Shares redeemed		(15,586,434	)		(199,781,668	)		(54,296,259	)		(668,104,389	)
		(8,142,170	)		(100,371,664	)		(26,507,266	)		(271,617,089	)
Class P Shares
Shares sold		3,914			53,161			461,075			6,292,433
Reinvestment of distributions		146,295			1,934,023			72,049			897,729
Shares redeemed		(114,897	)		(1,510,916	)		(364,802	)		(4,725,392	)
		35,312			476,268			168,322			2,464,770
NET INCREASE/DECREASE		(2,524,477	)	$	(19,462,095	)		3,757,285		$	173,421,206

73

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Liquidity Risk Management Program (Unaudited)

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.

74

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Impact of Russian Invasion of Ukraine (Unaudited)

The Russian invasion of Ukraine has negatively affected the global economy and has resulted in significant disruptions in financial markets and increased macroeconomic uncertainty. In addition, governments around the world have responded to Russia’s invasion by imposing economic sanctions and export controls on certain industry sectors, companies and individuals in or associated with Russia. Russia has imposed its own restrictions against investors and countries outside Russia and has proposed additional measures aimed at non-Russian-owned businesses. Businesses in the U.S. and globally have experienced shortages in materials and increased costs for transportation, energy and raw materials due, in part, to the negative effects of the war on the global economy. The escalation or continuation of the war between Russia and Ukraine or other hostilities presents heightened risks relating to cyber-attacks, the frequency and volume of failures to settle securities transactions, supply chain disruptions, inflation, as well as the potential for increased volatility in commodity, currency and other financial markets. The extent and duration of the war, sanctions and resulting market disruptions, as well as the potential adverse consequences for the Funds’ operations are difficult to predict.

75

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Fund Expenses — Six Month Period Ended April 30, 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) and contingent deferred sales charges on redemptions (with respect to Class C Shares); and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, Service and Class R Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2021 through April 30, 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 ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

	Emerging Markets Equity Insights Fund							International Equity Insights Fund							International Small Cap Insights Fund
Share Class	Beginning Account Value 11/1/21		Ending Account Value 4/30/22			Expenses Paid for the 6 months ended 4/30/2022*		Beginning Account Value 11/1/21		Ending Account Value 4/30/22			Expenses Paid for the 6 months ended 4/30/2022*		Beginning Account Value 11/1/21		Ending Account Value 4/30/22			Expenses Paid for the 6 months ended 4/30/2022*
Class A
Actual	$	1,000.00	$	890.61		$	6.84	$	1,000.00	$	889.67		$	5.48	$	1,000.00	$	872.46		$	5.76
Hypothetical 5% return		1,000.00		1,017.55	+		7.30		1,000.00		1,018.99	+		5.86		1,000.00		1,018.65	+		6.21
Class C
Actual		1,000.00		887.01			10.34		1,000.00		886.34			8.98		1,000.00		869.38			9.22
Hypothetical 5% return		1,000.00		1,013.84	+		11.04		1,000.00		1,015.27	+		9.59		1,000.00		1,014.93	+		9.94
Institutional
Actual		1,000.00		892.63			5.12		1,000.00		891.33			3.75		1,000.00		874.32			4.04
Hypothetical 5% return		1,000.00		1,019.39	+		5.46		1,000.00		1,020.83	+		4.01		1,000.00		1,020.48	+		4.36
Service
Actual		N/A		N/A			N/A		1,000.00		888.88			6.09		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		1,000.00		1,018.35	+		6.51		N/A		N/A			N/A
Investor
Actual		1,000.00		892.21			5.68		1,000.00		890.49			4.31		1,000.00		873.90			4.60
Hypothetical 5% return		1,000.00		1,018.79	+		6.06		1,000.00		1,020.23	+		4.61		1,000.00		1,019.89	+		4.96
Class R6
Actual		1,000.00		892.66			5.07		1,000.00		891.34			3.70		1,000.00		874.69			4.00
Hypothetical 5% return		1,000.00		1,019.44	+		5.41		1,000.00		1,020.88	+		3.96		1,000.00		1,020.53	+		4.31
Class R
Actual		1,000.00		889.64			8.01		1,000.00		888.51			6.65		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,016.31	+		8.55		1,000.00		1,017.75	+		7.10		N/A		N/A			N/A
Class P
Actual		1,000.00		892.65			5.07		1,000.00		891.27			3.70		1,000.00		874.66			4.00
Hypothetical 5% return		1,000.00		1,019.44	+		5.41		1,000.00		1,020.88	+		3.96		1,000.00		1,020.53	+		4.31

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

* Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 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
Emerging Markets Equity Insights Fund		1.46	%		2.21	%		1.09	%		N/A			1.21	%		1.08	%		1.71	%		1.08	%
International Equity Insights Fund		1.17			1.92			0.80			1.30	%		0.92			0.79			1.42			0.79
International Small Cap Insights Fund		1.24			1.99			0.87			N/A			0.99			0.86			N/A			0.86

76

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 $2.13 trillion in assets under supervision as of March 31, 2022, 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

∎ 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.

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	OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our Website 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 web site at http://www.sec.gov.

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

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

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

Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. 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 Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

© 2022 Goldman Sachs. All rights reserved. 281696-OTU-1621366 INTINSSAR-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:	June 30, 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:	June 30, 2022
By:	/s/ Joseph F. DiMaria
	Joseph F. DiMaria
	Principal Financial Officer
	Goldman Sachs Trust
Date:	June 30, 2022