Goldman Sachs Trust

Portfolio

Class R6

Enhanced Dividend Global Equity

Tax-Advantaged Global Equity

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)


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

(Name and address of agents for service)

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

Date of fiscal year end: August 31

Date of reporting period: August 31, 2020

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

LOGO



Annual Report				August 31, 2020

				Financial Square Funds^SM
				Federal Instruments
				Government
				Money Market
				Prime Obligations
				Treasury Instruments
				Treasury Obligations
				Treasury Solutions

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

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

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

LOGO

Goldman Sachs Financial Square Funds

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FEDERAL INSTRUMENTS FUND

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GOVERNMENT FUND

∎

MONEY MARKET FUND

∎

PRIME OBLIGATIONS FUND

∎

TREASURY INSTRUMENTS FUND

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TREASURY OBLIGATIONS FUND

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TREASURY SOLUTIONS FUND


TABLE OF CONTENTS

Portfolio Management Discussion and Analysis			1

Fund Basics			5

Yield Summary			6

Sector Allocations			7

Schedules of Investments			9

Financial Statements			41

Financial Highlights

Federal Instruments Fund			49

Government Fund			53

Money Market Fund			60

Prime Obligations Fund			65

Treasury Instruments Fund			70

Treasury Obligations Fund			75

Treasury Solutions Fund			80

Notes to Financial Statements			85

Report of Independent Registered Public Accounting Firm			102

Other Information			109



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

PORTFOLIO RESULTS

Goldman Sachs Financial Square Funds

Investment Objective and Principal Investment Strategies

Each of the Goldman Sachs Financial Square Funds seek to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity by investing exclusively in high quality money market instruments. The Goldman Sachs Prime Obligations Fund and the Goldman Sachs Money Market Fund pursue this investment objective by investing in U.S. government securities, obligations of banks (which may exceed 25% of its assets), commercial paper and other short-term obligations of U.S. companies, states, municipalities and other entities, and repurchase agreements (“repos”). They may also invest in U.S. dollar-denominated obligations of foreign banks, foreign companies and foreign governments. The Goldman Sachs Treasury Obligations Fund pursues the investment objective by investing only in U.S. Treasury obligations and repos collateralized by U.S. Treasury obligations. The Goldman Sachs Treasury Instruments Fund pursues the investment objective by investing only in U.S. Treasury obligations, the interest from which is generally exempt from state income taxation. The Goldman Sachs Treasury Solutions Fund pursues the investment objective by investing only in U.S. Treasury obligations and repos with the Federal Reserve Bank of New York collateralized by U.S. Treasury obligations. The Goldman Sachs Government Fund pursues the investment objective by investing only in U.S. government securities and repos collateralized by such securities. The Goldman Sachs Federal Instruments Fund pursues the investment objective by investing only in U.S. government securities, the interest from which is generally exempt from state income taxation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Money Market Portfolio Management Team discusses the Goldman Sachs Financial Square Funds’ (the “Funds”) performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

What economic and market factors most influenced the money markets as a whole during the Reporting Period?

The Reporting Period was dominated by the emergence of COVID-19 and the subsequent fiscal and monetary responses of governments and central banks around the world. Uncertainty and volatility drove investors into what they considered safe, liquid assets, such as government money market funds.

When the Reporting Period began in September 2019, the Federal Reserve (“Fed”) held a dovish monetary policy stance. (Dovish tends to imply lower interest rates; opposite of hawkish.) Labor force participation had increased, and the U.S. employment rate had dropped to a 50-year low of 3.5% in September. At both their September and October policy meetings, Fed policymakers lowered the targeted federal funds (“fed funds”) rate, by 25 basis points on each occasion, to a range of between 1.50% and 1.75% by the end of 2019. (A basis point is 1/100^th of a percentage point.) In December, the Fed indicated its existing monetary policy was sufficient to support sustained expansion of U.S. economic activity, strong labor market conditions and inflation nearing its 2% target. The median projection of the Fed’s Open Market Committee indicated that policymakers expected to keep the fed funds rate on hold until 2021. In early 2020, however, the spread of COVID-19 caused a sharp decline in U.S. economic activity and a corresponding surge in job layoffs, with the unemployment rate reaching a post-World War II high of 14.7% during April. Conditions had deteriorated in the financial markets during February and March, leading the Fed to begin purchases of U.S. Treasury securities and agency mortgage-backed securities as it sought to ensure smooth market functioning. In March, over the course of two meetings, Fed officials lowered the fed funds rate to a range of between 0% and 0.25%, which many observers expected to remain unchanged until policymakers were confident the U.S. economy had weathered the repercussions of COVID-19 and was back on track toward the Fed’s maximum employment and price stability goals.

PORTFOLIO RESULTS

U.S. Treasury securities and repurchase agreements (“repos”) in the open market. During the spring of 2020, due to renewed liquidity pressures in the money markets, the Fed began offering large-scale overnight and term repo operations, established temporary U.S. dollar liquidity swap lines with other central banks and instituted a temporary repo facility for non-U.S. monetary authorities. (U.S. dollar liquidity swap lines allow the Fed to offer liquidity in U.S. dollars to other central banks so they can deliver funding to institutions in their jurisdictions during times of market stress.)

Investments in money market funds increased substantially during the Reporting Period, rising from $3.3 trillion in September 2019 to $4.5 trillion in August 2020, according to iMoneyNet. Much of the increase occurred from March 2020 onward, as the COVID-19 pandemic extended its reach globally. In particular, investments in government money market funds rose significantly, as demand increased for perceived safe-haven, liquid assets.

What key factors were responsible for the performance of the Funds during the Reporting Period?

The Funds’ yields fell during the Reporting Period, driven by the decrease in money market yields, which occurred primarily because of the economic and market factors discussed above. The money market yield curve was inverted at the beginning of the Reporting Period, but subsequently steepened as economic stress increased and the Fed cut the fed funds rate. (Yield curve is a spectrum of interest rates based on maturities of varying lengths. A steepening yield curve is one wherein the differential in yields between longer-term and shorter-term maturities widens; opposite of a flattening yield curve.)

During the Reporting Period, the Funds’ positioning along the money market yield curve and in specific securities was predicated on market expectations that interest rates would remain low and Fed monetary policy would stay accommodative.

How did you manage the Funds during the Reporting Period?

Collectively, the Funds had investments in commercial paper, asset-backed commercial paper, U.S. Treasury securities, government agency securities, time deposits, certificates of deposit, floating rate securities, repos, government guaranteed paper, municipal securities and variable rate demand notes during the Reporting Period.

In our commercial paper strategies (i.e., the Goldman Sachs Financial Square Money Market Fund and the Goldman Sachs Financial Square Prime Obligations Fund), we maintained rather stable weighted average maturities of between 28 and 49 days during the Reporting Period. In our government repo strategies (i.e., the Goldman Sachs Financial Square Government Fund, the Goldman Sachs Financial Square Treasury Obligations Fund and the Goldman Sachs Financial Square Treasury Solutions Fund), the weighted average maturities of the Goldman Sachs Financial Square Government Fund and the Goldman Sachs Treasury Obligations Fund were 20 days and 22 days, respectively, when the Reporting Period began. We maintained their weighted average maturities in a range of between 36 and 49 days from September through December 2019. In January 2020, we shortened their weighted average maturities to 10 days and five days, respectively. From February through the end of the Reporting Period, we extended their weighted average maturities to a range of between 38 and 53 days. For the Goldman Sachs Financial Square Treasury Solutions Fund, we maintained a rather stable weighted average maturity in a range of between 36 and 60 days throughout the Reporting Period. In our government non-repo strategies (i.e., the Goldman Sachs Financial Square Federal Instruments Fund and the Goldman Sachs Financial Square Treasury Instruments Fund), we maintained rather stable weighted average maturities of between 33 and 60 days. The Funds’ investments were focused on government agency repos, U.S. Treasury securities, certificate of deposits and U.S. Treasury repos during the Reporting Period. Over the course of the Reporting Period, the Funds increased their holdings of U.S. Treasury securities. Duration management and duration positioning continued to play key roles in our management of the Funds. (Duration is a measure of the Funds’ sensitivity to changes in interest rates).

The weighted average maturity of a money market fund is a measure of its price sensitivity to changes in interest rates. Also known as effective maturity, weighted average maturity measures the weighted average of the maturity date of bonds held by the Funds, taking into consideration any available maturity shortening features.

How did you manage the Funds’ weighted average life during the Reporting Period?

During the Reporting Period, we managed the weighted average life of the Funds below 115 days. In our commercial paper strategies, we managed the Funds’ weighted average

PORTFOLIO RESULTS

life in a range between approximately 40 and 93 days. In our government repo strategies, we managed the Funds’ weighted average life in a range between approximately 57 and 120 days. In our government non-repo strategies, we managed the Funds’ weighted average life in a range between approximately 82 and 118 days. The weighted average life of a money market fund is a measure of a money market fund’s price sensitivity to changes in liquidity and/or credit risk.

Under amendments to SEC Rule 2a-7 that became effective in May 2010, the maximum allowable weighted average life of a money market fund is 120 days. While one of the goals of the SEC’s money market fund rule is to reinforce conservative investment practices across the money market fund industry, our security selection process has long emphasized conservative investment choices.

Did you make any changes to the Funds’ portfolios during the Reporting Period?

During the Reporting Period, we made adjustments to the Funds’ weighted average maturities and their allocations to specific investments based on then-current market conditions, our near-term view and anticipated and actual Fed monetary policy statements. More specifically, as the Fed held the fed funds rate near zero, we focused on attractive carry opportunities and opportunities to extend the weighted average maturities of the Funds by making direct purchases of government securities, such as U.S. Treasuries. In our view, government securities offered a better relative value than repos. (Carry involves borrowing at a low interest rate and investing in an asset that provides a higher rate of return.)

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

At the end of the Reporting Period, we expected that interest rates would remain low in the near term and that the Fed was ready to respond to market conditions as the U.S. and its economy recover from the COVID-19 pandemic. Even as consumption and household spending gradually picked up, we believed the Fed’s monetary policy would remain accommodative against the backdrop of a weak labor market and fragile economic growth, especially as a full recovery is likely to be dependent on a successful vaccine. In the short term, we saw the push for vaccine development and the November U.S. elections as major drivers of this outlook, and we were closely monitoring both situations and their potential impact on fiscal and monetary policy moving forward.

Overall, the Funds continue to be flexibly guided by shifting market conditions, and we have positioned them to seek to take advantage of anticipated interest rate movements. As always, we intend to continue to use our actively managed approach to seek the best possible return within the framework of our Funds’ investment guidelines and objectives. In addition, we will continue to manage interest, liquidity and credit risk daily. We will also continue to closely monitor economic data, Fed policy and any shifts in the money market yield curve, as we strive to navigate the interest rate environment.

PORTFOLIO RESULTS

GOVERNMENT MONEY MARKET FUNDS

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Federal Instruments Fund

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Government Fund

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Treasury Instruments Fund

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Treasury Obligations Fund

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Treasury Solutions Fund

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

INSTITUTIONAL MONEY MARKET FUNDS

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Money Market Fund

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Prime Obligations Fund

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.

FUND BASICS

Financial Square Funds

as of August 31, 2020


PERFORMANCE REVIEW^1,2

September 1, 2019– August 31, 2020	Fund Total Return (based on NAV)⁴ Institutional Shares			SEC 7-Day Current Yield⁵			iMoneyNet Institutional Average⁶

Federal Instruments		0.99	%		0.03	%		0.82	%⁷
Government		0.97			0.02			0.82	⁷
Money Market³		1.25			0.07			1.05	⁸
Prime Obligations³		1.28			0.05			1.05	⁸
Treasury Instruments		0.95			0.00			0.79	⁹
Treasury Obligations		0.94			0.01			0.80	¹⁰
Treasury Solutions		0.96			0.00			0.80	¹⁰

The returns represent past performance. Past performance does not guarantee future results. The Funds’ investment returns will fluctuate. 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.

Each of the Treasury Obligations, Money Market, Treasury Instruments and Treasury Solutions Funds offers nine separate classes of shares (Institutional, Select, Preferred, Capital, Administration, Service, Cash Management, Premier and Resource), the Federal Instruments Fund offers eight separate classes of shares (Institutional, Select, Preferred, Capital, Administration, Service, Cash Management and Premier), the Prime Obligations Fund offers ten separate classes of shares (Institutional, Select, Preferred, Capital, Administration, Service, Cash Management, Premier, Resource and Drexel Hamilton Class), and the Government Fund offers thirteen separate classes of shares (Institutional, Select, Preferred, Capital, Administration, Service, Cash Management, Premier, Resource, Drexel Hamilton Class, Class R6, Class A and Class C), each of which is subject to different fees and expenses that affect performance and entitles shareholders to different services. The Institutional, Drexel Hamilton Class, and Class R6 Shares do not have distribution and/or service (12b-1) or administration and/or service (non-12b-1) fees. The Select, Preferred, Capital, Administration, Service, Cash Management, Premier, Resource, Class A and Class C Shares offer financial institutions the opportunity to receive fees for providing certain distribution, administrative support and/or shareholder services (as applicable). As an annualized percentage of average daily net assets, these share classes pay combined distribution and/or service (12b-1), administration and/ or service (non-12b-1) fees (as applicable) at the following contractual rates: the Select Shares pay 0.03%, Preferred Shares pay 0.10%, Capital Shares pay 0.15%, Administration Shares pay 0.25%, Service Shares pay 0.50%, Cash Management Shares pay 0.80%, Premier Shares pay 0.35%, Resource Shares pay 0.65%, Class A Shares pay 0.25% and Class C Shares pay 1.00%. If these fees were reflected in the above performance, performance would have been reduced. In addition, the Fund’s performance does not reflect the deduction of any applicable sales charges.

The investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice. The performance shown above reflects any waivers or reimbursements that were in effect for all or a portion of the periods shown. When waivers or reimbursements are in place, the Fund’s operating expenses are reduced and the Fund’s yield and total returns to the shareholder are increased.

On March 19, 2020, the investment adviser increased the voluntary temporary fee waiver equal annually to 0.16% of the average daily net assets of the Financial Square Prime Obligations Fund. This voluntary temporary fee waiver was removed on April 3, 2020. On March 19, 2020, the investment adviser increased the voluntary temporary fee waiver equal annually to 0.16% of the average daily net assets of the Financial Square Money Market Fund. This voluntary temporary fee waiver was removed on April 27, 2020.

⁴

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. A Fund’s total return reflects the reinvestment of dividends and other distributions.

⁵

The SEC 7-Day Current Yield is calculated in accordance with securities industry regulations and does not include net capital gains. SEC 7-Day Current Yield may differ slightly from the actual distribution rate of a given Fund because of the exclusion of distributed capital gains, which are non-recurring. The SEC 7-Day Current Yield more closely reflects a Fund’s current earnings than do the Fund Total Return figures.

⁶

Source: iMoneyNet, Inc. August 2020. The iMoneyNet Institutional Average represents total return.

⁷

Government & Agencies Institutional–Category includes the most broadly based of the government institutional funds. These funds may generally invest in U.S. treasuries, U.S. agencies, repurchase agreements, or government-backed floating rate notes.

⁸

First Tier Institutional–Category includes only non-government institutional funds that also are not holding any second tier securities. Portfolio holdings of First Tier funds include U.S. Treasury, U.S. other, repurchase agreements, time deposits, domestic bank obligations, foreign bank obligations, first tier commercial paper, floating rate notes, and asset-backed commercial paper.

⁹

Treasury Institutional–Category includes only institutional government funds that hold 100 percent in U.S. Treasuries.

¹⁰

Treasury & Repo Institutional–Category includes only institutional government funds that hold U.S. Treasuries and repurchase agreements backed by the U.S. Treasury.

YIELD SUMMARY


SUMMARY OF THE INSTITUTIONAL SHARES^1,2 AS OF 8/31/20

Funds	7-Day Dist. Yield¹¹			SEC 7-Day Effective Yield¹²			30-Day Average Yield¹³			Weighted Avg. Maturity (days)¹⁴		Weighted Avg. Life (days)¹⁵

Federal Instruments		0.04	%		0.03	%		0.06	%		44		101
Government		0.03			0.02			0.08			53		100
Money Market		0.07			0.07			0.11			38		40
Prime Obligations		0.13			0.05			0.15			43		43
Treasury Instruments		0.01			0.00			0.02			46		113
Treasury Obligations		0.02			0.01			0.06			53		113
Treasury Solutions		0.01			0.00			0.02			46		113

The Yields represent past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted above.

Yields reflect fee waivers and expense limitations in effect and will fluctuate as market conditions change. Please visit our Web site at www.GSAMFUNDS.com to obtain the most recent month-end performance.

¹¹

The 7-Day Distribution Yield is an annualized measure of a Fund’s dividends per share, divided by the price per share. This yield includes capital gain/loss distribution, if any. This is not an SEC Yield.

¹²

The SEC 7-Day Effective Yield is calculated in accordance with securities industry regulations and does not include net capital gains. The SEC 7-Day Effective Yield assumes reinvestment of dividends for one year.

¹³

The 30-Day Average Yield is a net annualized yield of 30 days back from the current date listed. This yield includes capital gain/loss distribution. This is not an SEC Yield.

¹⁴

A Fund’s weighted average maturity (WAM) is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. This must not exceed 60 days as calculated under SEC Rule 2a-7.

¹⁵

A Fund’s weighted average life (WAL) is an average of the final maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. This must not exceed 120 days as calculated under SEC Rule 2a-7.

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.

SECTOR ALLOCATIONS

SECTOR ALLOCATIONS¹⁶

As of August 31, 2020



Security Type (Percentage of Net Assets)	Federal Instruments			Government			Money Market			Prime Obligations			Treasury Instruments			Treasury Obligations			Treasury Solutions

Certificates of Deposit		—			—			—			0.7	%		—			—			—

Certificates of Deposit - Eurodollar		—			—			0.3	%		—			—			—			—

Certificates of Deposit - Yankeedollar		—			—			4.3			5.5			—			—			—

Commercial Paper & Corporate Obligations		—			—			19.0			24.4			—			—			—

Repurchase Agreements		—			27.7	%		12.4			13.1			—			22.4	%		—

Time Deposits		—			—			12.6			6.6			—			—			—

U.S. Government Agency Obligations		40.2	%		16.1			0.2			0.3			—			—			—

U.S. Treasury Obligations		60.8			56.9			30.8			34.1			102.4	%		75.3	%		100.0	%

Variable Rate Municipal Debt Obligations		—			—			7.7			8.8			—			—			—

Variable Rate Obligations		—			—			13			6.8			—			—			—

¹⁶

Each Fund is actively managed and, as such, its portfolio composition may differ over time. The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

SECTOR ALLOCATIONS


SECTOR ALLOCATIONS¹⁷

As of August 31, 2019

Security Type (Percentage of Net Assets)	Federal Instruments			Government			Money Market			Prime Obligations			Treasury Instruments			Treasury Obligations			Treasury Solutions

Certificates of Deposit		—			—			1.6	%		1.8	%		—			—			—

Certificates of Deposit - Eurodollar		—			—			7.1			—			—			—			—

Certificates of Deposit - Yankeedollar		—			—			10.7			10.3			—			—			—

Commercial Paper & Corporate Obligations		—			—			25.2			28.1			—			—			—

Fixed Rate Municipal Debt Obligations		—			—			1.7			3.2			—			—			—

Repurchase Agreements		—			64.9	%		22.8			24.0			—			68.0	%		—

Time Deposits		—			—			11.1			9.5			—			—			—

U.S. Government Agency Obligations		81.9	%		16.1			—			0.1			—			—			—

U.S. Treasury Obligations		18.1			18.5			1.1			1.0			101.1	%		30.0			104.2	%

Variable Rate Municipal Debt Obligations		—			—			1.6			2.0			—			—			—

Variable Rate Obligations		—			—			21.3			21.9			—			—			—

¹⁷

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.

FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

Schedule of Investments

August 31, 2020


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

U.S. Government Agency Obligations – 40.2%
	Federal Farm Credit Bank (1 Mo. LIBOR – 0.05%)
$	3,400,000		0.119	%^(a)		01/13/21	$	3,399,950
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.03%)
	8,200,000		0.192	^(a)		09/15/21		8,199,830
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.09%)
	1,100,000		0.254	^(a)		09/13/21		1,100,000
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.10%)
	2,000,000		0.283	^(a)		12/23/21		2,000,000
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.13%)
	1,300,000		0.287	^(a)		11/05/21		1,300,000
	Federal Farm Credit Bank (3 Mo. LIBOR – 0.07%)
	300,000		0.232	^(a)		07/02/21		300,000
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.13%)
	200,000		0.235	^(a)		11/12/20		200,004
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.15%)
	300,000		0.250	^(a)		04/23/21		300,000
	70,000,000		0.251	^(a)		04/18/22		70,000,000
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.21%)
	47,115,000		0.310	^(a)		03/17/22		47,132,056
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.25%)
	19,000,000		0.355	^(a)		02/22/22		19,025,458
	Federal Farm Credit Bank (FEDL01 + 0.10%)
	1,250,000		0.190	^(a)		12/16/20		1,249,964
	Federal Farm Credit Bank (FEDL01 + 0.12%)
	2,200,000		0.210	^(a)		04/23/21		2,200,000
	3,000,000		0.205	^(a)		02/14/22		3,000,000
	Federal Farm Credit Bank (FEDL01 + 0.15%)
	3,400,000		0.235	^(a)		01/21/21		3,399,973
	Federal Farm Credit Bank (FEDL01 + 0.17%)
	5,400,000		0.260	^(a)		01/13/22		5,399,456
	Federal Farm Credit Bank (FEDL01 + 0.20%)
	4,600,000		0.290	^(a)		11/29/21		4,599,949
	Federal Farm Credit Bank (FEDL01 + 0.21%)
	3,100,000		0.300	^(a)		12/13/21		3,099,684
	Federal Farm Credit Bank (Prime Rate – 2.80%)
	2,700,000		0.450	^(a)		11/23/21		2,702,338
	Federal Farm Credit Bank (Prime Rate – 2.87%)
	2,000,000		0.380	^(a)		02/07/22		1,999,711
	Federal Farm Credit Bank (Prime Rate – 2.93%)
	1,200,000		0.320	^(a)		11/06/20		1,200,000
	Federal Farm Credit Bank (Prime Rate – 2.94%)
	900,000		0.310	^(a)		02/26/21		900,000
	1,500,000		0.310	^(a)		11/08/21		1,500,000
	Federal Farm Credit Bank (Prime Rate – 2.95%)
	3,000,000		0.300	^(a)		03/15/21		3,000,000
	Federal Farm Credit Bank (Prime Rate – 2.96%)
	3,500,000		0.290	^(a)		03/29/21		3,500,000
	2,700,000		0.290	^(a)		12/13/21		2,699,828
	Federal Farm Credit Bank (Prime Rate – 2.97%)
	2,300,000		0.285	^(a)		04/08/21		2,300,000
	Federal Farm Credit Bank (Prime Rate – 2.98%)
	300,000		0.270	^(a)		11/12/20		299,971
	1,800,000		0.275	^(a)		02/26/21		1,800,000
	Federal Farm Credit Bank (Prime Rate – 3.01%)
	3,900,000		0.240	^(a)		02/25/21		3,899,906
	Federal Farm Credit Bank (Prime Rate – 3.02%)
	4,200,000		0.234	^(a)		01/13/22		4,200,000


U.S. Government Agency Obligations – (continued)
	Federal Farm Credit Bank (Prime Rate – 3.05%)
	5,000,000		0.200	^(a)		08/13/21		4,992,817
	Federal Farm Credit Bank (SOFR + 0.12%)
	900,000		0.210	^(a)		03/18/21		900,000
	Federal Farm Credit Bank (SOFR + 0.13%)
	1,200,000		0.220	^(a)		02/11/22		1,200,000
	Federal Farm Credit Bank (SOFR + 0.18%)
	8,600,000		0.270	^(a)		01/14/22		8,588,024
	Federal Farm Credit Bank (SOFR + 0.28%)
	35,000,000		0.370	^(a)		10/01/21		35,000,000
	Federal Home Loan Bank
	7,800,000		0.610			09/01/20		7,800,000
	35,000,000		0.940			09/02/20		34,999,106
	20,000,000		0.459			09/09/20		19,998,000
	230,000,000		0.077			09/16/20		229,992,717
	290,000,000		0.097			10/09/20		289,970,919
	50,000,000		0.089			10/23/20		49,993,644
	110,000,000		0.105			10/28/20		109,982,061
	91,000,000		0.095			10/30/20		90,986,130
	78,000,000		0.113			11/12/20		77,982,684
	60,000,000		0.110			11/13/20		59,986,860
	17,200,000		0.530			03/15/21		17,151,553
	20,000,000		0.356			03/16/21		19,961,889
	Federal Home Loan Bank (1 Mo. LIBOR + 0.02%)
	1,600,000		0.198	^(a)		03/24/21		1,600,000
	Federal Home Loan Bank (1 Mo. LIBOR + 0.04%)
	1,600,000		0.223	^(a)		06/24/21		1,600,000
	Federal Home Loan Bank (1 Mo. LIBOR + 0.07%)
	10,850,000		0.219	^(a)		10/07/20		10,850,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.08%)
	4,600,000		0.241	^(a)		03/19/21		4,600,000
	Federal Home Loan Bank (SOFR + 0.02%)
	100,000,000		0.110	^(a)		02/12/21		100,000,000
	Federal Home Loan Bank (SOFR + 0.03%)
	7,800,000		0.123	^(a)		10/21/20		7,800,000
	Federal Home Loan Bank (SOFR + 0.04%)
	2,600,000		0.125	^(a)		10/13/20		2,600,000
	Federal Home Loan Bank (SOFR + 0.12%)
	2,600,000		0.210	^(a)		02/28/22		2,600,000
	Federal Home Loan Bank (SOFR + 0.17%)
	12,300,000		0.260	^(a)		07/21/22		12,300,000
	Federal Home Loan Bank (SOFR + 0.21%)
	13,000,000		0.300	^(a)		09/25/20		13,000,517
	Federal Home Loan Bank (SOFR + 0.23%)
	40,000,000		0.320	^(a)		09/25/20		40,000,000
	Federal Home Loan Bank (SOFR + 0.28%)
	20,300,000		0.370	^(a)		03/25/21		20,300,000
	Federal Home Loan Bank (SOFR + 0.29%)
	17,500,000		0.380	^(a)		10/06/21		17,500,000
	Federal Home Loan Bank (SOFR + 0.31%)
	75,000,000		0.400	^(a)		09/24/21		75,000,000

	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	1,575,144,999


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

FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

Schedule of Investments (continued)

August 31, 2020


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

U.S. Treasury Obligations – 60.8%
	United States Treasury Bills
$	362,300,000		0.076	%		09/03/20	$	362,298,490
	58,000,000		0.081			09/03/20		57,999,742
	300,000		0.092			09/03/20		299,999
	26,500,000		0.097			09/03/20		26,499,860
	100,000		0.102			09/03/20		99,999
	1,400,000		0.103			09/03/20		1,399,992
	8,600,000		0.132			09/03/20		8,599,938
	2,500,000		1.032			09/03/20		2,499,860
	1,000,000		0.081			09/08/20		999,984
	400,000		0.137			09/08/20		399,990
	4,300,000		0.092			09/10/20		4,299,903
	6,400,000		0.097			09/10/20		6,399,848
	200,000,000		0.102			09/10/20		199,995,000
	5,000,000		0.081			09/15/20		4,999,844
	185,100,000		0.086			09/15/20		185,093,882
	400,000		0.092			09/15/20		399,986
	49,300,000		0.168			09/15/20		49,296,837
	25,000,000		0.254			09/15/20		24,997,569
	3,550,000		0.086			09/17/20		3,549,866
	1,300,000		0.086			09/22/20		1,299,936
	2,900,000		0.178			09/22/20		2,899,704
	1,000,000		0.178			09/29/20		999,864
	7,600,000		0.183			09/29/20		7,598,936
	250,000,000		0.092			10/01/20		249,981,250
	145,000,000		0.086			10/08/20		144,987,333
	400,000		0.173			10/08/20		399,930
	77,300,000		0.188			10/08/20		77,285,302
	50,000,000		0.102			10/13/20		49,994,167
	700,000		0.147			10/13/20		699,882
	1,500,000		0.153			10/13/20		1,499,738
	22,000,000		0.295			10/15/20		21,992,202
	1,050,000		0.153			10/22/20		1,049,777
	16,200,000		0.147			10/27/20		16,196,346
	3,600,000		0.153			10/27/20		3,599,160
	280,000		0.158			10/29/20		279,930
	1,400,000		0.133			11/03/20		1,399,680
	50,800,000		0.173			11/03/20		50,784,887
	1,500,000		0.112			11/10/20		1,499,679
	100,000		0.097			11/12/20		99,981
	6,100,000		0.107			11/12/20		6,098,719
	960,000		0.118			11/19/20		959,756
	1,900,000		0.119			11/19/20		1,899,512
	2,000,000		0.123			11/19/20		1,999,469
	7,900,000		0.102			11/24/20		7,898,157
	1,280,000		0.107			11/24/20		1,279,686
	1,200,000		0.168			11/24/20		1,199,538
	4,400,000		0.178			11/24/20		4,398,203
	30,000,000		0.102			11/27/20		29,992,750
	800,000		0.107			11/27/20		799,797
	30,000,000		0.112			11/27/20		29,992,025
	9,000,000		0.112			12/01/20		8,997,498
	1,000,000		0.128			12/01/20		999,682
	7,400,000		0.102			12/03/20		7,398,088
	30,000,000		0.107			12/08/20		29,991,425
	29,500,000		0.158			12/08/20		29,487,553
	20,000,000		0.112			12/10/20		19,993,889


U.S. Treasury Obligations – (continued)
	United States Treasury Bills – (continued)
	15,000,000		0.158			12/15/20		14,993,219
	31,200,000		0.112			12/17/20		31,189,799
	25,100,000		0.188			12/17/20		25,086,198
	1,470,000		0.132			12/22/20		1,469,405
	30,000,000		0.112			12/24/20		29,989,550
	2,280,000		0.124			12/29/20		2,279,081
	100,000		0.112			12/31/20		99,963
	20,000,000		0.112			01/05/21		19,992,300
	6,600,000		0.112			01/12/21		6,597,318
	51,100,000		0.148			01/14/21		51,072,214
	28,000,000		0.122			01/19/21		27,986,933
	31,800,000		0.132			01/21/21		31,783,694
	20,000,000		0.117			01/26/21		19,990,608
	53,800,000		0.132			01/28/21		53,771,053
	10,000,000		0.107			02/04/21		9,995,450
	50,000,000		0.122			02/11/21		49,972,833
	40,000,000		0.122			02/18/21		39,977,333
	15,000,000		0.122			02/25/21		14,991,150
	40,000,000		0.117	^(b)		03/04/21		39,976,744
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.05%)
	23,600,000		0.150	^(a)		10/31/20		23,600,785
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.12%)
	7,900,000		0.220	^(a)		01/31/21		7,900,917
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.14%)
	14,800,000		0.244	^(a)		04/30/21		14,794,352
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.15%)
	4,300,000		0.259	^(a)		01/31/22		4,299,843
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.22%)
	39,800,000		0.325	^(a)		07/31/21		39,824,741
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.30%)
	20,600,000		0.405	^(a)		10/31/21		20,629,943
	United States Treasury Notes
	3,900,000		2.750			09/30/20		3,905,219
	1,600,000		1.750			11/15/20		1,602,381
	5,000,000		2.625			11/15/20		5,014,598
	2,000,000		2.750			11/30/20		2,006,527
	3,800,000		1.875			12/15/20		3,813,071
	6,000,000		2.500			12/31/20		6,026,786
	1,200,000		1.375			01/31/21		1,200,009
	900,000		2.250			02/15/21		904,688
	900,000		3.625			02/15/21		910,267
	16,700,000		2.500			02/28/21		16,808,339
	3,800,000		2.375			03/15/21		3,820,112

	TOTAL U.S. TREASURY OBLIGATIONS						$	2,386,341,443

	TOTAL INVESTMENTS – 101.0%						$	3,961,486,442

	LIABILITIES IN EXCESS OF OTHER ASSETS – (1.0)%							(39,650,212	)

	NET ASSETS – 100.0%						$	3,921,836,230


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

FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND



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

(a)		Variable or floating 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 August 31, 2020.

(b)		All or a portion represents a forward commitment.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.



Investment Abbreviations:
FEDL01		—US Federal Funds Effective Rate
LIBOR		—London Interbank Offered Rates
MMY		—Money Market Yield
Prime		—Federal Reserve Bank Prime Loan Rate US
SOFR		—Secured Overnight Financing Rate
T-Bill		—Treasury Bill


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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments

August 31, 2020


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

U.S. Government Agency Obligations – 16.1%
	Federal Farm Credit Bank
$	49,500,000		0.347	%		01/04/21	$	49,441,562
	49,500,000		0.357			02/24/21		49,415,300
	Federal Farm Credit Bank (1 Mo. LIBOR – 0.05%)
	237,200,000		0.119	^(a)		01/13/21		237,196,500
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.03%)
	545,900,000		0.192	^(a)		09/15/21		545,888,687
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.09%)
	85,100,000		0.254	^(a)		09/13/21		85,100,000
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.10%)
	191,600,000		0.255	^(a)		09/09/21		191,600,000
	107,000,000		0.283	^(a)		12/23/21		107,000,000
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.13%)
	93,100,000		0.287	^(a)		11/05/21		93,100,000
	Federal Farm Credit Bank (3 Mo. LIBOR – 0.07%)
	49,000,000		0.232	^(a)		07/02/21		49,000,000
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.13%)
	14,700,000		0.235	^(a)		11/12/20		14,700,272
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.15%)
	29,500,000		0.250	^(a)		04/23/21		29,500,000
	Federal Farm Credit Bank (FEDL01 + 0.10%)
	94,480,000		0.190	^(a)		12/16/20		94,477,255
	Federal Farm Credit Bank (FEDL01 + 0.12%)
	189,100,000		0.205	^(a)		02/14/22		189,100,000
	Federal Farm Credit Bank (FEDL01 + 0.15%)
	261,300,000		0.235	^(a)		01/21/21		261,297,967
	Federal Farm Credit Bank (FEDL01 + 0.17%)
	367,700,000		0.260	^(a)		01/13/22		367,662,680
	Federal Farm Credit Bank (FEDL01 + 0.20%)
	336,800,000		0.290	^(a)		11/29/21		336,796,266
	Federal Farm Credit Bank (FEDL01 + 0.21%)
	217,000,000		0.300	^(a)		12/13/21		216,977,905
	Federal Farm Credit Bank (Prime Rate – 2.80%)
	123,400,000		0.450	^(a)		11/23/21		123,506,862
	Federal Farm Credit Bank (Prime Rate – 2.87%)
	95,500,000		0.380	^(a)		02/07/22		95,486,179
	Federal Farm Credit Bank (Prime Rate – 2.93%)
	197,600,000		0.320	^(a)		11/06/20		197,600,000
	Federal Farm Credit Bank (Prime Rate – 2.94%)
	244,900,000		0.315	^(a)		10/30/20		244,900,000
	98,300,000		0.310	^(a)		02/26/21		98,300,000
	117,700,000		0.310	^(a)		11/08/21		117,700,000
	Federal Farm Credit Bank (Prime Rate – 2.95%)
	344,300,000		0.300	^(a)		03/15/21		344,300,000
	Federal Farm Credit Bank (Prime Rate – 2.96%)
	344,300,000		0.290	^(a)		03/29/21		344,300,000
	193,000,000		0.290	^(a)		12/13/21		192,987,722
	Federal Farm Credit Bank (Prime Rate – 2.97%)
	246,000,000		0.285	^(a)		04/08/21		246,000,000
	Federal Farm Credit Bank (Prime Rate – 2.98%)
	54,000,000		0.270	^(a)		11/12/20		53,994,735
	188,600,000		0.275	^(a)		02/26/21		188,600,000
	Federal Farm Credit Bank (Prime Rate – 3.01%)
	282,900,000		0.240	^(a)		02/25/21		282,893,148
	Federal Farm Credit Bank (Prime Rate – 3.02%)
	294,000,000		0.234	^(a)		01/13/22		294,000,000
	Federal Farm Credit Bank (Prime Rate – 3.05%)
	245,000,000		0.200	^(a)		08/13/21		244,648,025


U.S. Government Agency Obligations – (continued)
	Federal Farm Credit Bank (SOFR + 0.12%)
	103,300,000		0.210	^(a)		03/18/21		103,300,000
	Federal Farm Credit Bank (SOFR + 0.18%)
	235,600,000		0.270	^(a)		01/14/22		235,046,759
	Federal Home Loan Bank
	480,900,000		0.610			09/01/20		480,900,000
	47,000,000		0.377			09/11/20		46,995,169
	164,500,000		0.295			09/15/20		164,481,448
	1,485,000,000		0.377			09/21/20		1,484,694,750
	99,000,000		0.356			03/09/21		98,818,087
	155,000,000		0.530			03/09/21		154,576,850
	961,200,000		0.530			03/15/21		958,492,620
	212,500,000		0.407			03/18/21		212,032,500
	Federal Home Loan Bank (1 Mo. LIBOR + 0.02%)
	118,200,000		0.198	^(a)		03/24/21		118,200,000
	Federal Home Loan Bank (1 Mo. LIBOR + 0.04%)
	118,200,000		0.223	^(a)		06/24/21		118,200,000
	Federal Home Loan Bank (1 Mo. LIBOR + 0.07%)
	2,842,200,000		0.219	^(a)		10/07/20		2,842,200,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.07%)
	993,500,000		0.226	^(a)		04/01/21		993,500,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.08%)
	492,100,000		0.241	^(a)		03/19/21		492,100,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.09%)
	481,100,000		0.214	^(a)		07/06/21		481,100,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.11%)
	240,300,000		0.167	^(a)		04/08/21		240,300,000
	59,500,000		0.158	^(a)		04/09/21		59,500,000
	Federal Home Loan Bank (SOFR + 0.02%)
	294,000,000		0.110	^(a)		12/11/20		294,000,000
	Federal Home Loan Bank (SOFR + 0.03%)
	583,700,000		0.123	^(a)		10/21/20		583,700,000
	Federal Home Loan Bank (SOFR + 0.04%)
	193,200,000		0.125	^(a)		10/13/20		193,199,999
	Federal Home Loan Bank (SOFR + 0.17%)
	933,500,000		0.260	^(a)		07/21/22		933,500,000
	Federal Home Loan Bank (SOFR + 0.21%)
	582,000,000		0.300	^(a)		09/25/20		582,023,159
	Federal Home Loan Bank (SOFR + 0.29%)
	958,000,000		0.380	^(a)		10/06/21		958,000,000
	Federal Home Loan Bank (SOFR + 0.30%)
	1,400,000,000		0.390	^(a)		09/29/21		1,400,000,000
	Federal Home Loan Bank (SOFR + 0.35%)
	990,000,000		0.440	^(a)		09/23/21		990,000,000
	Federal Home Loan Mortgage Corp. (SOFR + 0.10%)
	106,200,000		0.185	^(a)		08/19/22		106,200,000
	Federal Home Loan Mortgage Corp. (SOFR + 0.29%)
	1,490,000,000		0.380	^(a)		10/01/21		1,490,000,000
	Federal Home Loan Mortgage Corp. (SOFR + 0.30%)
	3,053,600,000		0.390	^(a)		09/24/21		3,053,600,000
	500,000,000		0.390	^(a)		10/25/21		500,000,000
	Federal Home Loan Mortgage Corp. (SOFR + 0.31%)
	498,000,000		0.400	^(a)		01/03/22		498,000,000
	Federal Home Loan Mortgage Corp. (SOFR + 0.32%)
	745,000,000		0.410	^(a)		09/27/21		745,000,000
	496,500,000		0.410	^(a)		09/30/21		496,500,000
	Federal National Mortgage Association (SOFR + 0.10%)
	117,700,000		0.190	^(a)		12/03/21		117,327,006


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

FINANCIAL SQUARE GOVERNMENT FUND


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

U.S. Government Agency Obligations – (continued)
	Federal National Mortgage Association (SOFR + 0.29%)
$	486,900,000		0.380	% ^(a)		10/04/21	$	486,900,000
	Federal National Mortgage Association (SOFR + 0.30%)
	993,500,000		0.390	^(a)		09/24/21		993,500,000
	Federal National Mortgage Association (SOFR + 0.34%)
	1,789,500,000		0.430	^(a)		10/20/21		1,789,500,000
	990,725,000		0.430	^(a)		12/30/21		990,725,000
	993,000,000		0.430	^(a)		01/21/22		993,000,000
	Federal National Mortgage Association (SOFR + 0.35%)
	248,000,000		0.440	^(a)		10/15/21		248,000,000
	Federal National Mortgage Association (SOFR + 0.36%)
	499,000,000		0.450	^(a)		01/20/22		499,000,000
	U.S. International Development Finance Corp.
	37,000,000		0.000			11/17/20		37,555,776
	U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%)
	99,613,374		0.140	^(a)		09/07/20		99,613,374
	133,149,057		0.160	^(a)		09/07/20		133,149,057
	575,493,555		0.180	^(a)		09/07/20		575,493,556

	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	35,059,396,175



U.S. Treasury Obligations – 56.9%
	United States Treasury Bills
$	3,544,600,000		1.032	%		09/03/20	$	3,544,401,109
	40,800,000		0.142			09/15/20		40,797,779
	81,700,000		0.153			09/15/20		81,695,234
	16,300,000		0.158			09/15/20		16,299,017
	100,300,000		0.163			09/15/20		100,293,759
	2,545,500,000		0.168			09/15/20		2,545,336,664
	125,000,000		0.251			09/15/20		124,988,017
	1,325,200,000		0.254			09/15/20		1,325,071,161
	33,800,000		0.173			09/24/20		33,796,329
	16,900,000		0.178			09/24/20		16,898,110
	208,300,000		0.097			09/29/20		208,284,609
	130,200,000		0.178			09/29/20		130,182,278
	339,700,000		0.183			09/29/20		339,652,442
	11,600,000		0.076			10/01/20		11,599,178
	954,500,000		0.142			10/06/20		954,370,082
	8,400,000		0.153			10/06/20		8,398,775
	4,281,400,000		0.173			10/06/20		4,280,692,380
	116,500,000		0.178			10/06/20		116,480,179
	250,700,000		0.163			10/08/20		250,658,774
	20,400,000		0.173			10/08/20		20,396,436
	44,400,000		0.178			10/08/20		44,392,014
	8,600,000		0.183			10/08/20		8,598,409
	4,530,500,000		0.188			10/08/20		4,529,638,576
	2,180,800,000		0.153			10/13/20		2,180,418,360
	56,600,000		0.137			10/15/20		56,590,661
	316,900,000		0.142			10/15/20		316,845,775
	490,200,000		0.147			10/15/20		490,113,126
	10,500,000		0.153			10/15/20		10,498,075
	43,300,000		0.163			10/15/20		43,291,532
	4,595,400,000		0.183			10/15/20		4,594,389,012
	146,500,000		0.188			10/15/20		146,466,875


U.S. Treasury Obligations – (continued)
	United States Treasury Bills – (continued)
	2,647,552,000		0.092			10/20/20		2,647,227,675
	1,320,100,000		0.142			10/20/20		1,319,848,448
	18,200,000		0.158			10/20/20		18,196,160
	72,940,000		0.123			10/22/20		72,927,497
	162,400,000		0.153			10/22/20		162,365,490
	4,000,000,000		0.158			10/22/20		3,999,121,667
	1,316,410,000		0.147			10/27/20		1,316,113,076
	194,600,000		0.153			10/27/20		194,554,593
	1,376,270,000		0.158			10/29/20		1,375,926,315
	3,829,255,000		0.132			11/03/20		3,828,383,844
	120,100,000		0.133			11/03/20		120,072,572
	3,207,300,000		0.173			11/03/20		3,206,345,831
	874,535,000		0.102			11/05/20		874,377,098
	605,600,000		0.132			11/05/20		605,457,853
	2,481,500,000		0.153			11/05/20		2,480,827,927
	31,400,000		0.112			11/10/20		31,393,284
	1,067,500,000		0.122			11/10/20		1,067,250,917
	62,100,000		0.097			11/12/20		62,088,201
	435,100,000		0.107			11/12/20		435,008,629
	1,822,100,000		0.147			11/12/20		1,821,571,591
	1,862,400,000		0.107			11/17/20		1,861,981,736
	52,140,000		0.117			11/19/20		52,126,842
	91,000,000		0.118			11/19/20		90,976,835
	91,000,000		0.119			11/19/20		90,976,636
	1,237,000,000		0.122			11/19/20		1,236,674,257
	150,000,000		0.123			11/19/20		149,960,171
	680,400,000		0.102			11/24/20		680,241,240
	644,700,000		0.107			11/24/20		644,542,048
	63,100,000		0.168			11/24/20		63,075,706
	4,281,800,000		0.188			11/24/20		4,279,951,690
	93,500,000		0.097			11/27/20		93,478,534
	1,055,670,000		0.102			11/27/20		1,055,414,880
	110,200,000		0.107			11/27/20		110,172,037
	2,150,500,000		0.112			11/27/20		2,149,928,325
	650,000,000		0.112			12/01/20		649,819,266
	5,700,000		0.128			12/01/20		5,698,185
	1,576,300,000		0.168			12/01/20		1,575,642,552
	521,000,000		0.102			12/03/20		520,865,406
	3,018,500,000		0.107			12/08/20		3,017,637,212
	18,700,000		0.142			12/08/20		18,692,873
	1,206,000,000		0.158			12/08/20		1,205,491,135
	1,200,000,000		0.112			12/10/20		1,199,633,334
	128,100,000		0.158			12/15/20		128,055,165
	1,200,000,000		0.158			12/15/20		1,199,457,500
	3,626,100,000		0.112			12/17/20		3,624,914,467
	5,044,000,000		0.188			12/17/20		5,041,226,496
	2,780,250,000		0.148			12/22/20		2,778,995,798
	600,000,000		0.112			12/24/20		599,791,000
	3,662,400,000		0.178			12/24/20		3,660,370,425
	556,530,000		0.124			12/29/20		556,305,564
	132,800,000		0.133			12/29/20		132,742,494
	767,500,000		0.137			12/29/20		767,157,503
	151,800,000		0.112			12/31/20		151,743,876
	140,100,000		0.163			12/31/20		140,024,657
	4,666,400,000		0.168			12/31/20		4,663,812,082
	1,288,000,000		0.112			01/05/21		1,287,504,120
	1,381,700,000		0.112			01/12/21		1,381,138,492


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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

August 31, 2020


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

U.S. Treasury Obligations – (continued)
	United States Treasury Bills – (continued)
$	3,832,000,000		0.148	%		01/14/21	$	3,829,916,337
	2,000,000,000		0.122			01/19/21		1,999,066,673
	2,958,350,000		0.132			01/21/21		2,956,833,029
	1,993,500,000		0.117			01/26/21		1,992,563,894
	3,351,800,000		0.132			01/28/21		3,349,996,551
	763,050,000		0.107			02/04/21		762,702,814
	3,252,470,000		0.122			02/11/21		3,250,702,815
	2,212,600,000		0.122			02/18/21		2,211,346,193
	655,500,000		0.122			02/25/21		655,113,255
	751,000,000		0.117	^(b)		03/04/21		750,563,376
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.05%)
	616,900,000		0.150	^(a)		10/31/20		616,943,714
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.14%)
	19,600,000		0.244	^(a)		04/30/21		19,590,847
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.15%)
	8,050,000		0.259	^(a)		01/31/22		8,050,000
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.22%)
	28,640,000		0.325	^(a)		07/31/21		28,621,777
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.30%)
	15,700,000		0.405	^(a)		10/31/21		15,709,041
	United States Treasury Notes
	175,000,000		2.750			09/30/20		175,234,179
	98,100,000		1.750			11/15/20		98,245,984
	235,800,000		2.625			11/15/20		236,464,497
	125,800,000		2.750			11/30/20		126,210,562
	229,700,000		1.875			12/15/20		230,490,105
	378,800,000		2.500			12/31/20		380,477,794
	79,000,000		1.375			01/31/21		79,000,564
	29,200,000		2.125			01/31/21		29,375,464
	117,700,000		2.250			02/15/21		118,432,689
	117,700,000		3.625			02/15/21		119,164,755
	771,900,000		2.500			02/28/21		776,162,062
	247,500,000		2.375			03/15/21		248,809,951
	16,100,000		2.250			03/31/21		16,276,487
	3,000,000		2.375			04/15/21		3,037,607

	TOTAL U.S. TREASURY OBLIGATIONS						$	124,161,916,950

	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	159,221,313,125



Repurchase Agreements^(c) – 27.7%
	Banco Santander, S.A.
$	2,500,000,000		0.090	%		09/01/20	$	2,500,000,000
	Maturity Value: $2,500,006,250
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 5.000%, due 12/01/28 to 01/01/50, Federal National Mortgage Association, 2.000% to 6.000%, due 08/01/25 to 09/01/57, U.S. Treasury Bonds, 1.125% to 3.125%, due 05/15/40 to 08/15/50, a U.S. Treasury Inflation-Indexed Note, 0.250%, due 01/15/25 and U.S. Treasury Notes, 0.125% to 2.625%, due 09/30/21 to 11/15/27. The aggregate market value of the collateral, including accrued interest, was $2,572,844,349.

	Bank of Montreal
	200,000,000		0.090			09/01/20		200,000,000
	Maturity Value: $200,000,500
	Collateralized by Federal Home Loan Mortgage Corp., 2.500%, due 08/01/50. The market value of the collateral, including accrued interest, was $206,000,001.
	440,000,000		0.110	^(d)		09/07/20		440,000,000
	Maturity Value: $440,122,346
	Settlement Date: 08/03/20
	Collateralized by U.S. Treasury Notes, 0.500% to 2.875%, due 11/30/25 to 05/31/27. The aggregate market value of the collateral, including accrued interest, was $448,800,072.
	450,000,000		0.120	^(d)		09/07/20		450,000,000
	Maturity Value: $450,136,499
	Settlement Date: 08/10/20
	Collateralized by U.S. Treasury Notes, 0.125% to 2.750%, due 08/31/21 to 02/15/28. The aggregate market value of the collateral, including accrued interest, was $459,000,004.
	497,000,000		0.120	^(d)		09/07/20		497,000,000
	Maturity Value: $497,155,725
	Settlement Date: 07/24/20
	Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 5.000%, due 12/01/31 to 07/01/50. The aggregate market value of the collateral, including accrued interest, was $511,909,999.
	300,000,000		0.130	^(d)		09/07/20		300,000,000
	Maturity Value: $300,101,833
	Settlement Date: 08/10/20
	Collateralized by Federal Farm Credit Bank, 3.070%, due 11/28/33, Federal Home Loan Mortgage Corp., 2.000% to 4.500%, due 08/01/35 to 08/01/50, Federal National Mortgage Association, 1.500% to 6.100%, due 02/01/31 to 09/01/50 and Government National Mortgage Association, 2.500% to 6.100%, due 08/20/30 to 08/20/50. The aggregate market value of the collateral, including accrued interest, was $306,024,311.

	BMO Capital Markets Corp.
	500,000,000		0.090			09/01/20		500,000,000
	Maturity Value: $500,001,250
	Collateralized by Federal Farm Credit Bank, 3.080% to 5.410%, due 06/21/35 to 04/17/36, Federal Home Loan Mortgage Corp., 2.000% to 4.000%, due 07/13/40 to 09/01/50, Federal National Mortgage Association, 0.250% to 6.100%, due 08/17/21 to 09/01/50 and Government National Mortgage Association, 2.500% to 6.500%, due 03/20/32 to 08/20/50. The aggregate market value of the collateral, including accrued interest, was $510,001,275.


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

FINANCIAL SQUARE GOVERNMENT FUND

Principal
Amount

Interest
Rate

Maturity
Date

Amortized
Cost

Repurchase Agreements^(c) – (continued)

BMO Capital Markets Corp. – (continued)

100,000,000

0.110

% ^(d)

09/07/20

100,000,000

Maturity Value: $100,009,778

Settlement Date: 08/13/20

Collateralized by Federal Home Loan Mortgage Corp., 1.500% to
5.000%, due 09/01/35 to 09/01/50, Federal National Mortgage
Association, 2.000% to 6.100%, due 02/01/31 to 08/01/50 and
Government National Mortgage Association, 2.500% to
5.500%, due 01/20/34 to 08/20/50. The aggregate market value
of the collateral, including accrued interest, was $102,006,231.

BNP Paribas

235,100,000

0.090

09/01/20

235,100,000

Maturity Value: $235,100,588

Collateralized by Federal Home Loan Mortgage Corp., 4.000% to
7.000%, due 01/01/21 to 04/01/50, Federal National Mortgage
Association, 4.500% to 9.000%, due 02/01/21 to 08/01/48,
Government National Mortgage Association, 3.500% to
4.000%, due 10/15/45 to 08/20/50, a U.S. Treasury Bill,
0.000%, due 09/17/20, a U.S. Treasury Bond, 2.750%, due
11/15/42, U.S. Treasury Interest-Only Stripped Securities,
0.000%, due 02/15/28 to 05/15/48, U.S. Treasury Notes,
0.125% to 2.625%, due 10/15/20 to 08/31/25 and U.S. Treasury
Principal-Only Stripped Securities, 0.000%, due 02/15/40 to
11/15/48. The aggregate market value of the collateral,
including accrued interest, was $240,067,771.

877,500,000

0.630

^(d)

09/01/20

877,500,000

Maturity Value: $880,202,700

Settlement Date: 03/09/20

Collateralized by a U.S. Treasury Bill, 0.000%, due 09/17/20, a
U.S. Treasury Bond, 7.250%, due 08/15/22, U.S. Treasury
Inflation-Indexed Bonds, 0.750% to 2.125%, due 01/15/28 to
02/15/46, U.S. Treasury Inflation-Indexed Notes, 0.125%, due
10/15/24 to 07/15/26, U.S. Treasury Interest-Only Stripped
Securities, 0.000%, due 08/15/23 to 05/15/49, U.S. Treasury
Notes, 0.250% to 2.875%, due 10/31/20 to 11/15/26 and U.S.
Treasury Principal-Only Stripped Securities, 0.000%, due
02/15/36 to 02/15/49. The aggregate market value of the
collateral, including accrued interest, was $895,050,002.

877,500,000

0.630

^(d)

09/01/20

877,500,000

Maturity Value: $880,248,769

Settlement Date: 03/06/20

Collateralized by a U.S. Treasury Bill, 0.000%, due 09/17/20,
U.S. Treasury Bonds, 4.375% to 6.875%, due 08/15/25 to
05/15/40, U.S. Treasury Inflation-Indexed Bonds, 0.250% to
3.875%, due 01/15/28 to 02/15/50, U.S. Treasury Inflation-
Indexed Notes, 0.125% to 0.625%, due 07/15/22 to 01/15/30,
U.S. Treasury Interest-Only Stripped Securities, 0.000%, due
08/15/25 to 08/15/45, U.S. Treasury Notes, 0.125% to 2.875%,
due 10/31/20 to 01/31/25 and U.S. Treasury Principal-Only
Stripped Securities, 0.000%, due 02/15/36 to 02/15/49. The
aggregate market value of the collateral, including accrued
interest, was $895,049,999.

Repurchase Agreements^(c) – (continued)

BNP Paribas – (continued)

1,980,000,000

0.920

^(d)

09/02/20

1,980,000,000

Maturity Value: $1,989,259,800

Settlement Date: 03/03/20

Collateralized by Federal Farm Credit Bank, 2.990%, due
07/18/34, Federal Home Loan Bank, 3.540% to 4.150%, due
11/26/30 to 05/28/36, Federal Home Loan Mortgage Corp.,
0.000% to 6.000%, due 09/01/21 to 07/01/50, Federal National
Mortgage Association, 2.000% to 8.000%, due 06/22/21 to
08/01/50, Government National Mortgage Association, 2.500%
to 6.500%, due 10/15/26 to 07/20/50, U.S. Treasury Bills,
0.000%, due 10/15/20 to 04/22/21, U.S. Treasury Bonds,
2.750% to 6.250%, due 08/15/23 to 02/15/48, U.S. Treasury
Inflation-Indexed Bonds, 1.750% to 3.875%, due 01/15/25 to
02/15/41, U.S. Treasury Inflation-Indexed Notes, 0.125% to
0.875%, due 07/15/22 to 01/15/29, U.S. Treasury Interest-Only
Stripped Securities, 0.000%, due 08/15/25 to 05/15/48, U.S.
Treasury Notes, 0.125% to 3.125%, due 10/15/20 to 05/15/30
and U.S. Treasury Principal-Only Stripped Securities, 0.000%,
due 02/15/36 to 11/15/48. The aggregate market value of the
collateral, including accrued interest, was $2,020,348,160.

1,990,000,000

0.110

^(d)(e)

09/07/20

1,990,000,000

Maturity Value: $1,990,553,331

995,000,000

0.120

^(d)

09/07/20

995,000,000

Maturity Value: $995,205,631

Settlement Date: 08/18/20

Collateralized by Federal Farm Credit Bank, 3.270% to 3.980%,
due 09/14/37 to 04/05/38,Federal Home Loan Bank, 3.900% to
5.250%, due 12/09/22 to 02/25/36,Federal Home Loan
Mortgage Corp., 0.375% to 4.500%, due 05/05/23 to 07/01/50,
Federal Home Loan Mortgage Corp. Stripped Securities,
0.000%, due 03/15/28 to 07/15/32, Federal National Mortgage
Association, 2.500% to 6.000%, due 03/01/24 to 10/01/49,
Federal National Mortgage Association Stripped Securities,
0.000%, due 05/15/22 to 05/15/29, Government National
Mortgage Association, 2.500% to 6.500%, due 12/15/26 to
11/20/49, U.S. Treasury Bills, 0.000%, due 09/17/20 to
07/15/21, U.S. Treasury Bonds, 4.375% to 8.125%, due
05/15/21 to 05/15/40, U.S. Treasury Inflation-Indexed Bonds,
0.750% to 3.875%, due 01/15/27 to 02/15/48, U.S. Treasury
Inflation-Indexed Notes, 0.125% to 0.375%, due 04/15/22 to
07/15/25, U.S. Treasury Interest-Only Stripped Securities,
0.000%, due 08/15/25 to 02/15/47, U.S. Treasury Notes,
0.125% to 2.875%, due 09/15/21 to 08/15/25 and U.S. Treasury
Principal-Only Stripped Securities, 0.000%, due 02/15/36 to
11/15/48. The aggregate market value of the collateral,
including accrued interest, was $1,015,518,983.


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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

August 31, 2020

Principal
Amount

Interest
Rate

Maturity
Date

Amortized
Cost

Repurchase Agreements^(c) – (continued)

BNP Paribas – (continued)

1,245,000,000

0.120

% ^(d)

09/07/20

1,245,000,000

Maturity Value: $1,245,377,646

Settlement Date: 07/24/20

Collateralized by U.S. Treasury Bills, 0.000%, due 09/08/20 to
08/12/21, U.S. Treasury Bonds, 1.125% to 8.125%, due
02/15/21 to 11/15/48, U.S. Treasury Floating Rate Notes,
0.160% to 0.219%, due 04/30/22 to 07/31/22, U.S. Treasury
Inflation-Indexed Bonds, 1.375% to 3.875%, due 01/15/27 to
02/15/44, U.S. Treasury Inflation-Indexed Notes, 0.125% to
0.875%, due 04/15/21 to 01/15/29, U.S. Treasury Interest-Only
Stripped Securities, 0.000%, due 08/15/22 to 08/15/46, U.S.
Treasury Notes, 0.250% to 3.125%, due 10/15/20 to 02/15/30
and U.S. Treasury Principal-Only Stripped Securities, 0.000%,
due 08/15/24 to 05/15/42. The aggregate market value of the
collateral, including accrued interest, was $1,269,900,003.

497,000,000

0.130

^(d)

09/07/20

497,000,000

Maturity Value: $497,163,319

Settlement Date: 07/24/20

Collateralized by Federal Home Loan Mortgage Corp. Stripped
Security, 0.000%, due 07/15/32, Federal National Mortgage
Association, 2.500% to 4.500%, due 08/01/35 to 09/01/50,
Federal National Mortgage Association Stripped Security,
0.000%, due 03/23/28, U.S. Treasury Bills, 0.000%, due
09/08/20 to 05/20/21, U.S. Treasury Bonds, 1.125% to 7.625%,
due 02/15/23 to 08/15/40, U.S. Treasury Floating Rate Notes,
0.160% to 0.219%, due 04/30/22 to 07/31/22, a U.S. Treasury
Inflation-Indexed Bond, 2.375%, due 01/15/27, U.S. Treasury
Inflation-Indexed Notes, 0.125% to 0.500%, due 04/15/21 to
01/15/28, U.S. Treasury Interest-Only Stripped Securities,
0.000%, due 11/15/28 to 05/15/48, U.S. Treasury Notes,
0.125% to 2.875%, due 01/31/21 to 05/31/26 and U.S. Treasury
Principal-Only Stripped Securities, 0.000%, due 05/15/43 to
08/15/49. The aggregate market value of the collateral,
including accrued interest, was $507,048,989.

2,985,000,000

0.140

^(d)

09/07/20

2,985,000,000

Maturity Value: $2,986,056,361

Settlement Date: 07/10/20

Collateralized by Federal Home Loan Bank, 4.000%, due
10/24/29 to 07/19/33, Federal Home Loan Mortgage Corp.,
0.375% to 4.500%, due 04/20/23 to 01/01/49, Federal National
Mortgage Association, 2.500% to 6.000%, due 01/11/22 to
09/01/50, Government National Mortgage Association, 2.500%
to 4.500%, due 04/20/41 to 05/20/50, U.S. Treasury Bills,
0.000%, due 09/08/20 to 07/15/21, U.S. Treasury Bonds,
2.875% to 8.125%, due 05/15/21 to 11/15/46, a U.S. Treasury
Floating Rate Note, 0.259%, due 01/31/22, U.S. Treasury
Inflation-Indexed Bonds, 0.875% to 3.625%, due 01/15/26 to
02/15/47, U.S. Treasury Inflation-Indexed Notes, 0.125% to
0.875%, due 04/15/21 to 01/15/30, U.S. Treasury Interest-Only
Stripped Securities, 0.000%, due 02/15/27 to 08/15/48, U.S.
Treasury Notes, 0.125% to 3.000%, due 09/30/20 to 05/15/30
and U.S. Treasury Principal-Only Stripped Securities, 0.000%,
due 05/15/42 to 08/15/47. The aggregate market value of the
collateral, including accrued interest, was $3,045,480,125.

Repurchase Agreements^(c) – (continued)

BNP Paribas (Overnight MBS + 0.02%)

500,000,000

0.110

^(a)(d)

09/01/20

500,000,000

Maturity Value: $502,549,898

Settlement Date: 02/23/16

Collateralized by Federal Farm Credit Bank, 3.650%, due
06/12/28, Federal Home Loan Mortgage Corp., 0.000% to
4.500%, due 12/11/25 to 04/01/30, Federal National Mortgage
Association, 2.500%, due 09/01/50, Federal National Mortgage
Association Stripped Security, 0.000%, due 05/15/22,
Government National Mortgage Association, 3.000% to
5.000%, due 08/15/33 to 07/15/47, U.S. Treasury Bills,
0.000%, due 09/08/20 to 01/28/21, U.S. Treasury Bonds,
3.625% to 4.375%, due 05/15/40 to 08/15/43, a U.S. Treasury
Inflation-Indexed Bond, 0.750%, due 02/15/45, a U.S. Treasury
Inflation-Indexed Note, 0.500%, due 01/15/28, U.S. Treasury
Interest-Only Stripped Securities, 0.000%, due 05/15/34 to
05/15/43, U.S. Treasury Notes, 0.125% to 3.125%, due
10/15/20 to 11/15/28 and U.S. Treasury Principal-Only
Stripped Securities, 0.000%, due 02/15/40 to 05/15/50. The
aggregate market value of the collateral, including accrued
interest, was $510,094,601.

550,000,000

0.110

^(a)(d)

09/01/20

550,000,000

Maturity Value: $552,793,124

Settlement Date: 02/23/16

Collateralized by Government National Mortgage Association,
4.000%, due 02/20/49, U.S. Treasury Bills, 0.000%, due
09/17/20 to 05/20/21, a U.S. Treasury Bond, 4.375%, due
05/15/40, a U.S. Treasury Floating Rate Note, 0.160%, due
07/31/22, U.S. Treasury Inflation-Indexed Bonds, 1.000% to
2.500%, due 01/15/29 to 02/15/48, U.S. Treasury Inflation-
Indexed Notes, 0.500%, due 04/15/24 to 01/15/28, U.S.
Treasury Interest-Only Stripped Securities, 0.000%, due
11/15/32 to 08/15/34 and U.S. Treasury Notes, 0.125% to
3.125%, due 10/31/20 to 08/31/27. The aggregate market value
of the collateral, including accrued interest, was $561,076,799.

BofA Securities, Inc.

400,000,000

0.020

09/01/20

400,000,000

Maturity Value: $400,000,222

Collateralized by U.S. Treasury Notes, 0.125% to 2.875%, due
08/15/23 to 11/30/25. The aggregate market value of the
collateral, including accrued interest, was $408,000,070.

162,600,000

0.090

09/01/20

162,600,000

Maturity Value: $162,600,407

Collateralized by Federal Home Loan Mortgage Corp., 2.500% to
4.500%, due 05/01/44 to 09/01/50 and Federal National
Mortgage Association, 1.500% to 4.500%, due 07/01/29 to
09/01/50. The aggregate market value of the collateral,
including accrued interest, was $167,477,999.


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

FINANCIAL SQUARE GOVERNMENT FUND


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

Repurchase Agreements^(c) – (continued)
	Canadian Imperial Bank of Commerce
$	497,000,000		0.120	% ^(d)		09/07/20	$	497,000,000
	Maturity Value: $497,152,412
	Settlement Date: 07/28/20
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 4.000%, due 06/01/42 to 07/01/50, Federal National Mortgage Association, 2.000% to 4.500%, due 10/01/45 to 06/01/50, Government National Mortgage Association, 4.000%, due 01/15/41, a U.S. Treasury Bond, 2.875%, due 11/15/46, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 01/15/27 and U.S. Treasury Notes, 0.125% to 2.625%, due 05/31/22 to 04/30/24. The aggregate market value of the collateral, including accrued interest, was $511,907,297.
	497,000,000		0.120	^(d)		09/07/20		497,000,000
	Maturity Value: $497,150,755
	Settlement Date: 07/29/20
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 3.500%, due 11/01/47 to 07/01/50 and Federal National Mortgage Association, 2.500% to 4.000%, due 05/01/42 to 07/01/50. The aggregate market value of the collateral, including accrued interest, was $511,909,997.
	450,000,000		0.200	^(d)		09/07/20		450,000,000
	Maturity Value: $450,455,004
	Settlement Date: 04/22/20
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 5.000%, due 01/01/29 to 02/01/50, Federal National Mortgage Association, 2.500% to 5.000%, due 10/01/35 to 07/01/50, Government National Mortgage Association, 3.000% to 4.500%, due 01/15/41 to 07/20/50, U.S. Treasury Bonds, 2.375% to 3.125%, due 11/15/46 to 11/15/49, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 01/15/27 and U.S. Treasury Notes, 0.125% to 2.625%, due 05/31/22 to 12/31/23. The aggregate market value of the collateral, including accrued interest, was $463,496,739.

	Citigroup Global Markets, Inc. (Overnight MBS + 0.01%)
	1,000,000,000		0.100	^(a)		09/04/20		1,000,000,000
	Maturity Value: $1,001,888,904
	Settlement Date: 11/01/18
	Collateralized by Federal Farm Credit Bank, 1.900% to 3.780%, due 09/04/20 to 12/04/36,Federal Home Loan Bank, 0.125% to 5.625%, due 09/11/20 to 07/15/36,Federal Home Loan Mortgage Corp., 0.000% to 8.500%, due 11/24/20 to 03/01/50, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 09/15/25 to 07/15/32, Federal National Mortgage Association, 0.250% to 8.500%, due 11/30/20 to 09/01/50, Federal National Mortgage Association Stripped Security, 0.000%, due 05/15/30, Government National Mortgage Association, 2.500% to 10.000%, due 10/15/20 to 11/20/49, Tennessee Valley Authority, 0.000% to 5.980%, due 02/15/21 to 09/15/65, U.S. Treasury Bills, 0.000%, due 09/08/20 to 03/25/21, U.S. Treasury Bonds, 1.250% to 8.125%, due 02/15/21 to 08/15/50, U.S. Treasury Floating Rate Notes, 0.220% to 0.405%, due 01/31/21 to 10/31/21, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 3.875%, due 01/15/27 to 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.625%, due 01/15/24 to 04/15/25 and U.S. Treasury Notes, 0.125% to 3.125%, due 11/30/20 to 05/15/28. The aggregate market value of the collateral, including accrued interest, was $1,019,999,995.


Repurchase Agreements^(c) – (continued)
	Credit Agricole Corporate and Investment Bank
	150,000,000		0.020			09/01/20		150,000,000
	Maturity Value: $150,000,083
	Collateralized by U.S. Treasury Bonds, 4.375% to 4.625%, due 02/15/40 to 05/15/40 and U.S. Treasury Inflation-Indexed Bonds, 0.250% to 2.125%, due 02/15/40 to 02/15/50. The aggregate market value of the collateral, including accrued interest, was $153,000,090.
	250,000,000		0.090			09/01/20		250,000,000
	Maturity Value: $250,000,625
	Collateralized by Government National Mortgage Association, 2.500% to 5.000%, due 09/15/39 to 02/20/50. The aggregate market value of the collateral, including accrued interest, was $257,499,999.

	Daiwa Capital Markets America Inc.
	62,019,583		0.100			09/01/20		62,019,583
	Maturity Value: $62,019,755
	Collateralized by a U.S. Treasury Note, 2.875%, due 05/15/28. The market value of the collateral, including accrued interest, was $63,259,975.
	62,826,286		0.100			09/01/20		62,826,286
	Maturity Value: $62,826,461
	Collateralized by a U.S. Treasury Note, 2.750%, due 02/15/28. The market value of the collateral, including accrued interest, was $64,082,812.
	65,745,749		0.100			09/01/20		65,745,749
	Maturity Value: $65,745,932
	Collateralized by a U.S. Treasury Note, 2.000%, due 11/15/26. The market value of the collateral, including accrued interest, was $67,060,664.
	67,389,705		0.100			09/01/20		67,389,705
	Maturity Value: $67,389,892
	Collateralized by a U.S. Treasury Note, 1.375%, due 08/31/26. The market value of the collateral, including accrued interest, was $68,737,499.
	82,536,763		0.100			09/01/20		82,536,763
	Maturity Value: $82,536,992
	Collateralized by a U.S. Treasury Note, 2.750%, due 06/30/25. The market value of the collateral, including accrued interest, was $84,187,498.
	83,231,923		0.100			09/01/20		83,231,923
	Maturity Value: $83,232,154
	Collateralized by a U.S. Treasury Note, 2.000%, due 06/30/24. The market value of the collateral, including accrued interest, was $84,896,561.
	93,272,058		0.100			09/01/20		93,272,058
	Maturity Value: $93,272,317
	Collateralized by a U.S. Treasury Note, 2.250%, due 11/15/25. The market value of the collateral, including accrued interest, was $95,137,499.
	105,024,508		0.100			09/01/20		105,024,508
	Maturity Value: $105,024,800
	Collateralized by a U.S. Treasury Note, 2.500%, due 03/31/23. The market value of the collateral, including accrued interest, was $107,124,998.


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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

August 31, 2020


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

Repurchase Agreements^(c) – (continued)
	Daiwa Capital Markets America Inc. – (continued)
$	106,421,567		0.100	%		09/01/20	$	106,421,567
	Maturity Value: $106,421,863
	Collateralized by a U.S. Treasury Note, 1.875%, due 09/30/22. The market value of the collateral, including accrued interest, was $108,549,998.
	121,377,204		0.100			09/01/20		121,377,204
	Maturity Value: $121,377,541
	Collateralized by a U.S. Treasury Note, 1.625%, due 10/31/26. The market value of the collateral, including accrued interest, was $123,804,748.
	140,735,231		0.100			09/01/20		140,735,231
	Maturity Value: $140,735,622
	Collateralized by a U.S. Treasury Note, 1.625%, due 11/30/26. The market value of the collateral, including accrued interest, was $143,549,936.
	142,127,204		0.100			09/01/20		142,127,204
	Maturity Value: $142,127,599
	Collateralized by a U.S. Treasury Note, 0.500%, due 03/31/25. The market value of the collateral, including accrued interest, was $144,969,748.
	159,474,017		0.100			09/01/20		159,474,017
	Maturity Value: $159,474,460
	Collateralized by a U.S. Treasury Note, 2.875%, due 04/30/25. The market value of the collateral, including accrued interest, was $162,663,497.
	187,438,723		0.100			09/01/20		187,438,723
	Maturity Value: $187,439,244
	Collateralized by a U.S. Treasury Note, 2.125%, due 05/15/25. The market value of the collateral, including accrued interest, was $191,187,497.
	193,658,087		0.100			09/01/20		193,658,087
	Maturity Value: $193,658,625
	Collateralized by a U.S. Treasury Note, 2.875%, due 07/31/25. The market value of the collateral, including accrued interest, was $197,531,249.
	206,132,351		0.100			09/01/20		206,132,351
	Maturity Value: $206,132,924
	Collateralized by a U.S. Treasury Note, 1.625%, due 02/15/26. The market value of the collateral, including accrued interest, was $210,254,998.
	226,698,526		0.100			09/01/20		226,698,526
	Maturity Value: $226,699,156
	Collateralized by a U.S. Treasury Note, 2.625%, due 01/31/26. The market value of the collateral, including accrued interest, was $231,232,497.
	241,952,938		0.100			09/01/20		241,952,938
	Maturity Value: $241,953,610
	Collateralized by a U.S. Treasury Note, 2.375%, due 04/30/26. The market value of the collateral, including accrued interest, was $246,791,997.


Repurchase Agreements^(c) – (continued)
	Daiwa Capital Markets America Inc. – (continued)
	320,965,000		0.100			09/01/20		320,965,000
	Maturity Value: $320,965,892
	Collateralized by a U.S. Treasury Bond, 3.875%, due 08/15/40. The market value of the collateral, including accrued interest, was $327,384,300.
	330,972,577		0.100			09/01/20		330,972,577
	Maturity Value: $330,973,496
	Collateralized by a U.S. Treasury Floating Rate Note, 0.160%, due 07/31/22. The market value of the collateral, including accrued interest, was $337,592,029.

	Deutsche Bank Securities Inc.
	2,000,000,000		0.090			09/01/20		2,000,000,000
	Maturity Value: $2,000,005,000
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 5.500%, due 01/01/27 to 08/01/50, Federal National Mortgage Association, 2.500% to 5.000%, due 03/01/26 to 09/01/50, Government National Mortgage Association, 4.000%, due 09/20/48, U.S. Treasury Bills, 0.000%, due 09/03/20 to 07/15/21, U.S. Treasury Bonds, 5.250% to 8.125%, due 05/15/21 to 05/15/30, U.S. Treasury Floating Rate Notes, 0.150% to 0.405%, due 10/31/20 to 10/31/21 and U.S. Treasury Notes, 0.125% to 3.125%, due 09/30/20 to 05/15/30. The aggregate market value of the collateral, including accrued interest, was $2,046,780,078.

	HSBC Bank PLC
	100,000,000		0.090			09/01/20		100,000,000
	Maturity Value: $100,000,250
	Collateralized by U.S. Treasury Bonds, 0.750% to 3.125%, due 02/15/42 to 02/15/50. The aggregate market value of the collateral, including accrued interest, was $102,000,067.
	250,000,000		0.090			09/01/20		250,000,000
	Maturity Value: $250,000,625
	Collateralized by Federal Farm Credit Bank, 0.600%, due 08/18/26, Federal Home Loan Bank, 3.250%, due 11/16/28, Federal Home Loan Mortgage Corp., 2.220% to 6.250%, due 07/15/32 to 07/13/40, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 09/15/20 to 09/15/26, Federal National Mortgage Association, 0.000% to 2.875%, due 09/12/23 to 03/17/31, a U.S. Treasury Bill, 0.000%, due 09/17/20 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/48. The aggregate market value of the collateral, including accrued interest, was $255,000,691.


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

FINANCIAL SQUARE GOVERNMENT FUND

Principal
Amount

Interest
Rate

Maturity
Date

Amortized
Cost

Repurchase Agreements^(c) – (continued)

HSBC Bank PLC (Overnight MBS + 0.01%)

2,250,000,000

0.100

% ^(a)

09/04/20

2,250,000,000

Maturity Value: $2,251,425,011

Settlement Date: 01/27/20

Collateralized by Federal Farm Credit Bank, 0.293% to 3.670%,
due 09/24/21 to 07/18/34, Federal Home Loan Bank, 2.000% to
3.200%, due 12/10/21 to 11/29/32, Federal Home Loan
Mortgage Corp., 0.250%, due 08/24/23, Federal Home Loan
Mortgage Corp. Stripped Securities, 0.000%, due 09/15/29 to
07/15/32, Federal National Mortgage Association, 0.875% to
6.625%, due 01/11/22 to 05/01/33, Federal National Mortgage
Association Stripped Securities, 0.000%, due 11/15/21 to
07/15/37, U.S. Treasury Bonds, 2.250% to 3.625%, due
02/15/42 to 08/15/49, a U.S. Treasury Floating Rate Note,
0.325%, due 07/31/21, U.S. Treasury Interest-Only Stripped
Securities, 0.000%, due 02/15/21 to 05/15/49, U.S. Treasury
Notes, 0.125% to 2.750%, due 11/15/20 to 08/31/25 and U.S.
Treasury Principal-Only Stripped Securities, 0.000%, due
11/15/20 to 05/15/49. The aggregate market value of the
collateral, including accrued interest, was $2,295,007,109.

HSBC Bank PLC (Overnight Treasury + 0.02%)

400,000,000

0.110

^(a)

09/04/20

400,000,000

Maturity Value: $400,523,119

Settlement Date: 07/11/19

Collateralized by a U.S. Treasury Bond, 2.500%, due 02/15/45
and U.S. Treasury Notes, 0.500% to 2.750%, due 07/15/21 to
02/15/30. The aggregate market value of the collateral,
including accrued interest, was $408,000,030.

1,025,000,000

0.110

^(a)

09/04/20

1,025,000,000

Maturity Value: $1,026,456,375

Settlement Date: 06/04/19

Collateralized by U.S. Treasury Bonds, 0.750% to 3.125%, due
02/15/42 to 02/15/47 and U.S. Treasury Notes, 0.259% to
3.125%, due 09/30/20 to 11/15/28. The aggregate market value
of the collateral, including accrued interest, was
$1,045,500,042.

ING Financial Markets LLC

300,000,000

0.090

09/01/20

300,000,000

Maturity Value: $300,000,750

Collateralized by Federal Home Loan Mortgage Corp., 3.500% to
4.500%, due 06/01/42 to 11/01/48, Federal National Mortgage
Association, 3.381% to 4.500%, due 05/01/42 to 01/01/57 and
Government National Mortgage Association, 4.500% to
5.000%, due 01/20/49 to 03/20/49. The aggregate market value
of the collateral, including accrued interest, was $306,000,001.

100,000,000

0.120

09/17/20

100,000,000

Maturity Value: $100,010,000

Settlement Date: 08/18/20

Collateralized by Federal Home Loan Mortgage Corp., 2.500%,
due 07/01/50, Federal National Mortgage Association, 3.381%
to 4.000%, due 10/01/44 to 09/01/57 and Government National
Mortgage Association, 3.000%, due 10/20/49. The aggregate
market value of the collateral, including accrued interest, was
$102,000,001.

Repurchase Agreements^(c) – (continued)

J.P. Morgan Securities LLC

1,250,000,000

0.090

09/01/20

1,250,000,000

Maturity Value: $1,250,003,125

Collateralized by Federal Farm Credit Bank, 2.990% to 5.700%,
due 10/25/27 to 12/23/39, Federal Home Loan Bank, 2.375% to
4.050%, due 03/14/25 to 06/06/33, Federal Home Loan
Mortgage Corp., 2.000% to 8.000%, due 03/01/24 to 08/01/50,
Federal National Mortgage Association, 0.375% to 5.000%,
due 01/05/22 to 08/01/50, Federal National Mortgage
Association Stripped Security, 0.000%, due 05/15/30 and
Government National Mortgage Association, 2.000% to
5.500%, due 03/20/32 to 08/20/50. The aggregate market value
of the collateral, including accrued interest, was
$1,286,088,282.

Joint Account I

1,250,000,000

0.070

09/01/20

1,250,000,000

Maturity Value: $1,250,002,431

Joint Account III

3,273,400,000

0.090

09/01/20

3,273,400,000

Maturity Value: $3,273,408,184

Mizuho Securities USA LLC

1,500,000,000

0.090

09/01/20

1,500,000,000

Maturity Value: $1,500,003,750

Collateralized by Federal Home Loan Mortgage Corp., 4.000% to
8.000%, due 05/01/25 to 04/01/47, Federal National Mortgage
Association, 2.000% to 8.500%, due 12/01/20 to 03/01/50 and
Government National Mortgage Association, 2.500% to
8.500%, due 08/15/27 to 11/20/49. The aggregate market value
of the collateral, including accrued interest, was
$1,545,000,007.

Morgan Stanley & Co. LLC

1,000,000,000

0.090

09/01/20

1,000,000,000

Maturity Value: $1,000,002,500

Collateralized by Federal Farm Credit Bank, 0.500% to 5.125%,
due 08/16/21 to 04/29/30, Federal Home Loan Bank, 0.000% to
3.500%, due 09/01/20 to 09/14/29, Federal Home Loan
Mortgage Corp., 0.375% to 6.750%, due 01/13/22 to 09/01/50
and Federal National Mortgage Association, 0.250% to
5.500%, due 09/06/22 to 01/01/57. The aggregate market value
of the collateral, including accrued interest, was
$1,021,295,300.

MUFG Securities Americas Inc.

1,850,000,000

0.090

09/01/20

1,850,000,000

Maturity Value: $1,850,004,625

Collateralized by Federal Home Loan Mortgage Corp., 2.000% to
6.000%, due 11/01/22 to 09/01/50 and Federal National
Mortgage Association, 2.000% to 6.000%, due 11/01/21 to
04/01/51. The aggregate market value of the collateral,
including accrued interest, was $1,905,499,996.

500,000,000

0.140

^(d)

09/07/20

500,000,000

Maturity Value: $500,120,556

Settlement Date: 07/16/20

Collateralized by Federal Home Loan Mortgage Corp., 2.500% to
4.500%, due 07/01/35 to 09/01/50 and Federal National
Mortgage Association, 2.000% to 6.000%, due 09/01/20 to
09/01/50. The aggregate market value of the collateral,
including accrued interest, was $515,000,002.


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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

August 31, 2020

Principal
Amount

Interest
Rate

Maturity
Date

Amortized
Cost

Repurchase Agreements^(c) – (continued)

MUFG Securities Americas Inc. (Overnight MBS + 0.08%)

250,000,000

0.170

% ^(a)

10/05/20

250,000,000

Maturity Value: $250,803,955

Settlement Date: 11/28/18

Shared collateral consisting of Federal Home Loan Mortgage
Corp., 2.500% to 5.500%, due 02/01/29 to 08/01/50 and
Federal National Mortgage Association, 1.500% to 6.000%,
due 09/01/21 to 09/01/50. The aggregate market value of the
collateral, including accrued interest, was $514,999,998.

250,000,000

0.170

^(a)

10/05/20

250,000,000

Maturity Value: $250,652,844

Settlement Date: 04/05/19

MUFG Securities Americas Inc. (Overnight Treasury + 0.02%)

400,000,000

0.090

^(a)

09/04/20

400,000,000

Maturity Value: $400,498,000

Settlement Date: 05/02/19

Collateralized by U.S. Treasury Bonds, 3.750% to 3.875%, due
08/15/40 to 08/15/41, U.S. Treasury Inflation-Indexed Bonds,
0.625% to 2.500%, due 01/15/29 to 02/15/44, U.S. Treasury
Inflation-Indexed Notes, 0.125% to 0.750%, due 04/15/22 to
01/15/30 and U.S. Treasury Notes, 0.125% to 3.000%, due
05/15/23 to 08/15/30. The aggregate market value of the
collateral, including accrued interest, was $408,000,084.

Natixis-New York Branch

500,000,000

0.090

09/01/20

500,000,000

Maturity Value: $500,001,250

Collateralized by Federal National Mortgage Association, 2.500%
to 4.000%, due 07/01/40 to 07/01/50, Federal National
Mortgage Association Stripped Security, 0.000%, due
05/15/30, Government National Mortgage Association, 3.500%
to 9.000%, due 04/20/21 to 07/20/50, a U.S. Treasury Bill,
0.000%, due 05/20/21, U.S. Treasury Bonds, 1.375% to
8.000%, due 11/15/21 to 08/15/50, U.S. Treasury Inflation-
Indexed Bonds, 0.750% to 0.875%, due 02/15/42 to 02/15/47,
U.S. Treasury Inflation-Indexed Notes, 0.625%, due 04/15/23
to 01/15/26 and U.S. Treasury Notes, 1.125% to 2.875%, due
08/31/21 to 05/15/28. The aggregate market value of the
collateral, including accrued interest, was $513,022,877.

Nomura Securities International, Inc.

11,600,000

0.090

09/01/20

11,600,000

Maturity Value: $11,600,029

Collateralized by Federal Home Loan Mortgage Corp. Stripped
Security, 0.000%, due 03/15/31, Tennessee Valley Authority,
0.000%, due 09/15/39 and a U.S. Treasury Interest-Only
Stripped Security, 0.000%, due 05/15/38. The aggregate market
value of the collateral, including accrued interest, was
$11,832,000.

Repurchase Agreements^(c) – (continued)

Nomura Securities International, Inc. – (continued)

3,500,000,000

0.090

09/01/20

3,500,000,000

Maturity Value: $3,500,008,750

Collateralized by Federal Farm Credit Bank, 0.875% to 3.470%,
due 10/13/22 to 03/09/38,Federal Home Loan Bank, 0.000% to
5.500%, due 09/17/20 to 07/15/36,Federal Home Loan
Mortgage Corp., 0.125% to 6.750%, due 08/12/21 to 07/01/50,
Federal Home Loan Mortgage Corp. Stripped Securities,
0.000%, due 03/15/31 to 07/15/31, Federal National Mortgage
Association, 0.360% to 7.125%, due 09/16/20 to 09/01/50,
Federal National Mortgage Association Stripped Securities,
0.000%, due 09/23/27 to 05/15/30, Government National
Mortgage Association, 3.500% to 5.000%, due 05/15/41 to
01/20/50, Tennessee Valley Authority, 0.000% to 4.875%, due
03/15/23 to 04/01/56, U.S. Treasury Bills, 0.000%, due
01/05/21 to 02/25/21, U.S. Treasury Bonds, 2.500% to 6.625%,
due 02/15/27 to 11/15/46, U.S. Treasury Inflation-Indexed
Bonds, 0.625% to 1.750%, due 01/15/28 to 02/15/46, U.S.
Treasury Inflation-Indexed Notes, 0.125% to 0.625%, due
04/15/22 to 01/15/30, U.S. Treasury Interest-Only Stripped
Securities, 0.000%, due 05/15/24 to 02/15/45 and U.S.
Treasury Notes, 1.375% to 2.875%, due 10/31/20 to 11/15/24.
The aggregate market value of the collateral, including accrued
interest, was $3,570,911,729.

Norinchukin Bank (The)

700,000,000

0.140

09/03/20

700,000,000

Maturity Value: $700,076,222

Settlement Date: 08/06/20

Collateralized by a U.S. Treasury Bond, 6.125%, due 08/15/29,
U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.125%, due
01/15/21 to 01/15/27 and U.S. Treasury Notes, 2.000%, due
06/30/24 to 11/15/26. The aggregate market value of the
collateral, including accrued interest, was $714,000,046.

Northwestern Mutual Life Insurance Company

516,600,000

0.100

09/01/20

516,600,000

Maturity Value: $516,601,435

Collateralized by a U.S. Treasury Bond, 6.375%, due 08/15/27.
The market value of the collateral, including accrued interest,
was $526,932,000.

Prudential Insurance Company of America (The)

8,595,000

0.100

09/01/20

8,595,000

Maturity Value: $8,595,024

Collateralized by a U.S. Treasury Interest-Only Stripped Security,
0.000%, due 05/15/26. The market value of the collateral,
including accrued interest, was $8,766,900.

10,813,125

0.100

09/01/20

10,813,125

Maturity Value: $10,813,155

Collateralized by a U.S. Treasury Bond, 6.625%, due 02/15/27.
The market value of the collateral, including accrued interest,
was $11,029,388.

15,270,000

0.100

09/01/20

15,270,000

Maturity Value: $15,270,042

Collateralized by a U.S. Treasury Bond, 2.875%, due 05/15/43.
The market value of the collateral, including accrued interest,
was $15,575,400.


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

FINANCIAL SQUARE GOVERNMENT FUND


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

Repurchase Agreements^(c) – (continued)
	Prudential Insurance Company of America (The) – (continued)
$	18,187,500		0.100	%		09/01/20	$	18,187,500
	Maturity Value: $18,187,551
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/41. The market value of the collateral, including accrued interest, was $18,551,250.
	21,156,250		0.100			09/01/20		21,156,250
	Maturity Value: $21,156,309
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/33. The market value of the collateral, including accrued interest, was $21,579,375.
	21,562,500		0.100			09/01/20		21,562,500
	Maturity Value: $21,562,560
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/32. The market value of the collateral, including accrued interest, was $21,993,750.
	22,823,750		0.100			09/01/20		22,823,750
	Maturity Value: $22,823,813
	Collateralized by a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/41. The market value of the collateral, including accrued interest, was $23,280,225.
	25,110,000		0.100			09/01/20		25,110,000
	Maturity Value: $25,110,070
	Collateralized by a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/43. The market value of the collateral, including accrued interest, was $25,612,200.
	25,451,250		0.100			09/01/20		25,451,250
	Maturity Value: $25,451,321
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/38. The market value of the collateral, including accrued interest, was $25,960,275.
	26,125,000		0.100			09/01/20		26,125,000
	Maturity Value: $26,125,073
	Collateralized by a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/44. The market value of the collateral, including accrued interest, was $26,647,500.
	27,212,500		0.100			09/01/20		27,212,500
	Maturity Value: $27,212,576
	Collateralized by a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/39. The market value of the collateral, including accrued interest, was $27,756,750.
	31,350,000		0.100			09/01/20		31,350,000
	Maturity Value: $31,350,087
	Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/35. The market value of the collateral, including accrued interest, was $31,977,000.
	33,906,250		0.100			09/01/20		33,906,250
	Maturity Value: $33,906,344
	Collateralized by a U.S. Treasury Bond, 3.125%, due 05/15/48. The market value of the collateral, including accrued interest, was $34,584,375.
	34,625,000		0.100			09/01/20		34,625,000
	Maturity Value: $34,625,096
	Collateralized by a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/43. The market value of the collateral, including accrued interest, was $35,317,500.


Repurchase Agreements^(c) – (continued)
	Prudential Insurance Company of America (The) – (continued)
	36,000,000		0.100			09/01/20		36,000,000
	Maturity Value: $36,000,100
	Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/36. The market value of the collateral, including accrued interest, was $36,720,000.
	56,643,750		0.100			09/01/20		56,643,750
	Maturity Value: $56,643,907
	Collateralized by a U.S. Treasury Bond, 2.750%, due 08/15/47. The market value of the collateral, including accrued interest, was $57,776,625.
	60,468,750		0.100			09/01/20		60,468,750
	Maturity Value: $60,468,918
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/36. The market value of the collateral, including accrued interest, was $61,678,125.
	96,562,500		0.100			09/01/20		96,562,500
	Maturity Value: $96,562,768
	Collateralized by a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/47. The market value of the collateral, including accrued interest, was $98,493,750.
	107,625,000		0.100			09/01/20		107,625,000
	Maturity Value: $107,625,299
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/41. The market value of the collateral, including accrued interest, was $109,777,500.
	127,250,000		0.100			09/01/20		127,250,000
	Maturity Value: $127,250,353
	Collateralized by a U.S. Treasury Bond, 2.875%, due 08/15/45. The market value of the collateral, including accrued interest, was $129,795,000.
	153,832,500		0.100			09/01/20		153,832,500
	Maturity Value: $153,832,927
	Collateralized by a U.S. Treasury Bond, 2.500%, due 02/15/45. The market value of the collateral, including accrued interest, was $156,909,150.
	189,750,000		0.100			09/01/20		189,750,000
	Maturity Value: $189,750,527
	Collateralized by a U.S. Treasury Note, 0.000%, due 08/15/27. The market value of the collateral, including accrued interest, was $193,545,000.

	Royal Bank of Canada
	1,750,000,000		0.090			09/01/20		1,750,000,000
	Maturity Value: $1,750,004,375
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 4.500%, due 10/01/30 to 09/01/50 and Federal National Mortgage Association, 2.000% to 5.550%, due 01/01/24 to 08/01/59. The aggregate market value of the collateral, including accrued interest, was $1,785,000,005.
	995,000,000		0.120	^(d)		09/07/20		995,000,000
	Maturity Value: $995,305,130
	Settlement Date: 08/17/20
	Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 4.500%, due 02/01/42 to 09/01/50 and Federal National Mortgage Association, 2.000% to 4.000%, due 02/01/44 to 08/01/59. The aggregate market value of the collateral, including accrued interest, was $1,014,900,000.


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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

August 31, 2020


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

Repurchase Agreements^(c) – (continued)
	Royal Bank of Canada – (continued)
$	1,990,000,000		0.130	% ^(d)		09/07/20	$	1,990,000,000
	Maturity Value: $1,990,646,748
	Settlement Date: 07/10/20
	Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 4.500%, due 08/01/42 to 05/01/49 and Federal National Mortgage Association, 2.000% to 4.500%, due 10/01/26 to 08/01/50. The aggregate market value of the collateral, including accrued interest, was $2,029,800,002.
	2,485,000,000		0.130	^(d)		09/07/20		2,485,000,000
	Maturity Value: $2,485,807,623
	Settlement Date: 07/17/20
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 4.500%, due 04/01/33 to 09/01/50 and Federal National Mortgage Association, 2.000% to 5.500%, due 07/01/28 to 04/01/59. The aggregate market value of the collateral, including accrued interest, was $2,534,699,997.
	2,485,000,000		0.130	^(d)		09/07/20		2,485,000,000
	Maturity Value: $2,485,816,596
	Settlement Date: 07/20/20
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 4.500%, due 08/01/42 to 09/01/50 and Federal National Mortgage Association, 2.000% to 4.500%, due 08/01/35 to 08/01/50. The aggregate market value of the collateral, including accrued interest, was $2,534,700,000.

	Sumitomo Mitsui Banking Corp.
	1,500,000,000		0.090			09/01/20		1,500,000,000
	Maturity Value: $1,500,003,750
	Collateralized by Federal National Mortgage Association, 2.000% to 3.000%, due 07/01/49 to 07/01/50. The aggregate market value of the collateral, including accrued interest, was $1,545,003,863.

	Wells Fargo Securities, LLC
	350,000,000		0.020			09/01/20		350,000,000
	Maturity Value: $350,000,194
	Collateralized by U.S. Treasury Bills, 0.000%, due 09/10/20 to 10/20/20 and a U.S. Treasury Note, 0.125%, due 06/30/22. The aggregate market value of the collateral, including accrued interest, was $357,000,087.
	500,000,000		0.090			09/03/20		500,000,000
	Maturity Value: $500,008,750
	Settlement Date: 08/27/20
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 5.500%, due 09/01/26 to 11/01/49. The aggregate market value of the collateral, including accrued interest, was $515,000,002.

	TOTAL REPURCHASE AGREEMENTS						$	60,507,620,625

	TOTAL INVESTMENTS – 100.7%						$	219,728,933,750

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.7)%							(1,523,625,543	)

	NET ASSETS – 100.0%						$	218,205,308,207



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

(a)		Variable or floating 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 August 31, 2020.

(b)		All or a portion represents a forward commitment.

(c)		Unless noted, all repurchase agreements were entered into on August 31, 2020. Additional information on Joint Repurchase Agreement Account I and III appears in the Additional Investment Information section.

(d)		The instrument is subject to a demand feature.

(e)		All or a portion represents a forward commitment. Forward settling repurchase agreements will be collateralized at settlement.



Investment Abbreviations:
FEDL01		—US Federal Funds Effective Rate
LIBOR		—London Interbank Offered Rates
MMY		—Money Market Yield
Prime		—Federal Reserve Bank Prime Loan Rate US
SOFR		—Secured Overnight Financing Rate
T-Bill		—Treasury Bill


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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments

August 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Commercial Paper and Corporate Obligations – 19.0%
	Albion Capital LLC
$	35,000,000		0.142	%		09/04/20	$	34,999,650
	16,403,000		0.214			11/13/20		16,398,482
	4,404,000		0.203			11/25/20		4,402,464
	Alpine Securitization LLC
	35,000,000		0.244			11/02/20		34,985,361
	Antalis S.A.
	18,000,000		0.244			11/09/20		17,994,400
	Atlantic Asset Securitization LLC
	25,000,000		0.285			09/15/20		24,993,750
	BNG Bank N.V.
	39,000,000		1.248			09/01/20		38,999,918
	Chevron Corp.
	30,000,000		2.575			10/01/20		29,997,933
	China Construction Bank Corp.
	20,000,000		0.560			09/21/20		19,997,585
	35,000,000		0.387			09/29/20		34,993,092
	Citigroup Global Markets Inc.
	30,000,000		1.331			10/16/20		29,995,592
	CNPC Finance (HK) Ltd.
	30,000,000		0.468			09/01/20		29,999,897
	Cooeperatieve Rabobank U.A.
	150,000,000		0.081			09/01/20		149,999,621
	Dexia Credit Local
	19,543,000		0.153			09/08/20		19,542,609
	35,000,000		0.203			11/18/20		34,991,782
	Exxon Mobil Corp.
	85,000,000		2.314			09/28/20		84,994,778
	First Abu Dhabi Bank P.J.S.C.
	33,000,000		0.254			10/14/20		32,995,361
	30,000,000		0.214			11/13/20		29,991,737
	Industrial & Commercial Bank of China Ltd.-New York Branch
	39,000,000		0.295			11/30/20		38,971,312
	Ionic Capital II Trust
	21,671,000		0.458			10/08/20		21,663,840
	Landesbank Hessen-Thueringen Girozentrale
	55,000,000		0.817			10/26/20		54,989,134
	LMA-Americas LLC
	20,000,000		0.305			10/09/20		19,996,295
	Manhattan Asset Funding Company LLC
	20,687,000		0.295			09/17/20		20,686,267
	15,400,000		0.315			09/21/20		15,398,886
	Matchpoint Finance PLC
	50,000,000		0.305			09/28/20		49,994,595
	20,000,000		0.214			11/02/20		19,994,750
	Mitsubishi UFJ Trust and Banking Corp.-Singapore Branch
	30,000,000		0.214			11/09/20		29,992,242
	MUFG Bank Ltd.
	42,008,000		2.750	^(a)		09/14/20		42,040,956
	Nordea Bank ABP
	40,000,000		0.173			11/23/20		39,986,560
	NRW.Bank
	33,310,000		0.173			11/20/20		33,297,859
	Ridgefield Funding Company, LLC
	75,000,000		0.315			10/05/20		74,988,188
	50,000,000		0.214			11/04/20		49,987,993


Commercial Paper and Corporate Obligations – (continued)
	Salisbury Receivables Company LLC
	12,720,000		0.163			09/03/20		12,719,905
	Societe Generale
	13,000,000		0.479			11/12/20		12,996,204
	Thunder Bay Funding, LLC
	15,000,000		0.530			10/22/20		14,997,443
	Versailles Commercial Paper LLC
	15,000,000		0.275			10/06/20		14,997,570
	10,000,000		0.275			10/07/20		9,998,335

	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS
	(Cost $1,247,571,133)						$	1,247,972,346



Certificate of Deposit-Eurodollar – 0.3%
	Sumitomo Mitsui Trust Bank, Ltd.
$	20,000,000		1.020	%		09/09/20	$	19,999,250
	(Cost $19,995,490)



Certificates of Deposit-Yankeedollar – 4.3%
	Banco Del Estado De Chile
$	11,415,000		0.250	%		11/06/20	$	11,416,380
	China Construction Bank Corp.
	20,000,000		0.380			11/06/20		19,998,657
	Mizuho Bank, Ltd-New York Branch
	10,000,000		0.290			10/14/20		10,001,661
	National Bank of Kuwait S.A.K.P
	30,000,000		0.300			11/09/20		30,002,154
	40,000,000		0.300			11/16/20		40,001,707
	Norinchukin Bank (The)
	20,000,000		0.300			09/01/20		20,000,122
	21,000,000		0.970			09/08/20		21,004,090
	20,000,000		0.320			09/18/20		20,001,969
	20,000,000		0.220			11/06/20		20,001,301
	15,350,000		0.210			11/24/20		15,350,471
	Sumitomo Mitsui Banking Corp.
	35,000,000		0.300			09/25/20		35,004,421
	40,000,000		0.200			11/04/20		40,003,392

	TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR
	(Cost $282,765,000)						$	282,786,325



Time Deposit – 12.6%
	Bank of New York Mellon (The)
$	250,000,000		0.080	%		09/01/20	$	249,992,743
	Credit Industriel et Commercial
	100,000,000		0.100			09/01/20		99,997,152
	DNB Bank ASA
	83,000,000		0.080			09/01/20		83,000,000
	Nordea Bank ABP
	100,000,000		0.080			09/01/20		99,997,097
	Royal Bank of Canada
	150,000,000		0.090			09/01/20		149,995,688


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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments (continued)

August 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Time Deposit – (continued)
	Skandinaviska Enskilda Banken AB
$	150,000,000		0.080	%		09/01/20	$	149,995,645

	TOTAL TIME DEPOSIT
	(Cost $833,000,000)						$	832,978,325



U.S. Government Agency Obligations – 0.2%
	U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%)
$	10,000,000		0.140	%^(b)		09/07/20	$	10,000,000
	5,000,000		0.180	^(b)		09/07/20		5,000,000

	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
	(Cost $15,000,000)						$	15,000,000



U.S. Treasury Obligations – 30.8%
	United States Treasury Bills
$	118,600,000		0.092	%		09/01/20	$	118,600,000
	3,900,000		0.097			09/03/20		3,899,982
	116,100,000		0.102			09/03/20		116,099,468
	1,600,000		0.103			09/03/20		1,599,993
	1,600,000		0.097			09/10/20		1,599,964
	29,800,000		0.086			09/17/20		29,798,775
	5,700,000		0.081			09/22/20		5,699,692
	200,000		0.081			09/24/20		199,989
	9,700,000		0.158			09/24/20		9,699,442
	6,800,000		0.079			10/01/20		6,799,419
	5,200,000		0.081			10/01/20		5,199,556
	2,300,000		0.086			10/01/20		2,299,804
	1,300,000		0.153			10/06/20		1,299,877
	4,900,000		0.084			10/08/20		4,899,515
	10,100,000		0.086			10/08/20		10,099,001
	200,000		0.086			10/13/20		199,977
	1,800,000		0.092			10/13/20		1,799,790
	200,000		0.093			10/13/20		199,977
	9,000,000		0.147			10/13/20		8,998,950
	32,000,000		0.153			10/13/20		31,996,267
	2,700,000		0.142			10/15/20		2,699,670
	135,000,000		0.092			10/20/20		134,981,166
	200,000		0.142			10/20/20		199,972
	4,900,000		0.147			10/20/20		4,899,316
	5,600,000		0.112			10/22/20		5,599,167
	6,100,000		0.112			10/22/20		6,099,093
	25,000,000		0.122			10/22/20		24,996,281
	3,300,000		0.123			10/22/20		3,299,509
	10,400,000		0.153			10/22/20		10,398,453
	131,100,000		0.158			10/22/20		131,080,499
	450,000		0.092	^(c)		10/27/20		449,925
	100,000		0.153			10/27/20		99,983
	51,650,000		0.158			10/29/20		51,641,471
	1,100,000		0.122			11/03/20		1,099,827
	45,400,000		0.132			11/03/20		45,392,850
	1,200,000		0.133			11/03/20		1,199,811
	6,180,000		0.097			11/05/20		6,178,856
	55,275,000		0.102			11/05/20		55,264,770


U.S. Treasury Obligations – (continued)
	United States Treasury Bills – (continued)
	200,000		0.112			11/10/20		199,965
	3,000,000		0.107			11/12/20		2,999,370
	7,900,000		0.092			11/19/20		7,898,136
	200,000		0.097			11/19/20		199,953
	15,400,000		0.102			11/19/20		15,396,367
	72,300,000		0.107			11/19/20		72,282,944
	12,900,000		0.117			11/19/20		12,896,957
	28,120,000		0.122			11/19/20		28,113,366
	4,600,000		0.102			11/24/20		4,599,141
	10,900,000		0.107			11/24/20		10,897,965
	50,100,000		0.188			11/24/20		50,090,648
	19,100,000		0.097			11/27/20		19,094,865
	18,700,000		0.098			11/27/20		18,694,973
	55,500,000		0.102	^(c)		11/27/20		55,485,079
	141,000,000		0.112			12/01/20		140,966,140
	44,800,000		0.098			12/08/20		44,784,755
	130,800,000		0.107			12/08/20		130,755,491
	400,000		0.122			12/15/20		399,883
	33,100,000		0.105			12/17/20		33,088,932
	15,900,000		0.107			12/17/20		15,894,684
	69,100,000		0.112			12/17/20		69,076,895
	4,700,000		0.107			12/22/20		4,698,684
	34,100,000		0.148			12/22/20		34,090,452
	700,000		0.102			12/24/20		699,734
	5,800,000		0.107			12/24/20		5,797,796
	7,200,000		0.108			12/24/20		7,197,264
	30,100,000		0.112			12/24/20		30,088,562
	92,800,000		0.178			12/24/20		92,764,736
	3,200,000		0.124			12/29/20		3,198,836
	360,000		0.133			12/29/20		359,869
	1,300,000		0.112			01/19/21		1,299,419
	75,000,000		0.122			01/19/21		74,966,459
	6,700,000		0.114			01/26/21		6,696,580
	72,000,000		0.117			01/26/21		71,963,250
	3,900,000		0.117	^(c)		02/02/21		3,898,165
	9,000,000		0.112			02/18/21		8,994,900
	65,100,000		0.122			02/18/21		65,063,110
	27,500,000		0.122			02/25/21		27,483,099
	21,500,000		0.117	^(c)		03/04/21		21,487,057

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $2,041,095,464)						$	2,041,134,538



Variable Rate Municipal Debt Obligations^(d) – 7.7%
	Alaska Housing Finance Corp. VRDN RB Refunding for State Capital Project Bonds II Series 2017 B
$	18,600,000		0.180	%		09/07/20	$	18,600,000
	Alaska Housing Finance Corp. VRDN RB Refunding for State Capital Project Bonds II Series 2017 B
	45,800,000		0.090			09/07/20		45,800,000
	City of Murray, Utah Hospital VRDN RB for IHC Health Services, Inc. Series 2003 A
	30,000,000		0.060			09/07/20		30,000,000


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

FINANCIAL SQUARE MONEY MARKET FUND


Principal Amount		Interest Rate			Maturity Date		Value

Variable Rate Municipal Debt Obligations^(d) – (continued)
	City of Portland, Maine GO VRDN for Taxable Pension Bonds Series 2001 RMKT (Sumitomo Mitsui Banking Corp., SPA)
$	30,400,000		0.210	%		09/07/20	$	30,400,000
	Commonwealth of Massachusetts GO VRDN for Central Artery/ Ted Williams Tunnel Infrastructure Loan Act Series 2000 A RMKT (Citibank N.A., SPA)
	15,000,000		0.070			09/07/20		15,000,000
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2016 Subseries E-3 (Landesbank Hessen-Thueringen Girozentrale, SPA)
	24,570,000		0.080			09/07/20		24,570,000
	Connecticut Housing Finance Authority VRDN RB Mortgage Finance Program Series 2018 A, Subseries A-3 (Bank of America N.A. SPA)
	9,000,000		0.080			09/07/20		9,000,000
	Mass General Brigham Inc.
	150,000		0.090			09/07/20		150,000
	Michigan Finance Authority VRDN RB for School Loan Revolving Fund Series 2019 C (Bank of America N.A., LOC)
	20,000,000		0.130			09/07/20		20,000,000
	New Mexico Hospital Equipment Loan Council VRDN RB Refunding for Presbyterian Healthcare Services Series 2019 C (JPMorgan Chase Bank N.A., SPA)
	35,000,000		0.120			09/07/20		35,000,000
	Providence Health & Services Obligated Group VRDN RB Series 2012-E (U.S. Bank N.A., SBPA)
	60,000,000		0.250			09/07/20		60,000,000
	Providence St. Joseph Health Obligated Group VRDN Series 16G (Bank of Tokyo-Mitsubishi UFJ, LOC)
	35,950,000		0.170			09/07/20		35,950,000
	Regents of the University of California VRDN RB Taxable Series 2011 Z-1
	35,025,000		0.120			09/07/20		35,025,000
	State of Texas GO VRDN Refunding for Veterans Bonds Series 2011 C (FHLB, SPA)
	22,735,000		0.100			09/07/20		22,735,000
	State of Texas GO VRDN Veterans Bonds Series 2019 (JPMorgan Chase Bank N.A., SPA)
	52,000,000		0.090			09/07/20		52,000,000
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Texas Health Resources Series 2008 A
	16,000,000		0.090			09/07/20		16,000,000
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Texas Health Resources Series 2008 C
	15,000,000		0.090			09/07/20		15,000,000
	University of Colorado Hospital Authority VRDN RB Series 2019 A
	25,000,000		0.080			09/07/20		25,000,000
	Valdez Alaska Marine Terminal
	135,000		0.030			09/01/20		135,000
	Washington Health Care Facilities Authority Revenue Bonds Series 2012 C
	17,740,000		0.090			09/07/20		17,740,000


Variable Rate Municipal Debt Obligations^(d) – (continued)
	Washington Health Care Facilities Authority VRDN RB Series 2012 D
	8,550,000		0.090			09/07/20		8,550,000

	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS
	(Cost $516,654,989)						$	516,655,000



Variable Rate Obligations^(b) – 13.0%
	Bank of Montreal (3 Mo. LIBOR + 0.08%)
$	60,550,000		0.395	%		09/11/20	$	60,551,966
	Bank of Montreal (1 Mo. LIBOR + 0.30%)
	10,000,000		0.455			10/09/20		10,003,263
	Bank of Nova Scotia (The) (FEDL01 + 0.40%)
	29,650,000		0.490			09/14/20		29,652,666
	BNP Paribas-New York Branch (3 Mo. LIBOR + 0.20%)
	15,485,000		0.468			10/09/20		15,488,657
	Collateralized Commercial Paper Flex Co., LLC (3 Mo. LIBOR + 0.05%)
	35,000,000		0.306	^(a)		10/23/20		35,004,865
	Commonwealth Bank of Australia (3 Mo. LIBOR + 0.11%)
	60,000,000		0.409	^(a)		09/17/20		60,003,996
	Credit Suisse AG-New York Branch (SOFR + 0.21%)
	27,000,000		0.280			11/18/20		27,007,108
	Credit Suisse AG-New York Branch (SOFR + 0.48%)
	13,550,000		0.550			10/02/20		13,554,938
	Mizuho Bank, Ltd.-New York Branch (1 Mo. LIBOR + 0.08%)
	34,000,000		0.243			09/11/20		34,001,042
	Murray City, Utah Hospital VRDN RB for IHC Health Services, Inc. Series 2003 B
	24,000,000		0.060			09/07/20		24,000,000
	National Australia Bank Ltd. (3 Mo. LIBOR + 0.13%)
	40,000,000		0.379	^(a)		11/05/20		40,011,369
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Series 2019 BB (Industrial & Commercial Bank of China, SPA)
	27,045,000		0.130			09/07/20		27,045,000
	Nordea Bank ABP-New York Branch (3 Mo. LIBOR + 0.16%)
	75,000,000		0.416			10/23/20		75,022,297
	Oversea-Chinese Banking Corp., Ltd. (3 Mo. LIBOR + 0.10%)
	75,000,000		0.437	^(a)		09/03/20		75,000,312
	Skandinaviska Enskilda Banken AB (3 Mo. LIBOR + 0.17%)
	18,322,000		0.441			10/16/20		18,326,475
	Skandinaviska Enskilda Banken AB (3 Mo. LIBOR + 0.08%)
	115,000,000		0.384			10/05/20		115,010,527
	Standard Chartered Bank-New York Branch (SOFR + 0.22%)
	20,000,000		0.290			11/16/20		20,005,559
	Svenska Handelsbanken AB (3 Mo. LIBOR + 0.28%)
	20,010,000		0.588			09/11/20		20,011,650
	Svenska Handelsbanken AB-New York Branch (3 Mo. LIBOR + 0.16%)
	36,989,000		0.431			10/16/20		36,998,035
	Toyota Motor Credit Corp. (SOFR + 0.40%)
	65,000,000		0.490			10/23/20		65,020,641


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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments (continued)

August 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Variable Rate Obligations^(b) – (continued)
	Westpac Banking Corp. (3 Mo. LIBOR + 0.13%)
$	60,000,000		0.398	% ^(a)		10/30/20	$	60,015,454

	TOTAL VARIABLE RATE OBLIGATIONS
	(Cost $861,608,103)						$	861,735,820

	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS
	(Cost $5,817,690,179)						$	5,818,261,604



Repurchase Agreements^(e) – 12.4%
	BofA Securities, Inc.
$	180,000,000		0.180	%		09/01/20	$	180,000,337
	Maturity Value: $180,000,900
	Collateralized by various equity securities. The market value of the collateral, including accrued interest, was $194,400,091.

	ING Financial Markets LLC
	40,000,000		0.180			09/01/20		40,000,075
	Maturity Value: $40,000,200
	Collateralized by various corporate security issuers, 1.375% to 5.300%, due 10/21/20 to 08/08/56 and various sovereign debt security issuers, 4.875% to 6.875%, due 01/23/29 to 04/16/43. The aggregate market value of the collateral, including accrued interest, was $42,877,007.
	100,000,000		0.230			09/01/20		100,000,324
	Maturity Value: $100,000,639
	Collateralized by various corporate security issuers, 4.560% to 6.750%, due 01/27/25 to 06/03/50 and various sovereign debt security issuers, 6.490% to 6.840%, due 01/23/27 to 01/23/30. The aggregate market value of the collateral, including accrued interest, was $110,000,001.

	Joint Account III
	250,000,000		0.090			09/01/20		249,999,852
	Maturity Value: $250,000,625

	Mizuho Securities USA LLC
	30,000,000		0.380			09/01/20		30,000,220
	Maturity Value: $30,000,317
	Collateralized by a U.S. Treasury Bond, 2.375%, due 11/15/49. The market value of the collateral, including accrued interest, was $30,600,021.

	MUFG Securities Americas Inc.
	110,000,000		0.250			09/01/20		110,000,417
	Maturity Value: $110,000,764
	Collateralized by an Exchange-Traded Fund, various corporate security issuers, 0.000% to 6.000%, due 02/01/23 to 09/01/26 and various equity securities. The aggregate market value of the collateral, including accrued interest, was $119,002,068.

	Scotia Capital (USA) Inc.
	45,000,000		0.330			09/01/20		45,000,269
	Maturity Value: $45,000,413
	Collateralized by various corporate security issuers, 0.581% to 10.500%, due 12/01/20 to 12/31/99. The aggregate market value of the collateral, including accrued interest, was $48,916,078.


Repurchase Agreements^(e) – (continued)
	Wells Fargo Securities, LLC
	68,000,000		0.230			09/04/20		68,000,000
	Maturity Value: $68,003,041
	Settlement Date: 08/28/20
	Collateralized by various corporate security issuers, 0.000% to 0.750%, due 09/10/20 to 12/05/22. The aggregate market value of the collateral, including accrued interest, was $71,199,999.

	TOTAL REPURCHASE AGREEMENTS
	(Cost $823,000,000)						$	823,001,494

	TOTAL INVESTMENTS – 100.3%
	(Cost $6,640,690,179)						$	6,641,263,098

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%							(21,423,238	)

	NET ASSETS – 100.0%						$	6,619,839,860



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

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

(b)		Variable or floating 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 August 31, 2020.

(c)		All or a portion represents a forward commitment.

(d)		Rate shown is that which is in effect on August 31, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

(e)		Unless noted, all repurchase agreements were entered into on August 31, 2020. Additional information on Joint Repurchase Agreement Account III appears in the Additional Investment Information section.



Investment Abbreviations:
FEDL01		—US Federal Funds Effective Rate
FHLB		—Insured by Federal Home Loan Bank
GO		—General Obligation
IHC		—Intermountain Health Care
LIBOR		—London Interbank Offered Rates
LOC		—Letter of Credit
RB		—Revenue Bond
RMKT		—Remarketed
SBPA		—Standby Bond Purchase Agreement
SOFR		—Secured Overnight Financing Rate
SPA		—Stand-by Purchase Agreement
T-Bill		—Treasury Bill
VRDN		—Variable Rate Demand Notes


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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments

August 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Commercial Paper and Corporate Obligations – 24.4%
	Albion Capital LLC
$	20,000,000		0.142	%		09/04/20	$	19,999,800
	17,000,000		0.305			09/15/20		16,999,363
	13,000,000		0.214			11/13/20		12,996,419
	3,434,000		0.203			11/25/20		3,432,802
	Alpine Securitization LLC
	26,000,000		0.244			11/02/20		25,989,125
	13,000,000		0.275			11/19/20		12,993,269
	Antalis S.A.
	15,000,000		0.244			11/09/20		14,995,333
	Atlantic Asset Securitization LLC
	20,000,000		0.224			10/27/20		19,997,182
	Banner Health
	10,000,000		0.450			09/16/20		10,000,220
	Chariot Funding LLC
	25,000,000		0.234			10/20/20		24,995,937
	China Construction Bank Corp.
	15,000,000		0.560			09/21/20		14,998,189
	25,000,000		0.387			09/29/20		24,995,066
	Citigroup Global Markets Inc.
	30,750,000		1.331			10/16/20		30,745,482
	CNPC Finance (HK) Ltd.
	25,000,000		0.468			09/01/20		24,999,914
	Columbia Funding Company, LLC
	49,500,000		0.275			09/03/20		49,499,459
	Cooeperatieve Rabobank U.A.
	80,000,000		0.081			09/01/20		79,999,798
	Dexia Credit Local
	15,970,000		0.153			09/08/20		15,969,681
	17,000,000		0.510			10/28/20		16,996,741
	24,000,000		0.203			11/18/20		23,994,364
	First Abu Dhabi Bank P.J.S.C.
	25,000,000		0.254			10/14/20		24,996,486
	20,000,000		0.214			11/13/20		19,994,491
	Ionic Capital II Trust
	17,246,000		0.458			10/08/20		17,240,302
	Kells Funding, LLC
	20,000,000		0.244			09/10/20		19,999,589
	40,000,000		0.275			09/25/20		39,996,194
	Landesbank Hessen-Thueringen Girozentrale
	45,000,000		0.817			10/26/20		44,991,110
	Lime Funding LLC
	9,668,000		0.203			10/07/20		9,666,291
	LMA-Americas LLC
	20,000,000		0.305			10/09/20		19,996,295
	Manhattan Asset Funding Company LLC
	9,000,000		0.315			10/01/20		8,998,783
	18,000,000		0.244			10/14/20		17,997,404
	20,000,000		0.214			11/13/20		19,995,190
	Matchpoint Finance PLC
	40,000,000		0.305			09/28/20		39,995,676
	20,000,000		0.214			11/02/20		19,994,750
	15,000,000		0.203			11/16/20		14,995,187
	Mitsubishi UFJ Trust and Banking Corp.-Singapore Branch
	20,000,000		0.214			11/09/20		19,994,828
	Nationwide Building Society
	25,000,000		0.163			09/11/20		24,998,930


Commercial Paper and Corporate Obligations – (continued)
	Nordea Bank ABP
	44,450,000		0.173			11/23/20		44,435,065
	Ridgefield Funding Company, LLC
	50,000,000		0.315			10/05/20		49,992,125
	17,750,000		0.214			11/04/20		17,745,738
	Salisbury Receivables Company LLC
	10,394,000		0.163			09/03/20		10,393,922
	10,000,000		0.295			09/16/20		9,999,596
	Shell International Finance B.V.
	10,000,000		2.022			09/28/20		9,998,787
	Societe Generale
	13,700,000		0.479			11/12/20		13,696,000
	Starbird Funding Corp.
	30,000,000		0.326			09/08/20		29,999,293
	20,000,000		0.407			09/18/20		19,998,480
	Sumitomo Mitsui Trust Bank, Ltd.-Singapore Branch
	25,000,000		0.224			11/12/20		24,991,686
	Thunder Bay Funding, LLC
	10,350,000		0.530			10/22/20		10,348,236
	Toronto-Dominion Bank (The)
	60,000,000		0.285			09/23/20		59,995,745
	Versailles Commercial Paper LLC
	25,000,000		0.275			10/07/20		24,995,837
	Victory Receivables Corp.
	10,000,000		0.214			09/18/20		9,999,315
	25,000,000		0.214			10/26/20		24,993,739

	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS
	(Cost $1,169,814,454)						$	1,170,033,214



Certificate of Deposit – 0.7%
	HSBC Bank USA, N.A.
$	35,000,000		1.000	%		10/16/20	$	35,034,028
	(Cost $35,000,000)



Certificates of Deposit-Yankeedollar – 5.5%
	Banco Del Estado De Chile
$	7,578,000		0.250	%		11/06/20	$	7,578,916
	Bank of Montreal
	18,000,000		0.200			11/16/20		18,001,885
	China Construction Bank Corp.
	15,000,000		0.380			11/06/20		14,998,993
	Mizuho Bank, Ltd.-New York Branch
	35,000,000		0.270			09/15/20		35,002,186
	Mizuho Bank, Ltd-New York Branch
	12,000,000		0.290			10/14/20		12,001,993
	National Bank of Kuwait S.A.K.P
	20,000,000		0.500			09/18/20		20,003,258
	5,000,000		0.300			11/09/20		5,000,359
	15,000,000		0.300			11/16/20		15,000,640
	Norinchukin Bank (The)
	15,000,000		0.300			09/01/20		15,000,091
	30,000,000		0.320			09/18/20		30,002,954
	18,150,000		0.210			11/24/20		18,150,556


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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments (continued)

August 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Certificates of Deposit-Yankeedollar – (continued)
	Societe Generale
$	15,000,000		0.630	%		10/29/20	$	15,011,567
	Standard Chartered Bank-New York Branch
	20,408,000		1.200			09/22/20		20,420,772
	Sumitomo Mitsui Banking Corp.
	40,000,000		0.200			11/04/20		40,003,392

	TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR
	(Cost $266,136,000)						$	266,177,562



Time Deposit – 6.6%
	DNB Bank ASA
$	79,000,000		0.080	%		09/01/20	$	79,000,000
	Nordea Bank ABP
	80,000,000		0.080			09/01/20		79,997,677
	Royal Bank of Canada
	80,000,000		0.090			09/01/20		79,997,700
	Skandinaviska Enskilda Banken AB
	80,000,000		0.080			09/01/20		79,997,678

	TOTAL TIME DEPOSIT
	(Cost $319,000,000)						$	318,993,055



U.S. Government Agency Obligations – 0.3%
	U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%)
$	7,587,788		0.140	%^(a)		09/07/20	$	7,587,788
	5,000,000		0.180	^(a)		09/07/20		5,000,000

	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
	(Cost $12,587,788)						$	12,587,788



U.S. Treasury Obligations – 34.1%
	United States Treasury Bills
$	92,600,000		0.092	%		09/01/20	$	92,600,000
	3,100,000		0.097			09/03/20		3,099,986
	92,800,000		0.102			09/03/20		92,799,575
	1,300,000		0.103			09/03/20		1,299,994
	1,400,000		0.097			09/10/20		1,399,969
	23,900,000		0.086			09/17/20		23,899,017
	5,000,000		0.081			09/22/20		4,999,730
	100,000		0.081			09/24/20		99,994
	8,500,000		0.158			09/24/20		8,499,511
	6,000,000		0.079			10/01/20		5,999,487
	4,600,000		0.081			10/01/20		4,599,607
	2,000,000		0.086			10/01/20		1,999,829
	1,100,000		0.153			10/06/20		1,099,896
	4,300,000		0.084			10/08/20		4,299,575
	8,900,000		0.086			10/08/20		8,899,120
	200,000		0.086			10/13/20		199,977
	1,500,000		0.092			10/13/20		1,499,825
	200,000		0.093			10/13/20		199,977
	7,900,000		0.147			10/13/20		7,899,078
	26,200,000		0.153			10/13/20		26,196,943


U.S. Treasury Obligations – (continued)
	United States Treasury Bills – (continued)
	2,300,000		0.142			10/15/20		2,299,719
	110,000,000		0.092			10/20/20		109,984,654
	200,000		0.142			10/20/20		199,972
	4,300,000		0.147			10/20/20		4,299,400
	4,700,000		0.112			10/22/20		4,699,301
	5,100,000		0.112			10/22/20		5,099,241
	20,900,000		0.122			10/22/20		20,896,891
	2,800,000		0.123			10/22/20		2,799,584
	9,100,000		0.153			10/22/20		9,098,646
	112,500,000		0.158			10/22/20		112,483,266
	360,000		0.092	^(b)		10/27/20		359,940
	100,000		0.153			10/27/20		99,983
	41,400,000		0.158			10/29/20		41,393,163
	1,000,000		0.122			11/03/20		999,843
	37,100,000		0.132			11/03/20		37,094,157
	1,000,000		0.133			11/03/20		999,843
	4,920,000		0.097			11/05/20		4,919,089
	41,300,000		0.102			11/05/20		41,292,357
	200,000		0.112			11/10/20		199,965
	2,300,000		0.107			11/12/20		2,299,517
	6,100,000		0.092			11/19/20		6,098,561
	200,000		0.097			11/19/20		199,953
	11,800,000		0.102			11/19/20		11,797,216
	56,900,000		0.107			11/19/20		56,886,577
	10,300,000		0.117			11/19/20		10,297,570
	22,680,000		0.122			11/19/20		22,674,650
	3,700,000		0.102			11/24/20		3,699,309
	8,865,000		0.107			11/24/20		8,863,345
	43,300,000		0.188			11/24/20		43,291,917
	16,200,000		0.097			11/27/20		16,195,645
	14,800,000		0.098			11/27/20		14,796,021
	45,400,000		0.102	^(b)		11/27/20		45,387,794
	106,200,000		0.168			12/01/20		106,174,497
	33,800,000		0.098			12/08/20		33,788,499
	102,700,000		0.107			12/08/20		102,665,053
	300,000		0.122			12/15/20		299,913
	28,400,000		0.105			12/17/20		28,390,504
	12,100,000		0.107			12/17/20		12,095,954
	54,200,000		0.112			12/17/20		54,181,877
	3,700,000		0.107			12/22/20		3,698,964
	27,960,000		0.148			12/22/20		27,952,171
	700,000		0.102			12/24/20		699,734
	4,800,000		0.107			12/24/20		4,798,176
	5,900,000		0.108			12/24/20		5,897,758
	25,100,000		0.112			12/24/20		25,090,462
	81,500,000		0.178			12/24/20		81,469,030
	2,600,000		0.124			12/29/20		2,599,055
	270,000		0.133			12/29/20		269,902
	1,200,000		0.112			01/19/21		1,199,463
	55,000,000		0.122			01/19/21		54,975,403
	5,300,000		0.114			01/26/21		5,297,295
	56,400,000		0.117			01/26/21		56,371,212
	3,100,000		0.117	^(b)		02/02/21		3,098,475
	7,900,000		0.112			02/18/21		7,895,523
	51,000,000		0.122			02/18/21		50,971,100


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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND


Principal Amount		Interest Rate			Maturity Date		Value

U.S. Treasury Obligations – (continued)
	United States Treasury Bills – (continued)
$	22,500,000		0.122	%		02/25/21	$	22,486,172
	16,000,000		0.117	^(b)		03/04/21		15,990,368

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $1,641,620,776)						$	1,641,654,739



Variable Rate Municipal Debt Obligations^(c) – 8.8%
	Alaska Housing Finance Corp. VRDN RB Refunding for State Capital Project Bonds II Series 2017 B
$	8,000,000		0.180	%		09/07/20	$	8,000,000
	Alaska Housing Finance Corp. VRDN RB Refunding for State Capital Project Bonds II Series 2017 B
	25,000,000		0.090			09/07/20		25,000,000
	City of Murray, Utah Hospital VRDN RB for IHC Health Services, Inc. Series 2003 A
	25,000,000		0.060			09/07/20		25,000,000
	City of Portland, Maine GO VRDN for Taxable Pension Bonds Series 2001 RMKT (Sumitomo Mitsui Banking Corp., SPA)
	24,800,000		0.210			09/07/20		24,800,000
	Connecticut Housing Finance Authority VRDN RB Mortgage Finance Program Series 2018 A, Subseries A-3 (Bank of America N.A. SPA)
	7,000,000		0.080			09/07/20		7,000,000
	Michigan Finance Authority VRDN RB for School Loan Revolving Fund Series 2019 C (Bank of America N.A., LOC)
	20,000,000		0.130			09/07/20		20,000,000
	New Mexico Hospital Equipment Loan Council VRDN RB Refunding for Presbyterian Healthcare Services Series 2019 C (JPMorgan Chase Bank N.A., SPA)
	27,000,000		0.120			09/07/20		27,000,000
	Providence Health & Services Obligated Group VRDN RB Series 2012-E (U.S. Bank N.A., SBPA)
	49,390,000		0.250			09/07/20		49,390,000
	Providence St. Joseph Health Obligated Group VRDN Series 16G (Bank of Tokyo-Mitsubishi UFJ, LOC)
	20,000,000		0.170			09/07/20		20,000,000
	Regents of the University of California VRDN RB Taxable Series 2011 Z-1
	30,000,000		0.120			09/07/20		30,000,000
	State of Texas GO VRDN Refunding for Veterans Bonds Series 2011 C (FHLB, SPA)
	18,495,000		0.100			09/07/20		18,495,000
	State of Texas GO VRDN Veterans Bonds Series 2019 (JPMorgan Chase Bank N.A., SPA)
	41,025,000		0.090			09/07/20		41,025,000
	State of Texas Veterans Bonds, Series 2012 B
	46,425,000		0.130			09/07/20		46,425,000
	State of Texas Veterans Housing Assistance Program Fund II Series 2003 A
	11,500,000		0.170			09/07/20		11,500,000
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Texas Health Resources Series 2008 A
	14,000,000		0.090			09/07/20		14,000,000


Variable Rate Municipal Debt Obligations^(c) – (continued)
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Texas Health Resources Series 2008 C
	15,000,000		0.090			09/07/20		15,000,000
	University of Colorado Hospital Authority VRDN RB Series 2019 A
	20,000,000		0.080			09/07/20		20,000,000
	Washington Health Care Facilities Authority Revenue Bonds Series 2012 C
	13,000,000		0.090			09/07/20		13,000,000
	Washington Health Care Facilities Authority VRDN RB Series 2012 D
	8,000,000		0.090			09/07/20		8,000,000

	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS
	(Cost $423,635,000)						$	423,635,000



Variable Rate Obligations^(a) – 6.8%
	Bank of Montreal (3 Mo. LIBOR + 0.08%)
$	20,950,000		0.395	%		09/11/20	$	20,950,680
	Bank of Montreal (3 Mo. LIBOR + 0.17%)
	12,155,000		0.447			10/08/20		12,157,307
	Collateralized Commercial Paper Flex Co., LLC (3 Mo. LIBOR + 0.05%)
	35,000,000		0.306	^(d)		10/23/20		35,004,865
	Commonwealth Bank of Australia (3 Mo. LIBOR + 0.11%)
	20,000,000		0.409	^(d)		09/17/20		20,001,332
	Credit Suisse AG-New York Branch (SOFR + 0.21%)
	10,000,000		0.280			11/18/20		10,002,633
	Credit Suisse AG-New York Branch (SOFR + 0.48%)
	9,000,000		0.550			10/02/20		9,003,280
	Federation des caisses Desjardins du Quebec (3 Mo. LIBOR + 0.10%)
	15,000,000		0.415	^(d)		09/11/20		15,000,562
	HSBC Bank USA, N.A. (3 Mo. LIBOR + 0.20%)
	3,556,000		0.449			11/06/20		3,557,283
	Mizuho Bank, Ltd.-New York Branch (1 Mo. LIBOR + 0.08%)
	10,000,000		0.243			09/11/20		10,000,307
	Natixis-New York Branch (3 Mo. LIBOR + 0.20%)
	30,000,000		0.454			11/13/20		30,015,592
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Series 2019 BB (Industrial & Commercial Bank of China, SPA)
	20,000,000		0.130			09/07/20		20,000,000
	Skandinaviska Enskilda Banken AB (3 Mo. LIBOR + 0.15%)
	40,000,000		0.452			10/02/20		40,005,661
	Skandinaviska Enskilda Banken AB (3 Mo. LIBOR + 0.17%)
	5,758,000		0.441			10/16/20		5,759,406
	17,000,000		0.441			10/21/20		17,004,624
	Standard Chartered Bank-New York Branch (SOFR + 0.22%)
	15,000,000		0.290			11/16/20		15,004,170
	Svenska Handelsbanken AB-New York Branch (3 Mo. LIBOR + 0.16%)
	13,152,000		0.431			10/16/20		13,155,212


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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments (continued)

August 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Variable Rate Obligations^(a) – (continued)
	Toronto-Dominion Bank (The) (3 Mo. LIBOR + 0.19%)
$	18,000,000		0.498	% ^(d)		09/30/20	$	18,003,358
	Westpac Banking Corp. (3 Mo. LIBOR + 0.13%)
	30,000,000		0.398	^(d)		10/30/20		30,007,727

	TOTAL VARIABLE RATE OBLIGATIONS
	(Cost $324,531,692)						$	324,633,999

	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS
	(Cost $4,192,325,710)						$	4,192,749,385



Repurchase Agreements^(e) – 13.1%
	BofA Securities, Inc.
$	120,000,000		0.180	%		09/01/20	$	120,000,225
	Maturity Value: $120,000,600
	Collateralized by various equity securities. The market value of the collateral, including accrued interest, was $129,600,006.

	ING Financial Markets LLC
	20,000,000		0.180			09/01/20		20,000,037
	Maturity Value: $20,000,100
	Collateralized by various corporate security issuers, 1.375% to 4.650%, due 09/15/20 to 03/25/50 and various sovereign debt security issuers, 4.850% to 4.875%, due 01/24/22 to 04/16/43. The aggregate market value of the collateral, including accrued interest, was $21,909,378.
	35,000,000		0.230			09/01/20		35,000,113
	Maturity Value: $35,000,224
	Collateralized by various corporate security issuer, 5.299%, due 01/27/25 and various sovereign debt security issuer, 6.490%, due 01/23/27. The aggregate market value of the collateral, including accrued interest, was $38,500,000.

	Joint Account III
	250,000,000		0.090			09/01/20		249,999,853
	Maturity Value: $250,000,625

	Mizuho Securities USA LLC
	20,000,000		0.380			09/01/20		20,000,147
	Maturity Value: $20,000,211
	Collateralized by U.S. Treasury Bonds, 2.500%, due 02/15/45 to 05/15/46. The aggregate market value of the collateral, including accrued interest, was $20,400,052.

	MUFG Securities Americas Inc.
	90,000,000		0.250			09/01/20		90,000,341
	Maturity Value: $90,000,625
	Collateralized by an Exchange-Traded Fund, various corporate security issuers, 0.000% to 6.250%, due 11/15/23 to 09/01/26 and various equity securities. The aggregate market value of the collateral, including accrued interest, was $97,227,841.

	Scotia Capital (USA) Inc.
	40,000,000		0.330			09/01/20		40,000,239
	Maturity Value: $40,000,367
	Collateralized by various corporate security issuers, 0.498% to 12.250%, due 12/01/20 to 06/01/50 and various sovereign debt security issuer, 9.500%, due 09/15/27. The aggregate market value of the collateral, including accrued interest, was $43,256,076.


Repurchase Agreements^(e) – (continued)
	Wells Fargo Securities, LLC
	57,000,000		0.230			09/04/20		57,000,000
	Maturity Value: $57,002,549
	Settlement Date: 08/28/20
	Collateralized by various corporate security issuers, 0.000% to 3.350%, due 09/02/20 to 02/16/27. The aggregate market value of the collateral, including accrued interest, was $59,850,004.

	TOTAL REPURCHASE AGREEMENTS
	(Cost $632,000,000)						$	632,000,955

	TOTAL INVESTMENTS – 100.3%
	(Cost $4,824,325,710)						$	4,824,750,340

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%							(15,612,424	)

	NET ASSETS – 100.0%						$	4,809,137,916



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

(a)		Variable or floating 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 August 31, 2020.

(b)		All or a portion represents a forward commitment.

(c)		Rate shown is that which is in effect on August 31, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

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

(e)		Unless noted, all repurchase agreements were entered into on August 31, 2020. Additional information on Joint Repurchase Agreement Account III appears in the Additional Investment Information section.



Investment Abbreviations:
FHLB		—Insured by Federal Home Loan Bank
GO		—General Obligation
IHC		—Intermountain Health Care
LIBOR		—London Interbank Offered Rates
LOC		—Letter of Credit
RB		—Revenue Bond
RMKT		—Remarketed
SBPA		—Standby Bond Purchase Agreement
SOFR		—Secured Overnight Financing Rate
SPA		—Stand-by Purchase Agreement
T-Bill		—Treasury Bill
VRDN		—Variable Rate Demand Notes


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

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Schedule of Investments

August 31, 2020


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

U.S. Treasury Obligations – 102.4%
	United States Treasury Bills
$	10,000,000		0.092	%		09/03/20	$	9,999,956
	51,800,000		0.092			09/03/20		51,799,709
	74,800,000		0.092			09/03/20		74,799,688
	185,000,000		0.092			09/03/20		184,995,992
	227,900,000		0.092			09/03/20		227,898,354
	1,200,000,000		0.092			09/03/20		1,199,932,667
	3,204,000,000		0.092			09/03/20		3,203,982,200
	6,200,000		0.137			09/08/20		6,199,837
	4,074,000,000		0.137			09/08/20		4,073,936,629
	330,400,000		0.102			09/10/20		330,392,566
	403,200,000		0.102			09/10/20		403,190,424
	4,500,000,000		0.102			09/10/20		4,499,887,500
	1,000,000		0.251			09/15/20		999,969
	10,100,000		0.251			09/15/20		10,099,646
	835,700,000		0.251			09/15/20		835,618,751
	925,700,000		0.251			09/15/20		925,640,601
	2,330,400,000		0.251			09/15/20		2,330,322,969
	2,871,200,000		0.086			09/17/20		2,871,091,529
	72,300,000		0.178			09/22/20		72,296,415
	82,700,000		0.178			09/22/20		82,691,558
	11,100,000		0.158			09/24/20		11,098,759
	28,400,000		0.158			09/24/20		28,396,915
	313,000,000		0.158			09/24/20		312,982,002
	4,980,000,000		0.158			09/24/20		4,979,697,751
	14,700,000		0.097			09/29/20		14,698,456
	22,200,000		0.097			09/29/20		22,197,065
	216,800,000		0.097			09/29/20		216,770,491
	226,000,000		0.097			09/29/20		225,968,360
	625,000,000		0.097	^(a)		09/29/20		624,961,111
	750,000,000		0.092			10/01/20		749,943,750
	5,300,000		0.132			10/06/20		5,299,227
	45,100,000		0.132			10/06/20		45,092,327
	82,100,000		0.132			10/06/20		82,086,431
	190,900,000		0.132			10/06/20		190,871,232
	645,100,000		0.132			10/06/20		645,012,195
	950,000,000		0.132			10/06/20		949,907,636
	3,200,000		0.084			10/08/20		3,199,408
	26,100,000		0.084			10/08/20		26,095,306
	110,600,000		0.084			10/08/20		110,580,676
	742,500,000		0.084			10/08/20		742,377,900
	1,088,500,000		0.084			10/08/20		1,088,293,034
	3,462,500,000		0.084			10/08/20		3,462,197,512
	21,900,000		0.148			10/13/20		21,896,295
	25,200,000		0.148			10/13/20		25,196,987
	42,900,000		0.148			10/13/20		42,892,492
	1,374,800,000		0.148			10/13/20		1,374,639,602
	1,700,000		0.173			10/15/20		1,699,719
	6,600,000		0.173			10/15/20		6,598,790
	24,800,000		0.173			10/15/20		24,794,544
	43,250,000		0.173			10/15/20		43,243,128
	54,700,000		0.173			10/15/20		54,689,303
	83,700,000		0.173			10/15/20		83,682,097
	88,100,000		0.173			10/15/20		88,080,080
	168,600,000		0.173			10/15/20		168,571,151
	191,000,000		0.173			10/15/20		190,966,151
	1,000,000,000		0.173			10/15/20		999,645,556


U.S. Treasury Obligations – (continued)
	United States Treasury Bills – (continued)
	12,000,000		0.147			10/20/20		11,997,468
	674,500,000		0.147			10/20/20		674,371,470
	3,005,000,000		0.147			10/20/20		3,004,631,888
	201,800,000		0.112			10/22/20		201,757,117
	2,346,900,000		0.112			10/22/20		2,346,417,905
	37,200,000		0.153			10/27/20		37,191,609
	101,900,000		0.153			10/27/20		101,879,394
	122,500,000		0.153			10/27/20		122,471,417
	137,000,000		0.153			10/27/20		136,972,082
	750,000,000		0.153	^(a)		10/27/20		749,895,000
	5,900,000		0.158			10/29/20		5,898,527
	40,400,000		0.122			11/03/20		40,390,774
	950,900,000		0.122			11/03/20		950,617,108
	243,110,000		0.097			11/05/20		243,066,105
	347,700,000		0.097			11/05/20		347,618,387
	939,400,000		0.097			11/05/20		939,145,579
	46,800,000		0.122			11/10/20		46,789,990
	2,600,000		0.147			11/12/20		2,599,506
	168,000,000		0.147			11/12/20		167,964,720
	461,400,000		0.107			11/17/20		461,296,377
	800,000		0.107			11/19/20		799,789
	39,500,000		0.107			11/19/20		39,489,512
	69,490,000		0.107			11/19/20		69,472,311
	107,100,000		0.107			11/19/20		107,072,502
	34,100,000		0.163			11/24/20		34,086,872
	43,500,000		0.163			11/24/20		43,489,343
	162,800,000		0.163			11/24/20		162,762,013
	235,000,000		0.163			11/24/20		234,904,042
	15,200,000		0.098			11/27/20		15,196,143
	56,200,000		0.098			11/27/20		56,187,097
	250,000,000		0.098			11/27/20		249,939,583
	825,000,000		0.098			11/27/20		824,780,687
	19,900,000		0.168			12/01/20		19,893,662
	235,000,000		0.168			12/01/20		234,934,658
	190,300,000		0.102			12/03/20		190,250,838
	28,400,000		0.098			12/08/20		28,389,176
	200,000,000		0.098			12/08/20		199,942,833
	650,000,000		0.098			12/08/20		649,725,736
	460,000,000		0.112			12/10/20		459,859,445
	829,800,000		0.107			12/17/20		829,528,701
	1,319,000,000		0.107			12/17/20		1,318,274,731
	13,800,000		0.107			12/22/20		13,795,492
	264,000,000		0.108			12/24/20		263,908,040
	595,700,000		0.108			12/24/20		595,369,884
	43,200,000		0.124			12/29/20		43,182,578
	1,900,000		0.168			12/31/20		1,899,298
	36,600,000		0.168			12/31/20		36,580,317
	1,100,000,000		0.168			12/31/20		1,099,389,956
	315,000,000		0.112			01/05/21		314,878,725
	143,700,000		0.112			01/12/21		143,641,602
	1,023,200,000		0.148			01/14/21		1,022,643,632
	700,000,000		0.122			01/19/21		699,673,335
	453,700,000		0.132			01/21/21		453,467,354
	175,000,000		0.117			01/26/21		174,917,824
	1,954,200,000		0.132			01/28/21		1,953,148,535
	380,000,000		0.107			02/04/21		379,827,101


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

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Schedule of Investments (continued)

August 31, 2020


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

U.S. Treasury Obligations – (continued)
	United States Treasury Bills – (continued)
$	1,185,010,000		0.122	%		02/11/21	$	1,184,366,141
	600,000,000		0.122			02/18/21		599,660,000
	61,500,000		1.308			02/25/21		61,330,670
	125,000,000		1.308			02/25/21		124,926,250
	426,600,000		1.308			02/25/21		423,936,239
	750,000,000		0.117	^(a)		03/04/21		749,563,958
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.05%)
	3,120,800,000		0.150	^(b)		10/31/20		3,120,802,721
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.12%)
	828,650,000		0.220	^(b)		01/31/21		828,650,794
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.14%)
	3,331,360,000		0.244	^(b)		04/30/21		3,332,178,513
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.15%)
	1,796,825,000		0.259	^(b)		01/31/22		1,796,800,115
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.22%)
	8,519,800,000		0.325	^(b)		07/31/21		8,528,083,002
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.30%)
	2,301,000,000		0.405	^(b)		10/31/21		2,303,942,768
	United States Treasury Notes
	230,000,000		2.750			09/30/20		230,424,377
	25,000,000		1.750			11/15/20		25,037,203
	135,200,000		2.625			11/15/20		135,685,010
	487,200,000		2.750			11/30/20		490,120,345
	180,900,000		1.875			12/15/20		181,575,576
	688,800,000		2.500			12/31/20		693,104,334
	395,500,000		2.000			01/15/21		397,862,102
	115,100,000		1.375			01/31/21		115,407,598
	389,400,000		2.125			01/31/21		392,166,722
	46,000,000		2.500			01/31/21		46,400,151
	58,800,000		2.250			02/15/21		59,165,265
	58,800,000		3.625			02/15/21		59,530,971
	162,000,000		1.125			02/28/21		162,530,253
	407,200,000		2.500			02/28/21		409,566,700
	202,400,000		2.375			03/15/21		203,908,720
	2,400,000		2.250			03/31/21		2,425,442
	1,200,000		2.375			04/15/21		1,215,043

	TOTAL INVESTMENTS – 102.4%						$	89,278,743,152

	LIABILITIES IN EXCESS OF OTHER ASSETS – (2.4)%							(2,123,949,740	)

	NET ASSETS – 100.0%						$	87,154,793,412



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

(a)		All or a portion represents a forward commitment.

(b)		Variable or floating 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 August 31, 2020.



Investment Abbreviations:
MMY		—Money Market Yield
T-Bill		—Treasury Bill


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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Schedule of Investments

August 31, 2020


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

U.S. Treasury Obligations – 75.3%
	United States Treasury Bills
$	800,000,000		1.032	%		09/03/20	$	799,955,111
	36,000,000		0.178			09/22/20		35,996,325
	2,200,000		0.158			09/24/20		2,199,754
	7,600,000		0.158			09/24/20		7,599,175
	45,100,000		0.097			09/29/20		45,093,861
	47,200,000		0.097			09/29/20		47,193,392
	1,300,000		0.132			10/06/20		1,299,810
	17,800,000		0.132			10/06/20		17,796,972
	25,100,000		0.132			10/06/20		25,096,828
	151,400,000		0.132			10/06/20		151,379,393
	600,000,000		0.132			10/06/20		599,900,833
	2,600,000		0.084			10/08/20		2,599,546
	5,800,000		0.084			10/08/20		5,798,957
	16,500,000		0.084			10/08/20		16,496,948
	110,400,000		0.084			10/08/20		110,381,845
	607,600,000		0.084			10/08/20		607,484,472
	100,000		0.148			10/13/20		99,983
	6,500,000		0.148			10/13/20		6,498,900
	6,700,000		0.148			10/13/20		6,699,199
	155,600,000		0.148			10/13/20		155,572,770
	363,300,000		0.148			10/13/20		363,257,614
	1,600,000		0.173			10/15/20		1,599,707
	4,200,000		0.173			10/15/20		4,199,307
	10,800,000		0.173			10/15/20		10,797,888
	18,800,000		0.173			10/15/20		18,795,749
	27,900,000		0.173			10/15/20		27,895,226
	67,600,000		0.173			10/15/20		67,588,020
	602,000,000		0.173			10/15/20		601,867,560
	2,300,000		0.147			10/20/20		2,299,515
	118,800,000		0.147			10/20/20		118,777,362
	9,800,000		0.112			10/22/20		9,798,320
	41,900,000		0.112			10/22/20		41,891,096
	270,000,000		0.112			10/22/20		269,940,712
	23,800,000		0.153			10/27/20		23,794,447
	181,600,000		0.153			10/27/20		181,559,039
	69,300,000		0.158			10/29/20		69,282,694
	10,900,000		0.122			11/03/20		10,897,511
	420,100,000		0.122			11/03/20		419,975,021
	518,300,000		0.122			11/03/20		518,182,087
	76,500,000		0.097			11/05/20		76,482,044
	135,710,000		0.097			11/05/20		135,685,497
	339,500,000		0.097			11/05/20		339,408,052
	1,000,000		0.122			11/10/20		999,786
	145,000,000		0.122			11/10/20		144,966,167
	8,300,000		0.147			11/12/20		8,298,423
	60,600,000		0.147			11/12/20		60,587,274
	231,900,000		0.147			11/12/20		231,832,749
	248,600,000		0.107			11/17/20		248,544,169
	3,490,000		0.107			11/19/20		3,489,104
	20,400,000		0.107			11/19/20		20,394,583
	249,300,000		0.107			11/19/20		249,234,351
	8,100,000		0.163			11/24/20		8,096,881
	76,940,000		0.163			11/24/20		76,921,150
	77,100,000		0.163			11/24/20		77,082,010
	195,500,000		0.163			11/24/20		195,427,013
	600,000,000		0.163			11/24/20		599,741,000


U.S. Treasury Obligations – (continued)
	United States Treasury Bills – (continued)
	7,100,000		0.098			11/27/20		7,098,370
	14,600,000		0.098			11/27/20		14,596,295
	66,700,000		0.098			11/27/20		66,683,881
	285,000,000		0.098			11/27/20		284,924,237
	10,800,000		0.168			12/01/20		10,796,560
	90,000,000		0.168			12/01/20		89,974,975
	95,000,000		0.168			12/01/20		94,960,377
	74,400,000		0.102			12/03/20		74,380,780
	17,200,000		0.098			12/08/20		17,193,445
	75,000,000		0.098			12/08/20		74,978,562
	100,000,000		0.098			12/08/20		99,957,806
	180,000,000		0.112			12/10/20		179,945,000
	16,300,000		0.158			12/15/20		16,294,295
	165,000,000		0.158			12/15/20		164,925,406
	286,700,000		0.107			12/17/20		286,606,265
	690,000,000		0.107			12/17/20		689,620,595
	376,560,000		0.148			12/22/20		376,390,130
	337,600,000		0.178			12/24/20		337,412,914
	16,900,000		0.137			12/29/20		16,892,682
	72,500,000		0.137			12/29/20		72,470,762
	100,000,000		0.137			12/29/20		99,955,375
	10,100,000		0.168			12/31/20		10,096,266
	19,200,000		0.168			12/31/20		19,189,675
	350,000,000		0.168			12/31/20		349,805,895
	171,500,000		0.112			01/05/21		171,433,972
	174,075,000		0.112			01/12/21		174,004,258
	530,200,000		0.148			01/14/21		529,911,702
	275,000,000		0.122			01/19/21		274,871,667
	302,820,000		0.132			01/21/21		302,664,721
	50,000,000		0.117			01/26/21		49,976,521
	451,700,000		0.132			01/28/21		451,456,961
	105,000,000		0.107			02/04/21		104,952,225
	479,050,000		0.122			02/11/21		478,789,715
	200,000,000		0.122			02/18/21		199,886,667
	16,800,000		1.308			02/25/21		16,753,744
	45,000,000		1.308			02/25/21		44,973,450
	112,700,000		1.308			02/25/21		111,996,282
	75,000,000		0.117	^(a)		03/04/21		74,956,396
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.05%)
	718,265,000		0.150	^(b)		10/31/20		718,258,281
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.12%)
	182,600,000		0.220	^(b)		01/31/21		182,590,314
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.14%)
	354,100,000		0.244	^(b)		04/30/21		354,135,999
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.15%)
	674,275,000		0.259	^(b)		01/31/22		674,257,496
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.22%)
	948,600,000		0.325	^(b)		07/31/21		949,192,688
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.30%)
	1,850,200,000		0.405	^(b)		10/31/21		1,854,319,098


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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Schedule of Investments (continued)

August 31, 2020


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

U.S. Treasury Obligations – (continued)
	United States Treasury Notes
$	33,600,000		2.750	%		09/30/20	$	33,644,962
	13,500,000		1.750			11/15/20		13,520,090
	28,900,000		2.625			11/15/20		28,980,696
	16,400,000		2.750			11/30/20		16,453,523
	264,000,000		1.750			12/31/20		265,326,836
	32,800,000		2.500			12/31/20		32,918,524
	10,300,000		1.375			01/31/21		10,300,073
	3,900,000		2.125			01/31/21		3,923,435
	15,700,000		2.250			02/15/21		15,797,754
	15,700,000		3.625			02/15/21		15,895,405
	564,900,000		1.125			02/28/21		566,903,592
	116,100,000		2.500			02/28/21		116,818,445
	67,300,000		2.375			03/15/21		67,857,374
	8,200,000		2.250			03/31/21		8,285,229
	2,500,000		2.375			04/15/21		2,531,180

	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	20,258,423,025



Repurchase Agreements^(c) – 22.4%
	Bank of Montreal
$	60,000,000		0.110	%^(d)		09/07/20	$	60,000,000
	Maturity Value: $60,016,684
	Settlement Date: 08/03/20
	Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.250%, due 01/15/25 to 01/15/30. The aggregate market value of the collateral, including accrued interest, was $61,200,021.
	50,000,000		0.120	^(d)		09/07/20		50,000,000
	Maturity Value: $50,015,167
	Settlement Date: 08/10/20
	Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.625%, due 04/15/23. The market value of the collateral, including accrued interest, was $51,000,075.

	BNP Paribas
	100,000,000		0.070			09/01/20		100,000,000
	Maturity Value: $100,000,194
	Collateralized by U.S. Treasury Bills, 0.000%, due 09/01/20 to 05/20/21, U.S. Treasury Bonds, 2.875% to 3.125%, due 05/15/43 to 05/15/48, a U.S. Treasury Floating Rate Note, 0.160%, due 07/31/22, a U.S. Treasury Inflation-Indexed Bond, 0.750%, due 02/15/45, U.S. Treasury Inflation-Indexed Notes, 0.625% to 1.125%, due 01/15/21 to 07/15/28, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/27 to 08/15/37 and U.S. Treasury Notes, 0.125% to 2.750%, due 12/31/20 to 05/15/25. The aggregate market value of the collateral, including accrued interest, was $102,000,001.


Repurchase Agreements^(c) – (continued)
	BNP Paribas – (continued)
	116,000,000		0.630			09/01/20		116,000,000
	Maturity Value: $116,357,280
	Settlement Date: 03/09/20
	Collateralized by a U.S. Treasury Bill, 0.000%, due 10/15/20, a U.S. Treasury Bond, 7.875%, due 02/15/21, U.S. Treasury Inflation-Indexed Bonds, 1.375% to 3.875%, due 01/15/27 to 02/15/44, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/23, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/22 to 05/15/49, U.S. Treasury Notes, 0.125% to 2.875%, due 06/30/22 to 02/15/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 05/15/50. The aggregate market value of the collateral, including accrued interest, was $118,320,034.
	116,000,000		0.630			09/01/20		116,000,000
	Maturity Value: $116,363,370
	Settlement Date: 03/06/20
	Collateralized by U.S. Treasury Bills, 0.000%, due 09/17/20 to 02/25/21, U.S. Treasury Bonds, 2.750% to 8.125%, due 05/15/21 to 11/15/42, a U.S. Treasury Floating Rate Note, 0.325%, due 07/31/21, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/25 to 05/15/42, U.S. Treasury Notes, 0.125% to 1.750%, due 08/15/23 to 10/31/26 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/39 to 08/15/48. The aggregate market value of the collateral, including accrued interest, was $118,320,066.
	350,000,000		0.900			09/02/20		350,000,000
	Maturity Value: $351,601,250
	Settlement Date: 03/03/20
	Collateralized by a U.S. Treasury Bond, 1.375%, due 08/15/50, a U.S. Treasury Floating Rate Note, 0.219%, due 04/30/22, a U.S. Treasury Inflation-Indexed Bond, 3.875%, due 04/15/29, a U.S. Treasury Inflation-Indexed Note, 0.875%, due 01/15/29, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/23 to 05/15/48, U.S. Treasury Notes, 0.500% to 2.750%, due 09/15/20 to 08/31/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/31 to 02/15/49. The aggregate market value of the collateral, including accrued interest, was $356,999,998.
	250,000,000		0.120	^(d)		09/07/20		250,000,000
	Maturity Value: $250,075,833
	Settlement Date: 07/24/20
	Collateralized by a U.S. Treasury Bill, 0.000%, due 09/17/20, U.S. Treasury Inflation-Indexed Bonds, 0.250% to 1.000%, due 02/15/45 to 02/15/50, a U.S. Treasury Inflation-Indexed Note, 0.625%, due 07/15/21, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/42 to 02/15/47, U.S. Treasury Notes, 2.000% to 2.750%, due 02/15/23 to 08/15/25 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/24 to 05/15/50. The aggregate market value of the collateral, including accrued interest, was $254,999,998.


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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Principal
Amount

Interest
Rate

Maturity
Date

Amortized
Cost

Repurchase Agreements^(c) – (continued)

BNP Paribas – (continued)

500,000,000

0.120

% ^(d)

09/07/20

500,000,000

Maturity Value: $500,151,665

Settlement Date: 07/20/20

Collateralized by U.S. Treasury Bills, 0.000%, due 01/28/21 to
05/20/21, a U.S. Treasury Bond, 2.875%, due 08/15/45, U.S.
Treasury Inflation-Indexed Notes, 0.500% to 0.875%, due
07/15/21 to 01/15/29, U.S. Treasury Interest-Only Stripped
Securities, 0.000%, due 05/15/31 to 05/15/35, U.S. Treasury
Notes, 0.125% to 2.750%, due 12/15/20 to 08/31/24 and U.S.
Treasury Principal-Only Stripped Securities, 0.000%, due
05/15/43 to 05/15/49. The aggregate market value of the
collateral, including accrued interest, was $510,000,089.

500,000,000

0.120

^(d)

09/07/20

500,000,000

Maturity Value: $500,151,665

Settlement Date: 07/17/20

Collateralized by U.S. Treasury Bonds, 6.875% to 7.250%, due
08/15/22 to 08/15/25, U.S. Treasury Inflation-Indexed Bonds,
0.750% to 2.375%, due 01/15/27 to 02/15/45, U.S. Treasury
Inflation-Indexed Notes, 0.125% to 0.375%, due 04/15/21 to
07/15/25, a U.S. Treasury Interest-Only Stripped Security,
0.000%, due 05/15/28, U.S. Treasury Notes, 0.375% to
2.750%, due 02/28/21 to 07/31/27 and a U.S. Treasury
Principal-Only Stripped Security, 0.000%, due 02/15/48. The
aggregate market value of the collateral, including accrued
interest, was $510,000,043.

375,000,000

0.130

^(d)

09/07/20

375,000,000

Maturity Value: $375,123,229

Settlement Date: 07/10/20

Collateralized by U.S. Treasury Bills, 0.000%, due 09/17/20 to
07/15/21, U.S. Treasury Bonds, 3.000% to 8.125%, due
02/15/21 to 02/15/48, U.S. Treasury Inflation-Indexed Bonds,
0.875% to 2.375%, due 01/15/27 to 02/15/48, U.S. Treasury
Inflation-Indexed Notes, 0.125% to 1.125%, due 01/15/21 to
01/15/29, U.S. Treasury Interest-Only Stripped Securities,
0.000%, due 02/15/22 to 05/15/49, U.S. Treasury Notes,
0.375% to 2.875%, due 01/31/21 to 08/15/30 and U.S. Treasury
Principal-Only Stripped Securities, 0.000%, due 11/15/42 to
11/15/45. The aggregate market value of the collateral,
including accrued interest, was $382,500,020.

BNP Paribas (Overnight Treasury + 0.02%)

700,000,000

0.090

^(b)(d)

09/01/20

700,000,000

Maturity Value: $702,920,750

Settlement Date: 02/23/16

Collateralized by a U.S. Treasury Bill, 0.000%, due 09/08/20,
U.S. Treasury Bonds, 1.375% to 8.125%, due 08/15/21 to
08/15/50, a U.S. Treasury Inflation-Indexed Note, 0.375%, due
01/15/27, U.S. Treasury Interest-Only Stripped Securities,
0.000%, due 05/15/28 to 11/15/31 and U.S. Treasury Notes,
0.125% to 2.750%, due 01/31/21 to 08/31/27. The aggregate
market value of the collateral, including accrued interest, was
$713,999,998.

Repurchase Agreements^(c) – (continued)

BofA Securities, Inc.

100,000,000

0.020

09/01/20

100,000,000

Maturity Value: $100,000,056

Collateralized by U.S. Treasury Notes, 1.500% to 1.875%, due
07/31/22 to 08/15/26. The aggregate market value of the
collateral, including accrued interest, was $102,000,033.

100,000,000

0.070

09/01/20

100,000,000

Maturity Value: $100,000,194

Collateralized by a U.S. Treasury Bond, 7.500%, due 11/15/24.
The market value of the collateral, including accrued interest,
was $102,000,125.

Citigroup Global Markets Inc.

66,600,000

0.070

09/01/20

66,600,000

Maturity Value: $66,600,130

Collateralized by U.S. Treasury Bills, 0.000%, due 04/22/21 to
08/12/21 and U.S. Treasury Notes, 0.500% to 2.500%, due
01/31/21 to 08/31/27. The aggregate market value of the
collateral, including accrued interest, was $67,932,000.

Credit Agricole Corporate and Investment Bank

100,000,000

0.020

09/01/20

100,000,000

Maturity Value: $100,000,056

Collateralized by a U.S. Treasury Bond, 4.375%, due 05/15/40
and U.S. Treasury Inflation-Indexed Bonds, 0.250% to 2.125%,
due 02/15/40 to 02/15/50. The aggregate market value of the
collateral, including accrued interest, was $102,000,001.

Daiwa Capital Markets America Inc.

180,165,071

0.100

09/01/20

180,165,071

Maturity Value: $180,165,571

Collateralized by a U.S. Treasury Note, 2.875%, due 09/30/23.
The market value of the collateral, including accrued interest,
was $183,768,372.

319,834,929

0.100

09/01/20

319,834,929

Maturity Value: $319,835,817

Collateralized by a U.S. Treasury Floating Rate Note, 0.160%,
due 07/31/22. The market value of the collateral, including
accrued interest, was $326,231,628.

HSBC Bank PLC (Overnight Treasury + 0.02%)

100,000,000

0.110

^(b)

09/04/20

100,000,000

Maturity Value: $100,130,780

Settlement Date: 07/11/19

Collateralized by U.S. Treasury Notes, 0.375% to 2.000%, due
01/15/25 to 02/15/25. The aggregate market value of the
collateral, including accrued interest, was $102,000,034.

175,000,000

0.110

^(b)

09/04/20

175,000,000

Maturity Value: $175,248,649

Settlement Date: 06/04/19

Collateralized by U.S. Treasury Notes, 1.75% to 2.750%, due
07/31/23 to 02/15/27 and U.S. Treasury Bonds, 2.875%, due
05/15/43 to 08/15/45. The aggregate market value of the
collateral, including accrued interest, was $178,500,066.

J.P. Morgan Securities LLC

167,800,000

0.070

09/01/20

167,800,000

Maturity Value: $167,800,326

Collateralized by a U.S. Treasury Note, 1.250%, due 08/31/24.
The market value of the collateral, including accrued interest,
was $171,156,345.


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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Schedule of Investments (continued)

August 31, 2020


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

Repurchase Agreements^(c) – (continued)
	Joint Account I
$	1,250,000,000		0.070	%		09/01/20	$	1,250,000,000
	Maturity Value: $1,250,002,431

	MUFG Securities Americas Inc. (Overnight Treasury + 0.02%)
	100,000,000		0.090	^(b)		09/04/20		100,000,000
	Maturity Value: $100,124,500
	Settlement Date: 05/02/19
	Collateralized by U.S. Treasury Bonds, 2.000% to 3.375%, due 02/15/42 to 02/15/50, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 2.375%, due 01/15/27 to 02/15/47 and U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.500%, due 04/15/24 to 07/15/30. The aggregate market value of the collateral, including accrued interest, was $102,000,023.

	Norinchukin Bank (The)
	100,000,000		0.140			09/03/20		100,000,000
	Maturity Value: $100,010,889
	Settlement Date: 08/06/20
	Collateralized by a U.S. Treasury Bond, 6.125%, due 08/15/29 and a U.S. Treasury Inflation-Indexed Note, 0.375%, due 01/15/27. The aggregate market value of the collateral, including accrued interest, was $102,000,098.

	Wells Fargo Securities, LLC
	150,000,000		0.020			09/01/20		150,000,000
	Maturity Value: $150,000,083
	Collateralized by a U.S. Treasury Note, 1.500%, due 11/30/21. The market value of the collateral, including accrued interest, was $153,000,047.

	TOTAL REPURCHASE AGREEMENTS						$	6,026,400,000

	TOTAL INVESTMENTS – 97.7%						$	26,284,823,025

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.3%							613,004,818

	NET ASSETS – 100.0%						$	26,897,827,843



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

(a)		All or a portion represents a forward commitment.

(b)		Variable or floating 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 August 31, 2020.

(c)		Unless noted, all repurchase agreements were entered into on August 31, 2020. Additional information on Joint Repurchase Agreement Account I appears in the Additional Investment Information section.

(d)		The instrument is subject to a demand feature.



Investment Abbreviations:
MMY		—Money Market Yield
T-Bill		—Treasury Bill


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

FINANCIAL SQUARE TREASURY SOLUTIONS FUND

Schedule of Investments

August 31, 2020


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

U.S. Treasury Obligations – 100.0%
	United States Treasury Bills
$	28,000,000		0.092	%		09/03/20	$	27,999,876
	65,000,000		0.092			09/03/20		64,998,592
	79,000,000		0.092			09/03/20		78,998,376
	105,000,000		0.092			09/03/20		104,996,054
	175,000,000		0.092			09/03/20		174,990,181
	262,900,000		0.092			09/03/20		262,898,905
	1,000,000		0.137			09/08/20		999,974
	584,300,000		0.137			09/08/20		584,290,911
	147,700,000		0.102			09/10/20		147,696,307
	600,000		0.251			09/15/20		599,979
	4,000,000		0.251			09/15/20		3,999,876
	128,500,000		0.251			09/15/20		128,487,507
	132,000,000		0.251			09/15/20		131,991,530
	594,500,000		0.251			09/15/20		594,480,349
	437,600,000		0.086			09/17/20		437,583,468
	11,400,000		0.178			09/22/20		11,399,435
	23,000,000		0.178			09/22/20		22,997,652
	1,700,000		0.158			09/24/20		1,699,810
	5,000,000		0.158			09/24/20		4,999,457
	69,700,000		0.158			09/24/20		69,695,992
	710,000,000		0.158			09/24/20		709,956,908
	25,100,000		0.097			09/29/20		25,096,486
	50,600,000		0.097			09/29/20		50,593,113
	900,000		0.132			10/06/20		899,869
	5,400,000		0.132			10/06/20		5,399,081
	13,500,000		0.132			10/06/20		13,498,294
	26,900,000		0.132			10/06/20		26,895,946
	112,900,000		0.132			10/06/20		112,884,633
	147,300,000		0.132			10/06/20		147,275,655
	150,000,000		0.132			10/06/20		149,985,416
	3,900,000		0.084			10/08/20		3,899,299
	10,100,000		0.084			10/08/20		10,098,131
	16,600,000		0.084			10/08/20		16,597,100
	46,400,000		0.084			10/08/20		46,392,370
	162,000,000		0.084			10/08/20		161,969,197
	500,000,000		0.084			10/08/20		499,956,319
	3,900,000		0.148			10/13/20		3,899,534
	79,100,000		0.148			10/13/20		79,086,157
	216,100,000		0.148			10/13/20		216,074,788
	1,100,000		0.173			10/15/20		1,099,798
	2,000,000		0.173			10/15/20		1,999,670
	4,000,000		0.173			10/15/20		3,999,218
	6,750,000		0.173			10/15/20		6,748,927
	11,800,000		0.173			10/15/20		11,797,476
	13,000,000		0.173			10/15/20		12,997,061
	21,400,000		0.173			10/15/20		21,396,338
	30,000,000		0.173			10/15/20		29,989,367
	30,200,000		0.173			10/15/20		30,194,648
	122,100,000		0.173			10/15/20		122,074,630
	301,500,000		0.173			10/15/20		301,433,670
	1,800,000		0.147			10/20/20		1,799,620
	104,400,000		0.147			10/20/20		104,380,106
	400,000,000		0.147			10/20/20		399,951,000
	3,100,000		0.112			10/22/20		3,099,473
	5,800,000		0.112			10/22/20		5,799,006
	38,400,000		0.112			10/22/20		38,391,840


U.S. Treasury Obligations – (continued)
	United States Treasury Bills – (continued)
	17,500,000		0.153			10/27/20		17,496,434
	106,000,000		0.153			10/27/20		105,976,091
	1,000,000		0.158			10/29/20		999,750
	7,400,000		0.122			11/03/20		7,398,310
	134,200,000		0.122			11/03/20		134,160,076
	40,940,000		0.097			11/05/20		40,932,608
	52,100,000		0.097			11/05/20		52,087,771
	142,600,000		0.097			11/05/20		142,561,379
	2,800,000		0.122			11/10/20		2,799,401
	200,000		0.147			11/12/20		199,962
	25,800,000		0.147			11/12/20		25,794,582
	111,500,000		0.147			11/12/20		111,467,665
	73,200,000		0.107			11/17/20		73,183,560
	100,000		0.107			11/19/20		99,974
	10,060,000		0.107			11/19/20		10,057,439
	12,300,000		0.107			11/19/20		12,296,734
	16,800,000		0.107			11/19/20		16,795,687
	5,100,000		0.163			11/24/20		5,098,036
	8,100,000		0.163			11/24/20		8,098,015
	29,400,000		0.163			11/24/20		29,393,140
	35,600,000		0.163			11/24/20		35,585,463
	100,000,000		0.163			11/24/20		99,956,833
	1,000,000		0.098			11/27/20		999,770
	2,200,000		0.098			11/27/20		2,199,442
	110,000,000		0.098			11/27/20		109,973,417
	125,000,000		0.098			11/27/20		124,966,771
	35,000,000		0.168			12/01/20		34,990,268
	48,500,000		0.168			12/01/20		48,479,771
	29,000,000		0.102			12/03/20		28,992,508
	7,200,000		0.098			12/08/20		7,197,256
	95,000,000		0.098			12/08/20		94,959,915
	75,000,000		0.112			12/10/20		74,977,083
	7,800,000		0.158			12/15/20		7,797,270
	75,000,000		0.158			12/15/20		74,966,094
	4,500,000		0.107			12/17/20		4,498,529
	200,100,000		0.107			12/17/20		199,989,973
	800,000		0.148			12/22/20		799,739
	9,400,000		0.148			12/22/20		9,396,198
	85,000,000		0.108			12/24/20		84,970,392
	139,000,000		0.108			12/24/20		138,922,971
	21,700,000		0.124			12/29/20		21,691,249
	4,600,000		0.168			12/31/20		4,598,299
	5,600,000		0.168			12/31/20		5,596,988
	195,000,000		0.168			12/31/20		194,891,856
	47,500,000		0.112			01/05/21		47,481,712
	29,800,000		0.112			01/12/21		29,787,890
	232,500,000		0.148			01/14/21		232,373,577
	110,000,000		0.122			01/19/21		109,948,667
	145,200,000		0.132			01/21/21		145,125,545
	229,700,000		0.132			01/28/21		229,576,409
	15,000,000		0.107			02/04/21		14,993,175
	181,530,000		0.122			02/11/21		181,431,368
	9,500,000		1.308			02/25/21		9,473,843
	55,000,000		1.308			02/25/21		54,967,550
	62,700,000		1.308			02/25/21		62,308,491


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

FINANCIAL SQUARE TREASURY SOLUTIONS FUND

Schedule of Investments (continued)

August 31, 2020


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

U.S. Treasury Obligations – (continued)
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.05%)
$	397,200,000		0.150	%^(a)		10/31/20	$	397,216,390
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.12%)
	123,800,000		0.220	^(a)		01/31/21		123,802,375
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.14%)
	546,500,000		0.244	^(a)		04/30/21		546,601,767
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.15%)
	310,800,000		0.259	^(a)		01/31/22		310,794,863
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.22%)
	887,950,000		0.325	^(a)		07/31/21		888,683,669
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.30%)
	545,700,000		0.405	^(a)		10/31/21		546,384,480
	United States Treasury Notes
	40,700,000		2.750			09/30/20		40,771,660
	7,400,000		1.750			11/15/20		7,411,012
	29,100,000		2.625			11/15/20		29,199,628
	84,100,000		2.750			11/30/20		84,609,231
	17,900,000		1.875			12/15/20		17,961,571
	80,000,000		1.750			12/31/20		80,424,038
	28,200,000		2.500			12/31/20		28,325,969
	5,700,000		1.375			01/31/21		5,700,041
	2,300,000		2.125			01/31/21		2,313,821
	9,000,000		2.250			02/15/21		9,056,301
	9,000,000		3.625			02/15/21		9,112,284
	106,900,000		2.500			02/28/21		107,668,831
	58,000,000		2.375			03/15/21		58,525,714
	1,800,000		2.250			03/31/21		1,819,081
	1,100,000		2.375			04/15/21		1,113,789

	TOTAL U.S. TREASURY OBLIGATIONS						$	12,856,673,786

	TOTAL INVESTMENTS – 100.0%						$	12,856,673,786

	OTHER ASSETS IN EXCESS OF LIABILITIES - –%							773,579

	NET ASSETS – 100.0%						$	12,857,447,365



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

(a)		Variable or floating 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 August 31, 2020.



Investment Abbreviations:
MMY		—Money Market Yield
T-Bill		—Treasury Bill


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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Schedule of Investments

August 31, 2020

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT I — At August 31, 2020, certain Funds had undivided interests in the Joint Repurchase Agreement Account I with a maturity date of September 1, 2020, as follows:


Fund	Principal Amount		Maturity Value		Collateral Value Allocation
Government	$	1,250,000,000		$1,250,002,431	$	1,275,001,265
Treasury Obligations		1,250,000,000		1,250,002,431		1,275,001,265

REPURCHASE AGREEMENTS — At August 31, 2020, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account I were as follows:


Counterparty	Interest Rate			Government		Treasury Obligations
Bank of Nova Scotia (The)		0.070	%	$	600,000,000	$	600,000,000
BNP Paribus		0.070			600,000,000		600,000,000
Wells Fargo Securities, LLC		0.070			50,000,000		50,000,000

TOTAL				$	1,250,000,000	$	1,250,000,000

At August 31, 2020, the Joint Repurchase Agreement Account I was fully collateralized by:


Issuer	Interest Rates			Maturity Dates
U.S. Treasury Bills		0.000	%		09/01/20 to 07/15/21
U.S. Treasury Bonds		1.250 to 5.250			11/15/28 to 05/15/50
U.S. Treasury Inflation-Indexed Bonds		0.250 to 2.500			01/15/25 to 02/15/50
U.S. Treasury Inflation-Indexed Notes		0.125 to 1.125			01/15/21 to 07/15/28
U.S. Treasury Interest-Only Stripped Securities		0.000			02/15/22 to 05/15/48
U.S. Treasury Notes		0.125 to 3.125			09/15/20 to 05/15/30
U.S. Treasury Principal-Only Stripped Securities		0.000			02/15/36 to 05/15/50

JOINT REPURCHASE AGREEMENT ACCOUNT III — At August 31, 2020, certain Funds had undivided interests in the Joint Repurchase Agreement Account I with a maturity date of September 1, 2020, as follows:


Fund	Principal Amount		Maturity Value		Collateral Value Allocation
Government	$	3,273,400,000	$	3,273,408,184	$	3,371,420,768
Money Market		250,000,000		250,000,625		257,486,159
Prime Obligations		250,000,000		250,000,625		257,486,159


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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Schedule of Investments (continued)

August 31, 2020

ADDITIONAL INVESTMENT INFORMATION (continued)

REPURCHASE AGREEMENTS — At August 31, 2020, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account III were as follows:


Counterparty	Interest Rate			Government		Money Market		Prime Obligations
ABN Amro Bank N.V.		0.090	%	$	604,867,391	$	46,195,652	$	46,195,652
Bank of America, N.A.		0.090			355,804,348		27,173,913		27,173,913
BofA Securities, Inc.		0.090			1,245,315,217		95,108,696		95,108,696
Bank of Nova Scotia (The)		0.090			1,067,413,044		81,521,739		81,521,739

TOTAL				$	3,273,400,000	$	250,000,000	$	250,000,000

At August 31, 2020, the Joint Repurchase Agreement Account III was fully collateralized by:


Issuer	Interest Rates			Maturity Dates
Federal National Mortgage Association		2.000% to 5.000	%		07/01/27 to 09/01/50
Federal Home Loan Mortgage Corp.		2.000 to 5.000			10/01/26 to 09/01/50
Government National Mortgage Association		2.000 to 3.500			09/20/46 to 08/20/50
U.S. Treasury Notes		0.125			08/31/22 to 08/15/23


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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Assets and Liabilities

August 31, 2020


	Federal Instruments Fund		Government Fund		Money Market Fund			Prime Obligations Fund
Assets:
Investments , at value (cost $3,961,486,442, $159,221,313,125, $5,817,690,179 and $4,192,325,710)	$	3,961,486,442	$	159,221,313,125	$	5,818,261,604		$	4,192,749,385
Repurchase agreements , at value (cost $0, $60,507,620,625, $823,000,000 and $632,000,000)		—		60,507,620,625		823,001,494			632,000,955
Cash		1,342,743		1,193,352,605		488,702			178,783
Receivables:
Investments sold		1,500,205		—		4,397,984			3,498,397
Interest		476,075		45,290,120		1,327,299			616,858
Reimbursement from investment advisor		378,955		4,204,583		1,552			32,627
Fund shares sold		74,736		42,213,130		—			5,405,743
Other assets		75,202		304,909		115,783			107,192
Total assets		3,965,334,358		221,014,299,097		6,647,594,418			4,834,589,940

Liabilities:
Payables:
Investments purchased		39,976,744		2,740,563,376		26,335,398			19,849,026
Fund shares redeemed		2,567,454		16,097,036		—			4,470,732
Management fees		365,423		33,835,551		940,064			716,869
Distribution and Service fees and Transfer Agency fees		47,639		2,427,568		58,749			44,800
Dividend distribution		38,954		8,634,160		150,295			193,773
Accrued expenses		501,914		7,433,199		270,052			176,824
Total liabilities		43,498,128		2,808,990,890		27,754,558			25,452,024

Net Assets:
Paid-in capital		3,921,736,540		218,197,890,669		6,624,981,247			4,807,859,466
Total distributable earnings (loss)		99,690		7,417,538		(5,141,387	)		1,278,450
NET ASSETS	$	3,921,836,230	$	218,205,308,207	$	6,619,839,860		$	4,809,137,916
Net Assets:
Class A Shares	$	—	$	366,870,908	$	—		$	—
Class C Shares		—		6,529,279		—			—
Institutional Shares		3,761,103,783		204,287,539,908		6,595,782,952			4,619,641,048
Capital Shares		1,134,901		1,291,797,890		15,264,649			1,013,593
Service Shares		11,489,618		1,775,966,371		2,656			9,179
Preferred Shares		22,779,352		1,627,348,619		1,919,107			3,364,541
Select Shares		49,421		481,492,902		2,361,562			76,326,637
Administration Shares		73,011,499		5,421,224,387		4,505,810			8,735,917
Cash Management Shares		52,215,768		198,128,627		1,035			1,035
Premier Shares		51,888		195,822,084		1,050			1,049
Resource Shares		—		83,377,739		1,039			1,038
Class R6 Shares		—		115,111,372		—			—
Drexel Hamilton Shares		—		2,354,098,121		—			100,043,879
Total Net Assets	$	3,921,836,230	$	218,205,308,207	$	6,619,839,860		$	4,809,137,916
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Class A Shares		—		366,858,405		—			—
Class C Shares		—		6,529,057		—			—
Institutional Shares		3,761,012,898		204,280,590,216		6,588,847,741			4,613,864,601
Capital Shares		1,134,873		1,291,753,938		15,248,035			1,012,424
Service Shares		11,489,341		1,775,906,181		2,655			9,176
Preferred Shares		22,778,801		1,627,293,251		1,917,086			3,361,149
Select Shares		49,420		481,476,521		2,359,356			76,236,294
Administration Shares		73,009,736		5,421,039,943		4,501,450			8,725,450
Cash Management Shares		52,214,507		198,121,886		1,033			1,033
Premier Shares		51,887		195,815,422		1,049			1,048
Resource Shares		—		83,374,902		1,039			1,038
Class R6 Shares		—		115,107,456		—			—
Drexel Hamilton Shares		—		2,354,018,027		—			99,926,297
Net asset value, offering and redemption price per share:
Class A Shares		$—		$1.00		$—			$—
Class C Shares		—		1.00		—			—
Institutional Shares		1.00		1.00		1.0011			1.0013
Capital Shares		1.00		1.00		1.0011			1.0012
Service Shares		1.00		1.00		1.0006			1.0004
Preferred Shares		1.00		1.00		1.0011			1.0010
Select Shares		1.00		1.00		1.0009			1.0012
Administration Shares		1.00		1.00		1.0010			1.0012
Cash Management Shares		1.00		1.00		1.0009			1.0010
Premier Shares		1.00		1.00		1.0010			1.0009
Resource Shares		—		1.00		1.0008			1.0010
Class R6 Shares		—		1.00		—			—
Drexel Hamilton Shares		—		1.00		—			1.0012


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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Assets and Liabilities (continued)

August 31, 2020


	Treasury Instruments Fund		Treasury Obligations Fund		Treasury Solutions Fund
Assets:
Investments , at value (cost $89,278,743,152, $20,258,423,025 and $12,856,673,786)	$	89,278,743,152	$	20,258,423,025	$	12,856,673,786
Repurchase agreements , at value (cost $0, $6,026,400,000 and $0)		—		6,026,400,000		—
Cash		406,769		692,209,430		549,620
Receivables:
Investments sold		26,000,000		—		80,000,000
Interest		20,318,978		6,542,721		3,176,121
Fund shares sold		3,383,029		1,145,805		66,042
Other assets		179,202		234,335		84,009
Total assets		89,329,031,130		26,984,955,316		12,940,549,578

Liabilities:
Payables:
Investments purchased		2,150,420,016		74,956,396		79,999,837
Management fees		13,609,663		5,039,654		2,071,525
Fund shares redeemed		7,715,653		5,373,271		551,530
Dividend distribution		713,155		913,488		95,174
Distribution and Service fees and Transfer Agency fees		491,807		281,073		97,219
Accrued expenses		1,287,424		563,591		286,928
Total liabilities		2,174,237,718		87,127,473		83,102,213

Net Assets:
Paid-in capital		87,153,959,865		26,897,288,222		12,857,224,562
Total distributable earnings (loss)		833,547		539,621		222,803
NET ASSETS	$	87,154,793,412	$	26,897,827,843	$	12,857,447,365
Net Assets:
Institutional Shares	$	84,038,158,361	$	22,518,304,027	$	11,543,913,409
Capital Shares		725,405,156		372,260,456		201,226,968
Service Shares		116,172,307		937,648,619		208,498,579
Preferred Shares		113,768,761		771,943,274		52,791,110
Select Shares		495,422,139		178,350,619		7,067,438
Administration Shares		1,493,967,576		2,088,736,923		443,470,468
Cash Management Shares		10,781,268		13,014,761		272,981,477
Premier Shares		161,116,817		17,568,135		127,496,888
Resource Shares		1,027		1,029		1,028
Total Net Assets	$	87,154,793,412	$	26,897,827,843	$	12,857,447,365
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Institutional Shares		84,037,357,057		22,517,852,256		11,543,713,376
Capital Shares		725,398,240		372,252,988		201,223,481
Service Shares		116,171,199		937,629,811		208,494,966
Preferred Shares		113,767,676		771,927,790		52,790,195
Select Shares		495,417,415		178,347,042		7,067,316
Administration Shares		1,493,953,332		2,088,695,025		443,462,776
Cash Management Shares		10,781,165		13,014,500		272,976,746
Premier Shares		161,115,281		17,567,783		127,494,679
Resource Shares		1,027		1,029		1,028
Net asset value, offering and redemption price per share:
Institutional Shares		$1.00		$1.00		$1.00
Capital Shares		1.00		1.00		1.00
Service Shares		1.00		1.00		1.00
Preferred Shares		1.00		1.00		1.00
Select Shares		1.00		1.00		1.00
Administration Shares		1.00		1.00		1.00
Cash Management Shares		1.00		1.00		1.00
Premier Shares		1.00		1.00		1.00
Resource Shares		1.00		1.00		1.00


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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Operations

For the Year Ended August 31, 2020


	Federal Instruments Fund			Government Fund			Money Market Fund			Prime Obligations Fund
Investment Income:

Interest income — from unaffiliated issuers	$	21,438,590		$	1,445,995,596		$	214,895,888		$	89,134,392

Interest income — from affiliated issuers		—			124,028			—			—

Total investment income		21,438,590			1,446,119,624			214,895,888			89,134,392

Expenses:
Fund-Level Expenses:

Management fees		4,655,574			258,645,980			20,621,350			9,793,299

Registration fees		404,174			1,593,448			734,602			376,018

Transfer Agency fees		258,643			16,165,374			1,288,834			612,081

Professional fees		124,514			158,255			116,370			199,604

Custody, accounting and administrative services		116,950			5,092,015			601,037			282,556

Trustee fees		23,364			281,360			44,941			4,115

Shareholder meeting expense		5,487			503,772			9,632			10,034

Printing and mailing fees		—			973,833			50,328			64,149

Other		33,048			594,903			167,556			124,944
Subtotal		5,621,754			284,008,940			23,634,650			11,466,800
Class Specific Expenses:

Administration Share fees		153,932			14,131,618			12,620			92,542

Cash Management Share fees		61,909			847,195			5			5

Distribution fees — Cash Management Shares		37,145			508,317			3			3

Service Share fees		25,907			2,014,075			59			1,043

Shareholder Administration Plan fees — Service Shares		25,906			2,014,074			59			1,042

Preferred Share fees		12,260			1,089,973			3,183			3,902

Capital Share fees		1,577			2,310,644			21,294			10,785

Premier Share fees		182			664,070			4			4

Select Share fees		15			147,401			5,878			19,802

Distribution fees — Resource Shares		—			120,000			2			2

Resource Share fees		—			400,001			5			5

Distribution and Service fees — Class A Shares		—			852,161			—			—

Distribution fees — Class C Shares		—			57,767			—			—

Total expenses		5,940,587			309,166,236			23,677,762			11,595,935

Less — expense reductions		(1,845,721	)		(4,338,240	)		(4,146,234	)		(1,673,045	)

Net expenses		4,094,866			304,827,996			19,531,528			9,922,890

NET INVESTMENT INCOME	$	17,343,724		$	1,141,291,628		$	195,364,360		$	79,211,502

Net realized gain (loss) from investment transactions		966,791			40,401,445			(7,538,258	)		604,703

Net change in unrealized loss from investment transactions		—			—			(4,400,659	)		(1,341,419	)

Net realized and unrealized gain (loss)		966,791			40,401,445			(11,938,917	)		(736,716	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	18,310,515		$	1,181,693,073		$	183,425,442		$	78,474,786


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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Operations (continued)

For the Year Ended August 31, 2020


	Treasury Instruments Fund			Treasury Obligations Fund			Treasury Solutions Fund
Investment Income:

Interest income — from unaffiliated issuers	$	734,787,328		$	207,727,315		$	112,448,619

Interest income — from affiliated issuers		—			34,826			—

Total investment income		734,787,328			207,762,141			112,448,619

Expenses:
Fund-Level Expenses:

Management fees		145,037,770			41,164,599			22,303,746

Transfer Agency fees		8,057,364			2,286,844			1,239,054

Custody, accounting and administrative services		2,532,760			730,975			421,642

Printing and mailing fees		774,558			59,766			49,534

Shareholder meeting expense		560,182			15,569			18,434

Registration fees		302,320			400,311			139,489

Trustee fees		146,675			56,626			39,416

Professional fees		112,621			99,320			132,748

Other		349,452			164,930			118,940
Subtotal		157,873,702			44,978,940			24,463,003
Class Specific Expenses:

Administration Share fees		4,304,049			5,272,818			1,015,183

Capital Share fees		1,391,696			661,227			268,689

Premier Share fees		518,952			68,550			477,976

Service Share fees		143,950			2,717,361			382,659

Shareholder Administration Plan fees — Service Shares		143,950			2,717,360			382,658

Preferred Share fees		128,660			458,186			53,847

Select Share fees		80,926			19,974			2,872

Cash Management Share fees		59,979			140,272			1,299,314

Distribution fees — Cash Management Shares		35,988			84,164			779,588

Resource Share fees		7			7			7

Total expenses		164,681,859			57,118,859			29,125,796

Less — expense reductions		(1,973,405	)		(2,892,378	)		(1,621,982	)

Net expenses		162,708,454			54,226,481			27,503,814

NET INVESTMENT INCOME	$	572,078,874		$	153,535,660		$	84,944,805

Net realized gain from investment transactions		20,901,374			6,731,060			6,294,118

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	592,980,248		$	160,266,720		$	91,238,923


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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets


	Federal Instruments Fund						Government Fund
	For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
From operations:
Net investment income	$	17,343,724		$	19,992,507		$	1,141,291,628		$	2,230,447,557
Net realized gain from investment transactions		966,791			287,443			40,401,445			16,512,656

Net increase in net assets resulting from operations		18,310,515			20,279,950			1,181,693,073			2,246,960,213

Distributions to shareholders:
From distributable earnings:
Class A Shares		—			—			(2,446,431	)		(2,048,233	)
Class C Shares		—			—			(15,977	)		(55,218	)
Institutional Shares		(17,708,073	)		(18,771,613	)		(1,090,135,900	)		(2,060,931,674	)
Capital Shares		(8,246	)		(23,515	)		(12,087,734	)		(29,262,373	)
Service Shares		(63,442	)		(166,265	)		(4,939,299	)		(10,479,301	)
Preferred Shares		(50,399	)		(198,625	)		(9,976,513	)		(20,494,217	)
Select Shares		(471	)		(1,031	)		(4,341,608	)		(14,157,360	)
Administration Shares		(450,857	)		(1,036,837	)		(44,718,381	)		(99,448,265	)
Cash Management Shares		(18,572	)		(768	)		(640,681	)		(204,841	)
Premier Shares		(373	)		(922	)		(1,394,940	)		(3,719,283	)
Resource Shares		—			—			(395,702	)		(973,664	)
Class R6 Shares		—			—			(942,873	)		(1,249,033	)
Drexel Hamilton Shares		—			—			(7,956,702	)		—
Total distributions to shareholders		(18,300,433	)		(20,199,576	)		(1,179,992,741	)		(2,243,023,462	)

From share transactions
Proceeds from sales of shares		11,735,557,360			2,606,772,443			1,370,830,683,323			943,916,446,686
Reinvestment of distributions		14,243,623			15,043,280			577,812,056			1,079,167,668
Cost of shares redeemed		(9,361,084,182	)		(1,675,554,481	)		(1,263,859,504,231	)		(939,203,429,811	)
Net increase in net assets resulting from share transactions		2,388,716,801			946,261,242			107,548,991,148			5,792,184,543
NET INCREASE		2,388,726,883			946,341,616			107,550,691,480			5,796,121,294

Net assets:
Beginning of year		1,533,109,347			586,767,731			110,654,616,727			104,858,495,433
End of year	$	3,921,836,230		$	1,533,109,347		$	218,205,308,207		$	110,654,616,727


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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets (continued)


	Money Market Fund						Prime Obligations Fund
	For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
From operations:

Net investment income	$	195,364,360		$	333,909,991		$	79,211,502		$	112,999,607

Net realized gain (loss) from investment transactions		(7,538,258	)		1,138,835			604,703			473,503

Net change in unrealized gain (loss) from investment transactions		(4,400,659	)		3,681,721			(1,341,419	)		1,330,549

Net increase in net assets resulting from operations		183,425,443			338,730,547			78,474,786			114,803,659

Distributions to shareholders:

From distributable earnings:

Institutional Shares		(193,310,637	)		(333,758,870	)		(77,559,806	)		(110,684,532	)

Capital Shares		(135,656	)		(125,595	)		(76,698	)		(118,561	)

Service Shares		(300	)		(1,391	)		(6,973	)		(102,511	)

Preferred Shares		(42,411	)		(48,834	)		(42,649	)		(61,378	)

Select Shares		(319,301	)		(776,671	)		(789,855	)		(1,798,426	)

Administration Shares		(45,086	)		(45,826	)		(444,229	)		(535,405	)

Cash Management Shares		(9	)		(18	)		(9	)		(18	)

Premier Shares		(11	)		(22	)		(11	)		(22	)

Resource Shares		(11	)		(22	)		(11	)		(22	)

Drexel Hamilton Shares		—			—			(222,875	)		—

Total distributions to shareholders		(193,853,422	)		(334,757,249	)		(79,143,116	)		(113,300,875	)

From share transactions

Proceeds from sales of shares		78,480,208,605			85,569,465,008			23,481,618,298			16,195,180,217

Reinvestment of distributions		103,679,725			162,186,050			46,774,158			68,630,093

Cost of shares redeemed		(89,738,454,628	)		(79,561,685,600	)		(24,964,599,237	)		(13,862,825,962	)

Net increase (decrease) in net assets resulting from share transactions		(11,154,566,298	)		6,169,965,458			(1,436,206,781	)		2,400,984,348

NET INCREASE (DECREASE)		(11,164,994,277	)		6,173,938,756			(1,436,875,111	)		2,402,487,132

Net assets:

Beginning of year		17,784,834,137			11,610,895,381			6,246,013,027			3,843,525,895

End of year	$	6,619,839,860		$	17,784,834,137		$	4,809,137,916		$	6,246,013,027


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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets (continued)


	Treasury Instruments Fund						Treasury Obligations Fund
	For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
From operations:

Net investment income	$	572,078,874		$	1,135,422,170		$	153,535,660		$	342,100,566

Net realized gain from investment transactions		20,901,374			19,078,477			6,731,060			3,418,497

Net increase in net assets resulting from operations		592,980,248			1,154,500,647			160,266,720			345,519,063

Distributions to shareholders:

From distributable earnings:

Institutional Shares		(572,962,578	)		(1,082,622,274	)		(132,077,257	)		(274,501,344	)

Capital Shares		(8,336,562	)		(14,187,561	)		(3,428,674	)		(6,772,558	)

Service Shares		(176,314	)		(1,707,995	)		(6,461,492	)		(18,360,886	)

Preferred Shares		(919,744	)		(1,261,805	)		(3,661,923	)		(7,482,570	)

Select Shares		(1,704,555	)		(6,174,970	)		(486,531	)		(1,362,803	)

Administration Shares		(13,043,114	)		(40,483,530	)		(14,614,602	)		(35,857,421	)

Cash Management Shares		(53,744	)		(89,437	)		(108,803	)		(16,375	)

Premier Shares		(1,019,410	)		(2,487,259	)		(128,767	)		(299,438	)

Resource Shares		(6	)		(16	)		(6	)		(16	)

Total distributions to shareholders		(598,216,027	)		(1,149,014,847	)		(160,968,055	)		(344,653,411	)

From share transactions

Proceeds from sales of shares		355,916,515,357			212,108,690,475			255,687,212,214			200,902,685,375

Reinvestment of distributions		325,529,187			641,161,052			66,582,114			133,108,626

Cost of shares redeemed		(323,780,571,442	)		(212,588,469,412	)		(245,417,780,026	)		(198,899,965,807	)

Net increase in net assets resulting from share transactions		32,461,473,102			161,382,115			10,336,014,302			2,135,828,194

NET INCREASE		32,456,237,323			166,867,915			10,335,312,967			2,136,693,846

Net assets:

Beginning of year		54,698,556,089			54,531,688,174			16,562,514,876			14,425,821,030

End of year	$	87,154,793,412		$	54,698,556,089		$	26,897,827,843		$	16,562,514,876


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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets (continued)


	Treasury Solutions Fund
	For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
From operations:

Net investment income	$	84,944,805		$	181,047,952

Net realized gain from investment transactions		6,294,118			3,922,005

Net increase in net assets resulting from operations		91,238,923			184,969,957

Distributions to shareholders:

From distributable earnings:

Institutional Shares		(84,516,483	)		(166,889,124	)

Capital Shares		(1,276,222	)		(3,373,366	)

Service Shares		(810,330	)		(1,983,011	)

Preferred Shares		(454,175	)		(797,792	)

Select Shares		(93,299	)		(134,813	)

Administration Shares		(2,714,596	)		(6,782,509	)

Cash Management Shares		(1,122,646	)		(1,690,423	)

Premier Shares		(950,305	)		(2,503,790	)

Resource Shares		(6	)		(16	)

Total distributions to shareholders		(91,938,062	)		(184,154,844	)

From share transactions

Proceeds from sales of shares		65,182,195,146			36,822,877,870

Reinvestment of distributions		57,158,747			131,480,668

Cost of shares redeemed		(60,968,545,207	)		(36,813,589,532	)

Net increase in net assets resulting from share transactions		4,270,808,686			140,769,006

NET INCREASE		4,270,109,547			141,584,119

Net assets:

Beginning of year		8,587,337,818			8,445,753,699

End of year	$	12,857,447,365		$	8,587,337,818


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

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


	Year Ended August 31,												Period Ended August 31, 2016*
Financial Square Federal Instruments Fund — Institutional Shares	2020			2019			2018			2017			Period Ended August 31, 2016*
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.007			0.021			0.013			0.005			0.002

Net realized gain		0.003			0.001			—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.010			0.022			0.013			0.005			0.002

Distributions to shareholders from net investment income		(0.010	)		(0.022	)		(0.013	)		(0.005	)		(0.002	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.010	)		(0.022	)		(0.013	)		(0.005	)		(0.002	)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.99	%		2.18	%		1.34	%		0.52	%		0.16	%

Net assets, end of period (in 000’s)	$	3,761,104		$	1,453,995		$	508,647		$	556,458		$	577,395

Ratio of net expenses to average net assets		0.15	%		0.18	%		0.20	%		0.20	%		0.20	%^(e)

Ratio of total expenses to average net assets		0.21	%		0.22	%		0.25	%		0.28	%		0.39	%^(e)

Ratio of net investment income to average net assets		0.67	%		2.15	%		1.33	%		0.51	%		0.19	%^(e)

Commenced operations on October 30, 2015.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e)

Annualized.


	Year Ended August 31,												Period Ended August 31, 2016*
Financial Square Federal Instruments Fund — Capital Shares	2020			2019			2018			2017			Period Ended August 31, 2016*
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.007			0.019			0.012			0.003			—	^(b)

Net realized gain		0.002			0.001			—	^(b)		0.001			—	^(b)

Total from investment operations		0.009			0.020			0.012			0.004			—	^(b)

Distributions to shareholders from net investment income		(0.009	)		(0.020	)		(0.012	)		(0.004	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.009	)		(0.020	)		(0.012	)		(0.004	)		—	^(b)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.85	%		2.03	%		1.19	%		0.37	%		0.05	%

Net assets, end of period (in 000’s)	$	1,135		$	626		$	5,136		$	16,147		$	50

Ratio of net expenses to average net assets		0.28	%		0.33	%		0.35	%		0.35	%		0.33	%^(e)

Ratio of total expenses to average net assets		0.36	%		0.37	%		0.40	%		0.43	%		0.54	%^(e)

Ratio of net investment income to average net assets		0.74	%		1.90	%		1.04	%		0.31	%		0.04	%^(e)

Commenced operations on October 30, 2015.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Year Ended August 31,												Period Ended August 31, 2016*
Financial Square Federal Instruments Fund — Service Shares	2020			2019			2018			2017			Period Ended August 31, 2016*
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.006			0.016			0.008			0.001			—	^(b)

Net realized gain		—	^(b)		0.001			—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.006			0.017			0.008			0.001			—	^(b)

Distributions to shareholders from net investment income		(0.006	)		(0.017	)		(0.008	)		(0.001	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.006	)		(0.017	)		(0.008	)		(0.001	)		—	^(b)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.63	%		1.67	%		0.84	%		0.10	%		0.01	%

Net assets, end of period (in 000’s)	$	11,490		$	11,493		$	11,003		$	15,129		$	14,949

Ratio of net expenses to average net assets		0.50	%		0.68	%		0.70	%		0.62	%		0.39	%^(e)

Ratio of total expenses to average net assets		0.71	%		0.72	%		0.75	%		0.78	%		0.89	%^(e)

Ratio of net investment income (loss) to average net assets		0.57	%		1.64	%		0.83	%		0.09	%		(0.01	)%^(e)

Commenced operations on October 30, 2015.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

(e)

Annualized.


	Year Ended August 31,												Period Ended August 31, 2016*
Financial Square Federal Instruments Fund — Preferred Shares	2020			2019			2018			2017			Period Ended August 31, 2016*
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.004			0.021			0.012			0.004			0.001

Net realized gain		0.005			—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.009			0.021			0.012			0.004			0.001

Distributions to shareholders from net investment income		(0.009	)		(0.021	)		(0.012	)		(0.004	)		(0.001	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.009	)		(0.021	)		(0.012	)		(0.004	)		(0.001	)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.89	%		2.08	%		1.24	%		0.42	%		0.08	%

Net assets, end of period (in 000’s)	$	22,779		$	5,536		$	2,386		$	50		$	50

Ratio of net expenses to average net assets		0.24	%		0.28	%		0.30	%		0.30	%		0.29	%^(e)

Ratio of total expenses to average net assets		0.31	%		0.32	%		0.35	%		0.38	%		0.49	%^(e)

Ratio of net investment income to average net assets		0.39	%		2.09	%		1.43	%		0.41	%		0.08	%^(e)

Commenced operations on October 30, 2015.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Year Ended August 31,												Period Ended August 31, 2016*
Financial Square Federal Instruments Fund — Select Shares	2020			2019			2018			2017			Period Ended August 31, 2016*
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.010			0.021			0.013			0.005			0.001

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.010			0.021			0.013			0.005			0.001

Distributions to shareholders from net investment income		(0.010	)		(0.021	)		(0.013	)		(0.005	)		(0.001	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.010	)		(0.021	)		(0.013	)		(0.005	)		(0.001	)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.96	%		2.15	%		1.31	%		0.49	%		0.13	%

Net assets, end of period (in 000’s)	$	49		$	49		$	48		$	47		$	50

Ratio of net expenses to average net assets		0.18	%		0.21	%		0.23	%		0.23	%		0.23	%^(e)

Ratio of total expenses to average net assets		0.24	%		0.25	%		0.28	%		0.31	%		0.42	%^(e)

Ratio of net investment income to average net assets		0.91	%		2.11	%		1.30	%		0.48	%		0.14	%^(e)

Commenced operations on October 30, 2015.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

(e)

Annualized.


	Year Ended August 31,												Period Ended August 31, 2016*
Financial Square Federal Instruments Fund — Administration Shares	2020			2019			2018			2017			Period Ended August 31, 2016*
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.007			0.019			0.011			0.003			—	^(b)

Net realized gain		0.001			—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.008			0.019			0.011			0.003			—	^(b)

Distributions to shareholders from net investment income		(0.008	)		(0.019	)		(0.011	)		(0.003	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.008	)		(0.019	)		(0.011	)		(0.003	)		—	^(b)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.78	%		1.93	%		1.09	%		0.27	%		0.01	%

Net assets, end of period (in 000’s)	$	73,011		$	61,267		$	59,447		$	50,768		$	43,835

Ratio of net expenses to average net assets		0.35	%		0.43	%		0.45	%		0.45	%		0.39	%^(e)

Ratio of total expenses to average net assets		0.46	%		0.47	%		0.50	%		0.53	%		0.64	%^(e)

Ratio of net investment income (loss) to average net assets		0.69	%		1.89	%		1.08	%		0.26	%		(0.01	)%^(e)

Commenced operations on October 30, 2015.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Year Ended August 31,												Period Ended August 31, 2016*
Financial Square Federal Instruments Fund — Cash Management Shares	2020			2019			2018			2017			Period Ended August 31, 2016*
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.002			0.013			0.005			—	^(b)		—	^(b)

Net realized gain		0.003			0.001			—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.005			0.014			0.005			—	^(b)		—	^(b)

Distributions to shareholders from net investment income		(0.005	)		(0.014	)		(0.005	)		—	^(b)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.005	)		(0.014	)		(0.005	)		—	^(b)		—	^(b)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.46	%		1.37	%		0.53	%		0.01	%		0.01	%

Net assets, end of period (in 000’s)	$	52,216		$	92		$	50		$	50		$	50

Ratio of net expenses to average net assets		0.45	%		0.98	%		1.00	%		0.71	%		0.38	%^(e)

Ratio of total expenses to average net assets		1.01	%		1.02	%		1.05	%		1.08	%		1.19	%^(e)

Ratio of net investment income to average net assets		0.12	%		1.34	%		0.53	%		0.01	%		—	%^(e)(f)

Commenced operations on October 30, 2015.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

(e)

Annualized.

(f)

Amount is less than 0.005% of average net assets.


	Year Ended August 31,												Period Ended August 31, 2016*
Financial Square Federal Instruments Fund — Premier Shares	2020			2019			2018			2017			Period Ended August 31, 2016*
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.007			0.018			0.010			0.002			—	^(b)

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.007			0.018			0.010			0.002			—	^(b)

Distributions to shareholders from net investment income		(0.007	)		(0.018	)		(0.010	)		(0.002	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.007	)		(0.018	)		(0.010	)		(0.002	)		—	^(b)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.72	%		1.82	%		0.99	%		0.19	%		0.01	%

Net assets, end of period (in 000’s)	$	52		$	52		$	51		$	50		$	50

Ratio of net expenses to average net assets		0.42	%		0.53	%		0.55	%		0.53	%		0.38	%^(e)

Ratio of total expenses to average net assets		0.56	%		0.57	%		0.60	%		0.63	%		0.74	%^(e)

Ratio of net investment income to average net assets		0.67	%		1.79	%		0.99	%		0.19	%		—	%^(e)(f)

Commenced operations on October 30, 2015.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

(e)

Annualized.

(f)

Amount is less than 0.005% of average net assets.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Year Ended August 31,												Period Ended August 31, 2016*
Financial Square Government Fund — Class A Shares	2020			2019			2018			2017			Period Ended August 31, 2016*
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.007			0.019			0.011			0.003			—	^(b)

Net realized gain		0.001			0.001			—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.008			0.020			0.011			0.003			—	^(b)

Distributions to shareholders from net investment income		(0.008	)		(0.020	)		(0.011	)		(0.003	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.008	)		(0.020	)		(0.011	)		(0.003	)		—	^(b)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.76	%		1.97	%		1.12	%		0.30	%		0.01	%

Net assets, end of period (in 000’s)	$	366,871		$	244,295		$	69,681		$	55,506		$	1,563

Ratio of net expenses to average net assets		0.39	%		0.43	%		0.42	%		0.43	%		0.43	%^(e)

Ratio of total expenses to average net assets		0.43	%		0.43	%		0.44	%		0.48	%		0.48	%^(e)

Ratio of net investment income to average net assets		0.69	%		1.94	%		1.12	%		0.34	%		0.02	%^(e)

Commenced operations on February 29, 2016.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

(e)

Annualized.


	Year Ended August 31,												Period Ended August 31, 2016*
Financial Square Government Fund — Class C Shares	2020			2019			2018			2017			Period Ended August 31, 2016*
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.003			0.012			0.004			—	^(b)		—	^(b)

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.003			0.012			0.004			—	^(b)		—	^(b)

Distributions to shareholders from net investment income		(0.003	)		(0.012	)		(0.004	)		—	^(b)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.003	)		(0.012	)		(0.004	)		—	^(b)		—	^(b)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.34	%		1.21	%		0.39	%		0.01	%		0.01	%

Net assets, end of period (in 000’s)	$	6,529		$	4,532		$	4,928		$	5,937		$	413

Ratio of net expenses to average net assets		0.73	%		1.18	%		1.15	%		0.70	%		0.44	%^(e)

Ratio of total expenses to average net assets		1.18	%		1.18	%		1.19	%		1.23	%		1.23	%^(e)

Ratio of net investment income to average net assets		0.25	%		1.19	%		0.37	%		0.01	%		0.01	%^(e)

Commenced operations on February 29, 2016.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Government Fund — Institutional Shares	Year Ended August 31,
Financial Square Government Fund — Institutional Shares	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.007			0.022			0.014			0.006			0.002

Net realized gain		0.003			—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.010			0.022			0.014			0.006			0.002

Distributions to shareholders from net investment income		(0.010	)		(0.022	)		(0.014	)		(0.006	)		(0.002	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.010	)		(0.022	)		(0.014	)		(0.006	)		(0.002	)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.97	%		2.23	%		1.38	%		0.55	%		0.20	%

Net assets, end of year (in 000’s)	$	204,287,540		$	100,539,271		$	96,230,361		$	79,411,937		$	63,804,041

Ratio of net expenses to average net assets		0.18	%		0.18	%		0.17	%		0.18	%		0.18	%

Ratio of total expenses to average net assets		0.18	%		0.18	%		0.19	%		0.23	%		0.23	%

Ratio of net investment income to average net assets		0.70	%		2.19	%		1.39	%		0.55	%		0.21	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


Financial Square Government Fund — Capital Shares	Year Ended August 31,
Financial Square Government Fund — Capital Shares	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.008			0.021			0.012			0.004			0.001

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.008			0.021			0.012			0.004			0.001

Distributions to shareholders from net investment income		(0.008	)		(0.021	)		(0.012	)		(0.004	)		(0.001	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.008	)		(0.021	)		(0.012	)		(0.004	)		(0.001	)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.83	%		2.08	%		1.22	%		0.40	%		0.08	%

Net assets, end of year (in 000’s)	$	1,291,798		$	1,302,391		$	1,287,999		$	893,496		$	1,390,271

Ratio of net expenses to average net assets		0.32	%		0.33	%		0.32	%		0.33	%		0.30	%

Ratio of total expenses to average net assets		0.33	%		0.33	%		0.34	%		0.38	%		0.38	%

Ratio of net investment income to average net assets		0.76	%		2.05	%		1.24	%		0.37	%		0.07	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Government Fund — Service Shares	Year Ended August 31,
Financial Square Government Fund — Service Shares	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.006			0.017			0.009			0.001			—	^(b)

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.006			0.017			0.009			0.001			—	^(b)

Distributions to shareholders from net investment income		(0.006	)		(0.017	)		(0.009	)		(0.001	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.006	)		(0.017	)		(0.009	)		(0.001	)		—	^(b)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.61	%		1.72	%		0.87	%		0.12	%		0.01	%

Net assets, end of year (in 000’s)	$	1,775,966		$	665,252		$	587,810		$	337,219		$	368,299

Ratio of net expenses to average net assets		0.53	%		0.68	%		0.67	%		0.60	%		0.36	%

Ratio of total expenses to average net assets		0.68	%		0.68	%		0.69	%		0.73	%		0.73	%

Ratio of net investment income (loss) to average net assets		0.58	%		1.69	%		0.93	%		0.11	%		(0.01	)%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


Financial Square Government Fund — Preferred Shares	Year Ended August 31,
Financial Square Government Fund — Preferred Shares	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.009			0.021			0.013			0.004			0.001

Net realized gain		—	^(b)		—	^(b)		—	^(b)		0.001			—	^(b)

Total from investment operations		0.009			0.021			0.013			0.005			0.001

Distributions to shareholders from net investment income		(0.009	)		(0.021	)		(0.013	)		(0.005	)		(0.001	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.009	)		(0.021	)		(0.013	)		(0.005	)		(0.001	)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.88	%		2.13	%		1.28	%		0.45	%		0.12	%

Net assets, end of year (in 000’s)	$	1,627,349		$	1,755,404		$	1,330,598		$	553,781		$	536,818

Ratio of net expenses to average net assets		0.28	%		0.28	%		0.27	%		0.28	%		0.27	%

Ratio of total expenses to average net assets		0.28	%		0.28	%		0.29	%		0.33	%		0.33	%

Ratio of net investment income to average net assets		0.89	%		2.08	%		1.32	%		0.43	%		0.13	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Government Fund — Select Shares	Year Ended August 31,
Financial Square Government Fund — Select Shares	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.009			0.022			0.013			0.005			0.002

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.009			0.022			0.013			0.005			0.002

Distributions to shareholders from net investment income		(0.009	)		(0.022	)		(0.013	)		(0.005	)		(0.002	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.009	)		(0.022	)		(0.013	)		(0.005	)		(0.002	)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.94	%		2.20	%		1.35	%		0.52	%		0.17	%

Net assets, end of year (in 000’s)	$	481,493		$	825,651		$	598,258		$	2,921,971		$	2,471,275

Ratio of net expenses to average net assets		0.21	%		0.21	%		0.20	%		0.21	%		0.21	%

Ratio of total expenses to average net assets		0.21	%		0.21	%		0.22	%		0.26	%		0.26	%

Ratio of net investment income to average net assets		0.86	%		2.16	%		1.19	%		0.52	%		0.21	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


Financial Square Government Fund — Administration Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.008			0.020			0.011			0.003			—	^(b)

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.008			0.020			0.011			0.003			—	^(b)

Distributions to shareholders from net investment income		(0.008	)		(0.020	)		(0.011	)		(0.003	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.008	)		(0.020	)		(0.011	)		(0.003	)		—	^(b)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.76	%		1.97	%		1.12	%		0.30	%		0.02	%

Net assets, end of year (in 000’s)	$	5,421,224		$	4,862,853		$	4,454,065		$	4,138,362		$	2,673,689

Ratio of net expenses to average net assets		0.39	%		0.43	%		0.42	%		0.43	%		0.36	%

Ratio of total expenses to average net assets		0.43	%		0.43	%		0.44	%		0.48	%		0.48	%

Ratio of net investment income to average net assets		0.76	%		1.95	%		1.13	%		0.32	%		0.01	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Government Fund — Cash Management Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.004			0.013			0.006			—	^(b)		—	^(b)

Net realized gain		0.001			0.001			—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.005			0.014			0.006			—	^(b)		—	^(b)

Distributions to shareholders from net investment income		(0.005	)		(0.014	)		(0.006	)		—	^(b)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.005	)		(0.014	)		(0.006	)		—	^(b)		—	^(b)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.45	%		1.42	%		0.57	%		0.02	%		0.02	%

Net assets, end of year (in 000’s)	$	198,129		$	96,690		$	6,573		$	3,779		$	14

Ratio of net expenses to average net assets		0.65	%		0.98	%		0.97	%		0.62	%		0.35	%

Ratio of total expenses to average net assets		0.98	%		0.98	%		0.99	%		1.03	%		1.03	%

Ratio of net investment income to average net assets		0.35	%		1.35	%		0.64	%		0.01	%		0.06	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


Financial Square Government Fund — Premier Shares	Year Ended August 31,
Financial Square Government Fund — Premier Shares	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.007			0.019			0.010			0.003			—	^(b)

Net realized loss		—	^(b)		—	^(b)		—	^(b)		(0.001	)		—	^(b)

Total from investment operations		0.007			0.019			0.010			0.002			—	^(b)

Distributions to shareholders from net investment income		(0.007	)		(0.019	)		(0.010	)		(0.002	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.007	)		(0.019	)		(0.010	)		(0.002	)		—	^(b)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.70	%		1.87	%		1.02	%		0.22	%		0.02	%

Net assets, end of year (in 000’s)	$	195,822		$	190,633		$	168,032		$	101,311		$	1

Ratio of net expenses to average net assets		0.46	%		0.53	%		0.52	%		0.52	%		0.20	%

Ratio of total expenses to average net assets		0.53	%		0.53	%		0.54	%		0.58	%		0.58	%

Ratio of net investment income to average net assets		0.70	%		1.85	%		0.99	%		0.28	%		0.40	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Government Fund — Resource Shares	Year Ended August 31,
Financial Square Government Fund — Resource Shares	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.005			0.015			0.007			0.001			—	^(b)

Net realized gain		—	^(b)		0.001			—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.005			0.016			0.007			0.001			—	^(b)

Distributions to shareholders from net investment income		(0.005	)		(0.016	)		(0.007	)		(0.001	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.005	)		(0.016	)		(0.007	)		(0.001	)		—	^(b)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.53	%		1.57	%		0.72	%		0.05	%		0.01	%

Net assets, end of year (in 000’s)	$	83,378		$	70,841		$	70,747		$	74,864		$	17,634

Ratio of net expenses to average net assets		0.60	%		0.83	%		0.82	%		0.69	%		0.43	%

Ratio of total expenses to average net assets		0.83	%		0.83	%		0.84	%		0.88	%		0.88	%

Ratio of net investment income (loss) to average net assets		0.47	%		1.54	%		0.70	%		0.06	%		(0.01	)%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


	Year Ended August 31,												Period Ended August 31, 2016*
Financial Square Government Fund — Class R6 Shares	2020			2019			2018			2017			Period Ended August 31, 2016*
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.009			0.022			0.014			0.006			0.002

Net realized gain		0.001			—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.010			0.022			0.014			0.006			0.002

Distributions to shareholders from net investment income		(0.010	)		(0.022	)		(0.014	)		(0.006	)		(0.002	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.010	)		(0.022	)		(0.014	)		(0.006	)		(0.002	)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.97	%		2.23	%		1.38	%		0.55	%		0.18	%

Net assets, end of period (in 000’s)	$	115,111		$	96,804		$	49,441		$	12,773		$	4,705

Ratio of net expenses to average net assets		0.18	%		0.18	%		0.17	%		0.18	%		0.18	%^(e)

Ratio of total expenses to average net assets		0.18	%		0.18	%		0.19	%		0.23	%		0.23	%^(e)

Ratio of net investment income to average net assets		0.93	%		2.20	%		1.54	%		0.56	%		0.26	%^(e)

Commenced operations on December 29, 2015.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Government Fund — Drexel Hamilton Class Shares	Period Ended August 31, 2020*
Per Share Data:

Net asset value, beginning of period	$	1.00

Net investment income^(a)		0.005

Net realized gain		0.004

Total from investment operations		0.009

Distributions to shareholders from net investment income		(0.009	)

Distributions to shareholders from net realized gains		—	^(b)

Total distributions^(c)		(0.009	)

Net asset value, end of period	$	1.00

Total return^(d)		0.93	%

Net assets, end of period (in 000’s)	$	2,354,098

Ratio of net expenses to average net assets		0.18	%^(e)

Ratio of total expenses to average net assets		0.18	%^(e)

Ratio of net investment income to average net assets		0.54	%^(e)

Commenced operations on September 9, 2019.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Money Market Fund — Institutional Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.0006		$	1.0003		$	1.0003		$	1.0000		$	1.000

Net investment income^(a)		0.0152			0.0244			0.0187			0.0071			0.003

Net realized and unrealized gain (loss)		(0.0027	)		0.0004			(0.0019	)		0.0015			—	^(b)

Total from investment operations		0.0125			0.0248			0.0168			0.0086			0.003

Distributions to shareholders from net investment income		(0.0120	)		(0.0245	)		(0.0168	)		(0.0082	)		(0.003	)

Distributions to shareholders from net realized gains		—	^(c)		—	^(c)		—	^(c)		(0.0001	)		—	^(b)

Total distributions^(d)		(0.0120	)		(0.0245	)		(0.0168	)		(0.0083	)		(0.003	)

Net asset value, end of year	$	1.0011		$	1.0006		$	1.0003		$	1.0003		$	1.000

Total return^(e)		1.25	%		2.52	%		1.68	%		0.87	%		0.32	%

Net assets, end of year (in 000’s)	$	6,595,783		$	17,728,767		$	11,570,439		$	2,542,693		$	15,336,774

Ratio of net expenses to average net assets		0.15	%		0.13	%		0.11	%		0.18	%		0.18	%

Ratio of total expenses to average net assets		0.18	%		0.18	%		0.20	%		0.25	%		0.23	%

Ratio of net investment income to average net assets		1.52	%		2.44	%		1.87	%		0.71	%		0.32	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Amount is less than $0.00005 per share.

(d)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(e)

Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.


Financial Square Money Market Fund — Capital Shares	Year Ended August 31,
Financial Square Money Market Fund — Capital Shares	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.0006		$	1.0004		$	1.0003		$	1.0000		$	1.000

Net investment income^(a)		0.0100			0.0231			0.0177			0.0020			0.002

Net realized and unrealized gain		0.0010			0.0011			0.0001			0.0051			—	^(b)

Total from investment operations		0.0110			0.0242			0.0178			0.0071			0.002

Distributions to shareholders from net investment income		(0.0105	)		(0.0240	)		(0.0177	)		(0.0068	)		(0.002	)

Distributions to shareholders from net realized gains		—	^(c)		—	^(c)		—	^(c)		—			—	^(b)

Total distributions^(d)		(0.0105	)		(0.0240	)		(0.0177	)		(0.0068	)		(0.002	)

Net asset value, end of year	$	1.0011		$	1.0006		$	1.0004		$	1.0003		$	1.000

Total return^(e)		1.10	%		2.35	%		1.54	%		0.72	%		0.18	%

Net assets, end of year (in 000’s)	$	15,265		$	11,720		$	1		$	1		$	108,671

Ratio of net expenses to average net assets		0.29	%		0.28	%		0.11	%		0.33	%		0.33	%

Ratio of total expenses to average net assets		0.33	%		0.33	%		0.35	%		0.40	%		0.38	%

Ratio of net investment income to average net assets		1.00	%		2.31	%		1.77	%		0.20	%		0.18	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Amount is less than $0.00005 per share.

(d)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(e)


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Money Market Fund — Service Shares	Year Ended August 31,
Financial Square Money Market Fund — Service Shares	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.0002		$	1.0001		$	1.0003		$	1.0000		$	1.000

Net investment income^(a)		0.0126			0.0199			0.0115			0.0011			—	^(b)

Net realized and unrealized gain (loss)		(0.0041	)		(0.0003	)		0.0001			0.0027			—	^(b)

Total from investment operations		0.0085			0.0196			0.0116			0.0038			—	^(b)

Distributions to shareholders from net investment income		(0.0081	)		(0.0195	)		(0.0118	)		(0.0034	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(c)		—	^(c)		—	^(c)		(0.0001	)		—	^(b)

Total distributions^(d)		(0.0081	)		(0.0195	)		(0.0118	)		(0.0035	)		—	^(b)

Net asset value, end of year	$	1.0006		$	1.0002		$	1.0001		$	1.0003		$	1.000

Total return^(e)		0.81	%		1.99	%		1.16	%		0.38	%		0.01	%

Net assets, end of year (in 000’s)	$	3		$	8		$	128		$	67		$	17,000

Ratio of net expenses to average net assets		0.64	%		0.63	%		0.61	%		0.60	%		0.49	%

Ratio of total expenses to average net assets		0.68	%		0.68	%		0.70	%		0.75	%		0.73	%

Ratio of net investment income to average net assets		1.26	%		1.99	%		1.15	%		0.11	%		—	%^(f)

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Amount is less than $0.00005 per share.

(d)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(e)

(f)

Amount is less than 0.005% of average net assets.


Financial Square Money Market Fund — Preferred Shares	Year Ended August 31,
Financial Square Money Market Fund — Preferred Shares	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.0006		$	1.0002		$	1.0003		$	1.0000		$	1.000

Net investment income^(a)		0.0136			0.0231			0.0172			0.0032			0.002

Net realized and unrealized gain (loss)		(0.0021	)		0.0008			(0.0015	)		0.0044			—	^(b)

Total from investment operations		0.0115			0.0239			0.0157			0.0076			0.002

Distributions to shareholders from net investment income		(0.0110	)		(0.0235	)		(0.0158	)		(0.0072	)		(0.002	)

Distributions to shareholders from net realized gains		—	^(c)		—	^(c)		—	^(c)		(0.0001	)		—	^(b)

Total distributions^(d)		(0.0110	)		(0.0235	)		(0.0158	)		(0.0073	)		(0.002	)

Net asset value, end of year	$	1.0011		$	1.0006		$	1.0002		$	1.0003		$	1.000

Total return^(e)		1.15	%		2.41	%		1.58	%		0.77	%		0.22	%

Net assets, end of year (in 000’s)	$	1,919		$	4,901		$	2,752		$	1,418		$	59,053

Ratio of net expenses to average net assets		0.25	%		0.23	%		0.21	%		0.28	%		0.28	%

Ratio of total expenses to average net assets		0.28	%		0.28	%		0.30	%		0.35	%		0.33	%

Ratio of net investment income to average net assets		1.35	%		2.31	%		1.72	%		0.32	%		0.20	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Amount is less than $0.00005 per share.

(d)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(e)


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Money Market Fund — Select Shares	Year Ended August 31,
Financial Square Money Market Fund — Select Shares	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.0006		$	1.0003		$	1.0003		$	1.0000		$	1.000

Net investment income^(a)		0.0163			0.0240			0.0182			0.0040			0.003

Net realized and unrealized gain (loss)		(0.0043	)		0.0005			(0.0017	)		0.0043			—	^(b)

Total from investment operations		0.0120			0.0245			0.0165			0.0083			0.003

Distributions to shareholders from net investment income		(0.0117	)		(0.0242	)		(0.0165	)		(0.0079	)		(0.003	)

Distributions to shareholders from net realized gains		—	^(c)		—	^(c)		—	^(c)		(0.0001	)		—	^(b)

Total distributions^(d)		(0.0117	)		(0.0242	)		(0.0165	)		(0.0080	)		(0.003	)

Net asset value, end of year	$	1.0009		$	1.0006		$	1.0003		$	1.0003		$	1.000

Total return^(e)		1.20	%		2.49	%		1.65	%		0.84	%		0.29	%

Net assets, end of year (in 000’s)	$	2,362		$	34,943		$	34,354		$	9,847		$	1,080,075

Ratio of net expenses to average net assets		0.18	%		0.16	%		0.14	%		0.21	%		0.21	%

Ratio of total expenses to average net assets		0.21	%		0.21	%		0.23	%		0.28	%		0.26	%

Ratio of net investment income to average net assets		1.63	%		2.40	%		1.82	%		0.40	%		0.29	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Amount is less than $0.00005 per share.

(d)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(e)


Financial Square Money Market Fund — Administration Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.0005		$	1.0003		$	1.0003		$	1.0000		$	1.000

Net investment income^(a)		0.0094			0.0214			0.0140			0.0024			0.001

Net realized and unrealized gain		0.0007			0.0008			0.0003			0.0037			—	^(b)

Total from investment operations		0.0101			0.0222			0.0143			0.0061			0.001

Distributions to shareholders from net investment income		(0.0096	)		(0.0220	)		(0.0143	)		(0.0057	)		(0.001	)

Distributions to shareholders from net realized gains		—	^(c)		—	^(c)		—	^(c)		(0.0001	)		—	^(b)

Total distributions^(d)		(0.0096	)		(0.0220	)		(0.0143	)		(0.0058	)		(0.001	)

Net asset value, end of year	$	1.0010		$	1.0005		$	1.0003		$	1.0003		$	1.000

Total return^(e)		1.01	%		2.25	%		1.43	%		0.61	%		0.10	%

Net assets, end of year (in 000’s)	$	4,506		$	4,493		$	3,218		$	5,516		$	316,162

Ratio of net expenses to average net assets		0.38	%		0.38	%		0.36	%		0.43	%		0.40	%

Ratio of total expenses to average net assets		0.43	%		0.43	%		0.45	%		0.50	%		0.48	%

Ratio of net investment income to average net assets		0.93	%		2.14	%		1.40	%		0.24	%		0.09	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Amount is less than $0.00005 per share.

(d)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(e)


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Money Market Fund — Cash Management Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.0007		$	1.0004		$	1.0003		$	1.0000		$	1.000

Net investment income^(a)		0.0097			0.0182			0.0106			0.0001			—	^(b)

Net realized and unrealized gain		(0.0008	)		0.0003			0.0001			0.0017			—	^(b)

Total from investment operations		0.0089			0.0185			0.0107			0.0018			—	^(b)

Distributions to shareholders from net investment income		(0.0087	)		(0.0182	)		(0.0106	)		(0.0015	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(c)		—	^(c)		—	^(c)		—	^(c)		—	^(b)

Total distributions^(d)		(0.0087	)		(0.0182	)		(0.0106	)		(0.0015	)		—	^(b)

Net asset value, end of year	$	1.0009		$	1.0007		$	1.0004		$	1.0003		$	1.000

Total return^(e)		0.60	%		1.69	%		0.89	%		0.18	%		0.01	%

Net assets, end of year (in 000’s)	$	1		$	1		$	1		$	1		$	10,742

Ratio of net expenses to average net assets		0.68	%		0.85	%		0.83	%		0.50	%		0.51	%

Ratio of total expenses to average net assets		0.98	%		0.98	%		1.00	%		1.05	%		1.03	%

Ratio of net investment income to average net assets		0.89	%		1.81	%		1.06	%		0.01	%		—	%^(f)

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Amount is less than $0.00005 per share.

(d)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(e)

(f)

Amount is less than 0.005% of average net assets.


Financial Square Money Market Fund — Premier Shares	Year Ended August 31,
Financial Square Money Market Fund — Premier Shares	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.0006		$	1.0004		$	1.0003		$	1.0000		$	1.000

Net investment income^(a)		0.0115			0.0217			0.0142			0.0068			0.001

Net realized and unrealized gain (loss)		(0.0003	)		0.0002			0.0001			(0.0016	)		—	^(b)

Total from investment operations		0.0112			0.0219			0.0143			0.0052			0.001

Distributions to shareholders from net investment income		(0.0108	)		(0.0217	)		(0.0142	)		(0.0049	)		(0.001	)

Distributions to shareholders from net realized gains		—	^(c)		—	^(c)		—	^(c)		—	^(c)		—	^(b)

Total distributions^(d)		(0.0108	)		(0.0217	)		(0.0142	)		(0.0049	)		(0.001	)

Net asset value, end of year	$	1.0010		$	1.0006		$	1.0004		$	1.0003		$	1.000

Total return^(e)		0.91	%		2.15	%		1.35	%		0.52	%		0.10	%

Net assets, end of year (in 000’s)	$	1		$	1		$	1		$	1		$	1

Ratio of net expenses to average net assets		0.45	%		0.48	%		0.47	%		0.53	%		0.19	%

Ratio of total expenses to average net assets		0.53	%		0.53	%		0.55	%		0.60	%		0.58	%

Ratio of net investment income to average net assets		1.10	%		2.17	%		1.42	%		0.69	%		0.37	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Amount is less than $0.00005 per share.

(d)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(e)


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Money Market Fund — Resource Shares	Year Ended August 31,
Financial Square Money Market Fund — Resource Shares	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.0006		$	1.0004		$	1.0003		$	1.0000		$	1.000

Net investment income^(a)		0.0116			0.0217			0.0142			0.0068			0.001

Net realized and unrealized gain (loss)		(0.0005	)		0.0002			0.0001			(0.0040	)		—	^(b)

Total from investment operations		0.0111			0.0219			0.0143			0.0028			0.001

Distributions to shareholders from net investment income		(0.0109	)		(0.0217	)		(0.0142	)		(0.0025	)		(0.001	)

Distributions to shareholders from net realized gains		—	^(c)		—	^(c)		—	^(c)		—	^(c)		—	^(b)

Total distributions^(d)		(0.0109	)		(0.0217	)		(0.0142	)		(0.0025	)		(0.001	)

Net asset value, end of year	$	1.0008		$	1.0006		$	1.0004		$	1.0003		$	1.000

Total return^(e)		0.69	%		1.84	%		1.04	%		0.28	%		0.10	%

Net assets, end of year (in 000’s)	$	1		$	1		$	1		$	1		$	1

Ratio of net expenses to average net assets		0.45	%		0.49	%		0.47	%		0.53	%		0.19	%

Ratio of total expenses to average net assets		0.83	%		0.83	%		0.85	%		0.90	%		0.88	%

Ratio of net investment income to average net assets		1.11	%		2.17	%		1.42	%		0.68	%		0.37	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Amount is less than $0.00005 per share.

(d)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(e)


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Prime Obligations Fund — Institutional Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.0006		$	1.0003		$	1.0003		$	1.0000		$	1.000

Net investment income^(a)		0.0130			0.0243			0.0182			0.0073			0.003

Net realized and unrealized gain (loss)		(0.0002	)		0.0004			(0.0014	)		0.0014			—	^(b)

Total from investment operations		0.0128			0.0247			0.0168			0.0087			0.003

Distributions to shareholders from net investment income		(0.0121	)		(0.0244	)		(0.0168	)		(0.0083	)		(0.003	)

Distributions to shareholders from net realized gains		—	^(c)		—	^(c)		—	^(c)		(0.0001	)		—	^(b)

Total distributions^(d)		(0.0121	)		(0.0244	)		(0.0168	)		(0.0084	)		(0.003	)

Net asset value, end of year	$	1.0013		$	1.0006		$	1.0003		$	1.0003		$	1.000

Total return^(e)		1.28	%		2.51	%		1.68	%		0.87	%		0.29	%

Net assets, end of year (in 000’s)	$	4,619,641		$	6,122,574		$	3,766,257		$	1,467,979		$	7,299,656

Ratio of net expenses to average net assets		0.16	%		0.13	%		0.11	%		0.18	%		0.18	%

Ratio of total expenses to average net assets		0.18	%		0.18	%		0.21	%		0.27	%		0.23	%

Ratio of net investment income to average net assets		1.30	%		2.43	%		1.82	%		0.73	%		0.31	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Amount is less than $0.00005 per share.

(d)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(e)


Financial Square Prime Obligations Fund — Capital Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.0006		$	1.0002		$	1.0003		$	1.0000		$	1.000

Net investment income^(a)		0.0108			0.0227			0.0178			0.0024			0.002

Net realized and unrealized gain (loss)		0.0004			0.0006			(0.0026	)		0.0048			—	^(b)

Total from investment operations		0.0112			0.0233			0.0152			0.0072			0.002

Distributions to shareholders from net investment income		(0.0106	)		(0.0229	)		(0.0153	)		(0.0068	)		(0.002	)

Distributions to shareholders from net realized gains		—	^(c)		—	^(c)		—	^(c)		(0.0001	)		—	^(b)

Total distributions^(d)		(0.0106	)		(0.0229	)		(0.0153	)		(0.0069	)		(0.002	)

Net asset value, end of year	$	1.0012		$	1.0006		$	1.0002		$	1.0003		$	1.000

Total return^(e)		1.12	%		2.35	%		1.53	%		0.72	%		0.16	%

Net assets, end of year (in 000’s)	$	1,014		$	6,755		$	6,829		$	407		$	140,138

Ratio of net expenses to average net assets		0.31	%		0.28	%		0.26	%		0.33	%		0.31	%

Ratio of total expenses to average net assets		0.33	%		0.33	%		0.36	%		0.42	%		0.38	%

Ratio of net investment income to average net assets		1.07	%		2.27	%		1.78	%		0.24	%		0.16	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Amount is less than $0.00005 per share.

(d)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(e)


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Prime Obligations Fund — Service Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.0004		$	1.0002		$	1.0003		$	1.0000		$	1.000

Net investment income^(a)		0.0167			0.0197			0.0145			0.0003			—	^(b)

Net realized and unrealized gain (loss)		(0.0079	)		(0.0001	)		(0.0028	)		0.0035			—	^(b)

Total from investment operations		0.0088			0.0196			0.0117			0.0038			—	^(b)

Distributions to shareholders from net investment income		(0.0088	)		(0.0194	)		(0.0118	)		(0.0034	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(c)		—	^(c)		—	^(c)		(0.0001	)		—	^(b)

Total distributions^(d)		(0.0088	)		(0.0194	)		(0.0118	)		(0.0035	)		—	^(b)

Net asset value, end of year	$	1.0004		$	1.0004		$	1.0002		$	1.0003		$	1.000

Total return^(e)		0.76	%		2.00	%		1.16	%		0.38	%		0.01	%

Net assets, end of year (in 000’s)	$	9		$	5,098		$	102		$	103		$	253,231

Ratio of net expenses to average net assets		0.66	%		0.63	%		0.61	%		0.59	%		0.42	%

Ratio of total expenses to average net assets		0.68	%		0.68	%		0.71	%		0.77	%		0.73	%

Ratio of net investment income to average net assets		1.66	%		1.97	%		1.45	%		0.03	%		—	%^(f)

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Amount is less than $0.00005 per share.

(d)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(e)

(f)

Amount is less than 0.005% of average net assets.


Financial Square Prime Obligations Fund — Preferred Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.0004		$	1.0001		$	1.0003		$	1.0000		$	1.000

Net investment income^(a)		0.0111			0.0233			0.0142			0.0030			0.002

Net realized and unrealized gain (loss)		0.0006			0.0004			0.0014			0.0047			—	^(b)

Total from investment operations		0.0117			0.0237			0.0156			0.0077			0.002

Distributions to shareholders from net investment income		(0.0111	)		(0.0234	)		(0.0158	)		(0.0073	)		(0.002	)

Distributions to shareholders from net realized gains		—	^(c)		—	^(c)		—	^(c)		(0.0001	)		—	^(b)

Total distributions^(d)		(0.0111	)		(0.0234	)		(0.0158	)		(0.0074	)		(0.002	)

Net asset value, end of year	$	1.0010		$	1.0004		$	1.0001		$	1.0003		$	1.000

Total return^(e)		1.16	%		2.41	%		1.57	%		0.77	%		0.20	%

Net assets, end of year (in 000’s)	$	3,365		$	2,839		$	2,624		$	1,003		$	279,445

Ratio of net expenses to average net assets		0.26	%		0.23	%		0.21	%		0.28	%		0.28	%

Ratio of total expenses to average net assets		0.28	%		0.28	%		0.31	%		0.37	%		0.33	%

Ratio of net investment income to average net assets		1.11	%		2.33	%		1.42	%		0.30	%		0.19	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Amount is less than $0.00005 per share.

(d)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(e)


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Prime Obligations Fund — Select Shares	Year Ended August 31,
Financial Square Prime Obligations Fund — Select Shares	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.0004		$	1.0002		$	1.0003		$	1.0000		$	1.000

Net investment income^(a)		0.0120			0.0241			0.0181			0.0097			0.003

Net realized and unrealized gain (loss)		0.0006			0.0002			(0.0017	)		(0.0013	)		—	^(b)

Total from investment operations		0.0126			0.0243			0.0164			0.0084			0.003

Distributions to shareholders from net investment income		(0.0118	)		(0.0241	)		(0.0165	)		(0.0080	)		(0.003	)

Distributions to shareholders from net realized gains		—	^(c)		—	^(c)		—	^(c)		(0.0001	)		—	^(b)

Total distributions^(d)		(0.0118	)		(0.0241	)		(0.0165	)		(0.0081	)		(0.003	)

Net asset value, end of year	$	1.0012		$	1.0004		$	1.0002		$	1.0003		$	1.000

Total return^(e)		1.25	%		2.48	%		1.64	%		0.84	%		0.26	%

Net assets, end of year (in 000’s)	$	76,327		$	98,996		$	60,236		$	18,082		$	9,454

Ratio of net expenses to average net assets		0.19	%		0.16	%		0.14	%		0.21	%		0.21	%

Ratio of total expenses to average net assets		0.21	%		0.21	%		0.24	%		0.30	%		0.26	%

Ratio of net investment income to average net assets		1.19	%		2.41	%		1.81	%		0.97	%		0.29	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Amount is less than $0.00005 per share.

(d)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(e)


Financial Square Prime Obligations Fund — Administration Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.0005		$	1.0002		$	1.0003		$	1.0000		$	1.000

Net investment income^(a)		0.0121			0.0222			0.0139			0.0015			0.001

Net realized and unrealized gain (loss)		(0.0017	)		—	^(c)		0.0003			0.0047			—	^(b)

Total from investment operations		0.0104			0.0222			0.0142			0.0062			0.001

Distributions to shareholders from net investment income		(0.0097	)		(0.0219	)		(0.0143	)		(0.0058	)		(0.001	)

Distributions to shareholders from net realized gains		—	^(c)		—	^(c)		—	^(c)		(0.0001	)		—	^(b)

Total distributions^(d)		(0.0097	)		(0.0219	)		(0.0143	)		(0.0059	)		(0.001	)

Net asset value, end of year	$	1.0012		$	1.0005		$	1.0002		$	1.0003		$	1.000

Total return^(e)		1.03	%		2.25	%		1.43	%		0.62	%		0.09	%

Net assets, end of year (in 000’s)	$	8,736		$	9,748		$	7,474		$	4,282		$	1,250,848

Ratio of net expenses to average net assets		0.41	%		0.38	%		0.36	%		0.43	%		0.38	%

Ratio of total expenses to average net assets		0.43	%		0.43	%		0.46	%		0.52	%		0.48	%

Ratio of net investment income to average net assets		1.21	%		2.22	%		1.39	%		0.15	%		0.09	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Amount is less than $0.00005 per share.

(d)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(e)


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Prime Obligations Fund — Cash Management Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.0005		$	1.0002		$	1.0003		$	1.0000		$	1.000

Net investment income^(a)		0.0087			0.0181			0.0108			0.0051			0.001

Net realized and unrealized gain (loss)		0.0004			0.0003			(0.0001	)		(0.0033	)		—	^(b)

Total from investment operations		0.0091			0.0184			0.0107			0.0018			0.001

Distributions to shareholders from net investment income		(0.0086	)		(0.0181	)		(0.0108	)		(0.0015	)		(0.001	)

Distributions to shareholders from net realized gains		—	^(c)		—	^(c)		—	^(c)		—	^(c)		—	^(b)

Total distributions^(d)		(0.0086	)		(0.0181	)		(0.0108	)		(0.0015	)		(0.001	)

Net asset value, end of year	$	1.0010		$	1.0005		$	1.0002		$	1.0003		$	1.000

Total return^(e)		0.63	%		1.69	%		0.86	%		0.18	%		0.09	%

Net assets, end of year (in 000’s)	$	1		$	1		$	1		$	1		$	1

Ratio of net expenses to average net assets		0.70	%		0.85	%		0.83	%		0.73	%		0.18	%

Ratio of total expenses to average net assets		0.98	%		0.98	%		1.01	%		1.07	%		1.03	%

Ratio of net investment income to average net assets		0.87	%		1.80	%		1.08	%		0.51	%		0.37	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Amount is less than $0.00005 per share.

(d)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(e)


Financial Square Prime Obligations Fund — Premier Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.0005		$	1.0002		$	1.0003		$	1.0000		$	1.000

Net investment income^(a)		0.0115			0.0216			0.0144			0.0071			0.001

Net realized and unrealized gain (loss)		(0.0001	)		0.0003			(0.0001	)		(0.0018	)		—	^(b)

Total from investment operations		0.0114			0.0219			0.0143			0.0053			0.001

Distributions to shareholders from net investment income		(0.0110	)		(0.0216	)		(0.0144	)		(0.0050	)		(0.001	)

Distributions to shareholders from net realized gains		—	^(c)		—	^(c)		—	^(c)		—	^(c)		—	^(b)

Total distributions^(d)		(0.0110	)		(0.0216	)		(0.0144	)		(0.0050	)		(0.001	)

Net asset value, end of year	$	1.0009		$	1.0005		$	1.0002		$	1.0003		$	1.000

Total return^(e)		0.93	%		2.15	%		1.32	%		0.53	%		0.09	%

Net assets, end of year (in 000’s)	$	1		$	1		$	1		$	1		$	1

Ratio of net expenses to average net assets		0.46	%		0.49	%		0.47	%		0.53	%		0.18	%

Ratio of total expenses to average net assets		0.53	%		0.53	%		0.56	%		0.62	%		0.58	%

Ratio of net investment income to average net assets		1.10	%		2.16	%		1.44	%		0.71	%		0.36	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Amount is less than $0.00005 per share.

(d)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(e)


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Prime Obligations Fund — Resource Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.0005		$	1.0002		$	1.0003		$	1.0000		$	1.000

Net investment income^(a)		0.0106			0.0216			0.0144			0.0002			—	^(b)

Net realized and unrealized gain (loss)		0.0008			0.0003			(0.0001	)		0.0025			—	^(b)

Total from investment operations		0.0114			0.0219			0.0143			0.0027			—	^(b)

Distributions to shareholders from net investment income		(0.0109	)		(0.0216	)		(0.0144	)		(0.0024	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(c)		—	^(c)		—	^(c)		—	^(c)		—	^(b)

Total distributions^(d)		(0.0109	)		(0.0216	)		(0.0144	)		(0.0024	)		—	^(b)

Net asset value, end of year	$	1.0010		$	1.0005		$	1.0002		$	1.0003		$	1.000

Total return^(e)		0.73	%		1.85	%		1.01	%		0.27	%		0.01	%

Net assets, end of year (in 000’s)	$	1		$	1		$	1		$	1		$	71,804

Ratio of net expenses to average net assets		0.47	%		0.49	%		0.47	%		0.52	%		0.46	%

Ratio of total expenses to average net assets		0.83	%		0.83	%		0.86	%		0.92	%		0.88	%

Ratio of net investment income to average net assets		1.10	%		2.16	%		1.44	%		0.02	%		0.01	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Amount is less than $0.00005 per share.

(d)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(e)


Financial Square Prime Obligations Fund — Drexel Hamilton Class Shares	Period Ended August 31, 2020*
Per Share Data:

Net asset value, beginning of period	$	1.0006

Net investment income^(a)		0.0080

Net realized and unrealized gain		0.0042

Total from investment operations		0.0122

Distributions to shareholders from net investment income		(0.0116	)

Distributions to shareholders from net realized gains		—	^(b)

Total distributions^(c)		(0.0116	)

Net asset value, end of period	$	1.0012

Total return^(d)		1.22	%

Net assets, end of period (in 000’s)	$	100,044

Ratio of net expenses to average net assets		0.16	%^(e)

Ratio of total expenses to average net assets		0.18	%^(e)

Ratio of net investment income to average net assets		0.78	%^(e)

Commenced operations on September 9, 2019.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.00005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

(e)

Annualized.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Treasury Instruments Fund — Institutional Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.007			0.021			0.014			0.005			0.001

Net realized gain (loss)		0.002			—	^(b)		(0.001	)		—	^(b)		—	^(b)

Total from investment operations		0.009			0.021			0.013			0.005			0.001

Distributions to shareholders from net investment income		(0.009	)		(0.021	)		(0.013	)		(0.005	)		(0.001	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.009	)		(0.021	)		(0.013	)		(0.005	)		(0.001	)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.95	%		2.16	%		1.34	%		0.48	%		0.13	%

Net assets, end of year (in 000’s)	$	84,038,158		$	51,789,901		$	51,205,454		$	44,355,448		$	50,595,412

Ratio of net expenses to average net assets		0.20	%		0.20	%		0.20	%		0.20	%		0.19	%

Ratio of total expenses to average net assets		0.20	%		0.20	%		0.21	%		0.23	%		0.23	%

Ratio of net investment income to average net assets		0.71	%		2.11	%		1.35	%		0.47	%		0.14	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


Financial Square Treasury Instruments Fund — Capital Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.009			0.020			0.011			0.004			—	^(b)

Net realized gain (loss)		(0.001	)		—	^(b)		0.001			(0.001	)		—	^(b)

Total from investment operations		0.008			0.020			0.012			0.003			—	^(b)

Distributions to shareholders from net investment income		(0.008	)		(0.020	)		(0.012	)		(0.003	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.008	)		(0.020	)		(0.012	)		(0.003	)		—	^(b)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.82	%		2.01	%		1.19	%		0.33	%		0.03	%

Net assets, end of year (in 000’s)	$	725,405		$	766,401		$	374,831		$	1,054,817		$	495,853

Ratio of net expenses to average net assets		0.33	%		0.35	%		0.35	%		0.35	%		0.30	%

Ratio of total expenses to average net assets		0.35	%		0.35	%		0.36	%		0.38	%		0.38	%

Ratio of net investment income to average net assets		0.85	%		1.98	%		1.08	%		0.38	%		0.02	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Treasury Instruments Fund — Service Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.003			0.016			0.008			0.001			—	^(b)

Net realized gain		0.003			—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.006			0.016			0.008			0.001			—	^(b)

Distributions to shareholders from net investment income		(0.006	)		(0.016	)		(0.008	)		(0.001	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.006	)		(0.016	)		(0.008	)		(0.001	)		—	^(b)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.60	%		1.65	%		0.84	%		0.10	%		—	%^(e)

Net assets, end of year (in 000’s)	$	116,172		$	26,723		$	22,063		$	47,234		$	91,598

Ratio of net expenses to average net assets		0.41	%		0.70	%		0.70	%		0.55	%		0.29	%

Ratio of total expenses to average net assets		0.70	%		0.70	%		0.71	%		0.73	%		0.73	%

Ratio of net investment income (loss) to average net assets		0.28	%		1.60	%		0.79	%		0.05	%		(0.01	)%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

(e)

Amount is less than 0.005%.


Financial Square Treasury Instruments Fund — Preferred Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.007			0.020			0.012			0.003			0.001

Net realized gain		0.002			—	^(b)		—	^(b)		0.001			—	^(b)

Total from investment operations		0.009			0.020			0.012			0.004			0.001

Distributions to shareholders from net investment income		(0.009	)		(0.020	)		(0.012	)		(0.004	)		(0.001	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.009	)		(0.020	)		(0.012	)		(0.004	)		(0.001	)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.86	%		2.06	%		1.24	%		0.38	%		0.06	%

Net assets, end of year (in 000’s)	$	113,769		$	92,406		$	45,007		$	39,754		$	12,735

Ratio of net expenses to average net assets		0.29	%		0.30	%		0.30	%		0.30	%		0.26	%

Ratio of total expenses to average net assets		0.30	%		0.30	%		0.31	%		0.33	%		0.33	%

Ratio of net investment income to average net assets		0.68	%		2.02	%		1.24	%		0.34	%		0.05	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Treasury Instruments Fund — Select Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.006			0.021			0.015			0.004			0.001

Net realized gain (loss)		0.003			—	^(b)		(0.002	)		0.001			—	^(b)

Total from investment operations		0.009			0.021			0.013			0.005			0.001

Distributions to shareholders from net investment income		(0.009	)		(0.021	)		(0.013	)		(0.005	)		(0.001	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.009	)		(0.021	)		(0.013	)		(0.005	)		(0.001	)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.92	%		2.13	%		1.31	%		0.45	%		0.11	%

Net assets, end of year (in 000’s)	$	495,422		$	141,728		$	370,898		$	47,839		$	21,009

Ratio of net expenses to average net assets		0.23	%		0.23	%		0.23	%		0.23	%		0.21	%

Ratio of total expenses to average net assets		0.23	%		0.23	%		0.24	%		0.26	%		0.26	%

Ratio of net investment income to average net assets		0.60	%		2.09	%		1.49	%		0.43	%		0.07	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


Financial Square Treasury Instruments Fund — Administration Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.008			0.019			0.011			0.003			—	^(b)

Net realized loss		—	^(b)		—	^(b)		—	^(b)		(0.001	)		—	^(b)

Total from investment operations		0.008			0.019			0.011			0.002			—	^(b)

Distributions to shareholders from net investment income		(0.008	)		(0.019	)		(0.011	)		(0.002	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.008	)		(0.019	)		(0.011	)		(0.002	)		—	^(b)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.75	%		1.91	%		1.09	%		0.24	%		—	%^(e)

Net assets, end of year (in 000’s)	$	1,493,968		$	1,716,942		$	2,361,026		$	2,817,291		$	2,186,426

Ratio of net expenses to average net assets		0.40	%		0.45	%		0.45	%		0.44	%		0.32	%

Ratio of total expenses to average net assets		0.45	%		0.45	%		0.46	%		0.48	%		0.48	%

Ratio of net investment income (loss) to average net assets		0.72	%		1.86	%		1.07	%		0.26	%		(0.01	)%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

(e)

Amount is less than 0.005%.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Treasury Instruments Fund — Cash Management Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.004			0.014			0.006			—	^(b)		—	^(b)

Net realized loss		—	^(b)		(0.001	)		(0.001	)		—	^(b)		—	^(b)

Total from investment operations		0.004			0.013			0.005			—	^(b)		—	^(b)

Distributions to shareholders from net investment income		(0.004	)		(0.013	)		(0.005	)		—	^(b)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.004	)		(0.013	)		(0.005	)		—	^(b)		—	^(b)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.43	%		1.35	%		0.54	%		0.01	%		—	%^(e)

Net assets, end of year (in 000’s)	$	10,781		$	12,515		$	64		$	30		$	279

Ratio of net expenses to average net assets		0.73	%		1.00	%		1.00	%		0.61	%		0.35	%

Ratio of total expenses to average net assets		1.00	%		1.00	%		1.01	%		1.03	%		1.03	%

Ratio of net investment income to average net assets		0.40	%		1.36	%		0.60	%		—	%^(f)		0.05	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

(e)

Amount is less than 0.005%.

(f)

Amount is less than 0.005% of average net assets.


Financial Square Treasury Instruments Fund — Premier Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.007			0.018			0.011			0.002			—	^(b)

Net realized loss		—	^(b)		—	^(b)		(0.001	)		—	^(b)		—	^(b)

Total from investment operations		0.007			0.018			0.010			0.002			—	^(b)

Distributions to shareholders from net investment income		(0.007	)		(0.018	)		(0.010	)		(0.002	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.007	)		(0.018	)		(0.010	)		(0.002	)		—	^(b)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.69	%		1.80	%		0.99	%		0.17	%		—	%^(e)

Net assets, end of year (in 000’s)	$	161,117		$	151,939		$	152,344		$	56,059		$	19,142

Ratio of net expenses to average net assets		0.45	%		0.55	%		0.55	%		0.50	%		0.38	%

Ratio of total expenses to average net assets		0.55	%		0.55	%		0.56	%		0.58	%		0.58	%

Ratio of net investment income (loss) to average net assets		0.65	%		1.76	%		1.12	%		0.20	%		(0.02	)%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

(e)

Amount is less than 0.005%.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Treasury Instruments Fund — Resource Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.003			0.016			0.009			0.004			—	^(b)

Net realized gain (loss)		0.003			—	^(b)		—	^(b)		(0.004	)		—	^(b)

Total from investment operations		0.006			0.016			0.009			—	^(b)		—	^(b)

Distributions to shareholders from net investment income		(0.006	)		(0.016	)		(0.009	)		—	^(b)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.006	)		(0.016	)		(0.009	)		—	^(b)		—	^(b)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.52	%		1.50	%		0.69	%		0.04	%		—	%^(e)

Net assets, end of year (in 000’s)	$	1		$	1		$	1		$	1		$	1

Ratio of net expenses to average net assets		0.41	%		0.56	%		0.55	%		0.26	%		0.19	%

Ratio of total expenses to average net assets		0.85	%		0.85	%		0.86	%		0.88	%		0.88	%

Ratio of net investment income to average net assets		0.57	%		1.61	%		0.87	%		0.37	%		0.37	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

(e)

Amount is less than 0.005%.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Treasury Obligations Fund — Institutional Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.007			0.022			0.013			0.005			0.002

Net realized gain		0.002			—	^(b)		0.001			—	^(b)		—	^(b)

Total from investment operations		0.009			0.022			0.014			0.005			0.002

Distributions to shareholders from net investment income		(0.009	)		(0.022	)		(0.014	)		(0.005	)		(0.002	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.009	)		(0.022	)		(0.014	)		(0.005	)		(0.002	)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.94	%		2.20	%		1.37	%		0.50	%		0.15	%

Net assets, end of year (in 000’s)	$	22,518,304		$	12,649,125		$	10,649,826		$	15,091,527		$	19,950,969

Ratio of net expenses to average net assets		0.20	%		0.20	%		0.20	%		0.20	%		0.19	%

Ratio of total expenses to average net assets		0.20	%		0.20	%		0.21	%		0.23	%		0.23	%

Ratio of net investment income to average net assets		0.68	%		2.17	%		1.31	%		0.47	%		0.14	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


Financial Square Treasury Obligations Fund — Capital Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.007			0.020			0.012			0.003			—	^(b)

Net realized gain		0.001			—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.008			0.020			0.012			0.003			—	^(b)

Distributions to shareholders from net investment income		(0.008	)		(0.020	)		(0.012	)		(0.003	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.008	)		(0.020	)		(0.012	)		(0.003	)		—	^(b)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.80	%		2.05	%		1.21	%		0.35	%		0.05	%

Net assets, end of year (in 000’s)	$	372,260		$	390,680		$	299,105		$	269,417		$	404,533

Ratio of net expenses to average net assets		0.34	%		0.35	%		0.35	%		0.35	%		0.30	%

Ratio of total expenses to average net assets		0.35	%		0.35	%		0.36	%		0.38	%		0.38	%

Ratio of net investment income to average net assets		0.74	%		2.01	%		1.19	%		0.34	%		0.03	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Treasury Obligations Fund — Service Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.006			0.017			0.009			0.001			—	^(b)

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.006			0.017			0.009			0.001			—	^(b)

Distributions to shareholders from net investment income		(0.006	)		(0.017	)		(0.009	)		(0.001	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.006	)		(0.017	)		(0.009	)		(0.001	)		—	^(b)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.59	%		1.69	%		0.86	%		0.11	%		0.01	%

Net assets, end of year (in 000’s)	$	937,649		$	936,398		$	1,342,308		$	954,846		$	787,768

Ratio of net expenses to average net assets		0.55	%		0.70	%		0.70	%		0.59	%		0.33	%

Ratio of total expenses to average net assets		0.70	%		0.70	%		0.71	%		0.73	%		0.73	%

Ratio of net investment income (loss) to average net assets		0.55	%		1.67	%		0.88	%		0.11	%		(0.01	)%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


Financial Square Treasury Obligations Fund — Preferred Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.008			0.021			0.013			0.004			0.001

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.008			0.021			0.013			0.004			0.001

Distributions to shareholders from net investment income		(0.008	)		(0.021	)		(0.013	)		(0.004	)		(0.001	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.008	)		(0.021	)		(0.013	)		(0.004	)		(0.001	)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.84	%		2.10	%		1.26	%		0.40	%		0.08	%

Net assets, end of year (in 000’s)	$	771,943		$	461,459		$	173,807		$	123,436		$	81,542

Ratio of net expenses to average net assets		0.30	%		0.30	%		0.30	%		0.30	%		0.25	%

Ratio of total expenses to average net assets		0.30	%		0.30	%		0.31	%		0.33	%		0.33	%

Ratio of net investment income to average net assets		0.76	%		2.08	%		1.28	%		0.40	%		0.05	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Treasury Obligations Fund — Select Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.007			0.021			0.015			0.005			0.001

Net realized gain (loss)		0.002			—	^(b)		(0.002	)		—	^(b)		—	^(b)

Total from investment operations		0.009			0.021			0.013			0.005			0.001

Distributions to shareholders from net investment income		(0.009	)		(0.021	)		(0.013	)		(0.005	)		(0.001	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.009	)		(0.021	)		(0.013	)		(0.005	)		(0.001	)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.91	%		2.17	%		1.34	%		0.47	%		0.13	%

Net assets, end of year (in 000’s)	$	178,351		$	50,890		$	134,034		$	67,865		$	505,162

Ratio of net expenses to average net assets		0.23	%		0.23	%		0.23	%		0.23	%		0.21	%

Ratio of total expenses to average net assets		0.23	%		0.23	%		0.24	%		0.26	%		0.26	%

Ratio of net investment income to average net assets		0.70	%		2.08	%		1.46	%		0.46	%		0.12	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


Financial Square Treasury Obligations Fund — Administration Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.007			0.019			0.011			0.002			—	^(b)

Net realized gain		—	^(b)		—	^(b)		—	^(b)		0.001			—	^(b)

Total from investment operations		0.007			0.019			0.011			0.003			—	^(b)

Distributions to shareholders from net investment income		(0.007	)		(0.019	)		(0.011	)		(0.003	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.007	)		(0.019	)		(0.011	)		(0.003	)		—	^(b)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.73	%		1.95	%		1.11	%		0.26	%		0.01	%

Net assets, end of year (in 000’s)	$	2,088,737		$	2,034,113		$	1,810,200		$	1,307,550		$	1,543,863

Ratio of net expenses to average net assets		0.40	%		0.45	%		0.45	%		0.44	%		0.33	%

Ratio of total expenses to average net assets		0.45	%		0.45	%		0.46	%		0.48	%		0.48	%

Ratio of net investment income (loss) to average net assets		0.65	%		1.91	%		1.14	%		0.25	%		(0.01	)%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Treasury Obligations Fund — Cash Management Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.003			0.013			0.004			0.001			—	^(b)

Net realized gain (loss)		0.001			0.001			0.002			(0.001	)		—	^(b)

Total from investment operations		0.004			0.014			0.006			—	^(b)		—	^(b)

Distributions to shareholders from net investment income		(0.004	)		(0.014	)		(0.006	)		—	^(b)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.004	)		(0.014	)		(0.006	)		—	^(b)		—	^(b)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.43	%		1.39	%		0.56	%		0.02	%		0.01	%

Net assets, end of year (in 000’s)	$	13,015		$	22,364		$	48		$	154		$	1

Ratio of net expenses to average net assets		0.68	%		1.00	%		1.00	%		0.97	%		0.19	%

Ratio of total expenses to average net assets		1.00	%		1.00	%		1.01	%		1.03	%		1.03	%

Ratio of net investment income to average net assets		0.35	%		1.29	%		0.43	%		0.14	%		0.36	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


Financial Square Treasury Obligations Fund — Premier Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.006			0.018			0.013			0.004			—	^(b)

Net realized gain (loss)		0.001			—	^(b)		(0.004	)		(0.002	)		—	^(b)

Total from investment operations		0.007			0.018			0.009			0.002			—	^(b)

Distributions to shareholders from net investment income		(0.007	)		(0.018	)		(0.009	)		(0.002	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.007	)		(0.018	)		(0.009	)		(0.002	)		—	^(b)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.68	%		1.84	%		1.01	%		0.19	%		0.01	%

Net assets, end of year (in 000’s)	$	17,568		$	17,485		$	16,492		$	1		$	1

Ratio of net expenses to average net assets		0.46	%		0.55	%		0.55	%		0.27	%		0.19	%

Ratio of total expenses to average net assets		0.55	%		0.55	%		0.56	%		0.58	%		0.58	%

Ratio of net investment income to average net assets		0.62	%		1.82	%		1.32	%		0.37	%		0.36	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Treasury Obligations Fund — Resource Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.006			0.016			0.008			0.004			—	^(b)

Net realized loss		—	^(b)		—	^(b)		—	^(b)		(0.004	)		—	^(b)

Total from investment operations		0.006			0.016			0.008			—	^(b)		—	^(b)

Distributions to shareholders from net investment income		(0.006	)		(0.016	)		(0.008	)		—	^(b)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.006	)		(0.016	)		(0.008	)		—	^(b)		—	^(b)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.51	%		1.54	%		0.71	%		0.05	%		0.01	%

Net assets, end of year (in 000’s)	$	1		$	1		$	1		$	1		$	1

Ratio of net expenses to average net assets		0.39	%		0.56	%		0.56	%		0.27	%		0.19	%

Ratio of total expenses to average net assets		0.85	%		0.85	%		0.86	%		0.88	%		0.88	%

Ratio of net investment income to average net assets		0.59	%		1.59	%		0.78	%		0.37	%		0.36	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Treasury Solutions Fund — Institutional Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.007			0.021			0.013			0.005			0.001

Net realized gain		0.003			—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.010			0.021			0.013			0.005			0.001

Distributions to shareholders from net investment income		(0.010	)		(0.021	)		(0.013	)		(0.005	)		(0.001	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.010	)		(0.021	)		(0.013	)		(0.005	)		(0.001	)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.96	%		2.17	%		1.34	%		0.49	%		0.14	%

Net assets, end of year (in 000’s)	$	11,543,913		$	7,395,030		$	7,667,540		$	8,619,492		$	9,876,558

Ratio of net expenses to average net assets		0.20	%		0.20	%		0.20	%		0.20	%		0.19	%

Ratio of total expenses to average net assets		0.20	%		0.20	%		0.21	%		0.23	%		0.23	%

Ratio of net investment income to average net assets		0.70	%		2.11	%		1.31	%		0.48	%		0.11	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


Financial Square Treasury Solutions Fund — Capital Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.007			0.020			0.012			0.003			—	^(b)

Net realized gain		0.001			—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.008			0.020			0.012			0.003			—	^(b)

Distributions to shareholders from net investment income		(0.008	)		(0.020	)		(0.012	)		(0.003	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.008	)		(0.020	)		(0.012	)		(0.003	)		—	^(b)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.83	%		2.02	%		1.19	%		0.34	%		0.03	%

Net assets, end of year (in 000’s)	$	201,227		$	162,212		$	165,645		$	215,820		$	264,092

Ratio of net expenses to average net assets		0.32	%		0.35	%		0.35	%		0.35	%		0.32	%

Ratio of total expenses to average net assets		0.35	%		0.35	%		0.36	%		0.38	%		0.38	%

Ratio of net investment income to average net assets		0.65	%		1.97	%		1.15	%		0.30	%		0.01	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Treasury Solutions Fund — Service Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.005			0.016			0.008			0.001			—	^(b)

Net realized gain		0.001			—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.006			0.016			0.008			0.001			—	^(b)

Distributions to shareholders from net investment income		(0.006	)		(0.016	)		(0.008	)		(0.001	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.006	)		(0.016	)		(0.008	)		(0.001	)		—	^(b)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.62	%		1.66	%		0.84	%		0.10	%		0.01	%

Net assets, end of year (in 000’s)	$	208,499		$	124,910		$	155,808		$	144,728		$	142,607

Ratio of net expenses to average net assets		0.50	%		0.70	%		0.70	%		0.58	%		0.29	%

Ratio of total expenses to average net assets		0.70	%		0.70	%		0.71	%		0.73	%		0.73	%

Ratio of net investment income (loss) to average net assets		0.47	%		1.60	%		0.83	%		0.08	%		(0.02	)%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


Financial Square Treasury Solutions Fund — Preferred Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.008			0.020			0.013			0.003			0.001

Net realized gain (loss)		0.001			—	^(b)		(0.001	)		0.001			—	^(b)

Total from investment operations		0.009			0.020			0.012			0.004			0.001

Distributions to shareholders from net investment income		(0.009	)		(0.020	)		(0.012	)		(0.004	)		(0.001	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.009	)		(0.020	)		(0.012	)		(0.004	)		(0.001	)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.87	%		2.07	%		1.24	%		0.39	%		0.07	%

Net assets, end of year (in 000’s)	$	52,791		$	38,419		$	19,545		$	14,565		$	75,756

Ratio of net expenses to average net assets		0.29	%		0.30	%		0.30	%		0.30	%		0.26	%

Ratio of total expenses to average net assets		0.30	%		0.30	%		0.31	%		0.33	%		0.33	%

Ratio of net investment income to average net assets		0.78	%		2.04	%		1.26	%		0.25	%		0.03	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Treasury Solutions Fund — Select Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.009			0.021			0.013			0.004			0.001

Net realized gain		—	^(b)		—	^(b)		—	^(b)		0.001			—	^(b)

Total from investment operations		0.009			0.021			0.013			0.005			0.001

Distributions to shareholders from net investment income		(0.009	)		(0.021	)		(0.013	)		(0.005	)		(0.001	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.009	)		(0.021	)		(0.013	)		(0.005	)		(0.001	)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.93	%		2.14	%		1.31	%		0.46	%		0.12	%

Net assets, end of year (in 000’s)	$	7,067		$	8,325		$	7,439		$	7,333		$	10,969

Ratio of net expenses to average net assets		0.23	%		0.23	%		0.23	%		0.23	%		0.21	%

Ratio of total expenses to average net assets		0.23	%		0.23	%		0.24	%		0.26	%		0.26	%

Ratio of net investment income to average net assets		0.91	%		2.07	%		1.27	%		0.42	%		0.09	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


Financial Square Treasury Solutions Fund — Administration Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.006			0.019			0.011			0.003			—	^(b)

Net realized gain		0.002			—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.008			0.019			0.011			0.003			—	^(b)

Distributions to shareholders from net investment income		(0.008	)		(0.019	)		(0.011	)		(0.003	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.008	)		(0.019	)		(0.011	)		(0.003	)		—	^(b)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.77	%		1.92	%		1.09	%		0.25	%		0.01	%

Net assets, end of year (in 000’s)	$	443,470		$	473,937		$	360,817		$	237,557		$	189,870

Ratio of net expenses to average net assets		0.38	%		0.45	%		0.45	%		0.44	%		0.30	%

Ratio of total expenses to average net assets		0.45	%		0.45	%		0.46	%		0.48	%		0.48	%

Ratio of net investment income (loss) to average net assets		0.61	%		1.85	%		1.09	%		0.28	%		(0.02	)%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Treasury Solutions Fund — Cash Management Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.004			0.013			0.005			—	^(b)		—	^(b)

Net realized gain		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.004			0.013			0.005			—	^(b)		—	^(b)

Distributions to shareholders from net investment income		(0.004	)		(0.013	)		(0.005	)		—	^(b)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.004	)		(0.013	)		(0.005	)		—	^(b)		—	^(b)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.45	%		1.36	%		0.54	%		0.01	%		0.01	%

Net assets, end of year (in 000’s)	$	272,981		$	223,501		$	23,332		$	33,252		$	73,211

Ratio of net expenses to average net assets		0.70	%		1.00	%		1.00	%		0.62	%		0.31	%

Ratio of total expenses to average net assets		1.00	%		1.00	%		1.01	%		1.03	%		1.03	%

Ratio of net investment income (loss) to average net assets		0.37	%		1.31	%		0.54	%		—	%^(e)		(0.20	)%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

(e)

Amount is less than 0.005% of average net assets.


Financial Square Treasury Solutions Fund — Premier Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.006			0.018			0.011			0.001			—	^(b)

Net realized gain (loss)		0.001			—	^(b)		(0.001	)		0.001			—	^(b)

Total from investment operations		0.007			0.018			0.010			0.002			—	^(b)

Distributions to shareholders from net investment income		(0.007	)		(0.018	)		(0.010	)		(0.002	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.007	)		(0.018	)		(0.010	)		(0.002	)		—	^(b)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.71	%		1.82	%		0.99	%		0.18	%		0.01	%

Net assets, end of year (in 000’s)	$	127,497		$	161,003		$	45,627		$	15,512		$	1

Ratio of net expenses to average net assets		0.45	%		0.55	%		0.55	%		0.50	%		0.19	%

Ratio of total expenses to average net assets		0.55	%		0.55	%		0.56	%		0.58	%		0.58	%

Ratio of net investment income to average net assets		0.63	%		1.77	%		1.10	%		0.13	%		0.36	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


Financial Square Treasury Solutions Fund — Resource Shares	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.006			0.016			0.008			0.004			—	^(b)

Net realized loss		—	^(b)		—	^(b)		—	^(b)		(0.004	)		—	^(b)

Total from investment operations		0.006			0.016			0.008			—	^(b)		—	^(b)

Distributions to shareholders from net investment income		(0.006	)		(0.016	)		(0.008	)		—	^(b)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.006	)		(0.016	)		(0.008	)		—	^(b)		—	^(b)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.53	%		1.51	%		0.69	%		0.05	%		0.01	%

Net assets, end of year (in 000’s)	$	1		$	1		$	1		$	1		$	1

Ratio of net expenses to average net assets		0.40	%		0.56	%		0.55	%		0.26	%		0.19	%

Ratio of total expenses to average net assets		0.85	%		0.85	%		0.86	%		0.88	%		0.88	%

Ratio of net investment income to average net assets		0.59	%		1.59	%		0.84	%		0.37	%		0.37	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements

August 31, 2020

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
Federal Instruments	Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, and Premier	Diversified
Government	Class A, Class C, Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, Premier, Resource, Class R6, and Drexel Hamilton Class*	Diversified
Money Market, Treasury Instruments, Treasury Obligations and Treasury Solutions	Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, Premier, and Resource	Diversified
Prime Obligations	Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, Premier, Resource, and Drexel Hamilton Class*	Diversified

Drexel Hamilton Class Shares commenced operations on September 9, 2019.

Class C Shares may typically be acquired only in an exchange for Class C Shares of another Goldman Sachs Fund. Class C Shares may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% during the first 12 months, measured from the time the original shares subject to the CDSC were acquired.

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

The following Funds were designated by the Board of Trustees (“Trustees”) as “institutional money market funds” under Rule 2a-7 under the Act: Financial Square Money Market Fund and Financial Square Prime Obligations Fund (the “Institutional Money Market Funds”). Each of the Institutional Money Market Funds must price its shares at a net asset value (“NAV”) reflecting market-based values of its portfolio securities (i.e., at a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000).

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 investment valuation policy of the Funds, except for the Institutional Money Market Funds, is to use the amortized-cost method permitted by Rule 2a-7 under the Act for valuing portfolio securities. The amortized-cost method of valuation involves valuing a security at its cost and thereafter applying a constant accretion or amortization to maturity of any discount or premium. Normally, a security’s amortized cost will approximate its market value. Under procedures and tolerances approved by the Trustees, GSAM evaluates daily the difference between each Fund’s NAV per share using the amortized costs of its portfolio securities and the Fund’s NAV per share using market-based values of its portfolio securities. The Institutional Money Market Funds’ investment valuation policy is to value its portfolio securities only at market-based values. The market-based value

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

August 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

of a portfolio security is determined, where readily available, on the basis of market quotations provided by pricing services or securities dealers, or, where accurate market quotations are not readily available, on the basis of the security’s fair value as determined in accordance with Valuation Procedures approved by the Trustees. The pricing services may use valuation models or matrix pricing, which may consider (among other things): (i) yield or price with respect to debt securities that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value.

B. Investment Income and Investments — Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost.

Service and Administration and Shareholder Administration fees. 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 respective Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.

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 (mutual funds) and to distribute each year substantially all of its investment company taxable and tax exempt income and capital gains to its shareholders. Accordingly, the Funds are not required to make any provisions for the payment of federal income tax. Distributions to shareholders are declared and recorded daily and paid monthly by the Funds and may include short-term capital gains. Long-term capital gain distributions, if any, are declared and paid annually. A Fund may defer or accelerate the timing of the distribution of short-term capital gains (or any portion thereof).

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. 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. Forward Commitments — A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of forward commitments prior to settlement which may result in a realized gain or loss.

F. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default, and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

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 Trustees have 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 (including both the amortized cost and market-based methods of valuation) of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies related to the market-based method of valuation, 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.

As of August 31, 2020, all investments and repurchase agreements, other than those held by the Institutional Money Market Funds, are classified as Level 2 of the fair value hierarchy. All investments for the Institutional Money Market Funds are classified as Level 2, with the exception of treasury securities of G7 countries which are generally classified as Level 1. Please refer to the Schedules of Investments for further detail.

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

August 31, 2020

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As compensation for the services rendered pursuant to the Agreements, 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.

Capital, Administration, Premier, Service, Resource and Cash Management Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of account administration and/or personal and account maintenance services to their customers who are beneficial owners of such shares. The Plans provide for compensation to the service organizations equal to an annual percentage rate of the average daily net assets of such shares, as set forth below.

C. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A Shares of each applicable Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs,

which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Funds, as set forth below.

The Trust, on behalf of Class C, Resource and Cash Management Shares of each applicable Fund, has adopted Distribution Plans subject to Rule 12b-1 under the Act. Under the Distribution Plans, 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, Resource and Cash Management Shares of the Funds, as set forth below.

The Trust, on behalf of the 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.

D. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class C Shares’ CDSC. During the fiscal year ended August 31, 2020, Goldman Sachs has advised that it retained $912 in CDSCs with respect to Class C Shares of the Financial Square Government Fund.

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to a Transfer Agency Agreement. The fee charged for such transfer agency services is accrued daily and paid monthly and is equal to an annual percentage rate of each Fund’s average daily net assets, as set forth below.

F. Other Agreements — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding transfer agency fees and expenses, administration fees (as applicable), service fees (as applicable), 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, 0.014% of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. These Other Expense limitations will remain in place through at least December 27, 2020, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees.

In addition, the Funds have entered into certain offset arrangements with the custodian which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

G. Total Fund Expenses

Fund Contractual Fees

The contractual management fee rate is 0.18% for the Financial Square Federal Instruments, Financial Square Treasury Instruments, Financial Square Treasury Obligations and Financial Square Treasury Solutions Funds and 0.16% for the Financial Square Government, Financial Square Money Market and Financial Square Prime Obligations Funds.

Other contractual annualized rates for each of the Funds are as follows:


	Class A Shares^(a)			Class C Shares^(a)			Institutional Shares			Capital Shares			Service Shares			Preferred Shares			Select Shares			Administration Shares			Cash Management Shares			Premier Shares			Resource Shares			Class R6 Shares^(a)			Drexel Hamilton Class Shares
Administration, Service and/or Shareholder Administration Fees		N/A			0.25	%		N/A			0.15	%		0.25	%		0.10	%		0.03	%		0.25	%		0.50	%		0.35	%		0.50	%		N/A			N/A
Distribution and/or Service (12b-1) Fees		0.25	%		0.75	^(b)		N/A			N/A			0.25	^(c)		N/A			N/A			N/A			0.30	^(b)		N/A			0.15	^(b)		N/A			N/A
Transfer Agency Fee		0.01			0.01			0.01	%		0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01	%		0.01	%

N/A

— Fees not applicable to respective share class

(a)

Government Fund only.

(b)

Distribution (12b-1) fee only.

(c)

Service (12b-1) fee only.

Fund Effective Net Expenses (After Waivers and Reimbursements)

The investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. As of December 28, 2019, the investment adviser has agreed to not impose a portion of the management fee equal annually to 0.06% of the Financial Square Federal Instruments Fund’s average daily net assets. This arrangement will remain in effect through at least December 27, 2020, and prior to such date, the investment adviser may not terminate the arrangement without the approval of the Board of Trustees. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice.

For the period from September 1, 2019 to September 12, 2019, the investment adviser implemented a voluntary temporary fee waiver equal annually to 0.04% of the average daily net assets of the Financial Square Prime Obligations Fund and Financial Square Money Market Fund. On September 13, 2019, the investment adviser reduced the voluntary temporary fee waiver to a percentage rate equal annually to 0.03% of the average daily net assets for both Funds. On March 19, 2020, the investment adviser increased the voluntary temporary fee waiver equal annually to 0.16% of the average daily net assets of the Financial Square Prime Obligations Fund. This voluntary temporary fee waiver was removed on April 3, 2020. On March 19, 2020, the investment adviser increased the voluntary temporary fee waiver equal annually to 0.16% of the average daily net assets of the Financial Square Money Market Fund. This voluntary temporary fee waiver was removed on April 27, 2020.

During the fiscal year ended August 31, 2020, GSAM and Goldman Sachs (as applicable) agreed to waive all or a portion of the management fees and respective class-specific fees described above attributable to the Funds. The Funds are not obligated to reimburse GSAM or Goldman Sachs for prior fiscal year fee waivers and/or expense reimbursements, if any.

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

August 31, 2020

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended August 31, 2020, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):


Fund	Management Fee Waivers			Distribution, Administration, Service and/or Shareholder Administration Plans Fee Waivers		Custody Fee Reduction		Other Expense Reimbursements		Total Expense Reductions
Federal Instruments	$	1,397		$	109	$	—	$	340	$	1,846
Government		—			4,337		1		—		4,338
Money Market		4,145			1		—		—		4,146
Prime Obligations		1,477			1		—		195		1,673
Treasury Instruments		171			1,802		—		—		1,973
Treasury Obligations		—	*		2,892		—		—		2,892
Treasury Solutions		9			1,613		—		—		1,622

Amount less than one thousand.

For the fiscal year ended August 31, 2020, the net effective management fee rate was 0.18% for the Financial Square Treasury Instruments, Financial Square Treasury Obligations and Financial Square Treasury Solutions Funds, 0.16% for the Financial Square Government Fund, 0.14% for the Financial Square Prime Obligations Fund and 0.13% for the Financial Square Federal Instruments Fund and for the Financial Square Money Market Funds.

For the fiscal year ended August 31, 2020, the purchase and sale transactions and related net realized gain (loss) for the Funds with affiliated funds in compliance with Rule 17a-7 under the Act were as follows:


Fund	Purchases		Sales		Net Realized Gain (Loss)
Government	$	—	$	812,863,369	$	(886,542	)
Money Market		269,015,000		374,037,898		(332,960	)
Prime Obligations		100,420,000		279,425,260		(125,725	)

Goldman Sachs Bank USA (“GS Bank”), an affiliate of GSAM, purchased $1,451,565,193 of securities from the Financial Square Money Market Fund ($722,365,313 on March 19, 2020 and $729,199,880 on March 20, 2020) and $391,141,514 of securities from the Financial Square Prime Obligations Fund ($301,201,274 on March 19, 2020 and $89,940,240 on March 20, 2020). GS Bank purchased these securities from the Funds at fair market value (as determined by a third-party pricing service) to promote liquidity in the short-term credit markets and to increase the Funds’ weekly liquid assets in response to market disruptions related to COVID-19. These purchases were made in reliance on, and subject to the conditions set forth in, Rule 17a-9 under the Act and relief issued by the SEC Staff in Investment Company Institute, SEC No-Action Letter (pub. avail. March 19, 2020). The Funds were required to disclose additional information about these purchases, including information with respect to each of the purchased securities, on Form N-CR and to file this form with the SEC. The Funds’ Form N-CR filings are available on the EDGAR Database on the SEC’s Internet site at http://www.sec.gov.

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of August 31, 2020, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of the outstanding share classes of the following Funds:


Fund	Select Shares			Capital Shares			Premier Shares			Service Shares			Resource Shares			Cash Management Shares
Federal Instruments		100	%		—	%		100	%		—	%		—	%		—	%
Money Market		—			—			100			39			100			100
Prime Obligations		—			—			100			—			100			100
Treasury Instruments		—			—			—			—			100			—
Treasury Obligations		—			—			—			—			100			—
Treasury Solutions		—			—			—			—			100			—

The following table provides information about the investment in issuers deemed to be affiliates of the Funds.



Government Fund
Name of Affiliated Issuer	Value at 8/31/19		Purchases at Cost		Proceeds from Sales/maturities			Net Realized Gain (Loss)		Unrealized Gain (Loss)		Value at 8/31/2020		Interest Income
Goldman Sachs & Co. — Repurchase Agreement	$	—	$	2,848,000,000	$	(2,848,000,000	)	$	—	$	—	$	—	$	124,028


Treasury Obligations Fund
Name of Affiliated Issuer	Value at 8/31/19		Purchases at Cost		Proceeds from Sales/maturities		Net Realized Gain (Loss)		Unrealized Gain (Loss)		Value at 8/31/2020		Interest Income
Goldman Sachs & Co. — Repurchase Agreement		$—		$937,000,000		$(937,000,000)		$—		$—		$—		$34,826

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

5. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2020 was as follows:


	Federal Instruments		Government		Money Market		Prime Obligations		Treasury Instruments		Treasury Obligations		Treasury Solutions
Distribution paid from:
Ordinary income	$	18,300,421	$	1,179,992,741	$	193,853,422	$	79,143,116	$	598,216,027	$	160,961,451	$	91,938,062
Net long-term capital gains		12		—		—		—		—		6,604		—
Total distributions	$	18,300,433	$	1,179,992,741	$	193,853,422	$	79,143,116	$	598,216,027	$	160,968,055	$	91,938,062

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

August 31, 2020

5. TAX INFORMATION (continued)

The tax character of distributions paid during the fiscal year ended August 31, 2019 was as follows:


	Federal Instruments		Government		Money Market		Prime Obligations		Treasury Instruments		Treasury Obligations		Treasury Solutions
Distribution paid from:
Ordinary income	$	20,199,576	$	2,243,023,462	$	334,757,247	$	113,300,875	$	1,149,014,847	$	344,653,411	$	184,154,516
Net long-term capital gains		—		—		2		—		—		—		328
Total distributions	$	20,199,576	$	2,243,023,462	$	334,757,249	$	113,300,875	$	1,149,014,847	$	344,653,411	$	184,154,844

As of August 31, 2020, the components of accumulated earnings (losses) on a tax basis were as follows:


	Federal Instruments			Government			Money Market			Prime Obligations			Treasury Instruments			Treasury Obligations			Treasury Solutions
Undistributed ordinary income — net	$	146,899		$	16,915,593		$	1,975,434		$	1,046,743		$	1,759,086		$	1,645,623		$	354,448
Undistributed long-term capital gains		—			—			—			850			—			—			—
Total undistributed earnings	$	146,899		$	16,915,593		$	1,975,434		$	1,047,593		$	1,759,086		$	1,645,623		$	354,448
Capital loss carryforward: Perpetual Short-Term	$	—		$	—		$	(7,539,445	)	$	—		$	—		$	—		$	—
Timing differences (Distribution Payable)	$	(38,954	)	$	(8,634,160	)	$	(150,295	)	$	(193,773	)	$	(713,155	)	$	(913,488	)	$	(95,174	)
Unrealized gains (losses) — net	$	(8,255	)	$	(863,895	)	$	572,919		$	424,630		$	(212,384	)	$	(192,514	)	$	(36,471	)
Total accumulated earnings (losses) — net	$	99,690		$	7,417,538		$	(5,141,387	)	$	1,278,450		$	833,547		$	539,621		$	222,803

As of August 31, 2020, the aggregate cost for each Fund stated in the accompanying Statements of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three tax 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.

6. OTHER RISKS

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

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 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.

In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) warned that LIBOR may cease to be available or appropriate for use by 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to the Fund’s investments resulting from a substitute reference rate may also adversely affect the Fund’s performance and/or NAV.

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

6. OTHER RISKS (continued)

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 the Fund’s NAV and liquidity. 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. 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.

Institutional Money Market Funds, minimize the volatility of the Fund’s NAV per share). 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.

Market and Credit Risks — In the normal course of business, a Fund trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a 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.

Credit/Default Risk — An issuer or guarantor of a security held by a Fund, or a bank or other financial institution that has entered into a repurchase agreement with the Fund, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair a Fund’s liquidity and cause significant deterioration in NAV.

7. 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.

8. OTHER MATTERS

Exemptive Orders — Pursuant to SEC exemptive orders, the Funds may enter into certain principal transactions, including repurchase agreements, with Goldman Sachs.

Change in Fiscal Year End – At a meeting held on August 18 – 19, 2020, the Trustees approved a change of the Funds’ fiscal year end from August 31 to November 30, effective September 1, 2020.

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

August 31, 2020

8. OTHER MATTERS (continued)

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional exceptions for applying GAAP to contract modifications, hedging relationships and other transactions affected reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. As of the financial reporting period, GSAM is currently evaluating the impact, if any, of applying ASU 2020-04.

9. SUBSEQUENT EVENTS

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Federal Instruments Fund

	For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019

	Shares*			Shares*

Institutional Shares
Shares sold		11,467,355,746			2,413,919,468
Reinvestment of distributions		14,134,111			14,716,134
Shares redeemed		(9,174,391,868	)		(1,483,363,844	)
		2,307,097,989			945,271,758
Capital Shares
Shares sold		501,043			3,027,408
Reinvestment of distributions		8,244			23,515
Shares redeemed		(25	)		(7,561,629	)
		509,262			(4,510,706	)
Service Shares
Shares sold		3,838,675			4,095,943
Reinvestment of distributions		7			17
Shares redeemed		(3,841,287	)		(3,606,548	)
		(2,605	)		489,412
Preferred Shares
Shares sold		63,137,357			37,261,772
Reinvestment of distributions		47,563			194,287
Shares redeemed		(45,941,975	)		(34,306,015	)
		17,242,945			3,150,044
Select Shares
Shares sold		—			—
Reinvestment of distributions		471			1,030
Shares redeemed		—			—
		471			1,030
Administration Shares
Shares sold		127,819,134			148,393,733
Reinvestment of distributions		34,491			106,606
Shares redeemed		(116,107,893	)		(146,683,155	)
		11,745,732			1,817,184
Cash Management Shares
Shares sold		72,905,405			74,119
Reinvestment of distributions		18,364			767
Shares redeemed		(20,801,134	)		(33,290	)
		52,122,635			41,596
Premier Shares
Shares sold		—			—
Reinvestment of distributions		372			924
Shares redeemed		—			—
		372			924

NET INCREASE (DECREASE) IN SHARES		2,388,716,801			946,261,242

Valued at $1.00 per share.

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

August 31, 2020

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Government Fund

	For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019

	Shares*			Shares*

Class A Shares
Shares sold		478,954,470			293,735,038
Reinvestment of distributions		2,440,074			2,034,223
Shares redeemed		(358,818,070	)		(121,167,609	)
		122,576,474			174,601,652
Class C Shares
Shares sold		5,252,082			2,254,507
Reinvestment of distributions		15,762			54,930
Shares redeemed		(3,270,626	)		(2,705,871	)
		1,997,218			(396,434	)
Institutional Shares
Shares sold		1,292,097,399,724			891,386,834,941
Reinvestment of distributions		547,567,680			1,010,265,284
Shares redeemed		(1,188,898,448,031	)		(888,091,751,934	)
		103,746,519,373			4,305,348,291
Capital Shares
Shares sold		12,087,534,623			11,257,171,481
Reinvestment of distributions		5,558,480			15,882,356
Shares redeemed		(12,103,662,104	)		(11,258,708,341	)
		(10,569,001	)		14,345,496
Service Shares
Shares sold		4,298,412,758			2,120,569,930
Reinvestment of distributions		1,689,398			2,216,832
Shares redeemed		(3,189,413,033	)		(2,045,369,736	)
		1,110,689,123			77,417,026
Preferred Shares
Shares sold		5,393,398,769			5,273,993,017
Reinvestment of distributions		2,993,934			3,737,667
Shares redeemed		(5,524,411,917	)		(4,852,993,321	)
		(128,019,214	)		424,737,363
Select Shares
Shares sold		3,001,875,360			2,476,891,028
Reinvestment of distributions		3,062,081			12,289,471
Shares redeemed		(3,349,068,697	)		(2,261,820,345	)
		(344,131,256	)		227,360,154
Administration Shares
Shares sold		30,029,817,466			29,072,426,243
Reinvestment of distributions		11,968,688			29,387,533
Shares redeemed		(29,483,351,252	)		(28,693,198,135	)
		558,434,902			408,615,641
Cash Management Shares
Shares sold		699,422,044			169,240,070
Reinvestment of distributions		578,821			190,391
Shares redeemed		(598,564,352	)		(79,318,182	)
		101,436,513			90,112,279
Premier Shares
Shares sold		486,735,706			583,756,477
Reinvestment of distributions		341,527			965,018
Shares redeemed		(481,884,655	)		(562,127,983	)
		5,192,578			22,593,512
Resource Shares
Shares sold		179,483,137			105,554,574
Reinvestment of distributions		387,254			949,693
Shares redeemed		(167,332,878	)		(106,412,980	)
		12,537,513			91,287
Class R6 Shares
Shares sold		1,050,370,547			1,174,019,386
Reinvestment of distributions		928,983			1,194,270
Shares redeemed		(1,032,990,632	)		(1,127,855,380	)
		18,308,898			47,358,276
Drexel Hamilton Class Shares
Shares sold		21,022,026,637			—
Reinvestment of distributions		279,374			—
Shares redeemed		(18,668,287,984	)		—
		2,354,018,027			—

NET INCREASE IN SHARES		107,548,991,148			5,792,184,543

Valued at $1.00 per share.

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Money Market Fund

	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019

	Shares			Dollars			Shares			Dollars

Institutional Shares
Shares sold		78,402,872,886		$	78,447,354,503			85,472,232,406		$	85,504,124,710
Reinvestment of distributions		103,111,272			103,162,872			161,155,196			161,220,324
Shares redeemed		(89,635,800,187	)		(89,673,066,279	)		(79,482,109,352	)		(79,510,982,209	)
		(11,129,816,029	)		(11,122,548,904	)		6,151,278,250			6,154,362,825
Capital Shares
Shares sold		10,333,770			10,338,077			14,344,255			14,350,053
Reinvestment of distributions		135,462			135,526			123,841			123,904
Shares redeemed		(6,935,013	)		(6,939,778	)		(2,755,303	)		(2,756,631	)
		3,534,219			3,533,825			11,712,793			11,717,326
Service Shares
Shares sold		291,521			291,550			1,904,464			1,904,571
Reinvestment of distributions		155			155			1,392			1,392
Shares redeemed		(296,725	)		(296,751	)		(2,026,500	)		(2,026,650	)
		(5,049	)		(5,046	)		(120,644	)		(120,687	)
Preferred Shares
Shares sold		842,034			842,575			4,100,461			4,102,857
Reinvestment of distributions		40,518			40,538			47,283			47,302
Shares redeemed		(3,863,219	)		(3,865,370	)		(2,001,549	)		(2,002,199	)
		(2,980,667	)		(2,982,257	)		2,146,195			2,147,960
Select Shares
Shares sold		16,063,998			16,076,882			35,383,853			35,399,217
Reinvestment of distributions		295,451			295,593			749,777			750,042
Shares redeemed		(48,923,132	)		(48,946,886	)		(35,555,683	)		(35,566,804	)
		(32,563,683	)		(32,574,411	)		577,947			582,455
Administration Shares
Shares sold		5,300,344			5,305,018			9,581,492			9,583,600
Reinvestment of distributions		45,002			45,019			43,015			43,030
Shares redeemed		(5,334,638	)		(5,339,564	)		(8,350,525	)		(8,351,107	)
		10,708			10,473			1,273,982			1,275,523
Cash Management Shares
Shares sold		—			—			—			—
Reinvestment of distributions		6			6			16			17
Shares redeemed		—			—			—			—
		6			6			16			17
Premier Shares
Shares sold		—			—			—			—
Reinvestment of distributions		9			9			22			21
Shares redeemed		—			—			—			—
		9			9			22			21
Resource Shares
Shares sold		—			—			—			—
Reinvestment of distributions		7			7			18			18
Shares redeemed		—			—			—			—
		7			7			18			18

NET INCREASE (DECREASE) IN SHARES		(11,161,820,479	)	$	(11,154,566,298	)		6,166,868,579		$	6,169,965,458

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

August 31, 2020

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Prime Obligations Fund

	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019

	Shares			Dollars			Shares			Dollars

Institutional Shares
Shares sold		22,881,709,784		$	22,898,819,820			15,725,452,191		$	15,732,290,883
Reinvestment of distributions		45,784,060			45,812,513			66,503,105			66,531,471
Shares redeemed		(24,432,416,641	)		(24,446,902,006	)		(13,438,235,559	)		(13,443,968,943	)
		(1,504,922,797	)		(1,502,269,673	)		2,353,719,737			2,354,853,411
Capital Shares
Shares sold		11,933,436			11,940,022			9,197,390			9,200,873
Reinvestment of distributions		74,048			74,090			116,133			116,176
Shares redeemed		(17,746,168	)		(17,761,637	)		(9,390,061	)		(9,392,520	)
		(5,738,684	)		(5,747,525	)		(76,538	)		(75,471	)
Service Shares
Shares sold		34,983			35,002			9,852,210			9,852,341
Reinvestment of distributions		6,968			6,970			102,357			102,380
Shares redeemed		(5,128,398	)		(5,129,968	)		(4,961,019	)		(4,962,303	)
		(5,086,447	)		(5,087,996	)		4,993,548			4,992,418
Preferred Shares
Shares sold		3,125,892			3,127,254			597,101			597,295
Reinvestment of distributions		42,527			42,544			61,367			61,381
Shares redeemed		(2,645,320	)		(2,647,759	)		(444,203	)		(444,303	)
		523,099			522,039			214,265			214,373
Select Shares
Shares sold		186,158,384			186,300,853			213,862,591			213,917,899
Reinvestment of distributions		773,014			773,419			1,788,204			1,788,665
Shares redeemed		(209,646,538	)		(209,786,488	)		(176,925,865	)		(176,970,918	)
		(22,715,140	)		(22,712,216	)		38,724,930			38,735,646
Administration Shares
Shares sold		151,133,246			151,197,664			229,264,877			229,320,926
Reinvestment of distributions		33,411			33,429			29,952			29,966
Shares redeemed		(152,184,059	)		(152,299,185	)		(227,024,448	)		(227,086,977	)
		(1,017,402	)		(1,068,092	)		2,270,381			2,263,915
Cash Management Shares
Shares sold		—			—			—			—
Reinvestment of distributions		6			6			17			17
Shares redeemed		—			—			—			—
		6			6			17			17
Premier Shares
Shares sold		—			—			—			—
Reinvestment of distributions		9			9			21			21
Shares redeemed		—			—			—			—
		9			9			21			21
Resource Shares
Shares sold		—			—			—			—
Reinvestment of distributions		7			7			18			18
Shares redeemed		—			—			—			—
		7			7			18			18
Drexel Hamilton
Shares sold		229,984,794			230,197,683			—			—
Reinvestment of distributions		31,132			31,171			—			—
Shares redeemed		(130,089,629	)		(130,072,194	)		—			—
		99,926,297			100,156,660			—			—

NET INCREASE (DECREASE) IN SHARES		(1,439,031,052	)	$	(1,436,206,781	)		2,399,846,379		$	2,400,984,348

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Treasury InstrumentsFund

	For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019

	Shares*			Shares*

Institutional Shares
Shares sold		338,267,495,591			195,689,041,910
Reinvestment of distributions		306,303,068			590,796,167
Shares redeemed		(306,320,589,797	)		(195,700,598,649	)
		32,253,208,862			579,239,428
Capital Shares
Shares sold		6,524,887,948			5,079,230,616
Reinvestment of distributions		7,826,069			14,153,088
Shares redeemed		(6,573,633,623	)		(4,701,892,663	)
		(40,919,606	)		391,491,041
Service Shares
Shares sold		207,581,081			591,074,196
Reinvestment of distributions		38,855			1,482,793
Shares redeemed		(118,168,284	)		(587,900,313	)
		89,451,652			4,656,676
Preferred Shares
Shares sold		454,026,887			282,059,008
Reinvestment of distributions		845,797			1,076,595
Shares redeemed		(433,501,352	)		(235,745,585	)
		21,371,332			47,390,018
Select Shares
Shares sold		794,705,600			518,597,741
Reinvestment of distributions		1,695,856			6,122,100
Shares redeemed		(442,695,849	)		(753,901,903	)
		353,705,607			(229,182,062	)
Administration Shares
Shares sold		9,413,059,439			9,801,141,669
Reinvestment of distributions		8,768,887			27,440,637
Shares redeemed		(9,644,633,665	)		(10,472,824,806	)
		(222,805,339	)		(644,242,500	)
Cash Management Shares
Shares sold		70,641,861			62,108,113
Reinvestment of distributions		50,579			89,430
Shares redeemed		(72,425,029	)		(49,747,815	)
		(1,732,589	)		12,449,728
Premier Shares
Shares sold		184,116,950			85,437,222
Reinvestment of distributions		71			227
Shares redeemed		(174,923,843	)		(85,857,678	)
		9,193,178			(420,229	)
Resource Shares
Shares sold		—			—
Reinvestment of distributions		5			15
Shares redeemed		—			—
		5			15

NET INCREASE (DECREASE) IN SHARES		32,461,473,102			161,382,115
* Valued at $1.00 per share.

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

August 31, 2020

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Treasury Obligations Fund

	For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019

	Shares*			Shares*

Institutional Shares
Shares sold		230,865,756,441			179,812,019,430
Reinvestment of distributions		57,390,240			112,068,032
Shares redeemed		(221,053,486,360	)		(177,925,444,505	)
		9,869,660,321			1,998,642,957
Capital Shares
Shares sold		2,726,402,195			2,076,412,757
Reinvestment of distributions		3,397,548			6,733,955
Shares redeemed		(2,748,197,283	)		(1,991,593,373	)
		(18,397,540	)		91,553,339
Service Shares
Shares sold		7,270,577,278			5,573,019,258
Reinvestment of distributions		429,872			1,193,344
Shares redeemed		(7,269,693,083	)		(5,980,169,543	)
		1,314,067			(405,956,941	)
Preferred Shares
Shares sold		2,114,103,134			1,617,000,097
Reinvestment of distributions		1,531,265			3,236,195
Shares redeemed		(1,805,131,461	)		(1,332,613,451	)
		310,502,938			287,622,841
Select Shares
Shares sold		553,086,606			2,598,447,379
Reinvestment of distributions		445,695			1,185,463
Shares redeemed		(426,071,325	)		(2,682,777,751	)
		127,460,976			(83,144,909	)
Administration Shares
Shares sold		11,826,597,612			9,005,120,273
Reinvestment of distributions		3,165,725			8,385,089
Shares redeemed		(11,775,025,397	)		(8,789,701,450	)
		54,737,940			223,803,912
Cash Management Shares
Shares sold		242,339,931			36,932,020
Reinvestment of distributions		93,028			14,140
Shares redeemed		(251,781,062	)		(14,631,279	)
		(9,348,103	)		22,314,881
Premier Shares
Shares sold		88,349,017			78,328,681
Reinvestment of distributions		128,736			297,872
Shares redeemed		(88,394,055	)		(77,634,454	)
		83,698			992,099
Resource Shares
Shares sold		—			—
Reinvestment of distributions		5			15
Shares redeemed		—			—
		5			15

NET INCREASE IN SHARES		10,336,014,302			2,135,828,194
* Valued at $1.00 per share.

100

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Treasury Solutions Fund

	For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019

	Shares*			Shares*

Institutional Shares
Shares sold		58,289,469,409			31,260,811,776
Reinvestment of distributions		52,958,124			122,135,595
Shares redeemed		(54,192,934,647	)		(31,656,170,064	)
		4,149,492,886			(273,222,693	)
Capital Shares
Shares sold		1,629,785,876			1,417,546,214
Reinvestment of distributions		1,257,659			3,232,299
Shares redeemed		(1,592,015,250	)		(1,424,225,568	)
		39,028,285			(3,447,055	)
Service Shares
Shares sold		660,391,876			452,244,295
Reinvestment of distributions		136,487			160,698
Shares redeemed		(576,929,878	)		(483,314,808	)
		83,598,485			(30,909,815	)
Preferred Shares
Shares sold		152,775,517			171,320,273
Reinvestment of distributions		343,719			361,128
Shares redeemed		(138,743,689	)		(152,811,813	)
		14,375,547			18,869,588
Select Shares
Shares sold		5,450,000			2,500,000
Reinvestment of distributions		93,299			134,817
Shares redeemed		(6,800,000	)		(1,750,000	)
		(1,256,701	)		884,817
Administration Shares
Shares sold		2,651,967,361			1,812,039,680
Reinvestment of distributions		2,014,743			5,071,633
Shares redeemed		(2,684,420,997	)		(1,704,022,196	)
		(30,438,893	)		113,089,117
Cash Management Shares
Shares sold		1,086,664,753			1,038,590,126
Reinvestment of distributions		185,626			10,627
Shares redeemed		(1,037,350,612	)		(838,454,958	)
		49,499,767			200,145,795
Premier Shares
Shares sold		705,690,354			667,825,505
Reinvestment of distributions		169,085			373,857
Shares redeemed		(739,350,134	)		(552,840,125	)
		(33,490,695	)		115,359,237
Resource Shares
Shares sold		—			—
Reinvestment of distributions		5			15
Shares redeemed		—			—
		5			15

NET INCREASE IN SHARES		4,270,808,686			140,769,006

Valued at $1.00 per share.

101

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of

Goldman Sachs Financial Square Federal Instruments Fund, Goldman Sachs Financial Square Government Fund, Goldman Sachs Financial Square Money Market Fund, Goldman Sachs Financial Square Prime Obligations Fund, Goldman Sachs Financial Square Treasury Instruments Fund, Goldman Sachs Financial Square Treasury Obligations Fund, and Goldman Sachs Financial Square Treasury Solutions Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Financial Square Federal Instruments Fund, Goldman Sachs Financial Square Government Fund, Goldman Sachs Financial Square Money Market Fund, Goldman Sachs Financial Square Prime Obligations Fund, Goldman Sachs Financial Square Treasury Instruments Fund, Goldman Sachs Financial Square Treasury Obligations Fund, and Goldman Sachs Financial Square Treasury Solutions Fund (seven of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

October 26, 2020

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

102

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Financial Square Federal Instruments Fund, Goldman Sachs Financial Square Government Fund, Goldman Sachs Financial Square Money Market Fund, Goldman Sachs Financial Square Prime Obligations Fund, Goldman Sachs Financial Square Treasury Instruments Fund, Goldman Sachs Financial Square Treasury Obligations Fund, and Goldman Sachs Financial Square Treasury Solutions Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

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

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

(a)

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

(i)

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

(ii)

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

(iii)

trends in employee headcount;

(iv)

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

(v)

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

(b)

(c)

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

(d)

fee and expense information for the Fund, including:

(i)

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

(ii)

the Fund’s expense trends over time; and

(iii)

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

(e)

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

(f)

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

(g)

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

103

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

(h)

whether the Fund’s existing management fee adequately addressed any economies of scale;

(i)

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

(j)

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

(k)

information regarding portfolio trading and how the Investment Adviser carries out its duty to seek best execution;

(l)

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

(m)

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

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

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

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

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

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings compiled by the Outside Data Provider as of December 31, 2019. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods.

104

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

The Trustees considered the performance of the Funds in light of their respective investment policies and strategies. They noted that, although the Funds had operated in a generally challenging yield environment since 2009, yields had improved through early 2020 (prior to market disruptions related to the COVID-19 pandemic) partly as a result of actions by the U.S. Federal Reserve, including a series of interest rate increases in 2019, which enabled reductions of the amount of fees waived and/or reimbursed by the Investment Adviser in recent periods. They also acknowledged the uncertainty of the future interest rate environment, including the U.S. Federal Reserve’s recent indications that, after lowering interest rates twice in March 2020, it will likely not raise interest rates through 2022 in response to the economic impacts of the COVID-19 pandemic. The Trustees considered that, during the relevant period, the Investment Adviser had voluntarily waived fees for the Financial Square Prime Obligations and Financial Square Money Market Funds, contractually waived fees for the Financial Square Federal Instruments Fund, and reimbursed expenses for the Financial Square Prime Obligations and Financial Square Federal Instruments Funds, in order to maintain competitive yields. They observed that the Investment Adviser had reduced its voluntary management fee waivers for the Financial Square Prime Obligations and Financial Square Money Market Funds throughout 2019 with the rise in interest rates but had increased its contractual management fee waiver for the Financial Square Federal Instruments Fund in December 2019. They also acknowledged the significant growth of the Government Money Market Funds in recent periods partly as a result of changes in investor sentiment in response to recent market disruptions. The Trustees also considered that each of the Government and Retail Money Market Funds had maintained a stable net asset value per share. With respect to each of the Prime Institutional Money Market Funds, the Trustees considered that the net asset value per share for each of the Funds had experienced minimal principal volatility through early 2020, prior to the market disruptions related to the COVID-19 pandemic. The Trustees acknowledged that the net asset value per share for each of the Financial Square Prime Obligations and Financial Square Money Market Funds had experienced some principal volatility in connection with the market disruptions related to the COVID-19 pandemic, and that Goldman Sachs Bank USA, an affiliate of the Investment Advisor, purchased securities from the Financial Square Prime Obligations and Financial Square Money Markets Funds at fair market value on March 19, 2020, and March 20, 2020, in order to increase each Fund’s holdings of weekly liquid assets. The Trustees considered that the net asset value for each of the Financial Square Prime Obligations and Financial Square Money Market Funds had generally stabilized and experienced minimal principal volatility following these purchases by Goldman Sachs Bank USA. In light of these considerations, the Trustees believed that the Funds were providing investment performance within a competitive range for investors.

Costs of Services Provided and Competitive Information

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

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

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They noted that the Investment Adviser and Goldman Sachs & Co. LLC (“Goldman Sachs”), the Funds’ transfer agent, had voluntarily waived fees for the Financial Square Prime Obligations and Financial Square Money Market Funds, contractually waived fees for the Financial Square Federal Instruments Fund, and reimbursed expenses for the Financial Square Prime Obligations and Financial Square Federal Instruments Funds in order to maintain competitive yields. They observed that the Investment Adviser had reduced its voluntary management fee waivers for the Financial Square Prime Obligations and Financial Square Money Market Funds throughout 2019 with the rise in interest rates. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

105

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

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

Profitability

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

Economies of Scale

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

The Trustees noted that the Funds do not have management fee breakpoints. They considered the asset levels in the Funds; the Funds’ recent purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing the contractual fee rates charged by the Investment Adviser with fee rates charged to other money market funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Funds that exceed specified levels. They considered a report prepared by the Outside Data Provider, which surveyed money market funds’ management fee arrangements and use of breakpoints. The Trustees also considered the competitive nature of the money market fund business and the competitiveness of the fees charged to the Funds by the Investment Adviser.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) Goldman Sachs’ retention of certain fees as Fund Distributor; (f) Goldman Sachs’ ability to engage in principal transactions with the Funds under exemptive orders from the U.S. Securities and Exchange Commission permitting such trades; (g) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; and (h) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

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

106

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

Conclusion

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

107

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting (the “Meeting”) of the Goldman Sachs Trust (“GST”) was held on January 23, 2020 to consider and act upon the proposals below. The Funds will amortize their respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse the Funds to the extent such expenses exceed a specified percentage of each Funds’ net assets.

At the Meeting, Dwight L. Bush, Kathryn A. Cassidy, Joaquin Delgado and Gregory G. Weaver were elected to the Trust’s Board of Trustees. In electing the trustees, the Trust’s shareholders voted as follows:


Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes

Dwight L. Bush		94,278,961,728.065		0		349,026,343.365		0

Kathryn A. Cassidy		94,310,850,789.164		0		317,137,282.266		0

Joaquin Delgado		94,282,646,444.727		0		345,341,626.703		0

Gregory G. Weaver		94,306,589,873.348		0		321,398,198.082		0

108

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended August 31, 2020 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, Premier, Resource, Class R6, or Drexel Hamilton Class of a Fund, you incur two types of costs: (1) transaction costs, including contingent deferred sales charges (with respect to Class C Shares); and (2) ongoing costs, including management fees and distribution, service, administration and/or shareholder administration fees (with respect to all share classes except Institutional Shares and Class R6 Shares) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Institutional Shares, Select Shares, Preferred Shares. Capital Shares, Administration Shares, Premier Shares, Service Shares, Class A Shares, Class C Shares, Resource Shares, Cash Management Shares, Class R6 Shares, or Drexel Hamilton Class 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 March 1, 2020 through August 31, 2020, which represents a period of 184 days in a 366-day year.

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

109

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended August 31, 2020 (Unaudited) (continued)


	Federal Instruments Fund							Government Fund							Money Market Fund
Share Class	Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid for the 6 months ended 8/31/2020*		Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid for the 6 months ended 8/31/2020*		Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid for the 6 months ended 8/31/2020*
Class A Shares
Actual		—		—			—	$	1,000.00	$	1,000.53		$	1.81		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,023.33	+		1.83		—		—			—
Class C Shares
Actual		—		—			—		1,000.00		1,000.11			2.16		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,022.97	+		2.19		—		—			—
Institutional Shares
Actual	$	1,000.00	$	1,001.60		$	0.70		1,000.00		1,001.41			0.91	$	1,000.00	$	1,003.06		$	0.76
Hypothetical 5% return		1,000.00		1,024.43	+		0.71		1,000.00		1,024.23	+		0.92		1,000.00		1,024.38	+		0.76
Capital Shares
Actual		1,000.00		1,000.99			1.31		1,000.00		1,000.73			1.61		1,000.00		1,002.35			1.46
Hypothetical 5% return		1,000.00		1,023.83	+		1.32		1,000.00		1,023.53	+		1.63		1,000.00		1,023.68	+		1.48
Service Shares
Actual		1,000.00		1,000.48			1.81		1,000.00		1,000.33			1.96		1,000.00		1,001.21			2.67
Hypothetical 5% return		1,000.00		1,023.33	+		1.83		1,000.00		1,023.18	+		1.98		1,000.00		1,022.47	+		2.69
Preferred Shares
Actual		1,000.00		1,001.14			1.16		1,000.00		1,000.93			1.36		1,000.00		1,002.57			1.26
Hypothetical 5% return		1,000.00		1,023.98	+		1.17		1,000.00		1,023.78	+		1.37		1,000.00		1,023.88	+		1.27
Select Shares
Actual		1,000.00		1,001.45			0.86		1,000.00		1,001.26			1.06		1,000.00		1,002.71			0.91
Hypothetical 5% return		1,000.00		1,024.28	+		0.87		1,000.00		1,024.08	+		1.07		1,000.00		1,024.23	+		0.92
Administrative Shares
Actual		1,000.00		1,000.79			1.46		1,000.00		1,000.53			1.81		1,000.00		1,001.86			1.86
Hypothetical 5% return		1,000.00		1,023.68	+		1.48		1,000.00		1,023.33	+		1.83		1,000.00		1,023.28	+		1.88
Cash Management Shares
Actual		1,000.00		1,000.27			1.76		1,000.00		1,000.19			2.01		1,000.00		1,000.62			2.51
Hypothetical 5% return		1,000.00		1,023.38	+		1.78		1,000.00		1,023.13	+		2.03		1,000.00		1,022.62	+		2.54
Premier Shares
Actual		1,000.00		1,000.65			1.66		1,000.00		1,000.42			1.91		1,000.00		1,001.45			1.96
Hypothetical 5% return		1,000.00		1,023.48	+		1.68		1,000.00		1,023.23	+		1.93		1,000.00		1,023.18	+		1.98
Resource Shares
Actual		—		—			—		1,000.00		1,000.26			2.06		1,000.00		1,000.66			1.96
Hypothetical 5% return		—		—			—		1,000.00		1,023.08	+		2.08		1,000.00		1,023.18	+		1.98
Class R6 Shares
Actual		—		—			—		1,000.00		1,001.41			0.91		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,024.23	+		0.92		—		—			—
Drexel Hamilton Class Shares
Actual		—		—			—		1,000.00		1,009.32			0.91		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,024.23	+		0.92		—		—			—

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 August 31, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:


Fund	Class A Shares			Class C Shares			Institutional Shares			Capital Shares			Service Shares			Preferred Shares			Select Shares			Administrative Shares			Cash Management Shares			Premier Shares			Resource Shares			Class R6 Shares			Drexel Hamilton Class Shares
Federal Instruments Fund		N/A			N/A			0.14	%		0.26	%		0.36	%		0.23	%		0.17	%		0.29	%		0.35	%		0.33	%		N/A			N/A			N/A
Government Fund		0.36	%		0.43	%		0.18			0.32			0.39			0.27			0.21			0.36			0.40			0.38			0.41	%		0.18	%		0.18	%
Money Market Fund		N/A			N/A			0.15			0.29			0.53			0.25			0.18			0.37			0.50			0.39			0.39			N/A			N/A

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.

110

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended August 31, 2020 (Unaudited) (continued)


	Prime Obligations Fund							Treasury Instruments Fund							Treasury Obligations Fund
Share Class	Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid for the 6 months ended 8/31/2020*		Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid for the 6 months ended 8/31/2020*		Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid for the 6 months ended 8/31/2020*
Institutional Shares
Actual	$	1,000.00	$	1,003.28		$	0.76	$	1,000.00	$	1,001.37		$	1.01	$	1,000.00	$	1,001.21		$	1.01
Hypothetical 5% return		1,000.00		1,024.38	+		0.76		1,000.00		1,024.13	+		1.02		1,000.00		1,024.13	+		1.02
Capital Shares
Actual		1,000.00		1,002.54			1.51		1,000.00		1,000.88			1.51		1,000.00		1,000.59			1.66
Hypothetical 5% return		1,000.00		1,023.63	+		1.53		1,000.00		1,023.63	+		1.53		1,000.00		1,023.48	+		1.68
Service Shares
Actual		1,000.00		1,000.59			2.92		1,000.00		1,000.41			1.61		1,000.00		1,000.29			1.91
Hypothetical 5% return		1,000.00		1,022.22	+		2.95		1,000.00		1,023.53	+		1.63		1,000.00		1,023.23	+		1.93
Preferred Shares
Actual		1,000.00		1,002.68			1.26		1,000.00		1,001.00			1.41		1,000.00		1,000.75			1.46
Hypothetical 5% return		1,000.00		1,023.88	+		1.27		1,000.00		1,023.73	+		1.42		1,000.00		1,023.68	+		1.48
Select Shares
Actual		1,000.00		1,003.13			0.91		1,000.00		1,001.23			1.16		1,000.00		1,001.06			1.16
Hypothetical 5% return		1,000.00		1,024.23	+		0.92		1,000.00		1,023.98	+		1.17		1,000.00		1,023.98	+		1.17
Administrative Shares
Actual		1,000.00		1,002.04			1.96		1,000.00		1,000.69			1.71		1,000.00		1,000.43			1.81
Hypothetical 5% return		1,000.00		1,023.18	+		1.98		1,000.00		1,023.43	+		1.73		1,000.00		1,023.33	+		1.83
Cash Management Shares
Actual		1,000.00		1,000.83			2.62		1,000.00		1,000.21			2.26		1,000.00		1,000.16			2.11
Hypothetical 5% return		1,000.00		1,022.52	+		2.64		1,000.00		1,022.87	+		2.29		1,000.00		1,023.03	+		2.14
Premier Shares
Actual		1,000.00		1,001.52			2.06		1,000.00		1,000.55			1.76		1,000.00		1,000.37			1.86
Hypothetical 5% return		1,000.00		1,023.08	+		2.08		1,000.00		1,023.38	+		1.78		1,000.00		1,023.28	+		1.88
Resource Shares
Actual		1,000.00		1,001.02			2.06		1,000.00		1,000.31			1.31		1,000.00		1,000.23			1.16
Hypothetical 5% return		1,000.00		1,023.08	+		2.08		1,000.00		1,023.83	+		1.32		1,000.00		1,023.98	+		1.17
Drexel Hamilton Class Shares
Actual		1,000.00		1,012.85			0.76		—		—			—		—		—			—
Hypothetical 5% return		1,000.00		1,024.38	+		0.76		—		—			—		—		—			—


Fund	Institutional Shares			Capital Shares			Service Shares			Preferred Shares			Select Shares			Administrative Shares			Cash Management Shares			Premier Shares			Resource Shares			Drexel Hamilton Class Shares
Prime Obligations Fund		0.15	%		0.30	%		0.58	%		0.25	%		0.18	%		0.39	%		0.52	%		0.41	%		0.41	%		0.15	%
Treasury Instruments Fund		0.20			0.30			0.32			0.28			0.23			0.34			0.45			0.35			0.26			N/A
Treasury Obligations Fund		0.20			0.33			0.38			0.29			0.23			0.36			0.42			0.37			0.23			N/A

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.

111

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended August 31, 2020 (Unaudited) (continued)


	Treasury Solutions Fund
Share Class	Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid for the 6 months ended 8/31/2020*
Institutional Shares
Actual	$	1,000.00	$	1,001.35		$	1.01
Hypothetical 5% return		1,000.00		1,024.13	+		1.02
Capital Shares
Actual		1,000.00		1,000.87			1.46
Hypothetical 5% return		1,000.00		1,023.68	+		1.48
Service Shares
Actual		1,000.00		1,000.47			1.71
Hypothetical 5% return		1,000.00		1,023.43	+		1.73
Preferred Shares
Actual		1,000.00		1,000.99			1.36
Hypothetical 5% return		1,000.00		1,023.78	+		1.37
Select Shares
Actual		1,000.00		1,001.21			1.16
Hypothetical 5% return		1,000.00		1,023.98	+		1.17
Administrative Shares
Actual		1,000.00		1,000.71			1.66
Hypothetical 5% return		1,000.00		1,023.48	+		1.68
Cash Management Shares
Actual		1,000.00		1,000.25			2.11
Hypothetical 5% return		1,000.00		1,023.03	+		2.14
Premier Shares
Actual		1,000.00		1,000.60			1.76
Hypothetical 5% return		1,000.00		1,023.38	+		1.78
Resource Shares
Actual		1,000.00		1,000.35			1.26
Hypothetical 5% return		1,000.00		1,023.88	+		1.27


Fund	Institutional Shares			Capital Shares			Service Shares			Preferred Shares			Select Shares			Administrative Shares			Cash Management Shares			Premier Shares			Resource Shares
Treasury Solutions Fund		0.20	%		0.29	%		0.34	%		0.27	%		0.23	%		0.33	%		0.42	%		0.35	%		0.25	%

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.

112

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Trustees and Officers (Unaudited)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Jessica Palmer Age: 71	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Dwight L. Bush Age: 63	Trustee	Since 2020	Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017- present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Kathryn A. Cassidy Age: 66	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Diana M. Daniels Age: 71	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003- 2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006- 2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Joaquin Delgado Age: 60	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Hexion Inc. (a specialty chemical manufacturer) (2019-present); and Director, Stepan Company (a specialty chemical manufacturer) (2011-present); and was formerly Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Stepan Company (a specialty chemical manufacturer)

113

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Trustees and Officers (Unaudited) (continued)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Roy W. Templin Age: 60	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con- Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004- 2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)

Gregory G. Weaver Age: 68	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Verizon Communications Inc.

Interested Trustee*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

James A. McNamara Age: 57	President and Trustee	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998- December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	168	None

Mr. McNamara is considered to be an “Interested Trustee” because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. Mr. McNamara holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

Each Trustee and Advisory Board Member may be contacted by writing to the Trustee or Advisory Board Member, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2020.

Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that (a) no Trustee shall hold office for more than 15 years and (b) a Trustee shall retire as of December 31st of the calendar year in which he or she reaches his or her 74th birthday, unless a waiver of such requirement shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.

The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2020, Goldman Sachs Trust consisted of 90 portfolios (89 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 19 portfolios (17 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 42 portfolios (23 of which offered shares to the public); and Goldman Sachs MLP Income Opportunities Fund, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.

⁴

This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384. Additional information about the Advisory Board Members will be available in the Fund’s Statement of Additional Information dated April 30, 2020, which will be available from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

114

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


Name, Address and Age¹	Positions Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years

James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; GoldmanÐSachs Variable Insurance Trust; Goldman Sachs Trust II;ÐGoldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Caroline L. Kraus 200 West Street New York, NY 10282 Age: 43	Secretary	Since 2014	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020–Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 52	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010- October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.

Information is provided as of August 2020.

Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

Goldman Sachs Funds — Financial Square Funds — Tax Information (Unaudited)

During the year ended August 31, 2020 100%, 100%, 50.56%, 56.31%, 100%, 100%, and 100% of the net investment company taxable income distributions paid by the Financial Square Federal Instruments, Financial Square Government, Financial Square Money Market, Financial Square Prime Obligations, Financial Square Treasury Instruments, Financial Square Treasury Obligations, and Financial Square Treasury Solutions Funds were designated as either interest-related dividends or short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

Pursuant to Section 852 of the Internal Revenue Code, Financial Square Treasury Obligations designates $6,604, or if different, the maximum amount allowable, as capital gain dividends paid during the year ended August 31, 2020.

115

FUNDS PROFILE

Goldman Sachs Funds

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

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

Money Market

Financial Square Funds^SM

∎

Financial Square Treasury Solutions Fund¹

∎

Financial Square Government Fund¹

∎

Financial Square Money Market Fund²

∎

Financial Square Prime Obligations Fund²

∎

Financial Square Treasury Instruments Fund¹

∎

Financial Square Treasury Obligations Fund¹

∎

Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎

Investor Money Market Fund³

∎

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎

Enhanced Income Fund

∎

High Quality Floating Rate Fund

∎

Short-Term Conservative Income Fund

∎

Short Duration Government Fund

∎

Short Duration Income Fund

∎

Government Income Fund

∎

Inflation Protected Securities Fund

Multi-Sector

∎

Bond Fund

∎

Core Fixed Income Fund

∎

Global Core Fixed Income Fund⁴

∎

Strategic Income Fund

∎

Income Fund

Municipal and Tax-Free

∎

High Yield Municipal Fund

∎

Dynamic Municipal Income Fund

∎

Short Duration Tax-Free Fund

∎

Municipal Income Completion Fund

Single Sector

∎

Investment Grade Credit Fund

∎

U.S. Mortgages Fund

∎

High Yield Fund

∎

High Yield Floating Rate Fund

∎

Emerging Markets Debt Fund

∎

Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎

Long Short Credit Strategies Fund

Fundamental Equity

∎

Equity Income Fund

∎

Small Cap Growth Fund

∎

Small Cap Value Fund

∎

Small/Mid Cap Value Fund

∎

Mid Cap Value Fund

∎

Large Cap Value Fund

∎

Focused Value Fund

∎

Capital Growth Fund

∎

Strategic Growth Fund

∎

Small/Mid Cap Growth Fund

∎

Flexible Cap Fund

∎

Concentrated Growth Fund

∎

Technology Opportunities Fund

∎

Growth Opportunities Fund

∎

Rising Dividend Growth Fund

∎

U.S. Equity ESG Fund⁵

∎

Income Builder Fund

∎

Defensive Equity 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 Fund⁶

∎

Emerging Markets Equity Fund

∎

Imprint Emerging Markets Opportunities Fund

∎

ESG Emerging Markets Equity Fund

Alternative

∎

Clean Energy Income Fund

∎

Real Estate Securities Fund

∎

International Real Estate Securities Fund

∎

Commodity Strategy Fund

∎

Global Real Estate Securities Fund

∎

Alternative Premia Fund

∎

Absolute Return Tracker Fund

∎

Managed Futures Strategy Fund

∎

MLP Energy Infrastructure Fund

∎

Energy Infrastructure Fund⁷

∎

Multi-Manager Alternatives Fund

∎

Global Infrastructure Fund

Total Portfolio Solutions

∎

Global Managed Beta Fund

∎

Multi-Manager Non-Core Fixed Income Fund

∎

Multi-Manager U.S. Dynamic Equity Fund

∎

Multi-Manager Global Equity Fund

∎

Multi-Manager International Equity Fund

∎

Tactical Tilt Overlay Fund

∎

Balanced Strategy Portfolio

∎

Multi-Manager U.S. Small Cap Equity Fund

∎

Multi-Manager Real Assets Strategy Fund

∎

Growth and Income Strategy Portfolio

∎

Growth Strategy Portfolio

∎

Dynamic Global Equity Fund

∎

Satellite Strategies Portfolio

∎

Enhanced Dividend Global Equity Portfolio

∎

Tax-Advantaged Global Equity Portfolio

∎

Strategic Factor Allocation Fund

∎

Target Date Retirement Portfolio⁸

∎

Target Date 2025 Portfolio

∎

Target Date 2030 Portfolio

∎

Target Date 2035 Portfolio

∎

Target Date 2040 Portfolio

∎

Target Date 2045 Portfolio

∎

Target Date 2050 Portfolio

∎

Target Date 2055 Portfolio

∎

Target Date 2060 Portfolio

∎

GQG Partners International Opportunities Fund

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

⁴

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

⁵Effective

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

⁶

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

⁷

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

⁸

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

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

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


TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado James A. McNamara Roy W. Templin Gregory G. Weaver		OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary

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

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

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

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

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

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

Goldman Sachs & Co. LLC (“Goldman Sachs’’) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances. Fund holdings and allocations shown are as of August 31, 2020 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

Financial Square Funds^SM is a registered service mark of Goldman Sachs & Co LLC.

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 Intermediary or from Goldman Sachs & Co LLC by calling (Class A Shares or Class C Shares – 1-800-526-7384) (all other share classes – 1-800-621-2550).

Goldman Sachs Funds

LOGO



Annual Report				August 31, 2020

				Fundamental Equity Growth Funds
				Capital Growth
				Concentrated Growth
				Flexible Cap
				Growth Opportunities
				Small Cap Growth
				Small/Mid Cap Growth
				Strategic Growth
				Technology Opportunities
				U.S. Equity ESG

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

LOGO

Goldman Sachs Fundamental Equity Growth Funds

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CAPITAL GROWTH

∎

CONCENTRATED GROWTH

∎

FLEXIBLE CAP

∎

GROWTH OPPORTUNITIES

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SMALL CAP GROWTH

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SMALL/MID CAP GROWTH

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STRATEGIC GROWTH

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TECHNOLOGY OPPORTUNITIES

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U.S. EQUITY ESG


TABLE OF CONTENTS

Market Review			1

Portfolio Management Discussions and Performance Summaries			3

Schedules of Investments			49

Financial Statements			70

Financial Highlights			81

Capital Growth			81

Concentrated Growth			89

Flexible Cap			96

Growth Opportunities			103

Small Cap Growth			111

Small/Mid Cap Growth			118

Strategic Growth			126

Technology Opportunities			134

U.S. Equity ESG			141

Notes to Financial Statements			148

Report of Independent Registered Public Accounting Firm			172

Other Information			173



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

MARKET REVIEW

Goldman Sachs Fundamental Equity Growth Funds

Market Review

Overall, U.S. equities rallied amidst heightened volatility during the 12 months ended August 31, 2020 (the “Reporting Period”). The Standard & Poor’s 500 Index (the “S&P 500 Index”) ended the Reporting Period with a return of 21.94%. The Russell 3000^® Index generated a return of 21.44%.

U.S. equities inched higher as the Reporting Period began in September 2019, supported by the increasingly accommodative monetary policy of the U.S. Federal Reserve (the “Fed”), highlighted by quarter-point interest rate cuts in both July and September 2019. In addition, investors appeared confident that corporate earnings—while decelerating from the levels of 2018 — would remain in positive territory. However, these tailwinds were largely offset by the combination of slowing global economic growth, the ongoing trade dispute between the U.S. and China and the initiation of a formal impeachment investigation against the U.S. President in late September. In the fourth quarter of 2019, stock returns accelerated with an uptick of U.S. manufacturing and service sector business surveys as well as a consistently strong labor market evidenced by the U.S. adding more than 200,000 jobs in November, double the break-even pace of long-term job growth. These developments, along with a third interest rate cut by the Fed at the end of October, helped restore market confidence, while fundamentals of low core inflation, contained financial imbalance and less drag of a trade war fended off imminent recession risk.

In a sharp and quick turnaround, the S&P 500 Index sold off dramatically in the first quarter of 2020, as rising cases of COVID-19 caused non-essential businesses to close. The new calendar year actually began on a favorable note, with a stretch of positive returns that lasted into the second half of February. At that point, however, the spread of COVID-19 from China to the rest of the world made it clear the impact of the pandemic would be widespread. As containment efforts led to a gradual shutdown of the global economy, investors began to factor severe weakness in both economic growth and corporate earnings estimates. Jobless claims increased to 6.6 million, and non-farm payrolls decreased by 701,000 for the month of March 2020. In addition, oil prices fell, as supply increased and demand declined. The resulting sell-off gained steam through March, as investors fled higher risk assets and rotated into perceived safe havens, such as U.S. Treasuries. The downturn reached its nadir on March 23, at which point the major U.S. equity indices had given up all of the gains of the past three calendar years. Equities subsequently recovered in the final days of the quarter, as the government and Fed responded with aggressive economic stimulus. The Fed cut interest rates to near-zero and announced a wide range of new lending facilities and asset purchase programs. The U.S. Congress passed a $2.2 trillion stimulus package. Still, volatility remained high, and the first quarter of 2020 was the weakest calendar quarter since 2008 and the worst first-quarter return in history for U.S. equities.

The U.S. equity market appreciated strongly in the second quarter of 2020, with the S&P 500 Index posting double-digit gains, despite a surge in COVID-19 cases in regional pockets of the country causing local governments to pause reopening plans and revisit previous lockdown measures. Positive market sentiment was buoyed by better than consensus expected economic data, such as non-farm payrolls increasing 7.3 million during May and June, driving the unemployment rate down to 11.1% as compared to 14.7% in April 2020. Still, other data showed the longest economic expansion in American history was over. In June, the National Bureau of Economic Research declared the U.S. economic recession had officially begun in February 2020.

Even with this economic news, U.S. equity markets continued to perform well in July and August 2020. In July, U.S. equity markets were supported by the release of positive test data from multiple COVID-19 vaccine candidates, despite headwinds caused by rising cases in various hotspots around the country. Stocks also benefited from the proposal of a $1 trillion COVID-19 relief bill and a strong corporate earnings season that showed sequential improvement in demand and operational trends. Although there were fears about slowing high-frequency economic indicators during the month, the July unemployment rate was reported at 10.2% with non-farm payrolls increasing 1.76 million. In August, U.S. equity markets were supported by an improved COVID-19 outlook, with hospitalizations and infections decreasing in many hotspots around the country. Stocks also continued to benefit from the results of a strong second quarter 2020 corporate earnings season that showed better demand trends and significant beats against lower consensus earnings expectations. The biggest headwind during the month was the stalemate between Democrats and Republicans around the fifth COVID-19 relief package, though U.S. equity markets appeared largely unaffected. The market was boosted by improving economic data, with the August unemployment rate coming in at 8.4% and non-farm payrolls increasing by 1.37 million. There appeared to be a disconnect between U.S. equity market performance and the Bureau of Economic Analysis’ news release at the end of August that showed U.S. real gross domestic product (“GDP”) decreased at an annual rate of 31.7% in the second quarter of 2020. In the first quarter of 2020, real U.S. GDP decreased 5.0%.

MARKET REVIEW

For the Reporting Period overall, information technology, consumer discretionary and communication services were the best performing sectors in the S&P 500 Index. The weakest performing sector in the S&P 500 Index was energy, followed at some distance by real estate and financials.

Within the U.S. equity market, there was broad divergence in performance, with large-cap stocks, as measured by the Russell 1000^® Index, posting double-digit positive absolute returns, while mid-cap stocks, as measured by the Russell Midcap^® Index, and small-cap stocks, as measured by the Russell 2000^® Index, each posted a solid but more moderate single-digit positive absolute return. From a style perspective, growth-oriented stocks significantly outpaced value-oriented stocks across the capitalization spectrum. Value stocks in the large-cap segment of the market eked out a less than 1% positive return, while value stocks posted negative returns within both the mid-cap and small-cap segments of the market. (All as measured by the FTSE Russell indices.)

Looking Ahead

U.S. equities appeared to re-enter a bull market in the second quarter of 2020, recovering much of the losses experienced in the first quarter of 2020. Stocks gained as the market shrugged off increased COVID-19 fears and recessionary GDP data and economic reopening plans pushed forward. Still, there were rising concerns at the end of the Reporting Period, as COVID-19-related infections and hospitalizations surged in certain areas of the country. In our view, these heightened worries will likely continue to impact select segments of the market that have already been unfairly punished by the economic shutdown. At the same time, we maintained some optimism. Although infections had increased, mortality rates were somewhat subdued on a relative basis, giving us conviction that any sustained or additional lockdown measures may be short-lived. Given the mixed sentiment felt by many, the Fed and U.S. government have not implemented further stimulus packages, which some fear could cause an inflationary economic environment.

The unclear recovery timeline proves market-timing to be a futile exercise; we recommend those with a long-term investment horizon stay invested. Indeed, we believe the market dynamic seen at the end of the Reporting Period favored a rigorous, bottom-up, fundamental approach to security selection, which we think mirrors our investment style. We plan to maintain our focus on what we consider to be high quality companies with healthy balance sheets, stable free cash flow generation, experienced management teams and differentiated business models aligned to secular advantages. In our opinion, emphasizing these durable businesses can potentially set up the Funds to perform well amidst heightened volatility.

PORTFOLIO RESULTS

Goldman Sachs Capital Growth Fund

Portfolio Composition

The Fund seeks to achieve its investment objective by investing, under normal circumstances, in companies that are considered by the Investment Adviser to be positioned for long-term growth. The Fund invests in both value and growth companies. The Fund’s fundamental equity investment process involves evaluating potential investments based on specific characteristics believed to indicate a high-quality business with sustainable growth, including strong business franchises, favorable long-term prospects, and excellent management.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Capital Growth Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class P, Class R and Class R6 Shares generated average annual total returns, without sales charges, of 22.26%, 21.37%, 22.71%, 22.12%, 22.56%, 22.73%, 21.90% and 22.71%, respectively. These returns compare to the 22.43% average annual total return of the Fund’s benchmark, the Russell 1000^® Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

Several share classes of the Fund outperformed the Russell Index on a relative basis during the Reporting Period due primarily to effective stock selection. Sector allocation as a whole had a rather neutral effect on relative performance during the Reporting Period.

Which equity market sectors most significantly affected Fund performance?

The sectors that contributed most positively to the Fund’s relative performance during the Reporting Period were information technology, utilities and communication services, wherein stock selection in each proved effective. The sectors that detracted most from the Fund’s relative performance during the Reporting Period were materials, consumer discretionary and industrials, wherein stock selection in each dampened results.

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

Those stocks the Fund benefited most from relative to the Russell Index were positions in integrated oil company Exxon Mobil, digital payments platform PayPal Holdings and diversified banking institution Bank of America.

In early November 2019, Exxon Mobil reported strong earnings with beats of consensus expectations across various metrics. An especially noteworthy beat was its operating cash flow coming in above consensus expectations for the first time in several quarters, which caused its stock to appreciate. We decided to exit the Fund’s position in mid-November to capture these gains and to avoid an unpredictable energy industry forecast. The subsequent steep decline in the energy sector broadly within the S&P 500 Index proved our decision both timely and prudent.

PayPal Holdings performed well during the Reporting Period due to a shift in consumer trends to online shopping and payments as a result of the COVID-19 pandemic. This strength was noted in its second quarter 2020 earnings announcement that beat consensus expectations and showed stronger usage trends. In our view, this strong performance crystallizes PayPal Holdings’ distinct place in the payments space and highlights that the rapid secular shift taking hold may well continue to accelerate the platform’s near-term revenues and further cement moats around its business. We also believed at the end of the Reporting Period that the company remained well positioned in a highly fragmented and highly competitive digital payments industry due to the partnerships it has signed, the acceleration of the monetization of Venmo, which is owned by PayPal Holdings, and the enhancement of its core business from recent merger and acquisition activity.

Although Bank of America’s stock was particularly hard hit by the economic shutdown caused by the COVID-19 pandemic in the first quarter of 2020, it proved to be a top

PORTFOLIO RESULTS

contributor to relative results as we elected to sell the Fund’s position in Bank of America at that time. In the second half of 2019, Bank of America’s shares had gained modestly due to better than consensus expected earnings announcements and a health economic outlook. Its stock then fell dramatically due to worsening credit conditions as the global economic shutdown provided an uncertain outlook. Although the financials sector lagged the S&P 500 Index considerably, Bank of America experienced an even larger disruption due to its heavy interest rate exposure. We decided to exit the Fund’s position as the interest rate outlook continued to be challenged, and we opted to pursue what we believed were more attractive risk/reward opportunities.

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

Those stocks detracting most from the Fund’s results relative to the Russell Index were positions in electric auto manufacturer Tesla, aerospace and defense company Boeing and financial services company Wells Fargo & Company.

Tesla was a new position for the Fund during the Reporting Period. However, having an underweight position in Tesla relative to the Russell Index led the company to be a top detractor from the Fund’s performance during the Reporting Period. Tesla’s stock experienced a strong rally through much of the Reporting Period, as the company reported positive earnings for four consecutive quarters, making it eligible to be included within the S&P 500 Index. Overall, while we maintained an underweight position relative to the Russell Index, we made the purchase because we view manufacturing as a competitive advantage for Tesla, as the company is highly focused on using robotics to optimize its production process. Over time, this may be a major cost advantage for the company versus its competitors. Long term, we also see an opportunity for Tesla to offer a compact car that would be more affordable than existing options, and in the meantime, we are optimistic about its Model 3 and Model Y cars.

Boeing’s stock lagged the S&P 500 Index for the Reporting Period as a result of headwinds to the commercial aerospace business caused by the COVID-19 pandemic. Its share price was also hurt by delays in the return to flight of the 737 MAX and by a credit downgrade. At the end of the Reporting Period, we believed Boeing was likely behind the worst of the volatility in its share price. We expected the company to have a number of upcoming catalysts, which could help to get the market excited about Boeing again. We viewed the possible return to service of the 737 MAX as the most important catalyst in 2020. The recovery in air travel will likely be gradual, but it is our opinion that some time next year we should begin to see travel return to strong levels and the demand for replacement airplanes to resume. In our view, the industry also remains highly profitable with strong barriers to entry. However, given near-term headwinds surrounding the company as a result of the commercial aerospace slowdown and regulatory challenges, we continue to monitor the position closely.

Wells Fargo & Company’s share price fell along with the broader financials sector as a result of lower interest rates and credit concerns caused by the COVID-19 pandemic. Before the pandemic disruption, Wells Fargo & Company was recovering from a scandal in which employees created fake accounts. The company was fined, and the U.S. Federal Reserve (“Fed”) placed an asset cap on the company. The Fed also announced that dividends for all banks would be capped in the third quarter of 2020, dampening the outlook in the industry. Overall, company-specific data was positive toward the end of the Reporting Period, with its leadership saying they are confident the company’s turnaround would continue despite the COVID-19 outbreak. At the end of the Reporting Period, we continued to like Wells Fargo & Company on the back of what we viewed as an attractive valuation and strong fundamentals.

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

During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

In addition to the purchase of Tesla, mentioned earlier, we initiated a Fund position in Bristol-Myers Squibb during the Reporting Period. Bristol-Myers Squibb engages in the development, manufacture and sale of biopharmaceutical products. We are optimistic on Bristol-Myers Squibb because we view it as a well-diversified company with a solid drug pipeline trading at reasonable valuations. We also believe the market may have been underappreciating the company’s lung cancer drug, which could potentially be highly profitable with even a small percentage of market share.

Conversely, in addition to the sale of Bank of America, already mentioned, we eliminated the Fund’s position in DuPont de Nemours. DuPont de Nemours reported fourth quarter 2019 results in late January 2020 that were in line with consensus expectations, but its shares dropped on the day of its announcement due to the company’s worse than

PORTFOLIO RESULTS

consensus-expected outlook. On the back of that weaker outlook, we elected to sell the Fund’s position in DuPont de Nemours in February 2020 and allocate capital to what we considered more compelling risk/reward opportunities.

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

There were no changes to the Fund’s portfolio management team during the Reporting Period.

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

How was the Fund positioned relative to its benchmark index at the end of August 2020?

At the end of August 2020, the Fund was rather neutrally weighted to all 11 sectors in the Russell Index.

FUND BASICS

Capital Growth Fund

as of August 31, 2020


TOP TEN HOLDINGS AS OF 8/31/20¹

Holding	% of Net Assets			Line of Business

Apple, Inc.		6.8	%	Technology Hardware, Storage & Peripherals
Microsoft Corp.		5.5		Software
Amazon.com, Inc.		4.4		Internet & Direct Marketing Retail
Visa, Inc., Class A		1.9		IT Services
Facebook, Inc., Class A		1.9		Interactive Media & Services
Alphabet, Inc., Class A		1.8		Interactive Media & Services
Alphabet, Inc., Class C		1.6		Interactive Media & Services
Procter & Gamble Co. (The)		1.4		Household Products
American Express Co.		1.2		Consumer Finance
Berkshire Hathaway, Inc., Class B		1.2		Diversified Financial Services

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

FUND VS. BENCHMARK SECTOR ALLOCATION²

As of August 31, 2020

LOGO

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

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $10,000 investment made on September 1, 2010 in Class A Shares at NAV (with the maximum sales charge of 5.50%). For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000 Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Capital Growth Fund’s 10 Year Performance

Performance of a $10,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2010 through August 31, 2020.

LOGO


Average Annual Total Return through August 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	22.26%	14.73%	15.19%	—
Including sales charges	15.58%	13.45%	14.54%	—

Class C
Excluding contingent deferred sales charges	21.37%	13.89%	14.34%	—
Including contingent deferred sales charges	20.31%	13.89%	14.34%	—

Institutional	22.71%	15.18%	15.64%	—

Service	22.12%	14.60%	15.07%	—

Investor	22.56%	15.02%	15.48%	—

Class R6 (Commenced July 31, 2015)	22.71%	15.19%	N/A	13.27%

Class R	21.90%	14.44%	14.90%	—

Class P (Commenced April 17, 2018)	22.73%	N/A	N/A	14.11%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

PORTFOLIO RESULTS

Goldman Sachs Concentrated Growth Fund

Portfolio Composition

The Fund invests primarily in U.S. equity investments selected for their potential to achieve capital appreciation over the long term. The Fund typically holds 30-40 companies that are considered by the Investment Adviser to be positioned for long-term growth. The Fund may invest in securities of companies of any capitalization. Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to 25% of its total assets in foreign securities, including securities of issuers in countries with emerging markets or economies (“emerging countries”) and securities quoted in foreign currencies. The Fund may also invest up to 10% of its total assets in fixed income securities, such as government, corporate and bank debt obligations.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Concentrated Growth Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class P, Class R and Class R6 Shares generated average annual total returns, without sales charges, of 41.52%, 40.47%, 41.98%, 41.87, 42.00%, 41.12% and 42.05%, respectively. These returns compare to the 44.20% average annual total return of the Fund’s benchmark, the Russell 1000^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

The Fund posted robust positive absolute returns but underperformed the Russell Index on a relative basis during the Reporting Period. Sector allocation as a whole detracted from relative performance. Stock selection overall proved effective.

Which equity market sectors most significantly affected Fund performance?

Challenging stock selection in the consumer discretionary, materials and financials sectors detracted from the Fund’s relative results most during the Reporting Period. Having an underweight to consumer discretionary, which outperformed the Russell Index during the Reporting Period, and having an overweight to materials, which underperformed the Russell Index during the Reporting Period, also hurt. The sectors that contributed most positively to the Fund’s relative performance during the Reporting Period were information technology, consumer staples and communication services, wherein effective stock selection in each helped.

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

Those stocks detracting most from the Fund’s results relative to the Russell Index were underweight positions in information technology giant Apple and e-commerce behemoth Amazon.com and an overweight position in medical device company Boston Scientific.

Apple was a top detractor from the Fund’s relative results during the Reporting Period because the Fund held a slightly underweight position relative to the Russell Index in its strongly-performing stock. We maintained the moderate underweight position, as we like the business model and think there will eventually be pent-up demand for its iPhones, wearables and services, but we also believe its valuation may be a bit stretched and there could be a lingering impact from retail closures affecting parts of its business.

Similarly, Amazon.com was a significant detractor from the Fund’s performance during the Reporting Period due to the Fund’s underweight position relative to the Russell Index in its strongly-performing stock. Toward the end of 2019, Amazon.com’s shares rose due to the strong holiday season, which was record-breaking for the company, with billions of items ordered worldwide and tens of millions of Amazon.com devices purchased. This was highlighted in the company’s fourth quarter 2019 earnings report, which noted better than consensus expected operating income and a

PORTFOLIO RESULTS

strong increase in sales. Its strong performance continued in 2020, as the company took advantage of the increase in e-commerce shopping due to the closure of many brick-and-mortar retailers amid the COVID-19-sparked economic lockdown. This market capture in a stressed industry was highlighted in its second quarter 2020 earnings announcement, as it reported sales and earnings well above consensus estimates. We believe these consumer shopping trends will likely persist going forward, providing more growth opportunities for Amazon.com. However, we maintained an underweight position in the Fund, as its risk/return profile looked unfavorable to us at then-current valuation levels.

Shares of Boston Scientific were weak during the Reporting Period, as many people chose to defer medical procedures amid the COVID-19 pandemic. The headwind from COVID-19 depressed numbers for the company for the near term. However, most of what Boston Scientific sells is used to treat critical conditions and therefore cannot be delayed for too long. As a result, we expect these procedures to snap back as we enter 2021, and we expect the company’s valuation multiple to expand should its revenue rebound as we anticipate. In our view, the company also has a strong balance sheet, and we could envision the company opportunistically buying assets to further enhance its long-term growth rate.

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

The Fund benefited most relative to the Russell Index from positions in semiconductor company NVIDIA, digital payments platform PayPal Holdings and software provider Adobe.

NVIDIA engages in the design and manufacture of computer graphics, processors, chipsets and related multimedia software. Its stock rallied during the Reporting Period through the beginning of 2020, as NVIDIA largely exceeded the market’s expectations during the announcement of its fourth quarter 2019 and first quarter 2020 earnings. Following the COVID-19-led equity market downturn, its stock rather quickly rebounded, benefiting from strong end-markets of cloud computing and gaming, both of which benefited from the stay-in-place orders by numerous governments across the globe. At the end of the Reporting Period, we believed NVIDIA was well positioned to continue to benefit from the strong secular growth themes of migration to the cloud and online entertainment.

PayPal Holdings, a new purchase for the Fund, performed well during the Reporting Period due to a shift in consumer trends to online shopping and payments as a result of the COVID-19 pandemic. This strength was noted in its second quarter 2020 earnings announcement that beat consensus expectations and showed stronger usage trends. In our view, this strong performance crystallizes PayPal Holdings’ distinct place in the payments space and highlights that the rapid secular shift taking hold may well continue to accelerate the platform’s near-term revenues and further cement moats around its business. We also believed at the end of the Reporting Period that the company remained well positioned in a highly fragmented and highly competitive digital payments industry due to the partnerships it has signed, the acceleration of the monetization of Venmo, which is owned by PayPal Holdings, and the enhancement of its core business from recent merger and acquisition activity.

Shares of Adobe appreciated significantly beginning in March 2020 as a result of better than consensus expected first quarter 2020 revenues and earnings per share, which were driven by solid performance in Adobe’s digital media businesses, particularly within both its creative cloud and document cloud businesses. Its stock price continued to increase following a second quarter 2020 earnings report that showed further strength in its digital media business. At the end of the Reporting Period, we continued to view Adobe positively given structural growth within cloud solutions and what we see as solid execution from its management team and ongoing opportunities to cross-sell and up-sell to its existing client base.

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

During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

In addition to the purchase of PayPal Holdings, already mentioned, we established a Fund position in semiconductor company Qualcomm during the Reporting Period. We initiated the position to transition the Fund’s personal computer exposure into smartphone exposure given the advancement within the strong secular growth theme of fifth generation (“5G”) technologies. We also believe Qualcomm’s greater product differentiation may lead to more pricing power as well as a higher unit share over the long term.

PORTFOLIO RESULTS

Conversely, we exited the Fund’s position in defense contractor Northrop Grumman. Its shares came under pressure during the first quarter of 2020 as COVID-19 impacted virtually all areas of the global economy. These pressures came directly after a strong end of 2019 for the stock, as a large contract modification awarded mid-December 2019 caused its stock price to rise. We elected to sell the Fund’s position in the company because we believe defense spending may be curbed for the time being until countries are able to deal with the impact from the global economic shutdown.

We eliminated the Fund’s position in Cisco Systems, a software company focused on Internet solutions. While we continue to like the company and believe it is well positioned to benefit from secular growth themes, we felt there were other companies that presented more attractive risk/reward profiles.

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

There were no changes to the Fund’s portfolio management team during the Reporting Period.

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

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to information technology and communication services increased and its allocations to consumer discretionary, consumer staples, materials and energy decreased relative to the Russell Index.

How was the Fund positioned relative to its benchmark index at the end of August 2020?

At the end of August 2020, the Fund had overweighted positions relative to the Russell Index in the communication services and real estate sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in consumer discretionary. The Fund was rather neutrally weighted relative to the Russell Index in information technology, health care, industrials, financials, consumer staples and materials and had no positions at all in the utilities and energy sectors at the end of the Reporting Period.

FUND BASICS

Concentrated Growth Fund

as of August 31, 2020


TOP TEN HOLDINGS AS OF 8/31/20¹

Holding	% of Net Assets			Line of Business

Microsoft Corp.		8.5	%	Software
Apple, Inc.		8.4		Technology Hardware, Storage & Peripherals
Alphabet, Inc., Class A		5.4		Interactive Media & Services
Facebook, Inc., Class A		5.3		Interactive Media & Services
Amazon.com, Inc.		4.6		Internet & Direct Marketing Retail
Visa, Inc., Class A		4.5		IT Services
Adobe, Inc.		4.0		Software
PayPal Holdings, Inc.		3.7		IT Services
QUALCOMM, Inc.		3.6		Semiconductors & Semiconductor Equipment
NVIDIA Corp.		3.2		Semiconductors & Semiconductor Equipment

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

FUND VS. BENCHMARK SECTOR ALLOCATION²

As of August 31, 2020

LOGO

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.

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $1,000,000 investment made on September 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000^® Growth Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Concentrated Growth Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2010 through August 31, 2020.

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Average Annual Total Return through August 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	41.52%	17.55%	16.06%	—
Including sales charges	33.77%	16.23%	15.42%	—

Class C
Excluding contingent deferred sales charges	40.47%	16.66%	15.20%	—
Including contingent deferred sales charges	39.36%	16.66%	15.20%	—

Institutional	41.98%	17.98%	16.51%	—

Investor	41.87%	17.84%	16.35%	—

Class R6 (Commenced July 31, 2015)	42.05%	17.99%	N/A	16.13%

Class R	41.12%	17.25%	15.78%	—

Class P (Commenced April 17, 2018)	42.00%	N/A	N/A	23.20%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

PORTFOLIO RESULTS

Goldman Sachs Flexible Cap Fund

Portfolio Composition

The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) (“Net Assets”) in equity investments in small-, mid- and large-cap issuers. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in companies that are considered by the Investment Adviser to be positioned for long-term growth of capital. This strategy is combined with a quantitative risk allocation process that is used to assist portfolio construction and trading decisions.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Flexible Cap Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class P, Class R and Class R6 Shares generated average annual total returns, without sales charges, of 22.18%, 21.16%, 22.53%, 22.43%, 22.58%, 21.78% and 22.60%, respectively. These returns compare to the 21.87% average annual total return of the Fund’s benchmark, the S&P 500 Index (with dividends reinvested), during the same period.

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

Most share classes of the Fund outperformed the S&P 500 Index on a relative basis during the Reporting Period due primarily to effective stock selection. Sector allocation as a whole detracted from relative performance, albeit modestly.

Which equity market sectors most significantly affected Fund performance?

The sectors that contributed most positively to the Fund’s relative performance during the Reporting Period were communication services, information technology and industrials. Effective stock selection drove results in each of these sectors. The sectors that detracted most from the Fund’s relative results during the Reporting Period were financials, real estate and materials, wherein stock selection proved challenging.

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

Those stocks the Fund benefited most from relative to the S&P 500 Index were positions in aerospace and defense company Boeing, telecommunications media and technology services company AT&T and software company Citrix Systems.

Boeing proved to be a positive contributor to relative results because the Fund held an underweight position compared to the S&P 500 Index in the weakly performing stock. Boeing’s stock lagged the S&P 500 Index for the Reporting Period as a result of headwinds to the commercial aerospace business caused by the COVID-19 pandemic. Its share price was also hurt by delays in the return to flight of the 737 MAX and by a credit downgrade. While we still liked the long-term prospects of Boeing at the end of the Reporting Period, given near-term headwinds surrounding the company as a result of the commercial aerospace slowdown and regulatory challenges, we exited the Fund’s position in favor of what we believed to be better risk/reward opportunities elsewhere.

AT&T’s stock posted a positive total return during the Reporting Period but it significantly lagged the S&P 500 Index, and thus the Fund’s underweight position, especially in March and April 2020, contributed positively to relative performance. AT&T’s shares also declined after the announcement of its Chief Executive Officer stepping down on July 1, 2020. However, the stock rebounded well during the remainder of the summer along with the broader communication services sector. At the end of the Reporting Period, we continued to like AT&T’s prospects ahead of the broader fifth generation (“5G”) launch and the new iPhone release.

PORTFOLIO RESULTS

contingency plans due to the COVID-19 pandemic. Given the rather steadily strong performance in the stock, we elected to exit the Fund’s position and reallocate capital to what we saw as other compelling risk/reward opportunities.

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

Detracting most from the Fund’s results relative to the S&P 500 Index were positions in financial services company Wells Fargo & Company, crude oil refining company Marathon Petroleum and foods distributor US Foods Holding.

Marathon Petroleum is engaged in the refining, marketing and transportation of petroleum products in the U.S. Its shares declined in the spring of 2020 due to the COVID-19 pandemic and the collapse of the broader oil market. We decided to exit the Fund’s position in Marathon Petroleum due to the uncertainty surrounding the broader oil markets, but we continue to monitor the name and the industry closely.

The share price of US Foods Holding fell in early March 2020 when the company announced the purchase of Smart Foodservice Warehouse Stores, a chain of low-price grocery stores, for $970 million in cash. Following news of the transaction, along with headwinds faced from COVID-19, we decided to exit the Fund’s position in US Foods Holding in favor of what we viewed as better risk/reward opportunities elsewhere.

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

During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

We initiated a Fund position in Bristol-Myers Squibb during the Reporting Period. Bristol-Myers Squibb engages in the development, manufacture and sale of biopharmaceutical products. We are optimistic on Bristol-Myers Squibb because we view it as a well-diversified company with a solid drug pipeline trading at reasonable valuations. We also believe the market may have been underappreciating the company’s lung cancer drug, which could potentially be highly profitable with even a small percentage of market share.

We established a Fund position in home improvement specialty retailer Lowe’s based on its strong performance off its absolute lows in March 2020 thanks to a healthy home improvement market. We believe these home do-it-yourself trends will likely persist to drive company growth going forward, particularly in the suburbs where Lowe’s is more concentrated. Since the Fund’s purchase of Lowe’s, we have seen strong performance from the company on the back of a strong second quarter 2020 earnings announcement that highlighted significantly improved sales and earnings per share growth year over year.

Conversely, in addition to those sales already mentioned, we exited the Fund’s position in rail transportation company Union Pacific. The trade was inspired by our quantitative determinants that are built into the Fund’s portfolio. We continue to like the name strategically but decided to allocate to what we viewed as more attractive risk/reward opportunities.

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

There were no changes to the Fund’s portfolio management team during the Reporting Period.

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

PORTFOLIO RESULTS

How was the Fund positioned relative to its benchmark index at the end of August 2020?

At the end of August 2020, the Fund was rather neutrally weighted to all 11 sectors in the S&P 500 Index.

FUND BASICS

Flexible Cap Fund

as of August 31, 2020


TOP TEN HOLDINGS AS OF 8/31/20¹

Holding	% of Net Assets			Line of Business

Apple, Inc.		7.6	%	Technology Hardware, Storage & Peripherals
Microsoft Corp.		6.4		Software
Amazon.com, Inc.		4.4		Internet & Direct Marketing Retail
Facebook, Inc., Class A		2.7		Interactive Media & Services
Alphabet, Inc., Class A		2.0		Interactive Media & Services
Johnson & Johnson		1.9		Pharmaceuticals
Visa, Inc., Class A		1.7		IT Services
Alphabet, Inc., Class C		1.6		Interactive Media & Services
Procter & Gamble Co. (The)		1.6		Household Products
JPMorgan Chase & Co.		1.5		Banks

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

FUND VS. BENCHMARK SECTOR ALLOCATION²

As of August 31, 2020

LOGO

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.

GOLDMAN SACHS FLEXIBLE CAP FUND

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $10,000 investment made on September 1, 2010 in Class A Shares at NAV (with the maximum sales charge of 5.50%). For comparative purposes, the performance of the Fund’s benchmark, the S&P 500^® Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Flexible Cap Fund’s 10 Year Performance

Performance of a $10,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2010 through August 31, 2020.

LOGO


Average Annual Total Return through August 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	22.18%	13.53%	14.71%	—
Including sales charges	15.52%	12.26%	14.06%	—

Class C
Excluding contingent deferred sales charges	21.16%	12.66%	13.85%	—
Including contingent deferred sales charges	20.10%	12.66%	13.85%	—

Institutional	22.53%	13.94%	15.14%	—

Investor	22.43%	13.82%	14.99%	—

Class R6 (Commenced July 31, 2015)	22.60%	13.95%	N/A	12.08%

Class R	21.78%	13.23%	14.42%	—

Class P (Commenced April 17, 2018)	22.58%	N/A	N/A	13.66%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

PORTFOLIO RESULTS

Goldman Sachs Growth Opportunities Fund

Portfolio Composition

The Fund invests primarily in medium-sized growth companies. The Fund seeks to achieve its investment objective of seeking long-term growth of capital by investing, under normal circumstances, in companies that are considered by the Investment Adviser to be positioned for long-term growth. Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to 25% of its total assets in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. The Fund may also invest in privately held companies and companies that only recently began to trade publicly.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Growth Opportunities Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class P, Class R and Class R6 Shares generated average annual total returns, without sales charges, of 28.84%, 27.86%, 29.33%, 28.64%, 29.15%, 29.34%, 28.58% and 29.35%, respectively. These returns compare to the 23.49% average annual total return of the Fund’s benchmark, the Russell Midcap^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

The Fund outperformed the Russell Index on a relative basis during the Reporting Period due primarily to effective stock selection. Sector allocation as a whole detracted from relative performance, albeit modestly.

Which equity market sectors most significantly affected Fund performance?

The sectors that contributed most positively to the Fund’s relative performance during the Reporting Period were information technology, consumer discretionary and communication services, wherein effective stock selection drove results. Only two sectors detracted from the Fund’s relative results during the Reporting Period — materials and energy. Stock selection proved challenging in materials. Having overweights to materials and energy, each of which underperformed the Russell Index during the Reporting Period, also hurt.

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

The Fund benefited most relative to the Russell Index from positions in cloud-based electronic signature solutions provider DocuSign, health care-related company Catalent and athletic apparel and accessories producer Lululemon Athletica.

DocuSign, a new purchase for the Fund during the Reporting Period, provides cloud-based electronic signature solutions that help companies and individuals securely collect information, automate data workflows and sign anything. Its shares benefited significantly during the Reporting Period from the shift to online business, with both its revenues and billings growth increasing. It also closed a deal with SEAL AI, which is widely anticipated to further operationalize the system of record and contract approach inside organizations. At the end of the Reporting Period, we continued to like DocuSign, as it is a beneficiary of the new remote work environment, strongly positioned to capture the trend of paperless documentation. Further, we believe there may be a more permanent shift in the way people deal with documents, and we view its management as well suited to grow the business as it focuses more on transaction management.

Catalent is a development and manufacturing partner for customers in the pharmaceutical, biopharmaceutical and health products industries. Its shares were supported during the Reporting Period by positive announcements of Catalent’s participation in various partnerships with developers of COVID-19 vaccine candidates as well as by strong earnings results throughout the Reporting Period. We

PORTFOLIO RESULTS

viewed these partnership projects as big wins for a relatively small firm like Catalent and as stamps of approval for its capabilities.

Shares of Lululemon Athletica gained in the last months of 2019 on the back of better than consensus expected earnings announcements that highlighted solid sales growth and margins. Its stock then fell toward the end of the first quarter of 2020 after closing the majority of its stores globally in response to the COVID-19 pandemic. As economic and pandemic conditions improved somewhat, its stock rallied in the second quarter of 2020 on news of store re-openings across North America, Europe, Asia, New Zealand and Australia following successful re-openings in China. Lululemon Athletica also showed resiliency, as the company demonstrated significant growth in e-commerce sales, as many stores still remained closed. Given the company’s strong e-commerce business and integrated supply chain, we remained positive on the company at the end of the Reporting Period and believed its online business may well continue to accelerate even as its traditional brick-and-mortar retail business stabilizes.

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

Detracting most from the Fund’s results relative to the Russell Index were positions in landscaping aggregates provider Martin Marietta Materials, energy-related company Cheniere Energy and semiconductor manufacturing company Lam Research.

Martin Marietta Materials faced headwinds related to the COVID-19 pandemic, as many construction projects were temporarily put on hold. Its performance going forward is also tied to the government, as many of the projects the company provides materials for are related to public roads and facilities. Many states have deferred their public works projects until there is some more clarity of funding from the federal level, causing project delays to persist. At the end of the Reporting Period, we believed the company would likely rebound once the outlook for infrastructure spending becomes more clear and demand for construction materials is once again revived.

Cheniere Energy is engaged primarily in developing and constructing, and then owning and operating, a network of three onshore liquified natural gas (“LNG”) receiving terminals and related natural gas pipelines along the Gulf Coast of the U.S. Its shares came under pressure during the Reporting Period largely in response to a competitive natural gas market that led to short-term oversupply and natural gas prices around a four-year low. However, despite the headwinds, we saw minimal risk to the company’s contracted cash flows, and we remained comfortable with its ability to hedge against spot price movements in the LNG commodity. At the end of the Reporting Period, we were also optimistic that Cheniere Energy would be a beneficiary of the trend of increased demand for cleaner energy sources.

Lam Research performed well during the Reporting Period, and so the Fund’s underweight position in its stock led it to be a primary detractor from the Fund’s relative results. Lam Research’s stock declined in March 2020 due to supply constraints as a result of COVID-19 lockdowns. Once production was able to resume, however, its stock rebounded well, and the company reported solid second quarter 2020 earnings. At the end of the Reporting Period, Lam Research remained one of our most favored names within the semiconductor industry.

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

A	During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

In addition to the purchase of DocuSign, mentioned earlier, we initiated a Fund position in Match Group during the Reporting Period. The company owns more than 40 portfolio online dating apps and products, including Tinder, Match and OkCupid. We view Match Group favorably, as we believe it operates in one of the segments of spending likely to recover relatively quickly when consumers begin to behave more closely in line with pre-pandemic norms.

Conversely, we exited the Fund’s position in financial services provider Fiserv. Although its shares performed well off its March 2020 lows, its payment subsidiary, First Data Merchant Services, had to pay reparations due to a recent money laundering scandal, causing some volatility in its stock’s performance. We ultimately decided to focus on what we believed to be more attractive risk/reward opportunities in the financial technology space.

We eliminated the Fund’s position in wireless communications tower owner and operator SBA Communications. We decided to exit the position and reallocate capital to what we considered to be other more attractive risk/reward opportunities.

PORTFOLIO RESULTS

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

There were no changes to the Fund’s portfolio management team during the Reporting Period.

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

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to information technology, materials and communication services increased and its allocations to health care, consumer staples and real estate decreased relative to the Russell Index.

How was the Fund positioned relative to its benchmark index at the end of August 2020?

At the end of August 2020, the Fund had overweighted positions relative to the Russell Index in the consumer discretionary, industrials, materials and energy sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in information technology and communication services. The Fund was rather neutrally weighted to the Index in health care, consumer staples, financials and real estate and had no position at all in utilities at the end of the Reporting Period.

FUND BASICS

Growth Opportunities Fund

as of August 31, 2020


TOP TEN HOLDINGS AS OF 8/31/20¹

Holding	% of Net Assets			Line of Business

Veeva Systems, Inc., Class A		2.8	%	Health Care Technology
Lululemon Athletica, Inc.		2.6		Textiles, Apparel & Luxury Goods
DocuSign, Inc.		2.4		Software
O’Reilly Automotive, Inc.		2.3		Specialty Retail
Verisk Analytics, Inc.		2.3		Professional Services
Splunk, Inc.		2.2		Software
Amphenol Corp., Class A		2.1		Electronic Equipment, Instruments & Components
Cadence Design Systems, Inc.		2.1		Software
Ball Corp.		2.0		Containers & Packaging
Rockwell Automation, Inc.		2.0		Electrical Equipment

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

FUND VS. BENCHMARK SECTOR ALLOCATION²

As of August 31, 2020

LOGO

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.

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $1,000,000 investment made on September 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark the Russell Midcap^® Growth Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Growth Opportunities Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2010 through August 31, 2020.

LOGO


Average Annual Total Return through August 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	28.84%	14.26%	14.26%	—
Including sales charges	21.74%	12.97%	13.62%	—

Class C
Excluding contingent deferred sales charges	27.86%	13.42%	13.42%	—
Including contingent deferred sales charges	26.58%	13.42%	13.42%	—

Institutional	29.33%	14.66%	14.69%	—

Service	28.64%	14.09%	14.12%	—

Investor	29.15%	14.55%	14.55%	—

Class R6 (Commenced July 31, 2015)	29.35%	14.68%	N/A	12.97%

Class R	28.58%	13.99%	13.98%	—

Class P (Commenced April 17, 2018)	29.34%	N/A	N/A	17.92%

PORTFOLIO RESULTS

Goldman Sachs Small Cap Growth Fund

Portfolio Composition

The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in a diversified portfolio of equity investments in small-cap issuers. Small-cap issuers are issuers with public stock market capitalizations (based upon shares available for trading on an unrestricted basis) within the range of the market capitalizations of companies constituting the Russell 2000^® Growth Index at the time of investment. As of September 30, 2019, the capitalization range of the companies in the Russell 2000^® Growth Index was between $15 million and $7.3 billion. The Fund seeks to achieve its investment objective of seeking long-term growth of capital by investing, under normal circumstances, in companies that are considered by the Investment Adviser to be positioned for long-term growth. Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to 25% of its Net Assets in foreign securities, including securities of issuers in countries with emerging markets or economies (“emerging countries”) and securities quoted in foreign currencies. The Fund may also invest in privately held companies and companies that only recently began to trade publicly.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Small Cap Growth Fund’s (the “Fund”) performance and positioning for the period from the Fund’s inception on October 31, 2019 through August 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class P, Class R and Class R6 Shares generated cumulative total returns, without sales charges, of 28.30%, 27.44%, 28.68%, 28.55%, 28.68%, 28.05% and 28.68%, respectively. These returns compare to the 14.98% cumulative total return of the Fund’s benchmark, the Russell 2000^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

The Fund outperformed the Russell Index on a relative basis during the Reporting Period due primarily to effective stock selection. Sector allocation as a whole also contributed positively to the Fund’s relative performance during the Reporting Period.

Which equity market sectors most significantly affected Fund performance?

Effective stock selection in the information technology, consumer discretionary and consumer staples sectors helped the Fund’s performance most relative to the Russell Index. The only sector to detract from the Fund’s relative results during the Reporting Period was materials, wherein stock selection was challenging. Stock selection in industrials and real estate was also weak but was more than offset during the Reporting Period by prudent allocation positioning.

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

Those stocks the Fund benefited most from relative to the Russell Index were positions in intelligent identity solutions provider Ping Identity Holding, real-time content delivery provider Fastly and bioprocessing technologies and solutions company Repligen.

Ping Identity Holding performed well since its Initial Public Offering in September 2019, with strong earnings reports and sales guidance along the way, causing its shares to appreciate. Within the current work from home environment, Ping Identity Holding seems to have found its niche amid the increased demand for identity security infrastructure. At the end of the Reporting Period, we expected its revenues to continue to grow as the company scales up its operations.

Fastly makes hardware and software solutions that help web applications run at higher speeds. Despite macro enterprise headwinds, its customer acquisition and expansion rates were stronger than consensus expected during the Reporting Period, driving its shares to appreciate. We decided to exit the Fund’s position in early July 2020, as Fastly’s valuation had grown to be too large for this Fund’s portfolio, in our opinion. We reallocated the capital to what we saw as more attractive risk/reward opportunities elsewhere.

PORTFOLIO RESULTS

Shares of Repligen fared well during the Reporting Period, with its supply chain facing minimal interruptions due to the COVID-19 pandemic. Its shares also increased after its quarterly earnings announcement in July 2020, as the company reported it had seen a significant pick-up in orders related to COVID-19 vaccines and therapeutics. At the end of the Reporting Period, we believe the company’s bioprocessing segment was looking promising, with Repligen being the only pure play of small market capitalization within that industry.

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

Those stocks detracting most from the Fund’s results relative to the Russell Index were positions in commercial food and beverage equipment provider Welbilt, biopharmaceutical products developer Immunomedics and orthopedic care and fabrication technology products provider Colfax.

Shares of Welbilt came under pressure in March 2020 after many restaurants were forced to temporarily close due to the COVID-19 pandemic. With restaurants no longer operating, the demand for commercial kitchen and dining equipment was virtually non-existent, causing the company’s shares to decline. Given this development and the company’s top-line revenue weakness at the time, we decided to exit the Fund’s position in Welbilt and to allocate that capital to what we believed were more attractive risk/reward opportunities.

The share price of Immunomedics declined in May 2020 after its new Chief Executive Officer suddenly stepped down due to claimed logistical and relocation issues. In July 2020, the company released strong data from a breast cancer drug that appeared to be effectively reducing the risk of progression in comparison to chemotherapy, causing its stock to appreciate. After this announcement, we decided to exit the Fund’s position and allocate profits to what we saw as more attractive risk/reward opportunities.

Colfax’s stock suffered during the Reporting Period from the delay of elective surgery procedures in 2020 amidst the COVID-19 pandemic. Once elective surgeries partially resumed in the early summer, its stock rebounded with an impressive earnings and guidance report in August 2020. At the end of the Reporting Period, we believed long-term trends remained intact for Colfax to transform the company into a more secular growth story with expanding margins.

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

During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

As the Fund commenced operations at the end of October 2019, all Fund holdings were new purchases during the Reporting Period. That said, among the most sizable purchases were those of Halozyme Therapeutics and Brooks Automation.

We initiated a Fund position in biopharmaceutical company Halozyme Therapeutics, a company that engages in the research, development and commercialization of human enzymes and drug candidates/therapies that target tumor microenvironments. We believe the company has a distinct offering with several significant pharmaceutical and biotechnology drugs in its pipeline.

We established a Fund position in cryogenic solutions provider Brooks Automation, a company with an established life sciences business that has experienced strong demand for its sample management offerings and gene synthesis services. We believe in this part of the company’s business and its prospects ahead and look favorably at what appears to be increased demand for its gene sequencing business as well.

Conversely, in addition to those sales mentioned earlier, we exited the Fund’s position in medical equipment provider QIAGEN. The initial position was taken upon news of a potential acquisition. After the market factored the deal speculation into its price, we decided to sell and collect the proceeds.

We eliminated the Fund’s position in technology hardware provider Viavi Solutions. Our exit was amid a legal proceeding wherein Viavi Solutions claimed LG had infringed upon one or more of Viavi Solutions’ patents. Due to uncertainty of outcome, we decided to exit the position and allocate the capital elsewhere.

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

There were no changes to the Fund’s portfolio management team during the Reporting Period.

PORTFOLIO RESULTS

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

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to industrials, consumer discretionary and financials increased and its allocations to health care, consumer staples and materials decreased relative to the Russell Index.

How was the Fund positioned relative to its benchmark index at the end of August 2020?

At the end of August 2020, the Fund had overweighted positions relative to the Russell Index in the industrials and information technology sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in health care, real estate and communication services. The Fund was rather neutrally weighted to the Russell Index in consumer discretionary, consumer staples, financials and materials and had no positions at all in utilities and energy at the end of the Reporting Period.

FUND BASICS

Small Cap Growth Fund

as of August 31, 2020


TOP TEN HOLDINGS AS OF 8/31/20¹

Holding	% of Net Assets			Line of Business

Halozyme Therapeutics, Inc.		1.8	%	Biotechnology
Brooks Automation, Inc.		1.6		Semiconductors & Semiconductor Equipment
Ping Identity Holding Corp.		1.5		Software
Axonics Modulation Technologies, Inc.		1.4		Health Care Equipment & Supplies
Kinsale Capital Group, Inc.		1.4		Insurance
Lattice Semiconductor Corp.		1.4		Semiconductors & Semiconductor Equipment
Goosehead Insurance, Inc., Class A		1.3		Insurance
Semtech Corp.		1.3		Semiconductors & Semiconductor Equipment
Tenable Holdings, Inc.		1.3		Software
Repligen Corp.		1.3		Life Sciences Tools & Services

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

FUND VS. BENCHMARK SECTOR ALLOCATION²

As of August 31, 2020

LOGO

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.

GOLDMAN SACHS SMALL CAP GROWTH FUND

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $1,000,000 investment made on October 31, 2019 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 2000^® Growth Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Small Cap Growth Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from October 31, 2019 through August 31, 2020.


Cumulative Total Return through August 31, 2020*		Since Inception
Class A (Commenced October 31, 2019)
Excluding sales charges		28.30%
Including sales charges		21.27%

Class C (Commenced October 31, 2019)
Excluding contingent deferred sales charges		27.44%
Including contingent deferred sales charges		26.44%

Institutional (Commenced October 31, 2019)		28.68%

Investor (Commenced October 31, 2019)		28.55%

Class R6 (Commenced October 31, 2019)		28.68%

Class R (Commenced October 31, 2019)		28.05%

Class P (Commenced October 31, 2019)		28.68%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Cumulative Total Return.

PORTFOLIO RESULTS

Goldman Sachs Small/Mid Cap Growth Fund

Portfolio Composition

The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in a diversified portfolio of equity investments in small- and mid-cap issuers. Small- or mid-cap issuers are issuers with public stock capitalizations (based upon shares available for trading on an unrestricted basis) within the outside range of the market capitalizations of companies constituting the Russell 2000 Growth Index and the Russell Midcap Growth Index, as last reported by the indexes prior to the time of investment. As of September 30, 2019, the outside capitalization range of the companies in these indexes was between $16 million and $70 billion. Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to 25% of its Net Assets in foreign securities, including securities of issuers in countries with emerging markets or economies and securities quoted in foreign currencies.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Small/Mid Cap Growth Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class P, Class R and Class R6 Shares generated average annual total returns, without sales charges, of 33.09%, 32.18%, 33.55%, 32.87%, 33.44%, 33.56%, 32.78% and 33.56%, respectively. These returns compare to the 21.92% average annual total return of the Fund’s benchmark, the Russell 2500^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

Which equity market sectors most significantly affected Fund performance?

Effective stock selection in the information technology, health care and consumer discretionary sectors helped the Fund’s performance most relative to the Russell Index. Allocation positioning within the information technology and health care sectors also buoyed the Fund’s relative results. The only sector to detract from the Fund’s relative results during the Reporting Period was materials, wherein having an overweight to this sector that lagged the Russell Index hurt. Stock selection in real estate and financials was also weak but was more than offset by prudent allocation positioning.

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

Those stocks the Fund benefited most from relative to the Russell Index were positions in clinical stage biotechnology company Synthorx, producer of goods for the containment and delivery of injectable medicines West Pharmaceutical Services and online security and productivity services provider Cloudflare.

At the end of 2019, French pharmaceuticals company Sanofi announced its plan to acquire Synthorx, causing its stock to rally. The transaction was completed at the beginning of 2020.

The share price of West Pharmaceutical Services increased significantly as a result of solid first and second quarter 2020 earnings that featured solid demand growth, improved forward guidance, better business mix, margin improvement and above consensus earnings growth. At the end of the Reporting Period, we were confident in the company’s strong book of committed orders for high value products, which benefits from growing biologics drug volume. The company also has invested heavily in expanding capacity, a strategy from which they have begun to benefit. We also saw

PORTFOLIO RESULTS

opportunities for material expansion opportunities should its business mix continue to improve as we anticipate.

Cloudflare introduced a new work-from-home service in January 2020, named Cloudflare for Teams, which proved to be well-timed as the COVID-19 pandemic intensified. Further, Cloudflare’s online securities services were in high demand during the Reporting Period given increased . bandwidth usage around the world. In addition to these shorter-term catalysts, we continued to like the company’s long-term business prospects at the end of the Reporting Period.

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

Those stocks detracting most from the Fund’s results relative to the Russell Index were positions in aerospace and defense company Aerojet Rocketdyne Holdings, childcare solutions provider Bright Horizons Family Solutions and commercial food and beverage equipment provider Welbilt.

The stock of Aerojet Rocketdyne Holdings lagged the Russell Index based largely on a weak first quarter 2020 earnings report, missing the market’s expectations, driven by margin pressure and small program cancellations. Overall, at the end of the Reporting Period, we remained positive on Aerojet Rocketdyne Holdings, as it appeared to us that the company continued to roll off cash burning contracts and replace them with better margin and cash generating contracts, providing tailwinds to long-term performance.

The share price of Bright Horizons Family Solutions fell during the Reporting Period, as the COVID-19 pandemic led to the temporary closure of more than half of its U.S.-based centers. While we remained optimistic at the end of the Reporting Period about the potential for the company’s structural growth opportunities, we exited the Fund’s position given near-term concerns about facility closures and the possibility that working from home becomes a longer-term trend than initially expected by many.

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

During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

We initiated a Fund position in Generac Holdings. Generac Holdings is a designer and manufacturer of a range of generators and other engine-powered products for the residential, light commercial, industrial and construction markets. Overall, we are optimistic about the strength and diversity of the company’s portfolio. We also see multiple long-term avenues for growth, including increased preference for back-up residential generators, continued solar and green energy adoption and penetration, and demand for telecom back-up power with the eventual rollout of fifth-generation (“5G”) technologies. Since the Fund’s purchase of the company’s shares, it performed well based on a strong second quarter 2020 earnings announcement that highlighted better than consensus expected earnings per share and the potential for favorable work-from-home trends to continue.

We established a Fund position in cloud monitoring company Dynatrace during the Reporting Period. We initiated the position as we believe the company is well positioned to benefit from the massive shift to the cloud. Before COVID-19, companies typically had a two-year road map for adoption of cloud technology. However, as companies began putting business continuity plans into effect as the pandemic spread, many implemented their two-year plans within a few months, rapidly accelerating the transition onto the cloud. Overall, we believe Dynatrace is likely to continue to grow its subscription revenue while maintaining what we view as impressive margins.

Conversely, in addition to those sales mentioned earlier, we exited the Fund’s position in Burlington Stores, an off-price, retail chain. While we believe long-term growth prospects for the off-price retail industry remain compelling, we are cautious about the possibility of a fallback in consumer demand once the impact of unemployment benefits and stimulus payments diminish. Because of this, we decided to sell the Fund’s position and allocate the capital into companies we felt had more attractive risk/reward profiles.

PORTFOLIO RESULTS

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

Effective September 30, 2019, Greg Tuorto became a co-portfolio manager of the Fund alongside Steven Barry and Jessica Katz. Greg has 26 years of investment experience and was most recently a portfolio manager at JPMorgan Asset Management. He has extensive expertise in small-cap growth and technology portfolios, which he has managed in various roles throughout his career. By design, all investment decisions for the Fund are performed within a co-lead or team structure, with multiple subject matter experts. This strategic decision making has been a cornerstone of our approach and helps to ensure continuity in the Fund.

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

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to industrials, consumer discretionary, financials, materials and consumer staples increased and its allocations to information technology, health care, real estate and communication services decreased relative to the Russell Index.

How was the Fund positioned relative to its benchmark index at the end of August 2020?

At the end of August 2020, the Fund had overweighted positions relative to the Russell Index in the industrials, information technology, consumer discretionary and materials sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in financials and health care. The Fund was rather neutrally weighted to the Russell Index in consumer staples and had no positions at all in utilities, energy, real estate and communication services at the end of the Reporting Period.

FUND BASICS

Small/Mid Cap Growth Fund

as of August 31, 2020


TOP TEN HOLDINGS AS OF 8/31/20¹

Holding	% of Net Assets			Line of Business

PerkinElmer, Inc.		2.0	%	Life Sciences Tools & Services
West Pharmaceutical Services, Inc.		2.0		Health Care Equipment & Supplies
HubSpot, Inc.		2.0		Software
RPM International, Inc.		2.0		Chemicals
Generac Holdings, Inc.		2.0		Electrical Equipment
Dynatrace, Inc.		1.9		Software
Avalara, Inc.		1.8		Software
Monolithic Power Systems, Inc.		1.6		Semiconductors & Semiconductor Equipment
Guardant Health, Inc.		1.6		Health Care Providers & Services
Neurocrine Biosciences, Inc.		1.6		Biotechnology

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

FUND VS. BENCHMARK SECTOR ALLOCATION²

As of August 31, 2020

LOGO

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.

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $1,000,000 investment made on September 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 2500^® Growth Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Small/Mid Cap Growth Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2010 through August 31, 2020.

LOGO


Average Annual Total Return through August 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	33.09%	14.49%	15.77%	—
Including sales charges	25.82%	13.20%	15.12%	—

Class C
Excluding contingent deferred sales charges	32.18%	13.64%	14.91%	—
Including contingent deferred sales charges	30.99%	13.64%	14.91%	—

Institutional	33.55%	14.89%	16.20%	—

Service	32.87%	14.33%	15.63%	—

Investor	33.44%	14.78%	16.06%	—

Class R6 (Commenced July 31, 2015)	33.56%	14.91%	N/A	12.87%

Class R	32.78%	14.20%	15.47%	—

Class P (Commenced April 17, 2018)	33.56%	N/A	N/A	19.23%

PORTFOLIO RESULTS

Goldman Sachs Strategic Growth Fund

Portfolio Composition

The Fund invests primarily in U.S. equity investments. The Fund seeks to achieve its investment objective of seeking long-term growth of capital by investing, under normal circumstances, in companies that are considered by the Investment Adviser to be positioned for long-term growth. The Fund’s fundamental equity growth investment process involves evaluating potential investments based on specific characteristics believed to indicate a high quality business with sustainable growth including strong business franchises, favorable long-term prospects and excellent management.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Strategic Growth Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class P, Class R and Class R6 Shares generated average annual total returns, without sales charges, of 43.98%, 42.88%, 44.36%, 43.67%, 44.28%, 44.56%, 43.52% and 44.49%, respectively. These returns compare to the 44.20% average annual total return of the Fund’s benchmark, the Russell 1000^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

Several share classes of the Fund outperformed the Russell Index on a relative basis during the Reporting Period, attributable primarily to effective stock selection overall. Sector allocation as a whole detracted from relative performance.

Which equity market sectors most significantly affected Fund performance?

The sectors that contributed most positively to the Fund’s relative performance during the Reporting Period were information technology, health care and real estate, wherein effective stock selection drove results. Having an overweighted allocation to materials, which underperformed the Russell Index during the Reporting Period, dampened the Fund’s relative performance most. Challenging stock selection in materials, consumer discretionary and financials also detracted from the Fund’s relative results during the Reporting Period.

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

Those stocks the Fund benefited most from relative to the Russell Index were positions in semiconductor company NVIDIA, digital payments platform PayPal Holdings and software provider Adobe.

NVIDIA, a new purchase for the Fund, engages in the design and manufacture of computer graphics, processors, chipsets and related multimedia software. We established the Fund position given growth in the data center business, which we believe has accelerated as a result of the COVID-19 pandemic. We are optimistic that the artificial intelligence chips NVIDIA manufactures for data centers may well continue to benefit its business as well. We also view what is known as the 7 nanometer chips as something that can be a catalyst for the company’s performance going forward. Additionally, we are positive on strength in the gaming and personal computer end-markets to potentially benefit the company. Its stock rallied during the Reporting Period through the beginning of 2020, as NVIDIA largely exceeded the market’s expectations during the announcement of its fourth quarter 2019 and first quarter 2020 earnings. Following the COVID-19-led equity market downturn, its stock rather quickly rebounded, benefiting from strong end-markets of cloud computing and gaming, both of which benefited from the stay-in-place orders by numerous governments across the globe. At the end of the Reporting Period, we believed NVIDIA was well positioned to continue to benefit from the strong secular growth themes of migration to the cloud and online entertainment.

PayPal Holdings, another new purchase for the Fund, performed well during the Reporting Period due to a shift in

PORTFOLIO RESULTS

consumer trends to online shopping and payments as a result of the COVID-19 pandemic. This strength was noted in its second quarter 2020 earnings announcement that beat consensus expectations and showed stronger usage trends. In our view, this strong performance crystallizes PayPal Holdings’ distinct place in the payments space and highlights that the rapid secular shift taking hold may well continue to accelerate the platform’s near-term revenues and further cement moats around its business. We also believed at the end of the Reporting Period that the company remained well positioned in a highly fragmented and highly competitive digital payments industry due to the partnerships it has signed, the acceleration of the monetization of Venmo, which is owned by PayPal Holdings, and the enhancement of its core business from recent merger and acquisition activity.

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

The stocks detracting most from the Fund’s results relative to the Russell Index were information technology giant Apple, medical device company Boston Scientific and fast food chain McDonald’s.

McDonald’s had historically performed well in more challenged economic environments, but temporary store closures resulting from the COVID-19 pandemic put pressure on its revenues during the Reporting Period. Additionally, its breakfast business struggled during the Reporting Period because fewer people were going to work outside the home on a regular basis. However, we view these challenges as temporary and believe McDonald’s has an opportunity to perform well given improving sales trends in key markets, a potential recovery in its breakfast business and improved customer experience as a result of the company’s spending on technology enhancements.

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

During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

In addition to those purchases mentioned earlier, we established a Fund position in semiconductor company Qualcomm during the Reporting Period. We initiated the position to transition the Fund’s personal computer exposure into smartphone exposure given the advancement within the strong secular growth theme of fifth generation (“5G”) technologies. We also believe Qualcomm’s greater product differentiation may lead to more pricing power as well as a higher unit share over the long term.

Conversely, we eliminated the Fund’s position in Cisco Systems, a software company focused on Internet solutions. While we continue to like the company and believe it is well positioned to benefit from secular growth themes, we felt there were other companies that presented more attractive risk/reward profiles.

We exited the Fund’s position in semiconductor company Texas Instruments. While we remain optimistic on long-term

PORTFOLIO RESULTS

opportunities for Texas Instruments, we sold the position as COVID-19 concerns began to pick up given the company’s large exposure to the highly cyclical auto industry, which was particularly hard hit by the economic shutdown.

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

There were no changes to the Fund’s portfolio management team during the Reporting Period.

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

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to information technology, communication services and consumer discretionary increased and its allocations to consumer staples and energy decreased relative to the Russell Index.

How was the Fund positioned relative to its benchmark index at the end of August 2020?

At the end of August 2020, the Fund had overweighted allocations relative to the Russell Index in communication services and materials and underweighted positions compared to the Russell Index in consumer discretionary and industrials. The Fund was rather neutrally weighted in the information technology, health care, consumer staples, financials and real estate sectors of the Russell Index and had no positions at all in utilities and energy at the end of the Reporting Period.

FUND BASICS

Strategic Growth Fund

as of August 31, 2020


TOP TEN HOLDINGS AS OF 8/31/20¹

Holding	% of Net Assets			Line of Business

Apple, Inc.		9.7	%	Technology Hardware, Storage & Peripherals
Microsoft Corp.		7.7		Software
Amazon.com, Inc.		6.5		Internet & Direct Marketing Retail
Facebook, Inc., Class A		5.1		Interactive Media & Services
Alphabet, Inc., Class A		3.9		Interactive Media & Services
Visa, Inc., Class A		3.2		IT Services
Adobe, Inc.		2.9		Software
NVIDIA Corp.		2.9		Semiconductors & Semiconductor Equipment
Mastercard, Inc., Class A		2.6		IT Services
QUALCOMM, Inc.		2.5		Semiconductors & Semiconductor Equipment

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

FUND VS. BENCHMARK SECTOR ALLOCATION²

As of August 31, 2020

LOGO

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.

GOLDMAN SACHS STRATEGIC GROWTH FUND

Performance Summary

August 31, 2020

Strategic Growth Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2010 through August 31, 2020.

LOGO


Average Annual Total Return through August 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	43.98%	18.86%	17.16%	—
Including sales charges	36.06%	17.53%	16.50%	—

Class C
Excluding contingent deferred sales charges	42.88%	17.97%	16.28%	—
Including contingent deferred sales charges	41.57%	17.97%	16.28%	—

Institutional	44.36%	19.32%	17.62%	—

Service	43.67%	18.73%	17.06%	—

Investor	44.28%	19.16%	17.44%	—

Class R6 (Commenced July 31, 2015)	44.49%	19.35%	N/A	17.50%

Class R	43.52%	18.58%	16.90%	—

Class P (Commenced April 17, 2018)	44.56%	N/A	N/A	23.30%

PORTFOLIO RESULTS

Goldman Sachs Technology Opportunities Fund

Portfolio Composition

The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowing for investment purposes (measured at time of purchase) in equity investments in technology companies. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in companies that are considered by the Investment Adviser to benefit from the proliferation of technology. Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to 25% of its total assets measured at the time of purchase in foreign securities, including securities of issuers in countries with emerging markets or economies and securities quoted in foreign currencies. The Fund may also invest in privately held companies and companies that only recently began to trade publicly.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Technology Opportunities Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class P and Class R6 Shares generated average annual total returns, without sales charges, of 51.05%, 49.93%, 51.49%, 50.71%, 51.40%, 51.51% and 51.51%, respectively. These returns compare to the 49.17% average annual total return of the Fund’s benchmark, the NASDAQ Composite Total Return Index (the “NASDAQ Composite”), during the same period.

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

The Fund outperformed the NASDAQ Composite on a relative basis during the Reporting Period due primarily to effective sector allocation positioning. Stock selection as a whole detracted from relative performance.

Which equity market sectors most significantly affected Fund performance?

As both the Fund and the NASDAQ Composite have the majority of their respective assets allocated to the information technology sector, broad equity market sector performance generally does not have a meaningful impact on relative performance. That said, having no exposure to the financials, consumer staples and industrials sectors and having an underweighted allocation to health care, each of which underperformed the NASDAQ Composite during the Reporting Period, contributed most positively to the Fund’s relative results. Effective stock selection in communication services also helped. The sector that detracted most from the Fund’s relative results during the Reporting Period was information technology. While the Fund was prudently overweight information technology, the second-strongest performing sector in the NASDAQ Composite during the Reporting Period, this was more than offset by weak stock selection within the sector. Allocation positioning within consumer discretionary and real estate dampened relative results as well.

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

Those stocks the Fund benefited most from relative to the NASDAQ Composite were positions in software company Citrix Systems, digital payments platform PayPal Holdings and software solutions developer Splunk.

Citrix Systems’ shares were supported by successive positive earnings surprises during the Reporting Period. These results were a function of Citrix Systems benefiting from the exponential uptick in companies’ remote working contingency plans due to the COVID-19 pandemic. Given the rather steadily strong performance in the stock, we elected to exit the Fund’s position and reallocate capital to what we saw as other compelling risk/reward opportunities.

PORTFOLIO RESULTS

stronger usage trends. In our view, this strong performance crystallizes PayPal Holdings’ distinct place in the payments space and highlights that the rapid secular shift taking hold may well continue to accelerate the platform’s near-term revenues and further cement moats around its business. We also believed at the end of the Reporting Period that the company remained well positioned in a highly fragmented and highly competitive digital payments industry due to the partnerships it has signed, the acceleration of the monetization of Venmo, which is owned by PayPal Holdings, and the enhancement of its core business from recent merger and acquisition activity.

Shares of Splunk were under pressure during the first quarter of 2020, as there were concerns about how COVID-19 would impact its business and the overall economy. As companies shifted to the digital sphere for online work and school, the reliance on analytics to shape strategies and products created a tailwind for Splunk, driving its strong performance during the second quarter of 2020 and into the last months of the Reporting Period. At the end of the Reporting Period, we believed this shift for companies to adopt an online presence may well be a long-lasting trend that will likely continue to drive growth and performance for Splunk going forward.

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

Detracting most from the Fund’s results relative to the NASDAQ Composite were positions in information technology giant Apple, payment processor Visa and payment processing and technology company Fidelity National Information Services.

Shares of Visa delivered positive absolute returns during the Reporting Period, but the magnitude of these returns fell short of the broader equity market’s strong performance amid the COVID-19 economic shutdown, thus making the company a relative detractor. Toward the end of the Reporting Period, Visa reported that U.S. payment trends were showing sequential improvement despite plateauing during the end of July 2020. At the end of the Reporting Period, we felt confident the company would resume as a beneficiary of several secular growth themes, as transaction volume continues to shift toward electronic payments.

Similarly, Fidelity National Information Services posted positive absolute returns but significantly lagged the NASDAQ Composite during the Reporting Period. At the end of the Reporting Period, we continued to like its business model and exposure to innovation in the payments industry.

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

During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

During the Reporting Period, we initiated a Fund position in enterprise software company Workday. We are optimistic about the company’s long-term secular growth opportunities, as more companies migrate human resource and financial workloads to the cloud to help drive efficiencies. We are also optimistic about Workday’s “Diversity Dashboard,” a project management software tool that helps human resource departments understand a company’s diversity makeup and provides metrics for return on investment of diversity efforts, as a catalyst for future growth.

We established a Fund position in entertainment and media enterprise Walt Disney Company. We decided to add this name to the Fund’s portfolio as we found what we believed to be an attractive entry point after a large sell-off during the first quarter of 2020. We believe this is a healthy business with a strong management team that was unfairly punished by investors when the COVID-19 pandemic caused them to shut down their global amusement parks. We like the performance of its streaming service, Disney+, and believe there will likely be pent-up demand for experience-related activities as the global economy starts to reopen, which should, in our view, directly benefit this company.

Conversely, in addition to those sales already mentioned, we eliminated the Fund’s position in Cisco Systems, a software company focused on Internet solutions. While we continue to like the company and believe it is well positioned to benefit from secular growth themes, we felt there were other companies that presented more attractive risk/reward profiles.

PORTFOLIO RESULTS

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

There were no changes to the Fund’s portfolio management team during the Reporting Period.

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

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to communication services and health care increased relative to the NASDAQ Composite and its relative exposure to consumer discretionary and real estate decreased.

How was the Fund positioned relative to its benchmark index at the end of August 2020?

At the end of August 2020, the Fund was overweighted relative to the NASDAQ Composite in the information technology, real estate and communication services sectors. On the same date, the Fund had underweighted exposure compared to the NASDAQ Composite in consumer discretionary and health care. The Fund had no exposure to the utilities, materials, energy, industrials, consumer staples or financials sectors at the end of the Reporting Period.

FUND BASICS

Technology Opportunities Fund

as of August 31, 2020


TOP TEN HOLDINGS AS OF 8/31/20¹

Holding	% of Net Assets			Line of Business

Apple, Inc.		9.8	%	Technology Hardware, Storage & Peripherals
Microsoft Corp.		8.7		Software
Amazon.com, Inc.		4.9		Internet & Direct Marketing Retail
Facebook, Inc., Class A		4.5		Interactive Media & Services
Visa, Inc., Class A		4.1		IT Services
PayPal Holdings, Inc.		4.0		IT Services
Alphabet, Inc., Class C		3.7		Interactive Media & Services
Alphabet, Inc., Class A		3.4		Interactive Media & Services
Adobe, Inc.		3.3		Software
Texas Instruments, Inc.		2.8		Semiconductors & Semiconductor Equipment

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

FUND VS. BENCHMARK SECTOR ALLOCATION^{^{^²}}

As of August 31, 2020

LOGO

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.

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Performance Summary

August 31, 2020

The following graph shows the value as of August 31, 2020, of a $10,000 investment made on September 1, 2010 in Class A Shares at NAV (with the maximum sales charge of 5.50%). For comparative purposes, the performance of the Fund’s benchmark, the NASDAQ Composite Total Return Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Technology Opportunities Fund’s 10 Year Performance

Performance of a $10,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2010 through August 31, 2020.

LOGO


Average Annual Total Return through August 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	51.05%	24.84%	19.05%	—
Including sales charges	42.75%	23.44%	18.38%	—

Class C
Excluding contingent deferred sales charges	49.93%	23.91%	18.17%	—
Including contingent deferred sales charges	48.69%	23.91%	18.17%	—

Institutional	51.49%	25.30%	19.51%	—

Service	50.71%	24.67%	18.93%	—

Investor (Commenced September 30, 2010)	51.40%	25.14%	N/A	18.07%

Class R6 (Commenced December 29, 2017)	51.51%	N/A	N/A	28.52%

Class P (Commenced April 17, 2018)	51.51%	N/A	N/A	26.96%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class P and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

PORTFOLIO RESULTS

Goldman Sachs U.S. Equity ESG Fund

Portfolio Composition

Effective August 30, 2020, the Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in a diversified portfolio of equity investments of U.S. issuers that Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) believes adhere to the Fund’s environmental, social and governance (“ESG”) criteria. Such equity investments may include exchange-traded funds (“ETFs”), futures and other instruments with similar economic exposures. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in U.S. companies that are considered by the Investment Adviser to be positioned for long-term growth of capital. The Fund may also invest up to 20% of its Net Assets in equity investments that may not adhere to the Fund’s ESG criteria, in non-U.S. issuers, and in fixed income securities, such as government, corporate and bank debt obligations.

Portfolio Management Discussion and Analysis

Effective August 30, 2020, Goldman Sachs Blue Chip Fund was renamed Goldman Sachs U.S. Equity ESG Fund (the “Fund”) and its investment strategy was changed. Neither its investment objective nor its benchmark index changed. Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class P, Class R and Class R6 Shares generated average annual total returns, without sales charges, of 19.93%, 18.97%, 20.29%, 20.23%, 20.30%, 19.56% and 20.37%, respectively. These returns compare to the 21.87% average annual total return of the Fund’s benchmark, the Standard & Poor’s 500^® Index (the “S&P 500 Index”), during the same period.

What are the Fund’s new investment criteria?

The Fund’s ESG criteria are generally designed to exclude companies that are not constituents of the MSCI All Country World Index (“ACWI”) ESG Universal Index or companies that are involved in, and/or derive significant revenue from certain industries or product lines, including: gambling, alcohol, tobacco, coal and weapons. Once the Investment Adviser determines that an issuer meets the Fund’s ESG criteria, the Investment Adviser conducts a supplemental analysis of individual companies’ corporate governance factors and a range of environmental and social factors that may vary by sector. This supplemental analysis is conducted alongside traditional fundamental, bottom-up financial analysis of individual companies, using traditional fundamental metrics. The Investment Adviser engages in active dialogues with company management teams to further inform investment decision-making and to foster best corporate governance practices using its fundamental and ESG analysis. In addition, the Investment Adviser seeks to avoid what it believes to be structurally unattractive market segments.

In addition, the Fund generally does not intend to invest in companies that the Investment Adviser believes demonstrate weak corporate governance. The Investment Adviser may sell holdings for several reasons, including, among others, changes in a company’s fundamentals or earnings, a company no longer meeting the Fund’s ESG criteria, or a company otherwise failing to conform to the Investment Adviser’s investment philosophy.

The Fund seeks to provide broad U.S. equity market exposure by investing in securities of U.S. issuers of any investment style.

The Fund’s performance benchmark index remained the S&P 500 Index; however, the Fund uses the MSCI ACWI ESG Universal Index to seek to identify issuers that meet its ESG criteria.

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

The Fund posted double-digit absolute gains but underperformed the S&P 500 Index on a relative basis during

PORTFOLIO RESULTS

the Reporting Period due primarily to stock selection. Sector allocation as a whole contributed positively to relative performance.

Which equity market sectors most significantly affected Fund performance?

The sector that detracted most from the Fund’s relative performance during the Reporting Period was information technology, attributable primarily to allocation positioning. Stock selection was particularly challenging in the industrials and consumer discretionary sectors. The sector that contributed most positively to the Fund’s relative performance was energy, wherein having an underweighted allocation to this weakest performing sector in the S&P 500 Index during the Reporting Period, especially helped. Allocation positioning in utilities and effective stock selection in real estate also added value.

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

Those stocks detracting most from the Fund’s results relative to the S&P 500 Index were positions in off-price retail chain Ross Stores, credit card company American Express and aerospace and defense company Boeing.

While Ross Stores had historically performed well in more challenged economic environments, temporary store closures resulting from the COVID-19 pandemic put pressure on its revenues during the Reporting Period. However, at the end of the Reporting Period, we viewed these challenges as temporary and continued to like Ross Stores with a long-term perspective, as we thought its long-term growth prospects remained compelling.

Shares of American Express declined along with intensifying concerns about the global economy and potential credit and volume worries amid the COVID-19 outbreak. Despite these challenges, we were optimistic about American Express at the end of the Reporting Period given what we viewed as its expense flexibility, healthy credit quality, strength in the non-travel and expense portion of its business and better than consensus expected performance from its small- and mid-size enterprise business segment.

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

The Fund benefited most relative to the S&P 500 Index from positions in multinational software provider Microsoft, managed care company Humana and integrated oil company Exxon Mobil.

Microsoft’s stock rallied through the first half of the Reporting Period due to strong fourth quarter 2019 and first quarter 2020 earnings, driven, in turn, by accelerated growth within Azure, Microsoft’s cloud computing services business, and ongoing strength within perpetual license purchases and other recurring businesses. Following the equity market downturn sparked by the COVID-19 crisis, Microsoft’s stock quickly recovered alongside a resilient information technology sector, as investors favored the defensive attributes of the sector as well as its long-term secular growth trends relative to the broader market. At the end of the Reporting Period, we believed the trends of remote working and operating may well accelerate demand for several of Microsoft’s offerings. Overall, we remained constructive on Microsoft, as we believed it is a well-diversified, high quality growth company led by an excellent management team.

Shares of Humana were resilient against the volatile backdrop of Reporting Period even as levels of hospital admissions and utilization remained below normal levels as a result of the COVID-19 pandemic. At the end of the Reporting Period, we were optimistic about Humana given its exposure to Medicare Advantage, which has been an area of structural growth within the health care industry given the U.S.’ aging demographic.

PORTFOLIO RESULTS

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

During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

During the Reporting Period, we initiated a Fund position in semiconductor company NVIDIA. We established the Fund position given growth in the data center business, which we believe has accelerated as a result of the COVID-19 pandemic. We are optimistic that the artificial intelligence chips NVIDIA manufactures for data centers may well continue to benefit its business as well. We also view what is known as the 7 nanometer chips as something that can be a catalyst for the company’s performance going forward. Additionally, we are positive on strength in the gaming and personal computer end-markets to potentially benefit the company.

We added NextEra Energy, a provider of electricity-related services, to the Fund’s portfolio during the Reporting Period. The company’s principal subsidiary is a rate-regulated utility engaged primarily in the generation, transmission, distribution and sale of electric energy. We like NextEra Energy given its exposure to friendly regulatory environments. NextEra Energy is also a leading provider of solar and wind power, which may be areas of secular growth as local governments require more energy to be generated from renewable sources.

Conversely, in addition to the sale of Boeing, mentioned earlier, we exited the Fund’s position in Walmart, a global retailer that operates discount stores, supercenters, neighborhood markets and Sam’s Club warehouses. We decided to exit the position and reallocate capital to what we saw as other more attractive risk/reward opportunities.

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

Kevin Martens was added as a co-lead portfolio manager of the Fund during the Reporting Period. Kevin is also a co-lead portfolio manager for Goldman Sachs Asset Management’s (“GSAM”) Focused Value strategy and Large Cap Value strategy. He also has broad research responsibilities for the industrials sector across GSAM’s U.S. Large- and Mid-Cap Equity strategies. Before joining GSAM, Kevin spent four years at ClearBridge Investments, where he was a research analyst responsible for the materials sector. Prior to that, he was a research associate at Fred Alger Management covering industrials, and an investment banking associate at BMO Capital Markets. Kevin has 13 years of industry experience. He earned a BSBA in Finance and a BS in Accounting and Economics from Villanova University and an MBA from Columbia Business School. Kevin joins Steven M. Barry and Stephen E. Becker, who continue to serve as portfolio managers for the Fund. By design, all investment decisions for the Fund are performed within a co-lead or team structure, with multiple subject matter experts. This strategic decision making has been a cornerstone of our approach and helps to ensure continuity in the Fund.

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

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. In addition, several sector weighting changes during this Reporting Period were the result of the change in the Fund’s principal investment strategies effective August 30, 2020. With all that, during the Reporting Period, the Fund’s exposure to information technology, financials, materials and utilities increased and its allocations to health care, communication services, consumer discretionary, consumer staples and energy decreased compared to the S&P 500 Index.

How was the Fund positioned relative to its benchmark index at the end of August 2020?

At the end of August 2020, the Fund had overweighted positions relative to the S&P 500 Index in materials, information technology, industrials and utilities. On the same date, the Fund had an underweighted position compared to the S&P 500 Index in consumer staples and was rather neutrally weighted to the S&P 500 Index in health care, communication services, consumer discretionary, financials and real estate. The Fund had no position at all in energy at the end of the Reporting Period.

FUND BASICS

U.S. Equity ESG Fund

as of August 31, 2020


TOP TEN HOLDINGS AS OF 8/31/20¹

Holding	% of Net Assets			Line of Business

Apple, Inc.		8.1	%	Technology Hardware, Storage & Peripherals
Microsoft Corp.		6.8		Software

Alphabet, Inc., Class A		4.2		Interactive Media & Services
Visa, Inc., Class A		3.6		IT Services
NVIDIA Corp.		3.0		Semiconductors & Semiconductor Equipment
Procter & Gamble Co. (The)		2.9		Household Products
JPMorgan Chase & Co.		2.8		Banks
Danaher Corp.		2.7		Health Care Equipment & Supplies
NextEra Energy, Inc.		2.6		Electric Utilities
Adobe, Inc.		2.6		Software

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

FUND VS. BENCHMARK SECTOR ALLOCATION²

As of August 31, 2020

LOGO

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.

GOLDMAN SACHS U.S. EQUITY ESG FUND

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $1,000,000 investment made on September 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the S&P 500^® Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

U.S. Equity ESG Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2010 through August 31, 2020.

LOGO


Average Annual Total Return through August 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	19.93%	12.37%	13.27%	—
Including sales charges	13.36%	11.11%	12.62%	—

Class C
Excluding contingent deferred sales charges	18.97%	11.54%	12.43%	—
Including contingent deferred sales charges	17.93%	11.54%	12.43%	—

Institutional	20.29%	12.79%	13.71%	—

Investor	20.23%	12.65%	13.55%	—

Class R6 (Commenced July 31, 2015)	20.37%	12.82%	N/A	11.02%

Class R	19.56%	12.10%	12.99%	—

Class P (Commenced April 17, 2018)	20.30%	N/A	N/A	15.00%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

FUND BASICS

Index Definitions

The Russell 3000^® Index is a market capitalization weighted equity index maintained by the FTSE Russell that provides exposure to the entire U.S. stock market. The index tracks the performance of the 3,000 largest U.S.-traded stocks which represent about 98% of all U.S incorporated equity securities. It is not possible to invest directly in an index.

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

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

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

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

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments

August 31, 2020


Shares		Description	Value

Common Stocks – 98.8%
Aerospace & Defense – 1.8%
	39,667	Boeing Co. (The)	$	6,815,584
	24,014	L3Harris Technologies, Inc.		4,340,290
	14,904	Northrop Grumman Corp.		5,106,260
	28,079	Raytheon Technologies Corp.		1,712,819

				17,974,953

Auto Components – 0.4%
	43,500	Aptiv PLC		3,746,220

Automobiles – 0.7%
	13,590	Tesla, Inc.*		6,772,169

Banks – 3.0%
	23,734	Citigroup, Inc.		1,213,282
	59,105	Citizens Financial Group, Inc.		1,529,046
	50,345	First Republic Bank		5,684,454
	67,710	JPMorgan Chase & Co.		6,783,865
	27,492	M&T Bank Corp.		2,838,824
	11,511	SVB Financial Group*		2,939,679
	331,663	Wells Fargo & Co.		8,009,662

				28,998,812

Beverages – 1.6%
	161,770	Coca-Cola Co. (The)		8,012,468
	30,443	Constellation Brands, Inc., Class A		5,616,125
	22,912	Monster Beverage Corp.*		1,921,400

				15,549,993

Biotechnology – 1.6%
	17,547	Agios Pharmaceuticals, Inc.*		719,602
	8,138	Amgen, Inc.		2,061,518
	2,046	Biogen, Inc.*		588,511
	19,794	BioMarin Pharmaceutical, Inc.*		1,544,526
	87,337	Immunomedics, Inc.*		3,891,737
	3,573	Moderna, Inc.*		231,852
	3,747	Neurocrine Biosciences, Inc.*		436,226
	4,392	Regeneron Pharmaceuticals, Inc.*		2,722,733
	16,516	Sarepta Therapeutics, Inc.*		2,418,273
	6,660	Seattle Genetics, Inc.*		1,054,544

				15,669,522

Building Products – 0.2%
	19,340	Trane Technologies PLC		2,289,663

Capital Markets – 1.9%
	12,136	Apollo Global Management, Inc.		568,814
	22,915	Bank of New York Mellon Corp. (The)		847,397
	5,331	BlackRock, Inc.		3,167,627
	36,013	Charles Schwab Corp. (The)		1,279,542
	10,370	CME Group, Inc.		1,823,772
	21,779	Intercontinental Exchange, Inc.		2,313,583
	74,883	Morgan Stanley		3,913,386
	7,444	Northern Trust Corp.		609,589
	11,909	Raymond James Financial, Inc.		901,749
	7,660	S&P Global, Inc.		2,806,777

				18,232,236


Common Stocks – (continued)
Chemicals – 2.4%
	34,310	Ecolab, Inc.		6,761,815
	35,913	Linde PLC (United Kingdom)		8,968,912
	11,662	Sherwin-Williams Co. (The)		7,825,785

				23,556,512

Commercial Services & Supplies – 0.1%
	5,811	Waste Connections, Inc.		581,274

Communications Equipment – 0.3%
	76,080	Juniper Networks, Inc.		1,902,000
	9,338	Motorola Solutions, Inc.		1,445,055

				3,347,055

Construction Materials – 0.5%
	23,645	Martin Marietta Materials, Inc.		4,796,861

Consumer Finance – 1.8%
	118,176	American Express Co.		12,005,500
	109,638	Discover Financial Services		5,819,585

				17,825,085

Containers & Packaging – 0.6%
	68,943	Ball Corp.		5,540,949

Diversified Consumer Services – 0.1%
	7,107	Bright Horizons Family Solutions, Inc.*		945,302

Diversified Financial Services – 1.2%
	54,477	Berkshire Hathaway, Inc., Class B*		11,878,165

Diversified Telecommunication Services – 0.5%
	79,510	Verizon Communications, Inc.		4,712,558

Electric Utilities – 1.0%
	29,960	NextEra Energy, Inc.		8,363,933
	19,101	Xcel Energy, Inc.		1,327,042

				9,690,975

Electrical Equipment – 0.3%
	25,572	Eaton Corp. PLC		2,610,901

Electronic Equipment, Instruments & Components – 0.8%
	56,057	Amphenol Corp., Class A		6,155,059
	53,196	National Instruments Corp.		1,909,204

				8,064,263

Energy Equipment & Services – 0.1%
	54,812	Baker Hughes Co.		782,715

Entertainment – 2.4%
	22,256	Activision Blizzard, Inc.		1,858,821
	14,122	Electronic Arts, Inc.*		1,969,595
	26,160	Liberty Media Corp.-Liberty Formula One, Class C*		1,019,717
	32,796	Live Nation Entertainment, Inc.*		1,862,813
	11,432	Netflix, Inc.*		6,053,930
	83,494	Walt Disney Co. (The)		11,010,354

				23,775,230


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

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments (continued)

August 31, 2020


Shares		Description	Value

Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – 3.0%
	23,460	Alexandria Real Estate Equities, Inc. REIT	$	3,950,195
	16,685	American Tower Corp. REIT		4,157,068
	29,967	CyrusOne, Inc. REIT		2,503,144
	2,736	Equinix, Inc. REIT		2,160,838
	22,452	Equity LifeStyle Properties, Inc. REIT		1,488,343
	25,477	Extra Space Storage, Inc. REIT		2,714,574
	41,094	Healthpeak Properties, Inc. REIT		1,135,838
	90,542	Host Hotels & Resorts, Inc. REIT		1,016,787
	86,051	Invitation Homes, Inc. REIT		2,463,640
	61,991	Prologis, Inc. REIT		6,314,403
	23,943	Welltower, Inc. REIT		1,377,201

				29,282,031

Food & Staples Retailing – 1.0%
	20,045	Grocery Outlet Holding Corp.*		824,451
	67,379	Walmart, Inc.		9,355,574

				10,180,025

Food Products – 1.4%
	35,677	Conagra Brands, Inc.		1,368,570
	26,431	McCormick & Co., Inc.		5,450,072
	115,272	Mondelez International, Inc., Class A		6,734,190

				13,552,832

Gas Utilities – 0.2%
	23,058	Atmos Energy Corp.		2,301,650

Health Care Equipment & Supplies – 3.7%
	221,001	Boston Scientific Corp.*		9,065,461
	2,550	Cooper Cos., Inc. (The)		801,669
	25,852	Danaher Corp.		5,337,662
	28,003	Hologic, Inc.*		1,672,339
	3,376	IDEXX Laboratories, Inc.*		1,320,219
	19,972	Insulet Corp.*		4,358,889
	2,777	Intuitive Surgical, Inc.*		2,029,543
	12,231	West Pharmaceutical Services, Inc.		3,473,115
	55,746	Zimmer Biomet Holdings, Inc.		7,853,496

				35,912,393

Health Care Providers & Services – 2.5%
	41,946	Centene Corp.*		2,572,129
	121,317	CVS Health Corp.		7,536,212
	24,535	Guardant Health, Inc.*		2,343,092
	10,053	Humana, Inc.		4,173,704
	14,637	Quest Diagnostics, Inc.		1,628,220
	18,812	UnitedHealth Group, Inc.		5,879,691

				24,133,048

Health Care Technology – 0.5%
	16,634	Veeva Systems, Inc., Class A*		4,695,279

Hotels, Restaurants & Leisure – 2.3%
	96,125	Aramark		2,649,205
	34,108	Las Vegas Sands Corp.		1,729,617
	42,584	McDonald’s Corp.		9,092,536
	19,779	Wyndham Hotels & Resorts, Inc.		1,035,628


Common Stocks – (continued)
Hotels, Restaurants & Leisure – (continued)
	32,849	Wynn Resorts Ltd.		2,872,645
	55,476	Yum! Brands, Inc.		5,317,374

				22,697,005

Household Durables – 0.2%
	24,686	Lennar Corp., Class A		1,847,006

Household Products – 1.4%
	102,302	Procter & Gamble Co. (The)		14,151,436

Industrial Conglomerates – 1.4%
	641,123	General Electric Co.		4,064,720
	56,516	Honeywell International, Inc.		9,356,224

				13,420,944

Insurance – 1.5%
	13,116	Allstate Corp. (The)		1,219,788
	15,735	American International Group, Inc.		458,518
	31,296	Chubb Ltd.		3,912,000
	25,635	Globe Life, Inc.		2,114,375
	2,220	Markel Corp.*		2,412,762
	25,031	Marsh & McLennan Cos., Inc.		2,876,312
	3,548	Progressive Corp. (The)		337,202
	10,523	Reinsurance Group of America, Inc.		964,749

				14,295,706

Interactive Media & Services – 5.3%
	10,686	Alphabet, Inc., Class A*		17,413,158
	9,263	Alphabet, Inc., Class C*		15,137,409
	61,655	Facebook, Inc., Class A*		18,077,246
	46,593	Snap, Inc., Class A*		1,052,536

				51,680,349

Internet & Direct Marketing Retail – 4.5%
	12,389	Amazon.com, Inc.*		42,753,943
	723	MercadoLibre, Inc. (Argentina)*		844,891

				43,598,834

IT Services – 6.3%
	36,408	Accenture PLC, Class A		8,735,372
	3,429	Automatic Data Processing, Inc.		476,940
	15,507	Booz Allen Hamilton Holding Corp.		1,365,546
	39,309	Cognizant Technology Solutions Corp., Class A		2,628,200
	55,718	Fidelity National Information Services, Inc.		8,405,060
	23,553	Fiserv, Inc.*		2,345,408
	5,385	International Business Machines Corp.		664,024
	24,184	Mastercard, Inc., Class A		8,662,467
	50,107	PayPal Holdings, Inc.*		10,228,843
	85,864	Visa, Inc., Class A		18,202,309

				61,714,169

Life Sciences Tools & Services – 1.4%
	86,769	Adaptive Biotechnologies Corp.*		3,610,458
	9,222	Agilent Technologies, Inc.		926,073
	12,048	Illumina, Inc.*		4,303,786


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

GOLDMAN SACHS CAPITAL GROWTH FUND


Shares		Description	Value

Common Stocks – (continued)
Life Sciences Tools & Services – (continued)
	3,379	Mettler-Toledo International, Inc.*	$	3,280,266
	3,408	Thermo Fisher Scientific, Inc.		1,461,964

				13,582,547

Machinery – 1.8%
	29,536	Deere & Co.		6,204,332
	32,675	Illinois Tool Works, Inc.		6,454,946
	31,495	Stanley Black & Decker, Inc.		5,080,144

				17,739,422

Media – 1.1%
	238,679	Comcast Corp., Class A		10,695,206

Multiline Retail – 0.2%
	12,039	Dollar General Corp.		2,430,433

Multi-Utilities – 1.2%
	59,378	Ameren Corp.		4,697,394
	85,555	CMS Energy Corp.		5,175,222
	15,138	WEC Energy Group, Inc.		1,424,183

				11,296,799

Oil, Gas & Consumable Fuels – 2.4%
	190,446	Cheniere Energy, Inc.*		9,912,714
	97,358	Chevron Corp.		8,171,257
	50,656	ConocoPhillips		1,919,356
	21,588	Hess Corp.		993,912
	25,313	Marathon Petroleum Corp.		897,599
	22,617	Phillips 66		1,322,416

				23,217,254

Personal Products – 0.6%
	28,132	Estee Lauder Cos., Inc. (The), Class A		6,237,427

Pharmaceuticals – 3.7%
	102,817	AstraZeneca PLC ADR (United Kingdom)		5,757,752
	173,997	Bristol-Myers Squibb Co.		10,822,613
	40,999	Catalent, Inc.*		3,792,408
	58,651	Eli Lilly and Co.		8,703,222
	49,100	Johnson & Johnson		7,532,431

				36,608,426

Professional Services – 0.7%
	25,951	Dun & Bradstreet Holdings, Inc.*		658,117
	62,994	TransUnion		5,462,840
	3,907	Verisk Analytics, Inc.		729,320

				6,850,277

Road & Rail – 1.8%
	25,406	Norfolk Southern Corp.		5,399,537
	11,428	Old Dominion Freight Line, Inc.		2,310,513
	51,826	Union Pacific Corp.		9,973,396

				17,683,446

Semiconductors & Semiconductor Equipment – 4.1%
	29,122	Advanced Micro Devices, Inc.*		2,644,860


Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – (continued)
	161,220	Marvell Technology Group Ltd.		6,252,112
	9,492	NVIDIA Corp.		5,078,030
	53,241	NXP Semiconductors NV (Netherlands)		6,695,588
	30,622	QUALCOMM, Inc.		3,647,080
	23,051	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)		1,826,792
	75,908	Texas Instruments, Inc.		10,790,322
	33,873	Xilinx, Inc.		3,528,212

				40,462,996

Software – 10.1%
	22,894	Adobe, Inc.*		11,753,551
	17,051	Atlassian Corp. PLC, Class A*		3,269,700
	15,411	HubSpot, Inc.*		4,618,368
	16,194	Intuit, Inc.		5,593,246
	238,109	Microsoft Corp.		53,700,723
	9,153	Palo Alto Networks, Inc.*		2,356,074
	4,897	Paycom Software, Inc.*		1,466,455
	10,164	ServiceNow, Inc.*		4,899,251
	17,633	Splunk, Inc.*		3,867,446
	27,829	Workday, Inc., Class A*		6,670,889

				98,195,703

Specialty Retail – 2.3%
	10,412	Home Depot, Inc. (The)		2,967,837
	28,199	Lowe’s Cos., Inc.		4,644,093
	10,216	O’Reilly Automotive, Inc.*		4,756,876
	8,386	RH*		2,771,992
	35,276	Ross Stores, Inc.		3,212,938
	17,426	Ulta Beauty, Inc.*		4,045,969

				22,399,705

Technology Hardware, Storage & Peripherals – 6.7%
	511,060	Apple, Inc.		65,947,182

Textiles, Apparel & Luxury Goods – 1.3%
	7,406	Lululemon Athletica, Inc.*		2,782,212
	67,618	NIKE, Inc., Class B		7,565,778
	34,963	PVH Corp.		1,949,537

				12,297,527

Tobacco – 0.2%
	21,683	Philip Morris International, Inc.		1,730,087

Water Utilities – 0.4%
	29,382	American Water Works Co., Inc.		4,152,852

Wireless Telecommunication Services – 0.3%
	21,690	T-Mobile US, Inc.*		2,530,789

	TOTAL COMMON STOCKS
	(Cost $594,435,419)		$	964,862,198


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

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments (continued)

August 31, 2020


Shares		Dividend Rate	Value

Investment Company – 0.2%^(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,589,879	0.027%	$	1,589,879
	(Cost $1,589,879)

	TOTAL INVESTMENTS – 99.0%
	(Cost $596,025,298)		$	966,452,077

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.0%			10,020,871

	NET ASSETS – 100.0%		$	976,472,948



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

*		Non-income producing security.

(a)		Represents an affiliated issuer.



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


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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Schedule of Investments

August 31, 2020


Shares		Description	Value

Common Stocks – 99.2%
Aerospace & Defense – 0.9%
	9,139	Boeing Co. (The)	$	1,570,263

Auto Components – 1.3%
	28,716	Aptiv PLC		2,473,022

Beverages – 1.8%
	39,189	Monster Beverage Corp.*		3,286,390

Biotechnology – 2.1%
	25,820	BioMarin Pharmaceutical, Inc.*		2,014,734
	13,345	Sarepta Therapeutics, Inc.*		1,953,975

				3,968,709

Capital Markets – 0.9%
	18,981	Cboe Global Markets, Inc.		1,742,266

Chemicals – 1.5%
	14,465	Ecolab, Inc.		2,850,762

Entertainment – 2.6%
	9,125	Netflix, Inc.*		4,832,235

Equity Real Estate Investment Trusts (REITs) – 3.3%
	10,951	American Tower Corp. REIT		2,728,442
	4,368	Equinix, Inc. REIT		3,449,759

				6,178,201

Food & Staples Retailing – 1.3%
	17,261	Walmart, Inc.		2,396,690

Food Products – 1.5%
	13,290	McCormick & Co., Inc.		2,740,398

Health Care Equipment & Supplies – 4.9%
	102,778	Boston Scientific Corp.*		4,215,954
	12,681	Danaher Corp.		2,618,246
	10,514	Insulet Corp.*		2,294,680

				9,128,880

Health Care Providers & Services – 1.8%
	8,037	Humana, Inc.		3,336,721

Health Care Technology – 1.3%
	8,430	Veeva Systems, Inc., Class A*		2,379,536

Hotels, Restaurants & Leisure – 1.4%
	12,409	McDonald’s Corp.		2,649,570

Interactive Media & Services – 12.6%
	6,210	Alphabet, Inc., Class A*		10,119,381
	2,100	Alphabet, Inc., Class C*		3,431,778
	33,794	Facebook, Inc., Class A*		9,908,401

				23,459,560

Internet & Direct Marketing Retail – 4.6%
	2,463	Amazon.com, Inc.*		8,499,714

IT Services – 10.1%
	23,728	Fidelity National Information Services, Inc.		3,579,369
	33,246	PayPal Holdings, Inc.*		6,786,839


Common Stocks – (continued)
IT Services – (continued)
	39,662	Visa, Inc., Class A		8,407,947

				18,774,155

Life Sciences Tools & Services – 1.7%
	8,827	Illumina, Inc.*		3,153,181

Machinery – 1.5%
	13,280	Deere & Co.		2,789,597

Pharmaceuticals – 2.4%
	78,031	AstraZeneca PLC ADR (United Kingdom)		4,369,736

Road & Rail – 1.6%
	37,486	CSX Corp.		2,866,180

Semiconductors & Semiconductor Equipment – 8.9%
	11,227	NVIDIA Corp.		6,006,221
	30,744	NXP Semiconductors NV (Netherlands)		3,866,365
	56,593	QUALCOMM, Inc.		6,740,226

				16,612,812

Software – 16.6%
	14,632	Adobe, Inc.*		7,511,922
	12,157	Atlassian Corp. PLC, Class A*		2,331,226
	69,885	Microsoft Corp.		15,761,164
	21,984	Workday, Inc., Class A*		5,269,785

				30,874,097

Technology Hardware, Storage & Peripherals – 8.4%
	121,252	Apple, Inc.		15,646,358

Textiles, Apparel & Luxury Goods – 4.2%
	8,220	Lululemon Athletica, Inc.*		3,088,008
	41,952	NIKE, Inc., Class B		4,694,009

				7,782,017

	TOTAL COMMON STOCKS
	(Cost $89,150,470)		$	184,361,050


Shares		Dividend Rate	Value

Investment Company – 0.5%^(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	950,092	0.027%	$	950,092
	(Cost $950,092)

	TOTAL INVESTMENTS – 99.7%
	(Cost $90,100,562)		$	185,311,142

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3%			506,750

	NET ASSETS – 100.0%		$	185,817,892


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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Schedule of Investments (continued)

August 31, 2020



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

*		Non-income producing security.

(a)		Represents an affiliated issuer.



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


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

GOLDMAN SACHS FLEXIBLE CAP FUND

Schedule of Investments

August 31, 2020


Shares		Description	Value

Common Stocks – 99.6%
Aerospace & Defense – 0.4%
	605	Huntington Ingalls Industries, Inc.	$	91,670

Auto Components – 0.5%
	1,329	Aptiv PLC		114,453

Banks – 4.1%
	1,862	Bank of America Corp.		47,928
	3,552	Citigroup, Inc.		181,578
	2,647	East West Bancorp, Inc.		97,357
	3,410	JPMorgan Chase & Co.		341,648
	453	SVB Financial Group*		115,687
	6,973	Wells Fargo & Co.		168,398

				952,596

Beverages – 1.6%
	765	Coca-Cola Co. (The)		37,890
	2,362	Coca-Cola European Partners PLC (United Kingdom)		97,220
	683	Constellation Brands, Inc., Class A		126,000
	1,398	Monster Beverage Corp.*		117,236

				378,346

Biotechnology – 1.5%
	130	Biogen, Inc.*		37,393
	869	BioMarin Pharmaceutical, Inc.*		67,808
	255	Regeneron Pharmaceuticals, Inc.*		158,082
	671	Sarepta Therapeutics, Inc.*		98,248

				361,531

Building Products – 0.5%
	997	Trane Technologies PLC		118,035

Capital Markets – 1.6%
	1,166	Cboe Global Markets, Inc.		107,027
	1,421	Intercontinental Exchange, Inc.		150,953
	1,414	Raymond James Financial, Inc.		107,068

				365,048

Chemicals – 1.1%
	662	Ecolab, Inc.		130,467
	202	Sherwin-Williams Co. (The)		135,552

				266,019

Communications Equipment – 0.8%
	1,131	Cisco Systems, Inc.		47,751
	860	Motorola Solutions, Inc.		133,085

				180,836

Construction Materials – 0.4%
	473	Martin Marietta Materials, Inc.		95,957

Consumer Finance – 1.1%
	1,516	American Express Co.		154,011
	2,127	Discover Financial Services		112,901

				266,912

Containers & Packaging – 0.9%
	1,486	Ball Corp.		119,430


Common Stocks – (continued)
Containers & Packaging – (continued)
	1,013	Packaging Corp. of America		102,556

				221,986

Diversified Financial Services – 0.9%
	1,013	Berkshire Hathaway, Inc., Class B*		220,875

Diversified Telecommunication Services – 1.1%
	2,118	AT&T, Inc.		63,138
	3,397	Verizon Communications, Inc.		201,340

				264,478

Electric Utilities – 0.5%
	1,741	Xcel Energy, Inc.		120,956

Electrical Equipment – 1.1%
	1,288	Eaton Corp. PLC		131,505
	517	Rockwell Automation, Inc.		119,184

				250,689

Energy Equipment & Services – 0.4%
	6,714	Baker Hughes Co.		95,876

Entertainment – 1.8%
	740	Electronic Arts, Inc.*		103,208
	142	Netflix, Inc.*		75,197
	1,907	Walt Disney Co. (The)		251,476

				429,881

Equity Real Estate Investment Trusts (REITs) – 2.7%
	716	AvalonBay Communities, Inc. REIT		113,171
	1,381	Equity LifeStyle Properties, Inc. REIT		91,546
	474	Essex Property Trust, Inc. REIT		102,626
	1,032	Extra Space Storage, Inc. REIT		109,959
	3,147	Invitation Homes, Inc. REIT		90,099
	395	SBA Communications Corp. REIT		120,898

				628,299

Food & Staples Retailing – 1.1%
	1,898	Walmart, Inc.		263,537

Food Products – 1.6%
	2,948	Conagra Brands, Inc.		113,085
	1,601	Lamb Weston Holdings, Inc.		100,623
	2,897	Mondelez International, Inc., Class A		169,243

				382,951

Health Care Equipment & Supplies – 3.6%
	3,897	Boston Scientific Corp.*		159,855
	390	Cooper Cos., Inc. (The)		122,608
	1,022	Danaher Corp.		211,012
	1,700	Hologic, Inc.*		101,524
	440	West Pharmaceutical Services, Inc.		124,943
	952	Zimmer Biomet Holdings, Inc.		134,118

				854,060

Health Care Providers & Services – 2.9%
	2,104	Centene Corp.*		129,017
	2,689	CVS Health Corp.		167,041


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

GOLDMAN SACHS FLEXIBLE CAP FUND

Schedule of Investments (continued)

August 31, 2020


Shares		Description	Value

Common Stocks – (continued)
Health Care Providers & Services – (continued)
	358	Humana, Inc.	$	148,631
	946	Quest Diagnostics, Inc.		105,233
	396	UnitedHealth Group, Inc.		123,770

				673,692

Hotels, Restaurants & Leisure – 2.0%
	4,358	Aramark		120,106
	1,078	McDonald’s Corp.		230,175
	1,291	Yum! Brands, Inc.		123,742

				474,023

Household Durables – 0.5%
	1,504	Lennar Corp., Class A		112,529

Household Products – 1.6%
	2,754	Procter & Gamble Co. (The)		380,961

Industrial Conglomerates – 0.8%
	1,175	Honeywell International, Inc.		194,521

Insurance – 2.0%
	1,259	Allstate Corp. (The)		117,087
	1,491	American Financial Group, Inc.		99,674
	1,261	Globe Life, Inc.		104,007
	1,223	Marsh & McLennan Cos., Inc.		140,535

				461,303

Interactive Media & Services – 6.7%
	293	Alphabet, Inc., Class A*		477,452
	235	Alphabet, Inc., Class C*		384,033
	2,155	Facebook, Inc., Class A*		631,846
	640	Match Group, Inc.*		71,475

				1,564,806

Internet & Direct Marketing Retail – 4.4%
	299	Amazon.com, Inc.*		1,031,837

IT Services – 5.9%
	966	Accenture PLC, Class A		231,772
	1,075	Akamai Technologies, Inc.*		125,162
	1,233	Booz Allen Hamilton Holding Corp.		108,578
	1,986	Cognizant Technology Solutions Corp., Class A		132,784
	1,214	Fidelity National Information Services, Inc.		183,132
	350	Mastercard, Inc., Class A		125,367
	382	PayPal Holdings, Inc.*		77,982
	1,881	Visa, Inc., Class A		398,753

				1,383,530

Life Sciences Tools & Services – 1.5%
	1,326	Agilent Technologies, Inc.		133,157
	130	Mettler-Toledo International, Inc.*		126,201
	958	PRA Health Sciences, Inc.*		102,420

				361,778

Machinery – 3.4%
	1,568	Fortive Corp.		113,069


Common Stocks – (continued)
Machinery – (continued)
	1,747	Graco, Inc.		101,361
	627	IDEX Corp.		113,004
	731	Illinois Tool Works, Inc.		144,409
	1,590	ITT, Inc.		99,868
	724	Stanley Black & Decker, Inc.		116,781
	1,405	Xylem, Inc.		112,653

				801,145

Media – 1.4%
	5,527	Comcast Corp., Class A		247,665
	2,070	Liberty Media Corp.-Liberty SiriusXM, Class A*		75,162

				322,827

Multiline Retail – 0.6%
	705	Dollar General Corp.		142,325

Multi-Utilities – 1.9%
	1,334	Ameren Corp.		105,533
	1,750	CMS Energy Corp.		105,857
	2,124	Public Service Enterprise Group, Inc.		110,958
	939	Sempra Energy		116,107

				438,455

Oil, Gas & Consumable Fuels – 1.9%
	1,953	Cheniere Energy, Inc.*		101,654
	2,692	Chevron Corp.		225,939
	2,051	Phillips 66		119,922

				447,515

Personal Products – 0.6%
	659	Estee Lauder Cos., Inc. (The), Class A		146,113

Pharmaceuticals – 4.2%
	3,484	Bristol-Myers Squibb Co.		216,705
	1,383	Eli Lilly and Co.		205,223
	2,863	Johnson & Johnson		439,213
	694	Merck & Co., Inc.		59,177
	1,643	Pfizer, Inc.		62,089

				982,407

Professional Services – 0.5%
	637	Verisk Analytics, Inc.		118,909

Road & Rail – 1.1%
	1,904	CSX Corp.		145,580
	580	Old Dominion Freight Line, Inc.		117,264

				262,844

Semiconductors & Semiconductor Equipment – 3.2%
	1,215	Intel Corp.		61,904
	396	Lam Research Corp.		133,191
	829	MKS Instruments, Inc.		99,091
	255	NVIDIA Corp.		136,420
	857	NXP Semiconductors NV (Netherlands)		107,776
	1,521	Texas Instruments, Inc.		216,210

				754,592


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

GOLDMAN SACHS FLEXIBLE CAP FUND


Shares		Description	Value

Common Stocks – (continued)
Software – 10.7%
	610	Adobe, Inc.*	$	313,168
	1,173	Cadence Design Systems, Inc.*		130,097
	541	Intuit, Inc.		186,856
	6,671	Microsoft Corp.		1,504,510
	395	Palo Alto Networks, Inc.*		101,677
	943	Proofpoint, Inc.*		103,419
	175	salesforce.com, Inc.*		47,714
	570	Workday, Inc., Class A*		136,635

				2,524,076

Specialty Retail – 2.9%
	682	Advance Auto Parts, Inc.		106,603
	460	Home Depot, Inc. (The)		131,118
	1,243	Lowe’s Cos., Inc.		204,710
	261	O’Reilly Automotive, Inc.*		121,529
	508	Ulta Beauty, Inc.*		117,948

				681,908

Technology Hardware, Storage & Peripherals – 8.2%
	13,932	Apple, Inc.		1,797,785
	2,598	NetApp, Inc.		123,119

				1,920,904

Textiles, Apparel & Luxury Goods – 0.5%
	1,907	PVH Corp.		106,334

Tobacco – 0.4%
	1,288	Philip Morris International, Inc.		102,770

Water Utilities – 0.5%
	787	American Water Works Co., Inc.		111,235

	TOTAL COMMON STOCKS
	(Cost $16,386,955)		$	23,428,330


Shares		Dividend Rate	Value

Investment Company – 0.4%^(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	100,184	0.027%	$	100,184
	(Cost $100,184)

	TOTAL INVESTMENTS – 100.0%
	(Cost $16,487,139)		$	23,528,514

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%			343

	NET ASSETS – 100.0%		$	23,528,857



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.		57

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Schedule of Investments

August 31, 2020


Shares		Description	Value

Common Stocks – 99.8%
Aerospace & Defense – 0.5%
	58,729	HEICO Corp.	$	6,455,492

Banks – 0.7%
	78,571	First Republic Bank		8,871,452

Biotechnology – 5.3%
	172,662	Agios Pharmaceuticals, Inc.*		7,080,869
	88,163	BioMarin Pharmaceutical, Inc.*		6,879,359
	105,029	Exact Sciences Corp.*		7,907,633
	224,495	Immunomedics, Inc.*		10,003,497
	111,873	Moderna, Inc.*		7,259,439
	80,985	Neurocrine Biosciences, Inc.*		9,428,274
	65,153	Sarepta Therapeutics, Inc.*		9,539,702
	52,808	Seattle Genetics, Inc.*		8,361,619

				66,460,392

Building Products – 0.7%
	79,510	Trane Technologies PLC		9,413,189

Capital Markets – 2.2%
	39,553	MarketAxess Holdings, Inc.		19,220,385
	21,688	MSCI, Inc.		8,095,480

				27,315,865

Commercial Services & Supplies – 0.6%
	68,044	Copart, Inc.*		7,030,306

Communications Equipment – 0.9%
	70,879	Motorola Solutions, Inc.		10,968,525

Construction Materials – 1.2%
	73,456	Martin Marietta Materials, Inc.		14,902,019

Consumer Finance – 1.4%
	345,574	Discover Financial Services		18,343,068

Containers & Packaging – 2.0%
	310,195	Ball Corp.		24,930,372

Diversified Consumer Services – 0.5%
	85,825	Chegg, Inc.*		6,328,735

Electrical Equipment – 2.4%
	63,021	AMETEK, Inc.		6,346,215
	106,246	Rockwell Automation, Inc.		24,492,890

				30,839,105

Electronic Equipment, Instruments & Components – 2.7%
	240,893	Amphenol Corp., Class A		26,450,052
	207,826	National Instruments Corp.		7,458,875

				33,908,927

Entertainment – 1.5%
	158,060	Live Nation Entertainment, Inc.*		8,977,808
	34,597	Spotify Technology SA*		9,761,890

				18,739,698

Equity Real Estate Investment Trusts (REITs) – 0.7%
	143,228	Equity LifeStyle Properties, Inc. REIT		9,494,584


Common Stocks – (continued)
Food & Staples Retailing – 0.8%
	236,785	Grocery Outlet Holding Corp.*		9,738,967

Food Products – 2.0%
	63,880	Lamb Weston Holdings, Inc.		4,014,858
	100,749	McCormick & Co., Inc.		20,774,444

				24,789,302

Health Care Equipment & Supplies – 8.0%
	22,623	Align Technology, Inc.*		6,718,578
	163,586	Boston Scientific Corp.*		6,710,298
	16,587	Cooper Cos., Inc. (The)		5,214,621
	224,098	Hologic, Inc.*		13,383,132
	36,178	IDEXX Laboratories, Inc.*		14,147,769
	83,867	Insulet Corp.*		18,303,973
	71,403	West Pharmaceutical Services, Inc.		20,275,596
	111,769	Zimmer Biomet Holdings, Inc.		15,746,017

				100,499,984

Health Care Providers & Services – 1.4%
	92,586	Centene Corp.*		5,677,374
	126,327	Guardant Health, Inc.*		12,064,228

				17,741,602

Health Care Technology – 2.8%
	124,179	Veeva Systems, Inc., Class A*		35,052,006

Hotels, Restaurants & Leisure – 3.7%
	9,018	Chipotle Mexican Grill, Inc.*		11,816,105
	81,185	Choice Hotels International, Inc.		8,060,859
	49,123	Wingstop, Inc.		8,026,698
	141,653	Wynn Resorts Ltd.		12,387,555
	68,088	Yum! Brands, Inc.		6,526,235

				46,817,452

Household Products – 1.6%
	212,453	Church & Dwight Co., Inc.		20,359,371

Interactive Media & Services – 3.2%
	208,750	Match Group, Inc.*		23,313,200
	106,452	Pinterest, Inc., Class A*		3,916,369
	569,014	Snap, Inc., Class A*		12,854,026

				40,083,595

Internet & Direct Marketing Retail – 1.4%
	53,481	Etsy, Inc.*		6,401,676
	9,178	MercadoLibre, Inc. (Argentina)*		10,725,319

				17,126,995

IT Services – 5.1%
	165,055	Akamai Technologies, Inc.*		19,217,354
	145,450	Booz Allen Hamilton Holding Corp.		12,808,327
	56,852	Okta, Inc.*		12,244,215
	48,166	Twilio, Inc., Class A*		12,993,260
	41,206	WEX, Inc.*		6,581,010

				63,844,166


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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND


Shares		Description	Value

Common Stocks – (continued)
Life Sciences Tools & Services – 2.2%
	223,423	Adaptive Biotechnologies Corp.*	$	9,296,631
	19,485	Mettler-Toledo International, Inc.*		18,915,648

				28,212,279

Machinery – 2.9%
	178,481	Graco, Inc.		10,355,468
	72,345	IDEX Corp.		13,038,739
	169,146	Xylem, Inc.		13,562,126

				36,956,333

Multiline Retail – 0.5%
	30,114	Dollar General Corp.		6,079,414

Oil, Gas & Consumable Fuels – 1.4%
	351,464	Cheniere Energy, Inc.*		18,293,701

Pharmaceuticals – 1.7%
	227,762	Catalent, Inc.*		21,067,985

Professional Services – 5.2%
	23,780	CoStar Group, Inc.*		20,179,708
	197,191	TransUnion		17,100,404
	153,847	Verisk Analytics, Inc.		28,718,619

				65,998,731

Road & Rail – 1.3%
	82,313	Old Dominion Freight Line, Inc.		16,642,042

Semiconductors & Semiconductor Equipment – 5.7%
	17,328	Lam Research Corp.		5,828,099
	237,686	Marvell Technology Group Ltd.		9,217,463
	110,724	Microchip Technology, Inc.		12,146,423
	174,464	MKS Instruments, Inc.		20,853,682
	50,761	NXP Semiconductors NV (Netherlands)		6,383,703
	161,910	Xilinx, Inc.		16,864,546

				71,293,916

Software – 17.9%
	182,587	Anaplan, Inc.*		11,183,454
	49,193	ANSYS, Inc.*		16,676,919
	37,009	Atlassian Corp. PLC, Class A*		7,096,846
	63,293	Avalara, Inc.*		8,380,626
	236,265	Cadence Design Systems, Inc.*		26,204,151
	49,629	Coupa Software, Inc.*		16,265,409
	134,388	DocuSign, Inc.*		29,968,524
	196,942	Dynatrace, Inc.*		8,710,745
	74,990	HubSpot, Inc.*		22,473,003
	91,637	Palo Alto Networks, Inc.*		23,588,280
	25,531	Paycom Software, Inc.*		7,645,513
	52,811	Proofpoint, Inc.*		5,791,782
	47,063	RingCentral, Inc., Class A*		13,684,509
	126,225	Splunk, Inc.*		27,684,929

				225,354,690

Specialty Retail – 5.1%
	58,646	Burlington Stores, Inc.*		11,549,157
	62,038	O’Reilly Automotive, Inc.*		28,886,754


Common Stocks – (continued)
Specialty Retail – (continued)
	64,890	Ross Stores, Inc.		5,910,181
	75,830	Ulta Beauty, Inc.*		17,606,209

				63,952,301

Textiles, Apparel & Luxury Goods – 2.6%
	86,785	Lululemon Athletica, Inc.*		32,602,521

	TOTAL COMMON STOCKS
	(Cost $908,856,914)		$	1,256,509,082


Shares		Dividend Rate	Value

Investment Company – 0.1%^(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,701,230	0.027%	$	1,701,230
	(Cost $1,701,230)

	TOTAL INVESTMENTS – 99.9%
	(Cost $910,558,144)		$	1,258,210,312

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%			920,677

	NET ASSETS – 100.0%		$	1,259,130,989



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.		59

GOLDMAN SACHS SMALL CAP GROWTH FUND

Schedule of Investments

August 31, 2020


Shares		Description	Value

Common Stocks – 99.2%
Aerospace & Defense – 3.3%
	4,089	Aerojet Rocketdyne Holdings, Inc.*	$	169,162
	1,457	AeroVironment, Inc.*		111,300
	6,037	Kratos Defense & Security Solutions, Inc.*		118,023
	1,024	Moog, Inc., Class A		61,737

				460,222

Auto Components – 1.2%
	1,640	Fox Factory Holding Corp.*		165,328

Beverages – 0.4%
	3,222	Celsius Holdings, Inc.*		62,571

Biotechnology – 14.7%
	1,284	Acceleron Pharma, Inc.*		125,152
	2,597	Agios Pharmaceuticals, Inc.*		106,503
	2,774	Akouos, Inc.*		62,193
	1,568	Allogene Therapeutics, Inc.*		55,899
	4,700	Applied Genetic Technologies Corp.*		24,158
	2,045	Applied Molecular Transport, Inc.*		52,393
	1,808	Applied Therapeutics, Inc.*		43,573
	1,812	Avidity Biosciences, Inc.*		52,186
	3,310	Beam Therapeutics, Inc.*		83,114
	792	BioSpecifics Technologies Corp.*		51,084
	1,552	Castle Biosciences, Inc.*		70,973
	2,363	Coherus Biosciences, Inc.*		44,826
	1,106	Constellation Pharmaceuticals, Inc.*		23,281
	1,445	Dicerna Pharmaceuticals, Inc.*		26,761
	1,754	FibroGen, Inc.*		78,632
	2,049	Generation Bio Co.*		63,990
	8,664	Halozyme Therapeutics, Inc.*		251,213
	549	IGM Biosciences, Inc.*		23,607
	1,710	Inovio Pharmaceuticals, Inc.*		20,503
	3,227	Inozyme Pharma, Inc.*		96,745
	1,294	Iovance Biotherapeutics, Inc.*		43,129
	1,832	Kiniksa Pharmaceuticals Ltd., Class A*		32,371
	2,261	Molecular Templates, Inc.*		26,250
	2,674	Momenta Pharmaceuticals, Inc.*		139,503
	1,574	ORIC Pharmaceuticals, Inc.*		39,429
	859	PTC Therapeutics, Inc.*		42,456
	1,010	Relay Therapeutics, Inc.*		40,592
	1,763	Repare Therapeutics, Inc. (Canada)*		43,617
	3,566	Trillium Therapeutics, Inc. (Canada)*		40,403
	1,434	Ultragenyx Pharmaceutical, Inc.*		121,976
	1,536	Y-mAbs Therapeutics, Inc.*		66,094
	1,226	Zentalis Pharmaceuticals, Inc.*		42,174

				2,034,780

Building Products – 2.7%
	3,961	AZEK Co., Inc. (The)*		156,380
	1,220	Masonite International Corp.*		111,374
	1,008	Simpson Manufacturing Co., Inc.		99,127

				366,881

Capital Markets – 2.0%
	3,270	Open Lending Corp., Class A*		71,482
	2,267	PJT Partners, Inc., Class A		134,161


Common Stocks – (continued)
Capital Markets – (continued)
	2,526	Virtu Financial, Inc., Class A		65,247

				270,890

Chemicals – 2.3%
	1,702	Ashland Global Holdings, Inc.		125,420
	1,292	Balchem Corp.		126,229
	1,152	Ingevity Corp.*		64,708

				316,357

Commercial Services & Supplies – 2.0%
	2,434	Casella Waste Systems, Inc., Class A*		136,669
	1,540	Tetra Tech, Inc.		142,157

				278,826

Construction & Engineering – 0.7%
	1,663	Dycom Industries, Inc.*		102,291

Diversified Telecommunication Services – 1.2%
	1,045	Bandwidth, Inc., Class A*		164,567

Electrical Equipment – 0.7%
	2,432	Allied Motion Technologies, Inc.		103,579

Electronic Equipment, Instruments & Components – 2.1%
	1,903	Badger Meter, Inc.		117,396
	1,556	Novanta, Inc.*		166,757

				284,153

Equity Real Estate Investment Trusts (REITs) – 0.5%
	1,122	Terreno Realty Corp. REIT		66,916

Food Products – 2.7%
	1,225	Freshpet, Inc.*		139,160
	2,700	Nomad Foods Ltd. (United Kingdom)*		66,582
	2,884	Simply Good Foods Co. (The)*		71,667
	2,439	Vital Farms, Inc.*		96,097

				373,506

Health Care Equipment & Supplies – 7.4%
	4,690	Axonics Modulation Technologies, Inc.*		198,199
	1,469	Hill-Rom Holdings, Inc.		137,777
	1,355	Neogen Corp.*		103,251
	989	Nevro Corp.*		136,027
	1,717	NuVasive, Inc.*		89,507
	1,936	Shockwave Medical, Inc.*		123,014
	2,017	Silk Road Medical, Inc.*		122,997
	953	Tandem Diabetes Care, Inc.*		107,422

				1,018,194

Health Care Providers & Services – 0.5%
	1,158	National Research Corp.		64,848

Health Care Technology – 0.9%
	1,951	Omnicell, Inc.*		130,093

Hotels, Restaurants & Leisure – 6.1%
	899	Churchill Downs, Inc.		157,109
	1,323	Papa John’s International, Inc.		130,038


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

GOLDMAN SACHS SMALL CAP GROWTH FUND


Shares		Description	Value

Common Stocks – (continued)
Hotels, Restaurants & Leisure – (continued)
	1,380	Shake Shack, Inc., Class A*	$	94,185
	2,797	Texas Roadhouse, Inc.		176,183
	1,047	Wingstop, Inc.		171,080
	2,294	Wyndham Hotels & Resorts, Inc.		120,114

				848,709

Household Durables – 0.4%
	1,291	M/I Homes, Inc.*		54,945

Insurance – 2.7%
	1,775	Goosehead Insurance, Inc., Class A		182,399
	923	Kinsale Capital Group, Inc.		191,273

				373,672

Internet & Direct Marketing Retail – 0.8%
	5,476	Revolve Group, Inc.*		109,958

IT Services – 1.8%
	1,689	ManTech International Corp., Class A		126,421
	1,421	Science Applications International Corp.		118,597

				245,018

Leisure Products – 2.3%
	2,687	Malibu Boats, Inc., Class A*		139,321
	3,506	YETI Holdings, Inc.*		180,138

				319,459

Life Sciences Tools & Services – 3.7%
	1,663	Adaptive Biotechnologies Corp.*		69,198
	761	Berkeley Lights, Inc.*		49,769
	13,985	Pacific Biosciences of California, Inc.*		92,301
	3,207	Quanterix Corp.*		114,169
	1,167	Repligen Corp.*		180,780

				506,217

Machinery – 6.4%
	5,380	Colfax Corp.*		179,046
	4,681	Evoqua Water Technologies Corp.*		95,773
	4,114	Federal Signal Corp.		132,142
	2,014	Franklin Electric Co., Inc.		119,551
	1,044	John Bean Technologies Corp.		107,020
	1,287	RBC Bearings, Inc.*		169,936
	773	Watts Water Technologies, Inc., Class A		74,015

				877,483

Multiline Retail – 0.8%
	1,136	Ollie’s Bargain Outlet Holdings, Inc.*		108,533

Personal Products – 0.7%
	4,895	elf Beauty, Inc.*		95,599

Pharmaceuticals – 2.3%
	865	Arvinas, Inc.*		22,447
	568	GW Pharmaceuticals PLC ADR (United Kingdom)*		59,044
	6,561	Menlo Therapeutics, Inc.*		10,038
	853	MyoKardia, Inc.*		93,352


Common Stocks – (continued)
Pharmaceuticals – (continued)
	4,400	Provention Bio, Inc.*		57,376
	4,418	Theravance Biopharma, Inc.*		80,982

				323,239

Real Estate Management & Development – 0.3%
	3,724	Cushman & Wakefield PLC*		43,236

Road & Rail – 0.7%
	699	Saia, Inc.*		93,806

Semiconductors & Semiconductor Equipment – 8.4%
	4,280	Brooks Automation, Inc.		220,977
	5,099	FormFactor, Inc.*		133,237
	1,490	Inphi Corp.*		169,830
	6,577	Lattice Semiconductor Corp.*		188,102
	1,127	MKS Instruments, Inc.		134,710
	2,238	Power Integrations, Inc.		125,261
	3,098	Semtech Corp.*		181,698

				1,153,815

Software – 12.5%
	648	Bill.com Holdings, Inc.*		64,139
	1,632	Blackline, Inc.*		142,588
	4,742	Medallia, Inc.*		171,613
	329	nCino, Inc.*		30,580
	1,306	New Relic, Inc.*		80,228
	4,397	PagerDuty, Inc.*		143,650
	6,160	Ping Identity Holding Corp.*		212,335
	6,748	Pluralsight, Inc., Class A*		129,157
	1,355	Q2 Holdings, Inc.*		131,828
	2,747	Rapid7, Inc.*		177,374
	4,257	Sailpoint Technologies Holdings, Inc.*		167,002
	976	Smartsheet, Inc., Class A*		53,221
	4,804	Tenable Holdings, Inc.*		180,822
	1,442	Vertex, Inc., Class A*		36,930

				1,721,467

Specialty Retail – 2.1%
	2,144	Floor & Decor Holdings, Inc., Class A*		157,027
	293	RH*		96,851
	457	Vroom, Inc.*		31,364

				285,242

Textiles, Apparel & Luxury Goods – 0.7%
	474	Deckers Outdoor Corp.*		96,634

Trading Companies & Distributors – 1.2%
	1,371	SiteOne Landscape Supply, Inc.*		171,444

	TOTAL COMMON STOCKS
	(Cost $10,396,361)		$	13,692,478


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

GOLDMAN SACHS SMALL CAP GROWTH FUND

Schedule of Investments (continued)

August 31, 2020


Shares		Dividend Rate	Value

Investment Company – 0.6%^(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	76,393	0.027%	$	76,393
	(Cost $76,393)

	TOTAL INVESTMENTS – 99.8%
	(Cost $10,472,754)		$	13,768,871

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%			38,108

	NET ASSETS – 100.0%		$	13,806,979



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

*		Non-income producing security.

(a)		Represents an affiliated issuer.



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


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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Schedule of Investments

August 31, 2020


Shares		Description	Value

Common Stocks – 98.3%
Aerospace & Defense – 2.8%
	671,623	Aerojet Rocketdyne Holdings, Inc.*	$	27,785,044
	111,571	HEICO Corp., Class A		9,972,216
	82,107	Teledyne Technologies, Inc.*		25,749,576

				63,506,836

Air Freight & Logistics – 0.5%
	124,365	XPO Logistics, Inc.*		10,977,698

Beverages – 0.9%
	23,035	Boston Beer Co., Inc. (The), Class A*		20,316,409

Biotechnology – 10.6%
	505,116	Agios Pharmaceuticals, Inc.*		20,714,807
	52,716	Argenx SE ADR (Netherlands)*		12,191,629
	273,674	Beam Therapeutics, Inc.*^(a)		6,871,954
	249,871	Castle Biosciences, Inc.*		11,426,601
	407,896	Centogene NV (Germany)*		4,731,594
	1,011,153	Exelixis, Inc.*		22,467,820
	633,046	Genmab A/S ADR (Denmark)*		23,903,817
	616,568	Immunomedics, Inc.*		27,474,270
	87,797	Iovance Biotherapeutics, Inc.*		2,926,274
	439,488	Momenta Pharmaceuticals, Inc.*		22,928,089
	306,421	Neurocrine Biosciences, Inc.*		35,673,533
	89,258	Relay Therapeutics, Inc.*		3,587,279
	220,328	Sarepta Therapeutics, Inc.*		32,260,426
	341,014	Y-mAbs Therapeutics, Inc.*		14,673,832

				241,831,925

Building Products – 4.9%
	272,997	Allegion PLC		28,225,160
	670,319	AZEK Co., Inc. (The)*		26,464,194
	161,327	Fortune Brands Home & Security, Inc.		13,564,374
	60,664	Lennox International, Inc.		17,005,939
	173,967	Trex Co., Inc.*		26,006,327

				111,265,994

Capital Markets – 1.5%
	70,089	FactSet Research Systems, Inc.		24,559,186
	184,449	Tradeweb Markets, Inc., Class A		10,567,083

				35,126,269

Chemicals – 3.8%
	290,737	Ashland Global Holdings, Inc.		21,424,409
	535,718	RPM International, Inc.		45,412,815
	121,503	Scotts Miracle-Gro Co. (The)		20,476,901

				87,314,125

Commercial Services & Supplies – 0.5%
	219,284	Rollins, Inc.		12,091,320

Communications Equipment – 1.6%
	359,784	Ciena Corp.*		20,424,938
	194,186	Lumentum Holdings, Inc.*		16,699,996

				37,124,934


Common Stocks – (continued)
Containers & Packaging – 0.7%
	129,909	Avery Dennison Corp.		14,990,199

Distributors – 1.3%
	89,376	Pool Corp.		29,301,028

Diversified Consumer Services – 0.8%
	239,048	Chegg, Inc.*		17,627,399

Electrical Equipment – 1.9%
	234,231	Generac Holdings, Inc.*		44,499,205

Electronic Equipment, Instruments & Components – 3.4%
	321,318	Badger Meter, Inc.		19,822,107
	290,062	Novanta, Inc.*		31,085,945
	90,928	Zebra Technologies Corp., Class A*		26,053,600

				76,961,652

Food Products – 1.8%
	46,820	Beyond Meat, Inc.*^(a)		6,360,497
	185,366	Freshpet, Inc.*		21,057,578
	211,598	Lamb Weston Holdings, Inc.		13,298,934

				40,717,009

Health Care Equipment & Supplies – 6.9%
	189,945	Neogen Corp.*		14,473,809
	158,445	Nevro Corp.*		21,792,525
	223,763	NuVasive, Inc.*		11,664,765
	136,710	Silk Road Medical, Inc.*		8,336,576
	204,186	Tandem Diabetes Care, Inc.*		23,015,846
	80,778	Teleflex, Inc.		31,741,715
	163,057	West Pharmaceutical Services, Inc.		46,301,666

				157,326,902

Health Care Providers & Services – 3.0%
	378,356	Guardant Health, Inc.*		36,132,998
	176,615	Molina Healthcare, Inc.*		32,668,476

				68,801,474

Hotels, Restaurants & Leisure – 4.3%
	243,837	Choice Hotels International, Inc.		24,210,576
	76,863	Churchill Downs, Inc.		13,432,578
	295,356	Dunkin’ Brands Group, Inc.		22,470,684
	288,638	Texas Roadhouse, Inc.		18,181,308
	129,325	Wingstop, Inc.		21,131,705

				99,426,851

Insurance – 1.5%
	365,998	Brown & Brown, Inc.		16,982,307
	134,370	Primerica, Inc.		16,776,095

				33,758,402

Internet & Direct Marketing Retail – 0.8%
	158,357	Etsy, Inc.*		18,955,333

IT Services – 4.0%
	341,726	Black Knight, Inc.*		28,739,157
	399,069	Booz Allen Hamilton Holding Corp.		35,142,016
	120,054	MongoDB, Inc.*		28,068,625

				91,949,798


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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Schedule of Investments (continued)

August 31, 2020


Shares		Description	Value

Common Stocks – (continued)
Leisure Products – 1.6%
	280,476	Brunswick Corp.	$	17,358,660
	251,890	Peloton Interactive, Inc., Class A*		19,312,406

				36,671,066

Life Sciences Tools & Services – 5.6%
	173,894	10X Genomics, Inc., Class A*		19,931,730
	133,960	Berkeley Lights, Inc.*		8,760,984
	133,162	Bio-Techne Corp.		34,017,565
	394,178	PerkinElmer, Inc.		46,402,634
	121,397	Repligen Corp.*		18,805,609

				127,918,522

Machinery – 3.8%
	1,025,829	Colfax Corp.*		34,139,589
	97,658	IDEX Corp.		17,600,901
	152,774	RBC Bearings, Inc.*		20,172,279
	199,618	Xylem, Inc.		16,005,371

				87,918,140

Multiline Retail – 0.6%
	149,933	Ollie’s Bargain Outlet Holdings, Inc.*		14,324,599

Personal Products – 0.4%
	525,495	BellRing Brands, Inc., Class A*		10,215,623

Pharmaceuticals – 1.7%
	805,554	Elanco Animal Health, Inc.*		23,409,399
	147,281	MyoKardia, Inc.*		16,118,433

				39,527,832

Semiconductors & Semiconductor Equipment – 7.4%
	184,825	Enphase Energy, Inc.*		14,274,035
	525,393	Entegris, Inc.		35,143,538
	190,809	Inphi Corp.*		21,748,410
	266,891	MKS Instruments, Inc.		31,901,481
	135,433	Monolithic Power Systems, Inc.		36,178,217
	341,398	Teradyne, Inc.		29,008,588

				168,254,269

Software – 14.9%
	93,522	Alteryx, Inc., Class A*^(a)		11,300,263
	311,839	Avalara, Inc.*		41,290,602
	107,026	Bill.com Holdings, Inc.*		10,593,433
	677,980	Cloudflare, Inc., Class A*		25,939,515
	72,046	Coupa Software, Inc.*		23,612,356
	1,004,595	Dynatrace, Inc.*		44,433,237
	276,867	Elastic NV*		30,062,219
	153,951	HubSpot, Inc.*		46,136,036
	57,219	nCino, Inc.*		5,318,506
	232,490	New Relic, Inc.*		14,281,861
	186,449	Rapid7, Inc.*		12,039,012
	22,795	Trade Desk, Inc. (The), Class A*		10,971,233
	256,065	Vertex, Inc., Class A*		6,557,825
	345,636	Zendesk, Inc.*		33,312,398
	168,513	Zscaler, Inc.*		24,154,653

				340,003,149


Common Stocks – (continued)
Specialty Retail – 3.1%
	146,288	Five Below, Inc.*		16,011,222
	398,451	Floor & Decor Holdings, Inc., Class A*		29,182,551
	58,930	RH*		19,479,311
	76,933	Vroom, Inc.*^(a)		5,279,912

				69,952,996

Textiles, Apparel & Luxury Goods – 0.7%
	74,524	Deckers Outdoor Corp.*		15,193,208

Trading Companies & Distributors – 1.0%
	187,598	SiteOne Landscape Supply, Inc.*		23,459,130

	TOTAL COMMON STOCKS
	(Cost $1,618,448,195)		$	2,247,309,296


Shares		Dividend Rate	Value

Investment Company – 1.1%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	25,252,010	0.027%	$	25,252,010
	(Cost $25,252,010)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,643,700,205)		$	2,272,561,306



Securities Lending Reinvestment Vehicle – 0.6%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	13,387,318	0.027%	$	13,387,318
	(Cost $13,387,318)

	TOTAL INVESTMENTS – 100.0%
	(Cost $1,657,087,523)		$	2,285,948,624

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%			(764,994	)

	NET ASSETS – 100.0%		$	2,285,183,630



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

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		Represents an affiliated issuer.



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


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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Schedule of Investments

August 31, 2020


Shares		Description	Value

Common Stocks – 99.8%
Aerospace & Defense – 0.5%
	5,314	Boeing Co. (The)	$	913,051

Auto Components – 0.6%
	13,259	Aptiv PLC		1,141,865

Automobiles – 2.1%
	7,770	Tesla, Inc.*		3,871,946

Beverages – 2.0%
	37,273	Coca-Cola Co. (The)		1,846,132
	22,924	Monster Beverage Corp.*		1,922,406

				3,768,538

Biotechnology – 2.4%
	9,725	BioMarin Pharmaceutical, Inc.*		758,842
	26,993	Immunomedics, Inc.*		1,202,808
	1,630	Regeneron Pharmaceuticals, Inc.*		1,010,486
	6,744	Sarepta Therapeutics, Inc.*		987,456
	2,840	Seattle Genetics, Inc.*		449,686

				4,409,278

Capital Markets – 1.4%
	7,015	Cboe Global Markets, Inc.		643,907
	20,299	Charles Schwab Corp. (The)		721,224
	11,419	Intercontinental Exchange, Inc.		1,213,040

				2,578,171

Chemicals – 1.7%
	5,091	Ecolab, Inc.		1,003,334
	4,063	Linde PLC (United Kingdom)		1,014,694
	1,618	Sherwin-Williams Co. (The)		1,085,759

				3,103,787

Construction Materials – 0.3%
	2,525	Martin Marietta Materials, Inc.		512,247

Diversified Consumer Services – 0.3%
	8,387	Chegg, Inc.*		618,457

Electronic Equipment, Instruments & Components – 0.8%
	14,075	Amphenol Corp., Class A		1,545,435

Entertainment – 2.1%
	7,360	Netflix, Inc.*		3,897,562

Equity Real Estate Investment Trusts (REITs) – 1.8%
	7,046	American Tower Corp. REIT		1,755,511
	1,977	Equinix, Inc. REIT		1,561,395

				3,316,906

Food & Staples Retailing – 0.8%
	10,045	Walmart, Inc.		1,394,748

Food Products – 0.9%
	4,829	McCormick & Co., Inc.		995,740
	10,428	Mondelez International, Inc., Class A		609,204

				1,604,944


Common Stocks – (continued)
Health Care Equipment & Supplies – 4.4%
	55,435	Boston Scientific Corp.*		2,273,944
	7,478	Danaher Corp.		1,543,982
	4,651	Insulet Corp.*		1,015,081
	2,231	Intuitive Surgical, Inc.*		1,630,504
	5,491	West Pharmaceutical Services, Inc.		1,559,224

				8,022,735

Health Care Providers & Services – 2.1%
	4,365	Guardant Health, Inc.*		416,858
	4,226	Humana, Inc.		1,754,508
	5,229	UnitedHealth Group, Inc.		1,634,324

				3,805,690

Health Care Technology – 0.6%
	4,102	Veeva Systems, Inc., Class A*		1,157,872

Hotels, Restaurants & Leisure – 1.5%
	14,105	Las Vegas Sands Corp.		715,265
	9,389	McDonald’s Corp.		2,004,739

				2,720,004

Interactive Media & Services – 11.8%
	4,403	Alphabet, Inc., Class A*		7,174,821
	2,696	Alphabet, Inc., Class C*		4,405,749
	31,888	Facebook, Inc., Class A*		9,349,561
	31,783	Snap, Inc., Class A*		717,978

				21,648,109

Internet & Direct Marketing Retail – 6.5%
	3,481	Amazon.com, Inc.*		12,012,792

IT Services – 10.2%
	9,398	Accenture PLC, Class A		2,254,862
	12,905	Fidelity National Information Services, Inc.		1,946,719
	13,177	Mastercard, Inc., Class A		4,719,870
	19,815	PayPal Holdings, Inc.*		4,045,034
	27,545	Visa, Inc., Class A		5,839,265

				18,805,750

Life Sciences Tools & Services – 1.7%
	4,796	10X Genomics, Inc., Class A*		549,718
	21,815	Adaptive Biotechnologies Corp.*		907,722
	4,761	Illumina, Inc.*		1,700,724

				3,158,164

Machinery – 0.7%
	6,440	Deere & Co.		1,352,786

Personal Products – 0.9%
	7,235	Estee Lauder Cos., Inc. (The), Class A		1,604,144

Pharmaceuticals – 2.6%
	27,321	AstraZeneca PLC ADR (United Kingdom)		1,529,976
	26,582	Bristol-Myers Squibb Co.		1,653,400
	11,413	Eli Lilly and Co.		1,693,575

				4,876,951


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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Schedule of Investments (continued)

August 31, 2020


Shares		Description	Value

Common Stocks – (continued)
Professional Services – 0.7%
	6,859	Verisk Analytics, Inc.	$	1,280,370

Road & Rail – 1.4%
	11,415	CSX Corp.		872,791
	8,923	Union Pacific Corp.		1,717,142

				2,589,933

Semiconductors & Semiconductor Equipment – 6.7%
	20,525	Marvell Technology Group Ltd.		795,960
	9,996	NVIDIA Corp.		5,347,660
	12,488	NXP Semiconductors NV (Netherlands)		1,570,491
	38,301	QUALCOMM, Inc.		4,561,649

				12,275,760

Software – 16.9%
	10,456	Adobe, Inc.*		5,368,006
	7,161	Atlassian Corp. PLC, Class A*		1,373,193
	3,845	HubSpot, Inc.*		1,152,270
	62,501	Microsoft Corp.		14,095,851
	9,788	salesforce.com, Inc.*		2,668,698
	5,206	ServiceNow, Inc.*		2,509,396
	16,302	Workday, Inc., Class A*		3,907,752

				31,075,166

Specialty Retail – 1.2%
	13,484	Ross Stores, Inc.		1,228,123
	4,594	Ulta Beauty, Inc.*		1,066,635

				2,294,758

Technology Hardware, Storage & Peripherals – 9.7%
	137,920	Apple, Inc.		17,797,197

Textiles, Apparel & Luxury Goods – 2.5%
	3,496	Lululemon Athletica, Inc.*		1,313,342
	25,063	NIKE, Inc., Class B		2,804,299
	8,939	PVH Corp.		498,439

				4,616,080

	TOTAL COMMON STOCKS
	(Cost $77,789,866)		$	183,771,196


Shares		Dividend Rate	Value

Investment Company – 0.0%^(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	91,121	0.027%	$	91,121
	(Cost $91,121)

	TOTAL INVESTMENTS – 99.8%
	(Cost $77,880,987)		$	183,862,317

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%			199,082

	NET ASSETS – 100.0%		$	184,061,399



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

*		Non-income producing security.

(a)		Represents an affiliated issuer.



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


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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Schedule of Investments

August 31, 2020


Shares		Description	Value

Common Stocks – 97.2%
Communications Equipment – 2.0%
	321,440	Juniper Networks, Inc.	$	8,036,000
	49,027	Motorola Solutions, Inc.		7,586,928

				15,622,928

Electronic Equipment, Instruments & Components – 1.7%
	115,911	Amphenol Corp., Class A		12,727,028

Entertainment – 5.8%
	176,549	Activision Blizzard, Inc.		14,745,372
	18,887	Netflix, Inc.*		10,001,800
	150,860	Walt Disney Co. (The)		19,893,908

				44,641,080

Equity Real Estate Investment Trusts (REITs) – 2.9%
	38,109	American Tower Corp. REIT		9,494,857
	16,673	Equinix, Inc. REIT		13,168,002

				22,662,859

Interactive Media & Services – 11.6%
	16,174	Alphabet, Inc., Class A*		26,356,018
	17,470	Alphabet, Inc., Class C*		28,549,125
	118,136	Facebook, Inc., Class A*		34,637,475

				89,542,618

Internet & Direct Marketing Retail – 6.8%
	51,085	Alibaba Group Holding Ltd. ADR (China)*		14,662,928
	10,897	Amazon.com, Inc.*		37,605,111

				52,268,039

IT Services – 16.9%
	58,874	Accenture PLC, Class A		14,125,639
	82,164	Akamai Technologies, Inc.*		9,566,355
	139,105	Fidelity National Information Services, Inc.		20,983,989
	98,136	Fiserv, Inc.*		9,772,383
	37,870	Mastercard, Inc., Class A		13,564,655
	151,764	PayPal Holdings, Inc.*		30,981,103
	147,632	Visa, Inc., Class A		31,296,508

				130,290,632

Life Sciences Tools & Services – 0.8%
	17,972	Illumina, Inc.*		6,419,958

Semiconductors & Semiconductor Equipment – 13.0%
	23,178	Lam Research Corp.		7,795,688
	452,346	Marvell Technology Group Ltd.		17,541,978
	83,843	Microchip Technology, Inc.		9,197,577
	26,072	NVIDIA Corp.		13,947,999
	128,758	NXP Semiconductors NV (Netherlands)		16,192,606
	89,128	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)		7,063,394
	149,937	Texas Instruments, Inc.		21,313,544
	65,491	Xilinx, Inc.		6,821,543

				99,874,329


Common Stocks – (continued)
Software – 25.9%
	48,876	Adobe, Inc.*		25,092,450
	54,988	Atlassian Corp. PLC, Class A*		10,544,499
	31,440	HubSpot, Inc.*		9,421,939
	58,998	Intuit, Inc.		20,377,319
	296,807	Microsoft Corp.		66,938,883
	29,394	Palo Alto Networks, Inc.*		7,566,310
	41,472	Paycom Software, Inc.*		12,419,205
	20,920	ServiceNow, Inc.*		10,083,858
	72,283	Splunk, Inc.*		15,853,830
	87,750	Workday, Inc., Class A*		21,034,553

				199,332,846

Technology Hardware, Storage & Peripherals – 9.8%
	585,332	Apple, Inc.		75,531,241

	TOTAL COMMON STOCKS
	(Cost $350,991,092)		$	748,913,558


Shares		Dividend Rate	Value

Investment Company – 2.7%^(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	21,043,925	0.027%	$	21,043,925
	(Cost $21,043,925)

	TOTAL INVESTMENTS – 99.9%
	(Cost $372,035,017)		$	769,957,483

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%			883,530

	NET ASSETS – 100.0%		$	770,841,013



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

*		Non-income producing security.

(a)		Represents an affiliated issuer.



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


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

GOLDMAN SACHS U.S. EQUITY ESG FUND

Schedule of Investments

August 31, 2020


Shares		Description	Value

Common Stocks – 99.2%
Auto Components – 2.1%
	2,729	Aptiv PLC	$	235,021

Automobiles – 0.4%
	90	Tesla, Inc.*		44,849

Banks – 4.5%
	1,650	First Republic Bank		186,302
	3,044	JPMorgan Chase & Co.		304,978

				491,280

Biotechnology – 0.6%
	816	BioMarin Pharmaceutical, Inc.*		63,672

Capital Markets – 3.2%
	346	BlackRock, Inc.		205,590
	836	CME Group, Inc.		147,027

				352,617

Chemicals – 3.3%
	5,067	Chr Hansen Holding A/S ADR (Denmark)		145,093
	1,071	Ecolab, Inc.		211,073

				356,166

Communications Equipment – 1.9%
	4,903	Cisco Systems, Inc.		207,005

Consumer Finance – 2.0%
	2,163	American Express Co.		219,739

Containers & Packaging – 1.8%
	2,435	Ball Corp.		195,701

Diversified Telecommunication Services – 2.0%
	3,633	Verizon Communications, Inc.		215,328

Electric Utilities – 2.6%
	1,033	NextEra Energy, Inc.		288,383

Electrical Equipment – 3.5%
	1,869	Eaton Corp. PLC		190,825
	822	Rockwell Automation, Inc.		189,496

				380,321

Entertainment – 2.5%
	2,066	Walt Disney Co. (The)		272,443

Equity Real Estate Investment Trusts (REITs) – 2.5%
	538	American Tower Corp. REIT		134,043
	176	Equinix, Inc. REIT		139,001

				273,044

Food Products – 0.4%
	285	Beyond Meat, Inc.*		38,717

Health Care Equipment & Supplies – 2.7%
	1,442	Danaher Corp.		297,730

Health Care Providers & Services – 2.7%
	2,150	CVS Health Corp.		133,558


Common Stocks – (continued)
Health Care Providers & Services – (continued)
	386	Humana, Inc.		160,256

				293,814

Hotels, Restaurants & Leisure – 1.9%
	965	McDonald’s Corp.		206,047

Household Products – 2.9%
	2,315	Procter & Gamble Co. (The)		320,234

Interactive Media & Services – 4.2%
	282	Alphabet, Inc., Class A*		459,527

IT Services – 3.6%
	1,871	Visa, Inc., Class A		396,633

Life Sciences Tools & Services – 1.1%
	1,207	Agilent Technologies, Inc.		121,207

Machinery – 3.8%
	1,127	Deere & Co.		236,738
	2,302	Xylem, Inc.		184,574

				421,312

Media – 1.5%
	3,638	Comcast Corp., Class A		163,019

Pharmaceuticals – 5.9%
	3,000	AstraZeneca PLC ADR (United Kingdom)		168,000
	1,440	Eli Lilly and Co.		213,681
	1,736	Johnson & Johnson		266,320

				648,001

Road & Rail – 2.5%
	1,434	Union Pacific Corp.		275,959

Semiconductors & Semiconductor Equipment – 6.4%
	4,469	Marvell Technology Group Ltd.		173,308
	609	NVIDIA Corp.		325,803
	1,406	Texas Instruments, Inc.		199,863

				698,974

Software – 10.8%
	556	Adobe, Inc.*		285,445
	3,314	Microsoft Corp.		747,406
	648	Workday, Inc., Class A*		155,332

				1,188,183

Specialty Retail – 3.6%
	1,384	Lowe’s Cos., Inc.		227,931
	1,884	Ross Stores, Inc.		171,595

				399,526

Technology Hardware, Storage & Peripherals – 8.1%
	6,904	Apple, Inc.		890,892

Textiles, Apparel & Luxury Goods – 2.5%
	2,397	NIKE, Inc., Class B		268,200


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

GOLDMAN SACHS U.S. EQUITY ESG FUND


Shares		Description	Value

Common Stocks – (continued)
Water Utilities – 1.7%
	1,334	American Water Works Co., Inc.	$	188,548

	TOTAL COMMON STOCKS
	(Cost $8,569,401)		$	10,872,092


Shares		Dividend Rate	Value

Investment Company – 1.1%^(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	118,383	0.027%	$	118,383
	(Cost $118,383)

	TOTAL INVESTMENTS – 100.3%
	(Cost $8,687,784)		$	10,990,475

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%			(26,919	)

	NET ASSETS – 100.0%		$	10,963,556



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

*		Non-income producing security.

(a)		Represents an affiliated issuer.



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


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Assets and Liabilities

August 31, 2020


	Capital Growth Fund		Concentrated Growth Fund		Flexible Cap Fund
Assets:
Investments in unaffiliated issuers, at value (cost $594,435,419, $89,150,470 and $16,386,955, respectively)	$	964,862,198	$	184,361,050	$	23,428,330
Investments in affiliated issuers, at value (cost $1,589,879, $950,092 and $100,184, respectively)		1,589,879		950,092		100,184
Cash		9,811,704		501,952		52,265
Receivables:
Dividends		1,117,315		146,321		27,795
Fund shares sold		817,180		115,678		37,700
Reimbursement from investment adviser		4,278		1,537		87
Foreign tax reclaims		2,471		—		—
Securities lending income		1,100		—		—
Other assets		67,577		57,819		74,765
Total assets		978,273,702		186,134,449		23,721,126

Liabilities:
Payables:
Management fees		596,959		132,614		53,012
Fund shares redeemed		589,470		16,777		—
Distribution and Service fees and Transfer Agency fees		287,651		8,484		3,861
Accrued expenses		326,674		158,682		135,396
Total liabilities		1,800,754		316,557		192,269

Net Assets:
Paid-in capital		587,181,347		80,966,876		15,296,527
Total distributable earnings		389,291,601		104,851,016		8,232,330
NET ASSETS	$	976,472,948	$	185,817,892	$	23,528,857
Net Assets:
Class A	$	776,918,560	$	9,302,571	$	5,842,477
Class C		16,596,049		1,161,705		1,515,910
Institutional		64,707,945		13,744,078		594,059
Service		1,814,368		—		—
Investor		8,702,851		189,408		37,630
Class R6		2,454,143		805,730		226,102
Class R		10,097,107		32,801		49,369
Class P		95,181,925		160,581,599		15,263,310
Total Net Assets	$	976,472,948	$	185,817,892	$	23,528,857
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		28,840,023		405,997		424,086
Class C		1,034,208		66,140		129,847
Institutional		2,074,890		551,446		39,576
Service		71,268		—		—
Investor		315,799		8,072		2,567
Class R6		78,804		32,407		15,094
Class R		398,723		1,502		3,761
Class P		3,057,249		6,460,743		1,018,423
Net asset value, offering and redemption price per share:^(a)
Class A		$26.94		$22.91		$13.78
Class C		16.05		17.56		11.67
Institutional		31.19		24.92		15.01
Service		25.46		—		—
Investor		27.56		23.46		14.66
Class R6		31.14		24.86		14.98
Class R		25.32		21.84		13.13
Class P		31.13		24.85		14.99

(a)

Maximum public offering price per share for Class A Shares of the Capital Growth, Concentrated Growth and Flexible Cap Funds is $28.51, $24.24 and $14.58, 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.


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Assets and Liabilities (continued)

August 31, 2020


	Growth Opportunities Fund		Small Cap Growth Fund		Small/Mid Cap Growth Fund
Assets:
Investments in unaffiliated issuers, at value (cost $908,856,914, $10,396,361 and $1,618,448,195, respectively)^(a)	$	1,256,509,082	$	13,692,478	$	2,247,309,296
Investments in affiliated issuers, at value (cost $1,701,230, $76,393 and $25,252,010, respectively)		1,701,230		76,393		25,252,010
Investments in securities lending reinvestment vehicle, at value which equals cost		—		—		13,387,318
Cash		2,015,781		69,983		1,999,933
Deferred offering costs		—		10,861		—
Receivables:
Fund shares sold		4,038,852		—		5,560,426
Dividends		693,694		3,961		1,385,082
Reimbursement from investment adviser		157,937		27,495		54,820
Investments sold		—		—		12,070,324
Securities lending income		—		—		9,796
Other assets		80,856		76,229		123,085
Total assets		1,265,197,432		13,957,400		2,307,152,090

Liabilities:
Payables:
Fund shares redeemed		4,534,805		10,000		3,178,043
Management fees		969,609		9,519		1,583,386
Distribution and Service fees and Transfer Agency fees		220,138		604		374,743
Investments purchased		—		—		2,910,245
Upon return of securities loaned		—		—		13,387,318
Offering costs		—		23,856		—
Accrued expenses		341,891		106,433		534,725
Total liabilities		6,066,443		150,421		21,968,460

Net Assets:
Paid-in capital		712,498,915		9,876,331		1,408,556,284
Total distributable earnings		546,632,074		3,930,648		876,627,346
NET ASSETS	$	1,259,130,989	$	13,806,979	$	2,285,183,630
Net Assets:
Class A	$	347,643,923	$	175,433	$	309,715,136
Class C		28,894,061		91,356		153,834,951
Institutional		442,693,444		10,516,410		921,411,624
Service		27,722,503		—		32,214,891
Investor		81,927,838		64,284		495,628,677
Class R6		211,479,691		64,358		73,863,151
Class R		48,780,183		64,016		13,208,597
Class P		69,989,346		2,831,122		285,306,603
Total Net Assets	$	1,259,130,989	$	13,806,979	$	2,285,183,630
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		20,277,812		13,698		13,145,890
Class C		4,261,094		7,169		8,276,758
Institutional		18,908,645		818,787		35,311,845
Service		1,788,189		—		1,425,398
Investor		4,334,136		5,010		19,860,030
Class R6		9,021,899		5,011		2,828,075
Class R		3,141,233		5,006		593,895
Class P		2,984,463		220,513		10,922,379
Net asset value, offering and redemption price per share:^(b)
Class A		$17.14		$12.81		$23.56
Class C		6.78		12.74		18.59
Institutional		23.41		12.84		26.09
Service		15.50		—		22.60
Investor		18.90		12.83		24.96
Class R6		23.44		12.84		26.12
Class R		15.53		12.79		22.24
Class P		23.45		12.84		26.12

(a)

Includes loaned securities having a market value of $–, $– and $13,094,787 for Growth Opportunities, Small Cap Growth and Small/Mid Cap Growth Funds, respectively.

(b)

Maximum public offering price per share for Class A Shares of the Growth Opportunities, Small Cap Growth and Small/Mid Cap Growth Funds is $18.14, $13.56 and $24.93, 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.		71

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Assets and Liabilities (continued)

August 31, 2020


	Strategic Growth Fund		Technology Opportunities Fund		U.S. Equity ESG Fund
Assets:
Investments in unaffiliated issuers, at value (cost $77,789,866, $350,991,092 and $8,569,401, respectively)	$	183,771,196	$	748,913,558	$	10,872,092
Investments in affiliated issuers, at value (cost $91,121, $21,043,925 and $118,383, respectively)		91,121		21,043,925		118,383
Cash		500,233		499,951		51,346
Receivables:
Fund shares sold		116,024		1,950,511		1,943
Dividends		110,815		360,040		15,586
Reimbursement from investment adviser		1,275		57,627		277
Securities lending income		213		—		—
Investments sold		—		—		4,242,836
Other assets		69,415		112,373		42,674
Total assets		184,660,292		772,937,985		15,345,137

Liabilities:
Payables:
Fund shares redeemed		252,006		1,068,669		1,674
Management fees		103,912		573,825		50,921
Distribution and Service fees and Transfer Agency fees		20,506		198,619		3,827
Investments purchased		—		—		4,194,499
Accrued expenses		222,469		255,859		130,660
Total liabilities		598,893		2,096,972		4,381,581

Net Assets:
Paid-in capital		56,818,773		325,609,367		7,574,298
Total distributable earnings		127,242,626		445,231,646		3,389,258
NET ASSETS	$	184,061,399	$	770,841,013	$	10,963,556
Net Assets:
Class A	$	36,688,045	$	429,267,304	$	5,448,313
Class C		4,522,372		30,011,037		1,985,235
Institutional		60,473,915		157,266,939		1,008,362
Service		504,683		41,024,289		—
Investor		2,758,186		48,386,553		343,902
Class R6		509,389		1,329,747		1,324,483
Class R		65,739		—		22,951
Class P		78,539,070		63,555,144		830,310
Total Net Assets	$	184,061,399	$	770,841,013	$	10,963,556
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		3,264,916		14,425,611		348,516
Class C		681,738		1,384,052		134,193
Institutional		4,693,959		4,549,374		63,813
Service		45,989		1,426,064		—
Investor		214,998		1,431,812		21,753
Class R6		39,618		38,444		83,790
Class R		6,162		—		1,460
Class P		6,118,965		1,837,509		52,556
Net asset value, offering and redemption price per share:^(a)
Class A		$11.24		$29.76		$15.63
Class C		6.63		21.68		14.79
Institutional		12.88		34.57		15.80
Service		10.97		28.77		—
Investor		12.83		33.79		15.81
Class R6		12.86		34.59		15.81
Class R		10.67		—		15.72
Class P		12.84		34.59		15.80

(a)

Maximum public offering price per share for Class A Shares of the Strategic Growth, Technology Opportunities and U.S. Equity ESG Funds is $11.89, $31.49 and $16.54, 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.


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Operations

For the Fiscal Year Ended August 31, 2020


	Capital Growth Fund			Concentrated Growth Fund			Flexible Cap Fund
Investment income:

Dividends — unaffiliated issuers (net of foreign withholding taxes of $9,269, $8,278 and $98, respectively)	$	12,241,581		$	1,135,150		$	318,594

Dividends — affiliated issuers		27,115			9,971			482

Securities lending income — unaffiliated issuer		25,977			3,989			—

Total investment income		12,294,673			1,149,110			319,076

Expenses:

Management fees		6,308,632			1,184,546			110,718

Distribution and Service fees^(a)		1,975,112			28,065			27,761

Transfer Agency fees^(a)		1,292,803			59,701			15,790

Custody, accounting and administrative services		233,967			35,026			18,601

Printing and mailing costs		208,947			25,521			34,723

Registration fees		125,360			101,182			68,296

Professional fees		113,798			98,646			124,923

Shareholder meeting expense		40,264			6,228			5,389

Trustee fees		21,150			20,018			19,807

Service Share fees — Service Plan		4,099			—			—

Service Share fees — Shareholder Administration Plan		4,099			—			—

Other		52,388			23,809			12,655

Total expenses		10,380,619			1,582,742			438,663

Less — expense reductions		(727,351	)		(301,842	)		(278,301	)

Net expenses		9,653,268			1,280,900			160,362

NET INVESTMENT INCOME (LOSS)		2,641,405			(131,790	)		158,714

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		35,198,943			13,618,666			1,298,428

Foreign currency transactions		46			—			—

Net change in unrealized gain (loss) on:

Investments		143,217,967			42,115,306			2,881,593

Foreign currency translations		43			—			—

Net realized and unrealized gain		178,416,999			55,733,972			4,180,021

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	181,058,404		$	55,602,182		$	4,338,735

(a)

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


	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Capital Growth	$	1,761,709	$	170,201	$	43,202	$	1,185,576	$	28,669	$	23,957	$	656	$	12,673	$	665	$	14,534	$	26,073
Concentrated Growth		18,377		9,537		151		12,352		1,603		4,946		—		243		177		51		40,329
Flexible Cap		13,868		13,685		208		9,335		2,302		246		—		84		61		70		3,692


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Operations (continued)

For the Fiscal Year Ended August 31, 2020


	Growth Opportunities Fund			Small Cap Growth Fund^(a)			Small/Mid Cap Growth Fund
Investment income:

Dividends — unaffiliated issuers	$	6,905,189		$	22,077		$	8,906,560

Dividends — affiliated issuers		141,783			1,129			346,081

Securities lending income — unaffiliated issuer		56,145			—			1,207,013

Total investment income		7,103,117			23,206			10,459,654

Expenses:

Management fees		10,612,054			54,918			16,330,551

Distribution and Service fees^(b)		1,321,804			951			2,265,394

Transfer Agency fees^(b)		1,028,480			2,781			1,814,619

Printing and mailing costs		192,917			28,640			392,842

Custody, accounting and administrative services		188,744			135,523			266,190

Registration fees		131,247			2,282			148,511

Professional fees		114,729			177,970			114,746

Service Share fees — Service Plan		60,964			—			44,708

Service Share fees — Shareholder Administration Plan		60,964			—			44,708

Shareholder meeting expense		57,048			1,200			79,117

Trustee fees		21,538			18,417			22,735

Organization costs		—			12,000			—

Amortization of offering costs		—			63,114			—

Other		54,388			26,914			72,817

Total expenses		13,844,877			524,710			21,596,938

Less — expense reductions		(1,534,800	)		(463,497	)		(511,106	)

Net expenses		12,310,077			61,213			21,085,832

NET INVESTMENT LOSS		(5,206,960	)		(38,007	)		(10,626,178	)

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		255,050,008			681,031			333,727,471

Foreign currency transactions		(33	)		—			—

Net change in unrealized gain (loss) on:

Investments		47,781,792			3,296,117			235,696,580

Net realized and unrealized gain		302,831,767			3,977,148			569,424,051

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	297,624,807		$	3,939,141		$	558,797,873

(a)

For the period October 31, 2019 (commencement of operations) through August 31, 2020.

(b)

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


	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Growth Opportunities	$	780,305	$	326,432	$	215,067	$	524,906	$	54,988	$	168,531	$	9,754	$	124,093	$	54,684	$	72,344	$	19,180
Small Cap Growth		183		545		222		122		91		2,182		—		75		13		75		223
Small/Mid Cap Growth		684,418		1,514,238		66,738		460,444		254,842		319,969		7,154		668,767		17,936		22,476		63,031


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Operations (continued)

For the Fiscal Year Ended August 31, 2020


	Strategic Growth Fund			Technology Opportunities Fund			U.S. Equity ESG Fund
Investment income:

Dividends — unaffiliated issuers (net of foreign withholding taxes of $2,925, $27,346 and $–, respectively)	$	1,325,076		$	3,869,380		$	181,722

Dividends — affiliated issuers		8,138			76,605			1,738

Securities lending income — unaffiliated issuer		3,923			5,818			29

Total investment income		1,337,137			3,951,803			183,489

Expenses:

Management fees		1,122,165			5,144,878			60,006

Professional fees		114,857			114,848			113,890

Distribution and Service fees^(a)		112,797			1,081,704			27,653

Registration fees		104,564			109,380			92,662

Transfer Agency fees^(a)		101,654			706,642			12,321

Printing and mailing costs		53,624			150,757			33,578

Custody, accounting and administrative services		28,126			92,616			16,523

Trustee fees		20,018			20,627			19,792

Shareholder meeting expense		10,335			32,734			3,866

Service Share fees — Service Plan		1,258			78,490			—

Service Share fees — Shareholder Administration Plan		1,258			78,490			—

Other		34,370			26,275			12,512

Total expenses		1,705,026			7,637,441			392,803

Less — expense reductions		(350,540	)		(848,391	)		(281,890	)

Net expenses		1,354,486			6,789,050			110,913

NET INVESTMENT INCOME (LOSS)		(17,349	)		(2,837,247	)		72,576

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		24,739,132			64,543,294			1,207,438

Net change in unrealized gain (loss) on:

Investments		34,445,849			186,929,345			419,704

Net realized and unrealized gain		59,184,981			251,472,639			1,627,142

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	59,167,632		$	248,635,392		$	1,699,718

(a)

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


	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Strategic Growth	$	73,308	$	38,633	$	856	$	49,289	$	6,498	$	20,455	$	201	$	3,658	$	105	$	290	$	21,158
Technology Opportunities		830,497		251,207		—		558,043		42,224		38,762		12,559		44,532		132		—		10,390
U.S. Equity ESG		11,016		16,536		101		7,406		2,779		343		—		690		614		34		455


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets


	Capital Growth Fund						Concentrated Growth Fund
	For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
From operations:

Net investment income (loss)	$	2,641,405		$	3,625,348		$	(131,790	)	$	224,806

Net realized gain		35,198,989			30,818,678			13,618,666			9,576,769

Net change in unrealized gain (loss)		143,218,010			(11,480,667	)		42,115,306			(6,498,998	)

Net increase in net assets resulting from operations		181,058,404			22,963,359			55,602,182			3,302,577

Distributions to shareholders:

From distributable earnings:

Class A Shares		(29,383,082	)		(220,760,042	)		(570,407	)		(710,810	)

Class C Shares		(1,094,018	)		(8,782,823	)		(82,505	)		(148,426	)

Institutional Shares		(2,359,339	)		(18,835,285	)		(939,102	)		(1,532,532	)

Service Shares		(70,266	)		(533,521	)		—			—

Investor Shares		(310,127	)		(2,665,392	)		(11,029	)		(44,432	)

Class R6 Shares		(78,605	)		(16,308	)		(40,913	)		(11,481	)

Class R Shares		(366,639	)		(2,616,026	)		(3,148	)		(3,862	)

Class P Shares		(3,401,935	)		(26,269,986	)		(10,103,292	)		(14,440,076	)

Total distributions to shareholders		(37,064,011	)		(280,479,383	)		(11,750,396	)		(16,891,619	)

From share transactions:

Proceeds from sales of shares		32,027,024			85,928,898			6,673,794			5,983,510

Reinvestment of distributions		35,117,504			266,002,222			11,629,845			16,689,324

Cost of shares redeemed		(126,823,345	)		(215,035,892	)		(25,388,297	)		(26,762,615	)

Net increase (decrease) in net assets resulting from share transactions		(59,678,817	)		136,895,228			(7,084,658	)		(4,089,781	)

TOTAL INCREASE (DECREASE)		84,315,576			(120,620,796	)		36,767,128			(17,678,823	)

Net assets:

Beginning of year		892,157,372			1,012,778,168			149,050,764			166,729,587

End of year	$	976,472,948		$	892,157,372		$	185,817,892		$	149,050,764


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets (continued)


	Flexible Cap Fund						Growth Opportunities Fund
	For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
From operations:

Net investment income (loss)	$	158,714		$	176,344		$	(5,206,960	)	$	(4,816,143	)

Net realized gain		1,298,428			957,027			255,049,975			345,093,064

Net change in unrealized gain (loss)		2,881,593			(762,685	)		47,781,792			(289,910,670	)

Net increase in net assets resulting from operations		4,338,735			370,686			297,624,807			50,366,251

Distributions to shareholders:

From distributable earnings:

Class A Shares		(329,577	)		(420,196	)		(84,857,623	)		(97,130,292	)

Class C Shares		(83,942	)		(104,102	)		(17,520,548	)		(19,969,153	)

Institutional Shares		(35,557	)		(114,070	)		(101,191,952	)		(187,967,343	)

Service Shares		—			—			(7,618,287	)		(8,365,708	)

Investor Shares		(4,078	)		(5,174	)		(18,957,577	)		(17,580,366	)

Class R6 Shares		(12,478	)		(1,067	)		(39,106,235	)		(51,920,508	)

Class R Shares		(2,314	)		(3,964	)		(12,585,464	)		(13,633,189	)

Class P Shares		(648,520	)		(930,190	)		(13,993,377	)		(17,766,747	)

Total distributions to shareholders		(1,116,466	)		(1,578,763	)		(295,831,063	)		(414,333,306	)

From share transactions:

Proceeds from sales of shares		2,838,561			1,466,388			246,951,218			329,505,308

Reinvestment of distributions		1,116,467			1,575,048			272,525,182			380,325,508

Cost of shares redeemed		(2,328,449	)		(4,328,331	)		(526,294,400	)		(1,268,052,897	)

Net increase (decrease) in net assets resulting from share transactions		1,626,579			(1,286,895	)		(6,818,000	)		(558,222,081	)

TOTAL INCREASE (DECREASE)		4,848,848			(2,494,972	)		(5,024,256	)		(922,189,136	)

Net assets:

Beginning of year		18,680,009			21,174,981			1,264,155,245			2,186,344,381

End of year	$	23,528,857		$	18,680,009		$	1,259,130,989		$	1,264,155,245


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets (continued)


	Small Cap Growth Fund			Small/Mid Cap Growth Fund
	For the period October 31, 2019* to August 31, 2020			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
From operations:

Net investment loss	$	(38,007	)	$	(10,626,178	)	$	(8,926,397	)

Net realized gain		681,031			333,727,471			302,273,390

Net change in unrealized gain (loss)		3,296,117			235,696,580			(261,008,285	)

Net increase in net assets resulting from operations		3,939,141			558,797,873			32,338,708

Distributions to shareholders:

From distributable earnings:

Class A Shares		(82	)		(39,805,523	)		(49,982,088	)

Class C Shares		(18	)		(27,720,082	)		(37,660,467	)

Institutional Shares		(8,547	)		(106,605,505	)		(146,388,336	)

Service Shares		—			(2,626,257	)		(2,862,516	)

Investor Shares		(104	)		(52,201,231	)		(73,001,992	)

Class R6 Shares		(117	)		(7,519,351	)		(6,417,937	)

Class R Shares		(61	)		(2,127,370	)		(3,278,948	)

Class P Shares		(117	)		(24,025,405	)		(34,099,828	)

Total distributions to shareholders		(9,046	)		(262,630,724	)		(353,692,112	)

From share transactions:

Proceeds from sales of shares		10,431,165			584,729,950			429,635,141

Reinvestment of distributions		9,047			237,385,247			317,808,677

Cost of shares redeemed		(563,328	)		(834,560,777	)		(928,309,800	)

Net increase (decrease) in net assets resulting from share transactions		9,876,884			(12,445,580	)		(180,865,982	)

TOTAL INCREASE (DECREASE)		13,806,979			283,721,569			(502,219,386	)

Net assets:

Beginning of period		—			2,001,462,061			2,503,681,447

End of period	$	13,806,979		$	2,285,183,630		$	2,001,462,061

Commencement of operations.


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets (continued)


	Strategic Growth Fund						Technology Opportunities Fund
	For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
From operations:

Net investment income (loss)	$	(17,349	)	$	387,676		$	(2,837,247	)	$	(2,390,378	)

Net realized gain		24,739,132			24,277,367			64,543,294			64,120,066

Net change in unrealized gain (loss)		34,445,849			(26,085,430	)		186,929,345			(46,141,622	)

Net increase (decrease) in net assets resulting from operations		59,167,632			(1,420,387	)		248,635,392			15,588,066

Distributions to shareholders:

From distributable earnings:

Class A Shares		(4,611,552	)		(9,959,880	)		(46,818,272	)		(59,848,450	)

Class C Shares		(998,734	)		(2,011,947	)		(4,769,848	)		(6,783,789	)

Institutional Shares		(7,359,404	)		(19,817,247	)		(10,990,995	)		(12,889,684	)

Service Shares		(100,316	)		(180,451	)		(4,475,409	)		(6,202,770	)

Investor Shares		(235,813	)		(1,098,042	)		(2,550,857	)		(3,690,377	)

Class R6 Shares		(54,771	)		(4,416	)		(32,559	)		(2,018	)

Class R Shares		(41,983	)		(97,377	)		—			—

Class P Shares		(10,817,531	)		(27,631,178	)		(3,525,530	)		(4,533,680	)

Total distributions to shareholders		(24,220,104	)		(60,800,538	)		(73,163,470	)		(93,950,768	)

From share transactions:

Proceeds from sales of shares		27,015,766			29,238,433			203,785,120			100,347,012

Reinvestment of distributions		23,784,787			59,192,504			68,777,718			87,902,456

Cost of shares redeemed		(62,657,586	)		(87,998,353	)		(155,360,052	)		(169,331,009	)

Net increase (decrease) in net assets resulting from share transactions		(11,857,033	)		432,584			117,202,786			18,918,459

TOTAL INCREASE (DECREASE)		23,090,495			(61,788,341	)		292,674,708			(59,444,243	)

Net assets:

Beginning of year		160,970,904			222,759,245			478,166,305			537,610,548

End of year	$	184,061,399		$	160,970,904		$	770,841,013		$	478,166,305


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets (continued)


	U.S. Equity ESG Fund
	For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
From operations:

Net investment income	$	72,576		$	109,973

Net realized gain		1,207,438			295,213

Net change in unrealized gain		419,704			494,609

Net increase in net assets resulting from operations		1,699,718			899,795

Distributions to shareholders:

From distributable earnings:

Class A Shares		(177,225	)		(213,475	)

Class C Shares		(59,804	)		(26,622	)

Institutional Shares		(39,352	)		(279,538	)

Investor Shares		(11,386	)		(20,921	)

Class R6 Shares		(123,480	)		(903	)

Class R Shares		(824	)		(1,678	)

Class P Shares		(100,044	)		(174,322	)

Total distributions to shareholders		(512,115	)		(717,459	)

From share transactions:

Proceeds from sales of shares		2,753,884			8,917,461

Reinvestment of distributions		486,610			669,296

Cost of shares redeemed		(6,067,463	)		(7,131,548	)

Net increase (decrease) in net assets resulting from share transactions		(2,826,969	)		2,455,209

TOTAL INCREASE (DECREASE)		(1,639,366	)		2,637,545

Net assets:

Beginning of period		12,602,922			9,965,377

End of period	$	10,963,556		$	12,602,922


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

GOLDMAN SACHS CAPITAL GROWTH FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Capital Growth Fund
	Class A Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	22.93		$	32.46		$	28.92		$	24.15		$	24.80

Net investment income^(a)		0.05			0.08			0.02			0.04			0.03

Net realized and unrealized gain (loss)		4.93			(0.28	)		6.01			5.07			1.37

Total from investment operations		4.98			(0.20	)		6.03			5.11			1.40

Distributions to shareholders from net investment income		(0.08	)		—	^(b)		(0.02	)		(0.01	)		—

Distributions to shareholders from net realized gains		(0.89	)		(9.33	)		(2.47	)		(0.33	)		(2.05	)

Total distributions		(0.97	)		(9.33	)		(2.49	)		(0.34	)		(2.05	)

Net asset value, end of year	$	26.94		$	22.93		$	32.46		$	28.92		$	24.15

Total Return^(c)		22.26	%		3.72	%		22.01	%		21.47	%		5.79	%

Net assets, end of year (in 000’s)	$	776,919		$	708,827		$	745,362		$	671,371		$	630,091

Ratio of net expenses to average net assets		1.14	%		1.14	%		1.14	%		1.15	%		1.15	%

Ratio of total expenses to average net assets		1.22	%		1.22	%		1.31	%		1.51	%		1.51	%

Ratio of net investment income to average net assets		0.23	%		0.36	%		0.06	%		0.14	%		0.11	%

Portfolio turnover rate^(d)		47	%		55	%		93	%		48	%		45	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

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

(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.		81

GOLDMAN SACHS CAPITAL GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Capital Growth Fund
	Class C Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	14.05		$	24.01		$	22.13		$	18.68		$	19.77

Net investment loss^(a)		(0.06	)		(0.07	)		(0.16	)		(0.12	)		(0.12	)

Net realized and unrealized gain (loss)		2.95			(0.56	)		4.51			3.90			1.08

Total from investment operations		2.89			(0.63	)		4.35			3.78			0.96

Distributions to shareholders from net realized gains		(0.89	)		(9.33	)		(2.47	)		(0.33	)		(2.05	)

Net asset value, end of year	$	16.05		$	14.05		$	24.01		$	22.13		$	18.68

Total Return^(b)		21.37	%		3.01	%		21.11	%		20.59	%		4.98	%

Net assets, end of year (in 000’s)	$	16,596		$	18,674		$	65,983		$	62,701		$	68,960

Ratio of net expenses to average net assets		1.89	%		1.89	%		1.89	%		1.90	%		1.90	%

Ratio of total expenses to average net assets		1.97	%		1.97	%		2.06	%		2.26	%		2.26	%

Ratio of net investment (loss) to average net assets		(0.45	)%		(0.41	)%		(0.70	)%		(0.61	)%		(0.64	)%

Portfolio turnover rate^(c)		47	%		55	%		93	%		48	%		45	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS CAPITAL GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Capital Growth Fund
	Institutional Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	26.39		$	35.76		$	31.60		$	26.35		$	26.82

Net investment income^(a)		0.16			0.20			0.13			0.15			0.13

Net realized and unrealized gain (loss)		5.70			(0.17	)		6.62			5.54			1.49

Total from investment operations		5.86			0.03			6.75			5.69			1.62

Distributions to shareholders from net investment income		(0.17	)		(0.07	)		(0.12	)		(0.11	)		(0.04	)

Distributions to shareholders from net realized gains		(0.89	)		(9.33	)		(2.47	)		(0.33	)		(2.05	)

Total distributions		(1.06	)		(9.40	)		(2.59	)		(0.44	)		(2.09	)

Net asset value, end of year	$	31.19		$	26.39		$	35.76		$	31.60		$	26.35

Total Return^(b)		22.71	%		4.14	%		22.50	%		21.96	%		6.19	%

Net assets, end of year (in 000’s)	$	64,708		$	60,169		$	77,293		$	165,948		$	141,442

Ratio of net expenses to average net assets		0.76	%		0.75	%		0.75	%		0.75	%		0.75	%

Ratio of total expenses to average net assets		0.84	%		0.83	%		0.93	%		1.11	%		1.11	%

Ratio of net investment income to average net assets		0.58	%		0.74	%		0.40	%		0.54	%		0.50	%

Portfolio turnover rate^(c)		47	%		55	%		93	%		48	%		45	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS CAPITAL GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Capital Growth Fund
	Service Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	21.73		$	31.33		$	28.00		$	23.40		$	24.12

Net investment income (loss)^(a)		0.03			0.06			(0.01	)		—			—	^(b)

Net realized and unrealized gain (loss)		4.66			(0.33	)		5.81			4.93			1.33

Total from investment operations		4.69			(0.27	)		5.80			4.93			1.33

Distributions to shareholders from net investment income		(0.07	)		—			—			—			—

Distributions to shareholders from net realized gains		(0.89	)		(9.33	)		(2.47	)		(0.33	)		(2.05	)

Total distributions		(0.96	)		(9.33	)		(2.47	)		(0.33	)		(2.05	)

Net asset value, end of year	$	25.46		$	21.73		$	31.33		$	28.00		$	23.40

Total Return^(c)		22.12	%		3.57	%		21.91	%		21.36	%		5.66	%

Net assets, end of year (in 000’s)	$	1,814		$	1,546		$	1,802		$	1,437		$	1,561

Ratio of net expenses to average net assets		1.26	%		1.25	%		1.25	%		1.25	%		1.25	%

Ratio of total expenses to average net assets		1.34	%		1.33	%		1.41	%		1.61	%		1.61	%

Ratio of net investment income (loss) to average net assets		0.13	%		0.25	%		(0.04	)%		0.02	%		0.01	%

Portfolio turnover rate^(d)		47	%		55	%		93	%		48	%		45	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


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

GOLDMAN SACHS CAPITAL GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Capital Growth Fund
	Investor Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	23.43		$	32.94		$	29.31		$	24.48		$	25.07

Net investment income^(a)		0.11			0.15			0.09			0.11			0.08

Net realized and unrealized gain (loss)		5.05			(0.28	)		6.11			5.13			1.40

Total from investment operations		5.16			(0.13	)		6.20			5.24			1.48

Distributions to shareholders from net investment income		(0.14	)		(0.05	)		(0.10	)		(0.08	)		(0.02	)

Distributions to shareholders from net realized gains		(0.89	)		(9.33	)		(2.47	)		(0.33	)		(2.05	)

Total distributions		(1.03	)		(9.38	)		(2.57	)		(0.41	)		(2.07	)

Net asset value, end of year	$	27.56		$	23.43		$	32.94		$	29.31		$	24.48

Total Return^(b)		22.56	%		3.96	%		22.35	%		21.77	%		6.05	%

Net assets, end of year (in 000’s)	$	8,703		$	6,649		$	9,259		$	8,496		$	4,297

Ratio of net expenses to average net assets		0.89	%		0.89	%		0.89	%		0.90	%		0.90	%

Ratio of total expenses to average net assets		0.96	%		0.97	%		1.06	%		1.26	%		1.26	%

Ratio of net investment income to average net assets		0.46	%		0.60	%		0.31	%		0.43	%		0.35	%

Portfolio turnover rate^(c)		47	%		55	%		93	%		48	%		45	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS CAPITAL GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Capital Growth Fund
	Class R6 Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	26.35		$	35.75		$	31.60		$	26.34		$	26.82

Net investment income^(a)		0.16			0.19			0.20			0.16			0.13

Net realized and unrealized gain (loss)		5.69			(0.17	)		6.55			5.55			1.49

Total from investment operations		5.85			0.02			6.75			5.71			1.62

Distributions to shareholders from net investment income		(0.17	)		(0.09	)		(0.13	)		(0.12	)		(0.05	)

Distributions to shareholders from net realized gains		(0.89	)		(9.33	)		(2.47	)		(0.33	)		(2.05	)

Total distributions		(1.06	)		(9.42	)		(2.60	)		(0.45	)		(2.10	)

Net asset value, end of year	$	31.14		$	26.35		$	35.75		$	31.60		$	26.34

Total Return^(b)		22.71	%		4.12	%		22.53	%		21.99	%		6.19	%

Net assets, end of year (in 000’s)	$	2,454		$	2,313		$	60		$	16		$	10

Ratio of net expenses to average net assets		0.75	%		0.74	%		0.74	%		0.75	%		0.74	%

Ratio of total expenses to average net assets		0.83	%		0.83	%		0.90	%		1.10	%		1.09	%

Ratio of net investment income to average net assets		0.59	%		0.75	%		0.60	%		0.56	%		0.52	%

Portfolio turnover rate^(c)		47	%		55	%		93	%		48	%		45	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS CAPITAL GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Capital Growth Fund
	Class R Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	21.63		$	31.26		$	28.01		$	23.44		$	24.19

Net investment income (loss)^(a)		—	^(b)		0.02			(0.06	)		(0.03	)		(0.03	)

Net realized and unrealized gain (loss)		4.62			(0.32	)		5.81			4.93			1.33

Total from investment operations		4.62			(0.30	)		5.75			4.90			1.30

Distributions to shareholders from net investment income		(0.04	)		—			(0.03	)		—			—

Distributions to shareholders from net realized gains		(0.89	)		(9.33	)		(2.47	)		(0.33	)		(2.05	)

Total distributions		(0.93	)		(9.33	)		(2.50	)		(0.33	)		(2.05	)

Net asset value, end of year	$	25.32		$	21.63		$	31.26		$	28.01		$	23.44

Total Return^(c)		21.90	%		3.47	%		21.73	%		21.19	%		5.51	%

Net assets, end of year (in 000’s)	$	10,097		$	8,559		$	8,887		$	8,093		$	3,450

Ratio of net expenses to average net assets		1.39	%		1.39	%		1.39	%		1.40	%		1.40	%

Ratio of total expenses to average net assets		1.47	%		1.47	%		1.56	%		1.77	%		1.76	%

Ratio of net investment income (loss) to average net assets		0.01	%		0.11	%		(0.20	)%		(0.10	)%		(0.15	)%

Portfolio turnover rate^(d)		47	%		55	%		93	%		48	%		45	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


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

GOLDMAN SACHS CAPITAL GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Capital Growth Fund
	Class P Shares
	Year Ended August 31,						Period Ended August 31, 2018^(a)
	2020			2019			Period Ended August 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	26.34		$	35.74		$	33.39

Net investment income^(b)		0.16			0.20			0.09

Net realized and unrealized gain (loss)		5.69			(0.18	)		2.26

Total from investment operations		5.85			0.02			2.35

Distributions to shareholders from net investment income		(0.17	)		(0.09	)		—

Distributions to shareholders from net realized gains		(0.89	)		(9.33	)		—

Total distributions		(1.06	)		(9.42	)		—

Net asset value, end of period	$	31.13		$	26.34		$	35.74

Total Return^(c)		22.73	%		4.13	%		7.04	%

Net assets, end of period (in 000’s)	$	95,182		$	85,422		$	104,131

Ratio of net expenses to average net assets		0.75	%		0.74	%		0.74	%^(d)

Ratio of total expenses to average net assets		0.83	%		0.82	%		0.85	%^(d)

Ratio of net investment income to average net assets		0.59	%		0.75	%		0.72	%^(d)

Portfolio turnover rate^(e)		47	%		55	%		93	%

(a)

Commenced operations on April 17, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

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

(d)

Annualized.

(e)


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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Concentrated Growth Fund
	Class A Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	17.55		$	19.33		$	17.62		$	15.06		$	16.06

Net investment income (loss)^(a)		(0.08	)		(0.03	)		(0.01	)		0.02			—	^(b)

Net realized and unrealized gain		6.92			0.35			3.82			2.64			0.81

Total from investment operations		6.84			0.32			3.81			2.66			0.81

Distributions to shareholders from net investment income		—			—			—	^(c)		(0.03	)		—

Distributions to shareholders from net realized gains		(1.48	)		(2.10	)		(2.10	)		(0.07	)		(1.81	)

Total distributions		(1.48	)		(2.10	)		(2.10	)		(0.10	)		(1.81	)

Net asset value, end of year	$	22.91		$	17.55		$	19.33		$	17.62		$	15.06

Total Return^(d)		41.52	%		3.58	%		23.68	%		17.75	%		5.10	%

Net assets, end of year (in 000’s)	$	9,302		$	6,735		$	5,633		$	5,462		$	6,573

Ratio of net expenses to average net assets		1.16	%		1.16	%		1.17	%		1.20	%		1.22	%

Ratio of total expenses to average net assets		1.37	%		1.45	%		1.51	%		1.65	%		1.63	%

Ratio of net investment income (loss) to average net assets		(0.44	)%		(0.18	)%		(0.05	)%		0.11	%		0.03	%^(b)

Portfolio turnover rate^(e)		36	%		40	%		44	%		54	%^(f)		55	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

Amount is less than $0.005 per share.

(d)

(e)

(f)

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


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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Concentrated Growth Fund
	Class C Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	13.87		$	15.88		$	14.93		$	12.84		$	14.05

Net investment loss^(a)		(0.17	)		(0.13	)		(0.12	)		(0.08	)		(0.09	)^(b)

Net realized and unrealized gain		5.34			0.22			3.17			2.24			0.69

Total from investment operations		5.17			0.09			3.05			2.16			0.60

Distributions to shareholders from net realized gains		(1.48	)		(2.10	)		(2.10	)		(0.07	)		(1.81	)

Net asset value, end of year	$	17.56		$	13.87		$	15.88		$	14.93		$	12.84

Total Return^(c)		40.47	%		2.81	%		22.74	%		16.88	%		4.27	%

Net assets, end of year (in 000’s)	$	1,162		$	823		$	2,137		$	2,210		$	2,192

Ratio of net expenses to average net assets		1.91	%		1.91	%		1.92	%		1.95	%		1.98	%

Ratio of total expenses to average net assets		2.10	%		2.21	%		2.26	%		2.40	%		2.38	%

Ratio of net investment loss to average net assets		(1.23	)%		(0.98	)%		(0.80	)%		(0.61	)%		(0.71	)%^(b)

Portfolio turnover rate^(d)		36	%		40	%		44	%		54	%^(e)		55	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

(d)

(e)


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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Concentrated Growth Fund
	Institutional Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	18.93		$	20.61		$	18.65		$	15.94		$	16.88

Net investment income (loss)^(a)		(0.01	)		0.03			0.06			0.09			0.07	^(b)

Net realized and unrealized gain		7.50			0.41			4.07			2.78			0.84

Total from investment operations		7.49			0.44			4.13			2.87			0.91

Distributions to shareholders from net investment income		(0.02	)		(0.02	)		(0.07	)		(0.09	)		(0.04	)

Distributions to shareholders from net realized gains		(1.48	)		(2.10	)		(2.10	)		(0.07	)		(1.81	)

Total distributions		(1.50	)		(2.12	)		(2.17	)		(0.16	)		(1.85	)

Net asset value, end of year	$	24.92		$	18.93		$	20.61		$	18.65		$	15.94

Total Return^(c)		41.98	%		3.98	%		24.13	%		18.22	%		5.47	%

Net assets, end of year (in 000’s)	$	13,744		$	12,497		$	15,286		$	142,623		$	134,818

Ratio of net expenses to average net assets		0.81	%		0.80	%		0.81	%		0.82	%		0.82	%

Ratio of total expenses to average net assets		1.01	%		1.07	%		1.20	%		1.26	%		1.23	%

Ratio of net investment income (loss) to average net assets		(0.07	)%		0.17	%		0.31	%		0.51	%		0.43	%^(b)

Portfolio turnover rate^(d)		36	%		40	%		44	%		54	%^(e)		55	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

(d)

(e)


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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Concentrated Growth Fund
	Investor Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	17.90		$	19.66		$	17.88		$	15.28		$	16.26

Net investment income (loss)^(a)		(0.03	)		0.01			0.03			0.07			0.04	^(b)

Net realized and unrealized gain		7.07			0.36			3.88			2.67			0.81

Total from investment operations		7.04			0.37			3.91			2.74			0.85

Distributions to shareholders from net investment income		—	^(c)		(0.03	)		(0.03	)		(0.07	)		(0.02	)

Distributions to shareholders from net realized gains		(1.48	)		(2.10	)		(2.10	)		(0.07	)		(1.81	)

Total distributions		(1.48	)		(2.13	)		(2.13	)		(0.14	)		(1.83	)

Net asset value, end of year	$	23.46		$	17.90		$	19.66		$	17.88		$	15.28

Total Return^(d)		41.87	%		3.83	%		23.94	%		18.14	%		5.31	%

Net assets, end of year (in 000’s)	$	189		$	133		$	463		$	780		$	452

Ratio of net expenses to average net assets		0.91	%		0.91	%		0.92	%		0.95	%		0.97	%

Ratio of total expenses to average net assets		1.11	%		1.22	%		1.26	%		1.41	%		1.38	%

Ratio of net investment income (loss) to average net assets		(0.18	)%		0.03	%		0.17	%		0.45	%		0.27	%^(b)

Portfolio turnover rate^(e)		36	%		40	%		44	%		54	%^(f)		55	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

Amount is less than $0.005 per share.

(d)

(e)

(f)


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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Concentrated Growth Fund
	Class R6 Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	18.88		$	20.60		$	18.65		$	15.95		$	16.88

Net investment income (loss)^(a)		(0.01	)		0.04			0.06			0.13			0.07	^(b)

Net realized and unrealized gain		7.49			0.39			4.06			2.74			0.85

Total from investment operations		7.48			0.43			4.12			2.87			0.92

Distributions to shareholders from net investment income		(0.02	)		(0.05	)		(0.07	)		(0.10	)		(0.04	)

Distributions to shareholders from net realized gains		(1.48	)		(2.10	)		(2.10	)		(0.07	)		(1.81	)

Total distributions		(1.50	)		(2.15	)		(2.17	)		(0.17	)		(1.85	)

Net asset value, end of year	$	24.86		$	18.88		$	20.60		$	18.65		$	15.95

Total Return^(c)		42.05	%		4.00	%		24.09	%		18.17	%		5.56	%

Net assets, end of year (in 000’s)	$	806		$	538		$	99		$	68		$	10

Ratio of net expenses to average net assets		0.80	%		0.79	%		0.80	%		0.82	%		0.81	%

Ratio of total expenses to average net assets		0.98	%		1.04	%		1.09	%		1.32	%		1.21	%

Ratio of net investment income (loss) to average net assets		(0.07	)%		0.22	%		0.34	%		0.74	%		0.44	%^(b)

Portfolio turnover rate^(d)		36	%		40	%		44	%		54	%^(e)		55	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

(d)

(e)


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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Concentrated Growth Fund
	Class R Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	16.84		$	18.68		$	17.13		$	14.65		$	15.71

Net investment loss^(a)		(0.12	)		(0.07	)		(0.05	)		(0.02	)		(0.04	)^(b)

Net realized and unrealized gain		6.60			0.33			3.70			2.57			0.79

Total from investment operations		6.48			0.26			3.65			2.55			0.75

Distributions to shareholders from net realized gains		(1.48	)		(2.10	)		(2.10	)		(0.07	)		(1.81	)

Net asset value, end of year	$	21.84		$	16.84		$	18.68		$	17.13		$	14.65

Total Return^(c)		41.12	%		3.36	%		23.37	%		17.46	%		4.81	%

Net assets, end of year (in 000’s)	$	33		$	36		$	34		$	25		$	22

Ratio of net expenses to average net assets		1.41	%		1.41	%		1.42	%		1.45	%		1.48	%

Ratio of total expenses to average net assets		1.66	%		1.70	%		1.75	%		1.91	%		1.89	%

Ratio of net investment loss to average net assets		(0.69	)%		(0.43	)%		(0.29	)%		(0.14	)%		(0.25	)%^(b)

Portfolio turnover rate^(d)		36	%		40	%		44	%		54	%^(e)		55	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

(d)

(e)


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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Concentrated Growth Fund
	Class P Shares
	Year Ended August 31,						Period Ended August 31, 2018^(a)
	2020			2019			Period Ended August 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	18.88		$	20.60		$	18.54

Net investment income (loss)^(b)		(0.01	)		0.03			0.02

Net realized and unrealized gain		7.48			0.40			2.04

Total from investment operations		7.47			0.43			2.06

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

Distributions to shareholders from net realized gains		(1.48	)		(2.10	)		—

Total distributions		(1.50	)		(2.15	)		—

Net asset value, end of period	$	24.85		$	18.88		$	20.60

Total Return^(c)		42.00	%		4.01	%		11.11	%

Net assets, end of period (in 000’s)	$	160,582		$	128,289		$	143,078

Ratio of net expenses to average net assets		0.80	%		0.79	%		0.79	%^(d)

Ratio of total expenses to average net assets		0.99	%		1.06	%		0.72	%^(d)

Ratio of net investment income (loss) to average net assets		(0.06	)%		0.18	%		0.32	%^(d)

Portfolio turnover rate^(e)		36	%		40	%		44	%

(a)

Commenced operations on April 17, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS FLEXIBLE CAP FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Flexible Cap Fund
	Class A Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	11.93		$	12.66		$	14.09		$	11.74		$	11.90

Net investment income (loss)^(a)		0.07			0.09			0.09			—	^(b)		(0.02	)

Net realized and unrealized gain		2.48			0.15			2.17			2.36			0.59

Total from investment operations		2.55			0.24			2.26			2.36			0.57

Distributions to shareholders from net investment income		(0.08	)		(0.10	)		(0.01	)		—			—

Distributions to shareholders from net realized gains		(0.62	)		(0.87	)		(3.68	)		(0.01	)		(0.73	)

Total distributions		(0.70	)		(0.97	)		(3.69	)		(0.01	)		(0.73	)

Net asset value, end of year	$	13.78		$	11.93		$	12.66		$	14.09		$	11.74

Total Return^(c)		22.18	%		3.07	%		18.82	%		20.14	%		4.93	%

Net assets, end of year (in 000’s)	$	5,843		$	5,383		$	5,490		$	5,627		$	5,927

Ratio of net expenses to average net assets		1.00	%		0.97	%		0.95	%		1.20	%		1.22	%

Ratio of total expenses to average net assets		2.47	%		2.88	%		2.47	%		3.01	%		3.07	%

Ratio of net investment income (loss) to average net assets		0.58	%		0.74	%		0.73	%		(0.01	)%		(0.21	)%

Portfolio turnover rate^(d)		69	%		50	%		157	%		47	%		46	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


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

GOLDMAN SACHS FLEXIBLE CAP FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Flexible Cap Fund
	Class C Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.23		$	11.00		$	12.75		$	10.71		$	11.00

Net investment loss^(a)		(0.02	)		—	^(b)		—	^(b)		(0.09	)		(0.10	)

Net realized and unrealized gain		2.10			0.13			1.93			2.14			0.54

Total from investment operations		2.08			0.13			1.93			2.05			0.44

Distributions to shareholders from net investment income		(0.02	)		(0.03	)		—			—			—

Distributions to shareholders from net realized gains		(0.62	)		(0.87	)		(3.68	)		(0.01	)		(0.73	)

Total distributions		(0.64	)		(0.90	)		(3.68	)		(0.01	)		(0.73	)

Net asset value, end of year	$	11.67		$	10.23		$	11.00		$	12.75		$	10.71

Total Return^(c)		21.16	%		2.30	%		18.00	%		19.18	%		4.12	%

Net assets, end of year (in 000’s)	$	1,516		$	1,288		$	1,304		$	1,512		$	1,474

Ratio of net expenses to average net assets		1.75	%		1.72	%		1.70	%		1.95	%		1.97	%

Ratio of total expenses to average net assets		3.19	%		3.63	%		3.20	%		3.76	%		3.82	%

Ratio of net investment loss to average net assets		(0.16	)%		—	%^(d)		(0.02	)%		(0.75	)%		(0.96	)%

Portfolio turnover rate^(e)		69	%		50	%		157	%		47	%		46	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Amount is less than 0.005% per share.

(e)


The accompanying notes are an integral part of these financial statements.		97

GOLDMAN SACHS FLEXIBLE CAP FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Flexible Cap Fund
	Institutional Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	12.94		$	13.61		$	14.88		$	12.35		$	12.44

Net investment income^(a)		0.12			0.13			0.14			0.05			0.02

Net realized and unrealized gain		2.70			0.19			2.33			2.49			0.62

Total from investment operations		2.82			0.32			2.47			2.54			0.64

Distributions to shareholders from net investment income		(0.13	)		(0.12	)		(0.06	)		—			—

Distributions to shareholders from net realized gains		(0.62	)		(0.87	)		(3.68	)		(0.01	)		(0.73	)

Total distributions		(0.75	)		(0.99	)		(3.74	)		(0.01	)		(0.73	)

Net asset value, end of year	$	15.01		$	12.94		$	13.61		$	14.88		$	12.35

Total Return^(b)		22.53	%		3.47	%		19.29	%		20.61	%		5.29	%

Net assets, end of year (in 000’s)	$	594		$	587		$	1,633		$	11,111		$	9,330

Ratio of net expenses to average net assets		0.62	%		0.59	%		0.59	%		0.82	%		0.82	%

Ratio of total expenses to average net assets		2.11	%		2.41	%		2.01	%		2.62	%		2.68	%

Ratio of net investment income to average net assets		0.95	%		1.08	%		1.04	%		0.38	%		0.20	%

Portfolio turnover rate^(c)		69	%		50	%		157	%		47	%		46	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS FLEXIBLE CAP FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Flexible Cap Fund
	Investor Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	12.65		$	13.35		$	14.63		$	12.16		$	12.27

Net investment income^(a)		0.10			0.12			0.12			0.05			—	^(b)

Net realized and unrealized gain		2.64			0.18			2.28			2.43			0.62

Total from investment operations		2.74			0.30			2.40			2.48			0.62

Distributions to shareholders from net investment income		(0.11	)		(0.13	)		—			—			—

Distributions to shareholders from net realized gains		(0.62	)		(0.87	)		(3.68	)		(0.01	)		(0.73	)

Total distributions		(0.73	)		(1.00	)		(3.68	)		(0.01	)		(0.73	)

Net asset value, end of year	$	14.66		$	12.65		$	13.35		$	14.63		$	12.16

Total Return^(c)		22.43	%		3.40	%		19.08	%		20.43	%		5.20	%

Net assets, end of year (in 000’s)	$	38		$	70		$	68		$	379		$	197

Ratio of net expenses to average net assets		0.76	%		0.72	%		0.70	%		0.95	%		0.97	%

Ratio of total expenses to average net assets		2.66	%		2.63	%		2.08	%		2.83	%		2.76	%

Ratio of net investment income to average net assets		0.78	%		0.99	%		0.88	%		0.35	%		0.03	%

Portfolio turnover rate^(d)		69	%		50	%		157	%		47	%		46	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


The accompanying notes are an integral part of these financial statements.		99

GOLDMAN SACHS FLEXIBLE CAP FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Flexible Cap Fund
	Class R6 Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	12.91		$	13.61		$	14.88		$	12.35		$	12.44

Net investment income^(a)		0.13			0.14			0.15			0.05			0.03

Net realized and unrealized gain		2.69			0.18			2.32			2.49			0.61

Total from investment operations		2.82			0.32			2.47			2.54			0.64

Distributions to shareholders from net investment income		(0.13	)		(0.15	)		(0.06	)		—			—

Distributions to shareholders from net realized gains		(0.62	)		(0.87	)		(3.68	)		(0.01	)		(0.73	)

Total distributions		(0.75	)		(1.02	)		(3.74	)		(0.01	)		(0.73	)

Net asset value, end of year	$	14.98		$	12.91		$	13.61		$	14.88		$	12.35

Total Return^(b)		22.60	%		3.47	%		19.27	%		20.61	%		5.29	%

Net assets, end of year (in 000’s)	$	226		$	202		$	14		$	12		$	10

Ratio of net expenses to average net assets		0.61	%		0.59	%		0.58	%		0.82	%		0.81	%

Ratio of total expenses to average net assets		2.10	%		2.59	%		2.09	%		2.61	%		2.66	%

Ratio of net investment income to average net assets		0.96	%		1.17	%		1.11	%		0.39	%		0.22	%

Portfolio turnover rate^(c)		69	%		50	%		157	%		47	%		46	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS FLEXIBLE CAP FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Flexible Cap Fund
	Class R Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	11.40		$	12.14		$	13.67		$	11.42		$	11.63

Net investment income (loss)^(a)		0.04			0.05			0.06			(0.03	)		(0.05	)

Net realized and unrealized gain		2.36			0.16			2.09			2.29			0.57

Total from investment operations		2.40			0.21			2.15			2.26			0.52

Distributions to shareholders from net investment income		(0.05	)		(0.08	)		—			—			—

Distributions to shareholders from net realized gains		(0.62	)		(0.87	)		(3.68	)		(0.01	)		(0.73	)

Total distributions		(0.67	)		(0.95	)		(3.68	)		(0.01	)		(0.73	)

Net asset value, end of year	$	13.13		$	11.40		$	12.14		$	13.67		$	11.42

Total Return^(b)		21.78	%		2.89	%		18.50	%		19.83	%		4.61	%

Net assets, end of year (in 000’s)	$	49		$	39		$	49		$	39		$	37

Ratio of net expenses to average net assets		1.25	%		1.22	%		1.20	%		1.45	%		1.47	%

Ratio of total expenses to average net assets		2.63	%		3.13	%		2.74	%		3.28	%		3.33	%

Ratio of net investment income (loss) to average net assets		0.33	%		0.49	%		0.48	%		(0.23	)%		(0.45	)%

Portfolio turnover rate^(c)		69	%		50	%		157	%		47	%		46	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		101

GOLDMAN SACHS FLEXIBLE CAP FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Flexible Cap Fund
	Class P Shares
	Year Ended August 31,						Period Ended August 31, 2018^(a)
	2020			2019			Period Ended August 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	12.92		$	13.61		$	12.75

Net investment income^(b)		0.13			0.14			0.09

Net realized and unrealized gain		2.69			0.19			0.77

Total from investment operations		2.82			0.33			0.86

Distributions to shareholders from net investment income		(0.13	)		(0.15	)		—

Distributions to shareholders from net realized gains		(0.62	)		(0.87	)		—

Total distributions		(0.75	)		(1.02	)		—

Net asset value, end of period	$	14.99		$	12.92		$	13.61

Total Return^(c)		22.58	%		3.56	%		6.75	%

Net assets, end of period (in 000’s)	$	15,263		$	11,110		$	12,616

Ratio of net expenses to average net assets		0.61	%		0.58	%		0.58	%^(d)

Ratio of total expenses to average net assets		1.94	%		2.47	%		3.14	%^(d)

Ratio of net investment income to average net assets		0.96	%		1.13	%		1.79	%^(d)

Portfolio turnover rate^(e)		69	%		50	%		157	%

(a)

Commenced operations on April 17, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Growth Opportunities Fund
	Class A Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	18.14		$	23.42		$	23.97		$	21.70		$	23.84

Net investment loss^(a)		(0.10	)		(0.09	)		(0.14	)		(0.12	)		(0.10	)^(b)

Net realized and unrealized gain		4.13			0.69			4.20			2.94			0.77

Total from investment operations		4.03			0.60			4.06			2.82			0.67

Distributions to shareholders from net realized gains		(5.03	)		(5.88	)		(4.61	)		(0.55	)		(2.81	)

Net asset value, end of year	$	17.14		$	18.14		$	23.42		$	23.97		$	21.70

Total Return^(c)		28.84	%		8.00	%		19.37	%		13.40	%		3.39	%

Net assets, end of year (in 000’s)	$	347,644		$	331,433		$	421,605		$	486,115		$	631,053

Ratio of net expenses to average net assets		1.25	%		1.27	%		1.30	%		1.30	%		1.32	%

Ratio of total expenses to average net assets		1.41	%		1.39	%		1.40	%		1.43	%		1.42	%

Ratio of net investment loss to average net assets		(0.64	)%		(0.51	)%		(0.60	)%		(0.56	)%		(0.47	)%^(b)

Portfolio turnover rate^(d)		65	%		69	%		60	%		61	%		55	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

(d)


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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Growth Opportunities Fund
	Class C Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.16		$	16.11		$	17.95		$	16.52		$	18.95

Net investment loss^(a)		(0.09	)		(0.13	)		(0.22	)		(0.22	)		(0.20	)^(b)

Net realized and unrealized gain		1.74			0.06			2.99			2.20			0.58

Total from investment operations		1.65			(0.07	)		2.77			1.98			0.38

Distributions to shareholders from net realized gains		(5.03	)		(5.88	)		(4.61	)		(0.55	)		(2.81	)

Net asset value, end of year	$	6.78		$	10.16		$	16.11		$	17.95		$	16.52

Total Return^(c)		27.86	%		7.24	%		18.52	%		12.49	%		2.66	%

Net assets, end of year (in 000’s)	$	28,894		$	40,072		$	77,990		$	91,086		$	128,788

Ratio of net expenses to average net assets		2.00	%		2.02	%		2.05	%		2.05	%		2.07	%

Ratio of total expenses to average net assets		2.16	%		2.14	%		2.15	%		2.18	%		2.17	%

Ratio of net investment loss to average net assets		(1.38	)%		(1.25	)%		(1.35	)%		(1.32	)%		(1.23	)%^(b)

Portfolio turnover rate^(d)		65	%		69	%		60	%		61	%		55	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

(d)


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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Growth Opportunities Fund
	Institutional Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	22.93		$	27.78		$	27.54		$	24.76		$	26.71

Net investment loss^(a)		(0.06	)		(0.04	)		(0.07	)		(0.05	)		(0.03	)^(b)

Net realized and unrealized gain		5.57			1.07			4.92			3.38			0.89

Total from investment operations		5.51			1.03			4.85			3.33			0.86

Distributions to shareholders from net realized gains		(5.03	)		(5.88	)		(4.61	)		(0.55	)		(2.81	)

Net asset value, end of year	$	23.41		$	22.93		$	27.78		$	27.54		$	24.76

Total Return^(c)		29.33	%		8.34	%		19.78	%		13.81	%		3.76	%

Net assets, end of year (in 000’s)	$	442,693		$	491,659		$	1,178,239		$	1,670,808		$	2,160,714

Ratio of net expenses to average net assets		0.91	%		0.93	%		0.96	%		0.95	%		0.95	%

Ratio of total expenses to average net assets		1.03	%		1.00	%		1.01	%		1.03	%		1.02	%

Ratio of net investment loss to average net assets		(0.29	)%		(0.17	)%		(0.26	)%		(0.21	)%		(0.11	)%^(b)

Portfolio turnover rate^(d)		65	%		69	%		60	%		61	%		55	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

(d)


The accompanying notes are an integral part of these financial statements.		105

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Growth Opportunities Fund
	Service Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	16.89		$	22.29		$	23.05		$	20.92		$	23.11

Net investment loss^(a)		(0.11	)		(0.11	)		(0.17	)		(0.15	)		(0.13	)^(b)

Net realized and unrealized gain		3.75			0.59			4.02			2.83			0.75

Total from investment operations		3.64			0.48			3.85			2.68			0.62

Distributions to shareholders from net realized gains		(5.03	)		(5.88	)		(4.61	)		(0.55	)		(2.81	)

Net asset value, end of year	$	15.50		$	16.89		$	22.29		$	23.05		$	20.92

Total Return^(c)		28.64	%		7.82	%		19.21	%		13.22	%		3.27	%

Net assets, end of year (in 000’s)	$	27,723		$	27,094		$	34,211		$	33,159		$	37,432

Ratio of net expenses to average net assets		1.41	%		1.43	%		1.46	%		1.45	%		1.45	%

Ratio of total expenses to average net assets		1.53	%		1.51	%		1.51	%		1.53	%		1.52	%

Ratio of net investment loss to average net assets		(0.79	)%		(0.67	)%		(0.76	)%		(0.71	)%		(0.61	)%^(b)

Portfolio turnover rate^(d)		65	%		69	%		60	%		61	%		55	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

(d)


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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Growth Opportunities Fund
	Investor Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	19.47		$	24.59		$	24.90		$	22.46		$	24.52

Net investment loss^(a)		(0.07	)		(0.05	)		(0.08	)		(0.07	)		(0.05	)^(b)

Net realized and unrealized gain		4.53			0.81			4.38			3.06			0.80

Total from investment operations		4.46			0.76			4.30			2.99			0.75

Distributions to shareholders from net realized gains		(5.03	)		(5.88	)		(4.61	)		(0.55	)		(2.81	)

Net asset value, end of year	$	18.90		$	19.47		$	24.59		$	24.90		$	22.46

Total Return^(c)		29.15	%		8.33	%		19.64	%		13.71	%		3.64	%

Net assets, end of year (in 000’s)	$	81,928		$	77,012		$	93,889		$	132,003		$	135,930

Ratio of net expenses to average net assets		1.00	%		1.01	%		1.05	%		1.05	%		1.07	%

Ratio of total expenses to average net assets		1.16	%		1.15	%		1.15	%		1.18	%		1.17	%

Ratio of net investment loss to average net assets		(0.39	)%		(0.25	)%		(0.35	)%		(0.31	)%		(0.23	)%^(b)

Portfolio turnover rate^(d)		65	%		69	%		60	%		61	%		55	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

(d)


The accompanying notes are an integral part of these financial statements.		107

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Growth Opportunities Fund
	Class R6 Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	22.95		$	27.80		$	27.55		$	24.77		$	26.71

Net investment loss^(a)		(0.06	)		(0.04	)		(0.07	)		(0.04	)		(0.04	)^(b)

Net realized and unrealized gain		5.58			1.07			4.93			3.37			0.91

Total from investment operations		5.52			1.03			4.86			3.33			0.87

Distributions to shareholders from net realized gains		(5.03	)		(5.88	)		(4.61	)		(0.55	)		(2.81	)

Net asset value, end of year	$	23.44		$	22.95		$	27.80		$	27.55		$	24.77

Total Return^(c)		29.35	%		8.35	%		19.80	%		13.80	%		3.81	%

Net assets, end of year (in 000’s)	$	211,480		$	181,988		$	231,077		$	118,634		$	44,865

Ratio of net expenses to average net assets		0.90	%		0.92	%		0.95	%		0.93	%		0.93	%

Ratio of total expenses to average net assets		1.02	%		1.00	%		0.99	%		1.01	%		1.01	%

Ratio of net investment loss to average net assets		(0.28	)%		(0.16	)%		(0.25	)%		(0.18	)%		(0.19	)%^(b)

Portfolio turnover rate^(d)		65	%		69	%		60	%		61	%		55	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

(d)


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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Growth Opportunities Fund
	Class R Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	16.92		$	22.33		$	23.11		$	20.99		$	23.21

Net investment loss^(a)		(0.12	)		(0.13	)		(0.19	)		(0.17	)		(0.15	)^(b)

Net realized and unrealized gain		3.76			0.60			4.02			2.84			0.74

Total from investment operations		3.64			0.47			3.83			2.67			0.59

Distributions to shareholders from net realized gains		(5.03	)		(5.88	)		(4.61	)		(0.55	)		(2.81	)

Net asset value, end of year	$	15.53		$	16.92		$	22.33		$	23.11		$	20.99

Total Return^(c)		28.58	%		7.75	%		19.06	%		13.13	%		3.12	%

Net assets, end of year (in 000’s)	$	48,780		$	45,005		$	54,359		$	59,225		$	63,105

Ratio of net expenses to average net assets		1.50	%		1.51	%		1.55	%		1.55	%		1.57	%

Ratio of total expenses to average net assets		1.66	%		1.64	%		1.65	%		1.68	%		1.67	%

Ratio of net investment loss to average net assets		(0.89	)%		(0.76	)%		(0.85	)%		(0.81	)%		(0.73	)%^(b)

Portfolio turnover rate^(d)		65	%		69	%		60	%		61	%		55	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

(d)


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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Growth Opportunities Fund
	Class P Shares
	Year Ended August 31,						Period Ended August 31, 2018^(a)
	2020			2019			Period Ended August 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	22.96		$	27.80		$	26.35

Net investment loss^(b)		(0.06	)		(0.04	)		(0.04	)

Net realized and unrealized gain		5.58			1.08			1.49

Total from investment operations		5.52			1.04			1.45

Distributions to shareholders from net realized gains		(5.03	)		(5.88	)		—

Net asset value, end of period	$	23.45		$	22.96		$	27.80

Total Return^(c)		29.34	%		8.38	%		5.50	%

Net assets, end of period (in 000’s)	$	69,989		$	69,893		$	94,794

Ratio of net expenses to average net assets		0.90	%		0.92	%		0.95	%^(d)

Ratio of total expenses to average net assets		1.02	%		1.00	%		1.00	%^(d)

Ratio of net investment loss to average net assets		(0.28	)%		(0.16	)%		(0.36	)%^(d)

Portfolio turnover rate^(e)		65	%		69	%		60	%

(a)

Commenced operations on April 17, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS SMALL CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout The Period


	Goldman Sachs Small Cap Growth Fund
	Class A Shares
	Period Ended August 31, 2020^(a)
Per Share Data

Net asset value, beginning of period	$	10.00

Net investment loss^(b)		(0.09	)

Net realized and unrealized gain		2.92

Total from investment operations		2.83

Distributions to shareholders from net investment income		(0.02	)

Net asset value, end of period	$	12.81

Total Return^(c)		28.30	%

Net assets, end of period (in 000’s)	$	175

Ratio of net expenses to average net assets		1.30	%^(d)

Ratio of total expenses to average net assets		8.30	%^(d)

Ratio of net investment loss to average net assets		(0.94	)%^(d)

Portfolio turnover rate^(e)		70	%

(a)

Commenced operations on October 31, 2019

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		111

GOLDMAN SACHS SMALL CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout The Period


	Goldman Sachs Small Cap Growth Fund
	Class C Shares
	Period Ended August 31, 2020^(a)
Per Share Data

Net asset value, beginning of period	$	10.00

Net investment loss^(b)		(0.15	)

Net realized and unrealized gain		2.89

Total from investment operations		2.74

Distributions to shareholders from net investment income		—	^(c)

Net asset value, end of period	$	12.74

Total Return^(d)		27.44	%

Net assets, end of period (in 000’s)	$	91

Ratio of net expenses to average net assets		2.06	%^(e)

Ratio of total expenses to average net assets		9.80	%^(e)

Ratio of net investment loss to average net assets		(1.70	)%^(e)

Portfolio turnover rate^(f)		70	%

(a)

Commenced operations on October 31, 2019

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.005 per share.

(d)

(e)

Annualized.

(f)


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

GOLDMAN SACHS SMALL CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout The Period


	Goldman Sachs Small Cap Growth Fund
	Institutional Shares
	Period Ended August 31, 2020^(a)
Per Share Data

Net asset value, beginning of period	$	10.00

Net investment loss^(b)		(0.05	)

Net realized and unrealized gain		2.91

Total from investment operations		2.86

Distributions to shareholders from net investment income		(0.02	)

Net asset value, end of period	$	12.84

Total Return^(c)		28.68	%

Net assets, end of period (in 000’s)	$	10,516

Ratio of net expenses to average net assets		0.93	%^(d)

Ratio of total expenses to average net assets		8.24	%^(d)

Ratio of net investment loss to average net assets		(0.58	)%^(d)

Portfolio turnover rate^(e)		70	%

(a)

Commenced operations on October 31, 2019

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		113

GOLDMAN SACHS SMALL CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout The Period


	Goldman Sachs Small Cap Growth Fund
	Investor Shares
	Period Ended August 31, 2020^(a)
Per Share Data

Net asset value, beginning of period	$	10.00

Net investment loss^(b)		(0.06	)

Net realized and unrealized gain		2.91

Total from investment operations		2.85

Distributions to shareholders from net investment income		(0.02	)

Net asset value, end of period	$	12.83

Total Return^(c)		28.55	%

Net assets, end of period (in 000’s)	$	64

Ratio of net expenses to average net assets		1.06	%^(d)

Ratio of total expenses to average net assets		9.22	%^(d)

Ratio of net investment loss to average net assets		(0.69	)%^(d)

Portfolio turnover rate^(e)		70	%

(a)

Commenced operations on October 31, 2019

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS SMALL CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout The Period


	Goldman Sachs Small Cap Growth Fund
	Class R6 Shares
	Period Ended August 31, 2020^(a)
Per Share Data

Net asset value, beginning of period	$	10.00

Net investment loss^(b)		(0.05	)

Net realized and unrealized gain		2.91

Total from investment operations		2.86

Distributions to shareholders from net investment income		(0.02	)

Net asset value, end of period	$	12.84

Total Return^(c)		28.68	%

Net assets, end of period (in 000’s)	$	64

Ratio of net expenses to average net assets		0.93	%^(d)

Ratio of total expenses to average net assets		9.08	%^(d)

Ratio of net investment loss to average net assets		(0.55	)%^(d)

Portfolio turnover rate^(e)		70	%

(a)

Commenced operations on October 31, 2019

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		115

GOLDMAN SACHS SMALL CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout The Period


	Goldman Sachs Small Cap Growth Fund
	Class R Shares
	Period Ended August 31, 2020^(a)
Per Share Data

Net asset value, beginning of period	$	10.00

Net investment loss^(b)		(0.11	)

Net realized and unrealized gain		2.91

Total from investment operations		2.80

Distributions to shareholders from net investment income		(0.01	)

Net asset value, end of period	$	12.79

Total Return^(c)		28.05	%

Net assets, end of period (in 000’s)	$	64

Ratio of net expenses to average net assets		1.56	%^(d)

Ratio of total expenses to average net assets		9.73	%^(d)

Ratio of net investment loss to average net assets		(1.19	)%^(d)

Portfolio turnover rate^(e)		70	%

(a)

Commenced operations on October 31, 2019

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS SMALL CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout The Period


	Goldman Sachs Small Cap Growth Fund
	Class P Shares
	Period Ended August 31, 2020^(a)
Per Share Data

Net asset value, beginning of period	$	10.00

Net investment loss^(b)		(0.05	)

Net realized and unrealized gain		2.91

Total from investment operations		2.86

Distributions to shareholders from net investment income		(0.02	)

Net asset value, end of period	$	12.84

Total Return^(c)		28.68	%

Net assets, end of period (in 000’s)	$	2,831

Ratio of net expenses to average net assets		0.90	%^(d)

Ratio of total expenses to average net assets		6.73	%^(d)

Ratio of net investment loss to average net assets		(0.55	)%^(d)

Portfolio turnover rate^(e)		70	%

(a)

Commenced operations on October 31, 2019

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Small/Mid Cap Growth Fund
	Class A Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	20.53		$	23.94		$	21.81		$	19.85		$	20.72

Net investment loss^(a)		(0.15	)		(0.12	)^(b)		(0.14	)^(c)		(0.12	)^(d)		(0.14	)^(e)

Net realized and unrealized gain		6.20			0.36			5.15			2.77			—

Total from investment operations		6.05			0.24			5.01			2.65			(0.14	)

Distributions to shareholders from net realized gains		(3.02	)		(3.65	)		(2.88	)		(0.69	)		(0.73	)

Net asset value, end of year	$	23.56		$	20.53		$	23.94		$	21.81		$	19.85

Total Return^(f)		33.09	%		4.33	%		25.22	%		13.78	%		(0.56	)%

Net assets, end of year (in 000’s)	$	309,715		$	295,072		$	346,289		$	351,253		$	736,221

Ratio of net expenses to average net assets		1.27	%		1.26	%		1.28	%		1.29	%		1.31	%

Ratio of total expenses to average net assets		1.32	%		1.32	%		1.35	%		1.46	%		1.45	%

Ratio of net investment loss to average net assets		(0.74	)%		(0.59	)%^(b)		(0.64	)%^(c)		(0.62	)%^(d)		(0.73	)%^(e)

Portfolio turnover rate^(g)		76	%		76	%		59	%		60	%		67	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

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

(d)

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

(e)

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

(f)

(g)


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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Small/Mid Cap Growth Fund
	Class C Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	16.90		$	20.60		$	19.27		$	17.75		$	18.74

Net investment loss^(a)		(0.25	)		(0.22	)^(b)		(0.27	)^(c)		(0.24	)^(d)		(0.25	)^(e)

Net realized and unrealized gain (loss)		4.96			0.17			4.48			2.45			(0.01	)

Total from investment operations		4.71			(0.05	)		4.21			2.21			(0.26	)

Distributions to shareholders from net realized gains		(3.02	)		(3.65	)		(2.88	)		(0.69	)		(0.73	)

Net asset value, end of year	$	18.59		$	16.90		$	20.60		$	19.27		$	17.75

Total Return^(f)		32.18	%		3.50	%		24.30	%		12.98	%		(1.34	)%

Net assets, end of year (in 000’s)	$	153,835		$	166,172		$	232,881		$	217,385		$	265,282

Ratio of net expenses to average net assets		2.02	%		2.01	%		2.03	%		2.04	%		2.06	%

Ratio of total expenses to average net assets		2.08	%		2.07	%		2.10	%		2.21	%		2.20	%

Ratio of net investment loss to average net assets		(1.55	)%		(1.35	)%^(b)		(1.38	)%^(c)		(1.36	)%^(d)		(1.48	)%^(e)

Portfolio turnover rate^(g)		76	%		76	%		59	%		60	%		67	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

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

(d)

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

(e)

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

(f)

(g)


The accompanying notes are an integral part of these financial statements.		119

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Small/Mid Cap Growth Fund
	Institutional Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	22.36		$	25.63		$	23.08		$	20.89		$	21.69

Net investment loss^(a)		(0.09	)		(0.06	)^(b)		(0.07	)^(c)		(0.05	)^(d)		(0.07	)^(e)

Net realized and unrealized gain		6.84			0.44			5.50			2.93			—

Total from investment operations		6.75			0.38			5.43			2.88			(0.07	)

Distributions to shareholders from net realized gains		(3.02	)		(3.65	)		(2.88	)		(0.69	)		(0.73	)

Net asset value, end of year	$	26.09		$	22.36		$	25.63		$	23.08		$	20.89

Total Return^(f)		33.55	%		4.62	%		25.69	%		14.21	%		(0.21	)%

Net assets, end of year (in 000’s)	$	921,412		$	853,375		$	1,067,540		$	1,149,459		$	1,235,282

Ratio of net expenses to average net assets		0.94	%		0.93	%		0.92	%		0.92	%		0.93	%

Ratio of total expenses to average net assets		0.95	%		0.93	%		0.96	%		1.06	%		1.05	%

Ratio of net investment loss to average net assets		(0.39	)%		(0.26	)%^(b)		(0.27	)%^(c)		(0.24	)%^(d)		(0.35	)%^(e)

Portfolio turnover rate^(g)		76	%		76	%		59	%		60	%		67	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

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

(d)

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

(e)

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

(f)

(g)


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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Small/Mid Cap Growth Fund
	Service Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	19.84		$	23.32		$	21.33		$	19.46		$	20.35

Net investment loss^(a)		(0.18	)		(0.15	)^(b)		(0.17	)^(c)		(0.14	)^(d)		(0.16	)^(e)

Net realized and unrealized gain		5.96			0.32			5.04			2.70			—

Total from investment operations		5.78			0.17			4.87			2.56			(0.16	)

Distributions to shareholders from net realized gains		(3.02	)		(3.65	)		(2.88	)		(0.69	)		(0.73	)

Net asset value, end of year	$	22.60		$	19.84		$	23.32		$	21.33		$	19.46

Total Return^(f)		32.87	%		4.13	%		25.12	%		13.59	%		(0.67	)%

Net assets, end of year (in 000’s)	$	32,215		$	18,395		$	18,210		$	16,520		$	13,956

Ratio of net expenses to average net assets		1.44	%		1.43	%		1.42	%		1.42	%		1.43	%

Ratio of total expenses to average net assets		1.45	%		1.44	%		1.46	%		1.56	%		1.55	%

Ratio of net investment loss to average net assets		(0.92	)%		(0.75	)%^(b)		(0.77	)%^(c)		(0.73	)%^(d)		(0.85	)%^(e)

Portfolio turnover rate^(g)		76	%		76	%		59	%		60	%		67	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

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

(d)

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

(e)

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

(f)

(g)


The accompanying notes are an integral part of these financial statements.		121

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Small/Mid Cap Growth Fund
	Investor Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	21.53		$	24.85		$	22.48		$	20.39		$	21.21

Net investment loss^(a)		(0.10	)		(0.07	)^(b)		(0.09	)^(c)		(0.08	)^(d)		(0.09	)^(e)

Net realized and unrealized gain		6.55			0.40			5.34			2.86			—

Total from investment operations		6.45			0.33			5.25			2.78			(0.09	)

Distributions to shareholders from net realized gains		(3.02	)		(3.65	)		(2.88	)		(0.69	)		(0.73	)

Net asset value, end of year	$	24.96		$	21.53		$	24.85		$	22.48		$	20.39

Total Return^(f)		33.44	%		4.57	%		25.57	%		14.06	%		(0.31	)%

Net assets, end of year (in 000’s)	$	495,629		$	409,019		$	529,670		$	437,309		$	313,812

Ratio of net expenses to average net assets		1.02	%		1.01	%		1.03	%		1.04	%		1.06	%

Ratio of total expenses to average net assets		1.07	%		1.07	%		1.10	%		1.21	%		1.20	%

Ratio of net investment loss to average net assets		(0.47	)%		(0.34	)%^(b)		(0.38	)%^(c)		(0.36	)%^(d)		(0.48	)%^(e)

Portfolio turnover rate^(g)		76	%		76	%		59	%		60	%		67	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

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

(d)

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

(e)

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

(f)

(g)


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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Small/Mid Cap Growth Fund
	Class R6 Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	22.38		$	25.64		$	23.09		$	20.89		$	21.69

Net investment loss^(a)		(0.08	)		(0.05	)^(b)		(0.06	)^(c)		(0.04	)^(d)		(0.06	)^(e)

Net realized and unrealized gain (loss)		6.84			0.44			5.49			2.93			(0.01	)

Total from investment operations		6.76			0.39			5.43			2.89			(0.07	)

Distributions to shareholders from net realized gains		(3.02	)		(3.65	)		(2.88	)		(0.69	)		(0.73	)

Net asset value, end of year	$	26.12		$	22.38		$	25.64		$	23.09		$	20.89

Total Return^(f)		33.56	%		4.67	%		25.68	%		14.26	%		(0.21	)%

Net assets, end of year (in 000’s)	$	73,863		$	54,916		$	39,263		$	22,660		$	9,785

Ratio of net expenses to average net assets		0.93	%		0.92	%		0.91	%		0.90	%		0.92	%

Ratio of total expenses to average net assets		0.94	%		0.93	%		0.95	%		1.04	%		1.04	%

Ratio of net investment loss to average net assets		(0.38	)%		(0.23	)%^(b)		(0.25	)%^(c)		(0.18	)%^(d)		(0.28	)%^(e)

Portfolio turnover rate^(g)		76	%		76	%		59	%		60	%		67	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

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

(d)

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

(e)

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

(f)

(g)


The accompanying notes are an integral part of these financial statements.		123

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Small/Mid Cap Growth Fund
	Class R Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	19.58		$	23.08		$	21.17		$	19.34		$	20.26

Net investment loss^(a)		(0.19	)		(0.16	)^(b)		(0.19	)^(c)		(0.17	)^(d)		(0.18	)^(e)

Net realized and unrealized gain (loss)		5.87			0.31			4.98			2.69			(0.01	)

Total from investment operations		5.68			0.15			4.79			2.52			(0.19	)

Distributions to shareholders from net realized gains		(3.02	)		(3.65	)		(2.88	)		(0.69	)		(0.73	)

Net asset value, end of year	$	22.24		$	19.58		$	23.08		$	21.17		$	19.34

Total Return^(f)		32.78	%		4.07	%		24.92	%		13.47	%		(0.83	)%

Net assets, end of year (in 000’s)	$	13,209		$	15,856		$	24,215		$	26,918		$	34,493

Ratio of net expenses to average net assets		1.52	%		1.51	%		1.53	%		1.54	%		1.56	%

Ratio of total expenses to average net assets		1.57	%		1.57	%		1.61	%		1.71	%		1.70	%

Ratio of net investment loss to average net assets		(1.00	)%		(0.85	)%^(b)		(0.90	)%^(c)		(0.86	)%^(d)		(0.98	)%^(e)

Portfolio turnover rate^(g)		76	%		76	%		59	%		60	%		67	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

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

(d)

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

(e)

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

(f)

(g)


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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Small/Mid Cap Growth Fund
	Class P Shares
	Year Ended August 31,						Period Ended August 31, 2018^(a)
	2020			2019			Period Ended August 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	22.38		$	25.64		$	23.61

Net investment loss^(b)		(0.08	)		(0.05	)^(c)		(0.03	)^(d)

Net realized and unrealized gain		6.84			0.44			2.06

Total from investment operations		6.76			0.39			2.03

Distributions to shareholders from net realized gains		(3.02	)		(3.65	)		—

Net asset value, end of period	$	26.12		$	22.38		$	25.64

Total Return^(e)		33.56	%		4.67	%		8.60	%

Net assets, end of period (in 000’s)	$	285,307		$	188,657		$	245,612

Ratio of net expenses to average net assets		0.93	%		0.92	%		0.90	%^(f)

Ratio of total expenses to average net assets		0.94	%		0.92	%		0.91	%^(f)

Ratio of net investment loss to average net assets		(0.38	)%		(0.25	)%^(c)		(0.36	)%^(d)(f)

Portfolio turnover rate^(g)		76	%		76	%		59	%

(a)

Commenced operations on April 17, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

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

(d)

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

(e)

(f)

Annualized.

(g)


The accompanying notes are an integral part of these financial statements.		125

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Strategic Growth Fund
	Class A Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.25		$	13.83		$	13.79		$	11.91		$	11.86

Net investment income (loss)^(a)		(0.03	)		(0.01	)		(0.02	)		0.02			0.02

Net realized and unrealized gain (loss)		3.58			(0.30	)		3.03			2.26			0.74

Total from investment operations		3.55			(0.31	)		3.01			2.28			0.76

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

Distributions to shareholders from net realized gains		(1.56	)		(4.27	)		(2.97	)		(0.36	)		(0.69	)

Total distributions		(1.56	)		(4.27	)		(2.97	)		(0.40	)		(0.71	)

Net asset value, end of year	$	11.24		$	9.25		$	13.83		$	13.79		$	11.91

Total Return^(b)		43.98	%		2.86	%		25.59	%		19.79	%		6.48	%

Net assets, end of year (in 000’s)	$	36,688		$	28,311		$	30,174		$	46,114		$	46,093

Ratio of net expenses to average net assets		1.14	%		1.14	%		1.14	%		1.15	%		1.15	%

Ratio of total expenses to average net assets		1.35	%		1.40	%		1.39	%		1.55	%		1.54	%

Ratio of net investment income (loss) to average net assets		(0.35	)%		(0.07	)%		(0.15	)%		0.15	%		0.19	%

Portfolio turnover rate^(c)		39	%		28	%		40	%		54	%		56	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Strategic Growth Fund
	Class C Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	6.09		$	10.81		$	11.46		$	10.00		$	10.12

Net investment loss^(a)		(0.07	)		(0.06	)		(0.09	)		(0.06	)		(0.05	)

Net realized and unrealized gain (loss)		2.17			(0.39	)		2.41			1.88			0.62

Total from investment operations		2.10			(0.45	)		2.32			1.82			0.57

Distributions to shareholders from net realized gains		(1.56	)		(4.27	)		(2.97	)		(0.36	)		(0.69	)

Net asset value, end of year	$	6.63		$	6.09		$	10.81		$	11.46		$	10.00

Total Return^(b)		42.88	%		2.07	%		24.61	%		18.89	%		5.70	%

Net assets, end of year (in 000’s)	$	4,522		$	4,142		$	9,081		$	9,326		$	11,103

Ratio of net expenses to average net assets		1.89	%		1.89	%		1.89	%		1.90	%		1.90	%

Ratio of total expenses to average net assets		2.11	%		2.14	%		2.13	%		2.30	%		2.29	%

Ratio of net investment loss to average net assets		(1.25	)%		(0.83	)%		(0.85	)%		(0.60	)%		(0.56	)%

Portfolio turnover rate^(c)		39	%		28	%		40	%		54	%		56	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		127

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Strategic Growth Fund
	Institutional Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.39		$	14.92		$	14.67		$	12.64		$	12.53

Net investment income^(a)		0.01			0.03			0.04			0.07			0.07

Net realized and unrealized gain (loss)		4.07			(0.26	)		3.25			2.40			0.78

Total from investment operations		4.08			(0.23	)		3.29			2.47			0.85

Distributions to shareholders from net investment income		(0.03	)		(0.03	)		(0.07	)		(0.08	)		(0.05	)

Distributions to shareholders from net realized gains		(1.56	)		(4.27	)		(2.97	)		(0.36	)		(0.69	)

Total distributions		(1.59	)		(4.30	)		(3.04	)		(0.44	)		(0.74	)

Net asset value, end of year	$	12.88		$	10.39		$	14.92		$	14.67		$	12.64

Total Return^(b)		44.36	%		3.31	%		26.11	%		20.29	%		6.89	%

Net assets, end of year (in 000’s)	$	60,474		$	52,461		$	75,470		$	211,311		$	294,952

Ratio of net expenses to average net assets		0.76	%		0.75	%		0.75	%		0.75	%		0.75	%

Ratio of total expenses to average net assets		0.98	%		1.00	%		0.99	%		1.14	%		1.14	%

Ratio of net investment income to average net assets		0.10	%		0.32	%		0.31	%		0.51	%		0.59	%

Portfolio turnover rate^(c)		39	%		28	%		40	%		54	%		56	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Strategic Growth Fund
	Service Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.08		$	13.67		$	13.70		$	11.85		$	11.81

Net investment income (loss)^(a)		(0.04	)		(0.01	)		(0.03	)		0.01			0.01

Net realized and unrealized gain (loss)		3.49			(0.31	)		3.00			2.24			0.73

Total from investment operations		3.45			(0.32	)		2.97			2.25			0.74

Distributions to shareholders from net investment income		—			—			(0.03	)		(0.04	)		(0.01	)

Distributions to shareholders from net realized gains		(1.56	)		(4.27	)		(2.97	)		(0.36	)		(0.69	)

Total distributions		(1.56	)		(4.27	)		(3.00	)		(0.40	)		(0.70	)

Net asset value, end of year	$	10.97		$	9.08		$	13.67		$	13.70		$	11.85

Total Return^(b)		43.67	%		2.79	%		25.48	%		19.66	%		6.40	%

Net assets, end of year (in 000’s)	$	505		$	622		$	597		$	478		$	272

Ratio of net expenses to average net assets		1.26	%		1.25	%		1.25	%		1.25	%		1.25	%

Ratio of total expenses to average net assets		1.53	%		1.53	%		1.48	%		1.65	%		1.64	%

Ratio of net investment income (loss) to average net assets		(0.47	)%		(0.14	)%		(0.21	)%		0.09	%		0.11	%

Portfolio turnover rate^(c)		39	%		28	%		40	%		54	%		56	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		129

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Strategic Growth Fund
	Investor Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.34		$	14.89		$	14.66		$	12.63		$	12.53

Net investment income (loss)^(a)		(0.01	)		0.02			0.02			0.06			0.05

Net realized and unrealized gain (loss)		4.07			(0.27	)		3.24			2.40			0.78

Total from investment operations		4.06			(0.25	)		3.26			2.46			0.83

Distributions to shareholders from net investment income		(0.01	)		(0.03	)		(0.06	)		(0.07	)		(0.04	)

Distributions to shareholders from net realized gains		(1.56	)		(4.27	)		(2.97	)		(0.36	)		(0.69	)

Total distributions		(1.57	)		(4.30	)		(3.03	)		(0.43	)		(0.73	)

Net asset value, end of year	$	12.83		$	10.34		$	14.89		$	14.66		$	12.63

Total Return^(b)		44.28	%		3.14	%		25.90	%		20.15	%		6.69	%

Net assets, end of year (in 000’s)	$	2,758		$	1,533		$	2,578		$	2,264		$	829

Ratio of net expenses to average net assets		0.89	%		0.89	%		0.89	%		0.90	%		0.90	%

Ratio of total expenses to average net assets		1.06	%		1.14	%		1.12	%		1.30	%		1.29	%

Ratio of net investment income (loss) to average net assets		(0.09	)%		0.16	%		0.15	%		0.48	%		0.44	%

Portfolio turnover rate^(c)		39	%		28	%		40	%		54	%		56	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Strategic Growth Fund
	Class R6 Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.37		$	14.91		$	14.66		$	12.63		$	12.53

Net investment income^(a)		0.01			0.04			0.04			0.08			0.07

Net realized and unrealized gain (loss)		4.07			(0.27	)		3.25			2.40			0.77

Total from investment operations		4.08			(0.23	)		3.29			2.48			0.84

Distributions to shareholders from net investment income		(0.03	)		(0.04	)		(0.07	)		(0.09	)		(0.05	)

Distributions to shareholders from net realized gains		(1.56	)		(4.27	)		(2.97	)		(0.36	)		(0.69	)

Total distributions		(1.59	)		(4.31	)		(3.04	)		(0.45	)		(0.74	)

Net asset value, end of year	$	12.86		$	10.37		$	14.91		$	14.66		$	12.63

Total Return^(b)		44.49	%		3.33	%		26.15	%		20.33	%		6.83	%

Net assets, end of year (in 000’s)	$	509		$	477		$	15		$	12		$	10

Ratio of net expenses to average net assets		0.75	%		0.74	%		0.74	%		0.75	%		0.76	%

Ratio of total expenses to average net assets		0.99	%		1.03	%		0.97	%		1.14	%		1.15	%

Ratio of net investment income to average net assets		0.10	%		0.40	%		0.30	%		0.57	%		0.59	%

Portfolio turnover rate^(c)		39	%		28	%		40	%		54	%		56	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		131

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Strategic Growth Fund
	Class R Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	8.88		$	13.49		$	13.56		$	11.75		$	11.74

Net investment loss^(a)		(0.06	)		(0.03	)		(0.04	)		(0.01	)		(0.01	)

Net realized and unrealized gain (loss)		3.41			(0.31	)		2.96			2.23			0.73

Total from investment operations		3.35			(0.34	)		2.92			2.22			0.72

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

Distributions to shareholders from net realized gains		(1.56	)		(4.27	)		(2.97	)		(0.36	)		(0.69	)

Total distributions		(1.56	)		(4.27	)		(2.99	)		(0.41	)		(0.71	)

Net asset value, end of year	$	10.67		$	8.88		$	13.49		$	13.56		$	11.75

Total Return^(b)		43.52	%		2.67	%		25.29	%		19.56	%		6.18	%

Net assets, end of year (in 000’s)	$	66		$	292		$	255		$	169		$	81

Ratio of net expenses to average net assets		1.40	%		1.39	%		1.39	%		1.40	%		1.40	%

Ratio of total expenses to average net assets		1.75	%		1.65	%		1.62	%		1.80	%		1.79	%

Ratio of net investment loss to average net assets		(0.66	)%		(0.31	)%		(0.34	)%		(0.07	)%		(0.05	)%

Portfolio turnover rate^(c)		39	%		28	%		40	%		54	%		56	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Strategic Growth Fund
	Class P Shares
	Year Ended August 31,						Period Ended August 31, 2018^(a)
	2020			2019			Period Ended August 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	10.35		$	14.90		$	13.53

Net investment income^(b)		0.01			0.04			0.01

Net realized and unrealized gain (loss)		4.07			(0.28	)		1.36

Total from investment operations		4.08			(0.24	)		1.37

Distributions to shareholders from net investment income		(0.03	)		(0.04	)		—

Distributions to shareholders from net realized gains		(1.56	)		(4.27	)		—

Total distributions		(1.59	)		(4.31	)		—

Net asset value, end of period	$	12.84		$	10.35		$	14.90

Total Return^(c)		44.56	%		3.26	%		10.13	%

Net assets, end of period (in 000’s)	$	78,539		$	73,132		$	104,590

Ratio of net expenses to average net assets		0.75	%		0.74	%		0.74	%^(d)

Ratio of total expenses to average net assets		0.98	%		0.99	%		0.96	%^(d)

Ratio of net investment income to average net assets		0.12	%		0.32	%		0.22	%^(d)

Portfolio turnover rate^(e)		39	%		28	%		40	%

(a)

Commenced operations on April 17, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		133

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Technology Opportunities Fund
	Class A Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	23.17		$	27.91		$	23.04		$	18.73		$	17.93

Net investment loss^(a)		(0.13	)		(0.12	)		(0.16	)		(0.15	)		(0.12	)^(b)

Net realized and unrealized gain		10.43			0.44			6.79			5.37			2.50

Total from investment operations		10.30			0.32			6.63			5.22			2.38

Distributions to shareholders from net realized gains		(3.71	)		(5.06	)		(1.76	)		(0.91	)		(1.58	)

Net asset value, end of year	$	29.76		$	23.17		$	27.91		$	23.04		$	18.73

Total Return^(c)		51.05	%		4.73	%		30.46	%		29.17	%		13.71	%

Net assets, end of year (in 000’s)	$	429,267		$	305,666		$	312,289		$	268,746		$	233,097

Ratio of net expenses to average net assets		1.28	%		1.34	%		1.38	%		1.42	%		1.47	%

Ratio of total expenses to average net assets		1.46	%		1.48	%		1.48	%		1.53	%		1.55	%

Ratio of net investment loss to average net assets		(0.55	)%		(0.53	)%		(0.65	)%		(0.74	)%		(0.68	)%^(b)

Portfolio turnover rate^(d)		41	%		27	%		46	%		19	%		22	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

(d)


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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Technology Opportunities Fund
	Class C Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	17.94		$	23.05		$	19.45		$	16.07		$	15.70

Net investment loss^(a)		(0.23	)		(0.24	)		(0.29	)		(0.25	)		(0.22	)^(b)

Net realized and unrealized gain		7.68			0.19			5.65			4.54			2.17

Total from investment operations		7.45			(0.05	)		5.36			4.29			1.95

Distributions to shareholders from net realized gains		(3.71	)		(5.06	)		(1.76	)		(0.91	)		(1.58	)

Net asset value, end of year	$	21.68		$	17.94		$	23.05		$	19.45		$	16.07

Total Return^(c)		49.93	%		3.97	%		29.49	%		28.18	%		12.87	%

Net assets, end of year (in 000’s)	$	30,011		$	24,948		$	57,207		$	50,779		$	52,843

Ratio of net expenses to average net assets		2.03	%		2.10	%		2.13	%		2.17	%		2.22	%

Ratio of total expenses to average net assets		2.21	%		2.23	%		2.23	%		2.28	%		2.30	%

Ratio of net investment loss to average net assets		(1.31	)%		(1.31	)%		(1.40	)%		(1.49	)%		(1.43	)%^(b)

Portfolio turnover rate^(d)		41	%		27	%		46	%		19	%		22	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

(d)


The accompanying notes are an integral part of these financial statements.		135

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Technology Opportunities Fund
	Institutional Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	26.28		$	30.78		$	25.15		$	20.29		$	19.22

Net investment loss^(a)		(0.07	)		(0.04	)		(0.07	)		(0.07	)		(0.05	)^(b)

Net realized and unrealized gain		12.07			0.60			7.46			5.84			2.70

Total from investment operations		12.00			0.56			7.39			5.77			2.65

Distributions to shareholders from net realized gains		(3.71	)		(5.06	)		(1.76	)		(0.91	)		(1.58	)

Net asset value, end of year	$	34.57		$	26.28		$	30.78		$	25.15		$	20.29

Total Return^(c)		51.49	%		5.12	%		30.95	%		29.66	%		14.22	%

Net assets, end of year (in 000’s)	$	157,267		$	74,728		$	87,522		$	85,095		$	83,746

Ratio of net expenses to average net assets		0.99	%		0.98	%		0.99	%		1.02	%		1.07	%

Ratio of total expenses to average net assets		1.08	%		1.09	%		1.09	%		1.13	%		1.15	%

Ratio of net investment loss to average net assets		(0.27	)%		(0.17	)%		(0.26	)%		(0.34	)%		(0.27	)%^(b)

Portfolio turnover rate^(d)		41	%		27	%		46	%		19	%		22	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

(d)


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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Technology Opportunities Fund
	Service Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	22.56		$	27.35		$	22.64		$	18.44		$	17.69

Net investment loss^(a)		(0.17	)		(0.15	)		(0.18	)		(0.16	)		(0.14	)^(b)

Net realized and unrealized gain		10.09			0.42			6.65			5.27			2.47

Total from investment operations		9.92			0.27			6.47			5.11			2.33

Distributions to shareholders from net realized gains		(3.71	)		(5.06	)		(1.76	)		(0.91	)		(1.58	)

Net asset value, end of year	$	28.77		$	22.56		$	27.35		$	22.64		$	18.44

Total Return^(c)		50.71	%		4.62	%		30.28	%		29.03	%		13.61	%

Net assets, end of year (in 000’s)	$	41,024		$	29,084		$	33,109		$	18,919		$	11,186

Ratio of net expenses to average net assets		1.49	%		1.48	%		1.49	%		1.51	%		1.57	%

Ratio of total expenses to average net assets		1.58	%		1.59	%		1.59	%		1.63	%		1.65	%

Ratio of net investment loss to average net assets		(0.77	)%		(0.67	)%		(0.75	)%		(0.83	)%		(0.79	)%^(b)

Portfolio turnover rate^(d)		41	%		27	%		46	%		19	%		22	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

(d)


The accompanying notes are an integral part of these financial statements.		137

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Technology Opportunities Fund
	Investor Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	25.78		$	30.33		$	24.84		$	20.08		$	19.07

Net investment loss^(a)		(0.08	)		(0.07	)		(0.11	)		(0.10	)		(0.08	)^(b)

Net realized and unrealized gain		11.80			0.58			7.36			5.77			2.67

Total from investment operations		11.72			0.51			7.25			5.67			2.59

Distributions to shareholders from net realized gains		(3.71	)		(5.06	)		(1.76	)		(0.91	)		(1.58	)

Net asset value, end of year	$	33.79		$	25.78		$	30.33		$	24.84		$	20.08

Total Return^(c)		51.40	%		5.01	%		30.76	%		29.46	%		14.00	%

Net assets, end of year (in 000’s)	$	48,387		$	19,207		$	22,520		$	23,317		$	6,741

Ratio of net expenses to average net assets		1.02	%		1.09	%		1.13	%		1.16	%		1.22	%

Ratio of total expenses to average net assets		1.21	%		1.23	%		1.23	%		1.28	%		1.30	%

Ratio of net investment loss to average net assets		(0.31	)%		(0.29	)%		(0.40	)%		(0.46	)%		(0.43	)%^(b)

Portfolio turnover rate^(d)		41	%		27	%		46	%		19	%		22	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

(d)


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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Technology Opportunities Fund
	Class R6 Shares
	Year Ended August 31,						Period Ended August 31, 2018^(a)
	2020			2019			Period Ended August 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	26.29		$	30.78		$	25.08

Net investment loss^(b)		(0.08	)		(0.02	)		(0.04	)

Net realized and unrealized gain		12.09			0.59			5.74

Total from investment operations		12.01			0.57			5.70

Distributions to shareholders from net realized gains		(3.71	)		(5.06	)		—

Net asset value, end of period	$	34.59		$	26.29		$	30.78

Total Return^(c)		51.51	%		5.15	%		22.73	%

Net assets, end of period (in 000’s)	$	1,330		$	138		$	12

Ratio of net expenses to average net assets		0.97	%		0.97	%		0.98	%^(d)

Ratio of total expenses to average net assets		1.06	%		1.09	%		1.08	%^(d)

Ratio of net investment loss to average net assets		(0.28	)%		(0.07	)%		(0.20	)%^(d)

Portfolio turnover rate^(e)		41	%		27	%		46	%

(a)

Commenced operations on December 29, 2017.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		139

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Technology Opportunities Fund
	Class P Shares
	Year Ended August 31,						Period Ended August 31, 2018^(a)
	2020			2019			Period Ended August 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	26.29		$	30.79		$	27.83

Net investment income (loss)^(b)		(0.07	)		(0.04	)		0.01

Net realized and unrealized gain		12.08			0.60			2.95

Total from investment operations		12.01			0.56			2.96

Distributions to shareholders from net realized gains		(3.71	)		(5.06	)		—

Net asset value, end of period	$	34.59		$	26.29		$	30.79

Total Return^(c)		51.51	%		5.11	%		10.64	%

Net assets, end of period (in 000’s)	$	63,555		$	24,396		$	24,951

Ratio of net expenses to average net assets		0.98	%		0.97	%		0.97	%^(d)

Ratio of total expenses to average net assets		1.07	%		1.08	%		1.14	%^(d)

Ratio of net investment income (loss) to average net assets		(0.25	)%		(0.16	)%		0.08	%^(d)

Portfolio turnover rate^(e)		41	%		27	%		46	%

(a)

Commenced operations on April 17, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS U.S. EQUITY ESG FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs U.S. Equity ESG Fund
	Class A Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	13.59		$	14.00		$	14.84		$	13.08		$	13.92

Net investment income^(a)		0.09			0.12			0.11			0.07			0.09

Net realized and unrealized gain		2.56			0.64			2.15			1.76			0.50

Total from investment operations		2.65			0.76			2.26			1.83			0.59

Distributions to shareholders from net investment income		(0.15	)		(0.08	)		(0.09	)		(0.07	)		(0.07	)

Distributions to shareholders from net realized gains		(0.46	)		(1.09	)		(3.01	)		—	^(b)		(1.36	)

Total distributions		(0.61	)		(1.17	)		(3.10	)		(0.07	)		(1.43	)

Net asset value, end of year	$	15.63		$	13.59		$	14.00		$	14.84		$	13.08

Total Return^(c)		19.93	%		6.80	%		17.50	%		14.06	%		4.39	%

Net assets, end of year (in 000’s)	$	5,448		$	3,878		$	2,533		$	1,880		$	2,124

Ratio of net expenses to average net assets		1.05	%		1.03	%		1.04	%		1.17	%		1.22	%

Ratio of total expenses to average net assets		3.30	%		4.26	%		5.12	%		4.64	%		3.60	%

Ratio of net investment income to average net assets		0.64	%		0.90	%		0.81	%		0.53	%		0.67	%

Portfolio turnover rate^(d)		65	%		47	%		71	%		77	%		49	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


The accompanying notes are an integral part of these financial statements.		141

GOLDMAN SACHS U.S. EQUITY ESG FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs U.S. Equity ESG Fund
	Class C Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	12.91		$	13.40		$	14.36		$	12.69		$	13.56

Net investment income (loss)^(a)		(0.01	)		0.02			0.01			(0.02	)		(0.01	)

Net realized and unrealized gain		2.41			0.62			2.07			1.69			0.50

Total from investment operations		2.40			0.64			2.08			1.67			0.49

Distributions to shareholders from net investment income		(0.06	)		(0.04	)		(0.03	)		—			—

Distributions to shareholders from net realized gains		(0.46	)		(1.09	)		(3.01	)		—	^(b)		(1.36	)

Total distributions		(0.52	)		(1.13	)		(3.04	)		—	^(b)		(1.36	)

Net asset value, end of year	$	14.79		$	12.91		$	13.40		$	14.36		$	12.69

Total Return^(c)		18.97	%		6.04	%		16.66	%		13.18	%		3.66	%

Net assets, end of year (in 000’s)	$	1,985		$	1,487		$	172		$	178		$	195

Ratio of net expenses to average net assets		1.80	%		1.78	%		1.80	%		1.92	%		1.97	%

Ratio of total expenses to average net assets		4.07	%		4.97	%		5.86	%		5.38	%		4.33	%

Ratio of net investment income (loss) to average net assets		(0.11	)%		0.18	%		0.05	%		(0.18	)%		(0.10	)%

Portfolio turnover rate^(d)		65	%		47	%		71	%		77	%		49	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


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

GOLDMAN SACHS U.S. EQUITY ESG FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs U.S. Equity ESG Fund
	Institutional Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	13.73		$	14.10		$	14.92		$	13.17		$	14.01

Net investment income^(a)		0.14			0.16			0.16			0.12			0.14

Net realized and unrealized gain		2.58			0.67			2.17			1.77			0.51

Total from investment operations		2.72			0.83			2.33			1.89			0.65

Distributions to shareholders from net investment income		(0.19	)		(0.11	)		(0.14	)		(0.14	)		(0.13	)

Distributions to shareholders from net realized gains		(0.46	)		(1.09	)		(3.01	)		—	^(b)		(1.36	)

Total distributions		(0.65	)		(1.20	)		(3.15	)		(0.14	)		(1.49	)

Net asset value, end of year	$	15.80		$	13.73		$	14.10		$	14.92		$	13.17

Total Return^(c)		20.29	%		7.27	%		17.92	%		14.43	%		4.84	%

Net assets, end of year (in 000’s)	$	1,009		$	791		$	4,969		$	3,499		$	4,754

Ratio of net expenses to average net assets		0.70	%		0.67	%		0.68	%		0.79	%		0.82	%

Ratio of total expenses to average net assets		2.99	%		3.97	%		4.65	%		4.28	%		3.16	%

Ratio of net investment income to average net assets		0.99	%		1.22	%		1.20	%		0.88	%		1.10	%

Portfolio turnover rate^(d)		65	%		47	%		71	%		77	%		49	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


The accompanying notes are an integral part of these financial statements.		143

GOLDMAN SACHS U.S. EQUITY ESG FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs U.S. Equity ESG Fund
	Investor Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	13.72		$	14.11		$	14.92		$	13.16		$	13.98

Net investment income^(a)		0.11			0.15			0.14			0.11			0.13

Net realized and unrealized gain		2.60			0.65			2.18			1.76			0.50

Total from investment operations		2.71			0.80			2.32			1.87			0.63

Distributions to shareholders from net investment income		(0.16	)		(0.10	)		(0.12	)		(0.11	)		(0.09	)

Distributions to shareholders from net realized gains		(0.46	)		(1.09	)		(3.01	)		—	^(b)		(1.36	)

Total distributions		(0.62	)		(1.19	)		(3.13	)		(0.11	)		(1.45	)

Net asset value, end of year	$	15.81		$	13.72		$	14.11		$	14.92		$	13.16

Total Return^(c)		20.23	%		7.05	%		17.86	%		14.27	%		4.67	%

Net assets, end of year (in 000’s)	$	344		$	1,064		$	235		$	188		$	156

Ratio of net expenses to average net assets		0.85	%		0.78	%		0.79	%		0.92	%		0.97	%

Ratio of total expenses to average net assets		3.75	%		4.06	%		4.87	%		4.47	%		3.54	%

Ratio of net investment income to average net assets		0.76	%		1.16	%		1.06	%		0.78	%		0.97	%

Portfolio turnover rate^(d)		65	%		47	%		71	%		77	%		49	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


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

GOLDMAN SACHS U.S. EQUITY ESG FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs U.S. Equity ESG Fund
	Class R6 Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	13.73		$	14.11		$	14.93		$	13.17		$	14.01

Net investment income^(a)		0.13			0.17			0.16			0.13			0.14

Net realized and unrealized gain		2.60			0.65			2.17			1.77			0.51

Total from investment operations		2.73			0.82			2.33			1.90			0.65

Distributions to shareholders from net investment income		(0.19	)		(0.11	)		(0.14	)		(0.14	)		(0.13	)

Distributions to shareholders from net realized gains		(0.46	)		(1.09	)		(3.01	)		—	^(b)		(1.36	)

Total distributions		(0.65	)		(1.20	)		(3.15	)		(0.14	)		(1.49	)

Net asset value, end of year	$	15.81		$	13.73		$	14.11		$	14.93		$	13.17

Total Return^(c)		20.37	%		7.20	%		17.94	%		14.52	%		4.86	%

Net assets, end of year (in 000’s)	$	1,325		$	3,229		$	11		$	11		$	10

Ratio of net expenses to average net assets		0.71	%		0.66	%		0.68	%		0.77	%		0.81	%

Ratio of total expenses to average net assets		3.84	%		3.76	%		4.73	%		4.20	%		3.14	%

Ratio of net investment income to average net assets		0.96	%		1.31	%		1.16	%		0.95	%		1.09	%

Portfolio turnover rate^(d)		65	%		47	%		71	%		77	%		49	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


The accompanying notes are an integral part of these financial statements.		145

GOLDMAN SACHS U.S. EQUITY ESG FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs U.S. Equity ESG Fund
	Class R Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	13.67		$	14.07		$	14.89		$	13.09		$	13.88

Net investment income^(a)		0.05			0.08			0.08			0.04			0.07

Net realized and unrealized gain		2.57			0.67			2.16			1.76			0.50

Total from investment operations		2.62			0.75			2.24			1.80			0.57

Distributions to shareholders from net investment income		(0.11	)		(0.06	)		(0.05	)		—			—

Distributions to shareholders from net realized gains		(0.46	)		(1.09	)		(3.01	)		—	^(b)		(1.36	)

Total distributions		(0.57	)		(1.15	)		(3.06	)		—	^(b)		(1.36	)

Net asset value, end of year	$	15.72		$	13.67		$	14.07		$	14.89		$	13.09

Total Return^(c)		19.56	%		6.58	%		17.21	%		13.77	%		4.18	%

Net assets, end of year (in 000’s)	$	23		$	20		$	20		$	22		$	19

Ratio of net expenses to average net assets		1.30	%		1.27	%		1.29	%		1.41	%		1.47	%

Ratio of total expenses to average net assets		3.68	%		4.53	%		5.36	%		4.88	%		3.70	%

Ratio of net investment income to average net assets		0.39	%		0.64	%		0.55	%		0.30	%		0.49	%

Portfolio turnover rate^(d)		65	%		47	%		71	%		77	%		49	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


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

GOLDMAN SACHS U.S. EQUITY ESG FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs U.S. Equity ESG Fund
	Class P Shares
	Year Ended August 31,						Period Ended August 31, 2018^(a)
	2020			2019			Period Ended August 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	13.73		$	14.11		$	13.06

Net investment income^(b)		0.14			0.17			0.06

Net realized and unrealized gain		2.58			0.65			0.99

Total from investment operations		2.72			0.82			1.05

Distributions to shareholders from net investment income		(0.19	)		(0.11	)		—

Distributions to shareholders from net realized gains		(0.46	)		(1.09	)		—

Total distributions		(0.65	)		(1.20	)		—

Net asset value, end of period	$	15.80		$	13.73		$	14.11

Total Return^(c)		20.30	%		7.22	%		8.04	%

Net assets, end of period (in 000’s)	$	830		$	2,135		$	2,026

Ratio of net expenses to average net assets		0.71	%		0.66	%		0.66	%^(d)

Ratio of total expenses to average net assets		3.98	%		3.88	%		5.72	%^(d)

Ratio of net investment income to average net assets		0.98	%		1.26	%		1.23	%^(d)

Portfolio turnover rate^(e)		65	%		47	%		71	%

(a)

Commenced operations on April 17, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

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

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		147

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements

August 31, 2020

1. ORGANIZATION

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


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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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Notes to Financial Statements (continued)

August 31, 2020

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 Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

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

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

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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 August 31, 2020:



CAPITAL GROWTH FUND

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Asia	$	1,826,792	$	—	$	—

Europe		21,422,252		—		—

North America		940,768,263		—		—

South America		844,891		—		—

Investment Company		1,589,879		—		—

Total	$	966,452,077	$	—	$	—

CONCENTRATED GROWTH FUND

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Europe	$	8,236,101	$	—	$	—

North America		176,124,949		—		—

Investment Company		950,092		—		—

Total	$	185,311,142	$	—	$	—

FLEXIBLE CAP FUND

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Europe	$	204,996	$	—	$	—

North America		23,223,334		—		—

Investment Company		100,184		—		—

Total	$	23,528,514	$	—	$	—

GROWTH OPPORTUNITIES FUND

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Europe	$	6,383,703	$	—	$	—

North America		1,239,400,060		—		—

South America		10,725,319		—		—

Investment Company		1,701,230		—		—

Total	$	1,258,210,312	$	—	$	—

(a)

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

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Notes to Financial Statements (continued)

August 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



SMALL CAP GROWTH FUND

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Europe	$	125,626	$	—	$	—

North America		13,566,852		—		—

Investment Company		76,393		—		—

Total	$	13,768,871	$	—	$	—

SMALL/MID CAP GROWTH FUND

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Europe	$	40,827,040	$	—	$	—

North America		2,206,482,256		—		—

Investment Company		25,252,010		—		—

Securities Lending Reinvestment Vehicle		13,387,318		—		—

Total	$	2,285,948,624	$	—	$	—

STRATEGIC GROWTH FUND

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Europe	$	4,115,161	$	—	$	—

North America		179,656,035		—		—

Investment Company		91,121		—		—

Total	$	183,862,317	$	—	$	—

TECHNOLOGY OPPORTUNITIES FUND

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Asia	$	21,726,322	$	—	$	—

Europe		16,192,606		—		—

North America		710,994,630		—		—

Investment Company		21,043,925		—		—

Total	$	769,957,483	$	—	$	—

(a)

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



U.S. EQUITY ESG FUND

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Europe	$	313,093	$	—	$	—

North America		10,558,999		—		—

Investment Company		118,383		—		—

Total	$	10,990,475	$	—	$	—

(a)

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

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

As of August 31, 2020, contractual management fees with GSAM were as stated below. The effective contractual management rates and effective net management rates represent the rates for the fiscal year ended August 31, 2020.


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

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

The Investment Adviser agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.86% as an annual percentage rate of the Growth Opportunities Fund’s average daily net assets. This arrangement will remain in effect through at least December 27, 2020.

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Notes to Financial Statements (continued)

August 31, 2020

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the fiscal year ended August 31, 2020, the management fee waived by GSAM for each Fund was as follows:


Fund	Management Fee Waived
Capital Growth	$	4,163
Concentrated Growth		1,465
Flexible Cap		85
Growth Opportunities		21,182
Small Cap Growth		192
Small/Mid Cap Growth		51,783
Strategic Growth		1,192
Technology Opportunities		18,923
U.S. Equity ESG Fund		252

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

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

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


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

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

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the fiscal year ended August 31, 2020, Goldman Sachs retained the following amounts:


	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Capital Growth	$	16,944	$	955
Concentrated Growth		2,374		—
Flexible Cap		1,309		—
Growth Opportunities		11,726		1,217
Small Cap Growth		600		—
Small/Mid Cap Growth		25,518		—
Strategic Growth		3,622		23
Technology Opportunities		20,957		895
U.S. Equity ESG Fund		3,433		—

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. Prior to July 1, 2020, such fee was 0.17% of the average daily net assets of the Class A, Class C, Investor and Class R Shares.

Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.05% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor, and Class R Shares of the Small/Mid Cap Growth Fund. This arrangement will remain in effect through at least December 27, 2020, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. Prior to December 28, 2019, such waiver was 0.07%.

Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.11% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the Technology Opportunities Fund. This arrangement will remain in effect through at least December 27, 2020, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. Prior to December 28, 2019, such waiver was 0.04%.

Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.03% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the Growth Opportunities, U.S. Equity ESG and Concentrated Growth Funds. Prior to December 28, 2019, such waiver was 0.05% with respect to Class A, Class C, Investor and Class R Shares of the Growth Opportunities Fund. This arrangement will remain in effect through at least December 27, 2020, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

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Notes to Financial Statements (continued)

August 31, 2020

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Capital Growth, Concentrated Growth, Flexible Cap, Growth Opportunities, Small Cap Growth, Small/Mid Cap Growth, Strategic Growth, Technology Opportunities, and U.S. Equity ESG Funds are 0.004%, 0.004%, 0.004%, 0.004%, 0.024%, 0.064%, 0.004%, 0.004%, and 0.084%, respectively. These Other Expense limitations will remain in place through at least December 27, 2020 (October 31, 2020 for Small Cap Growth), 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 fiscal year ended August 31, 2020, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fee Waiver		Transfer Agency Fee Waivers/Credits		Other Expense Reimbursements		Total Expense Reductions
Capital Growth	$	4,163	$	3,120	$	720,068	$	727,351
Concentrated Growth		1,465		2,409		297,968		301,842
Flexible Cap		85		19		278,197		278,301
Growth Opportunities		715,264		162,113		657,423		1,534,800
Small Cap Growth		192		—		463,305		463,497
Small/Mid Cap Growth		51,783		459,323		—		511,106
Strategic Growth		1,192		111		349,237		350,540
Technology Opportunities		18,923		336,859		492,609		848,391
U.S. Equity ESG Fund		252		1,846		279,792		281,890

G. Line of Credit Facility — As of August 31, 2020, the Funds participated in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended August 31, 2020, the Funds did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

I. Other Transactions with Affiliates — For the fiscal year ended August 31, 2020, Goldman Sachs earned $839, $4,295, $24,653, $55, $1,636 and $4,904, in brokerage commissions from portfolio transactions, on behalf of the Capital Growth, Flexible Cap, Growth Opportunities, Small Cap Growth, Small/Mid Cap Growth, Strategic Growth, and Technology Opportunities Funds, respectively.

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The table below shows the transactions in and earnings from investments in the Government Money Market Fund — Institutional Shares for the fiscal year ended August 31, 2020:


Fund	Beginning Value as of August 31, 2019		Purchases at Cost		Proceeds from Sales			Market Value as of August 31, 2020		Shares as of August 31, 2020		Dividend Income
Capital Growth	$	811,200	$	37,292,020	$	(36,513,341	)	$	1,589,879		1,589,879	$	27,115
Concentrated Growth		689,278		20,826,856		(20,566,042	)		950,092		950,092		9,971
Flexible Cap		37,087		2,371,667		(2,308,570	)		100,184		100,184		482
Growth Opportunities		5,547,470		392,531,083		(396,377,323	)		1,701,230		1,701,230		141,783
Small Cap Growth		—		11,518,055		(11,441,662	)		76,393		76,393		1,129
Small/Mid Cap Growth		70,204,229		753,801,364		(798,753,583	)		25,252,010		25,252,010		346,081
Strategic Growth		992,869		35,727,507		(36,629,255	)		91,121		91,121		8,138
Technology Opportunities		—		182,446,688		(161,402,763	)		21,043,925		21,043,925		76,605
U.S. Equity ESG Fund		497,742		2,708,556		(3,087,915	)		118,383		118,383		1,738

As of August 31, 2020, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of outstanding shares of the following Funds:


Fund	Class A			Class C			Institutional			Investor			Class P			Class R			Class R6
Concentrated Growth		—	%		—	%		—	%		18	%		—	%		100	%		—	%
Flexible Cap		—			—			—			100			—			72			8
Small Cap Growth		37			70			45			100			—			100			100
Stategic Growth		—			—			—			—			—			23			—
U.S. Equity ESG		—			—			53			7			—			100			—

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Notes to Financial Statements (continued)

August 31, 2020

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended August 31, 2020, were as follows:


Fund	Purchases		Sales
Capital Growth	$	410,147,366	$	509,878,907
Concentrated Growth		56,134,004		75,356,547
Flexible Cap		14,437,308		13,790,147
Growth Opportunities		746,419,953		1,050,606,000
Small Cap Growth		15,413,606		5,698,179
Small/Mid Cap Growth		1,441,851,355		1,690,685,457
Strategic Growth		61,855,779		96,777,403
Technology Opportunities		243,869,505		224,138,200
U.S. Equity ESG Fund		7,024,219		9,867,347


6. SECURITIES LENDING

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

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

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6. SECURITIES LENDING (continued)

default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2020, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the fiscal year ended August 31, 2020, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investments in the Government Money Market Fund for the fiscal year ended August 31, 2020:


Fund	Beginning Value as of August 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of August 31, 2020
Capital Growth	$	—	$	39,871,216	$	(39,871,216)		$	—
Concentrated Growth		—		2,897,625		(2,897,625	)		—
Flexible Cap		—		37,000		(37,000	)		—
Growth Opportunities		—		118,950,939		(118,950,939	)		—
Small/Mid Cap Growth		—		388,796,487		(375,409,169	)		13,387,318
Strategic Growth		—		11,141,353		(11,141,353	)		—
Technology Opportunities		—		18,049,490		(18,049,490	)		—
U.S. Equity ESG		—		103,304		(103,304	)		—


7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2020 was as follows:


	Capital Growth		Concentrated Growth		Flexible Cap		Growth Opportunities		Small Cap Growth		Small/Mid Cap Growth		Strategic Growth		Technology Opportunities		U.S. Equity ESG Fund
Distributions paid from:
Ordinary Income	$	3,675,435	$	171,788	$	167,657	$	3,401,778	$	9,046	$	26,083	$	387,013	$	—	$	131,879
Net long-term capital gains		33,388,576		11,578,608		948,809		292,429,285		—		262,604,641		23,833,091		73,163,470		380,236
Total taxable distributions	$	37,064,011	$	11,750,396	$	1,116,466	$	295,831,063	$	9,046	$	262,630,724	$	24,220,104	$	73,163,470	$	512,115

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Notes to Financial Statements (continued)

August 31, 2020

7. TAX INFORMATION (continued)

The tax character of distributions paid during the fiscal year ended August 31, 2019 was as follows:


	Capital Growth		Concentrated Growth		Flexible Cap		Growth Opportunities		Small Cap Growth		Small/Mid Cap Growth		Strategic Growth		Technology Opportunities		U.S. Equity ESG Fund
Distributions paid from:
Ordinary Income	$	14,491,085	$	1,470,228	$	629,913	$	—	$	—	$	23,466,095	$	4,236,870	$	6,423,023	$	65,016
Net long-term capital gains		265,988,298		15,421,391		948,850		414,333,306		—		330,226,017		56,563,668		87,527,745		652,443
Total taxable distributions	$	280,479,383	$	16,891,619	$	1,578,763	$	414,333,306	$	—	$	353,692,112	$	60,800,538	$	93,950,768	$	717,459

As of August 31, 2020, the components of accumulated earnings (losses) on a tax basis were as follows::


	Capital Growth			Concentrated Growth		Flexible Cap Growth		Growth Opportunities		Small Cap Growth			Small/Mid Cap Growth			Strategic Growth			Technology Opportunities			U.S. Equity ESG Fund
Undistributed ordinary income — net	$	2,651,964		$	709,308	$	489,958	$	16,544,833	$	720,904		$	39,976,734		$	27,063		$	—		$	50,662
Undistributed long-term capital gains		29,197,427			9,251,495		812,424		188,438,575		95			218,347,024			21,526,356			50,013,837			1,069,691
Total undistributed earnings	$	31,849,391		$	9,960,803	$	1,302,382	$	204,983,408	$	720,999		$	258,323,758		$	21,553,419		$	50,013,837		$	1,120,353
Timing differences (Qualified Late Year Loss Deferral and Post October Losses)	$	(5,794,504	)	$	—	$	—	$	—	$	(34,211	)	$	(7,413,820	)	$	(41,547	)	$	(1,830,687	)	$	(9,848	)
Unrealized gains (losses) — net		363,236,714			94,890,213		6,929,948		341,648,666		3,243,860			625,717,408			105,730,754			397,048,498			2,278,753
Total accumulated earnings (losses) net	$	389,291,601		$	104,851,016	$	8,232,330	$	546,632,074	$	3,930,648		$	876,627,346		$	127,242,626		$	445,231,648		$	3,389,258

As of August 31, 2020, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Capital Growth			Concentrated Growth			Flexible Cap Growth			Growth Opportunities			Small Cap Growth			Small/Mid Cap Growth			Strategic Growth			Technology Opportunities			U.S. Equity ESG Fund
Tax Cost	$	603,215,406		$	90,420,930		$	16,598,566		$	916,561,646		$	10,525,011		$	1,660,231,216		$	78,131,566		$	372,908,987		$	8,711,722
Gross unrealized gain		387,507,105			96,769,229			7,673,359			357,752,094			3,547,603			652,708,913			106,266,792			397,304,003			2,360,348
Gross unrealized loss		(24,270,391	)		(1,879,017	)		(743,411	)		(16,103,428	)		(303,743	)		(26,991,505	)		(536,041	)		(255,507	)		(81,595	)
Net unrealized gains (losses)	$	363,236,714		$	94,890,212		$	6,929,948		$	341,648,666		$	3,243,860		$	625,717,408		$	105,730,751		$	397,048,496		$	2,278,753

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7. TAX INFORMATION (continued)

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

The Growth Opportunities Fund reclassed $268,745 from paid-in capital to distributable earnings. In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds’ and result primarily from passive foreign investment company investments.

The Small Cap Growth Fund reclassed $553 from paid-in capital to distributable earnings. In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds’ and result primarily from certain non-deductible expenses.

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

8. OTHER RISKS

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invest. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

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

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.

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Notes to Financial Statements (continued)

August 31, 2020

8. OTHER RISKS (continued)

model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

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

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

Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

9. INDEMNIFICATIONS

10. SUBSEQUENT EVENTS

Other than the item noted below, 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.

On October 16, 2020, a definitive proxy statement (“proxy”) was filed with the U.S. Securities and Exchange Commission to change the Concentrated Growth, Technology Opportunities, and Strategic Growth Funds’ sub-classifications under the Act from “diversified” to “non-diversified” and to eliminate any related fundamental investment restrictions. GSAM has agreed to pay the expenses associated with the proxy, shareholder solicitation and other related costs.

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11. SUMMARY OF SHARE TRANSACTIONS



	Capital Growth Fund

	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		509,128		$	11,684,562			2,326,964		$	63,575,763
Reinvestment of distributions		1,181,420			27,979,749			10,589,777			211,151,830
Shares redeemed		(3,761,845	)		(85,901,304	)		(4,966,143	)		(110,412,912	)
		(2,071,297	)		(46,236,993	)		7,950,598			164,314,681
Class C Shares
Shares sold		170,312			2,318,595			327,241			4,651,883
Reinvestment of distributions		71,152			1,004,660			658,461			8,079,315
Shares redeemed		(536,412	)		(7,409,929	)		(2,404,811	)		(51,096,241	)
		(294,948	)		(4,086,674	)		(1,419,109	)		(38,365,043	)
Institutional Shares
Shares sold		165,989			4,497,004			316,530			8,184,104
Reinvestment of distributions		70,107			1,922,071			645,191			14,798,485
Shares redeemed		(441,460	)		(11,580,510	)		(842,773	)		(22,071,500	)
		(205,364	)		(5,161,435	)		118,948			911,089
Service Shares
Shares sold		16,235			372,217			4,932			104,779
Reinvestment of distributions		3,047			68,220			26,626			503,495
Shares redeemed		(19,150	)		(388,887	)		(17,952	)		(366,513	)
		132			51,550			13,606			241,761
Investor Shares
Shares sold		136,874			3,218,458			50,282			1,389,538
Reinvestment of distributions		12,797			310,127			130,778			2,665,391
Shares redeemed		(117,666	)		(2,785,148	)		(178,385	)		(4,171,169	)
		32,005			743,437			2,675			(116,240	)
Class R6 Shares
Shares sold		23,451			624,213			181,932			4,163,919
Reinvestment of distributions		2,870			78,575			706			16,187
Shares redeemed		(35,280	)		(950,712	)		(96,563	)		(2,550,602	)
		(8,959	)		(247,924	)		86,075			1,629,504
Class R Shares
Shares sold		94,899			2,152,097			66,551			1,464,100
Reinvestment of distributions		15,822			352,167			133,698			2,517,533
Shares redeemed		(107,748	)		(2,347,836	)		(88,796	)		(1,953,605	)
		2,973			156,428			111,453			2,028,028
Class P Shares
Shares sold		269,239			7,159,878			93,887			2,394,812
Reinvestment of distributions		124,310			3,401,935			1,146,496			26,269,986
Shares redeemed		(578,888	)		(15,459,019	)		(911,046	)		(22,413,350	)
		(185,339	)		(4,897,206	)		329,337			6,251,448

NET INCREASE (DECREASE)		(2,730,797	)	$	(59,678,817	)		7,193,583		$	136,895,228

163

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Notes to Financial Statements (continued)

August 31, 2020

11. SUMMARY OF SHARE TRANSACTIONS (continued)



	Concentrated Growth Fund

	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		53,997		$	994,775			122,574		$	2,118,396
Reinvestment of distributions		28,021			488,414			37,996			567,276
Shares redeemed		(59,729	)		(1,101,894	)		(68,358	)		(1,074,197	)
		22,289			381,295			92,212			1,611,475
Class C Shares
Shares sold		39,614			508,211			10,772			149,037
Reinvestment of distributions		4,844			65,059			10,648			126,388
Shares redeemed		(37,662	)		(536,353	)		(96,594	)		(1,425,873	)
		6,796			36,917			(75,174	)		(1,150,448	)
Institutional Shares
Shares sold		24,191			478,401			27,746			499,624
Reinvestment of distributions		48,540			919,091			93,159			1,497,144
Shares redeemed		(181,552	)		(3,448,442	)		(202,347	)		(3,377,225	)
		(108,821	)		(2,050,950	)		(81,442	)		(1,380,457	)
Investor Shares
Shares sold		755			11,837			2,123			37,089
Reinvestment of distributions		619			11,029			2,918			44,432
Shares redeemed		(730	)		(13,288	)		(21,141	)		(336,592	)
		644			9,578			(16,100	)		(255,071	)
Class R6 Shares
Shares sold		12,509			258,679			25,768			419,933
Reinvestment of distributions		2,165			40,913			715			11,480
Shares redeemed		(10,757	)		(218,738	)		(2,803	)		(51,385	)
		3,917			80,854			23,680			380,028
Class R Shares
Shares sold		176			2,986			136			2,053
Reinvestment of distributions		123			2,047			176			2,528
Shares redeemed		(918	)		(15,755	)		—			—
		(619	)		(10,722	)		312			4,581
Class P Shares
Shares sold		219,615			4,418,905			155,891			2,757,378
Reinvestment of distributions		534,993			10,103,292			899,567			14,440,076
Shares redeemed		(1,089,383	)		(20,053,827	)		(1,204,576	)		(20,497,343	)
		(334,775	)		(5,531,630	)		(149,118	)		(3,299,889	)

NET INCREASE (DECREASE)		(410,569	)	$	(7,084,658	)		(205,630	)	$	(4,089,781	)

164

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11. SUMMARY OF SHARE TRANSACTIONS (continued)



	Flexible Cap Fund

	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		31,470		$	379,391			77,181		$	811,174
Reinvestment of distributions		27,095			329,577			39,617			416,480
Shares redeemed		(85,587	)		(1,011,671	)		(99,309	)		(1,111,353	)
		(27,022	)		(302,703	)		17,489			116,301
Class C Shares
Shares sold		22,339			220,974			24,890			242,354
Reinvestment of distributions		8,140			83,942			11,501			104,102
Shares redeemed		(26,577	)		(259,968	)		(29,029	)		(273,208	)
		3,902			44,948			7,362			73,248
Institutional Shares
Shares sold		17,400			221,848			5,393			70,565
Reinvestment of distributions		2,684			35,557			10,036			114,070
Shares redeemed		(25,854	)		(328,449	)		(90,119	)		(1,051,675	)
		(5,770	)		(71,044	)		(74,690	)		(867,040	)
Investor Shares
Shares sold		506			6,675			540			6,934
Reinvestment of distributions		315			4,078			465			5,174
Shares redeemed		(3,781	)		(50,058	)		(578	)		(7,047	)
		(2,960	)		(39,305	)		427			5,061
Class R6 Shares
Shares sold		3,902			52,182			20,336			233,326
Reinvestment of distributions		944			12,478			94			1,068
Shares redeemed		(5,409	)		(71,382	)		(5,808	)		(70,317	)
		(563	)		(6,722	)		14,622			164,077
Class R Shares
Shares sold		137			1,550			186			2,035
Reinvestment of distributions		200			2,314			394			3,964
Shares redeemed		(4	)		(45	)		(1,224	)		(14,060	)
		333			3,819			(644	)		(8,061	)
Class P Shares
Shares sold		160,203			1,955,941			7,893			100,000
Reinvestment of distributions		49,025			648,521			81,854			930,190
Shares redeemed		(50,921	)		(606,876	)		(156,289	)		(1,800,671	)
		158,307			1,997,586			(66,542	)		(770,481	)

NET INCREASE (DECREASE)		126,227		$	1,626,579			(101,976	)	$	(1,286,895	)

165

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Notes to Financial Statements (continued)

August 31, 2020

11. SUMMARY OF SHARE TRANSACTIONS (continued)



	Growth Opportunities Fund

	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		3,557,918		$	52,567,974			4,197,760		$	77,043,096
Reinvestment of distributions		5,640,613			77,784,047			5,713,530			85,245,871
Shares redeemed		(7,191,542	)		(109,881,675	)		(9,644,304	)		(172,578,662	)
		2,006,989			20,470,346			266,986			(10,289,695	)
Class C Shares
Shares sold		919,073			5,231,584			792,120			7,102,051
Reinvestment of distributions		2,761,788			15,134,597			2,034,557			17,090,278
Shares redeemed		(3,364,985	)		(21,480,985	)		(3,723,562	)		(44,452,687	)
		315,876			(1,114,804	)		(896,885	)		(20,260,358	)
Institutional Shares
Shares sold		6,074,577			121,027,748			6,094,848			130,504,754
Reinvestment of distributions		4,948,888			92,940,121			9,354,603			176,053,628
Shares redeemed		(13,552,375	)		(269,388,899	)		(36,427,298	)		(815,800,134	)
		(2,528,910	)		(55,421,030	)		(20,977,847	)		(509,241,752	)
Service Shares
Shares sold		424,825			5,812,784			324,629			5,025,423
Reinvestment of distributions		561,939			7,013,003			504,280			7,014,537
Shares redeemed		(802,783	)		(10,436,556	)		(759,817	)		(12,353,195	)
		183,981			2,389,231			69,092			(313,235	)
Investor Shares
Shares sold		925,508			15,193,353			2,140,187			38,600,959
Reinvestment of distributions		1,249,675			18,957,577			1,100,078			17,579,243
Shares redeemed		(1,797,301	)		(29,657,889	)		(3,101,761	)		(61,058,638	)
		377,882			4,493,041			138,504			(4,878,436	)
Class R6 Shares
Shares sold		1,723,177			34,918,433			2,561,427			61,358,467
Reinvestment of distributions		1,839,234			34,577,597			2,500,146			47,077,755
Shares redeemed		(2,468,722	)		(49,771,961	)		(5,446,933	)		(112,980,883	)
		1,093,689			19,724,069			(385,360	)		(4,544,661	)
Class R Shares
Shares sold		629,794			8,750,163			487,349			7,975,654
Reinvestment of distributions		969,214			12,124,863			896,518			12,497,449
Shares redeemed		(1,117,506	)		(15,506,141	)		(1,158,232	)		(19,442,792	)
		481,502			5,368,885			225,635			1,030,311
Class P Shares
Shares sold		164,784			3,449,179			89,688			1,894,904
Reinvestment of distributions		743,933			13,993,377			943,033			17,766,747
Shares redeemed		(967,912	)		(20,170,294	)		(1,405,191	)		(29,385,906	)
		(59,195	)		(2,727,738	)		(372,470	)		(9,724,255	)

NET INCREASE (DECREASE)		1,871,814		$	(6,818,000	)		(21,932,345	)	$	(558,222,081	)

166

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)



	Small Cap Growth Fund

	For the period October 31, 2019^(a) to August 31, 2020

	Shares			Dollars

Class A Shares
Shares sold		24,816		$	260,087
Reinvestment of distributions		8			83
Shares redeemed		(11,126	)		(117,360	)
		13,698			142,810
Class C Shares
Shares sold		7,167			67,619
Reinvestment of distributions		2			18
Shares redeemed		—			—
		7,169			67,637
Institutional Shares
Shares sold		829,480			7,210,281
Reinvestment of distributions		806			8,547
Shares redeemed		(11,499	)		(108,704	)
		818,787			7,110,124
Investor Shares
Shares sold		5,000			50,000
Reinvestment of distributions		10			104
Shares redeemed		—			—
		5,010			50,104
Class R6 Shares
Shares sold		5,000			50,000
Reinvestment of distributions		11			117
Shares redeemed		—			—
		5,011			50,117
Class R Shares
Shares sold		5,000			50,000
Reinvestment of distributions		6			61
Shares redeemed		—			—
		5,006			50,061
Class P Shares
Shares sold		251,440			2,743,178
Reinvestment of distributions		11			117
Shares redeemed		(30,938	)		(337,264	)
		220,513			2,406,031

NET INCREASE (DECREASE)		1,075,194		$	9,876,884

(a)

Commencement of Operations

167

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

August 31, 2020

11. SUMMARY OF SHARE TRANSACTIONS (continued)



	Small/Mid Cap Growth Fund

	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		3,787,265		$	73,547,275			3,055,829		$	61,196,109
Reinvestment of distributions		1,906,384			35,840,022			2,664,057			44,942,631
Shares redeemed		(6,922,792	)		(131,322,470	)		(5,808,002	)		(113,164,610	)
		(1,229,143	)		(21,935,173	)		(88,116	)		(7,025,870	)
Class C Shares
Shares sold		606,585			9,332,945			906,460			14,228,486
Reinvestment of distributions		1,697,652			25,311,985			2,471,157			34,522,065
Shares redeemed		(3,857,818	)		(59,971,098	)		(4,852,262	)		(78,782,495	)
		(1,553,581	)		(25,326,168	)		(1,474,645	)		(30,031,944	)
Institutional Shares
Shares sold		10,993,756			239,838,233			10,622,034			223,847,881
Reinvestment of distributions		4,259,079			88,461,069			6,539,687			119,937,857
Shares redeemed		(18,101,436	)		(383,808,691	)		(20,657,061	)		(419,534,065	)
		(2,848,601	)		(55,509,389	)		(3,495,340	)		(75,748,327	)
Service Shares
Shares sold		994,719			20,782,076			343,686			6,645,316
Reinvestment of distributions		130,447			2,354,561			148,708			2,426,917
Shares redeemed		(627,094	)		(11,735,697	)		(346,090	)		(6,647,588	)
		498,072			11,400,940			146,304			2,424,645
Investor Shares
Shares sold		5,938,295			127,370,352			3,456,356			71,558,500
Reinvestment of distributions		2,624,916			52,183,322			4,131,670			72,965,292
Shares redeemed		(7,704,411	)		(158,699,905	)		(9,904,520	)		(202,917,534	)
		858,800			20,853,769			(2,316,494	)		(58,393,742	)
Class R6 Shares
Shares sold		981,189			21,371,966			1,260,687			26,837,469
Reinvestment of distributions		354,195			7,363,714			342,894			6,292,101
Shares redeemed		(961,271	)		(20,831,469	)		(680,883	)		(14,655,919	)
		374,113			7,904,211			922,698			18,473,651
Class R Shares
Shares sold		187,440			3,412,058			213,194			3,927,510
Reinvestment of distributions		103,778			1,845,169			162,654			2,621,986
Shares redeemed		(507,184	)		(9,368,570	)		(614,957	)		(11,692,367	)
		(215,966	)		(4,111,343	)		(239,109	)		(5,142,871	)
Class P Shares
Shares sold		4,245,963			89,075,046			1,052,753			21,393,870
Reinvestment of distributions		1,155,623			24,025,405			1,858,301			34,099,828
Shares redeemed		(2,908,213	)		(58,822,878	)		(4,059,667	)		(80,915,222	)
		2,493,373			54,277,573			(1,148,613	)		(25,421,524	)

NET INCREASE (DECREASE)		(1,622,933	)	$	(12,445,580	)		(7,693,315	)	$	(180,865,982	)

168

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11. SUMMARY OF SHARE TRANSACTIONS (continued)



	Strategic Growth Fund

	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		553,235		$	4,903,579			692,799		$	7,261,817
Reinvestment of distributions		513,629			4,304,210			1,136,370			9,022,776
Shares redeemed		(862,216	)		(7,517,379	)		(950,994	)		(8,317,481	)
		204,648			1,690,410			878,175			7,967,112
Class C Shares
Shares sold		141,767			736,027			223,807			1,231,361
Reinvestment of distributions		188,776			938,217			359,395			1,890,416
Shares redeemed		(328,543	)		(1,733,964	)		(743,127	)		(5,981,094	)
		2,000			(59,720	)		(159,925	)		(2,859,317	)
Institutional Shares
Shares sold		829,394			7,933,508			1,370,330			13,578,614
Reinvestment of distributions		762,714			7,331,386			2,171,746			19,362,035
Shares redeemed		(1,949,649	)		(19,965,455	)		(3,550,043	)		(35,503,248	)
		(357,541	)		(4,700,561	)		(7,967	)		(2,562,599	)
Service Shares
Shares sold		9,552			90,934			302,389			2,777,143
Reinvestment of distributions		12,249			100,316			23,135			180,451
Shares redeemed		(44,300	)		(322,197	)		(300,672	)		(2,701,615	)
		(22,499	)		(130,947	)		24,852			255,979
Investor Shares
Shares sold		699,635			6,739,272			149,935			2,034,023
Reinvestment of distributions		24,665			235,813			123,585			1,098,042
Shares redeemed		(657,615	)		(5,547,277	)		(298,341	)		(2,969,698	)
		66,685			1,427,808			(24,821	)		162,367
Class R6 Shares
Shares sold		22,653			245,561			48,598			438,055
Reinvestment of distributions		5,708			54,757			496			4,416
Shares redeemed		(34,804	)		(358,218	)		(4,053	)		(40,597	)
		(6,443	)		(57,900	)		45,041			401,874
Class R Shares
Shares sold		14,367			116,717			21,942			193,470
Reinvestment of distributions		321			2,557			418			3,190
Shares redeemed		(41,401	)		(357,139	)		(8,392	)		(75,522	)
		(26,713	)		(237,865	)		13,968			121,138
Class P Shares
Shares sold		623,912			6,250,168			179,672			1,723,950
Reinvestment of distributions		1,128,927			10,817,531			3,106,814			27,631,178
Shares redeemed		(2,698,348	)		(26,855,957	)		(3,242,428	)		(32,409,098	)
		(945,509	)		(9,788,258	)		44,058			(3,053,970	)

NET INCREASE (DECREASE)		(1,085,372	)	$	(11,857,033	)		813,381		$	432,584

169

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

August 31, 2020

11. SUMMARY OF SHARE TRANSACTIONS (continued)



	Technology Opportunities Fund

	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		2,497,794		$	57,989,772			2,314,180		$	56,262,003
Reinvestment of distributions		2,085,573			43,609,325			2,856,623			55,275,661
Shares redeemed		(3,350,577	)		(77,184,340	)		(3,168,448	)		(69,310,443	)
		1,232,790			24,414,757			2,002,355			42,227,221
Class C Shares
Shares sold		411,605			7,006,981			222,819			3,771,879
Reinvestment of distributions		269,706			4,131,894			392,107			5,909,052
Shares redeemed		(687,548	)		(11,865,762	)		(1,706,037	)		(35,147,928	)
		(6,237	)		(726,887	)		(1,091,111	)		(25,466,997	)
Institutional Shares
Shares sold		2,457,174			67,343,687			695,071			17,458,982
Reinvestment of distributions		433,094			10,502,518			570,904			12,497,081
Shares redeemed		(1,184,364	)		(30,880,214	)		(1,265,917	)		(32,565,576	)
		1,705,904			46,965,991			58			(2,609,513	)
Service Shares
Shares sold		740,768			16,455,724			496,870			11,322,700
Reinvestment of distributions		218,520			4,425,035			317,847			5,994,587
Shares redeemed		(822,663	)		(18,106,252	)		(735,765	)		(16,076,331	)
		136,625			2,774,507			78,952			1,240,956
Investor Shares
Shares sold		875,798			22,475,983			146,004			3,698,019
Reinvestment of distributions		107,586			2,550,857			171,725			3,690,377
Shares redeemed		(296,616	)		(7,844,763	)		(315,097	)		(7,617,215	)
		686,768			17,182,077			2,632			(228,819	)
Class R6 Shares
Shares sold		40,331			1,174,805			4,856			125,149
Reinvestment of distributions		1,342			32,559			92			2,018
Shares redeemed		(8,472	)		(199,381	)		(104	)		(2,726	)
		33,201			1,007,983			4,844			124,441
Class P Shares
Shares sold		1,140,621			31,338,168			279,069			7,708,280
Reinvestment of distributions		145,323			3,525,530			207,017			4,533,680
Shares redeemed		(376,367	)		(9,279,340	)		(368,575	)		(8,610,790	)
		909,577			25,584,358			117,511			3,631,170

NET INCREASE (DECREASE)		4,698,628		$	117,202,786			1,115,241		$	18,918,459

170

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11. SUMMARY OF SHARE TRANSACTIONS (continued)



	U.S. Equity ESG Fund

	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		128,411		$	1,726,402			139,691		$	1,745,301
Reinvestment of distributions		12,565			176,323			17,899			211,711
Shares redeemed		(77,681	)		(1,056,288	)		(53,255	)		(663,868	)
		63,295			846,437			104,335			1,293,144
Class C Shares
Shares sold		19,484			254,410			113,257			1,245,148
Reinvestment of distributions		4,445			59,055			2,215			24,978
Shares redeemed		(4,920	)		(60,492	)		(13,105	)		(148,105	)
		19,009			252,973			102,367			1,122,021
Institutional Shares
Shares sold		8,620			115,908			118,834			1,528,950
Reinvestment of distributions		1,252			17,743			20,066			239,180
Shares redeemed		(3,698	)		(48,507	)		(433,612	)		(5,499,920	)
		6,174			85,144			(294,712	)		(3,731,790	)
Investor Shares
Shares sold		5,965			82,388			72,477			966,895
Reinvestment of distributions		737			10,448			1,602			19,105
Shares redeemed		(62,468	)		(875,883	)		(13,192	)		(167,309	)
		(55,766	)		(783,047	)		60,887			818,691
Class R6 Shares
Shares sold		41,308			574,818			281,458			3,431,101
Reinvestment of distributions		8,674			122,997			—			—
Shares redeemed		(201,316	)		(2,732,496	)		(47,083	)		(619,896	)
		(151,334	)		(2,034,681	)		234,375			2,811,205
Class R Shares
Shares sold		—			—			5			66
Reinvestment of distributions		—			—			—			—
Shares redeemed		—			—			—			—
		—			—			5			66
Class P Shares
Shares sold		—			—			—			—
Reinvestment of distributions		7,056			100,044			14,612			174,322
Shares redeemed		(110,018	)		(1,293,839	)		(2,719	)		(32,450	)
		(102,962	)		(1,193,795	)		11,893			141,872

NET INCREASE (DECREASE)		(221,584	)	$	(2,826,969	)		219,150		$	2,455,209

171

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of

Goldman Sachs Capital Growth Fund, Goldman Sachs Concentrated Growth Fund, Goldman Sachs U.S. Equity ESG Fund (formerly known as Goldman Sachs Blue Chip Fund), Goldman Sachs Flexible Cap Fund, Goldman Sachs Growth Opportunities Fund, Goldman Sachs Small/Mid Cap Growth Fund, Goldman Sachs Strategic Growth Fund, Goldman Sachs Technology Opportunities Fund, and Goldman Sachs Small Cap Growth Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (nine of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations, the changes in each of their net assets for each of the periods listed in the table below and each of the financial highlights for each of the periods therein in conformity with accounting principles generally accepted in the United States of America.


Fund	Statement of operations	Statements of changes in net assets	Financial highlights
Goldman Sachs Capital Growth Fund, Goldman Sachs Concentrated Growth Fund, Goldman Sachs U.S. Equity ESG Fund (formerly known as Goldman Sachs Blue Chip Fund), Goldman Sachs Flexible Cap Fund, Goldman Sachs Growth Opportunities Fund, Goldman Sachs Small/Mid Cap Growth Fund, Goldman Sachs Strategic Growth Fund, and Goldman Sachs Technology Opportunities Fund	For the year ended August 31, 2020	For the two years ended August 31, 2020	For each of the periods indicated therein
Goldman Sachs Small Cap Growth Fund	For the period October 31, 2019 (commencement of operations) through August 31, 2020

Basis for Opinions

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 26, 2020

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

172

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Fund Expenses — Six Month Period Ended August 31, 2020 (Unaudited)

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

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

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense 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.


	Capital Growth Fund							Concentrated Growth Fund							Flexible Cap Fund							Growth Opportunities Fund							Small Cap Growth Fund
Share Class	Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid for the 6 months ended 8/31/2020*		Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid for the 6 months ended 8/31/2020*		Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid for the 6 months ended 8/31/2020*		Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid for the 6 months ended 8/31/2020*		Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid for the 6 months ended 8/31/2020*
Class A
Actual	$	1,000.00	$	1,013.51		$	5.72	$	1,000.00	$	1,057.96		$	5.95	$	1,000.00	$	1,010.48		$	4.90	$	1,000.00	$	1,007.21		$	6.31	$	1,000.00	$	1,000.00		$	6.49
Hypothetical 5% return		1,000.00		1,019.46	+		5.74		1,000.00		1,019.36	+		5.84		1,000.00		1,020.26	+		4.93		1,000.00		1,018.85	+		6.34		1,000.00		1,018.65	+		6.55
Class C
Actual		1,000.00		1,010.02			9.50		1,000.00		1,053.69			9.81		1,000.00		1,006.59			8.68		1,000.00		1,002.02			10.06		1,000.00		1,000.00			10.26
Hypothetical 5% return		1,000.00		1,015.69	+		9.53		1,000.00		1,015.58	+		9.63		1,000.00		1,016.49	+		8.72		1,000.00		1,015.08	+		10.13		1,000.00		1,014.88	+		10.33
Institutional
Actual		1,000.00		1,015.21			3.80		1,000.00		1,059.61			4.14		1,000.00		1,011.15			2.98		1,000.00		1,008.93			4.54		1,000.00		1,000.00			4.57
Hypothetical 5% return		1,000.00		1,021.37	+		3.81		1,000.00		1,021.11	+		4.06		1,000.00		1,022.17	+		3.00		1,000.00		1,020.61	+		4.57		1,000.00		1,020.56	+		4.62
Service
Actual		1,000.00		1,013.12			6.33		1,000.00		N/A			N/A		1,000.00		—			—		1,000.00		1,005.77			7.06		1,000.00		—			—
Hypothetical 5% return		1,000.00		1,018.85	+		6.34		1,000.00		N/A			N/A		1,000.00		—			—		1,000.00		1,018.10	+		7.10		1,000.00		—			—
Investor
Actual		1,000.00		1,014.94			4.46		1,000.00		1,059.30			4.66		1,000.00		1,011.10			3.64		1,000.00		1,007.91			5.05		1,000.00		1,000.00			5.23
Hypothetical 5% return		1,000.00		1,020.71	+		4.47		1,000.00		1,020.61	+		4.57		1,000.00		1,021.52	+		3.66		1,000.00		1,020.11	+		5.08		1,000.00		1,019.91	+		5.28
Class R6
Actual		1,000.00		1,015.28			3.75		1,000.00		1,059.81			4.09		1,000.00		1,012.14			2.93		1,000.00		1,008.92			4.49		1,000.00		1,000.00			4.52
Hypothetical 5% return		1,000.00		1,021.42	+		3.76		1,000.00		1,021.17	+		4.01		1,000.00		1,022.22	+		2.95		1,000.00		1,020.66	+		4.52		1,000.00		1,020.61	+		4.57
Class R
Actual		1,000.00		1,012.04			6.98		1,000.00		1,056.17			7.29		1,000.00		1,008.70			6.16		1,000.00		1,005.78			7.56		1,000.00		1,000.00			7.74
Hypothetical 5% return		1,000.00		1,018.20	+		7.00		1,000.00		1,018.05	+		7.15		1,000.00		1,019.00	+		6.19		1,000.00		1,017.60	+		7.61		1,000.00		1,017.39	+		7.81
Class P
Actual		1,000.00		1,015.74			3.75		1,000.00		1,059.85			4.09		1,000.00		1,011.31			2.93		1,000.00		1,008.92			4.49		1,000.00		1,000.00			4.52
Hypothetical 5% return		1,000.00		1,021.42	+		3.76		1,000.00		1,021.17	+		4.01		1,000.00		1,022.22	+		2.95		1,000.00		1,020.66	+		4.52		1,000.00		1,020.61	+		4.57

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


Fund	Class A Shares			Class C Shares			Institutional Shares			Service Shares			Investor Shares			Class R6 Shares			Class R Shares			Class P Shares
Capital Growth Fund		1.13	%		1.88	%		0.75	%		1.25	%		0.88	%		0.74	%		1.38	%		0.74	%
Concentrated Growth Fund		1.15			1.90			0.80			N/A			0.90			0.79			1.41			0.79
Flexible Cap Fund		0.97			1.72			0.59			N/A			0.72			0.58			1.22			0.58
Growth Opportunities Fund		1.25			2.00			0.90			1.40			1.00			0.89			1.50			0.89
Small Cap Growth Fund		1.29			2.04			0.91			N/A			1.04			0.90			1.54			0.90

173

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Fund Expenses — Six Month Period Ended August 31, 2020 (Unaudited) (continued)


	Small/Mid Cap Growth Fund							Strategic Growth Fund							Technology Opportunities Fund							U.S. Equity ESG Fund
Share Class	Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid for the 6 months ended 8/31/2020*		Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid for the 6 months ended 8/31/2020*		Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid for the 6 months ended 8/31/2020*		Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid for the 6 months ended 8/31/2020*
Class A
Actual	$	1,000.00	$	1,053.26		$	6.66	$	1,000.00	$	1,057.96		$	5.95	$	1,000.00	$	1,010.48		$	4.90	$	1,000.00	$	1,007.21		$	6.31
Hypothetical 5% return		1,000.00		1,018.65	+		6.55		1,000.00		1,019.36	+		5.84		1,000.00		1,020.26	+		4.93		1,000.00		1,018.85	+		6.34
Class C
Actual		1,000.00		1,049.60			10.51		1,000.00		1,053.69			9.81		1,000.00		1,006.59			8.68		1,000.00		1,002.02			10.06
Hypothetical 5% return		1,000.00		1,014.88	+		10.33		1,000.00		1,015.58	+		9.63		1,000.00		1,016.49	+		8.72		1,000.00		1,015.08	+		10.13
Institutional
Actual		1,000.00		1,055.28			4.96		1,000.00		1,059.61			4.14		1,000.00		1,011.15			2.98		1,000.00		1,008.93			4.54
Hypothetical 5% return		1,000.00		1,020.31	+		4.88		1,000.00		1,021.11	+		4.06		1,000.00		1,022.17	+		3.00		1,000.00		1,020.61	+		4.57
Service
Actual		1,000.00		1,052.03			7.53		1,000.00		N/A			N/A		1,000.00		—			—		1,000.00		1,005.77			7.06
Hypothetical 5% return		1,000.00		1,017.80	+		7.41		1,000.00		N/A			N/A		1,000.00		—			—		1,000.00		1,018.10	+		7.10
Investor
Actual		1,000.00		1,054.57			5.37		1,000.00		1,059.30			4.66		1,000.00		1,011.10			3.64		1,000.00		1,007.91			5.05
Hypothetical 5% return		1,000.00		1,019.91	+		5.28		1,000.00		1,020.61	+		4.57		1,000.00		1,021.52	+		3.66		1,000.00		1,020.11	+		5.08
Class P
Actual		1,000.00		1,055.23			4.91		1,000.00		1,059.85			4.09		1,000.00		1,011.31			2.93		1,000.00		1,008.92			4.49
Hypothetical 5% return		1,000.00		1,020.36	+		4.82		1,000.00		1,021.17	+		4.01		1,000.00		1,022.22	+		2.95		1,000.00		1,020.66	+		4.52
Class R
Actual		1,000.00		1,052.19			7.94		1,000.00		1,056.17			7.29		1,000.00		1,008.70			6.16		1,000.00		1,005.78			7.56
Hypothetical 5% return		1,000.00		1,017.39	+		7.81		1,000.00		1,018.05	+		7.15		1,000.00		1,019.00	+		6.19		1,000.00		1,017.60	+		7.61
Class R6
Actual		1,000.00		1,054.72			4.91		1,000.00		1,059.81			4.09		1,000.00		1,012.14			2.93		1,000.00		1,008.92			4.49
Hypothetical 5% return		1,000.00		1,020.36	+		4.82		1,000.00		1,021.17	+		4.01		1,000.00		1,022.22	+		2.95		1,000.00		1,020.66	+		4.52

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


Fund	Class A Shares			Class C Shares			Institutional Shares			Service Shares			Investor Shares			Class R6 Shares			Class R Shares			Class P Shares
Small/Mid Cap Growth Fund		1.29	%		2.04	%		0.96	%		1.46	%		1.04	%		0.95	%		1.54	%		0.95	%
Strategic Growth Fund		1.13			1.88			0.75			1.25			0.88			0.74			1.38			0.74
Technology Opportunities Fund		1.25			2.00			0.98			1.48			1.00			0.97			N/A			0.97
U.S. Equity ESG Fund		1.02			1.77			0.67			N/A			0.77			0.66			1.27			0.66

174

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Capital Growth Fund, Goldman Sachs Concentrated Growth Fund, Goldman Sachs Flexible Cap Fund, Goldman Sachs Growth Opportunities Fund, Goldman Sachs Small Cap Growth, Goldman Sachs Small/Mid Cap Growth Fund, Goldman Sachs Strategic Growth Fund, Goldman Sachs Technology Opportunities Fund, and Goldman Sachs U.S. Equity ESG Fund (formerly, the Goldman Sachs Blue Chip Fund), (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P.(the “Investment Adviser”) on behalf of the Funds.

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

(a)

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

(i)

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

(ii)

(iii)

trends in employee headcount;

(iv)

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

(v)

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

(b)

information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), a benchmark performance index, and (in the case of the Concentrated Growth Fund and Strategic Growth Fund) a composite of accounts with comparable investment strategies managed by the Investment Adviser;and information on general investment outlooks in the markets in which the Fund invests;

(c)

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

(d)

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

(e)

fee and expense information for the Fund, including:

(i)

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

(ii)

the Fund’s expense trends over time (except for the Small Cap Growth Fund, which commenced operation on October 31, 2019); and

(iii)

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

(f)

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

175

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

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

(g)

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

(h)

information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund (with the exception of the Small Cap Growth Fund, which commenced operations in 2019) to the Investment Adviser and its affiliates;

(i)

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

(j)

(k)

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

(l)

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

(m)

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

(n)

(o)

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

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

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

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

176

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

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

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and (with the exception of the Small Cap Growth Fund) ratings compiled by the Outside Data Provider as of December 31, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2020. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods.The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark.As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.The Trustees also received information comparing the Concentrated Growth Fund’s and Strategic Growth Fund’s performance to that of composites of accounts with comparable investment strategies managed by the Investment Adviser.

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

The Trustees considered that the Capital Growth Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2020. The Trustees noted that the Concentrated Growth Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, and five-year periods and in the third quartile for the ten-year period, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2020. They observed that the Flexible Cap Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the one- and three-year periods and underperformed for the five- and ten-year periods ended March 31, 2020. The Trustees considered that the Growth Opportunities Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, and five-year periods and in the third quartile for the ten-year period, and had outperformed the Fund’s benchmark index for the one- and three-year periods and underperformed for the five and ten-year periods ended March 31, 2020.They also noted that the Growth Opportunities Fund had experienced certain portfolio management changes in 2019. The Trustees observed that the Small/Mid Cap Growth Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, five- and ten-year periods, and had outperformed the Fund’s benchmark index for the one-, three-, five- and ten-year periods ended March 31, 2020. They also considered that the Small/Mid Cap Growth Fund had experienced certain portfolio management changes in 2019. The Trustees observed that the Strategic Growth Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2020. They considered that the Technology Opportunities Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and outperformed the Fund’s benchmark index for the one-, three-, five- and ten-year periods ended March 31, 2020. The Trustees also noted that the Technology Opportunities Fund had certain significant differences from the Fund’s benchmark index that caused it to be an imperfect basis for comparison. The Trustees noted that the Technology Opportunities Fund had also experienced certain portfolio management changes in 2019.They observed that the U.S. Equity ESG Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the one-year period and in the fourth quartile for the three-, five- and ten-year periods, and had outperformed the Fund’s benchmark index for the one- and three-year periods and underperformed for the five- and ten-year periods ended March 31, 2020. They also noted that following the Fund’s repositioning from the Blue Chip Fund in August 2020, there would be changes to the Fund’s investment strategies.

The Trustees noted that the Small Cap Growth Fund had launched on October 31, 2019 and did not yet have a meaningful performance history.

Costs of Services Provided and Competitive Information

177

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

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

other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

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

Profitability

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins (except for the Small Cap Growth Fund, which commenced operations on October 31, 2019). In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund (with the exception of the Goldman Sachs Small Cap Growth Fund)was provided for 2019 and 2018, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

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


Average Daily Net Assets	Capital Growth Fund			Concentrated Growth Fund			Flexible Cap Fund			Growth Opportunities Fund			Small Cap Growth Fund

First $1 billion		0.71	%		0.76	%		0.55	%		0.92	%		0.85	%

Next $1 billion		0.64			0.68			0.50			0.92			0.85

Next $3 billion		0.61			0.65			0.47			0.83			0.77

Next $3 billion		0.61			0.64			0.46			0.79			0.73

Over $8 billion		0.61			0.62			0.45			0.77			0.71


Average Daily Net Assets	Small/Mid Cap Growth Fund			Strategic Growth Fund			Technology Opportunities Fund			U.S. Equity ESG Fund

First $1 billion		0.85	%		0.71	%		0.94	%		0.55	%

Next $1 billion		0.85			0.64			0.85			0.50

Next $3 billion		0.77			0.61			0.80			0.47

Next $3 billion		0.73			0.59			0.79			0.46

Over $8 billion		0.71			0.58			0.77			0.45

178

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

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

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertakings to waive a portion of its management fee for the Growth Opportunities Fund and limit certain expenses of the Funds that exceed specified levels, as well as Goldman Sachs & Co. LLC’s (“Goldman Sachs”) undertaking to waive a portion of the transfer agency fees paid by the Concentrated Growth Fund’s, Growth Opportunities Fund’s, Small/Mid Cap Growth Fund’s, Technology Opportunities Fund’s, and U.S. Equity ESG Fund’s Class A, Class C, Investor, and Class R Shares, as applicable.Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.They also noted that the Investment Adviser had passed along savings to shareholders of the Small/Mid Cap Growth Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Funds and Their Shareholders

Conclusion

179

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Voting Results of Special Meeting of Shareholders (Unaudited)


Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes

Dwight L. Bush		94,278,961,728.065		0		349,026,343.365		0

Kathryn A. Cassidy		94,310,850,789.164		0		317,137,282.266		0

Joaquin Delgado		94,282,646,444.727		0		345,341,626.703		0

Gregory G. Weaver		94,306,589,873.348		0		321,398,198.082		0

At the Meeting, the shareholders of the Goldman Sachs Large Cap Growth Insights Fund approved a change to the Fund’s sub-classification under the Act from “diversified” to “non-diversified”. The Trust’s shareholders voted as follows:


Proposal 2. To approve a change to the Fund’s sub-classification under the Investment Company Act of 1940 from “diversified” to “non-diversified’ and to eliminate a related fundamental investment restriction.	For		Against		Abstained		Broker Non-Votes

Large Cap Growth Insights Fund		23,785,792.632		250,521.921		196,802.993		9,592,467.322

180

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Trustees and Officers (Unaudited)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Jessica Palmer Age: 71	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Dwight L. Bush Age: 63	Trustee	Since 2020	Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Kathryn A. Cassidy Age: 66	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Diana M. Daniels Age: 71	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003- 2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006- 2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Joaquin Delgado Age: 60	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Hexion Inc. (a specialty chemical manufacturer) (2019-present); and Director, Stepan Company (a specialty chemical manufacturer) (2011-present); and was formerly Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Stepan Company (a specialty chemical manufacturer)

Roy W. Templin Age: 60	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con — WayIn corporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)

181

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Trustees and Officers (Unaudited) (continued)

Interested Trustee*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Gregory G. Weaver Age: 68	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Verizon Communications Inc.

James A. McNamara Age: 57	President and Trustee	Since 2007	Advisory Director, Goldman Sachs (January 2018 — Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998- December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	168	None

Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information isprovided as of August 31, 2020.

⁴

182

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


Name, Address and Age¹	Positions Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years

James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Caroline L. Kraus 200 West Street New York, NY 10282 Age: 43	Secretary	Since 2014	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020–Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 52	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010- October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Information is provided as of August 31, 2020.

Goldman Sachs Trust — Fundamental Equity Growth Funds — Tax Information (Unaudited)

For the year ended August 31, 2020, 100%, 100%, 87.31%, 30.73%, 2.01%, 95.25%, 100% and 100% of the dividends paid from net investment company taxable income by the Capital Growth, Concentrated Growth, Flexible Cap, Growth Opportunities, Small Cap Growth, Small Mid Cap Growth, Strategic Growth, and U.S. Equity ESG Funds, respectively, qualify for the dividends received deduction available to corporations.

Pursuant to Section 852 of the Internal Revenue Code, the Capital Growth, Concentrated Growth, Flexible Cap, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth, Technology Opportunities, and U.S. Equity ESG Funds, designate $33,388,576, $11,578,608, $948,809, $292,429,285, $262,604,641, $23,833,091, $73,163,470, and $380,236, respectively, or if different, the maximum amount allowable, as capital gain dividends paid during the year ended August 31, 2020.

For the year ended August 31, 2020, 100%, 100%, 100%, 100%, 100%, 100%, and 100% of the dividends paid from net investment company taxable income by the Capital Growth, Concentrated Growth, Flexible Cap, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth, and U.S. Equity ESG Funds, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

During the fiscal year ended August 31, 2020, Capital Growth, Concentrated Growth, Flexible Cap, Growth Opportunities, and Small Mid Cap Growth Funds, designate $56,671, $44, $916, $3,401,778, and $26,083 respectively, as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

183

FUNDS PROFILE

Goldman Sachs Funds

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

Money Market

Financial Square Funds^SM

∎

Financial Square Treasury Solutions Fund¹

∎

Financial Square Government Fund¹

∎

Financial Square Money Market Fund²

∎

Financial Square Prime Obligations Fund²

∎

Financial Square Treasury Instruments Fund¹

∎

Financial Square Treasury Obligations Fund¹

∎

Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎

Investor Money Market Fund³

∎

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎

Enhanced Income Fund

∎

High Quality Floating Rate Fund

∎

Short-Term Conservative Income Fund

∎

Short Duration Government Fund

∎

Short Duration Income Fund

∎

Government Income Fund

∎

Inflation Protected Securities Fund

Multi-Sector

∎

Bond Fund

∎

Core Fixed Income Fund

∎

Global Core Fixed Income Fund⁴

∎

Strategic Income Fund

∎

Income Fund

Municipal and Tax-Free

∎

High Yield Municipal Fund

∎

Dynamic Municipal Income Fund

∎

Short Duration Tax-Free Fund

∎

Municipal Income Completion Fund

Single Sector

∎

Investment Grade Credit Fund

∎

U.S. Mortgages Fund

∎

High Yield Fund

∎

High Yield Floating Rate Fund

∎

Emerging Markets Debt Fund

∎

Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎

Long Short Credit Strategies Fund

Fundamental Equity

∎

Equity Income Fund

∎

Small Cap Growth Fund

∎

Small Cap Value Fund

∎

Small/Mid Cap Value Fund

∎

Mid Cap Value Fund

∎

Large Cap Value Fund

∎

Focused Value Fund

∎

Capital Growth Fund

∎

Strategic Growth Fund

∎

Small/Mid Cap Growth Fund

∎

Flexible Cap Fund

∎

Concentrated Growth Fund

∎

Technology Opportunities Fund

∎

Growth Opportunities Fund

∎

Rising Dividend Growth Fund

∎

U.S. Equity ESG Fund⁵

∎

Income Builder Fund

∎

Defensive Equity 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

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China Equity Fund⁶

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Emerging Markets Equity Fund

∎

Imprint Emerging Markets Opportunities Fund

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ESG Emerging Markets Equity Fund

Alternative

∎

Real Estate Securities Fund

∎

International Real Estate Securities Fund

∎

Commodity Strategy Fund

∎

Global Real Estate Securities Fund

∎

Alternative Premia Fund

∎

Absolute Return Tracker Fund

∎

Managed Futures Strategy Fund

∎

MLP Energy Infrastructure Fund

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Energy Infrastructure Fund⁷

∎

Multi-Manager Alternatives Fund

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Global Infrastructure Fund

∎

Clean Energy Income Fund

Total Portfolio Solutions

∎

Global Managed Beta Fund

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Multi-Manager Non-Core Fixed Income Fund

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Multi-Manager U.S. Dynamic Equity Fund

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Multi-Manager Global Equity Fund

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Multi-Manager International Equity Fund

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Tactical Tilt Overlay Fund

∎

Balanced Strategy Portfolio

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Multi-Manager U.S. Small Cap Equity Fund

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Multi-Manager Real Assets Strategy Fund

∎

Growth and Income Strategy Portfolio

∎

Growth Strategy Portfolio

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Dynamic Global Equity Fund

∎

Satellite Strategies Portfolio

∎

Enhanced Dividend Global Equity Portfolio

∎

Tax-Advantaged Global Equity Portfolio

∎

Strategic Factor Allocation Fund

∎

Target Date Retirement Portfolio⁸

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Target Date 2025 Portfolio

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Target Date 2030 Portfolio

∎

Target Date 2035 Portfolio

∎

Target Date 2040 Portfolio

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Target Date 2045 Portfolio

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Target Date 2050 Portfolio

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Target Date 2055 Portfolio

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Target Date 2060 Portfolio

∎

GQG Partners International Opportunities Fund

⁴

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

⁵

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

⁶Effective

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

⁷

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

⁸

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

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

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


TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado James A. McNamara Roy W. Templin Gregory G. Weaver		OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary

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

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

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

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

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

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

Goldman Sachs & Co. LLC (‘‘Goldman Sachs’’) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

Fund holdings and allocations shown are as of August 31, 2020 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

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

Goldman Sachs Funds

LOGO



Annual Report				August 31, 2020

				Fundamental Equity Value Funds
				Equity Income
				Focused Value
				Large Cap Value
				Mid Cap Value
				Small Cap Value
				Small/Mid Cap Value

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

LOGO

Goldman Sachs Fundamental Equity Value Funds

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EQUITY INCOME

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FOCUSED VALUE

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LARGE CAP VALUE

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MID CAP VALUE

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SMALL CAP VALUE

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SMALL/MID CAP VALUE


TABLE OF CONTENTS

Market Review			1

Portfolio Management Discussions and Performance Summaries			3

Schedules of Investments			33

Financial Statements			49

Financial Highlights

Equity Income			56

Focused Value			64

Large Cap Value			71

Mid Cap Value			79

Small Cap Value			87

Small/Mid Cap Value			95

Notes to Financial Statements			102

Report of Independent Registered Public Accounting Firm			121

Other Information			123



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

MARKET REVIEW

Goldman Sachs Fundamental Equity Value Funds

Market Review

U.S. equities inched higher as the Reporting Period began in September 2019, supported by the increasingly accommodative monetary policy of the U.S. Federal Reserve (the “Fed”), highlighted by quarter-point interest rate cuts in both July and September 2019. In addition, investors appeared confident that corporate earnings — while decelerating from the levels of 2018 — would remain in positive territory. However, these tailwinds were largely offset by the combination of slowing global economic growth, the ongoing trade dispute between the U.S. and China and the initiation of a formal impeachment investigation against the U.S. President in late September. In the fourth quarter of 2019, stock returns accelerated with an uptick of U.S. manufacturing and service sector business surveys as well as a consistently strong labor market evidenced by the U.S. adding more than 200,000 jobs in November, double the break-even pace of long-term job growth. These developments, along with a third interest rate cut by the Fed at the end of October, helped restore market confidence, while fundamentals of low core inflation, contained financial imbalance and less drag of a trade war fended off imminent recession risk.

In a sharp and quick turnaround, the S&P 500 Index sold off dramatically in the first quarter of 2020, as rising cases of COVID-19 caused non-essential businesses to close. The new calendar year actually began on a favorable note, with a stretch of positive returns that lasted into the second half of February. At that point, however, the spread of COVID-19 from China to the rest of the world made it clear the impact of the pandemic would be widespread. As containment efforts led to a gradual shutdown of the global economy, investors began to factor severe weakness in both economic growth and corporate earnings. Jobless claims increased to 6.6 million, and non-farm payrolls decreased by 701,000 for the month of March 2020. In addition, oil prices fell, as supply increased and demand declined. The resulting sell-off gained steam through March, as investors fled higher risk assets and rotated into perceived safe havens, such as U.S. Treasuries. The downturn reached its nadir on March 23, at which point the major U.S. equity indices had given up all of the gains of the past three calendar years. Equities subsequently recovered in the final days of the quarter, as the government and Fed responded with aggressive economic stimulus. The Fed cut interest rates to near-zero and announced a wide range of new lending facilities and asset purchase programs. The U.S. Congress passed a $2.2 trillion stimulus package. Still, volatility remained high, and the first quarter of 2020 was the weakest calendar quarter since 2008 and the worst first-quarter return in history for U.S. equities.

MARKET REVIEW

Looking Ahead

Regardless of market direction, our fundamental, bottom-up stock selection continues to drive our process, rather than headlines or sentiment. We maintain high conviction in the companies the Funds own and believe they have the potential to outperform relative to the broader market regardless of economic growth conditions. We continue to focus on undervalued companies that we believe have comparatively greater control of their own destiny, such as innovators with differentiated products, companies with low cost structures or companies that have been investing in their own businesses and may be poised to gain market share. We remain focused on the long-term performance of the Funds.

As always, deep research resources, a forward-looking investment process and truly actively managed portfolios are keys, in our view, to both preserving capital and outperforming the market over the long term.

PORTFOLIO RESULTS

Goldman Sachs Equity Income Fund

Portfolio Composition

Under normal circumstances, the Fund invests at least 80% of its net assets in equity investments that the Goldman Sachs Fundamental Equity U.S. Equity Team considers to have favorable prospects for capital appreciation and/or dividend-paying ability. Although the Fund will invest primarily in publicly traded U.S. securities, including preferred and convertible securities, it may invest up to 25% of its Net Assets in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. The Fund may also invest up to 20% of its Net Assets in fixed income securities, such as government, corporate and bank debt obligations, that offer the potential to further the Fund’s investment objective of long-term capital appreciation and growth of income.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Equity Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of 3.08%, 2.33%, 3.41%, 2.89%, 3.33%, 3.42%, 2.82% and 3.43%, respectively. These returns compare to the 0.84% average annual total return of the Fund’s benchmark, the Russell 1000^® Value Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

During this Reporting Period, it is particularly worth remembering that we seek to take a diversified approach when solving for yield in the Fund. While the Fund has an emphasis on higher yielding, defensive sectors, we also seek more predictable cash flow generating companies in the cyclical part of the market, many of which are attractive on a relative value basis, in our view. This focus on quality companies contributed to the Fund’s outperformance of the Russell Index during the Reporting Period. Additionally, our focus on yield sustainability and casting a wide net beyond traditional defensive equities contributed positively to the Fund’s relative results.

Which equity market sectors most significantly affected Fund performance?

Contributing positively to the Fund’s relative results was effective stock selection in the information technology, utilities and industrials sectors. Having an overweight allocation to information technology, which outpaced the Russell Index during the Reporting Period, and an underweight to financials, which lagged the Russell Index during the Reporting Period, also helped. The sectors that detracted most from the Fund’s relative results during the Reporting Period were real estate, energy and communication services, wherein stock selection proved challenging. An underweight to communication services, which outperformed the Russell Index during the Reporting Period, hurt as well.

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

The Fund benefited most relative to the Russell Index from positions in Apple, Microsoft and Exxon Mobil.

Multinational leading information technology company Apple is not a component of the Russell Index but generated triple-digit share price gains during the Reporting Period, and thus it was a top positive contributor to the Fund’s relative results. Its shares especially benefited from beating consensus expectations from both a top-line and bottom-line perspective during the second quarter of 2020. The company’s phone business performed substantially better than the market expected. Additionally, iPad and Mac sales benefited from work-from-home spending. At the end of the

PORTFOLIO RESULTS

Reporting Period, we remained favorable on the company based on what we saw as its ongoing innovation.

Similarly, software and cloud computing behemoth Microsoft is not a component of the Russell Index but significantly outperformed the Russell Index during the Reporting Period. The company benefited from sharp increases in demand for cloud-based computing and storage services. The company has also successfully migrated enterprise customers to its cloud platform, as it remains a major player in the public cloud market. At the end of the Reporting Period, we remained positive on Microsoft, continuing to believe it is a well-diversified, high quality company led by an excellent management team.

Integrated energy company Exxon Mobil generated double-digit negative returns for the Reporting Period overall, but we prudently sold the Fund’s position in November 2019. During the several months prior to the November sale, Exxon Mobil’s stock benefited from the market rotation into value and defensive companies, and the Fund realized positive returns from the stock during these months.

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

Detracting most from the Fund’s results relative to the Russell Index were positions in Royal Dutch Shell, Viper Energy Partners LP and Intel.

Integrated energy company Royal Dutch Shell was the biggest detractor from the Fund’s results during the Reporting Period. Not a component of the Russell Index, the company’s shares posted double-digit declines, as COVID-19 had a major effect on demand for oil and gas. Additionally, its shares suffered when the company cut its dividend. We trimmed the Fund’s position in Royal Dutch Shell in June 2020, but we remained constructive on the company at the end of the Reporting Period given its positive cash flow generation and based on our view the company may well be able to grow its dividend going forward.

Similarly, Viper Energy Partners LP, which owns, acquires, explores and develops oil and natural gas properties, is not a constituent of the Russell Index and generated double-digit share price declines during the Reporting Period, thus detracting from the Fund’s relative results. Energy markets overall were under significant stress due to the combination of demand destruction resulting from the COVID-19 pandemic and a supply shock as the OPEC+ group failed to agree on crude oil output restrictions and subsequently engaged in a price war, negatively impacting the global crude oil market as well as U.S. upstream and midstream companies^*. We opted to eliminate the Fund’s position in Viper Energy Partners LP in May 2020 to allocate capital to higher conviction ideas.

Intel, a company that engages in the design, manufacture and sale of computer products and technologies, slightly beat consensus expectations with its second quarter 2020 earnings, but this was overshadowed by the company’s capitulation on manufacturing. More specifically, the company announced its manufacturing roadmap for a certain type of semiconductor slipped by six to 12 months. Its share price declined on this announcement, as manufacturing has historically been the company’s key competitive advantage. We subsequently trimmed the Fund’s position in Intel, but held the position with a cautious view, carefully monitoring its prospects.

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

During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

During the Reporting Period, we initiated a Fund position in home improvement retailer Home Depot based on our view that sales trends are likely to be persistently positive. The business has benefited from increasing activity in home improvement and home remodeling during the COVID-19 crisis, and, in our view, is led by a strong management team. At the time of purchase, we felt its dividend was well covered and its shares were trading at an attractive valuation.

We established a Fund position in Eli Lilly and Company, a leading pharmaceutical company, during the Reporting Period. We liked its history of innovation and what we viewed as its strong drug pipeline. We were also optimistic as the company has demonstrated accelerating top-line growth due to drug launches, increased margins growth and strong earnings per share growth.

Conversely, in addition to the sales already mentioned, we exited the Fund’s position in Bank of America during the Reporting Period. We sold the position to realize gains and ultimately to allocate capital to higher conviction ideas.

PORTFOLIO RESULTS

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

There were no changes to the Fund’s portfolio management team during the Reporting Period.

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

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s allocations compared to the Russell Index in information technology, utilities, consumer staples, health care and materials increased. The Fund’s exposure to industrials, consumer staples and energy decreased compared to the Russell Index.

How was the Fund positioned relative to its benchmark index at the end of August 2020?

At the end of August 2020, the Fund had overweight positions relative to the Russell Index in the health care, information technology, consumer staples, utilities and materials sectors. On the same date, the Fund had underweight positions compared to the Russell Index in financials, industrials, communication services and consumer discretionary and was rather neutrally weighted to the Russell Index in real estate and energy.

OPEC+ is composed of the Organization of the Petroleum Exporting Countries (“OPEC”) and non-OPEC oil producing countries, most notably Russia. 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. 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 various energy commodities.

FUND BASICS

Equity Income Fund

as of August 31, 2020


TOP 10 HOLDINGS AS OF 8/31/20¹

Holding	% of Net Assets			Line of Business

Johnson & Johnson		4.0	%	Pharmaceuticals
JPMorgan Chase & Co.		3.2		Banks
Verizon Communications, Inc.		3.2		Diversified Telecommunication Services
Apple, Inc.		2.9		Technology Hardware, Storage & Peripherals
Medtronic PLC		2.6		Health Care Equipment & Supplies
Walmart, Inc.		2.5		Food & Staples Retailing
Chevron Corp.		2.5		Oil, Gas & Consumable Fuels
Linde PLC		2.5		Chemicals
Procter & Gamble Co. (The)		2.2		Household Products
Home Depot, Inc. (The)		2.1		Specialty Retail

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of August 31, 2020

LOGO

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

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

GOLDMAN SACHS EQUITY INCOME FUND

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $10,000 investment made on September 1, 2010 in Class A Shares (with the maximum sales charge of 5.5%) . For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000^®Value Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Equity Income Fund’s 10 Year Performance

Performance of a $10,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2010 through August 31, 2020.

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Average Annual Total Return through August 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	3.08%	7.44%	10.05%	—
Including sales charges	-2.58%	6.23%	9.43 %	—

Class C
Excluding contingent deferred sales charges	2.33%	6.66%	9.24%	—
Including contingent deferred sales charges	1.31%	6.66%	9.24%	—

Institutional	3.41%	7.85%	10.48%	—

Service	2.89%	7.31%	9.94%	—

Investor	3.33%	7.71%	10.33%	—

Class R6 (Commenced July 31, 2015)	3.42%	7.85%	N/A	6.23%

Class R	2.82%	7.17%	9.79%	—

Class P (Commenced April 17, 2018)	3.43%	N/A	N/A	5.58%

PORTFOLIO RESULTS

Goldman Sachs Focused Value Fund

Portfolio Composition

The Fund’s investment objective is to seek long-term capital appreciation. The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) in a portfolio of equity investments, including common stocks, preferred stocks and other securities and instruments having equity characteristics. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in approximately 20-40 companies that are considered value opportunities, which the Investment Adviser defines as companies with identifiable competitive advantages whose intrinsic value is not reflected in the stock price. The Fund may invest in securities of companies of any capitalization. Although the Fund will invest primarily in publicly traded U.S. securities, it may invest up to 20% of its total assets in foreign securities, including securities of issuers in countries with emerging markets or economies (“emerging countries”) and securities quoted in foreign currencies. The Fund may invest in fixed income securities, such as government, corporate and bank debt obligations.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Focused Value Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of 6.60%, 5.85%, 7.00%, 6.92%, 6.92%, 6.27% and 7.03%, respectively. These returns compare to the 0.84% average annual total return of the Fund’s benchmark, the Russell 1000^® Value Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

The Fund outperformed the Russell Index on a relative basis due primarily to effective stock selection overall. Sector allocation as a whole also contributed positively to the Fund’s performance relative to the Russell Index during the Reporting Period, albeit more modestly.

Which equity market sectors most significantly affected Fund performance?

Contributing positively to the Fund’s relative results was effective stock selection in the information technology, communication services and energy sectors. Having an overweight to information technology, which outperformed the Russell Index during the Reporting Period, also added value. The sectors that detracted most from the Fund’s relative results during the Reporting Period were materials, consumer discretionary and consumer staples, wherein stock selection proved challenging. Allocation positioning within consumer staples also hurt.

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

The Fund benefited most relative to the Russell Index from positions in software companies Citrix Systems and Microsoft and in Google’s parent company Alphabet.

Citrix Systems’ shares were supported by successive positive earnings surprises during the Reporting Period. These results were a function of Citrix Systems benefiting from the exponential uptick in companies’ remote working contingency plans due to the COVID-19 pandemic. Given the rather steady strong performance in the stock, we elected to exit the Fund’s position and reallocate capital to what we saw as other compelling risk/reward opportunities.

PORTFOLIO RESULTS

for several of Microsoft’s offerings. Overall, we remained constructive on Microsoft, as we believed it is a well-diversified, high quality growth company led by an excellent management team.

Shares of Alphabet rose as the company meaningfully beat market earnings per share estimates during the fourth quarter of 2019. Alphabet’s shares then fell during the first quarter of 2020 with the broader equity market but made a nice recovery off of its absolute lows in March 2020. Its stock performed well along with the mega-cap technology industry, as healthy balance sheets, relatively high growth rates and solid margins drove returns. Additionally, its stock price appreciated following a hearing on Capitol Hill for the mega-cap technology companies, including Alphabet, which was politically charged but featured little in the way of actionable changes. While the travel and retail segments of its business have been more challenged as a result of COVID-19, we continued to like the company at the end of the Reporting Period given what we viewed as the potential for growth in its cloud and YouTube businesses and a near monopoly on its search engine. We also believed Alphabet was trading at a reasonable valuation relative to its fundamental strength at the end of the Reporting Period.

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

Detracting most from the Fund’s results relative to the Russell Index were positions in financial services company Wells Fargo & Company, specialty materials, chemicals and agricultural products developer DuPont de Nemours and industrial conglomerate General Electric.

A new purchase for the Fund during the Reporting Period, Wells Fargo & Company’s share price fell along with the broader financials sector as a result of lower interest rates and credit concerns caused by the COVID-19 pandemic. Additionally, its stock was challenged upon news it would be required to cut its dividend because of a new U.S. Federal Reserve (“Fed”) rule that set certain dividend requirements. However, we held the Fund position because at the end of the Reporting Period we believed the worst was behind Wells Fargo & Company and the company was well-positioned moving forward given it already took a dividend cut and also took a much larger provision for expected loan losses. We were also optimistic at the end of the Reporting Period in its management’s plan to expand the company’s margins by cutting $10 billion in costs.

DuPont de Nemours reported fourth quarter 2019 results in late January 2020 that were in line with consensus expectations, but its shares dropped on the day of its announcement due to the company’s worse than consensus expected outlook. On the back of that weaker outlook, we elected to sell the Fund’s position in DuPont de Nemours in February 2020 and allocate capital to what we considered more compelling risk/reward opportunities.

General Electric’s share price fell in late February and March 2020, as COVID-19 concerns caused air travel to come to a virtual halt, putting pressure on the conglomerate’s commercial aerospace business. Despite the near-term pressure, we were optimistic at the end of the Reporting Period in a cyclical recovery within the company’s aerospace business and restructuring within its power business. We also believed the company’s quick liquidity actions prevented further challenges to its performance during the Reporting Period.

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

During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

During the Reporting Period, in addition to the purchase already mentioned, we initiated a Fund position in entertainment and media enterprise Walt Disney Company. We decided to add this name to the Fund’s portfolio as we found what we believed to be an attractive entry point after a large sell-off during the first quarter of 2020. We believe this is a healthy business with a strong management team that was unfairly punished by investors when the COVID-19 pandemic caused them to shut down their global amusement parks. We like the performance of its streaming service, Disney+, and believe there will likely be pent-up demand for experience-related activities as the global economy starts to reopen, which should, in our view, directly benefit this company.

We established a Fund position in semiconductor company Texas Instruments. We are optimistic about the company’s exposure to secular growth within fifth-generation, or 5G, technology developments. We are also confident in a recovery in its industrials and auto businesses, which should expand as the economy re-opens.

Conversely, in addition to those sales mentioned earlier, we eliminated the Fund’s position in Bank of America during the Reporting Period. Bank of America has a heightened

PORTFOLIO RESULTS

level of interest rate exposure relative to its peers, which could put pressure on its margins as interest rates have fallen.

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

Kevin Martens was added as a co-lead portfolio manager of the Fund during the Reporting Period. Kevin is also a co-lead portfolio manager for Goldman Sachs Asset Management’s (“GSAM”) U.S. Equity ESG strategy and Large Cap Value strategy. He also has broad research responsibilities for the industrials sector across GSAM’s U.S. Large- and Mid-Cap Equity strategies. Before joining GSAM, Kevin spent four years at ClearBridge Investments, where he was a research analyst responsible for the materials sector. Prior to that, he was a research associate at Fred Alger Management covering industrials, and an investment banking associate at BMO Capital Markets. Kevin has 13 years of industry experience. He earned a BSBA in Finance and a BS in Accounting and Economics from Villanova University and an MBA from Columbia Business School. Kevin joined Charles “Brook” Dane, who continues to serve as portfolio manager for the Fund. By design, all investment decisions for the Fund are performed within a co-lead or team structure, with multiple subject matter experts. This strategic decision making has been a cornerstone of our approach and helps to ensure continuity in the Fund.

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

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s allocations compared to the Russell Index in energy, utilities, real estate and consumer discretionary increased. The Fund’s exposure to the financials, health care and communication services sectors decreased compared to the Russell Index.

How was the Fund positioned relative to its benchmark index at the end of August 2020?

At the end of August 2020, the Fund was overweight in industrials, materials, health care and utilities relative to the Russell Index. On the same date, the Fund was underweight in financials, consumer discretionary and communication services and was rather neutrally weighted to the Russell Index in consumer staples, energy, information technology and real estate.

FUND BASICS

Focused Value Fund

as of August 31, 2020


TOP 10 HOLDINGS AS OF 8/31/20¹

Holding	% of Net Assets			Line of Business

Johnson & Johnson		4.6	%	Pharmaceuticals
Walt Disney Co. (The)		3.9		Entertainment
Ameren Corp.		3.7		Multi-Utilities
Zimmer Biomet Holdings, Inc.		3.7		Health Care Equipment & Supplies
Union Pacific Corp.		3.6		Road & Rail
Honeywell International, Inc.		3.5		Industrial Conglomerates
Texas Instruments, Inc.		3.3		Semiconductors & Semiconductor Equipment
Alexandria Real Estate Equities, Inc. REIT		3.2		Equity Real Estate Investment Trusts (REITs)
JPMorgan Chase & Co.		3.1		Banks
NextEra Energy, Inc.		3.1		Electric Utilities

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of August 31, 2020

LOGO

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

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

GOLDMAN SACHS FOCUSED VALUE FUND

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $1,000,000 investment made on July 31, 2015 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000^®Value Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Focused Value Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from July 31, 2015 through August 31, 2020.

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Average Annual Total Return through August 31, 2020*	One Year	Five Years	Since Inception
Class A (Commenced July 31, 2015)
Excluding sales charges	6.60%	7.47%	5.78%
Including sales charges	0.77%	6.27%	4.61%

Class C (Commenced July 31, 2015)
Excluding contingent deferred sales charges	5.85%	6.67%	5.00%
Including contingent deferred sales charges	4.84%	6.67%	5.00%

Institutional (Commenced July 31, 2015)	7.00%	7.87%	6.18%

Investor (Commenced July 31, 2015)	6.92%	7.76%	6.05%

Class R6 (Commenced July 31, 2015)	6.92%	7.89%	6.2%

Class R (Commenced July 31, 2015)	6.27%	7.18%	5.52%

Class P (Commenced April 17, 2018)	7.03%	N/A	6.44%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

PORTFOLIO RESULTS

Goldman Sachs Large Cap Value Fund

Portfolio Composition

The Fund invests, under normal circumstances, at least 80% of its net assets plus borrowings for investment purposes (measured at the time of purchase) in a diversified portfolio of equity investments in large-cap issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell 1000^® Value Index at the time of investment. The Fund seeks its investment objective of long-term capital appreciation by investing in value opportunities that the Goldman Sachs Fundamental Equity U.S. Equity Team defines as companies with identifiable competitive advantages whose intrinsic value is not reflected in the stock price. Although the Fund will invest primarily in publicly traded U.S. securities, including preferred and convertible securities, it may invest in foreign securities, including securities of issuers in countries with emerging markets or economies (“emerging countries”) and securities quoted in foreign currencies. The Fund may also invest in fixed income securities, such as government, corporate and bank debt obligations.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Large Cap Value Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of 1.97%, 1.21%, 2.26%, 1.80%, 2.22%, 2.29%, 1.70% and 2.29%, respectively. These returns compare to the 0.84% average annual total return of the Fund’s benchmark, the Russell 1000^® Value Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

The Fund outperformed the Russell Index on a relative basis due primarily to effective stock selection overall. Sector allocation as a whole also added value to the Fund’s performance relative to the Russell Index during the Reporting Period, albeit modestly.

Which equity market sectors most significantly affected Fund performance?

Contributing most positively to the Fund’s performance relative to the Russell Index was effective stock selection in information technology, energy and utilities. Having an overweight in information technology, which outperformed the Russell Index during the Reporting Period, and an underweight to energy, which was the weakest sector in the Russell Index during the Reporting Period, also added value. Only partially offsetting these positive contributors were materials, health care and financials, which detracted as stock selection in each proved challenging. Having an underweight to health care, which was the strongest performing sector in the Russell Index during the Reporting Period, also hurt.

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

The Fund benefited most relative to the Russell Index from positions in software company Citrix Systems, information technology behemoth Apple and pharmaceuticals company Eli Lilly and Company.

Citrix Systems’ shares were supported by successive positive earnings surprises during the Reporting Period. These results were a function of Citrix Systems benefiting from the exponential uptick in companies’ remote working contingency plans due to the COVID-19 pandemic. Given the rather steady strong performance in the stock, we elected to exit the Fund’s position and reallocate capital to what we saw as other compelling risk/reward opportunities.

During the Reporting Period, Apple initially performed well as it announced fourth quarter 2019 earnings in line with consensus estimates and with investors maintaining their focus on the upcoming iPhone cycle and growth in the company’s services segment. During the first quarter of 2020, the company was hit hard by the COVID-19 pandemic, as its product supply chain was disrupted due to the global economic shutdown. However, Apple’s stock bounced off of its absolute lows, returning robust double-digit share price gains for the second quarter of 2020. At the end of the Reporting Period, we maintained a positive outlook on Apple as a high quality company led by an excellent management

PORTFOLIO RESULTS

team. We continued to like the business, believing there may well be pent-up demand for iPhones, wearables and services, though we will continue to monitor any lingering impact from retail closures affecting parts of its business.

Eli Lilly and Company’s stock price increased significantly in June 2020 when news of its breast cancer drug, Verzenio, was shown to substantially reduce the risk of death or the risk of breast cancer returning when given in addition to standard care, which we believe could be a considerable opportunity. Its share price also remained resilient through the Reporting Period given its solid earnings results in the third and fourth quarters of 2019 and in the first quarter of 2020. At the end of the Reporting Period, we remained optimistic on the company given its broad portfolio of fast-growing drugs.

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

Wells Fargo & Company’s share price fell along with the broader financials sector as a result of lower interest rates and credit concerns caused by the COVID-19 pandemic. Additionally, its stock was challenged upon news it would be required to cut its dividend because of a new U.S. Federal Reserve (“Fed”) rule that set certain dividend requirements. However, we held the Fund position because at the end of the Reporting Period we believed the worst was behind Wells Fargo & Company and the company was well-positioned moving forward given it already took a dividend cut and also took a much larger provision for expected loan losses. We were also optimistic at the end of the Reporting Period in its management’s plan to expand the company’s margins by cutting $10 billion in costs.

AvalonBay Communities is engaged in the development, acquisition, ownership and operation of multifamily communities. Its share price fell in late February and March 2020 because of the company’s exposure to urban areas, as the COVID-19 pandemic created concern around real estate prices in major metropolitan areas. However, at the end of the Reporting Period, we remained positive on what we viewed as the company’s strong balance sheet, robust development pipeline and supportive management team.

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

During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

During the Reporting Period, we established a Fund position in beverage company Coca-Cola. We are optimistic that Coca-Cola’s global volumes would begin recovering, particularly within the “away from home” segment, which was hit hard by the COVID-19 pandemic. We are also positive on what we see as the company’s solid operating margins, sharp increase in e-commerce sales and improving business mix. Additionally, we believe Coca-Cola’s launch of a hard seltzer under the Topo Chico brand may give the company access to that quickly growing market.

We initiated a Fund position in Bristol-Myers Squibb, which engages in the development, manufacture and sale of biopharmaceutical products. We are optimistic on Bristol-Myers Squibb because we view it as a well-diversified company with a solid drug pipeline trading at reasonable valuations. We also believe the market may have been underappreciating the company’s lung cancer drug, which could potentially be highly profitable with even a small percentage of market share.

Conversely, in addition to those sales already mentioned, we exited the Fund’s position in Bank of America during the Reporting Period. Bank of America has a heightened level of interest rate exposure relative to its peers, which could put pressure on its margins as interest rates have fallen.

We eliminated the Fund’s position in cigarette manufacturer Philip Morris International. While we like the long-term prospects for the company’s iQos products, we had concerns about structural headwinds against cigarettes. Additionally, Philip Morris International had outperformed relative to other consumer staples companies during the Reporting Period, so we exited the position in favor of other risk/reward prospects.

PORTFOLIO RESULTS

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

Kevin Martens was added as a co-lead portfolio manager of the Fund during the Reporting Period. Kevin is also a co-lead portfolio manager for Goldman Sachs Asset Management’s (“GSAM”) U.S. Equity ESG strategy and Focused Value strategy. He also has broad research responsibilities for the industrials sector across GSAM’s U.S. Large- and Mid-Cap Equity strategies. Before joining GSAM, Kevin spent four years at ClearBridge Investments, where he was a research analyst responsible for the materials sector. Prior to that, he was a research associate at Fred Alger Management covering industrials, and an investment banking associate at BMO Capital Markets. Kevin has 13 years of industry experience. He earned a BSBA in Finance and a BS in Accounting and Economics from Villanova University and an MBA from Columbia Business School. Kevin joined Charles “Brook” Dane, who continues to serve as portfolio manager for the Fund. By design, all investment decisions for the Fund are performed within a co-lead or team structure, with multiple subject matter experts. This strategic decision making has been a cornerstone of our approach and helps to ensure continuity in the Fund.

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

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s allocations compared to the Russell Index in information technology, utilities and consumer discretionary increased. The Fund’s exposure to financials, health care, communication services, industrials and consumer staples decreased compared to the Russell Index.

How was the Fund positioned relative to its benchmark index at the end of August 2020?

At the end of August 2020, the Fund had overweight positions relative to the Russell Index in the information technology and utilities sectors. On the same date, the Fund had underweight positions compared to the Russell Index in financials, industrials and health care and had rather neutral allocations relative to the Russell Index in communication services, consumer staples, energy, real estate, consumer discretionary and materials.

FUND BASICS

Large Cap Value Fund

as of August 31, 2020


TOP 10 HOLDINGS AS OF 8/31/20¹

Holding	% of Net Assets			Line of Business

Johnson & Johnson		3.6	%	Pharmaceuticals
Walt Disney Co. (The)		2.9		Entertainment
Verizon Communications, Inc.		2.7		Diversified Telecommunication Services
JPMorgan Chase & Co.		2.7		Banks
NextEra Energy, Inc.		2.3		Electric Utilities
McDonald’s Corp.		2.0		Hotels, Restaurants & Leisure
Comcast Corp., Class A		2.0		Media
Walmart, Inc.		1.9		Food & Staples Retailing
Chevron Corp.		1.9		Oil, Gas & Consumable Fuels
Citigroup, Inc.		1.8		Banks

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of August 31, 2020

LOGO

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

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

GOLDMAN SACHS LARGE CAP VALUE FUND

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $1,000,000 investment made on September 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000^®Value Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Large Cap Value Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2010 through August 31, 2020.

LOGO


Average Annual Total Return through August 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	1.97%	5.62%	9.17%	—
Including sales charges	-3.63%	4.43%	8.55%	—

Class C
Excluding contingent deferred sales charges	1.21%	4.85%	8.36%	—
Including contingent deferred sales charges	0.20%	4.85%	8.36%	—

Institutional	2.26%	5.97%	9.56%	—

Service	1.80%	5.46%	9.02%	—

Investor	2.22%	5.89%	9.44%	—

Class R6 (Commenced July 31, 2015)	2.29%	6.04%	N/A	4.41%

Class R	1.70%	5.36%	8.89%	—

Class P (Commenced April 17, 2018)	2.29%	N/A	N/A	3.53%

PORTFOLIO RESULTS

Goldman Sachs Mid Cap Value Fund

Portfolio Composition

The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) (“Net Assets”) in a diversified portfolio of equity investments in mid-cap issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell Midcap^® Value Index at the time of investment. The Fund seeks its investment objective of long-term capital appreciation by investing in value opportunities that the Investment Adviser defines as companies with identifiable competitive advantages whose intrinsic value is not reflected in the stock price. Although the Fund will invest primarily in publicly traded U.S. securities, it may invest up to 25% of its Net Assets in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. The Fund may also invest in the aggregate up to 20% of its Net Assets in companies with public stock market capitalizations outside the range of companies constituting the Russell Midcap^® Value Index at the time of investment and in fixed income securities, such as government, corporate and bank debt obligations.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Mid Cap Value Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6, Class R, and Class P Shares generated average annual total returns, without sales charges, of -0.41%, -1.14%, -0.03%, -0.52%, -0.16%, -0.05% , -0.65% and -0.02%, respectively. These returns compare to the -1.30% average annual total return of the Fund’s benchmark, the Russell Midcap^® Value Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

The Fund posted negative absolute returns but outperformed the Russell Index on a relative basis due primarily to effective stock selection overall. Sector allocation as a whole also added value to the Fund’s performance relative to the Russell Index during the Reporting Period, albeit more modestly.

Which equity market sectors most significantly affected Fund performance?

Contributing most positively to the Fund’s performance relative to the Russell Index was effective stock selection in industrials, information technology and real estate. Only partially offsetting these positive contributors were financials, materials and energy, which detracted as stock selection in each proved challenging.

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

The Fund benefited most relative to the Russell Index from positions in truckload services company Old Dominion Freight Line, semiconductor company Marvell Technology Group and health care-related company Catalent.

Old Dominion Freight Line benefited during the Reporting Period from the shift toward online shopping for consumers, as the company’s shipping business grew during the COVID-19 pandemic. In its July 2020 earnings release, the company reported record operating revenue margins and reiterated the strength of its business, causing its shares to appreciate. At the end of the Reporting Period, we saw Old Dominion Freight Line as a company that should continue to deliver at a level above its peers, along with having an optimal path for organic growth ahead.

Marvell Technology Group’s stock had a volatile end to calendar year 2019 after strong performance in the first half of 2019. This was captured in its fourth quarter 2019 earnings announcement, as it performed in line with consensus estimates. After a slight drop due to the COVID-19-driven global economic shutdown, Marvell Technology Group benefited from solid trends in fifth generation (“5G”) deployment, strong design win momentum and storage wins within the cloud. At the end of the Reporting Period, we continued to like Marvell Technology Group given its long-term secular growth trends as well as the possibility for share buybacks following an extended

PORTFOLIO RESULTS

period of deleveraging. We also believed the company would be a beneficiary from deteriorating U.S.-China trade tensions, as it has not established business relations in that geographical area.

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

Detracting most from the Fund’s results relative to the Russell Index were positions in mortgage real estate investment trust (“REIT”) MFA Financial, oil and gas property owner and developer Viper Energy Partners LP and hotel REIT Ryman Hospitality Properties.

Prior to the outbreak of the COVID-19 pandemic, the Fund was overweight residential mortgage credit within the mortgage REIT universe given the health of the consumer and home prices. During a few trading days in late March 2020, investors fled to relative safety and sold out of companies holding non-government-backed securities. The significant drop in value of these securities, especially the speed of the dislocation, threatened mortgage REITs broadly, including MFA Financial, and their ability to meet margin calls. Based on our belief that the margin calls had created a situation where value was permanently impaired, we sold the Fund’s position in MFA Financial. (A margin call occurs when the value of an investor’s margin account falls below the broker’s required amount. An investor’s margin account contains securities bought with borrowed money. A margin call refers specifically to a broker’s demand that an investor deposit additional money or securities into the account so that it is brought up to the minimum value, known as the maintenance margin. A margin call is usually an indicator that one or more of the securities held in the margin account has decreased in value. When a margin call occurs, the investor must choose to either deposit more money in the account or sell some of the assets held in their account.)

Viper Energy Partners LP engages in the acquisition of oil and natural gas properties in the Permian Basin. Its stock trended downward in correlation with the energy sector broadly as a result of the decline in crude oil prices during the first quarter of 2020. Ultimately, we decided to exit the Fund’s position in the company and to allocate the capital to what we viewed as more attractive risk/reward opportunities as the outlook for the oil market was unpredictable at the time of sale.

Shares of Ryman Hospitality Properties came under pressure in March 2020 after the company was forced to shut down its hotels due to COVID-19. By June 2020, the company had started reopening its major hotels and shared that its management was encouraged by the level of bookings for the summer. At the end of the Reporting Period, we continued to monitor the position but remained optimistic about the REIT’s prospects once its hotels are reopened more broadly and higher levels of consumer travel resume.

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

During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

During the Reporting Period, we initiated a Fund position in direct banking and payment services company Discover Financial Services. We had decided to add this company to the Fund’s portfolio as a pure play on the U.S. consumer, which was strong at the end of 2019 given low unemployment and rather steady U.S. economic growth. During the first quarter of 2020, its shares came under pressure with the financials sector broadly as the condition of the U.S. consumer deteriorated and the lower interest rate backdrop created a challenge for profit margins. Although the company did not rebound to trading at pre-pandemic levels by the end of the Reporting Period, it did make a nice recovery off its absolute lows in March 2020. At the end of the Reporting Period, we remained confident in Discover Financial Services, as we believed its risk/reward outlook was positive given the compressed valuation multiple and solid levels of organic loan growth that we believe may well be supported moving forward by increased spending on technology.

We established a Fund position in Welltower, a REIT that invests in senior housing, assisted living and memory care facilities, post-acute care facilities and medical office buildings. We initiated the position given long-term secular growth in the industry based on an aging demographic. We

PORTFOLIO RESULTS

felt the share price pullback resulting from COVID-19 created an attractive entry point into the stock.

Conversely, in addition to those sales already mentioned, we eliminated the Fund’s position in Ventas, a REIT that owns senior housing communities, skilled nursing facilities, hospitals and medical office buildings. While we continued to like some of the secular growth trends Ventas is exposed to, we had concerns that its stock would continue to trade at a discount to its peers for the near future and thus decided to sell in favor of a position in Welltower.

We exited the Fund’s position in Fidelity National Information Services, a payment processing and technology company. While we continued to like its business model and exposure to innovation in the payments industry, we sold the position as the significant increase in its market capitalization following its acquisition of Worldpay and from market appreciation caused the name to be less suitable for the Fund’s mid-cap value portfolio, in our opinion.

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

There no changes to the Fund’s portfolio management team during the Reporting Period.

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

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s allocations compared to the Russell Index in financials, industrials and communication services increased. The Fund’s exposure to the information technology and materials sectors decreased compared to the Russell Index.

How was the Fund positioned relative to its benchmark index at the end of August 2020?

At the end of August 2020, the Fund had an overweight position relative to the Russell Index in communication services and an underweight position compared to the Russell Index in energy. The Fund was rather neutrally weighted to the remaining nine sectors in the Russell Index at the end of the Reporting Period.

FUND BASICS

Mid Cap Value Fund

as of August 31, 2020


TOP 10 HOLDINGS AS OF 8/31/20¹

Holding	% of Net Assets			Line of Business

Zimmer Biomet Holdings, Inc.		2.1	%	Health Care Equipment & Supplies
AMETEK, Inc.		1.8		Electrical Equipment
Stanley Black & Decker, Inc.		1.7		Machinery
Marvell Technology Group Ltd.		1.7		Semiconductors & Semiconductor Equipment
ITT, Inc.		1.6		Machinery
Old Dominion Freight Line, Inc.		1.5		Road & Rail
M&T Bank Corp.		1.5		Banks
Rockwell Automation, Inc.		1.5		Electrical Equipment
Corteva, Inc.		1.4		Chemicals
Ameren Corp.		1.4		Multi-Utilities

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of August 31, 2020

LOGO

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

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

GOLDMAN SACHS MID CAP VALUE FUND

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $10,000 investment made on September 1, 2010 in Class A Shares (with the maximum sales charge of 5.5%). For comparative purposes, the performance of the Fund’s benchmark, the Russell Midcap^®Value Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Mid Cap Value Fund’s 10 Year Performance

Performance of a $10,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2010 through August 31, 2020.

LOGO


Average Annual Total Return through August 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	-0.41%	5.17%	9.49%	—
Including sales charges	-5.87%	3.99%	8.88%	—

Class C
Excluding contingent deferred sales charges	-1.14%	4.39%	8.68%	—
Including contingent deferred sales charges	-2.13%	4.39%	8.68%	—

Institutional	-0.03%	5.59%	9.93%	—

Service	-0.52%	5.06%	9.39%	—

Investor	-0.16%	5.44%	9.77%	—

Class R6 (Commenced July 31, 2015)	-0.05%	5.59%	N/A	4.46%

Class R	-0.65%	4.91%	9.22%	—

Class P (Commenced April 17, 2018)	-0.02%	N/A	N/A	3.23%

PORTFOLIO RESULTS

Goldman Sachs Small Cap Value Fund

Portfolio Composition

The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) (“Net Assets”) in a diversified portfolio of equity investments in small-cap issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell 2000^® Value Index at the time of investment. Under normal circumstances, the Fund’s investment horizon for ownership of stocks will be two to three years. The Fund seeks its investment objective of long-term capital appreciation by investing in value opportunities that the Investment Adviser defines as companies with identifiable competitive advantages whose intrinsic value is not reflected in the stock price. Although the Fund will invest primarily in publicly traded U.S. securities, it may invest up to 25% of its Net Assets in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. The Fund may also invest in the aggregate up to 20% of its Net Assets in companies with public stock market capitalizations outside the range of companies constituting the Russell 2000^®Value Index at the time of investment and in fixed income securities, such as government, corporate and bank debt obligations.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Small Cap Value Team discusses the Goldman Sachs Small Cap Value Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of -9.92%, -10.61%, -9.60%, -10.04%, -9.70%, -9.58%, -10.16% and -9.56%, respectively. These returns compare to the -6.13% average annual total return of the Fund’s benchmark, the Russell 2000^® Value Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

The Fund underperformed the Russell Index on a relative basis during the Reporting Period due primarily to stock selection. Sector allocation as a whole also detracted from the Fund’s relative performance, albeit more modestly.

Which equity market sectors most significantly affected Fund performance?

Weak stock selection in the materials, health care and real estate sectors detracted most from the Fund’s performance relative to the Russell Index. Partially offsetting these detractors was effective stocks selection in the financials sector, which contributed positively. Having an overweight to consumer discretionary, which outperformed the Russell Index during the Reporting Period, and having an underweight to communication services, which underperformed the Russell Index during the Reporting Period, also added value.

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

Detracting most from the Fund’s results relative to the Russell Index were positions in mortgage real estate investment trusts (“REITs”) Redwood Trust and MFA Financial and in oil and gas property owner and developer Viper Energy Partners LP.

Prior to the outbreak of the COVID-19 pandemic, the Fund was overweight residential mortgage credit within the mortgage REIT universe given the health of the consumer and home prices. During a few trading days in late March 2020, investors fled to relative safety and sold out of companies holding non-government-backed securities. The significant drop in value of these securities, especially the speed of the dislocation, threatened mortgage REITs broadly, including Redwood Trust and MFA Financial, and their ability to meet margin calls. Based on our belief that the margin calls had created a situation where value was permanently impaired, we sold the Fund’s positions in Redwood Trust and MFA Financial. (A margin call occurs when the value of an investor’s margin account falls below the broker’s required amount. An investor’s margin account contains securities bought with borrowed money. A margin call refers specifically to a broker’s demand that an investor deposit additional money or securities into the account so that it is brought up to the minimum value, known as

PORTFOLIO RESULTS

the maintenance margin. A margin call is usually an indicator that one or more of the securities held in the margin account has decreased in value. When a margin call occurs, the investor must choose to either deposit more money in the account or sell some of the assets held in their account.)

Viper Energy Partners LP engages in the acquisition of oil and natural gas properties in the Permian Basin. Its stock trended downward in correlation with the energy sector broadly as a result of the decline in crude oil prices during the first quarter of 2020. Despite being a top detractor from the Fund’s performance during the Reporting Period, we believed at the end of the Reporting Period that Viper Energy Partners LP had more attractive total return opportunities within the energy sector relative to many of its peers given its higher profit margin structure, and thus we held the position as of the end of August 2020.

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

The Fund benefited most relative to the Russell Index from positions in Kinsale Capital Group, Emergent BioSolutions and Palomar Holdings.

Kinsale Capital Group is a property and casualty insurance provider that has found its niche in providing coverage for specialty risks, such as excess and surplus personal lines. The company was able to sustain its top-line growth amidst the economic slowdown during the Reporting Period, with its losses largely unaffected by COVID-19-related events. The company reported strong second quarter 2020 earnings on the last trading day of July, causing its shares to appreciate. At the end of the Reporting Period, we continued to like the company given its strong performance during the Reporting Period and the market in which Kinsale Capital Group operates having barriers to entry.

Emergent BioSolutions is engaged in the development, manufacture and commercialization of medical countermeasures. Its shares finished 2019 strong after being awarded a 10-year contract with the U.S. Department of Health and Human Services for the supply of ACAM2000, a smallpox vaccine. The company also reported better than market expected third quarter 2019 earnings that beat on both the top and bottom line. Its shares came under slight pressure amidst the COVID-19 pandemic but continued to rally with the broader health care sector. At the end of the Reporting Period, we were optimistic on the company’s value proposition, as COVID-19 highlighted the need for stockpiling countermeasures.

Going public for the first time during the Reporting Period, Palomar Holdings provides specialty insurance solutions, including for earthquakes and floods. Its shares were supported by solid earnings in the second quarter of 2020, which beat market expectations on earnings per share. At the end of the Reporting Period, we remained optimistic on Palomar Holdings given what we see as its differentiated business model and rapid growth. We believed its recent capital raises may well help support that growth.

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

During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

During the Reporting Period, we initiated a Fund position in industrial properties manager Terreno Realty. The company has a focused strategy with assets in core coastal markets, which we believe may be a winner in the long term with gaining trends toward e-commerce. Previously, the Fund did not own the stock due to our valuation concerns, but the market weakness experienced during the first quarter of 2020 gave us what we saw as an attractive entry point to the company’s stock.

We established a Fund position in One Gas, a utilities company that engages in the provision of natural gas distribution services in the southern region of the U.S. We believe this is a high quality, regulated gas utility that could produce stable growth in line with its peers. When we met with its management team in December 2019, we found them to be focused on a conservative business model, which we viewed positively.

Conversely, in addition to those sales already mentioned, we sold the Fund’s position in communications equipment company Lumentum Holdings. Given the company’s solid performance and expanded valuations, we sold the position in favor of what we believed to be better risk/reward opportunities elsewhere.

We eliminated the Fund’s position in New Jersey Resources, a utilities company that distributes natural gas to residential and commercial customers in New Jersey. We had started trimming the position when its management abruptly began investing in unregulated segments, which we believe are lower quality than regulated segments. We then sold the position completely, as we viewed this management action as outside of the company’s core strategy.

PORTFOLIO RESULTS

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

There were no changes to the Fund’s portfolio management team during the Reporting Period.

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

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s allocations compared to the Russell Index in real estate and consumer discretionary increased, and its allocation compared to the Russell Index in consumer staples and communication services decreased.

How was the Fund positioned relative to its benchmark index at the end of August 2020?

At the end of August 2020, the Fund was overweight compared to the Russell Index in consumer discretionary and information technology, was underweight compared to the Russell Index in communication services and was rather neutrally weighted to the remaining eight sectors in the Russell Index.

FUND BASICS

Small Cap Value Fund

as of August 31, 2020


TOP 10 HOLDINGS AS OF 8/31/20¹

Holding	% of Net Assets			Line of Business

STAG Industrial, Inc. REIT		1.3	%	Equity Real Estate Investment Trusts (REITs)
KBR, Inc.		1.2		IT Services
Darling Ingredients, Inc.		1.2		Food Products
Terreno Realty Corp. REIT		1.0		Equity Real Estate Investment Trusts (REITs)
Meritage Homes Corp.		1.0		Household Durables
Performance Food Group Co.		1.0		Food & Staples Retailing
Stifel Financial Corp.		1.0		Capital Markets
Avient Corp.		1.0		Chemicals
ONE Gas, Inc.		0.9		Gas Utilities
South State Corp.		0.9		Banks

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of August 31, 2020

LOGO

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

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $1,000,000 investment made on September 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 2000^®Value Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Small Cap Value Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2010 through August 31, 2020.

LOGO


Average Annual Total Return through August 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	-9.92%	3.24%	9.28%	—
Including sales charges	-14.86%	2.08%	8.67%	—

Class C
Excluding contingent deferred sales charges	-10.61%	2.47%	8.47%	—
Including contingent deferred sales charges	-11.50%	2.47%	8.47%	—

Institutional	-9.60%	3.64%	9.72%	—

Service	-10.04%	3.13%	9.17%	—

Investor	-9.70%	3.50%	9.56%	—

Class R6 (Commenced July 31, 2015)	-9.58%	3.66%	N/A	2.46%

Class R	-10.16%	2.99%	9.01%	—

Class P (Commenced April 17, 2018)	-9.56%	N/A	N/A	-6.12%

PORTFOLIO RESULTS

Goldman Sachs Small/Mid Cap Value Fund

Portfolio Composition

The Fund’s investment objective is to seek long-term capital appreciation. The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) in a diversified portfolio of equity investments in small- and mid-cap issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell 2000^® Value Index and the Russell Midcap Value Index, respectively, at the time of investment. As of September 30, 2019, the capitalization range of the companies in these indexes was between $34 million and $46.228 billion. Under normal circumstances, the Fund’s investment horizon for ownership of stocks will be two to three years. Although the Fund will invest primarily in publicly traded U.S. securities, it may also invest in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. The Fund may invest in companies with public stock market capitalizations outside the range of companies constituting the Russell 2000^®Value Index and the Russell Midcap Value Index at the time of investment and in fixed income securities, such as government, corporate and bank debt obligations.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Small Cap Value Team discusses the Goldman Sachs Small/Mid Cap Value Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of -3.56%, -4.36%, -3.26%, -3.32%, -3.17%, -3.85% and -3.17%, respectively. These returns compare to the -4.95% average annual total return of the Fund’s benchmark, the Russell 2500^® Value Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

The Fund posted negative absolute returns but outperformed the Russell Index on a relative basis during the Reporting Period due primarily to effective stock selection. Sector allocation as a whole also contributed positively to the Fund’s relative performance, albeit modestly.

Which equity market sectors most significantly affected Fund performance?

Effective stock selection in the consumer discretionary, information technology and industrials sectors contributed most positively to the Fund’s performance relative to the Russell Index. Only partially offsetting these positive contributors was challenging stock selection in the energy, materials and communication services sectors, which detracted. Having an underweighted allocation to communication services, which outperformed the Russell Index during the Reporting Period, also hurt.

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

The Fund benefited most relative to the Russell Index from positions in truckload services company Old Dominion Freight Line, health care-related company Catalent and residential properties developer Meritage Homes.

PORTFOLIO RESULTS

small firm like Catalent and as stamps of approval for its capabilities.

Meritage Homes, a new purchase for the Fund during the Reporting Period, did not experience a significant decrease in demand during the COVID-19 pandemic as of the end of August 2020, as its order cancellation rates were relatively flat in comparison with previous years during the Reporting Period. Indeed, the company benefited from the rebound of homebuilders broadly, which were initially punished by the market at the onset of the pandemic. Meritage Homes manufactures spec, or model, homes, which have been heavily utilized for viewings during this time of social distancing. At the end of the Reporting Period, we believed Meritage Homes was well positioned for entry-level homes and had favorable geographic exposure to the U.S. Sunbelt region.

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

Prior to the outbreak of the COVID-19 pandemic, the Fund was overweight residential mortgage credit within the mortgage REIT universe given the health of the consumer and home prices. During a few trading days in late March 2020, investors fled to relative safety and sold out of companies holding non-government-backed securities. The significant drop in value of these securities, especially the speed of the dislocation, threatened mortgage REITs broadly, including Redwood Trust and MFA Financial, and their ability to meet margin calls. Based on our belief that the margin calls had created a situation where value was permanently impaired, we sold the Fund’s positions in Redwood Trust and MFA Financial. (A margin call occurs when the value of an investor’s margin account falls below the broker’s required amount. An investor’s margin account contains securities bought with borrowed money. A margin call refers specifically to a broker’s demand that an investor deposit additional money or securities into the account so that it is brought up to the minimum value, known as the maintenance margin. A margin call is usually an indicator that one or more of the securities held in the margin account has decreased in value. When a margin call occurs, the investor must choose to either deposit more money in the account or sell some of the assets held in their account.)

Viper Energy Partners LP engages in the acquisition of oil and natural gas properties in the Permian Basin. Its stock trended downward in correlation with the energy sector broadly as a result of the decline in crude oil prices during the first quarter of 2020. Despite being a top detractor from the Fund’s performance during the Reporting Period, we believed at the end of the Reporting Period that Viper Energy Partners LP had more attractive total return opportunities within the energy sector relative to many of its peers given its higher profit margin structure, and thus we held the position as of the end of August 2020.

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

During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

In addition to the purchase of Meritage Homes, mentioned earlier, we initiated a Fund position in Performance Food Group during the Reporting Period. We believe the company, which markets and distributes food and food-related products, took the correct course of action in the spring of 2020 when it cut expenses and deferred executive compensation to remain competitive. We view the name optimistically, as we believe the company is well positioned to succeed and surpass its peers in the food industry.

Conversely, in addition to the sales mentioned earlier, we sold the Fund’s position in Leidos Holdings, an outsourced information technology company that services intelligence surveillance and cybersecurity. We decided to exit the position for other opportunities in the cybersecurity space with what we believed were more favorable risk-adjusted returns.

We exited the Fund’s position in commercial bank Synovus Financial during the Reporting Period. We decided to sell the stock following credit challenges after its acquisition of Florida Community Bank. We also had concerns around a lack of near-term earnings visibility and heightened expenses.

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

There were no changes to the Fund’s portfolio management team during the Reporting Period.

PORTFOLIO RESULTS

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

How was the Fund positioned relative to its benchmark index at the end of August 2020?

At the end of August 2020, the Fund had an underweight position compared to the Russell Index in communication services and was rather neutrally weighted in the remaining 10 sectors of the Russell Index.

FUND BASICS

Small/Mid Cap Value Fund

as of August 31, 2020


TOP 10 HOLDINGS AS OF 8/31/20¹

Holding	% of Net Assets			Line of Business

Catalent, Inc.		1.4	%	Pharmaceuticals
Timken Co. (The)		1.1		Machinery
Camden Property Trust REIT		1.1		Equity Real Estate Investment Trusts (REITs)
Equity LifeStyle Properties, Inc. REIT		1.0		Equity Real Estate Investment Trusts (REITs)
Meritage Homes Corp.		1.0		Household Durables
AECOM		1.0		Construction & Engineering
Old Dominion Freight Line, Inc.		1.0		Road & Rail
CyrusOne, Inc. REIT		0.9		Equity Real Estate Investment Trusts (REITs)
Ashland Global Holdings, Inc.		0.9		Chemicals
Performance Food Group Co.		0.9		Food & Staples Retailing

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of August 31, 2020

LOGO

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.

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.

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $1,000,000 investment made on January 31, 2014 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 2500^®Value Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/ or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Small/Mid Cap Value Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from January 31, 2014 through August 31, 2020.

LOGO


Average Annual Total Return through August 31, 2020*	One Year	Five Years	Since Inception
Class A (Commenced January 31, 2014)
Excluding sales charges	-3.56%	4.55%	4.42%
Including sales charges	-8.87%	3.37%	3.53%

Class C (Commenced January 31, 2014)
Excluding contingent deferred sales charges	-4.36%	3.77%	3.66%
Including contingent deferred sales charges	-5.31%	3.77%	3.66%

Institutional (Commenced January 31, 2014)	-3.26%	4.96%	4.86%

Investor (Commenced January 31, 2014)	-3.32%	4.82%	4.69%

Class R6 (Commenced July 31, 2015)	-3.17%	4.98%	3.74%

Class R (Commenced January 31, 2014)	-3.85%	4.29%	4.17%

Class P (Commenced April 17, 2018)	-3.17%	N/A	-1.99%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

GOLDMAN SACHS EQUITY INCOME FUND

Schedule of Investments

August 31, 2020


Shares		Description	Value

Common Stocks – 99.4%
Aerospace & Defense – 0.7%
	7,519	Northrop Grumman Corp.	$	2,576,085

Banks – 6.4%
	128,807	Citigroup, Inc.		6,584,614
	111,451	JPMorgan Chase & Co.		11,166,276
	45,116	M&T Bank Corp.		4,658,678

				22,409,568

Beverages – 1.7%
	122,524	Coca-Cola Co. (The)		6,068,614

Biotechnology – 1.1%
	15,806	Amgen, Inc.		4,003,976

Capital Markets – 5.4%
	6,946	BlackRock, Inc.		4,127,243
	23,702	CME Group, Inc.		4,168,471
	126,489	Morgan Stanley		6,610,315
	39,698	Singapore Exchange Ltd. ADR (Singapore)		3,832,842

				18,738,871

Chemicals – 3.4%
	17,001	Ecolab, Inc.		3,350,557
	34,381	Linde PLC (United Kingdom)		8,586,311

				11,936,868

Commercial Services & Supplies – 1.4%
	54,390	Republic Services, Inc.		5,043,041

Communications Equipment – 1.3%
	63,099	Cisco Systems, Inc.		2,664,040
	73,501	Juniper Networks, Inc.		1,837,525

				4,501,565

Construction & Engineering – 0.6%
	92,381	Vinci SA ADR (France)		2,166,334

Consumer Finance – 1.4%
	46,855	American Express Co.		4,759,999

Containers & Packaging – 0.9%
	89,292	International Paper Co.		3,238,621

Diversified Telecommunication Services – 3.2%
	188,382	Verizon Communications, Inc.		11,165,401

Electric Utilities – 1.9%
	11,513	NextEra Energy, Inc.		3,214,084
	50,502	Xcel Energy, Inc.		3,508,627

				6,722,711

Electrical Equipment – 1.6%
	55,385	Eaton Corp. PLC		5,654,808

Electronic Equipment, Instruments & Components – 1.4%
	55,878	National Instruments Corp.		2,005,462
	30,639	TE Connectivity Ltd.		2,959,727

				4,965,189


Common Stocks – (continued)
Entertainment – 2.1%
	55,332	Walt Disney Co. (The)		7,296,631

Equity Real Estate Investment Trusts (REITs) – 3.9%
	8,967	Alexandria Real Estate Equities, Inc. REIT		1,509,863
	10,433	American Tower Corp. REIT		2,599,382
	71,380	Duke Realty Corp. REIT		2,751,699
	106,177	Hudson Pacific Properties, Inc. REIT		2,493,036
	42,503	Prologis, Inc. REIT		4,329,356

				13,683,336

Food & Staples Retailing – 3.2%
	69,164	Kroger Co. (The)		2,467,772
	62,118	Walmart, Inc.		8,625,084

				11,092,856

Food Products – 1.0%
	56,980	Mondelez International, Inc., Class A		3,328,772

Health Care Equipment & Supplies – 3.9%
	85,218	Medtronic PLC		9,158,378
	30,518	Zimmer Biomet Holdings, Inc.		4,299,376

				13,457,754

Health Care Providers & Services – 2.8%
	89,941	CVS Health Corp.		5,587,135
	9,878	Humana, Inc.		4,101,049

				9,688,184

Hotels, Restaurants & Leisure – 2.0%
	32,453	McDonald’s Corp.		6,929,365

Household Products – 2.7%
	11,387	Kimberly-Clark Corp.		1,796,413
	55,245	Procter & Gamble Co. (The)		7,642,041

				9,438,454

Industrial Conglomerates – 1.2%
	25,332	Honeywell International, Inc.		4,193,713

Insurance – 1.9%
	23,897	Chubb Ltd.		2,987,125
	32,812	Travelers Cos., Inc. (The)		3,807,504

				6,794,629

IT Services – 2.8%
	23,914	Accenture PLC, Class A		5,737,686
	26,020	Fidelity National Information Services, Inc.		3,925,117

				9,662,803

Machinery – 2.9%
	21,336	Deere & Co.		4,481,840
	28,503	Illinois Tool Works, Inc.		5,630,768

				10,112,608

Media – 1.9%
	146,987	Comcast Corp., Class A		6,586,487


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

GOLDMAN SACHS EQUITY INCOME FUND

Schedule of Investments (continued)

August 31, 2020


Shares		Description	Value

Common Stocks – (continued)
Metals & Mining – 1.4%
	82,443	Rio Tinto PLC ADR (Australia)	$	5,047,985

Multi-Utilities – 4.4%
	59,792	Ameren Corp.		4,730,145
	36,229	CMS Energy Corp.		2,191,492
	56,980	National Grid PLC ADR (United Kingdom)^(a)		3,218,231
	42,965	Sempra Energy		5,312,622

				15,452,490

Oil, Gas & Consumable Fuels – 3.9%
	102,697	Chevron Corp.		8,619,359
	36,423	ConocoPhillips		1,380,068
	126,204	Royal Dutch Shell PLC, Class B ADR (Netherlands)		3,546,332

				13,545,759

Pharmaceuticals – 7.9%
	44,268	AstraZeneca PLC ADR (United Kingdom)		2,479,008
	72,315	Bristol-Myers Squibb Co.		4,497,993
	44,670	Eli Lilly and Co.		6,628,581
	91,161	Johnson & Johnson		13,985,009

				27,590,591

Road & Rail – 1.0%
	18,928	Union Pacific Corp.		3,642,504

Semiconductors & Semiconductor Equipment – 5.1%
	26,365	Analog Devices, Inc.		3,081,541
	54,244	Intel Corp.		2,763,732
	74,463	Marvell Technology Group Ltd.		2,887,675
	28,473	QUALCOMM, Inc.		3,391,135
	39,754	Texas Instruments, Inc.		5,651,031

				17,775,114

Software – 1.7%
	26,223	Microsoft Corp.		5,914,073

Specialty Retail – 3.5%
	25,792	Home Depot, Inc. (The)		7,351,752
	29,355	Lowe’s Cos., Inc.		4,834,475

				12,186,227

Technology Hardware, Storage & Peripherals – 2.9%
	77,296	Apple, Inc.		9,974,276

Tobacco – 1.0%
	42,308	Philip Morris International, Inc.		3,375,755

Water Utilities – 1.9%
	47,581	American Water Works Co., Inc.		6,725,098

	TOTAL COMMON STOCKS
	(Cost $293,339,471)		$	347,447,115

Shares		Dividend Rate	Value

Investment Company – 0.4%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,485,827	0.027%	$	1,485,827
	(Cost $1,485,827)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $294,825,298)		$	348,932,942



Securities Lending Reinvestment Vehicle – 0.2%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	600,080	0.027%	$	600,080
	(Cost $600,080)

	TOTAL INVESTMENTS – 100.0%
	(Cost $295,425,378)		$	349,533,022

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%			90,749

	NET ASSETS – 100.0%		$	349,623,771



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

(a)		All or a portion of security is on loan.

(b)		Represents an affiliated issuer.



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


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

GOLDMAN SACHS FOCUSED VALUE FUND

Schedule of Investments

August 31, 2020


Shares		Description	Value

Common Stocks – 98.9%
Auto Components – 2.6%
	2,915	Aptiv PLC	$	251,040

Banks – 7.8%
	3,659	Citigroup, Inc.		187,048
	3,042	JPMorgan Chase & Co.		304,778
	11,280	Wells Fargo & Co.		272,412

				764,238

Beverages – 2.9%
	5,659	Coca-Cola Co. (The)		280,290

Capital Markets – 2.6%
	2,388	Intercontinental Exchange, Inc.		253,677

Chemicals – 4.5%
	999	Ecolab, Inc.		196,883
	985	Linde PLC (United Kingdom)		245,994

				442,877

Commercial Services & Supplies – 2.1%
	2,104	Waste Connections, Inc.		210,463

Construction Materials – 1.7%
	831	Martin Marietta Materials, Inc.		168,585

Consumer Finance – 2.8%
	2,719	American Express Co.		276,223

Electric Utilities – 3.1%
	1,085	NextEra Energy, Inc.		302,899

Entertainment – 3.9%
	2,930	Walt Disney Co. (The)		386,379

Equity Real Estate Investment Trusts (REITs) – 5.0%
	1,867	Alexandria Real Estate Equities, Inc. REIT		314,366
	1,138	AvalonBay Communities, Inc. REIT		179,872

				494,238

Food & Staples Retailing – 3.1%
	2,169	Walmart, Inc.		301,166

Food Products – 2.6%
	4,361	Mondelez International, Inc., Class A		254,770

Health Care Equipment & Supplies – 3.7%
	2,566	Zimmer Biomet Holdings, Inc.		361,498

Health Care Providers & Services – 3.0%
	705	Humana, Inc.		292,695

Hotels, Restaurants & Leisure – 1.6%
	3,145	Las Vegas Sands Corp.		159,483

Industrial Conglomerates – 6.0%
	38,841	General Electric Co.		246,252
	2,063	Honeywell International, Inc.		341,530

				587,782

Interactive Media & Services – 2.8%
	171	Alphabet, Inc., Class A*		278,650

Machinery – 6.4%
	1,292	Deere & Co.		271,397
	778	Illinois Tool Works, Inc.		153,694


Common Stocks – (continued)
Machinery – (continued)
	1,237	Stanley Black & Decker, Inc.		199,528

				624,619

Multi-Utilities – 3.7%
	4,594	Ameren Corp.		363,431

Oil, Gas & Consumable Fuels – 4.6%
	3,150	Cheniere Energy, Inc.*		163,958
	3,436	Chevron Corp.		288,383

				452,341

Pharmaceuticals – 8.9%
	3,687	Bristol-Myers Squibb Co.		229,331
	1,294	Eli Lilly and Co.		192,017
	2,917	Johnson & Johnson		447,497

				868,845

Road & Rail – 3.6%
	1,833	Union Pacific Corp.		352,742

Semiconductors & Semiconductor Equipment – 3.3%
	2,307	Texas Instruments, Inc.		327,940

Software – 4.5%
	487	Intuit, Inc.		168,205
	1,222	Microsoft Corp.		275,598

				443,803

Technology Hardware, Storage & Peripherals – 2.1%
	1,568	Apple, Inc.		202,335

	TOTAL COMMON STOCKS
	(Cost $8,707,624)		$	9,703,009


Shares		Dividend Rate	Value

Investment Company – 1.2%^(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	116,661	0.027%	$	116,661
	(Cost $116,661)

	TOTAL INVESTMENTS – 100.1%
	(Cost $8,824,285)		$	9,819,670

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%			(10,436	)

	NET ASSETS – 100.0%		$	9,809,234



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.		35

GOLDMAN SACHS LARGE CAP VALUE FUND

Schedule of Investments

August 31, 2020


Shares		Description	Value

Common Stocks – 99.2%
Aerospace & Defense – 0.9%
	20,879	Boeing Co. (The)	$	3,587,430

Auto Components – 1.4%
	63,998	Aptiv PLC		5,511,508

Automobiles – 0.8%
	108,717	General Motors Co.		3,221,285

Banks – 7.0%
	142,956	Citigroup, Inc.		7,307,911
	105,997	JPMorgan Chase & Co.		10,619,839
	29,039	M&T Bank Corp.		2,998,567
	281,831	Wells Fargo & Co.		6,806,219

				27,732,536

Beverages – 2.7%
	130,550	Coca-Cola Co. (The)		6,466,142
	23,359	Constellation Brands, Inc., Class A		4,309,268

				10,775,410

Biotechnology – 1.0%
	21,599	Agios Pharmaceuticals, Inc.*		885,775
	10,320	BioMarin Pharmaceutical, Inc.*		805,270
	2,078	Regeneron Pharmaceuticals, Inc.*		1,288,214
	7,040	Sarepta Therapeutics, Inc.*		1,030,797

				4,010,056

Capital Markets – 3.9%
	11,600	BlackRock, Inc.		6,892,604
	35,439	Intercontinental Exchange, Inc.		3,764,685
	90,637	Morgan Stanley		4,736,690

				15,393,979

Chemicals – 2.9%
	22,196	Ecolab, Inc.		4,374,388
	28,629	Linde PLC (United Kingdom)		7,149,806

				11,524,194

Commercial Services & Supplies – 0.8%
	31,199	Waste Connections, Inc.		3,120,836

Communications Equipment – 1.5%
	80,878	Cisco Systems, Inc.		3,414,669
	93,597	Juniper Networks, Inc.		2,339,925

				5,754,594

Construction Materials – 0.8%
	14,640	Martin Marietta Materials, Inc.		2,970,017

Consumer Finance – 1.5%
	57,518	American Express Co.		5,843,254

Containers & Packaging – 0.9%
	34,639	Packaging Corp. of America		3,506,852

Diversified Financial Services – 1.4%
	26,159	Berkshire Hathaway, Inc., Class B*		5,703,708

Diversified Telecommunication Services – 2.7%
	182,074	Verizon Communications, Inc.		10,791,526


Common Stocks – (continued)
Electric Utilities – 3.6%
	32,479	NextEra Energy, Inc.		9,067,162
	76,718	Xcel Energy, Inc.		5,329,983

				14,397,145

Electronic Equipment, Instruments & Components – 0.7%
	82,398	National Instruments Corp.		2,957,264

Entertainment – 3.7%
	20,959	Electronic Arts, Inc.*		2,923,152
	88,397	Walt Disney Co. (The)		11,656,912

				14,580,064

Equity Real Estate Investment Trusts (REITs) – 4.6%
	19,599	Alexandria Real Estate Equities, Inc. REIT		3,300,080
	25,919	AvalonBay Communities, Inc. REIT		4,096,757
	40,799	Extra Space Storage, Inc. REIT		4,347,134
	39,999	Prologis, Inc. REIT		4,074,298
	45,147	Welltower, Inc. REIT		2,596,855

				18,415,124

Food & Staples Retailing – 1.9%
	55,118	Walmart, Inc.		7,653,134

Food Products – 1.2%
	79,118	Mondelez International, Inc., Class A		4,622,074

Gas Utilities – 0.7%
	27,119	Atmos Energy Corp.		2,707,019

Health Care Equipment & Supplies – 2.9%
	133,048	Boston Scientific Corp.*		5,457,629
	42,559	Zimmer Biomet Holdings, Inc.		5,995,712

				11,453,341

Health Care Providers & Services – 2.1%
	65,729	CVS Health Corp.		4,083,086
	10,320	Humana, Inc.		4,284,554

				8,367,640

Hotels, Restaurants & Leisure – 3.8%
	50,398	Hilton Worldwide Holdings, Inc.		4,553,964
	49,279	Las Vegas Sands Corp.		2,498,938
	36,639	McDonald’s Corp.		7,823,159

				14,876,061

Household Products – 1.6%
	46,559	Procter & Gamble Co. (The)		6,440,506

Industrial Conglomerates – 2.9%
	826,990	General Electric Co.		5,243,117
	36,719	Honeywell International, Inc.		6,078,830

				11,321,947

Insurance – 3.0%
	43,679	Allstate Corp. (The)		4,062,147
	53,358	American Financial Group, Inc.		3,566,982
	35,359	Chubb Ltd.		4,419,875

				12,049,004


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

GOLDMAN SACHS LARGE CAP VALUE FUND


Shares		Description	Value

Common Stocks – (continued)
Interactive Media & Services – 1.4%
	3,360	Alphabet, Inc., Class A*	$	5,475,221

IT Services – 3.2%
	62,878	Cognizant Technology Solutions Corp., Class A		4,204,023
	36,799	Fidelity National Information Services, Inc.		5,551,129
	13,040	Visa, Inc., Class A		2,764,350

				12,519,502

Life Sciences Tools & Services – 0.7%
	28,879	Agilent Technologies, Inc.		2,900,029

Machinery – 4.2%
	33,977	Deere & Co.		7,137,209
	23,519	Illinois Tool Works, Inc.		4,646,178
	30,780	Stanley Black & Decker, Inc.		4,964,814

				16,748,201

Media – 2.0%
	172,555	Comcast Corp., Class A		7,732,189

Multi-Utilities – 2.0%
	53,118	Ameren Corp.		4,202,165
	61,918	CMS Energy Corp.		3,745,420

				7,947,585

Oil, Gas & Consumable Fuels – 4.1%
	48,239	Cheniere Energy, Inc.*		2,510,840
	87,997	Chevron Corp.		7,385,588
	113,757	ConocoPhillips		4,310,253
	46,159	Exxon Mobil Corp.		1,843,590

				16,050,271

Pharmaceuticals – 5.9%
	92,549	Bristol-Myers Squibb Co.		5,756,548
	23,676	Eli Lilly and Co.		3,513,281
	93,197	Johnson & Johnson		14,297,352

				23,567,181

Road & Rail – 3.0%
	22,479	Norfolk Southern Corp.		4,777,462
	37,179	Union Pacific Corp.		7,154,727

				11,932,189

Semiconductors & Semiconductor Equipment – 4.4%
	46,239	Intel Corp.		2,355,877
	65,103	Marvell Technology Group Ltd.		2,524,694
	33,128	NXP Semiconductors NV (Netherlands)		4,166,177
	34,094	QUALCOMM, Inc.		4,060,596
	29,313	Texas Instruments, Inc.		4,166,843

				17,274,187

Software – 1.4%
	7,440	Intuit, Inc.		2,569,702
	13,200	Microsoft Corp.		2,976,996

				5,546,698

Specialty Retail – 2.2%
	27,759	Lowe’s Cos., Inc.		4,571,630
	5,120	O’Reilly Automotive, Inc.*		2,384,025
	21,359	Ross Stores, Inc.		1,945,378

				8,901,033

Technology Hardware, Storage & Peripherals – 0.8%
	23,660	Apple, Inc.		3,053,086

Water Utilities – 1.0%
	29,119	American Water Works Co., Inc.		4,115,679

	TOTAL COMMON STOCKS
	(Cost $347,865,758)		$	393,050,559


Shares		Dividend Rate	Value

Investment Company – 0.8%^(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	3,050,807	0.027%	$	3,050,807
	(Cost $3,050,807)

	TOTAL INVESTMENTS – 100.0%
	(Cost $350,916,565)		$	396,101,366

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%			277,248

	NET ASSETS – 100.0%		$	396,378,614



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.		37

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments

August 31, 2020


Shares		Description	Value

Common Stocks – 99.2%
Aerospace & Defense – 1.3%
	35,451	L3Harris Technologies, Inc.	$	6,407,414
	13,009	TransDigm Group, Inc.		6,500,207

				12,907,621

Airlines – 0.9%
	254,433	United Airlines Holdings, Inc.*		9,159,588

Auto Components – 1.2%
	133,466	Aptiv PLC		11,494,092

Banks – 5.2%
	157,092	Citizens Financial Group, Inc.		4,063,970
	184,740	East West Bancorp, Inc.		6,794,737
	45,236	First Republic Bank		5,107,597
	140,359	M&T Bank Corp.		14,493,470
	199,391	Pinnacle Financial Partners, Inc.		7,965,670
	46,462	SVB Financial Group *		11,865,466

				50,290,910

Beverages – 1.4%
	126,307	Coca-Cola European Partners PLC (United Kingdom)		5,198,796
	45,714	Constellation Brands, Inc., Class A		8,433,319

				13,632,115

Biotechnology – 1.1%
	78,911	Agios Pharmaceuticals, Inc.*		3,236,140
	92,953	Immunomedics, Inc.*		4,141,986
	19,571	Sarepta Therapeutics, Inc.*		2,865,586

				10,243,712

Building Products – 0.9%
	77,421	Trane Technologies PLC		9,165,872

Capital Markets – 3.1%
	203,329	Bank of New York Mellon Corp. (The)		7,519,106
	147,125	E*TRADE Financial Corp.		7,959,463
	57,177	Evercore, Inc., Class A		3,538,113
	85,867	Raymond James Financial, Inc.		6,501,849
	32,367	T. Rowe Price Group, Inc.		4,505,810

				30,024,341

Chemicals – 2.3%
	115,252	Ashland Global Holdings, Inc.		8,492,920
	471,869	Corteva, Inc.		13,471,860

				21,964,780

Communications Equipment – 2.5%
	217,619	Juniper Networks, Inc.		5,440,475
	50,668	Motorola Solutions, Inc.		7,840,873
	802,777	Viavi Solutions, Inc.*		10,705,031

				23,986,379

Construction Materials – 0.8%
	39,995	Martin Marietta Materials, Inc.		8,113,786


Common Stocks – (continued)
Consumer Finance – 1.6%
	146,532	Ally Financial, Inc.		3,352,652
	231,660	Discover Financial Services		12,296,513

				15,649,165

Containers & Packaging – 2.6%
	164,763	Ball Corp.		13,242,002
	115,698	Packaging Corp. of America		11,713,266

				24,955,268

Diversified Financial Services – 0.5%
	97,306	Voya Financial, Inc.		5,051,154

Electric Utilities – 1.7%
	61,741	Eversource Energy		5,291,821
	160,998	Xcel Energy, Inc.		11,185,336

				16,477,157

Electrical Equipment – 3.3%
	178,608	AMETEK, Inc.		17,985,826
	61,529	Rockwell Automation, Inc.		14,184,280

				32,170,106

Electronic Equipment, Instruments & Components – 0.6%
	156,331	National Instruments Corp.		5,610,720

Entertainment – 1.8%
	253,459	Liberty Media Corp.-Liberty Formula One, Class C*		9,879,832
	128,515	Live Nation Entertainment, Inc.*		7,299,652

				17,179,484

Equity Real Estate Investment Trusts (REITs) – 10.0%
	59,225	Alexandria Real Estate Equities, Inc. REIT		9,972,306
	57,794	AvalonBay Communities, Inc. REIT		9,134,920
	72,514	Camden Property Trust REIT		6,594,423
	65,896	CyrusOne, Inc. REIT		5,504,293
	118,722	Duke Realty Corp. REIT		4,576,733
	127,409	Equity LifeStyle Properties, Inc. REIT		8,445,943
	28,924	Essex Property Trust, Inc. REIT		6,262,335
	331,664	Healthpeak Properties, Inc. REIT		9,167,193
	172,276	Hudson Pacific Properties, Inc. REIT		4,045,040
	248,925	Invitation Homes, Inc. REIT		7,126,723
	141,559	MGM Growth Properties LLC, Class A REIT		3,973,561
	64,572	Prologis, Inc. REIT		6,577,304
	114,294	Ryman Hospitality Properties, Inc. REIT		4,361,459
	207,085	Welltower, Inc. REIT		11,911,529

				97,653,762

Food & Staples Retailing – 0.5%
	124,692	Grocery Outlet Holding Corp.*		5,128,582

Food Products – 2.5%
	119,468	Conagra Brands, Inc.		4,582,792
	39,656	McCormick & Co., Inc.		8,177,067
	470,936	Nomad Foods Ltd. (United Kingdom)*		11,613,282

				24,373,141


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

GOLDMAN SACHS MID CAP VALUE FUND


Shares		Description	Value

Common Stocks – (continued)
Gas Utilities – 1.0%
	95,794	Atmos Energy Corp.	$	9,562,157

Health Care Equipment & Supplies – 3.1%
	29,868	Cooper Cos., Inc. (The)		9,389,902
	147,529	Zimmer Biomet Holdings, Inc.		20,783,885

				30,173,787

Health Care Providers & Services – 1.0%
	84,765	Centene Corp.*		5,197,790
	45,088	Quest Diagnostics, Inc.		5,015,589

				10,213,379

Health Care Technology – 0.8%
	583,824	Change Healthcare, Inc.*		8,261,110

Hotels, Restaurants & Leisure – 4.4%
	377,142	Aramark		10,394,034
	59,240	Dunkin’ Brands Group, Inc.		4,506,979
	180,640	Wyndham Hotels & Resorts, Inc.		9,458,311
	112,092	Wynn Resorts Ltd.		9,802,445
	90,404	Yum! Brands, Inc.		8,665,223

				42,826,992

Household Durables – 1.1%
	149,153	Lennar Corp., Class A		11,159,627

Independent Power and Renewable Electricity Producers – 0.6%
	104,127	NextEra Energy Partners LP^(a)		6,280,941

Insurance – 5.3%
	9,683	Alleghany Corp.		5,369,804
	106,576	American Financial Group, Inc.		7,124,605
	72,702	Arthur J Gallagher & Co.		7,655,521
	142,292	Brown & Brown, Inc.		6,602,349
	74,495	Globe Life, Inc.		6,144,348
	12,174	Markel Corp.*		13,231,068
	58,901	Reinsurance Group of America, Inc.		5,400,044

				51,527,739

Interactive Media & Services – 1.4%
	73,765	Match Group, Inc.*		8,238,075
	250,094	Snap, Inc., Class A*		5,649,624

				13,887,699

Internet & Direct Marketing Retail – 0.8%
	81,671	Expedia Group, Inc.		8,016,009

IT Services – 0.9%
	70,994	Cognizant Technology Solutions Corp., Class A		4,746,659
	25,001	WEX, Inc.*		3,992,909

				8,739,568

Life Sciences Tools & Services – 0.9%
	90,610	Agilent Technologies, Inc.		9,099,056

Machinery – 6.7%
	169,354	Fortive Corp.		12,212,117
	189,223	Graco, Inc.		10,978,719


Common Stocks – (continued)
Machinery – (continued)
	58,690	IDEX Corp.		10,577,699
	244,698	ITT, Inc.		15,369,481
	103,997	Stanley Black & Decker, Inc.		16,774,716

				65,912,732

Media – 1.8%
	80,751	Liberty Broadband Corp., Class C*		11,312,408
	181,262	Liberty Media Corp.-Liberty SiriusXM, Class A*		6,581,623

				17,894,031

Metals & Mining – 1.1%
	699,556	Freeport-McMoRan, Inc.		10,920,069

Multi-Utilities – 4.1%
	168,395	Ameren Corp.		13,321,728
	187,569	CMS Energy Corp.		11,346,049
	157,295	Public Service Enterprise Group, Inc.		8,217,091
	56,352	Sempra Energy		6,967,925

				39,852,793

Oil, Gas & Consumable Fuels – 3.0%
	228,403	Cheniere Energy, Inc.*		11,888,376
	127,481	Hess Corp.		5,869,225
	146,809	Marathon Petroleum Corp.		5,205,847
	551,525	Parsley Energy, Inc., Class A		5,928,894

				28,892,342

Pharmaceuticals – 1.4%
	142,471	Catalent, Inc.*		13,178,567

Road & Rail – 3.0%
	20,563	Kansas City Southern		3,743,289
	244,929	Knight-Swift Transportation Holdings, Inc.		11,134,472
	73,219	Old Dominion Freight Line, Inc.		14,803,417

				29,681,178

Semiconductors & Semiconductor Equipment – 4.7%
	430,848	Marvell Technology Group Ltd.		16,708,285
	67,058	Microchip Technology, Inc.		7,356,263
	42,275	MKS Instruments, Inc.		5,053,131
	64,119	NXP Semiconductors NV (Netherlands)		8,063,605
	34,700	Skyworks Solutions, Inc.		5,026,295
	37,935	Xilinx, Inc.		3,951,310

				46,158,889

Software – 0.7%
	27,238	Palo Alto Networks, Inc.*		7,011,334

Specialty Retail – 3.7%
	39,483	Advance Auto Parts, Inc.		6,171,588
	24,209	Burlington Stores, Inc.*		4,767,478
	229,934	National Vision Holdings, Inc.*		8,638,620
	17,928	O’Reilly Automotive, Inc.*		8,347,815
	25,739	RH*		8,508,027

				36,433,528


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

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments (continued)

August 31, 2020


Shares		Description	Value

Common Stocks – (continued)
Trading Companies & Distributors – 0.5%
	103,983	Fastenal Co.	$	5,080,609

Water Utilities – 1.4%
	93,780	American Water Works Co., Inc.		13,254,865

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $831,346,886)		$	969,250,736


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.6%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	6,163,823	0.027%	$	6,163,823
	(Cost $6,163,823)

	TOTAL INVESTMENTS – 99.8%
	(Cost $837,510,709)		$	975,414,559

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%			1,979,209

	NET ASSETS – 100.0%		$	977,393,768



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

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		Represents an affiliated issuer.



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


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

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments

August 31, 2020


Shares		Description	Value

Common Stocks – 99.9%
Aerospace & Defense – 1.5%
	554,636	AAR Corp.	$	11,192,555
	329,539	Aerojet Rocketdyne Holdings, Inc.*		13,633,028
	125,541	Curtiss-Wright Corp.		12,845,355
	289,953	Ducommun, Inc.*		10,835,544
	451,249	Kaman Corp.		20,870,266

				69,376,748

Air Freight & Logistics – 0.4%
	397,349	Air Transport Services Group, Inc.*		10,100,611
	164,665	Hub Group, Inc., Class A*		8,865,564

				18,966,175

Airlines – 0.6%
	85,331	Allegiant Travel Co.		10,973,567
	444,557	SkyWest, Inc.		14,959,343

				25,932,910

Auto Components – 1.2%
	1,467,936	Adient PLC*		25,454,010
	429,169	Cooper Tire & Rubber Co.		14,836,373
	122,044	Visteon Corp.*		9,205,779
	303,055	Workhorse Group, Inc.*^(a)		5,488,326

				54,984,488

Banks – 15.4%
	374,362	Amalgamated Bank, Class A		4,406,241
	1,168,881	Ameris Bancorp		28,660,962
	1,055,152	Atlantic Union Bankshares Corp.		24,542,835
	1,295,598	BancorpSouth Bank		27,959,005
	108,944	Bank of Hawaii Corp.		5,996,278
	830,856	Banner Corp.		30,010,519
	1,481,378	Brookline Bancorp, Inc.		14,221,229
	206,031	Bryn Mawr Bank Corp.		5,591,681
	1,167,570	Columbia Banking System, Inc.		32,586,879
	596,978	Community Bank System, Inc.		35,920,166
	936,239	ConnectOne Bancorp, Inc.		14,155,934
	1,732,843	CVB Financial Corp.		31,555,071
	771,477	FB Financial Corp.		20,829,879
	895,367	First Financial Bankshares, Inc.		27,107,236
	996,435	First Merchants Corp.		25,488,807
	896,526	First Midwest Bancorp, Inc.		11,170,714
	208,210	First of Long Island Corp. (The)		3,199,147
	434,948	German American Bancorp, Inc.		12,330,776
	1,048,320	Glacier Bancorp, Inc.		36,780,307
	774,652	Great Western Bancorp, Inc.		10,790,902
	679,993	Heritage Financial Corp.		13,559,060
	1,276,357	Home BancShares, Inc.		20,689,747
	544,269	Independent Bank Corp.		34,207,307
	636,633	Lakeland Financial Corp.		29,087,762
	1,188,231	OceanFirst Financial Corp.		18,548,286
	924,583	Pacific Premier Bancorp, Inc.		20,886,330
	238,082	PacWest Bancorp		4,542,604
	451,428	Pinnacle Financial Partners, Inc.		18,034,549
	1,204,977	Renasant Corp.		30,570,266
	247,729	Sandy Spring Bancorp, Inc.		5,925,678
	742,572	South State Corp.		41,346,409


Common Stocks – (continued)
Banks – (continued)
	650,328	Towne Bank		11,530,315
	584,426	TriCo Bancshares		16,182,756
	1,496,986	United Community Banks, Inc.		27,125,386

				695,541,023

Biotechnology – 0.5%
	241,947	Arena Pharmaceuticals, Inc.*		16,892,739
	62,132	Emergent BioSolutions, Inc.*		7,086,155

				23,978,894

Building Products – 1.3%
	338,836	AZEK Co., Inc. (The)*		13,377,245
	266,988	Gibraltar Industries, Inc.*		16,672,066
	768,379	Griffon Corp.		16,696,876
	189,478	Patrick Industries, Inc.		10,650,558

				57,396,745

Capital Markets – 2.3%
	288,398	Hamilton Lane, Inc., Class A		21,084,777
	304,343	Houlihan Lokey, Inc.		17,834,500
	264,649	PJT Partners, Inc., Class A		15,661,928
	848,424	Stifel Financial Corp.		43,023,581
	244,800	Virtu Financial, Inc., Class A		6,323,184

				103,927,970

Chemicals – 1.7%
	1,680,962	Avient Corp.		42,898,150
	341,262	HB Fuller Co.		16,438,591
	36,441	Quaker Chemical Corp.		6,923,790
	71,741	Stepan Co.		8,271,020

				74,531,551

Commercial Services & Supplies – 1.5%
	616,717	ABM Industries, Inc.		23,521,587
	340,717	Brady Corp., Class A		15,976,220
	295,888	Casella Waste Systems, Inc., Class A*		16,614,111
	464,036	Herman Miller, Inc.		11,057,978

				67,169,896

Communications Equipment – 1.1%
	217,695	InterDigital, Inc.		13,312,049
	768,865	NetScout Systems, Inc.*		17,791,536
	1,418,770	Viavi Solutions, Inc.*		18,919,298

				50,022,883

Construction & Engineering – 2.0%
	418,113	AECOM*		16,519,645
	400,743	EMCOR Group, Inc.		30,059,732
	574,446	MasTec, Inc.*		26,545,150
	974,499	WillScot Mobile Mini Holdings Corp.*		17,443,532

				90,568,059

Construction Materials – 0.4%
	1,167,280	Summit Materials, Inc., Class A*		17,380,799


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

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

August 31, 2020


Shares		Description	Value

Common Stocks – (continued)
Consumer Finance – 0.6%
	184,762	FirstCash, Inc.	$	11,039,530
	257,978	Green Dot Corp., Class A*		13,430,335
	283,328	Oportun Financial Corp.*		3,555,766

				28,025,631

Diversified Consumer Services – 0.3%
	1,066,359	Laureate Education, Inc., Class A*		13,350,815

Diversified Financial Services – 0.1%
	188,280	Alerus Financial Corp.		3,876,685

Electric Utilities – 2.6%
	555,649	ALLETE, Inc.		29,982,820
	223,150	MGE Energy, Inc.		14,502,519
	873,306	PNM Resources, Inc.		38,146,006
	935,989	Portland General Electric Co.		35,707,980

				118,339,325

Electronic Equipment, Instruments & Components – 2.1%
	498,181	CTS Corp.		10,411,983
	292,114	FARO Technologies, Inc.*		16,504,441
	282,291	II-VI, Inc.*		12,561,949
	784,524	Knowles Corp.*		11,814,931
	166,568	Rogers Corp.*		18,873,820
	53,166	SYNNEX Corp.		6,760,057
	1,636,136	TTM Technologies, Inc.*		18,750,119

				95,677,300

Energy Equipment & Services – 1.0%
	774,175	Cactus, Inc., Class A		17,101,526
	2,519,754	ChampionX Corp.*		25,802,281

				42,903,807

Entertainment – 0.3%
	816,424	IMAX Corp.*		12,548,437
	41,875	Live Nation Entertainment, Inc.*		2,378,500

				14,926,937

Equity Real Estate Investment Trusts (REITs) – 9.5%
	1,333,240	Acadia Realty Trust REIT		15,118,942
	1,527,451	Columbia Property Trust, Inc. REIT		18,023,922
	337,725	CyrusOne, Inc. REIT		28,210,169
	1,270,263	Healthcare Realty Trust, Inc. REIT		36,647,087
	776,583	Hudson Pacific Properties, Inc. REIT		18,234,169
	298,973	Life Storage, Inc. REIT		31,520,723
	356,125	National Health Investors, Inc. REIT		22,168,781
	1,421,685	Park Hotels & Resorts, Inc. REIT		13,491,791
	1,908,983	Pebblebrook Hotel Trust REIT		24,091,365
	1,758,688	Physicians Realty Trust REIT		31,920,187
	845,319	Preferred Apartment Communities, Inc., Class A REIT		5,579,105
	292,128	PS Business Parks, Inc. REIT		36,866,554
	2,550,279	RLJ Lodging Trust REIT		24,074,634
	342,593	Safehold, Inc. REIT		19,003,634
	1,761,430	STAG Industrial, Inc. REIT		56,894,189
	786,647	Terreno Realty Corp. REIT		46,915,627

				428,760,879


Common Stocks – (continued)
Food & Staples Retailing – 1.4%
	248,980	BJ’s Wholesale Club Holdings, Inc.*		11,057,202
	236,101	Grocery Outlet Holding Corp.*		9,710,834
	1,183,658	Performance Food Group Co.*		43,215,353

				63,983,389

Food Products – 2.3%
	1,623,360	Darling Ingredients, Inc.*		51,898,819
	1,359,102	Hostess Brands, Inc.*		17,450,870
	522,641	Simply Good Foods Co. (The)*		12,987,629
	1,141,396	Utz Brands, Inc.*		21,001,686

				103,339,004

Gas Utilities – 1.4%
	268,848	Chesapeake Utilities Corp.		21,991,767
	564,469	ONE Gas, Inc.		41,838,442

				63,830,209

Health Care Equipment & Supplies – 2.0%
	716,466	Avanos Medical, Inc.*		23,213,498
	241,579	CONMED Corp.		20,850,684
	341,190	Globus Medical, Inc., Class A*		19,284,059
	370,364	Merit Medical Systems, Inc.*		18,184,872
	43,194	Mesa Laboratories, Inc.		10,622,269

				92,155,382

Health Care Providers & Services – 1.5%
	675,538	Acadia Healthcare Co., Inc.*		20,880,880
	224,513	AMN Healthcare Services, Inc.*		12,087,780
	225,361	Magellan Health, Inc.*		17,005,741
	695,307	Tenet Healthcare Corp.*		19,593,751

				69,568,152

Health Care Technology – 0.6%
	1,018,971	Allscripts Healthcare Solutions, Inc.*		9,099,411
	387,896	HMS Holdings Corp.*		10,818,419
	193,520	Vocera Communications, Inc.*		5,416,625

				25,334,455

Hotels, Restaurants & Leisure – 4.6%
	997,976	Boyd Gaming Corp.		26,725,797
	594,816	Brinker International, Inc.		26,790,513
	340,787	Caesars Entertainment, Inc.*		15,608,045
	177,785	Cracker Barrel Old Country Store, Inc.		23,771,632
	257,180	Jack in the Box, Inc.		21,189,060
	345,612	Marriott Vacations Worldwide Corp.		32,719,088
	78,007	Papa John’s International, Inc.		7,667,308
	632,227	Penn National Gaming, Inc.*		32,306,800
	435,679	SeaWorld Entertainment, Inc.*		8,887,852
	162,377	Texas Roadhouse, Inc.		10,228,127

				205,894,222

Household Durables – 2.5%
	45,459	Helen of Troy Ltd.*		9,401,830
	452,429	KB Home		16,178,861


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

GOLDMAN SACHS SMALL CAP VALUE FUND


Shares		Description	Value

Common Stocks – (continued)
Household Durables – (continued)
	463,388	Meritage Homes Corp.*	$	44,499,150
	1,036,344	Taylor Morrison Home Corp.*		24,385,174
	112,026	TopBuild Corp.*		17,229,599

				111,694,614

Insurance – 4.5%
	236,724	AMERISAFE, Inc.		15,796,593
	557,225	BRP Group, Inc., Class A*		15,329,260
	414,288	CNO Financial Group, Inc.		6,752,894
	135,779	Enstar Group Ltd. (Bermuda)*		24,303,083
	195,134	Kemper Corp.		15,154,106
	106,964	Kinsale Capital Group, Inc.		22,166,150
	207,745	Palomar Holdings, Inc.*		23,340,151
	195,360	Primerica, Inc.		24,390,696
	264,671	RLI Corp.		24,823,493
	556,480	Selective Insurance Group, Inc.		33,283,069

				205,339,495

IT Services – 1.7%
	39,822	CACI International, Inc., Class A*		9,325,914
	2,141,117	KBR, Inc.		53,506,514
	203,295	ManTech International Corp., Class A		15,216,631

				78,049,059

Leisure Products – 0.7%
	204,501	BRP, Inc.		11,083,954
	545,819	Callaway Golf Co.		11,385,784
	164,294	Malibu Boats, Inc., Class A*		8,518,644

				30,988,382

Life Sciences Tools & Services – 1.0%
	374,040	Luminex Corp.		9,983,128
	140,354	PRA Health Sciences, Inc.*		15,005,246
	300,604	Syneos Health, Inc.*		18,968,112

				43,956,486

Machinery – 6.5%
	374,696	Astec Industries, Inc.		19,753,973
	281,154	Chart Industries, Inc.*		18,477,441
	314,499	CIRCOR International, Inc.*		9,324,895
	731,329	Colfax Corp.*		24,338,629
	459,627	Columbus McKinnon Corp.		16,718,932
	640,476	Enerpac Tool Group Corp.		13,321,901
	542,608	Federal Signal Corp.		17,428,569
	1,072,106	Kennametal, Inc.		31,112,516
	277,839	Navistar International Corp.*		8,885,291
	1,409,958	Rexnord Corp.		40,832,384
	687,179	SPX FLOW, Inc.*		29,878,543
	440,032	Timken Co. (The)		23,845,334
	835,963	TriMas Corp.*		21,133,145
	199,675	Watts Water Technologies, Inc., Class A		19,118,881

				294,170,434


Common Stocks – (continued)
Media – 0.9%
	303,556	Nexstar Media Group, Inc., Class A		29,144,412
	743,520	TEGNA, Inc.		9,308,870

				38,453,282

Metals & Mining – 2.8%
	1,366,518	Alcoa Corp.*		19,978,493
	1,365,808	Arconic Corp.*		30,389,228
	788,983	Cleveland-Cliffs, Inc.^(a)		5,191,508
	1,843,200	Coeur Mining, Inc.*		15,593,472
	1,119,118	Commercial Metals Co.		23,355,993
	1,988,998	Constellium SE*		15,931,874
	908,604	Sandstorm Gold Ltd. (Canada)*^(a)		8,304,640
	551,561	Warrior Met Coal, Inc.		8,532,649

				127,277,857

Mortgage Real Estate Investment Trusts (REITs) – 1.7%
	1,329,371	KKR Real Estate Finance Trust, Inc. REIT		24,194,552
	1,511,461	PennyMac Mortgage Investment Trust REIT		25,906,441
	5,211,915	Two Harbors Investment Corp. REIT		28,404,937

				78,505,930

Multiline Retail – 0.1%
	62,791	Big Lots, Inc.		2,960,596

Oil, Gas & Consumable Fuels – 2.8%
	1,061,875	Brigham Minerals, Inc., Class A		12,540,744
	1,506,145	Euronav NV (Belgium)^(a)		13,736,042
	1,755,589	Falcon Minerals Corp.		4,933,205
	1,539,094	Golar LNG Ltd. (Cameroon)*		15,929,623
	1,480,039	Noble Energy, Inc.		14,726,388
	1,928,172	Parsley Energy, Inc., Class A		20,727,849
	928,058	Rattler Midstream LP		7,767,846
	2,143,608	Viper Energy Partners LP		21,821,929
	2,944,918	WPX Energy, Inc.*		16,373,744

				128,557,370

Pharmaceuticals – 0.4%
	460,303	Prestige Consumer Healthcare, Inc.*		16,768,838

Professional Services – 1.2%
	425,741	ASGN, Inc.*		30,555,432
	79,518	FTI Consulting, Inc.*		9,125,486
	219,569	ICF International, Inc.		14,998,758

				54,679,676

Real Estate Management & Development – 0.3%
	971,338	Kennedy-Wilson Holdings, Inc.		13,880,420

Road & Rail – 1.1%
	399,924	ArcBest Corp.		13,525,430
	650,120	Marten Transport Ltd.		11,806,179
	182,418	Saia, Inc.*		24,480,495

				49,812,104


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

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

August 31, 2020


Shares		Description	Value

Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – 1.2%
	801,082	Cohu, Inc.	$	13,778,611
	318,753	Lattice Semiconductor Corp.*		9,116,336
	605,396	Onto Innovation, Inc.*		18,912,571
	219,639	Semtech Corp.*		12,881,827

				54,689,345

Software – 1.2%
	328,529	Bottomline Technologies DE, Inc.*		15,647,836
	1,117,793	Cloudera, Inc.*		14,766,046
	279,586	Verint Systems, Inc.*		13,297,110
	323,160	Vertex, Inc., Class A*		8,276,128

				51,987,120

Specialty Retail – 4.1%
	432,226	Aaron’s, Inc.		24,157,111
	536,598	American Eagle Outfitters, Inc.		6,766,501
	31,143	Burlington Stores, Inc.*		6,132,991
	154,385	Five Below, Inc.*		16,897,438
	121,150	Lithia Motors, Inc., Class A		30,161,504
	2,150,754	Michaels Cos., Inc. (The)*^(a)		24,195,983
	633,545	Rent-A-Center, Inc.		19,449,832
	60,806	RH*		20,099,423
	924,283	Sally Beauty Holdings, Inc.*		10,314,998
	422,235	Sonic Automotive, Inc., Class A		17,843,651
	412,628	Zumiez, Inc.*		10,596,287

				186,615,719

Textiles, Apparel & Luxury Goods – 1.1%
	429,286	Crocs, Inc.*		17,132,804
	32,461	Deckers Outdoor Corp.*		6,617,824
	987,564	Wolverine World Wide, Inc.		24,669,349

				48,419,977

Thrifts & Mortgage Finance – 2.2%
	2,765,666	MGIC Investment Corp.		25,361,157
	1,028,173	NMI Holdings, Inc., Class A*		17,633,167
	647,405	Provident Financial Services, Inc.		8,532,798
	392,540	Walker & Dunlop, Inc.		21,503,341
	1,097,760	Washington Federal, Inc.		25,742,472

				98,772,935

Trading Companies & Distributors – 1.3%
	552,594	Beacon Roofing Supply, Inc.*		18,727,411
	687,883	BMC Stock Holdings, Inc.*		27,460,289
	351,576	Herc Holdings, Inc.*		14,397,037

				60,584,737

Water Utilities – 0.4%
	279,577	SJW Group		17,481,950

TOTAL COMMON STOCKS
(Cost $4,039,594,946)			$4,513,390,659



Exchange-Traded Fund – 0.2%
	86,563	iShares Russell 2000 Value ETF^(a)
(Cost $9,157,864)			$ 9,075,265

Shares		Dividend Rate	Value

Investment Company – 0.1%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	4,535,074	0.027%	$	4,535,074
	(Cost $4,535,074)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $4,053,287,884)		$	4,527,000,998



Securities Lending Reinvestment Vehicle – 0.6%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	25,114,389	0.027%	$	25,114,389
	(Cost $25,114,389)

	TOTAL INVESTMENTS – 100.8%
	(Cost $4,078,402,273)		$	4,552,115,387

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.8)%			(32,972,823	)

	NET ASSETS – 100.0%		$	4,519,142,564



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

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		Represents an affiliated issuer.



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


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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments

August 31, 2020


Shares		Description	Value

Common Stocks – 99.9%
Aerospace & Defense – 1.4%
	10,191	Aerojet Rocketdyne Holdings, Inc.*	$	421,602
	4,958	BWX Technologies, Inc.		275,714
	6,994	Curtiss-Wright Corp.		715,626

				1,412,942

Air Freight & Logistics – 0.8%
	8,714	XPO Logistics, Inc.*		769,185

Airlines – 0.9%
	3,573	Allegiant Travel Co.		459,488
	13,261	SkyWest, Inc.		446,232

				905,720

Auto Components – 0.7%
	24,993	Adient PLC*		433,379
	3,024	Aptiv PLC		260,427

				693,806

Banks – 8.6%
	6,367	Bank of Hawaii Corp.		350,440
	7,003	BOK Financial Corp.		393,148
	20,733	Columbia Banking System, Inc.		578,658
	12,893	Commerce Bancshares, Inc.		768,036
	10,473	Community Bank System, Inc.		630,160
	3,630	Cullen/Frost Bankers, Inc.		252,140
	19,080	East West Bancorp, Inc.		701,762
	19,588	First Financial Bankshares, Inc.		593,027
	17,259	Glacier Bancorp, Inc.		605,532
	5,787	Independent Bank Corp.		363,713
	17,238	PacWest Bancorp		328,901
	16,425	Pinnacle Financial Partners, Inc.		656,179
	11,916	Prosperity Bancshares, Inc.		649,660
	4,862	Signature Bank		471,760
	8,103	South State Corp.		451,175
	12,218	TCF Financial Corp.		328,420
	14,521	Webster Financial Corp.		399,328
	4,689	Wintrust Financial Corp.		204,065

				8,726,104

Beverages – 0.4%
	458	Boston Beer Co., Inc. (The), Class A*		403,947

Building Products – 0.6%
	15,533	AZEK Co., Inc. (The)*		613,243

Capital Markets – 2.3%
	6,288	Hamilton Lane, Inc., Class A		459,716
	6,558	Houlihan Lokey, Inc.		384,299
	7,545	LPL Financial Holdings, Inc.		619,897
	13,952	Stifel Financial Corp.		707,506
	5,598	Virtu Financial, Inc., Class A		144,596

				2,316,014

Chemicals – 3.3%
	12,246	Ashland Global Holdings, Inc.		902,408
	23,620	Avient Corp.		602,782
	11,967	Axalta Coating Systems Ltd.*		285,413


Common Stocks – (continued)
Chemicals – (continued)
	14,991	Huntsman Corp.		324,105
	9,372	RPM International, Inc.		794,465
	7,698	Westlake Chemical Corp.		456,645

				3,365,818

Communications Equipment – 1.7%
	12,041	Ciena Corp.*		683,568
	5,844	Lumentum Holdings, Inc.*		502,584
	40,798	Viavi Solutions, Inc.*		544,041

				1,730,193

Construction & Engineering – 2.6%
	24,414	AECOM*		964,597
	6,512	Jacobs Engineering Group, Inc.		587,838
	9,521	MasTec, Inc.*		439,965
	13,074	Quanta Services, Inc.		670,043

				2,662,443

Construction Materials – 0.2%
	1,692	Vulcan Materials Co.		203,040

Consumer Finance – 0.7%
	6,933	FirstCash, Inc.		414,247
	10,197	OneMain Holdings, Inc.		296,529

				710,776

Containers & Packaging – 1.4%
	6,545	Avery Dennison Corp.		755,227
	7,988	Crown Holdings, Inc.*		613,878

				1,369,105

Diversified Consumer Services – 0.9%
	3,637	Bright Horizons Family Solutions, Inc.*		483,758
	2,264	Chegg, Inc.*		166,947
	6,979	frontdoor, Inc.*		304,075

				954,780

Diversified Financial Services – 0.8%
	14,668	Voya Financial, Inc.		761,416

Diversified Telecommunication Services – 0.6%
	7,572	GCI Liberty, Inc., Class A*		611,666

Electric Utilities – 2.6%
	8,827	ALLETE, Inc.		476,305
	9,754	Alliant Energy Corp.		528,179
	7,308	IDACORP, Inc.		656,989
	9,922	PNM Resources, Inc.		433,393
	14,715	Portland General Electric Co.		561,377

				2,656,243

Electrical Equipment – 1.1%
	3,660	Hubbell, Inc.		530,407
	31,943	nVent Electric PLC		610,750

				1,141,157


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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments (continued)

August 31, 2020


Shares		Description	Value

Common Stocks – (continued)
Electronic Equipment, Instruments & Components – 2.8%
	5,817	II-VI, Inc.*	$	258,856
	2,309	Littelfuse, Inc.		417,559
	23,922	National Instruments Corp.		858,561
	4,632	SYNNEX Corp.		588,959
	12,982	Trimble, Inc.*		680,387

				2,804,322

Energy Equipment & Services – 0.5%
	48,579	ChampionX Corp.*		497,449

Entertainment – 1.2%
	21,858	Liberty Media Corp.-Liberty Formula One, Class C*		852,025
	7,028	Live Nation Entertainment, Inc.*		399,190

				1,251,215

Equity Real Estate Investment Trusts (REITs) – 11.8%
	9,823	Americold Realty Trust REIT		376,712
	11,879	Camden Property Trust REIT		1,080,276
	35,472	Columbia Property Trust, Inc. REIT		418,570
	16,706	CubeSmart REIT		528,244
	11,228	CyrusOne, Inc. REIT		937,875
	21,841	Duke Realty Corp. REIT		841,971
	52,908	Empire State Realty Trust, Inc., Class A REIT		333,320
	15,512	Equity LifeStyle Properties, Inc. REIT		1,028,290
	22,641	Healthcare Realty Trust, Inc. REIT		653,193
	10,249	Highwoods Properties, Inc. REIT		381,878
	20,797	Hudson Pacific Properties, Inc. REIT		488,314
	7,379	Life Storage, Inc. REIT		777,968
	4,276	Mid-America Apartment Communities, Inc. REIT		500,805
	6,216	National Health Investors, Inc. REIT		386,946
	36,970	Pebblebrook Hotel Trust REIT		466,561
	2,351	PS Business Parks, Inc. REIT		296,696
	52,408	RLJ Lodging Trust REIT		494,731
	21,686	STAG Industrial, Inc. REIT		700,458
	4,754	Sun Communities, Inc. REIT		708,726
	9,047	Terreno Realty Corp. REIT		539,563

				11,941,097

Food & Staples Retailing – 1.2%
	6,892	Grocery Outlet Holding Corp.*		283,468
	24,505	Performance Food Group Co.*		894,678

				1,178,146

Food Products – 2.4%
	719	Beyond Meat, Inc.*^(a)		97,676
	21,643	Darling Ingredients, Inc.*		691,927
	16,061	Hostess Brands, Inc.*		206,223
	10,246	Lamb Weston Holdings, Inc.		643,961
	13,743	Nomad Foods Ltd. (United Kingdom)*		338,902
	4,688	Post Holdings, Inc.*		412,638

				2,391,327


Common Stocks – (continued)
Gas Utilities – 1.4%
	6,511	Atmos Energy Corp.		649,928
	9,802	ONE Gas, Inc.		726,524

				1,376,452

Health Care Equipment & Supplies – 2.4%
	6,845	Avanos Medical, Inc.*		221,778
	6,308	DENTSPLY SIRONA, Inc.		283,040
	11,519	Globus Medical, Inc., Class A*		651,054
	8,077	Hill-Rom Holdings, Inc.		757,542
	10,907	Integra LifeSciences Holdings Corp.*		521,245

				2,434,659

Health Care Providers & Services – 0.5%
	16,478	Acadia Healthcare Co., Inc.*		509,335

Hotels, Restaurants & Leisure – 3.7%
	13,580	Brinker International, Inc.		611,643
	13,483	Caesars Entertainment, Inc.*		617,521
	21,985	Extended Stay America, Inc.		274,593
	5,295	Marriott Vacations Worldwide Corp.		501,278
	2,176	Papa John’s International, Inc.		213,879
	11,375	Penn National Gaming, Inc.*		581,262
	10,741	SeaWorld Entertainment, Inc.*		219,116
	5,507	Texas Roadhouse, Inc.		346,886
	1,362	Vail Resorts, Inc.		296,467
	3,538	Wyndham Destinations, Inc.		102,567

				3,765,212

Household Durables – 2.4%
	1,273	Helen of Troy Ltd.*		263,282
	2,918	Lennar Corp., Class A		218,325
	10,417	Meritage Homes Corp.*		1,000,345
	20,385	Taylor Morrison Home Corp.*		479,659
	2,933	TopBuild Corp.*		451,095

				2,412,706

Industrial Conglomerates – 0.8%
	6,139	Carlisle Cos., Inc.		803,902

Insurance – 5.8%
	8,483	American Financial Group, Inc.		567,089
	19,048	Brown & Brown, Inc.		883,827
	10,678	Globe Life, Inc.		880,721
	14,099	GoHealth, Inc., Class A*^(a)		196,117
	4,505	Hanover Insurance Group, Inc. (The)		461,717
	8,071	Kemper Corp.		626,794
	4,194	Primerica, Inc.		523,621
	2,659	RenaissanceRe Holdings Ltd.		488,565
	7,806	Selective Insurance Group, Inc.		466,877
	13,215	W R Berkley Corp.		819,991

				5,915,319

IT Services – 2.3%
	3,301	CACI International, Inc., Class A*		773,061
	12,604	Genpact Ltd.		531,637
	7,127	Science Applications International Corp.		594,819
	2,719	WEX, Inc.*		434,252

				2,333,769


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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND


Shares		Description	Value

Common Stocks – (continued)
Leisure Products – 1.3%
	6,722	BRP, Inc.	$	364,333
	10,347	Brunswick Corp.		640,376
	13,284	Callaway Golf Co.		277,104

				1,281,813

Life Sciences Tools & Services – 2.4%
	630	Bio-Rad Laboratories, Inc., Class A*		320,412
	2,070	Charles River Laboratories International, Inc.*		453,226
	7,264	PerkinElmer, Inc.		855,118
	5,237	PRA Health Sciences, Inc.*		559,888
	5,469	QIAGEN NV*		278,700

				2,467,344

Machinery – 4.7%
	12,486	Graco, Inc.		724,438
	20,511	Ingersoll Rand, Inc.*		719,116
	8,617	ITT, Inc.		541,234
	3,257	Nordson Corp.		607,398
	23,596	Rexnord Corp.		683,340
	21,323	Timken Co. (The)		1,155,493
	2,946	Watts Water Technologies, Inc., Class A		282,079

				4,713,098

Media – 0.6%
	6,409	Nexstar Media Group, Inc., Class A		615,328

Metals & Mining – 1.5%
	22,340	Commercial Metals Co.		466,236
	45,899	Constellium SE*		367,651
	31,059	Sandstorm Gold Ltd.*		283,879
	12,469	Steel Dynamics, Inc.		368,085

				1,485,851

Mortgage Real Estate Investment Trusts (REITs) – 1.3%
	23,220	KKR Real Estate Finance Trust, Inc. REIT		422,604
	24,997	PennyMac Mortgage Investment Trust REIT		428,448
	91,697	Two Harbors Investment Corp. REIT		499,749

				1,350,801

Oil, Gas & Consumable Fuels – 2.4%
	15,294	Cheniere Energy, Inc.*		796,053
	18,611	Noble Energy, Inc.		185,179
	65,153	Parsley Energy, Inc., Class A		700,395
	27,167	Viper Energy Partners LP		276,560
	89,852	WPX Energy, Inc.*		499,577

				2,457,764

Personal Products – 0.1%
	7,790	BellRing Brands, Inc., Class A*		151,438

Pharmaceuticals – 1.4%
	15,193	Catalent, Inc.*		1,405,353

Professional Services – 1.4%
	11,916	ASGN, Inc.*		855,211


Common Stocks – (continued)
Professional Services – (continued)
	11,060	Robert Half International, Inc.		588,392

				1,443,603

Real Estate Management & Development – 0.6%
	36,837	Cushman & Wakefield PLC*		427,677
	15,241	Kennedy-Wilson Holdings, Inc.		217,794

				645,471

Road & Rail – 1.9%
	10,346	ArcBest Corp.		349,902
	10,023	Knight-Swift Transportation Holdings, Inc.		455,646
	4,745	Old Dominion Freight Line, Inc.		959,344
	1,177	Saia, Inc.*		157,953

				1,922,845

Semiconductors & Semiconductor Equipment – 1.8%
	7,371	Cree, Inc.*		465,110
	7,408	Entegris, Inc.		495,521
	12,653	Lattice Semiconductor Corp.*		361,876
	4,081	MKS Instruments, Inc.		487,802

				1,810,309

Software – 0.7%
	24,097	Nuance Communications, Inc.*		721,946

Specialty Retail – 3.5%
	1,662	Burlington Stores, Inc.*		327,298
	7,911	Dick’s Sporting Goods, Inc.		428,143
	4,439	Five Below, Inc.*		485,849
	2,339	Lithia Motors, Inc., Class A		582,317
	52,451	Michaels Cos., Inc. (The)*		590,074
	2,613	RH*		863,727
	1,038	Ulta Beauty, Inc.*		241,003

				3,518,411

Textiles, Apparel & Luxury Goods – 1.1%
	11,194	Crocs, Inc.*		446,753
	968	Deckers Outdoor Corp.*		197,346
	19,505	Wolverine World Wide, Inc.		487,235

				1,131,334

Thrifts & Mortgage Finance – 1.3%
	61,212	MGIC Investment Corp.		561,314
	14,392	NMI Holdings, Inc., Class A*		246,823
	20,143	Washington Federal, Inc.		472,353

				1,280,490

Trading Companies & Distributors – 1.1%
	11,503	Beacon Roofing Supply, Inc.*		389,837
	2,781	Watsco, Inc.		681,317

				1,071,154

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $92,945,786)		$	101,096,861


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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments (continued)

August 31, 2020


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.2%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	219,900	0.027%	$	219,900
	(Cost $219,900)

	TOTAL INVESTMENTS – 100.1%
	(Cost $93,165,686)		$	101,316,761

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%			(159,599	)

	NET ASSETS – 100.0%		$	101,157,162



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

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		Represents an affiliated issuer.



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


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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Assets and Liabilities

August 31, 2020


	Equity Income Fund		Focused Value Fund		Large Cap Value Fund
Assets:
Investments in unaffiliated issuers, at value (cost $293,339,471, $8,707,624 and $347,865,758, respectively)^(a)	$	347,447,115	$	9,703,009	$	393,050,559
Investments in affiliated issuers, at value (cost $1,485,827, $116,661 and $3,050,807, respectively)		1,485,827		116,661		3,050,807
Investments in securities lending reinvestment vehicle, at value which equals cost		600,080		—		—
Cash		531,515		248,327		539,512
Receivables:
Dividends		848,586		17,690		736,539
Fund shares sold		36,656		—		18,378
Foreign tax reclaims		36,636		277		54,905
Reimbursement from investment adviser		15,482		190		71,463
Securities lending income		947		—		422
Other assets		72,970		63,417		49,858
Total assets		351,075,814		10,149,571		397,572,443

Liabilities:
Payables:
Upon return of securities loaned		600,080		—		—
Fund shares redeemed		301,813		—		672,417
Management fees		201,020		7,138		248,834
Distribution and Service fees and Transfer Agency fees		107,884		348		56,555
Investments purchased		—		198,326		—
Accrued expenses		241,246		134,525		216,023
Total liabilities		1,452,043		340,337		1,193,829

Net Assets:
Paid-in capital		308,339,063		9,020,381		345,672,359
Total distributable earnings		41,284,708		788,853		50,706,255
NET ASSETS	$	349,623,771	$	9,809,234	$	396,378,614
Net Assets:
Class A	$	292,008,498	$	148,400	$	74,558,826
Class C		5,476,952		32,051		17,422,067
Institutional		22,592,432		871,445		140,814,373
Service		161,020		—		835,687
Investor		2,383,700		33,724		3,460,250
Class R6		5,378,271		33,970		1,635,416
Class R		1,131,220		32,874		2,932,134
Class P		20,491,678		8,656,770		154,719,861
Total Net Assets	$	349,623,771	$	9,809,234	$	396,378,614
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		7,695,860		13,188		5,355,915
Class C		151,863		2,885		1,328,390
Institutional		584,522		77,176		9,999,107
Service		4,228		—		60,305
Investor		62,924		2,995		248,456
Class R6		139,140		3,013		113,330
Class R		29,983		2,934		217,682
Class P		530,257		767,751		10,723,351
Net asset value, offering and redemption price per share:^(b)
Class A		$37.94		$11.25		$13.92
Class C		36.06		11.11		13.12
Institutional		38.65		11.29		14.08
Service		38.08		—		13.86
Investor		37.88		11.26		13.93
Class R6		38.65		11.27		14.43
Class R		37.73		11.20		13.47
Class P		38.64		11.28		14.43

(a)

Includes loaned securities having a market value of $587,392, $ — and $ — for Equity Income, Focused Value and Large Cap Value Funds, respectively.

(b)

Maximum public offering price per share for Class A Shares of the Equity Income, Focused Value and Large Cap Value Funds is $40.15, $11.90 and $14.73, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.


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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Assets and Liabilities (continued)

August 31, 2020


	Mid Cap Value Fund		Small Cap Value Fund		Small/Mid Cap Value Fund
Assets:
Investments in unaffiliated issuers, at value (cost $831,346,886, $4,048,752,810 and $92,945,786, respectively)^(a)	$	969,250,736	$	4,522,465,924	$	101,096,861
Investments in affiliated issuers, at value (cost $0, $4,535,074 and $0, respectively)		—		4,535,074		—
Investments in securities lending reinvestment vehicle, at value which equals cost		6,163,823		25,114,389		219,900
Cash		891,147		—		—
Receivables:
Investments sold		8,718,016		38,895,043		546,423
Dividends		1,120,369		3,454,218		94,759
Fund shares sold		611,351		2,513,321		30,735
Reimbursement from investment adviser		15,370		405,412		2,525
Foreign tax reclaims		6,591		208,183		4,469
Securities lending income		1,450		31,782		234
Other assets		78,180		84,063		75,542
Total assets		986,857,033		4,597,707,409		102,071,448

Liabilities:
Payables:
Upon return of securities loaned		6,163,823		25,114,389		219,900
Fund shares redeemed		2,112,733		12,132,347		62,154
Management fees		617,225		3,580,109		90,272
Distribution and Service fees and Transfer Agency fees		205,749		336,438		4,094
Investments purchased		—		26,148,035		227,477
Due to custodian		—		10,676,387		168,107
Accrued expenses		363,735		577,140		142,282
Total liabilities		9,463,265		78,564,845		914,286

Net Assets:
Paid-in capital		883,663,832		4,396,569,878		104,038,483
Total distributable earnings (loss)		93,729,936		122,572,686		(2,881,321	)
NET ASSETS	$	977,393,768	$	4,519,142,564	$	101,157,162
Net Assets:
Class A	$	424,878,188	$	413,665,526	$	987,688
Class C		16,230,299		3,220,190		947,855
Institutional		271,283,341		2,454,781,023		7,053,976
Service		30,424,473		39,294,707		—
Investor		33,248,599		115,491,281		1,434,896
Class R6		54,633,403		1,229,047,468		52,506,568
Class R		17,015,421		57,272,129		73,582
Class P		129,680,044		206,370,240		38,152,597
Total Net Assets	$	977,393,768	$	4,519,142,564	$	101,157,162
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		13,609,415		10,188,776		85,859
Class C		601,092		112,297		84,873
Institutional		8,572,422		55,135,489		604,400
Service		997,645		1,004,997		—
Investor		1,092,251		2,868,560		123,788
Class R6		1,727,596		27,617,784		4,503,997
Class R		565,419		1,450,548		6,419
Class P		4,101,221		4,637,096		3,273,206
Net asset value, offering and redemption price per share:^(b)
Class A		$31.22		$40.60		$11.50
Class C		27.00		28.68		11.17
Institutional		31.65		44.52		11.67
Service		30.50		39.10		—
Investor		30.44		40.26		11.59
Class R6		31.62		44.50		11.66
Class R		30.09		39.48		11.46
Class P		31.62		44.50		11.66

(a)

Includes loaned securities having a market value of $6,021,082, $24,856,438 and $215,044 for Mid Cap Value, Small Cap Value and Small/Mid Cap Value Funds, respectively.

(b)

Maximum public offering price per share for Class A Shares of the Mid Cap Value, Small Cap Value and Small/Mid Cap Value Funds is $33.04, $42.96 and $12.17, 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.


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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Operations

For the Fiscal Year Ended August 31, 2020


	Equity Income Fund			Focused Value Fund			Large Cap Value Fund
Investment income:

Dividends — unaffiliated issuer (net of foreign withholding taxes of $27,153, $117 and $5,996, respectively)	$	9,505,340		$	160,444		$	9,221,120

Dividends — affiliated issuers		10,912			1,391			36,992

Securities lending income — unaffiliated issuer		23,074			—			5,896

Total investment income		9,539,326			161,835			9,264,008

Expenses:

Management fees		2,393,932			58,668			3,167,956

Distribution and Service fees^(a)		818,054			690			409,515

Transfer Agency fees^(a)		530,705			2,887			287,727

Professional fees		111,738			118,619			116,037

Printing and mailing costs		109,570			41,553			85,901

Registration fees		109,237			109,000			119,420

Custody, accounting and administrative services		54,231			9,782			59,005

Shareholder meeting expense		26,429			1,775			17,198

Trustee fees		20,309			19,789			20,420

Service Share fees — Service Plan		401			—			2,256

Service Share fees — Shareholder Administration Plan		401			—			2,256

Other		38,907			18,130			41,064

Total expenses		4,213,914			380,893			4,328,755

Less — expense reductions		(550,876	)		(316,787	)		(667,353	)

Net expenses		3,663,038			64,106			3,661,402

NET INVESTMENT INCOME		5,876,288			97,729			5,602,606


Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(13,778,505	)		(263,082	)		11,871,389

Foreign currency transactions		—			6			119

Net change in unrealized gain (loss) on:

Investments		17,898,586			749,644			(8,987,558	)

Foreign currency translations		—			3			52

Net realized and unrealized gain		4,120,081			486,571			2,884,002

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	9,996,369		$	584,300		$	8,486,608

(a)

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


	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Equity Income	$	739,887	$	71,285	$	6,882	$	498,331	$	12,021	$	8,031	$	64	$	3,968	$	1,671	$	2,322	$	4,297
Focused Value		229		305		156		153		51		321		—		54		10		53		2,245
Large Cap Value		197,561		194,151		17,803		133,107		32,713		57,718		361		6,405		544		6,004		50,875


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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Operations (continued)

For the Fiscal Year Ended August 31, 2020


	Mid Cap Value Fund			Small Cap Value Fund			Small/Mid Cap Value Fund
Investment income:

Dividends — unaffiliated issuer (net of foreign withholding taxes of $17,695, $365,712 and $4,469, respectively)	$	17,564,118		$	85,008,450		$	1,781,413

Dividends — affiliated issuers		114,398			552,986			17,756

Securities lending income — unaffiliated issuer		417,227			247,867			2,296

Total investment income		18,095,743			85,809,303			1,801,465

Expenses:

Management fees		7,890,669			45,956,718			885,213

Distribution and Service fees^(a)		1,470,306			1,647,813			13,054

Transfer Agency fees^(a)		1,097,716			2,749,401			40,620

Printing and mailing costs		188,882			469,914			40,890

Custody, accounting and administrative services		155,244			655,894			36,260

Registration fees		121,726			172,433			68,430

Professional fees		115,349			115,924			118,777

Service Share fees — Service Plan		91,077			127,445			—

Service Share fees — Shareholder Administration Plan		91,077			127,445			—

Shareholder meeting expense		69,446			126,329			5,846

Trustee fees		21,373			29,425			19,944

Other		42,707			87,892			15,424

Total expenses		11,355,572			52,266,633			1,244,458

Less — expense reductions		(16,197	)		(1,430,227	)		(297,779	)

Net expenses		11,339,375			50,836,406			946,679

NET INVESTMENT INCOME		6,756,368			34,972,897			854,786


Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers (including commission recapture of $–, $4,906 and $—, respectively)		(18,287,118	)		(193,640,071	)		(8,209,215	)

Net change in unrealized gain (loss) on:

Investments		6,802,943			(309,976,878	)		1,696,171

Net realized and unrealized loss		(11,484,175	)		(503,616,949	)		(6,513,044	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,727,807	)	$	(468,644,052	)	$	(5,658,258	)

(a)

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


	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Mid Cap Value	$	1,154,975	$	218,957	$	96,374	$	778,350	$	36,939	$	118,327	$	14,572	$	63,309	$	15,217	$	32,484	$	38,518
Small Cap Value		1,240,768		59,085		347,960		836,781		9,988		1,113,566		20,391		206,048		381,263		117,337		64,027
Small/Mid Cap Value		2,989		9,413		652		2,016		1,584		2,644		—		4,403		16,484		221		13,268


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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Changes in Net Assets


	Equity Income Fund						Focused Value Fund
	For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
From operations:

Net investment income	$	5,876,288		$	6,505,656		$	97,729		$	57,240

Net realized gain (loss)		(13,778,505	)		21,615,772			(263,076	)		290,733

Net change in unrealized gain (loss)		17,898,586			(12,467,840	)		749,647			(297,586	)

Net increase in net assets resulting from operations		9,996,369			15,653,588			584,300			50,387

Distributions to shareholders:

From distributable earnings:

Class A Shares		(17,532,636	)		(8,020,555	)		(896	)		(2,623	)

Class C Shares		(409,370	)		(152,273	)		(328	)		(1,396	)

Institutional Shares		(1,216,336	)		(638,330	)		(13,526	)		(36,446	)

Service Shares		(9,520	)		(2,837	)		—			—

Investor Shares		(148,693	)		(72,187	)		(521	)		(1,721	)

Class R6 Shares		(352,619	)		(66,115	)		(557	)		(1,772	)

Class R Shares		(83,278	)		(34,098	)		(358	)		(1,556	)

Class P Shares		(751,373	)		(316,996	)		(141,442	)		(248,134	)

Total distributions to shareholders		(20,503,825	)		(9,303,391	)		(157,628	)		(293,648	)

From share transactions:

Proceeds from sales of shares		27,017,610			29,018,758			5,277,622			1,590,255

Reinvestment of distributions		20,013,288			9,089,293			157,628			293,648

Cost of shares redeemed		(48,563,613	)		(58,668,643	)		(1,754,963	)		(2,771,195	)

Net increase (decrease) in net assets resulting from share transactions		(1,532,715	)		(20,560,592	)		3,680,287			(887,292	)

TOTAL INCREASE (DECREASE)		(12,040,171	)		(14,210,395	)		4,106,959			(1,130,553	)

Net assets:

Beginning of year		361,663,942			375,874,337			5,702,275			6,832,828

End of year	$	349,623,771		$	361,663,942		$	9,809,234		$	5,702,275


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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Changes in Net Assets (continued)


	Large Cap Value Fund						Mid Cap Value Fund
	For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
From operations:

Net investment income	$	5,602,606		$	6,536,051		$	6,756,368		$	8,573,181

Net realized gain (loss)		11,871,508			18,149,153			(18,287,118	)		38,698,754

Net change in unrealized gain (loss)		(8,987,506	)		(26,457,192	)		6,802,943			(24,903,159	)

Net increase (decrease) in net assets resulting from operations		8,486,608			(1,771,988	)		(4,727,807	)		22,368,776

Distributions to shareholders:

From distributable earnings:

Class A Shares		(4,777,394	)		(10,013,173	)		(15,695,026	)		(80,350,023	)

Class C Shares		(1,128,907	)		(2,416,782	)		(730,806	)		(5,982,773	)

Institutional Shares		(8,924,042	)		(17,040,940	)		(11,197,871	)		(65,676,202	)

Service Shares		(55,313	)		(105,614	)		(1,246,153	)		(8,245,430	)

Investor Shares		(239,744	)		(616,179	)		(1,409,539	)		(6,590,529	)

Class R6 Shares		(112,182	)		(106,537	)		(1,788,686	)		(3,562,454	)

Class R Shares		(208,225	)		(536,342	)		(644,977	)		(3,452,428	)

Class P Shares		(10,614,391	)		(24,947,700	)		(4,380,812	)		(21,987,888	)

From capital:

Class A Shares		—			—			(496,723	)		—

Class C Shares		—			—			(23,129	)		—

Institutional Shares		—			—			(354,394	)		—

Service Shares		—			—			(39,439	)		—

Investor Shares		—			—			(44,610	)		—

Class R6 Shares		—			—			(56,609	)		—

Class R Shares		—			—			(20,412	)		—

Class P Shares		—			—			(138,646	)		—

Total distributions to shareholders		(26,060,198	)		(55,783,267	)		(38,267,832	)		(195,847,727	)

From share transactions:

Proceeds from sales of shares		39,333,770			88,531,579			168,041,377			210,398,630

Reinvestment of distributions		25,541,835			54,109,142			35,333,367			179,466,797

Cost of shares redeemed		(126,591,157	)		(176,283,453	)		(387,348,378	)		(634,399,636	)

Net decrease in net assets resulting from share transactions		(61,715,552	)		(33,642,732	)		(183,973,634	)		(244,534,209	)

TOTAL DECREASE		(79,289,142	)		(91,197,987	)		(226,969,273	)		(418,013,160	)

Net assets:

Beginning of year		475,667,756			566,865,743			1,204,363,041			1,622,376,201

End of year	$	396,378,614		$	475,667,756		$	977,393,768		$	1,204,363,041


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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Changes in Net Assets (continued)


	Small Cap Value Fund						Small/Mid Cap Value Fund
	For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
From operations:

Net investment income	$	34,972,897		$	42,822,943		$	854,786		$	1,179,944

Net realized gain (loss)		(193,640,071	)		113,737,025			(8,209,215	)		(2,652,906	)

Net change in unrealized gain (loss)		(309,976,878	)		(911,144,049	)		1,696,171			(5,576,816	)

Net decrease in net assets resulting from operations		(468,644,052	)		(754,584,081	)		(5,658,258	)		(7,049,778	)

Distributions to shareholders:

From distributable earnings:

Class A Shares		(27,617,788	)		(80,325,941	)		(7,146	)		(96,381	)

Class C Shares		(455,913	)		(2,159,452	)		—			(60,960	)

Institutional Shares		(150,441,897	)		(373,807,352	)		(64,934	)		(360,731	)

Service Shares		(2,760,504	)		(10,384,854	)		—			—

Investor Shares		(7,064,182	)		(17,181,572	)		(29,922	)		(214,689	)

Class R6 Shares		(65,209,388	)		(117,489,659	)		(605,200	)		(3,632,477	)

Class R Shares		(3,705,297	)		(11,383,758	)		(584	)		(11,847	)

Class P Shares		(10,863,518	)		(29,152,639	)		(508,457	)		(3,324,027	)

Total distributions to shareholders		(268,118,487	)		(641,885,227	)		(1,216,243	)		(7,701,112	)

From share transactions:

Proceeds from sales of shares		1,187,909,742			1,302,962,484			19,961,483			18,504,369

Reinvestment of distributions		258,783,478			614,744,607			1,215,128			7,693,950

Cost of shares redeemed		(1,736,309,339	)		(1,991,289,192	)		(31,021,453	)		(23,414,629	)

Net increase (decrease) in net assets resulting from share transactions		(289,616,119	)		(73,582,101	)		(9,844,842	)		2,783,690

TOTAL DECREASE		(1,026,378,658	)		(1,470,051,409	)		(16,719,343	)		(11,967,200	)

Net assets:

Beginning of year		5,545,521,222			7,015,572,631			117,876,505			129,843,705

End of year	$	4,519,142,564		$	5,545,521,222		$	101,157,162		$	117,876,505


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

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Equity Income Fund
	Class A Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	38.96		$	38.26		$	35.17		$	32.53		$	30.47

Net investment income^(a)		0.62			0.67			0.67			0.61			0.68

Net realized and unrealized gain		0.58			0.99			3.12			2.60			2.02

Total from investment operations		1.20			1.66			3.79			3.21			2.70

Distributions to shareholders from net investment income		(0.65	)		(0.66	)		(0.70	)		(0.57	)		(0.64	)

Distributions to shareholders from net realized gains		(1.57	)		(0.30	)		—			—			—

Total distributions		(2.22	)		(0.96	)		(0.70	)		(0.57	)		(0.64	)

Net asset value, end of year	$	37.94		$	38.96		$	38.26		$	35.17		$	32.53

Total Return^(b)		3.08	%		4.53	%		10.88	%		9.93	%		9.01	%

Net assets, end of year (in 000’s)	$	292,009		$	312,148		$	318,960		$	327,650		$	359,003

Ratio of net expenses to average net assets		1.08	%		1.09	%		1.12	%		1.13	%		1.13	%

Ratio of total expenses to average net assets		1.25	%		1.25	%		1.27	%		1.24	%		1.26	%

Ratio of net investment income to average net assets		1.67	%		1.79	%		1.81	%		1.77	%		2.22	%

Portfolio turnover rate^(c)		42	%		42	%		69	%		43	%		61	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Equity Income Fund
	Class C Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	37.12		$	36.41		$	33.50		$	31.01		$	29.08

Net investment income^(a)		0.34			0.38			0.37			0.33			0.43

Net realized and unrealized gain		0.54			0.96			2.98			2.48			1.93

Total from investment operations		0.88			1.34			3.35			2.81			2.36

Distributions to shareholders from net investment income		(0.37	)		(0.33	)		(0.44	)		(0.32	)		(0.43	)

Distributions to shareholders from net realized gains		(1.57	)		(0.30	)		—			—			—

Total distributions		(1.94	)		(0.63	)		(0.44	)		(0.32	)		(0.43	)

Net asset value, end of year	$	36.06		$	37.12		$	36.41		$	33.50		$	31.01

Total Return^(b)		2.33	%		3.82	%		10.06	%		9.10	%		8.21	%

Net assets, end of year (in 000’s)	$	5,477		$	8,116		$	16,982		$	18,460		$	22,371

Ratio of net expenses to average net assets		1.83	%		1.85	%		1.87	%		1.88	%		1.88	%

Ratio of total expenses to average net assets		2.00	%		2.00	%		2.02	%		1.99	%		2.01	%

Ratio of net investment income to average net assets		0.94	%		1.05	%		1.06	%		1.02	%		1.47	%

Portfolio turnover rate^(c)		42	%		42	%		69	%		43	%		61	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Equity Income Fund
	Institutional Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	39.66		$	38.92		$	35.77		$	33.07		$	30.96

Net investment income^(a)		0.76			0.83			0.81			0.77			0.82

Net realized and unrealized gain		0.58			1.01			3.18			2.64			2.06

Total from investment operations		1.34			1.84			3.99			3.41			2.88

Distributions to shareholders from net investment income		(0.78	)		(0.80	)		(0.84	)		(0.71	)		(0.77	)

Distributions to shareholders from net realized gains		(1.57	)		(0.30	)		—			—			—

Total distributions		(2.35	)		(1.10	)		(0.84	)		(0.71	)		(0.77	)

Net asset value, end of year	$	38.65		$	39.66		$	38.92		$	35.77		$	33.07

Total Return^(b)		3.41	%		4.94	%		11.30	%		10.38	%		9.46	%

Net assets, end of year (in 000’s)	$	22,592		$	19,906		$	24,658		$	37,415		$	31,409

Ratio of net expenses to average net assets		0.74	%		0.73	%		0.73	%		0.73	%		0.73	%

Ratio of total expenses to average net assets		0.86	%		0.86	%		0.87	%		0.84	%		0.86	%

Ratio of net investment income to average net assets		2.00	%		2.17	%		2.17	%		2.19	%		2.61	%

Portfolio turnover rate^(c)		42	%		42	%		69	%		43	%		61	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Equity Income Fund
	Service Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	39.10		$	38.39		$	35.28		$	32.53		$	30.46

Net investment income^(a)		0.57			0.61			0.63			0.57			0.65

Net realized and unrealized gain		0.57			1.01			3.13			2.61			2.02

Total from investment operations		1.14			1.62			3.76			3.18			2.67

Distributions to shareholders from net investment income		(0.59	)		(0.61	)		(0.65	)		(0.43	)		(0.60	)

Distributions to shareholders from net realized gains		(1.57	)		(0.30	)		—			—			—

Total distributions		(2.16	)		(0.91	)		(0.65	)		(0.43	)		(0.60	)

Net asset value, end of year	$	38.08		$	39.10		$	38.39		$	35.28		$	32.53

Total Return^(b)		2.89	%		4.40	%		10.77	%		9.84	%		8.88	%

Net assets, end of year (in 000’s)	$	161		$	175		$	84		$	86		$	324

Ratio of net expenses to average net assets		1.24	%		1.23	%		1.23	%		1.23	%		1.23	%

Ratio of total expenses to average net assets		1.37	%		1.36	%		1.38	%		1.33	%		1.36	%

Ratio of net investment income to average net assets		1.52	%		1.60	%		1.70	%		1.66	%		2.11	%

Portfolio turnover rate^(c)		42	%		42	%		69	%		43	%		61	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Equity Income Fund
	Investor Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	38.91		$	38.20		$	35.12		$	32.49		$	30.41

Net investment income^(a)		0.71			0.76			0.76			0.75			0.76

Net realized and unrealized gain		0.58			1.00			3.11			2.55			2.02

Total from investment operations		1.29			1.76			3.87			3.30			2.78

Distributions to shareholders from net investment income		(0.75	)		(0.75	)		(0.79	)		(0.67	)		(0.70	)

Distributions to shareholders from net realized gains		(1.57	)		(0.30	)		—			—			—

Total distributions		(2.32	)		(1.05	)		(0.79	)		(0.67	)		(0.70	)

Net asset value, end of year	$	37.88		$	38.91		$	38.20		$	35.12		$	32.49

Total Return^(b)		3.33	%		4.82	%		11.15	%		10.21	%		9.27	%

Net assets, end of year (in 000’s)	$	2,384		$	2,321		$	2,851		$	2,623		$	743

Ratio of net expenses to average net assets		0.83	%		0.85	%		0.87	%		0.88	%		0.88	%

Ratio of total expenses to average net assets		0.99	%		1.00	%		1.02	%		1.00	%		1.01	%

Ratio of net investment income to average net assets		1.92	%		2.04	%		2.07	%		2.17	%		2.47	%

Portfolio turnover rate^(c)		42	%		42	%		69	%		43	%		61	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Equity Income Fund
	Class R6 Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	39.66		$	38.92		$	35.76		$	33.06		$	30.97

Net investment income^(a)		0.76			0.80			0.83			0.77			0.82

Net realized and unrealized gain		0.58			1.04			3.17			2.64			2.04

Total from investment operations		1.34			1.84			4.00			3.41			2.86

Distributions to shareholders from net investment income		(0.78	)		(0.80	)		(0.84	)		(0.71	)		(0.77	)

Distributions to shareholders from net realized gains		(1.57	)		(0.30	)		—			—			—

Total distributions		(2.35	)		(1.10	)		(0.84	)		(0.71	)		(0.77	)

Net asset value, end of year	$	38.65		$	39.66		$	38.92		$	35.76		$	33.06

Total Return^(b)		3.42	%		4.95	%		11.34	%		10.39	%		9.40	%

Net assets, end of year (in 000’s)	$	5,378		$	5,973		$	13		$	11		$	10

Ratio of net expenses to average net assets		0.73	%		0.72	%		0.72	%		0.73	%		0.73	%

Ratio of total expenses to average net assets		0.86	%		0.85	%		0.86	%		0.84	%		0.86	%

Ratio of net investment income to average net assets		2.00	%		2.08	%		2.22	%		2.20	%		2.62	%

Portfolio turnover rate^(c)		42	%		42	%		69	%		43	%		61	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Equity Income Fund
	Class R Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	38.75		$	38.05		$	34.98		$	32.35		$	30.32

Net investment income^(a)		0.53			0.57			0.57			0.53			0.60

Net realized and unrealized gain		0.57			1.00			3.10			2.59			2.00

Total from investment operations		1.10			1.57			3.67			3.12			2.60

Distributions to shareholders from net investment income		(0.55	)		(0.57	)		(0.60	)		(0.49	)		(0.57	)

Distributions to shareholders from net realized gains		(1.57	)		(0.30	)		—			—			—

Total distributions		(2.12	)		(0.87	)		(0.60	)		(0.49	)		(0.57	)

Net asset value, end of year	$	37.73		$	38.75		$	38.05		$	34.98		$	32.35

Total Return^(b)		2.82	%		4.29	%		10.59	%		9.68	%		8.71	%

Net assets, end of year (in 000’s)	$	1,131		$	1,525		$	1,492		$	1,571		$	1,477

Ratio of net expenses to average net assets		1.33	%		1.34	%		1.37	%		1.38	%		1.38	%

Ratio of total expenses to average net assets		1.50	%		1.50	%		1.52	%		1.49	%		1.51	%

Ratio of net investment income to average net assets		1.42	%		1.54	%		1.55	%		1.54	%		1.96	%

Portfolio turnover rate^(c)		42	%		42	%		69	%		43	%		61	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Equity Income Fund
	Class P Shares
	Year Ended August 31,						Period Ended August 31, 2018^(a)
	2020			2019			Period Ended August 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	39.65		$	38.92		$	37.37

Net investment income^(b)		0.76			0.82			0.31

Net realized and unrealized gain		0.59			1.01			1.48

Total from investment operations		1.35			1.83			1.79

Distributions to shareholders from net investment income		(0.79	)		(0.80	)		(0.24	)

Distributions to shareholders from net realized gains		(1.57	)		(0.30	)		—

Total distributions		(2.36	)		(1.10	)		(0.24	)

Net asset value, end of period	$	38.64		$	39.65		$	38.92

Total Return^(c)		3.43	%		4.92	%		4.84	%

Net assets, end of period (in 000’s)	$	20,492		$	11,500		$	10,835

Ratio of net expenses to average net assets		0.73	%		0.72	%		0.72	%^(d)

Ratio of total expenses to average net assets		0.85	%		0.85	%		0.95	%^(d)

Ratio of net investment income to average net assets		2.04	%		2.16	%		2.20	%^(d)

Portfolio turnover rate^(e)		42	%		42	%		69	%

(a)

Commenced operations on April 17, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS FOCUSED VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Focused Value Fund
	Class A Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.69		$	11.08		$	11.10		$	9.89		$	9.28

Net investment income^(a)		0.09			0.08			0.05			0.10			0.12

Net realized and unrealized gain		0.62			0.09			0.87			1.22			0.52

Total from investment operations		0.71			0.17			0.92			1.32			0.64

Distributions to shareholders from net investment income		(0.04	)		(0.05	)		(0.08	)		(0.11	)		(0.03	)

Distributions to shareholders from net realized gains		(0.11	)		(0.51	)		(0.86	)		—			—

Total distributions		(0.15	)		(0.56	)		(0.94	)		(0.11	)		(0.03	)

Net asset value, end of year	$	11.25		$	10.69		$	11.08		$	11.10		$	9.89

Total Return^(b)		6.60	%		2.10	%		8.64	%		13.42	%		6.93	%

Net assets, end of year (in 000’s)	$	148		$	63		$	52		$	50		$	25

Ratio of net expenses to average net assets		1.09	%		1.09	%		1.12	%		1.13	%		1.13	%

Ratio of total expenses to average net assets		4.71	%		8.11	%		4.84	%		7.96	%		14.54	%

Ratio of net investment income to average net assets		0.83	%		0.78	%		0.50	%		0.95	%		1.33	%

Portfolio turnover rate^(c)		102	%		122	%		204	%		126	%		161	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS FOCUSED VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Focused Value Fund
	Class C Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.60		$	11.03		$	11.05		$	9.84		$	9.28

Net investment income (loss)^(a)		0.01			—			(0.03	)		0.03			0.05

Net realized and unrealized gain		0.61			0.09			0.87			1.21			0.51

Total from investment operations		0.62			0.09			0.84			1.24			0.56

Distributions to shareholders from net investment income		—			(0.01	)		—			(0.03	)		—	^(b)

Distributions to shareholders from net realized gains		(0.11	)		(0.51	)		(0.86	)		—			—

Total distributions		(0.11	)		(0.52	)		(0.86	)		(0.03	)		—	^(b)

Net asset value, end of year	$	11.11		$	10.60		$	11.03		$	11.05		$	9.84

Total Return^(c)		5.85	%		1.27	%		7.87	%		12.64	%		6.06	%

Net assets, end of year (in 000’s)	$	32		$	30		$	30		$	48		$	25

Ratio of net expenses to average net assets		1.85	%		1.85	%		1.87	%		1.88	%		1.88	%

Ratio of total expenses to average net assets		5.81	%		8.79	%		5.77	%		8.66	%		15.30	%

Ratio of net investment income (loss) to average net assets		0.06	%		0.05	%		(0.24	)%		0.25	%		0.58	%

Portfolio turnover rate^(d)		102	%		122	%		204	%		126	%		161	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


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

GOLDMAN SACHS FOCUSED VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Focused Value Fund
	Institutional Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.72		$	11.13		$	11.14		$	9.92		$	9.29

Net investment income^(a)		0.12			0.12			0.09			0.15			0.16

Net realized and unrealized gain		0.63			0.08			0.88			1.21			0.52

Total from investment operations		0.75			0.20			0.97			1.36			0.68

Distributions to shareholders from net investment income		(0.07	)		(0.10	)		(0.12	)		(0.14	)		(0.05	)

Distributions to shareholders from net realized gains		(0.11	)		(0.51	)		(0.86	)		—			—

Total distributions		(0.18	)		(0.61	)		(0.98	)		(0.14	)		(0.05	)

Net asset value, end of year	$	11.29		$	10.72		$	11.13		$	11.14		$	9.92

Total Return^(b)		7.00	%		2.47	%		9.06	%		13.79	%		7.33	%

Net assets, end of year (in 000’s)	$	871		$	776		$	1,007		$	4,802		$	3,206

Ratio of net expenses to average net assets		0.76	%		0.73	%		0.73	%		0.73	%		0.73	%

Ratio of total expenses to average net assets		4.65	%		7.57	%		4.40	%		7.40	%		13.52	%

Ratio of net investment income to average net assets		1.13	%		1.16	%		0.86	%		1.39	%		1.73	%

Portfolio turnover rate^(c)		102	%		122	%		204	%		126	%		161	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS FOCUSED VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Focused Value Fund
	Investor Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.69		$	11.13		$	11.13		$	9.91		$	9.29

Net investment income^(a)		0.11			0.11			0.08			0.13			0.15

Net realized and unrealized gain		0.63			0.07			0.88			1.22			0.51

Total from investment operations		0.74			0.18			0.96			1.35			0.66

Distributions to shareholders from net investment income		(0.06	)		(0.11	)		(0.10	)		(0.13	)		(0.04	)

Distributions to shareholders from net realized gains		(0.11	)		(0.51	)		(0.86	)		—			—

Total distributions		(0.17	)		(0.62	)		(0.96	)		(0.13	)		(0.04	)

Net asset value, end of year	$	11.26		$	10.69		$	11.13		$	11.13		$	9.91

Total Return^(b)		6.92	%		2.26	%		9.01	%		13.65	%		7.26	%

Net assets, end of year (in 000’s)	$	34		$	32		$	31		$	28		$	25

Ratio of net expenses to average net assets		0.85	%		0.85	%		0.87	%		0.88	%		0.88	%

Ratio of total expenses to average net assets		4.81	%		7.79	%		4.77	%		7.61	%		14.28	%

Ratio of net investment income to average net assets		1.04	%		1.05	%		0.72	%		1.20	%		1.58	%

Portfolio turnover rate^(c)		102	%		122	%		204	%		126	%		161	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS FOCUSED VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Focused Value Fund
	Class R6 Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.71		$	11.14		$	11.15		$	9.92		$	9.29

Net investment income^(a)		0.12			0.12			0.10			0.15			0.16

Net realized and unrealized gain		0.62			0.09			0.87			1.22			0.52

Total from investment operations		0.74			0.21			0.97			1.37			0.68

Distributions to shareholders from net investment income		(0.07	)		(0.13	)		(0.12	)		(0.14	)		(0.05	)

Distributions to shareholders from net realized gains		(0.11	)		(0.51	)		(0.86	)		—			—

Total distributions		(0.18	)		(0.64	)		(0.98	)		(0.14	)		(0.05	)

Net asset value, end of year	$	11.27		$	10.71		$	11.14		$	11.15		$	9.92

Total Return^(b)		6.92	%		2.52	%		9.06	%		13.91	%		7.34	%

Net assets, end of year (in 000’s)	$	34		$	32		$	31		$	28		$	25

Ratio of net expenses to average net assets		0.75	%		0.72	%		0.72	%		0.71	%		0.71	%

Ratio of total expenses to average net assets		4.67	%		7.64	%		4.64	%		7.46	%		14.11	%

Ratio of net investment income to average net assets		1.13	%		1.16	%		0.87	%		1.37	%		1.75	%

Portfolio turnover rate^(c)		102	%		122	%		204	%		126	%		161	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS FOCUSED VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Focused Value Fund
	Class R Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.65		$	11.07		$	11.09		$	9.88		$	9.28

Net investment income^(a)		0.06			0.06			0.02			0.07			0.10

Net realized and unrealized gain		0.61			0.09			0.87			1.22			0.52

Total from investment operations		0.67			0.15			0.89			1.29			0.62

Distributions to shareholders from net investment income		(0.01	)		(0.06	)		(0.05	)		(0.08	)		(0.02	)

Distributions to shareholders from net realized gains		(0.11	)		(0.51	)		(0.86	)		—			—

Total distributions		(0.12	)		(0.57	)		(0.91	)		(0.08	)		(0.02	)

Net asset value, end of year	$	11.20		$	10.65		$	11.07		$	11.09		$	9.88

Total Return^(b)		6.27	%		1.91	%		8.35	%		13.08	%		6.60	%

Net assets, end of year (in 000’s)	$	33		$	31		$	30		$	28		$	25

Ratio of net expenses to average net assets		1.35	%		1.35	%		1.37	%		1.38	%		1.38	%

Ratio of total expenses to average net assets		5.31	%		8.29	%		5.27	%		8.12	%		14.79	%

Ratio of net investment income to average net assets		0.55	%		0.54	%		0.22	%		0.70	%		1.08	%

Portfolio turnover rate^(c)		102	%		122	%		204	%		126	%		161	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS FOCUSED VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Focused Value Fund
	Class P Shares
	Year Ended August 31,						Period Ended August 31, 2018^(a)
	2020			2019			Period Ended August 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	10.71		$	11.15		$	10.54

Net investment income^(b)		0.12			0.12			0.04

Net realized and unrealized gain		0.63			0.08			0.57

Total from investment operations		0.75			0.20			0.61

Distributions to shareholders from net investment income		(0.07	)		(0.13	)		—

Distributions to shareholders from net realized gains		(0.11	)		(0.51	)		—

Total distributions		(0.18	)		(0.64	)		—

Net asset value, end of period	$	11.28		$	10.71		$	11.15

Total Return^(c)		7.03	%		2.44	%		5.79	%

Net assets, end of period (in 000’s)	$	8,657		$	4,739		$	5,652

Ratio of net expenses to average net assets		0.74	%		0.72	%		0.72	%^(d)

Ratio of total expenses to average net assets		4.45	%		7.47	%		5.91	%^(d)

Ratio of net investment income to average net assets		1.16	%		1.16	%		0.89	%^(d)

Portfolio turnover rate^(e)		102	%		122	%		204	%

(a)

Commenced operations on April 17, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Large Cap Value Fund
	Class A Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	14.42		$	16.16		$	17.25		$	16.08		$	16.45

Net investment income^(a)		0.16			0.16			0.13			0.19			0.24

Net realized and unrealized gain (loss)		0.18			(0.25	)		1.35			1.26			0.95

Total from investment operations		0.34			(0.09	)		1.48			1.45			1.19

Distributions to shareholders from net investment income		(0.17	)		(0.14	)		(0.21	)		(0.28	)		(0.12	)

Distributions to shareholders from net realized gains		(0.67	)		(1.51	)		(2.36	)		—			(1.44	)

Total distributions		(0.84	)		(1.65	)		(2.57	)		(0.28	)		(1.56	)

Net asset value, end of year	$	13.92		$	14.42		$	16.16		$	17.25		$	16.08

Total Return^(b)		1.97	%		0.38	%		9.29	%		9.04	%		7.73	%

Net assets, end of year (in 000’s)	$	74,559		$	84,723		$	92,226		$	153,608		$	197,754

Ratio of net expenses to average net assets		1.07	%		1.11	%		1.11	%		1.14	%		1.18	%

Ratio of total expenses to average net assets		1.28	%		1.28	%		1.24	%		1.22	%		1.22	%

Ratio of net investment income to average net assets		1.13	%		1.10	%		0.81	%		1.14	%		1.54	%

Portfolio turnover rate^(c)		64	%		62	%		171	%		124	%		116	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Large Cap Value Fund
	Class C Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	13.64		$	15.32		$	16.51		$	15.43		$	15.83

Net investment income^(a)		0.05			0.05			0.01			0.07			0.12

Net realized and unrealized gain (loss)		0.17			(0.22	)		1.29			1.19			0.93

Total from investment operations		0.22			(0.17	)		1.30			1.26			1.05

Distributions to shareholders from net investment income		(0.07	)		—			(0.13	)		(0.18	)		(0.01	)

Distributions to shareholders from net realized gains		(0.67	)		(1.51	)		(2.36	)		—			(1.44	)

Total distributions		(0.74	)		(1.51	)		(2.49	)		(0.18	)		(1.45	)

Net asset value, end of year	$	13.12		$	13.64		$	15.32		$	16.51		$	15.43

Total Return^(b)		1.21	%		(0.28	)%		8.46	%		8.18	%		7.01	%

Net assets, end of year (in 000’s)	$	17,422		$	21,481		$	36,819		$	39,403		$	41,587

Ratio of net expenses to average net assets		1.82	%		1.86	%		1.86	%		1.89	%		1.93	%

Ratio of total expenses to average net assets		2.03	%		2.03	%		1.99	%		1.97	%		1.97	%

Ratio of net investment income to average net assets		0.39	%		0.35	%		0.06	%		0.41	%		0.79	%

Portfolio turnover rate^(c)		64	%		62	%		171	%		124	%		116	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Large Cap Value Fund
	Institutional Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	14.58		$	16.32		$	17.42		$	16.25		$	16.61

Net investment income^(a)		0.20			0.21			0.19			0.25			0.30

Net realized and unrealized gain (loss)		0.19			(0.26	)		1.36			1.27			0.97

Total from investment operations		0.39			(0.05	)		1.55			1.52			1.27

Distributions to shareholders from net investment income		(0.22	)		(0.18	)		(0.28	)		(0.35	)		(0.19	)

Distributions to shareholders from net realized gains		(0.67	)		(1.51	)		(2.37	)		—			(1.44	)

Total distributions		(0.89	)		(1.69	)		(2.65	)		(0.35	)		(1.63	)

Net asset value, end of year	$	14.08		$	14.58		$	16.32		$	17.42		$	16.25

Total Return^(b)		2.26	%		0.69	%		9.65	%		9.41	%		8.17	%

Net assets, end of year (in 000’s)	$	140,814		$	177,613		$	174,803		$	645,552		$	905,400

Ratio of net expenses to average net assets		0.76	%		0.79	%		0.79	%		0.78	%		0.78	%

Ratio of total expenses to average net assets		0.90	%		0.89	%		0.85	%		0.82	%		0.82	%

Ratio of net investment income to average net assets		1.43	%		1.42	%		1.13	%		1.46	%		1.93	%

Portfolio turnover rate^(c)		64	%		62	%		171	%		124	%		116	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Large Cap Value Fund
	Service Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	14.36		$	16.03		$	17.14		$	15.99		$	16.36

Net investment income^(a)		0.13			0.13			0.10			0.17			0.22

Net realized and unrealized gain (loss)		0.19			(0.24	)		1.35			1.23			0.96

Total from investment operations		0.32			(0.11	)		1.45			1.40			1.18

Distributions to shareholders from net investment income		(0.15	)		(0.05	)		(0.20	)		(0.25	)		(0.11	)

Distributions to shareholders from net realized gains		(0.67	)		(1.51	)		(2.36	)		—			(1.44	)

Total distributions		(0.82	)		(1.56	)		(2.56	)		(0.25	)		(1.55	)

Net asset value, end of year	$	13.86		$	14.36		$	16.03		$	17.14		$	15.99

Total Return^(b)		1.80	%		0.20	%		9.15	%		8.80	%		7.67	%

Net assets, end of year (in 000’s)	$	836		$	1,004		$	1,201		$	2,914		$	3,549

Ratio of net expenses to average net assets		1.26	%		1.29	%		1.29	%		1.28	%		1.28	%

Ratio of total expenses to average net assets		1.40	%		1.39	%		1.35	%		1.32	%		1.32	%

Ratio of net investment income to average net assets		0.94	%		0.91	%		0.64	%		1.01	%		1.45	%

Portfolio turnover rate^(c)		64	%		62	%		171	%		124	%		116	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Large Cap Value Fund
	Investor Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	14.43		$	16.17		$	17.28		$	16.11		$	16.47

Net investment income^(a)		0.19			0.20			0.17			0.25			0.27

Net realized and unrealized gain (loss)		0.19			(0.26	)		1.36			1.23			0.97

Total from investment operations		0.38			(0.06	)		1.53			1.48			1.24

Distributions to shareholders from net investment income		(0.21	)		(0.17	)		(0.27	)		(0.31	)		(0.16	)

Distributions to shareholders from net realized gains		(0.67	)		(1.51	)		(2.37	)		—			(1.44	)

Total distributions		(0.88	)		(1.68	)		(2.64	)		(0.31	)		(1.60	)

Net asset value, end of year	$	13.93		$	14.43		$	16.17		$	17.28		$	16.11

Total Return^(b)		2.22	%		0.64	%		9.61	%		9.26	%		8.05	%

Net assets, end of year (in 000’s)	$	3,460		$	4,191		$	7,447		$	6,516		$	3,654

Ratio of net expenses to average net assets		0.82	%		0.86	%		0.86	%		0.88	%		0.93	%

Ratio of total expenses to average net assets		1.03	%		1.03	%		0.99	%		0.97	%		0.97	%

Ratio of net investment income to average net assets		1.37	%		1.35	%		1.06	%		1.47	%		1.77	%

Portfolio turnover rate^(c)		64	%		62	%		171	%		124	%		116	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Large Cap Value Fund
	Class R6 Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	14.92		$	16.66		$	17.45		$	16.25		$	16.61

Net investment income^(a)		0.21			0.22			0.18			0.21			0.31

Net realized and unrealized gain (loss)		0.19			(0.26	)		1.39			1.34			0.96

Total from investment operations		0.40			(0.04	)		1.57			1.55			1.27

Distributions to shareholders from net investment income		(0.22	)		(0.19	)		—			(0.35	)		(0.19	)

Distributions to shareholders from net realized gains		(0.67	)		(1.51	)		(2.36	)		—			(1.44	)

Total distributions		(0.89	)		(1.70	)		(2.36	)		(0.35	)		(1.63	)

Net asset value, end of year	$	14.43		$	14.92		$	16.66		$	17.45		$	16.25

Total Return^(b)		2.29	%		0.73	%		9.67	%		9.63	%		8.21	%

Net assets, end of year (in 000’s)	$	1,636		$	2,172		$	1,106		$	11		$	121,773

Ratio of net expenses to average net assets		0.75	%		0.78	%		0.78	%		0.76	%		0.76	%

Ratio of total expenses to average net assets		0.89	%		0.89	%		0.85	%		0.79	%		0.80	%

Ratio of net investment income to average net assets		1.43	%		1.44	%		1.12	%		1.27	%		2.05	%

Portfolio turnover rate^(c)		64	%		62	%		171	%		124	%		116	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Large Cap Value Fund
	Class R Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	13.97		$	15.71		$	16.86		$	15.73		$	16.12

Net investment income^(a)		0.12			0.12			0.09			0.15			0.20

Net realized and unrealized gain (loss)		0.17			(0.25	)		1.32			1.22			0.94

Total from investment operations		0.29			(0.13	)		1.41			1.37			1.14

Distributions to shareholders from net investment income		(0.12	)		(0.10	)		(0.20	)		(0.24	)		(0.09	)

Distributions to shareholders from net realized gains		(0.67	)		(1.51	)		(2.36	)		—			(1.44	)

Total distributions		(0.79	)		(1.61	)		(2.56	)		(0.24	)		(1.53	)

Net asset value, end of year	$	13.47		$	13.97		$	15.71		$	16.86		$	15.73

Total Return^(b)		1.70	%		0.12	%		9.05	%		8.73	%		7.51	%

Net assets, end of year (in 000’s)	$	2,932		$	4,008		$	5,252		$	6,204		$	7,130

Ratio of net expenses to average net assets		1.32	%		1.36	%		1.36	%		1.39	%		1.43	%

Ratio of total expenses to average net assets		1.53	%		1.53	%		1.49	%		1.47	%		1.47	%

Ratio of net investment income to average net assets		0.89	%		0.85	%		0.56	%		0.90	%		1.30	%

Portfolio turnover rate^(c)		64	%		62	%		171	%		124	%		116	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Large Cap Value Fund
	Class P Shares
	Year Ended August 31,						Period Ended August 31, 2018^(a)
	2020			2019			Period Ended August 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	14.92		$	16.66		$	15.81

Net investment income^(b)		0.21			0.21			0.08

Net realized and unrealized gain (loss)		0.19			(0.25	)		0.77

Total from investment operations		0.40			(0.04	)		0.85

Distributions to shareholders from net investment income		(0.22	)		(0.19	)		—

Distributions to shareholders from net realized gains		(0.67	)		(1.51	)		—

Total distributions		(0.89	)		(1.70	)		—

Net asset value, end of period	$	14.43		$	14.92		$	16.66

Total Return^(c)		2.29	%		0.74	%		5.38	%

Net assets, end of period (in 000’s)	$	154,720		$	180,475		$	248,012

Ratio of net expenses to average net assets		0.75	%		0.78	%		0.78	%^(d)

Ratio of total expenses to average net assets		0.89	%		0.88	%		0.85	%^(d)

Ratio of net investment income to average net assets		1.45	%		1.43	%		1.26	%^(d)

Portfolio turnover rate^(e)		64	%		62	%		171	%

(a)

Commenced operations on April 17, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Mid Cap Value Fund
	Class A Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	32.33		$	36.62		$	38.27		$	35.25		$	38.81

Net investment income^(a)		0.16			0.16			0.08			0.19			0.32

Net realized and unrealized gain (loss)		(0.22	)		0.40			3.71			3.20			0.56

Total from investment operations		(0.06	)		0.56			3.79			3.39			0.88

Distributions to shareholders from net investment income		(0.18	)		(0.14	)		(0.15	)		(0.37	)		(0.10	)

Distributions to shareholders from net realized gains		(0.84	)		(4.71	)		(5.29	)		—			(4.34	)

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

Total distributions		(1.05	)		(4.85	)		(5.44	)		(0.37	)		(4.44	)

Net asset value, end of year	$	31.22		$	32.33		$	36.62		$	38.27		$	35.25

Total Return^(b)		(0.41	)%		3.39	%		10.68	%		9.66	%		3.00	%

Net assets, end of year (in 000’s)	$	424,878		$	526,864		$	630,820		$	851,681		$	1,363,093

Ratio of net expenses to average net assets		1.24	%		1.22	%		1.22	%		1.17	%		1.15	%

Ratio of total expenses to average net assets		1.24	%		1.23	%		1.22	%		1.17	%		1.15	%

Ratio of net investment income to average net assets		0.52	%		0.49	%		0.22	%		0.51	%		0.92	%

Portfolio turnover rate^(c)		87	%		82	%		137	%		124	%		111	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Mid Cap Value Fund
	Class C Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	28.10		$	32.59		$	34.68		$	32.00		$	35.80

Net investment income (loss)^(a)		(0.02	)		(0.07	)		(0.17	)		(0.09	)		0.05

Net realized and unrealized gain (loss)		(0.24	)		0.29			3.33			2.92			0.49

Total from investment operations		(0.26	)		0.22			3.16			2.83			0.54

Distributions to shareholders from net investment income		—			—			—			(0.15	)		—

Distributions to shareholders from net realized gains		(0.81	)		(4.71	)		(5.25	)		—			(4.34	)

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

Total distributions		(0.84	)		(4.71	)		(5.25	)		(0.15	)		(4.34	)

Net asset value, end of year	$	27.00		$	28.10		$	32.59		$	34.68		$	32.00

Total Return^(b)		(1.14	)%		2.58	%		9.86	%		8.86	%		2.20	%

Net assets, end of year (in 000’s)	$	16,230		$	28,175		$	78,897		$	102,928		$	141,081

Ratio of net expenses to average net assets		1.99	%		1.98	%		1.97	%		1.92	%		1.90	%

Ratio of total expenses to average net assets		1.99	%		1.98	%		1.97	%		1.92	%		1.90	%

Ratio of net investment income (loss) to average net assets		(0.07	)%		(0.24	)%		(0.53	)%		(0.25	)%		0.16	%

Portfolio turnover rate^(c)		87	%		82	%		137	%		124	%		111	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Mid Cap Value Fund
	Institutional Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	32.76		$	37.06		$	38.68		$	35.64		$	39.22

Net investment income^(a)		0.26			0.29			0.21			0.34			0.46

Net realized and unrealized gain (loss)		(0.19	)		0.39			3.77			3.25			0.56

Total from investment operations		0.07			0.68			3.98			3.59			1.02

Distributions to shareholders from net investment income		(0.30	)		(0.27	)		(0.26	)		(0.55	)		(0.26	)

Distributions to shareholders from net realized gains		(0.84	)		(4.71	)		(5.34	)		—			(4.34	)

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

Total distributions		(1.18	)		(4.98	)		(5.60	)		(0.55	)		(4.60	)

Net asset value, end of year	$	31.65		$	32.76		$	37.06		$	38.68		$	35.64

Total Return^(b)		(0.03	)%		3.78	%		11.13	%		10.12	%		3.39	%

Net assets, end of year (in 000’s)	$	271,283		$	346,004		$	555,930		$	1,424,886		$	3,687,681

Ratio of net expenses to average net assets		0.86	%		0.84	%		0.83	%		0.77	%		0.75	%

Ratio of total expenses to average net assets		0.86	%		0.84	%		0.83	%		0.77	%		0.75	%

Ratio of net investment income to average net assets		0.82	%		0.89	%		0.58	%		0.91	%		1.31	%

Portfolio turnover rate^(c)		87	%		82	%		137	%		124	%		111	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Mid Cap Value Fund
	Service Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	31.58		$	35.89		$	37.61		$	34.63		$	38.21

Net investment income^(a)		0.13			0.12			0.04			0.15			0.28

Net realized and unrealized gain (loss)		(0.23	)		0.38			3.65			3.15			0.54

Total from investment operations		(0.10	)		0.50			3.69			3.30			0.82

Distributions to shareholders from net investment income		(0.11	)		(0.10	)		(0.12	)		(0.32	)		(0.06	)

Distributions to shareholders from net realized gains		(0.84	)		(4.71	)		(5.29	)		—			(4.34	)

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

Total distributions		(0.98	)		(4.81	)		(5.41	)		(0.32	)		(4.40	)

Net asset value, end of year	$	30.50		$	31.58		$	35.89		$	37.61		$	34.63

Total Return^(b)		(0.52	)%		3.25	%		10.58	%		9.56	%		2.87	%

Net assets, end of year (in 000’s)	$	30,424		$	47,597		$	65,727		$	87,438		$	139,677

Ratio of net expenses to average net assets		1.36	%		1.34	%		1.33	%		1.27	%		1.25	%

Ratio of total expenses to average net assets		1.36	%		1.34	%		1.33	%		1.28	%		1.25	%

Ratio of net investment income to average net assets		0.43	%		0.38	%		0.11	%		0.40	%		0.84	%

Portfolio turnover rate^(c)		87	%		82	%		137	%		124	%		111	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Mid Cap Value Fund
	Investor Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	31.55		$	35.89		$	37.57		$	34.63		$	38.23

Net investment income^(a)		0.22			0.23			0.17			0.27			0.39

Net realized and unrealized gain (loss)		(0.19	)		0.37			3.63			3.17			0.55

Total from investment operations		0.03			0.60			3.80			3.44			0.94

Distributions to shareholders from net investment income		(0.26	)		(0.23	)		(0.18	)		(0.50	)		(0.20	)

Distributions to shareholders from net realized gains		(0.84	)		(4.71	)		(5.30	)		—			(4.34	)

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

Total distributions		(1.14	)		(4.94	)		(5.48	)		(0.50	)		(4.54	)

Net asset value, end of year	$	30.44		$	31.55		$	35.89		$	37.57		$	34.63

Total Return^(b)		(0.16	)%		3.63	%		10.98	%		9.94	%		3.24	%

Net assets, end of year (in 000’s)	$	33,249		$	41,809		$	51,375		$	77,446		$	220,429

Ratio of net expenses to average net assets		0.99	%		0.97	%		0.97	%		0.92	%		0.90	%

Ratio of total expenses to average net assets		0.99	%		0.98	%		0.97	%		0.92	%		0.90	%

Ratio of net investment income to average net assets		0.72	%		0.74	%		0.47	%		0.73	%		1.16	%

Portfolio turnover rate^(c)		87	%		82	%		137	%		124	%		111	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Mid Cap Value Fund
	Class R6 Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	32.74		$	37.04		$	38.66		$	35.64		$	39.23

Net investment income^(a)		0.25			0.27			0.22			0.36			0.47

Net realized and unrealized gain (loss)		(0.18	)		0.41			3.76			3.22			0.56

Total from investment operations		0.07			0.68			3.98			3.58			1.03

Distributions to shareholders from net investment income		(0.27	)		(0.27	)		(0.27	)		(0.56	)		(0.28	)

Distributions to shareholders from net realized gains		(0.84	)		(4.71	)		(5.33	)		—			(4.34	)

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

Total distributions		(1.19	)		(4.98	)		(5.60	)		(0.56	)		(4.62	)

Net asset value, end of year	$	31.62		$	32.74		$	37.04		$	38.66		$	35.64

Total Return^(b)		(0.05	)%		3.79	%		11.10	%		10.13	%		3.41	%

Net assets, end of year (in 000’s)	$	54,633		$	50,538		$	39,520		$	73,505		$	372,313

Ratio of net expenses to average net assets		0.85	%		0.82	%		0.82	%		0.75	%		0.73	%

Ratio of total expenses to average net assets		0.85	%		0.83	%		0.82	%		0.75	%		0.73	%

Ratio of net investment income to average net assets		0.82	%		0.85	%		0.60	%		0.97	%		1.39	%

Portfolio turnover rate^(c)		87	%		82	%		137	%		124	%		111	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Mid Cap Value Fund
	Class R Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	31.20		$	35.52		$	37.28		$	34.38		$	38.00

Net investment income (loss)^(a)		0.10			0.08			(0.01	)		0.09			0.22

Net realized and unrealized gain (loss)		(0.24	)		0.37			3.61			3.13			0.55

Total from investment operations		(0.14	)		0.45			3.60			3.22			0.77

Distributions to shareholders from net investment income		(0.10	)		(0.06	)		(0.09	)		(0.32	)		(0.05	)

Distributions to shareholders from net realized gains		(0.84	)		(4.71	)		(5.27	)		—			(4.34	)

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

Total distributions		(0.97	)		(4.77	)		(5.36	)		(0.32	)		(4.39	)

Net asset value, end of year	$	30.09		$	31.20		$	35.52		$	37.28		$	34.38

Total Return^(b)		(0.65	)%		3.10	%		10.43	%		9.40	%		2.72	%

Net assets, end of year (in 000’s)	$	17,015		$	21,916		$	28,103		$	34,193		$	40,111

Ratio of net expenses to average net assets		1.49	%		1.47	%		1.47	%		1.42	%		1.40	%

Ratio of total expenses to average net assets		1.49	%		1.48	%		1.47	%		1.43	%		1.40	%

Ratio of net investment income (loss) to average net assets		0.32	%		0.25	%		(0.03	)%		0.25	%		0.66	%

Portfolio turnover rate^(c)		87	%		82	%		137	%		124	%		111	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Mid Cap Value Fund
	Class P Shares
	Year Ended August 31,						Period Ended August 31, 2018^(a)
	2020			2019			Period Ended August 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	32.73		$	37.04		$	35.64

Net investment income^(b)		0.26			0.29			0.13

Net realized and unrealized gain (loss)		(0.19	)		0.39			1.27

Total from investment operations		0.07			0.68			1.40

Distributions to shareholders from net investment income		(0.33	)		(0.28	)		—

Distributions to shareholders from net realized gains		(0.84	)		(4.71	)		—

Distributions to shareholders from return of capital		(0.01	)		—			—

Total distributions		(1.18	)		(4.99	)		—

Net asset value, end of period	$	31.62		$	32.73		$	37.04

Total Return^(c)		(0.02	)%		3.80	%		3.93	%

Net assets, end of period (in 000’s)	$	129,680		$	141,460		$	172,003

Ratio of net expenses to average net assets		0.85	%		0.83	%		0.86	%^(d)

Ratio of total expenses to average net assets		0.85	%		0.83	%		0.86	%^(d)

Ratio of net investment income to average net assets		0.82	%		0.89	%		0.94	%^(d)

Portfolio turnover rate^(e)		87	%		82	%		137	%

(a)

Commenced operations on April 17, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Small Cap Value Fund
	Class A Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	47.20		$	59.98		$	56.63		$	52.52		$	49.78

Net investment income^(a)		0.20			0.20			0.04			0.16			0.20

Net realized and unrealized gain (loss)		(4.48	)		(7.12	)		9.70			5.92			5.11

Total from investment operations		(4.28	)		(6.92	)		9.74			6.08			5.31

Distributions to shareholders from net investment income		(0.26	)		(0.02	)		(0.08	)		(0.22	)		(0.16	)

Distributions to shareholders from net realized gains		(2.06	)		(5.84	)		(6.31	)		(1.75	)		(2.41	)

Total distributions		(2.32	)		(5.86	)		(6.39	)		(1.97	)		(2.57	)

Net asset value, end of year	$	40.60		$	47.20		$	59.98		$	56.63		$	52.52

Total Return^(b)		(9.92	)%		(11.16	)%		18.15	%		11.56	%		11.22	%

Net assets, end of year (in 000’s)	$	413,666		$	594,825		$	803,918		$	851,497		$	928,091

Ratio of net expenses to average net assets		1.34	%		1.34	%		1.33	%		1.34	%		1.35	%

Ratio of total expenses to average net assets		1.37	%		1.36	%		1.36	%		1.38	%		1.39	%

Ratio of net investment income to average net assets		0.47	%		0.39	%		0.07	%		0.29	%		0.42	%

Portfolio turnover rate^(c)		75	%		47	%		55	%		68	%		46	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Small Cap Value Fund
	Class C Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	33.97		$	45.37		$	44.50		$	41.75		$	40.23

Net investment loss^(a)		(0.02	)		(0.13	)		(0.31	)		(0.20	)		(0.13	)

Net realized and unrealized gain (loss)		(3.21	)		(5.43	)		7.49			4.70			4.06

Total from investment operations		(3.23	)		(5.56	)		7.18			4.50			3.93

Distributions to shareholders from net investment income		—			—			—			—			—	^(b)

Distributions to shareholders from net realized gains		(2.06	)		(5.84	)		(6.31	)		(1.75	)		(2.41	)

Total distributions		(2.06	)		(5.84	)		(6.31	)		(1.75	)		(2.41	)

Net asset value, end of year	$	28.68		$	33.97		$	45.37		$	44.50		$	41.75

Total Return^(c)		(10.61	)%		(11.83	)%		17.26	%		10.72	%		10.40	%

Net assets, end of year (in 000’s)	$	3,220		$	8,867		$	37,157		$	37,357		$	47,925

Ratio of net expenses to average net assets		2.09	%		2.09	%		2.08	%		2.09	%		2.10	%

Ratio of total expenses to average net assets		2.12	%		2.11	%		2.11	%		2.13	%		2.14	%

Ratio of net investment loss to average net assets		(0.05	)%		(0.36	)%		(0.69	)%		(0.45	)%		(0.33	)%

Portfolio turnover rate^(d)		75	%		47	%		55	%		68	%		46	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


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

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Small Cap Value Fund
	Institutional Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	51.56		$	64.90		$	60.78		$	56.20		$	53.10

Net investment income^(a)		0.35			0.43			0.28			0.41			0.42

Net realized and unrealized gain (loss)		(4.87	)		(7.71	)		10.46			6.34			5.45

Total from investment operations		(4.52	)		(7.28	)		10.74			6.75			5.87

Distributions to shareholders from net investment income		(0.46	)		(0.22	)		(0.31	)		(0.42	)		(0.36	)

Distributions to shareholders from net realized gains		(2.06	)		(5.84	)		(6.31	)		(1.75	)		(2.41	)

Total distributions		(2.52	)		(6.06	)		(6.62	)		(2.17	)		(2.77	)

Net asset value, end of year	$	44.52		$	51.56		$	64.90		$	60.78		$	56.20

Total Return^(b)		(9.60	)%		(10.81	)%		18.62	%		12.00	%		11.66	%

Net assets, end of year (in 000’s)	$	2,454,781		$	3,114,853		$	4,304,041		$	4,393,986		$	4,476,848

Ratio of net expenses to average net assets		0.96	%		0.95	%		0.94	%		0.94	%		0.95	%

Ratio of total expenses to average net assets		0.99	%		0.97	%		0.97	%		0.98	%		0.99	%

Ratio of net investment income to average net assets		0.74	%		0.78	%		0.45	%		0.69	%		0.82	%

Portfolio turnover rate^(c)		75	%		47	%		55	%		68	%		46	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Small Cap Value Fund
	Service Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	45.50		$	58.10		$	55.04		$	51.10		$	48.50

Net investment income (loss)^(a)		0.16			0.14			(0.03	)		0.09			0.15

Net realized and unrealized gain (loss)		(4.35	)		(6.90	)		9.42			5.77			4.96

Total from investment operations		(4.19	)		(6.76	)		9.39			5.86			5.11

Distributions to shareholders from net investment income		(0.15	)		—			(0.02	)		(0.17	)		(0.10	)

Distributions to shareholders from net realized gains		(2.06	)		(5.84	)		(6.31	)		(1.75	)		(2.41	)

Total distributions		(2.21	)		(5.84	)		(6.33	)		(1.92	)		(2.51	)

Net asset value, end of year	$	39.10		$	45.50		$	58.10		$	55.04		$	51.10

Total Return^(b)		(10.04	)%		(11.26	)%		18.02	%		11.44	%		11.11	%

Net assets, end of year (in 000’s)	$	39,295		$	75,860		$	110,636		$	145,996		$	119,315

Ratio of net expenses to average net assets		1.46	%		1.45	%		1.44	%		1.44	%		1.45	%

Ratio of total expenses to average net assets		1.49	%		1.47	%		1.47	%		1.48	%		1.49	%

Ratio of net investment income (loss) to average net assets		0.39	%		0.29	%		(0.06	)%		0.17	%		0.32	%

Portfolio turnover rate^(c)		75	%		47	%		55	%		68	%		46	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Small Cap Value Fund
	Investor Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	46.84		$	59.60		$	56.32		$	52.23		$	49.55

Net investment income^(a)		0.27			0.32			0.18			0.29			0.32

Net realized and unrealized gain (loss)		(4.39	)		(7.09	)		9.64			5.90			5.07

Total from investment operations		(4.12	)		(6.77	)		9.82			6.19			5.39

Distributions to shareholders from net investment income		(0.40	)		(0.15	)		(0.23	)		(0.35	)		(0.30	)

Distributions to shareholders from net realized gains		(2.06	)		(5.84	)		(6.31	)		(1.75	)		(2.41	)

Total distributions		(2.46	)		(5.99	)		(6.54	)		(2.10	)		(2.71	)

Net asset value, end of year	$	40.26		$	46.84		$	59.60		$	56.32		$	52.23

Total Return^(b)		(9.70	)%		(10.94	)%		18.44	%		11.84	%		11.50	%

Net assets, end of year (in 000’s)	$	115,491		$	132,434		$	173,176		$	168,986		$	162,661

Ratio of net expenses to average net assets		1.09	%		1.09	%		1.08	%		1.09	%		1.10	%

Ratio of total expenses to average net assets		1.12	%		1.11	%		1.11	%		1.13	%		1.14	%

Ratio of net investment income to average net assets		0.64	%		0.64	%		0.31	%		0.53	%		0.67	%

Portfolio turnover rate^(c)		75	%		47	%		55	%		68	%		46	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Small Cap Value Fund
	Class R6 Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	51.53		$	64.88		$	60.77		$	56.19		$	53.10

Net investment income^(a)		0.35			0.42			0.27			0.38			0.37

Net realized and unrealized gain (loss)		(4.85	)		(7.70	)		10.47			6.39			5.51

Total from investment operations		(4.50	)		(7.28	)		10.74			6.77			5.88

Distributions to shareholders from net investment income		(0.47	)		(0.23	)		(0.32	)		(0.44	)		(0.38	)

Distributions to shareholders from net realized gains		(2.06	)		(5.84	)		(6.31	)		(1.75	)		(2.41	)

Total distributions		(2.53	)		(6.07	)		(6.63	)		(2.19	)		(2.79	)

Net asset value, end of year	$	44.50		$	51.53		$	64.88		$	60.77		$	56.19

Total Return^(b)		(9.58	)%		(10.81	)%		18.63	%		12.03	%		11.68	%

Net assets, end of year (in 000’s)	$	1,229,047		$	1,302,069		$	1,146,132		$	759,095		$	317,289

Ratio of net expenses to average net assets		0.95	%		0.94	%		0.93	%		0.92	%		0.93	%

Ratio of total expenses to average net assets		0.98	%		0.96	%		0.96	%		0.96	%		0.98	%

Ratio of net investment income to average net assets		0.74	%		0.77	%		0.44	%		0.63	%		0.71	%

Portfolio turnover rate^(c)		75	%		47	%		55	%		68	%		46	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Small Cap Value Fund
	Class R Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	45.96		$	58.69		$	55.60		$	51.62		$	48.95

Net investment income (loss)^(a)		0.13			0.07			(0.11	)		0.02			0.08

Net realized and unrealized gain (loss)		(4.42	)		(6.96	)		9.51			5.82			5.03

Total from investment operations		(4.29	)		(6.89	)		9.40			5.84			5.11

Distributions to shareholders from net investment income		(0.13	)		—			—			(0.11	)		(0.03	)

Distributions to shareholders from net realized gains		(2.06	)		(5.84	)		(6.31	)		(1.75	)		(2.41	)

Total distributions		(2.19	)		(5.84	)		(6.31	)		(1.86	)		(2.44	)

Net asset value, end of year	$	39.48		$	45.96		$	58.69		$	55.60		$	51.62

Total Return^(b)		(10.16	)%		11.37	%		17.85	%		11.28	%		10.96	%

Net assets, end of year (in 000’s)	$	57,272		$	84,684		$	123,288		$	124,039		$	122,526

Ratio of net expenses to average net assets		1.59	%		1.59	%		1.58	%		1.59	%		1.60	%

Ratio of total expenses to average net assets		1.62	%		1.61	%		1.61	%		1.63	%		1.64	%

Ratio of net investment income (loss) to average net assets		0.30	%		0.15	%		(0.19	)%		0.04	%		0.18	%

Portfolio turnover rate^(c)		75	%		47	%		55	%		68	%		46	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Small Cap Value Fund
	Class P Shares
	Year Ended August 31,						Period Ended August 31, 2018^(a)
	2020			2019			Period Ended August 31, 2018^(a)
Per Share Data:

Net asset value, beginning of period	$	51.53		$	64.88		$	60.80

Net investment income^(b)		0.34			0.43			0.11

Net realized and unrealized gain (loss)		(4.85	)		(7.71	)		3.97

Total from investment operations		(4.51	)		(7.28	)		4.08

Distributions to shareholders from net investment income		(0.46	)		(0.23	)		—

Distributions to shareholders from net realized gains		(2.06	)		(5.84	)		—

Total distributions		(2.52	)		(6.07	)		—

Net asset value, end of period	$	44.50		$	51.53		$	64.88

Total Return^(c)		(9.56	)%		(10.80	)%		6.71	%

Net assets, end of period (in 000’s)	$	206,370		$	231,930		$	317,224

Ratio of net expenses to average net assets		0.95	%		0.94	%		0.93	%^(d)

Ratio of total expenses to average net assets		0.98	%		0.96	%		0.97	%^(d)

Ratio of net investment income to average net assets		0.74	%		0.79	%		0.46	%^(d)

Portfolio turnover rate^(e)		75	%		47	%		55	%

(a)

Commenced operations on April 17, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Small/Mid Cap Value Fund
	Class A Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	11.99		$	13.58		$	12.37		$	11.18		$	10.46

Net investment income^(a)		0.06			0.07			0.04			0.07			0.08	^(b)

Net realized and unrealized gain (loss)		(0.48	)		(0.88	)		1.72			1.19			0.70

Total from investment operations		(0.42	)		(0.81	)		1.76			1.26			0.78

Distributions to shareholders from net investment income		(0.07	)		(0.02	)		(0.08	)		(0.07	)		(0.01	)

Distributions to shareholders from net realized gains		—			(0.76	)		(0.47	)		—			(0.05	)

Total distributions		(0.07	)		(0.78	)		(0.55	)		(0.07	)		(0.06	)

Net asset value, end of year	$	11.50		$	11.99		$	13.58		$	12.37		$	11.18

Total Return^(c)		(3.56	)%		(5.42	)%		14.47	%		11.30	%		7.49	%

Net assets, end of year (in 000’s)	$	988		$	1,467		$	1,699		$	1,497		$	1,128

Ratio of net expenses to average net assets		1.23	%		1.23	%		1.23	%		1.24	%		1.26	%

Ratio of total expenses to average net assets		1.50	%		1.56	%		1.47	%		1.73	%		2.25	%

Ratio of net investment income to average net assets		0.49	%		0.61	%		0.34	%		0.58	%		0.78	%^(b)

Portfolio turnover rate^(d)		76	%		73	%		105	%		108	%		109	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

(d)


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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Small/Mid Cap Value Fund
	Class C Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	11.67		$	13.30		$	12.14		$	11.01		$	10.37

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

Net realized and unrealized gain (loss)		(0.49	)		(0.85	)		1.69			1.17			0.69

Total from investment operations		(0.50	)		(0.87	)		1.63			1.15			0.69

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

Distributions to shareholders from net realized gains		—			(0.76	)		(0.47	)		—			(0.05	)

Total distributions		—			(0.76	)		(0.47	)		(0.02	)		(0.05	)

Net asset value, end of year	$	11.17		$	11.67		$	13.30		$	12.14		$	11.01

Total Return^(d)		(4.36	)%		(6.07	)%		13.63	%		10.48	%		6.71	%

Net assets, end of year (in 000’s)	$	948		$	994		$	1,140		$	1,126		$	618

Ratio of net expenses to average net assets		1.98	%		1.98	%		1.98	%		1.99	%		2.01	%

Ratio of total expenses to average net assets		2.24	%		2.31	%		2.22	%		2.47	%		2.99	%

Ratio of net investment income (loss) to average net assets		(0.07	)%		(0.15	)%		(0.44	)%		(0.17	)%		0.04	%^(c)

Portfolio turnover rate^(e)		76	%		73	%		105	%		108	%		109	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

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

(d)

(e)


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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Small/Mid Cap Value Fund
	Institutional Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	12.18		$	13.74		$	12.50		$	11.29		$	10.53

Net investment income^(a)		0.09			0.12			0.08			0.12			0.12	^(b)

Net realized and unrealized gain (loss)		(0.47	)		(0.88	)		1.75			1.20			0.71

Total from investment operations		(0.38	)		(0.76	)		1.83			1.32			0.83

Distributions to shareholders from net investment income		(0.13	)		(0.04	)		(0.12	)		(0.11	)		(0.02	)

Distributions to shareholders from net realized gains		—			(0.76	)		(0.47	)		—			(0.05	)

Total distributions		(0.13	)		(0.80	)		(0.59	)		(0.11	)		(0.07	)

Net asset value, end of year	$	11.67		$	12.18		$	13.74		$	12.50		$	11.29

Total Return^(c)		(3.26	)%		(5.00	)%		14.93	%		11.71	%		7.96	%

Net assets, end of year (in 000’s)	$	7,054		$	6,223		$	5,666		$	42,085		$	39,176

Ratio of net expenses to average net assets		0.85	%		0.84	%		0.84	%		0.84	%		0.87	%

Ratio of total expenses to average net assets		1.12	%		1.17	%		1.08	%		1.35	%		1.84	%

Ratio of net investment income to average net assets		0.78	%		0.99	%		0.58	%		0.97	%		1.18	%^(b)

Portfolio turnover rate^(d)		76	%		73	%		105	%		108	%		109	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

(d)


The accompanying notes are an integral part of these financial statements.		97

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Small/Mid Cap Value Fund
	Investor Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	12.09		$	13.67		$	12.44		$	11.23		$	10.49

Net investment income^(a)		0.08			0.10			0.08			0.10			0.11	^(b)

Net realized and unrealized gain (loss)		(0.47	)		(0.88	)		1.73			1.19			0.71

Total from investment operations		(0.39	)		(0.78	)		1.81			1.29			0.82

Distributions to shareholders from net investment income		(0.11	)		(0.04	)		(0.11	)		(0.08	)		(0.03	)

Distributions to shareholders from net realized gains		—			(0.76	)		(0.47	)		—			(0.05	)

Total distributions		(0.11	)		(0.80	)		(0.58	)		(0.08	)		(0.08	)

Net asset value, end of year	$	11.59		$	12.09		$	13.67		$	12.44		$	11.23

Total Return^(c)		(3.32	)%		(5.19	)%		14.82	%		11.52	%		7.81	%

Net assets, end of year (in 000’s)	$	1,435		$	3,253		$	5,541		$	3,250		$	2,846

Ratio of net expenses to average net assets		0.98	%		0.98	%		0.98	%		0.99	%		1.01	%

Ratio of total expenses to average net assets		1.26	%		1.30	%		1.22	%		1.48	%		2.03	%

Ratio of net investment income to average net assets		0.67	%		0.85	%		0.61	%		0.82	%		1.08	%^(b)

Portfolio turnover rate^(d)		76	%		73	%		105	%		108	%		109	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

(d)


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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Small/Mid Cap Value Fund
	Class R6 Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	12.16		$	13.75		$	12.51		$	11.29		$	10.53

Net investment income^(a)		0.09			0.12			0.10			0.12			0.12	^(b)

Net realized and unrealized gain (loss)		(0.46	)		(0.89	)		1.73			1.21			0.72

Total from investment operations		(0.37	)		(0.77	)		1.83			1.33			0.84

Distributions to shareholders from net investment income		(0.13	)		(0.06	)		(0.12	)		(0.11	)		(0.03	)

Distributions to shareholders from net realized gains		—			(0.76	)		(0.47	)		—			(0.05	)

Total distributions		(0.13	)		(0.82	)		(0.59	)		(0.11	)		(0.08	)

Net asset value, end of year	$	11.66		$	12.16		$	13.75		$	12.51		$	11.29

Total Return^(c)		(3.17	)%		(5.06	)%		14.94	%		11.80	%		7.98	%

Net assets, end of year (in 000’s)	$	52,507		$	57,055		$	60,931		$	61,251		$	10

Ratio of net expenses to average net assets		0.84	%		0.83	%		0.83	%		0.83	%		0.88	%

Ratio of total expenses to average net assets		1.11	%		1.16	%		1.07	%		1.08	%		1.90	%

Ratio of net investment income to average net assets		0.79	%		1.00	%		0.75	%		0.97	%		1.14	%^(b)

Portfolio turnover rate^(d)		76	%		73	%		105	%		108	%		109	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

(d)


The accompanying notes are an integral part of these financial statements.		99

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Small/Mid Cap Value Fund
	Class R Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	11.96		$	13.56		$	12.35		$	11.15		$	10.45

Net investment income^(a)		0.03			0.04			0.01			0.04			0.05	^(b)

Net realized and unrealized gain (loss)		(0.49	)		(0.87	)		1.72			1.19			0.70

Total from investment operations		(0.46	)		(0.83	)		1.73			1.23			0.75

Distributions to shareholders from net investment income		(0.04	)		(0.01	)		(0.05	)		(0.03	)		—

Distributions to shareholders from net realized gains		—			(0.76	)		(0.47	)		—			(0.05	)

Total distributions		(0.04	)		(0.77	)		(0.52	)		(0.03	)		(0.05	)

Net asset value, end of year	$	11.46		$	11.96		$	13.56		$	12.35		$	11.15

Total Return^(c)		(3.85	)%		(5.65	)%		14.20	%		11.06	%		7.24	%

Net assets, end of year (in 000’s)	$	74		$	160		$	207		$	131		$	132

Ratio of net expenses to average net assets		1.48	%		1.48	%		1.48	%		1.49	%		1.52	%

Ratio of total expenses to average net assets		1.76	%		1.81	%		1.72	%		2.00	%		2.50	%

Ratio of net investment income to average net assets		0.29	%		0.36	%		0.09	%		0.32	%		0.49	%^(b)

Portfolio turnover rate^(d)		76	%		73	%		105	%		108	%		109	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

(d)


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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Small/Mid Cap Value Fund
	Class P Shares
	Year Ended August 31,						Period Ended August 31, 2018^(a)
	2020			2019			Period Ended August 31, 2018^(a)
Per Share Data:

Net asset value, beginning of period	$	12.16		$	13.75		$	13.26

Net investment income^(b)		0.09			0.12			0.05

Net realized and unrealized gain (loss)		(0.46	)		(0.89	)		0.44

Total from investment operations		(0.37	)		(0.77	)		0.49

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

Distributions to shareholders from net realized gains		—			(0.76	)		—

Total distributions		(0.13	)		(0.82	)		—

Net asset value, end of period	$	11.66		$	12.16		$	13.75

Total Return^(c)		(3.17	)%		(5.05	)%		3.70	%

Net assets, end of period (in 000’s)	$	38,153		$	48,725		$	54,660

Ratio of net expenses to average net assets		0.84	%		0.83	%		0.83	%^(d)

Ratio of total expenses to average net assets		1.11	%		1.16	%		1.09	%^(d)

Ratio of net investment income to average net assets		0.79	%		1.00	%		0.99	%^(d)

Portfolio turnover rate^(e)		76	%		73	%		105	%

(a)

Commenced operations on April 17, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		101

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements

August 31, 2020

1. ORGANIZATION

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


Fund	Share Classes Offered	Diversified/ Non-diversified
Focused Value	A, C, Institutional, Investor, R6, R and P	Non-diversified
Equity Income, Large Cap Value, Mid Cap Value, Small Cap Value	A, C, Institutional, Service, Investor, R6, R and P	Diversified
Small/Mid Cap Value	A, C, Institutional, Investor, R6, R and P	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. 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.

102

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:


Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Equity Income	Quarterly	Annually
Focused Value, Large Cap Value, Mid Cap Value, Small Cap Value and Small/Mid Cap Value	Annually	Annually

F. Commission Recapture — GSAM, on behalf of certain Funds, may direct portfolio trades, subject to seeking best execution, to various brokers who have agreed to rebate a portion of the commissions generated. Such rebates are made directly to a Fund as cash payments and are included in net realized gain (loss) from investments on the Statements of Operations.


3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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).

103

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

August 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

104

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of August 31, 2020:



EQUITY INCOME FUND

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Asia	$	3,832,842	$	—	$	—

Europe		19,996,216		—		—

North America		318,570,072		—		—

Oceania		5,047,985		—		—

Investment Company		1,485,827		—		—

Securities Lending Reinvestment Vehicle		600,080		—		—

Total	$	349,533,022	$	—	$	—

FOCUSED VALUE FUND

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Europe	$	245,994	$	—	$	—

North America		9,457,015		—		—

Investment Company		116,661		—		—

Total	$	9,819,670	$	—	$	—

LARGE CAP VALUE FUND

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Europe	$	11,315,983	$	—	$	—

North America		381,734,576		—		—

Investment Company		3,050,807		—		—

Total	$	396,101,366	$	—	$	—

MID CAP VALUE FUND

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Europe	$	24,875,683	$	—	$	—

North America		944,375,053		—		—

Securities Lending Reinvestment Vehicle		6,163,823		—		—

Total	$	975,414,559	$	—	$	—

(a)

105

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

August 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



SMALL CAP VALUE FUND

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Africa	$	15,929,623	$	—	$	—

Europe		13,736,042		—		—

North America		4,483,724,994		—		—

Exchange Traded Fund		9,075,265		—		—

Investment Company		4,535,074		—		—

Securities Lending Reinvestment Vehicle		25,114,389		—		—

Total	$	4,552,115,387	$	—	$	—

SMALL/MID CAP VALUE FUND

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Europe	$	338,902	$	—	$	—

North America		100,757,959		—		—

Securities Lending Reinvestment Vehicle		219,900		—		—

Total	$	101,316,761	$	—	$	—

(a)

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

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

106

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended August 31, 2020, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate																		Effective Net Management Rate#
Fund	First $1 Billion			Next $1 Billion			Next $3 Billion			Next $3 Billion			Over $8 Billion			Effective Rate			Effective Net Management Rate#
Equity Income		0.69	%		0.62	%		0.59	%		0.58	%		0.57	%		0.69	%		0.69	%
Focused Value		0.69			0.62			0.59			0.58			0.57			0.69			0.69
Large Cap Value		0.75			0.68			0.65			0.64			0.63			0.75			0.71	*
Mid Cap Value		0.75			0.75			0.68			0.65			0.64			0.75			0.75
Small Cap Value		0.98			0.98			0.88			0.84			0.82			0.92			0.92
Small/Mid Cap Value		0.80			0.80			0.72			0.68			0.67			0.80			0.80

Effective December 27, 2019, GSAM agreed to waive a portion of its management fee with respect to the Large Cap Value Fund in order to achieve an effective net management fee rate of 0.69% as an annual percentage of the Fund’s average daily net assets. This arrangement will remain in effect through at least December 27, 2020, and prior to such date, GSAM may not terminate the arrangement without the approval of the Board of Trustees.

The Funds invest in Institutional Shares of Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”) which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the fiscal year ended August 31, 2020, the management fee waived by GSAM for each Fund was as follows:


Fund	Management Fee Waived
Equity Income	$	1,723
Focused Value		183
Large Cap Value		6,383
Mid Cap Value		14,797
Small Cap Value		97,461
Small/Mid Cap Value		2,467

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

107

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

August 31, 2020

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)


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

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


	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Equity Income	$	11,919	$	110
Focused Value		722		—
Large Cap Value		6,695		49
Mid Cap Value		17,463		28
Small Cap Value		2,391		—
Small/Mid Cap Value		1,452		—

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. Prior to July 1, 2020, the fees charged for such transfer agency services were accrued daily and paid monthly at annual rates of 0.17% of the average daily net assets of Class A, Class C, Investor and Class R Shares.

Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.07% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the Large Cap Value Fund. This arrangement will remain in effect through at least December 27, 2020, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

108

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.04% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the Equity Income Fund and Focused Value Fund. This arrangement will remain in effect through at least December 27, 2020, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Equity Income, Focused Value, Large Cap Value, Small Cap Value and Small/Mid Cap Value Funds is 0.004% and for Mid Cap Value Fund is 0.104%. These Other Expense limitations will remain in place through at least December 27, 2020, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

Goldman Sachs may voluntarily waive a portion of any payments under a Fund’s Distribution and Service Plan, Service Plan and Shareholder Administration Plan, and Transfer Agency Agreement, and these waivers are in addition to what is stipulated in any contractual fee waiver arrangements (as applicable). These temporary waivers may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.

For the fiscal year ended August 31, 2020, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fee Waiver		Transfer Agency Fee Waiver/Credits		Other Expense Reimbursements		Total Expense Reductions
Equity Income	$	1,723	$	119,040	$	430,113	$	550,876
Focused Value		183		72		316,532		316,787
Large Cap Value		169,604		72,796		424,953		667,353
Mid Cap Value		14,797		1,400		—		16,197
Small Cap Value		97,461		1,814		1,330,952		1,430,227
Small/Mid Cap Value		2,467		14		295,298		297,779

109

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

August 31, 2020

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

H. Other Transactions with Affiliates — The table below shows the transactions in and earnings from the investments by the Funds in the Government Money Market Fund for the fiscal year ended August 31, 2020:


Fund	Beginning value as of August 31, 2019	Purchases at Cost		Proceeds from Sales			Ending value as of August 31, 2020		Shares as of August 31, 2020		Dividend Income
Equity Income	$2,313,684	$	27,550,134	$	(28,377,991	)	$	1,485,827	$	1,485,827	$	10,912
Focused Value	123,228		3,523,112		(3,529,679	)		116,661		116,661		1,391
Large Cap Value	1,287,426		96,815,477		(95,052,096	)		3,050,807		3,050,807		36,992
Mid Cap Value	11,441,679		316,245,715		(327,687,394	)		—		—		114,398
Small Cap Value	28,510,352		986,816,240		(1,010,791,518	)		4,535,074		4,535,074		552,986
Small/Mid Cap Value	1,276,729		25,338,763		(26,615,492	)		—		—		17,756

As of August 31, 2020, the Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following funds:


Fund	Class A			Class C			Institutional			Investor			Class R			Class R6
Focused Value		22	%		100	%		83	%		100	%		100	%		100	%
Small/Mid Cap Value		—			—			—			—			15			—


5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended August 31, 2020, were as follows:


Fund	Purchases		Sales and Maturities
Equity Income	$	144,881,490	$	159,611,137
Focused Value		11,971,102		8,282,132
Large Cap Value		264,648,665		348,004,374
Mid Cap Value		910,421,661		1,120,532,360
Small Cap Value		3,686,869,016		4,161,798,278
Small/Mid Cap Value		82,555,879		90,369,493

6. SECURITIES LENDING

110

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

6. SECURITIES LENDING (continued)

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, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2020, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

The following table provides information about the Funds’ investments in the Government Money Market Fund for the fiscal year ended August 31, 2020:


Fund	Beginning value as of August 31, 2019		Purchase at Cost		Proceeds from Sales			Ending value as of August 31, 2020
Equity Income	$	—	$	57,744,370	$	(57,144,290	)	$	600,080
Large Cap Value		—		1,763,379		(1,763,379	)		—
Mid Cap Value		—		107,244,240		(101,080,417	)		6,163,823
Small Cap Value		—		367,488,868		(342,374,479	)		25,114,389
Small/Mid Cap Value		—		13,311,654		(13,091,754	)		219,900

111

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

August 31, 2020

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2020 was as follows:


	Equity Income		Focused Value		Large Cap Value		Mid Cap Value		Small Cap Value		Small/Mid Cap Value
Distributions paid from:
Ordinary Income	$	6,141,484	$	125,297	$	6,302,681	$	15,160,337	$	47,033,894	$	1,216,243
Net long-term capital gains		14,362,341		32,331		19,757,517		21,933,533		221,084,593		—
Return of Capital		—		—		—		1,173,962		—		—
Total taxable distributions	$	20,503,825	$	157,628	$	26,060,198	$	38,267,832	$	268,118,487	$	1,216,243

The tax character of distributions paid during the fiscal year ended August 31, 2019 was as follows:


	Equity Income		Focused Value		Large Cap Value		Mid Cap Value		Small Cap Value		Small/Mid Cap Value
Distributions paid from:
Ordinary Income	$	6,392,971	$	150,492	$	10,564,363	$	49,381,579	$	21,729,170	$	2,396,606
Net long-term capital gains		2,910,420		143,156		45,218,904		146,466,148		620,156,057		5,304,506
Total taxable distributions	$	9,303,391	$	293,648	$	55,783,267	$	195,847,727	$	641,885,227	$	7,701,112


	Equity Income			Focused Value			Large Cap Value			Mid Cap Value			Small Cap Value			Small/Mid Cap Value
Undistributed ordinary income — net	$	963,533		$	78,685		$	4,828,720		$	—		$	11,548,513		$	609,421
Undistributed long-term capital gains		—			132,239			9,212,085			—			—			—
Total undistributed earnings	$	963,533		$	210,924		$	14,040,805		$	—		$	11,548,513		$	609,421
Capital loss carryforwards:
Perpetual Short-Term	$	—		$	—		$	—		$	—		$	(46,420,689	)	$	(1,546,844	)
Perpetual Long-Term		(2,090,486	)		—			—			—			—			—
Total capital loss carryovers	$	(2,090,486	)	$	—		$	—		$	—		$	(46,420,689	)	$	(1,546,844	)
Timing differences (Qualified Post October Loss Deferral)	$	(11,646,699	)	$	(61,632	)	$	(5,147,631	)	$	(30,560,776	)	$	(275,123,563	)	$	(8,394,491	)
Unrealized gains (losses) — net		54,058,360			639,561			41,813,081			124,290,712			432,568,425			6,450,593
Total accumulated earnings (losses) — net	$	41,284,708		$	788,853		$	50,706,255		$	93,729,936		$	122,572,686		$	(2,881,321	)

As of August 31, 2020, the components of accumulated earnings (losses) on a tax basis were as follows:


	Equity Income			Focused Value			Large Cap Value			Mid Cap Value			Small Cap Value			Small/Mid Cap Value
Tax Cost	$	295,474,662		$	9,180,112		$	354,288,337		$	851,123,847		$	4,119,546,962		$	94,866,168
Gross unrealized gain		70,199,385			1,227,830			69,430,162			166,423,851			909,396,559			16,000,058
Gross unrealized loss		(16,141,025	)		(588,269	)		(27,617,081	)		(42,133,139	)		(476,828,134	)		(9,549,465	)
Net unrealized gains (losses)	$	54,058,360		$	639,561		$	41,813,081		$	124,290,712		$	432,568,425		$	6,450,593

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

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7. TAX INFORMATION (continued)


8. OTHER RISKS

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

Dividend-Paying Investments Risk — A Fund’s investments in dividend-paying securities could cause a Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Fund to produce current income.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

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

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

113

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Notes to Financial Statements (continued)

August 31, 2020


8. OTHER RISKS (continued)

increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

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

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


9. INDEMNIFICATIONS


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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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Equity Income Fund

	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		229,198		$	8,334,088			445,813		$	16,709,526
Reinvestment of distributions		447,033			17,177,416			214,501			7,867,108
Shares redeemed		(991,362	)		(36,324,580	)		(986,154	)		(36,811,248	)
		(315,131	)		(10,813,076	)		(325,840	)		(12,234,614	)
Class C Shares
Shares sold		19,753			694,804			44,697			1,530,794
Reinvestment of distributions		9,369			345,797			3,662			127,311
Shares redeemed		(95,896	)		(3,260,186	)		(296,114	)		(10,719,219	)
		(66,774	)		(2,219,585	)		(247,755	)		(9,061,114	)
Institutional Shares
Shares sold		152,713			5,725,739			70,964			2,716,328
Reinvestment of distributions		29,967			1,167,826			16,445			612,002
Shares redeemed		(100,115	)		(3,717,733	)		(218,980	)		(7,933,165	)
		82,565			3,175,832			(131,571	)		(4,604,835	)
Service Shares
Shares sold		3			100			2,684			104,933
Reinvestment of distributions		216			8,319			70			2,598
Shares redeemed		(455	)		(18,051	)		(481	)		(18,017	)
		(236	)		(9,632	)		2,273			89,514
Investor Shares
Shares sold		27,234			981,695			8,541			313,789
Reinvestment of distributions		3,885			148,693			1,971			72,161
Shares redeemed		(27,845	)		(980,116	)		(25,479	)		(953,281	)
		3,274			150,272			(14,967	)		(567,331	)
Class R6 Shares
Shares sold		22,265			831,682			40,726			1,566,462
Reinvestment of distributions		9,024			352,619			8,496			316,996
Shares redeemed		(42,762	)		(1,547,746	)		(37,610	)		(1,414,030	)
		(11,473	)		(363,445	)		11,612			469,428
Class R Shares
Shares sold		3,070			115,279			3,903			145,465
Reinvestment of distributions		1,600			61,245			686			25,002
Shares redeemed		(14,039	)		(475,013	)		(4,443	)		(164,282	)
		(9,369	)		(298,489	)		146			6,185
Class P Shares
Shares sold		285,806			10,334,223			165,413			5,931,461
Reinvestment of distributions		19,541			751,373			1,706			66,115
Shares redeemed		(65,131	)		(2,240,188	)		(16,828	)		(655,401	)
		240,216			8,845,408			150,291			5,342,175

NET INCREASE/(DECREASE)		(76,928	)	$	(1,532,715	)		(555,811	)	$	(20,560,592	)

115

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Notes to Financial Statements (continued)

August 31, 2020

11. SUMMARY OF SHARE TRANSACTIONS (continued)


	Focused Value Fund

	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		10,516		$	103,695			985		$	10,181
Reinvestment of distributions		78			896			273			2,623
Shares redeemed		(3,328	)		(35,000	)		(18	)		(196	)
		7,266			69,591			1,240			12,608
Class C Shares
Reinvestment of distributions		28			328			146			1,396
		28			328			146			1,396
Institutional Shares
Shares sold		3,678			36,000			9,260			100,006
Reinvestment of distributions		1,167			13,526			3,789			36,446
Shares redeemed		—			—			(31,167	)		(350,006	)
		4,845			49,526			(18,118	)		(213,554	)
Investor Shares
Reinvestment of distributions		45			521			179			1,721
		45			521			179			1,721
Class R6 Shares
Reinvestment of distributions		48			557			184			1,772
		48			557			184			1,772
Class R Shares
Reinvestment of distributions		31			358			162			1,556
		31			358			162			1,556
Class P Shares
Shares sold		493,259			5,137,927			140,087			1,480,068
Reinvestment of distributions		12,220			141,442			25,771			248,134
Shares redeemed		(180,182	)		(1,719,963	)		(230,408	)		(2,420,993	)
		325,297			3,559,406			(64,550	)		(692,791	)

NET INCREASE/(DECREASE)		337,560		$	3,680,287			(80,757	)	$	(887,292	)

116

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)


	Large Cap Value Fund

	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		386,613		$	5,266,125			1,156,233		$	17,800,681
Reinvestment of distributions		298,925			4,482,803			706,075			9,409,667
Shares redeemed		(1,203,250	)		(16,167,723	)		(1,695,249	)		(24,448,465	)
		(517,712	)		(6,418,795	)		167,059			2,761,883
Class C Shares
Shares sold		33,194			431,506			161,902			2,166,686
Reinvestment of distributions		76,995			1,087,870			184,223			2,321,210
Shares redeemed		(356,987	)		(4,573,900	)		(1,173,580	)		(17,332,904	)
		(246,798	)		(3,054,524	)		(827,455	)		(12,845,008	)
Institutional Shares
Shares sold		1,320,839			17,273,248			4,137,664			58,999,092
Reinvestment of distributions		579,508			8,786,383			1,200,415			16,163,241
Shares redeemed		(4,081,453	)		(57,927,064	)		(3,870,176	)		(55,213,329	)
		(2,181,106	)		(31,867,433	)		1,467,903			19,949,004
Service Shares
Shares sold		6,329			87,929			13,920			197,835
Reinvestment of distributions		1,053			15,722			3,114			41,241
Shares redeemed		(17,011	)		(233,542	)		(22,033	)		(322,975	)
		(9,629	)		(129,891	)		(4,999	)		(83,899	)
Investor Shares
Shares sold		50,524			714,528			115,895			1,663,323
Reinvestment of distributions		15,988			239,744			46,233			616,179
Shares redeemed		(108,501	)		(1,478,132	)		(332,305	)		(4,890,057	)
		(41,989	)		(523,860	)		(170,177	)		(2,610,555	)
Class R6 Shares
Shares sold		20,426			282,346			110,547			1,561,901
Reinvestment of distributions		7,116			110,527			7,519			103,563
Shares redeemed		(59,729	)		(841,724	)		(38,909	)		(580,668	)
		(32,187	)		(448,851	)		79,157			1,084,796
Class R Shares
Shares sold		48,042			601,189			60,801			825,836
Reinvestment of distributions		14,096			204,395			39,199			506,341
Shares redeemed		(131,311	)		(1,708,958	)		(147,471	)		(2,058,916	)
		(69,173	)		(903,374	)		(47,471	)		(726,739	)
Class P Shares
Shares sold		1,252,345			14,676,899			358,585			5,316,225
Reinvestment of distributions		683,416			10,614,391			1,811,077			24,947,700
Shares redeemed		(3,307,653	)		(43,660,114	)		(4,957,360	)		(71,436,139	)
		(1,371,892	)		(18,368,824	)		(2,787,698	)		(41,172,214	)

NET INCREASE/(DECREASE)		(4,470,486	)	$	(61,715,552	)		(2,123,681	)	$	(33,642,732	)

117

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Notes to Financial Statements (continued)

August 31, 2020

11. SUMMARY OF SHARE TRANSACTIONS (continued)


	Mid Cap Value Fund

	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,462,153		$	44,185,577			2,347,108		$	77,283,483
Reinvestment of distributions		448,655			15,125,065			2,582,868			73,645,934
Shares redeemed		(4,599,003	)		(140,817,910	)		(5,857,369	)		(184,856,125	)
		(2,688,195	)		(81,507,268	)		(927,393	)		(33,926,708	)
Class C Shares
Shares sold		59,183			1,562,938			137,419			3,615,648
Reinvestment of distributions		21,940			639,105			201,798			5,012,677
Shares redeemed		(482,559	)		(12,808,402	)		(1,757,586	)		(53,441,636	)
		(401,436	)		(10,606,359	)		(1,418,369	)		(44,813,311	)
Institutional Shares
Shares sold		1,799,443			52,742,609			1,995,556			62,747,101
Reinvestment of distributions		297,359			10,160,261			2,038,582			58,898,123
Shares redeemed		(4,087,541	)		(127,141,314	)		(8,473,134	)		(267,235,490	)
		(1,990,739	)		(64,238,444	)		(4,438,996	)		(145,590,266	)
Service Shares
Shares sold		125,414			3,600,498			169,401			5,129,023
Reinvestment of distributions		35,593			1,171,369			267,972			7,463,360
Shares redeemed		(670,629	)		(20,177,249	)		(761,701	)		(23,407,542	)
		(509,622	)		(15,405,382	)		(324,328	)		(10,815,159	)
Investor Shares
Shares sold		184,165			5,476,121			228,893			7,034,565
Reinvestment of distributions		44,223			1,454,013			236,814			6,590,455
Shares redeemed		(461,350	)		(13,655,472	)		(572,052	)		(17,631,098	)
		(232,962	)		(6,725,338	)		(106,345	)		(4,006,078	)
Class R6 Shares
Shares sold		625,333			18,941,033			1,484,361			43,297,633
Reinvestment of distributions		48,892			1,669,401			108,107			3,121,163
Shares redeemed		(490,436	)		(15,224,407	)		(1,115,618	)		(36,785,992	)
		183,789			5,386,027			476,850			9,632,804
Class R Shares
Shares sold		195,531			5,217,356			169,859			5,110,464
Reinvestment of distributions		18,303			594,695			99,833			2,747,197
Shares redeemed		(350,810	)		(10,017,755	)		(358,571	)		(11,016,253	)
		(136,976	)		(4,205,704	)		(88,879	)		(3,158,592	)
Class P Shares
Shares sold		1,148,507			36,315,245			191,340			6,180,713
Reinvestment of distributions		132,360			4,519,458			761,603			21,987,888
Shares redeemed		(1,501,890	)		(47,505,869	)		(1,274,020	)		(40,025,500	)
		(221,023	)		(6,671,166	)		(321,077	)		(11,856,899	)

NET INCREASE/(DECREASE)		(5,997,164	)	$	(183,973,634	)		(7,148,537	)	$	(244,534,209	)

118

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11. SUMMARY OF SHARE TRANSACTIONS (continued)


	Small Cap Value Fund

	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,596,036		$	64,703,525			2,738,206		$	144,074,231
Reinvestment of distributions		489,214			24,251,852			1,521,374			69,208,229
Shares redeemed		(4,497,850	)		(191,651,785	)		(5,061,447	)		(249,775,748	)
		(2,412,600	)		(102,696,408	)		(801,867	)		(36,493,288	)
Class C Shares
Shares sold		17,457			551,502			30,395			1,052,387
Reinvestment of distributions		9,946			348,108			52,489			1,727,412
Shares redeemed		(176,111	)		(5,227,096	)		(640,886	)		(26,603,157	)
		(148,708	)		(4,327,486	)		(558,002	)		(23,823,358	)
Institutional Shares
Shares sold		12,946,460			564,333,088			10,165,385			538,438,903
Reinvestment of distributions		2,681,940			145,860,418			7,284,890			361,589,851
Shares redeemed		(20,910,025	)		(975,609,347	)		(23,355,416	)		(1,258,950,523	)
		(5,281,625	)		(265,415,841	)		(5,905,141	)		(358,921,769	)
Service Shares
Shares sold		273,152			10,478,056			423,336			19,570,763
Reinvestment of distributions		55,828			2,662,203			226,267			9,928,596
Shares redeemed		(991,281	)		(43,692,687	)		(886,608	)		(41,707,820	)
		(662,301	)		(30,552,428	)		(237,005	)		(12,208,461	)
Investor Shares
Shares sold		1,164,040			47,831,966			702,528			34,042,653
Reinvestment of distributions		143,535			7,062,623			380,668			17,177,765
Shares redeemed		(1,266,322	)		(53,884,434	)		(1,161,528	)		(56,411,723	)
		41,253			1,010,155			(78,332	)		(5,191,305	)
Class R6 Shares
Shares sold		9,345,715			430,038,206			10,027,359			537,824,672
Reinvestment of distributions		1,180,724			64,189,653			2,326,545			115,439,649
Shares redeemed		(8,174,988	)		(369,771,737	)		(4,754,026	)		(255,382,176	)
		2,351,451			124,456,122			7,599,878			397,882,145
Class R Shares
Shares sold		337,273			12,358,142			289,442			13,741,898
Reinvestment of distributions		73,604			3,545,103			237,161			10,520,466
Shares redeemed		(803,072	)		(33,210,279	)		(784,599	)		(38,015,801	)
		(392,195	)		(17,307,034	)		(257,996	)		(13,753,437	)
Class P Shares
Shares sold		1,361,647			57,615,257			271,668			14,216,977
Reinvestment of distributions		199,821			10,863,518			587,525			29,152,639
Shares redeemed		(1,425,012	)		(63,261,974	)		(1,247,774	)		(64,442,244	)
		136,456			5,216,801			(388,581	)		(21,072,628	)

NET INCREASE/(DECREASE)		(6,368,269	)	$	(289,616,119	)		(627,046	)	$	(73,582,101	)

119

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Notes to Financial Statements (continued)

August 31, 2020

11. SUMMARY OF SHARE TRANSACTIONS (continued)


	Small/Mid Cap Value Fund

	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		29,384		$	354,871			24,840		$	293,849
Reinvestment of distributions		550			7,146			8,738			96,381
Shares redeemed		(66,412	)		(738,596	)		(36,280	)		(438,451	)
		(36,478	)		(376,579	)		(2,702	)		(48,221	)
Class C Shares
Shares sold		17,292			194,135			23,418			274,542
Reinvestment of distributions		—			—			5,617			60,556
Shares redeemed		(17,578	)		(190,853	)		(29,599	)		(357,347	)
		(286	)		3,282			(564	)		(22,249	)
Institutional Shares
Shares sold		203,391			2,221,517			162,178			1,996,323
Reinvestment of distributions		4,849			63,819			31,723			353,973
Shares redeemed		(114,906	)		(1,293,991	)		(95,160	)		(1,170,056	)
		93,334			991,345			98,741			1,180,240
Investor Shares
Shares sold		25,034			288,631			32,717			395,391
Reinvestment of distributions		2,288			29,922			19,341			214,689
Shares redeemed		(172,493	)		(1,873,035	)		(188,413	)		(2,274,232	)
		(145,171	)		(1,554,482	)		(136,355	)		(1,664,152	)
Class R6 Shares
Shares sold		1,153,473			12,846,150			784,558			9,536,135
Reinvestment of distributions		46,058			605,200			325,719			3,632,477
Shares redeemed		(1,386,202	)		(15,813,637	)		(851,687	)		(10,268,971	)
		(186,671	)		(2,362,287	)		258,590			2,899,641
Class R Shares
Shares sold		938			9,766			1,292			15,399
Reinvestment of distributions		45			584			1,077			11,847
Shares redeemed		(7,957	)		(76,904	)		(4,229	)		(51,104	)
		(6,974	)		(66,554	)		(1,860	)		(23,858	)
Class P Shares
Shares sold		347,145			4,046,413			505,492			5,992,730
Reinvestment of distributions		38,695			508,457			298,105			3,324,027
Shares redeemed		(1,119,273	)		(11,034,437	)		(773,007	)		(8,854,468	)
		(733,433	)		(6,479,567	)		30,590			462,289

NET INCREASE/(DECREASE)		(1,015,679	)	$	(9,844,842	)		246,440		$	2,783,690

120

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of

Goldman Sachs Trust and Shareholders of Goldman Sachs Focused Value Fund,

Goldman Sachs Equity Income Fund, Goldman Sachs Large Cap Value Fund,

Goldman Sachs Mid Cap Value Fund, Goldman Sachs Small Cap Value Fund,

and Goldman Sachs Small/Mid Cap Value Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Focused Value Fund, Goldman Sachs Equity Income Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Small Cap Value Fund, and Goldman Sachs Small/Mid Cap Value Fund (six of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 26, 2020

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

121

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Voting Results of Special Meeting of Shareholders (Unaudited)


Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes

Dwight L. Bush		94,278,961,728.065		0		349,026,343.365		0

Kathryn A. Cassidy		94,310,850,789.164		0		317,137,282.266		0

Joaquin Delgado		94,282,646,444.727		0		345,341,626.703		0

Gregory G. Weaver		94,306,589,873.348		0		321,398,198.082		0

122

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Fund Expenses — Six Month Period Ended August 31, 2020 (Unaudited)

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

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

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense 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.


	Equity Income Fund							Focused Value Fund							Large Cap Value Fund
Share Class	Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid for the 6 months ended 8/31/2020*		Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid for the 6 months ended 8/31/2020*		Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid for the 6 months ended 8/31/2020*
Class A
Actual	$	1,000.00	$	960.95		$	5.27	$	1,000.00	$	982.77		$	5.33	$	1,000.00	$	975.83		$	5.17
Hypothetical 5% return		1,000.00		1,019.76	+		5.43		1,000.00		1,019.76	+		5.43		1,000.00		1,019.91	+		5.28
Class C
Actual		1,000.00		957.37			8.95		1,000.00		978.60			9.05		1,000.00		971.21			8.87
Hypothetical 5% return		1,000.00		1,015.99	+		9.22		1,000.00		1,015.99	+		9.22		1,000.00		1,016.14	+		9.07
Institutional
Actual		1,000.00		962.32			3.60		1,000.00		984.86			3.64		1,000.00		976.95			3.63
Hypothetical 5% return		1,000.00		1,021.47	+		3.71		1,000.00		1,021.47	+		3.71		1,000.00		1,021.47	+		3.71
Service
Actual		1,000.00		959.93			6.06		1,000.00		N/A			N/A		1,000.00		974.68			6.11
Hypothetical 5% return		1,000.00		1,018.95	+		6.24		1,000.00		N/A			N/A		1,000.00		1,018.95	+		6.24
Investor
Actual		1,000.00		961.92			4.04		1,000.00		983.95			4.09		1,000.00		976.73			3.93
Hypothetical 5% return		1,000.00		1,021.01	+		4.17		1,000.00		1,021.01	+		4.17		1,000.00		1,021.17	+		4.01
Class R6
Actual		1,000.00		962.37			3.55		1,000.00		983.97			3.59		1,000.00		976.89			3.58
Hypothetical 5% return		1,000.00		1,021.52	+		3.66		1,000.00		1,021.52	+		3.66		1,000.00		1,021.52	+		3.66
Class R
Actual		1,000.00		959.52			6.50		1,000.00		981.31			6.57		1,000.00		974.05			6.40
Hypothetical 5% return		1,000.00		1,018.50	+		6.70		1,000.00		1,018.50	+		6.70		1,000.00		1,018.65	+		6.55
Class P
Actual		1,000.00		962.36			3.55		1,000.00		984.09			3.59		1,000.00		976.89			3.58
Hypothetical 5% return		1,000.00		1,021.52	+		3.66		1,000.00		1,021.52	+		3.66		1,000.00		1,021.52	+		3.66

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

The annualized net expense ratios for the period were as follows:


Fund	Class A Shares			Class C Shares			Institutional Shares			Service Shares			Investor Shares			Class R6 Shares			Class R Shares			Class P Shares
Equity Income Fund		1.07	%		1.82	%		0.73	%		1.23	%		0.82	%		0.72	%		1.32	%		0.72	%
Focused Value Fund		1.07			1.82			0.73			N/A			0.82			0.72			1.32			0.72
Large Cap Value Fund		1.04			1.79			0.73			1.23			0.79			0.72			1.29			0.72

123

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Fund Expenses — Six Month Period Ended August 31, 2020 (Unaudited) (continued)


	Mid Cap Value Fund							Small Cap Value Fund							Small/Mid Cap Value Fund
Share Class	Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid for the 6 months ended 8/31/2020*		Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid for the 6 months ended 8/31/2020*		Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid for the 6 months ended 8/31/2020*
Class A
Actual	$	1,000.00	$	962.41		$	6.17	$	1,000.00	$	982.77		$	5.33	$	1,000.00	$	975.83		$	5.17
Hypothetical 5% return		1,000.00		1,018.85	+		6.34		1,000.00		1,019.76	+		5.43		1,000.00		1,019.91	+		5.28
Class C
Actual		1,000.00		958.91			9.85		1,000.00		978.60			9.05		1,000.00		971.21			8.87
Hypothetical 5% return		1,000.00		1,015.08	+		10.13		1,000.00		1,015.99	+		9.22		1,000.00		1,016.14	+		9.07
Institutional
Actual		1,000.00		964.36			4.30		1,000.00		984.86			3.64		1,000.00		976.95			3.63
Hypothetical 5% return		1,000.00		1,020.76	+		4.42		1,000.00		1,021.47	+		3.71		1,000.00		1,021.47	+		3.71
Service
Actual		1,000.00		961.86			6.76		1,000.00		N/A			N/A		1,000.00		974.68			6.11
Hypothetical 5% return		1,000.00		1,018.25	+		6.95		1,000.00		N/A			N/A		1,000.00		1,018.95	+		6.24
Investor
Actual		1,000.00		963.65			4.94		1,000.00		983.95			4.09		1,000.00		976.73			3.93
Hypothetical 5% return		1,000.00		1,020.11	+		5.08		1,000.00		1,021.01	+		4.17		1,000.00		1,021.17	+		4.01
Class P
Actual		1,000.00		964.41			4.25		1,000.00		984.09			3.59		1,000.00		976.89			3.58
Hypothetical 5% return		1,000.00		1,020.81	+		4.37		1,000.00		1,021.52	+		3.66		1,000.00		1,021.52	+		3.66
Class R
Actual		1,000.00		961.44			7.40		1,000.00		981.31			6.57		1,000.00		974.05			6.40
Hypothetical 5% return		1,000.00		1,017.60	+		7.61		1,000.00		1,018.50	+		6.70		1,000.00		1,018.65	+		6.55
Class R6
Actual		1,000.00		964.15			4.25		1,000.00		983.97			3.59		1,000.00		976.89			3.58
Hypothetical 5% return		1,000.00		1,020.81	+		4.37		1,000.00		1,021.52	+		3.66		1,000.00		1,021.52	+		3.66

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

The annualized net expense ratios for the period were as follows:


Fund	Class A Shares			Class C Shares			Institutional Shares			Service Shares			Investor Shares			Class R6 Shares			Class R Shares			Class P Shares
Mid Cap Value Fund		1.25	%		2.00	%		0.87	%		1.37	%		1.00	%		0.86	%		1.50	%		0.86	%
Small Cap Value Fund		1.35			2.1			0.97			1.47			1.1			0.96			1.6			0.96
Small/Mid Cap Value Fund		1.22			1.97			0.84			N/A			0.97			0.83			1.47			0.83

124

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Equity Income Fund, Goldman Sachs Focused Value Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Small Cap Value Fund, and Goldman Sachs Small/Mid Cap Value Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

(a)

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

(i)

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

(ii)

(iii)

trends in employee headcount;

(iv)

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

(v)

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

(b)

information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), a benchmark performance index, and (in the case of the Mid Cap Value Fund and Small Cap Value Fund) a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests;

(c)

(d)

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

(e)

fee and expense information for the Fund, including:

(i)

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

(ii)

the Fund’s expense trends over time; and

(iii)

(f)

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

(g)

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

(h)

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

125

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

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

(i)

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

(j)

(k)

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

(l)

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

(m)

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

(n)

(o)

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

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2019,

126

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

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

and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2020. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Mid Cap Value Fund’s and Small Cap Value Fund’s performance to that of composites of accounts with comparable investment strategies managed by the Investment Adviser.

The Trustees observed that the Equity Income Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three- and five-year periods and in the third quartile for the ten-year period, and had outperformed the Fund’s benchmark index for the one-, three-, and five-year periods and underperformed for the ten-year period ended March 31, 2020. The Trustees also noted that the Equity Income Fund had experienced certain portfolio management changes in 2019. The Trustees observed that the Large Cap Value Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-year period, in the third quartile for the three- and five-year periods, and in the fourth quartile for the ten-year period, and had outperformed the Fund’s benchmark index for the one-year period and underperformed for the three-, five-, and ten-year periods ended March 31, 2020. The Trustees observed that the Mid Cap Value Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-year period, the third quartile for the three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the one- and three-year periods and underperformed the Fund’s benchmark index for the five- and ten-year periods ended March 31, 2020. The Trustees observed that the Small/Mid Cap Value Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the five-year period and in the fourth quartile for the one- and three-year periods, and had outperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2020. They observed that the Small Cap Value Fund’s Institutional Shares had placed in the fourth quartile of the Fund’s peer group for the one- and three year periods and in the third quartile for the five- and ten-year periods, and had underperformed the Fund’s benchmark index for the one- and five-year periods and outperformed for the three- and ten-year periods ended March 31, 2020. The Trustees observed that the Focused Value Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one- and three-year periods ended March 31, 2020.

Costs of Services Provided and Competitive Information

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

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. The Trustees also noted that certain changes were being made to existing fee waiver or expense limitation arrangements of the Equity Income Fund, Focused Value Fund and Small Cap Value Fund that would have the effect of decreasing expenses of Class A, Class C, Investor, and Class R Shares of the Funds and of the Large Cap Value Fund that would have the effect of increasing expenses of Class A, Class C, Investor, and Class R Shares of the Fund, with such changes taking effect in connection with the Funds’ next annual registration statement update. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many

127

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

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

cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

Profitability

Economies of Scale

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


	Equity Income Fund			Focused Value Fund			Large Cap Value Fund			Mid Cap Value Fund			Small Cap Value Fund			Small/Mid Cap Value Fund

First $1 billion		0.69	%		0.69	%		0.75	%		0.75	%		0.98	%		0.80	%

Next $1 billion		0.62			0.62			0.68			0.75			0.98			0.80

Next $3 billion		0.59			0.59			0.65			0.68			0.88			0.72

Next $3 billion		0.58			0.58			0.64			0.65			0.84			0.68

Over $8 billion		0.57			0.57			0.63			0.64			0.82			0.67

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertakings to waive a portion of its management fee for the Large Cap Value Fund and to limit certain expenses of the Funds that exceed specified levels, as well as Goldman Sachs & Co. LLC’s (“Goldman Sachs”) undertaking to waive a portion of the transfer agency fees paid by the Equity Income Fund’s, Focused Value Fund’s, Large Cap Value Fund’s Class A, Class C, Investor, and Class R Shares. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the Mid Cap Value Fund and Small Cap Value Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.

Other Benefits to the Investment Adviser and Its Affiliates

128

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

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

Fund Distributor; (i) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; and (j) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

Conclusion

129

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Trustees and Officers (Unaudited)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Jessica Palmer Age: 71	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Dwight L. Bush Age: 63	Trustee	Since 2020	Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017- present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Kathryn A. Cassidy Age: 66	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Diana M. Daniels Age: 71	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Joaquin Delgado Age: 60	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Hexion Inc. (a specialty chemical manufacturer) (2019-present); and Director, Stepan Company (a specialty chemical manufacturer) (2011-present); and was formerly Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Stepan Company (a specialty chemical manufacturer)

Roy W. Templin Age: 60	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con- Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)

Gregory G. Weaver Age: 68	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Verizon Communications Inc.

130

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Trustees and Officers (Unaudited) (continued)

Interested Trustee*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

James A. McNamara Age: 57	President and Trustee	Since 2007	Advisory Director, Goldman Sachs (January 2018 — Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998- December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	168	None

Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2020.

⁴

131

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


Name, Address and Age¹	Positions Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years

James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Caroline L. Kraus 200 West Street New York, NY 10282 Age: 43	Secretary	Since 2014	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020–Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 52	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010- October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Information is provided as of August 31, 2020.

Goldman Sachs Trust — Fundamental Equity Value Funds — Tax Information (Unaudited)

For the year ended August 31, 2020, 100%, 45.85%, 85.49%, 95.82%, 100% and 100%, respectively, of the dividends paid from net investment company taxable income by the Equity Income, Focused Value, Large Cap Value, Mid Cap Value, Small Cap Value and Small/Mid Cap Value Funds, respectively, qualify for the dividends received deduction available to corporations.

For the year ended August 31, 2020, 1.22% of the dividend paid from net investment company taxable income by the Mid Cap Value Fund, qualifies as section 199A dividends.

Pursuant to Section 852 of the Internal Revenue Code, the Equity Income, Focused Value, Large Cap Value, Mid Cap Value and Small Cap Value Funds designate $14,362,341, $32,331, $19,757,517, $21,933,533 and $221,084,593 respectively or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended August 31, 2020.

For the year ended August 31, 2020, the Equity Income, Focused Value, Large Cap Value, Mid Cap Value, Small Cap Value and Small/Mid Cap Value Funds designate 100%, 100%, 100%, 98.78%, 100% and 100%, respectively, of the dividends paid from net investment company taxable income as qualifying for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

During the fiscal year ended August 31, 2020, Focused Value, Large Cap Value and Mid Cap Value Funds designate $63,979, $67,925 and $7,682,266 respectively, as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

132

FUNDS PROFILE

Goldman Sachs Funds

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

Money Market

Financial Square Funds^SM

∎

Financial Square Treasury Solutions Fund¹

∎

Financial Square Government Fund¹

∎

Financial Square Money Market Fund²

∎

Financial Square Prime Obligations Fund²

∎

Financial Square Treasury Instruments Fund¹

∎

Financial Square Treasury Obligations Fund¹

∎

Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎

Investor Money Market Fund³

∎

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎

Enhanced Income Fund

∎

High Quality Floating Rate Fund

∎

Short-Term Conservative Income Fund

∎

Short Duration Government Fund

∎

Short Duration Income Fund

∎

Government Income Fund

∎

Inflation Protected Securities Fund

Multi-Sector

∎

Bond Fund

∎

Core Fixed Income Fund

∎

Global Core Fixed Income Fund⁴

∎

Strategic Income Fund

∎

Income Fund

Municipal and Tax-Free

∎

High Yield Municipal Fund

∎

Dynamic Municipal Income Fund

∎

Short Duration Tax-Free Fund

∎

Municipal Income Completion Fund

Single Sector

∎

Investment Grade Credit Fund

∎

U.S. Mortgages Fund

∎

High Yield Fund

∎

High Yield Floating Rate Fund

∎

Emerging Markets Debt Fund

∎

Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎

Long Short Credit Strategies Fund

Fundamental Equity

∎

Equity Income Fund

∎

Small Cap Growth Fund

∎

Small Cap Value Fund

∎

Small/Mid Cap Value Fund

∎

Mid Cap Value Fund

∎

Large Cap Value Fund

∎

Focused Value Fund

∎

Capital Growth Fund

∎

Strategic Growth Fund

∎

Small/Mid Cap Growth Fund

∎

Flexible Cap Fund

∎

Concentrated Growth Fund

∎

Technology Opportunities Fund

∎

Growth Opportunities Fund

∎

Rising Dividend Growth Fund

∎

U.S. Equity ESG Fund⁵

∎

Income Builder Fund

∎

Defensive Equity 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 Fund⁶

∎

Emerging Markets Equity Fund

∎

Imprint Emerging Markets Opportunities Fund

∎

ESG Emerging Markets Equity Fund

Alternative

∎

Clean Energy Income Fund

∎

Real Estate Securities Fund

∎

International Real Estate Securities Fund

∎

Commodity Strategy Fund

∎

Global Real Estate Securities Fund

∎

Alternative Premia Fund

∎

Absolute Return Tracker Fund

∎

Managed Futures Strategy Fund

∎

MLP Energy Infrastructure Fund

∎

Energy Infrastructure Fund⁷

∎

Multi-Manager Alternatives Fund

∎

Global Infrastructure Fund

Total Portfolio Solutions

∎

Global Managed Beta Fund

∎

Multi-Manager Non-Core Fixed Income Fund

∎

Multi-Manager U.S. Dynamic Equity Fund

∎

Multi-Manager Global Equity Fund

∎

Multi-Manager International Equity Fund

∎

Tactical Tilt Overlay Fund

∎

Balanced Strategy Portfolio

∎

Multi-Manager U.S. Small Cap Equity Fund

∎

Multi-Manager Real Assets Strategy Fund

∎

Growth and Income Strategy Portfolio

∎

Growth Strategy Portfolio

∎

Dynamic Global Equity Fund

∎

Satellite Strategies Portfolio

∎

Enhanced Dividend Global Equity Portfolio

∎

Tax-Advantaged Global Equity Portfolio

∎

Strategic Factor Allocation Fund

∎

Target Date Retirement Portfolio⁸

∎

Target Date 2025 Portfolio

∎

Target Date 2030 Portfolio

∎

Target Date 2035 Portfolio

∎

Target Date 2040 Portfolio

∎

Target Date 2045 Portfolio

∎

Target Date 2050 Portfolio

∎

Target Date 2055 Portfolio

∎

Target Date 2060 Portfolio

∎

GQG Partners International Opportunities Fund

⁴

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

⁵

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

⁶

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

⁷

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

⁸

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

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

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


TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado James A. McNamara Roy W. Templin Gregory G. Weaver		OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary

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

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

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

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

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

Goldman Sachs Funds

LOGO



Annual Report				August 31, 2020

				Global Managed Beta Fund

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

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

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

LOGO

Goldman Sachs Global Managed Beta Fund


TABLE OF CONTENTS

Portfolio Management Discussion and Analysis			1

Fund Basics			6

Index Definitions			8

Schedule of Investments			9

Financial Statements			28

Financial Highlights			31

Notes to Financial Statements			32

Report of Independent Registered Public Accounting Firm			43

Other Information			45



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

PORTFOLIO RESULTS

Goldman Sachs Global Managed Beta Fund

Investment Objective

The Fund seeks to provide long-term capital growth.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Portfolio Solutions Team (“GPS Team”) discusses the Goldman Sachs Global Managed Beta Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional Shares generated an average annual total return of 16.13%. This return compares to the 14.74% average annual total return of the Fund’s benchmark, the MSCI All Country World Index Investable Market Index (“ACWI IMI”) (Net, USD, 50% Non-US Developed Hedged to USD) (the “Index”), during the same time period.

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

During the Reporting Period, the Fund and the financial markets were most influenced by the spread of COVID-19, global economic growth data, central bank monetary policy and geopolitics.

The Reporting Period began in September 2019 with positive news on the trade front as the U.S. and China agreed to hold high-level talks in early October, with both sides looking towards an amicable solution. Also in September, the U.S. Federal Reserve (“Fed”) cut short-term interest rates by 25 basis points, while the European Central Bank (“ECB”) delivered a 10 basis point interest rate cut and a “tiering” system for banks to protect them from negative deposit rates. (A basis point is 1/100^th of a percentage point.) As a result, global equities, as represented by the Index, rose 2.2% during September, led by Japanese equities (+6.0%, as measured by TOPIX) and Eurozone stocks (+8.7%, as measured by the EURO STOXX 50^®). U.S. equities, as represented by the S&P 500^® Index, were up 1.9%, underperforming global equities. Emerging markets equities, as measured by the MSCI Emerging Markets Index, rose 1.9%, in line with global equities. In fixed income, the 10-year U.S. Treasury yield and the 10-year German government bond yield rose 18 basis points and 13 basis points, respectively, during September 2019, rebounding from their calendar year-to-date lows in August.

In the fourth quarter of 2019, risk-on investor sentiment, or reduced risk aversion, continued, as the U.S. and China finalized the details of a “Phase One” trade deal during October, with the two sides reaching an agreement in principle on the details in mid-December. The timing of the agreement avoided a proposed tariff hike, scheduled for December 15^th, and included a 50% rollback of a September 2019 tariff increase. China also promised to address U.S. concerns about intellectual property practices. In terms of monetary policy, the U.S. Fed cut short-term interest rates by another 25 basis points. However, it signaled that monetary policy easing had probably come to an end unless macroeconomic data deteriorated further. Collectively, the stabilization of global economic growth, mitigation of U.S.-China trade war risk and accommodative central bank monetary policy supported risk assets during the fourth calendar quarter. Global equities, as measured by the Index, were up 8.6%. Developed markets equities, as represented by the MSCI World Index, rose 7.8%, while emerging markets equities, as represented by the MSCI Emerging Markets Index, climbed 11.9%. In fixed income, the 10-year U.S. Treasury yield and the 10-year German government bond yield rose 23 basis points and 40 basis points, respectively, benefiting from improved global economic growth data and the announcement of the U.S.-China “Phase One” trade deal.

During the first quarter of 2020, the shock of the COVID-19 pandemic sent the global economy into a tailspin. As governments tried to control the spread of the virus through stringent lockdowns, economic activity came to a virtual halt, followed by increased unemployment. Market volatility increased dramatically, with global equities posting their worst quarterly performance since the fourth quarter of 2008.

PORTFOLIO RESULTS

More noteworthy was the speed of the decline. For example, the S&P 500^® Index, representing U.S. equities, took only 16 trading days to fall into bear market territory. (A bear market is a condition in which securities prices fall 20% or more from recent highs amid widespread pessimism and negative investor sentiment.) Overall, global equities, as represented by the Index, fell 21.9% during the first calendar quarter. Developed markets equities, as represented by the MSCI World Index, were down 19.8% and emerging markets equities, as represented by the MSCI Emerging Markets Index, were down 23.6%. Within developed markets, U.S. equities, as measured by the S&P 500^® Index, dropped 19.6%; Eurozone equities, as measured by the EURO STOXX 50^®, fell 25.3%; and Japanese equities, as represented by TOPIX, declined 17.5%. In fixed income, the 10-year U.S. Treasury yield dropped 125 basis points during the first calendar quarter. However, between March 9 and March 18, and despite an approximately 10% sell-off in the S&P 500^® Index during that same time period, 10-year U.S. Treasury yields rose from 0.49% to 1.24%. We believe this stemmed from major deleveraging by investors amid the sharp increase in market volatility. In Europe, the 10-year German government bond yield fell by 30 basis points during the first quarter of 2020. As for currencies, the Japanese yen, the Swiss franc and the U.S. dollar were the best performers, while emerging markets currencies, the Australian dollar, Norwegian krone, Canadian dollar, New Zealand dollar and Swedish krona weakened. Near the end of the quarter, rapid and unprecedented responses on the monetary and fiscal fronts calmed the financial markets. Most developed market central banks cut interest rates to their lower ranges, with a significant number commencing asset purchase programs. Nevertheless, persistent investor uncertainty about the impact of COVID-19 kept market volatility high.

The fastest quarterly decline in the global equity market since the fourth quarter of 2008 was followed in the second quarter of 2020 by the fastest recovery since the fourth quarter of 1984. The recovery was mainly catalyzed, in our opinion, by three factors. First, unprecedented monetary and fiscal easing globally provided a backstop for risk assets and eased liquidity concerns. Central banks used all tools available in their toolkit, and then some, as they cut interest rates, aggressively expanded their balance sheets and provided targeted measures to ensure smooth functioning of credit and money markets. Governments also boosted spending by a combination of unemployment benefits and relief packages for small businesses and even provided cash to citizens to support disposable income. Second, starting mid-April 2020, the growth rate of new COVID-19 cases showed signs of flattening in hotspots such as U.S., Europe and China, with daily growth rates in certain countries falling to low single digits and recovery rates starting to rise. As a result, authorities relaxed lockdown restrictions, gradually re-opened parts of their economies, and announced social distancing norms and increased testing. The narrative shifted from COVID-19 infections to therapeutics and vaccines. Third, certain economic indicators started to recover. These included global purchasing manager indices (“PMI”), which inched up; U.S. non-farm payrolls, which provided consecutive positive surprises; and consumer and business sentiment, which appeared to be bottoming. Some market estimates for global economic growth in the second half of 2020 were revised upward. In the financial markets, global equities, as represented by the Index, rose 19.5%. U.S. equities, as measured by the S&P 500^® Index, rose 20.5%. Developed markets equities, as represented by the MSCI World Index, and emerging markets equities, as represented by the MSCI Emerging Markets Index, were up 18.5% and 18.1%, respectively. In fixed income, U.S. Treasury yields ended the second calendar quarter almost flat.

During July and August 2020, accommodative monetary policy from major central banks, coupled with improving global macroeconomic data, was supportive for asset prices broadly and also helped depress financial market volatility. U.S. corporations benefited from better than consensus expected second quarter earnings, which also drove U.S. equities higher. Regarding the spread of COVID-19, there were some concerns around a resurgence of cases, but investors appeared optimistic about the potential of a vaccine by the end of the 2020 calendar year. As for U.S. monetary policy, Fed Chair Powell’s speech at the annual Jackson Hole symposium indicated the Fed planned to shift to average inflation targeting, i.e., to allow inflation to rise above the Fed’s existing 2% target to compensate for a period when inflation is below 2%. In this environment, global equities, as measured by the Index, were up 10.7%, during the months of July and August combined. Developed markets equities, as represented by the MSCI World Index, and emerging markets equities, as represented by the MSCI Emerging Markets Index, were up 9.9% and 10.6%, respectively during the same time frame. Within developed markets equities, U.S. equities, as measured by the S&P 500^® Index, rose 13.2%, followed by Eurozone equities (+1.5%, as measured by the EURO STOXX 50^®) and Japanese equities (+3.8%, as represented by TOPIX). Within fixed income, the 10-year U.S. Treasury yield was up five basis points, while the

PORTFOLIO RESULTS

10-year German government bond yield was down six basis points. During July and August 2020, U.S. yields drifted lower, while breakeven inflation expectations rallied. (The breakeven inflation rate is a market-based measure of expected inflation.) The U.S. dollar weakened relative to other major global currencies.

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

The Fund primarily seeks to achieve its investment objective by investing in a diversified portfolio of underlying asset classes that provide broad beta exposure to the global equity markets. (Beta refers to the component of returns that is attributable to market risk exposure, rather than manager skill.) The GPS Team determines allocations to the underlying asset classes — and within the underlying asset classes — based on its cycle-aware long-term strategic allocation model, which may include factor-based diversification. The factor-based diversification approach is implemented through a separately managed account composed of individual stock positions. In addition, we use an options-based strategy, which seeks to generate returns in moderately rising or moderately declining global equity markets wherein realized volatility may be lower than the volatility implied by the option prices.

During the Reporting Period, the Fund outperformed the Index, driven mostly by its strategic allocation to the macro hedging strategy (through which we seek to diversify the Fund’s overall exposure to global equity asset classes). Specifically, the Fund was long call options on Eurodollar futures in different segments at the short-term end of the Eurodollar yield curve. Although this position detracted from performance in the fourth quarter of 2019 as interest rates rose, it experienced outsized gains in the first quarter of 2020 as the U.S. Fed cut short-term interest rates, offsetting some of the Fund’s losses elsewhere. (A call option is an option that gives the holder the right to buy a certain quantity of an underlying security at an agreed-upon price at the time of expiry. Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S. They are used to hedge against yield curve changes over multiple years into the future. Yield curve is a spectrum of maturities of varying lengths.) We subsequently reduced the Fund’s strategic allocation to the macro hedging strategy, as we believed the U.S. Fed was likely to hold short-term interest rates near zero, reducing the attractiveness of the strategy. In addition, during the Reporting Period, we managed the Fund’s exposure to equity beta, allowing the Fund to become slightly overweight relative to our long-term target allocation as equity markets rallied going into 2020 and then shifting it to an underweight position in March and April due to heightened market volatility.

On the negative side, the Fund was hurt by its strategic allocation to a volatility selling strategy, which detracted during the March sell-off when volatility spiked to all-time highs, offsetting the gains the strategy had generated in late 2019 and early 2020. (Volatility selling seeks to benefit from changes in the level of market implied volatility (i.e., expectations of future volatility) in equity markets.) Overweights in emerging markets equities and developed markets equities and an underweight in U.S. large-cap equities also detracted from the Fund’s performance during the sell-off in March.

The impact of our factor-based strategies overall was rather neutral during the Reporting Period. Our factor-based strategies are Momentum, Valuation, Quality and Volatility. The Momentum factor seeks to identify companies whose stock prices are expected to increase or decrease (by, among other things, evaluating each company’s recent performance results). The Valuation factor seeks to identify companies whose stock prices are trading at a discount to their fundamental or intrinsic value (by, among other things, comparing each company’s book value to market value). The Quality factor seeks to identify companies that are expected to generate higher returns on assets (i.e., more profitable). The Volatility factor seeks to identify companies whose stock prices are expected to have a relatively lower degree of fluctuation over time.

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

In terms of its strategic allocation at the beginning of the Reporting Period, the Fund had 103.69% of its total net assets invested in equity-related investments, 1.78% in the macro hedging strategy and 0% in cash and cash equivalents. However, the Fund maintained a position in cash and cash equivalents to cover the exposure of various derivatives positions. This above sector breakout is inclusive of derivative exposure across all asset classes.

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

In December 2019, we eliminated the Fund’s steepening position on the front, or short-term, end of the U.S. Treasury yield curve. (A steepening position seeks to take advantage

PORTFOLIO RESULTS

of a widening differential between yields at the shorter- and longer-term ends of a range of maturities.) In January 2020, we allowed the Fund’s long position in S&P 500^® Index put options to expire. (A put option is an option contract giving the owner the right, but not the obligation, to sell a specified amount of an underlying asset at a specified price at the time of expiry.) We had adopted this position in June 2019 in an effort to protect the Fund from a potential equity market sell-off if U.S.-China trade tensions escalated. However, U.S.-China trade relations improved. In late February 2020, as COVID-19 emerged and financial markets sold off, the Fund’s equity beta increased. Given the elevated market uncertainty around the spread of COVID-19 and the drop in economic activity due to extended lockdowns, we actively reduced the Fund’s equity beta and potential downside risk. In March, as equity beta continued to increase, we implemented a bear call spread on the S&P 500^® Index. (A bear call spread is a strategy that involves purchasing call options at a higher strike price, while simultaneously selling the same number of call options on the same asset at a lower strike price.) We believed the bear call option spread would help mitigate unexpected downside because the Fund would keep the premium it earned from our option writing. Finally, as the U.S. Fed cut short-term interest rates to near zero in March, the Fund took profits on approximately two-thirds of its strategic allocation to the macro hedging strategy, which had benefited overall from falling interest rates. In our view, the macro hedging strategy would be less effective in protecting the Fund against future equity market sell-offs, and we thought it prudent to lock in gains.

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

During the Reporting Period, equity futures were employed to express our passive investment views with greater versatility. The use of these instruments to gain exposure to U.S. large-cap equities, U.S. small-cap equities and Canadian equities during the Reporting Period contributed positively to the Fund’s performance, as these positions generated returns similar to the asset classes they represented. In addition, the Fund employed currency forwards and interest rate options to afford greater risk management of macroeconomic and foreign exchange risks in the portfolio. Currency forwards detracted from the Fund’s returns during the Reporting Period. Interest rate options added to the Fund’s performance, as they broadly accomplished their intended purpose in the risk-off environment between mid-February and the end of March 2020. Also, the Fund used equity index options as part of the volatility selling strategy and as a hedge against a potential equity market sell-off. The impact of equity index options on the Fund’s performance was negative for the Reporting Period overall.

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

In terms of its strategic allocation at the end of the Reporting Period, the Fund had 101.59% of its total net assets invested in equity-related investments, 0.27% in the macro hedging strategy, 4.75% in the volatility selling strategy and 0% in cash and cash equivalents. However, the Fund maintained a position in cash and cash equivalents to cover the exposure of various derivatives positions. This above sector breakout is inclusive of derivative exposure across all asset classes.

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

There were no changes to the Fund’s portfolio management team during the Reporting Period.

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

At the end of the Reporting Period, we saw substantial market uncertainty regarding the risk of a second wave of COVID-19 infections and the medium-term impact of the pandemic on consumption patterns and on select parts of the global economy. However, we believed world economies were moving closer to normalization, as they opened up while maintaining social distancing, making new complete lockdowns less probable, in our view. Indeed, macroeconomic data had improved significantly. U.S. core durable goods orders had rebounded; global manufacturing PMIs had risen above 50; unemployment had come down substantially; business and consumer confidence had recovered; and housing data was rather robust. Global central banks also remained accommodative, with the U.S. Fed announcing a shift to a flexible average inflation targeting framework that would allow policymakers to keep interest rates low for some time even if inflation hits their 2% target.

As a result, the global equity markets had rallied since their March 2020 lows and were near all-time highs at the end of the Reporting Period. That said, we saw a number of short-term and medium-term risks. In the short term, U.S. elections are likely to be a source of market volatility. The term structure of volatility appears quite steep, in our view, even following Election Day, indicating we may be heading into a prolonged period of uncertainty. (The term structure of volatility is the curve depicting the differing implied

PORTFOLIO RESULTS

volatilities of options with the same strike price but different maturities. It reflects the market expectation on the future implied volatility.) Meanwhile, the rise in U.S. equity valuations during the summer of 2020 was fueled by big technology companies, which led to even more concentrated risk in those stocks than seen previously. Accordingly, the potential of a reversal in sector leadership or factor rotation is increasing, in our opinion. As for the medium term, we were concerned at the end of the Reporting Period about limited compensation for default risk, with our high yield default model indicating an approximately 9% to 10% issuer-weighted default rate for the 12 months ending August 2021. At the end of the Reporting Period, we favored high quality large-cap stocks that we believe have the potential to grow earnings and deliver growth at a reasonable price. Going forward, we plan to dynamically manage the Fund’s equity risk. We will also continue looking for effective hedges in other asset classes given the low level of interest rates at the end of the Reporting Period.

FUND BASICS

Global Managed Beta Fund

as of August 31, 2020


FUND COMPOSITION¹

Percentage of Net Assets

LOGO

Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the 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.

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $1,000,000 investment made on April 30, 2015 (commencement of operations) in Institutional Shares at NAV. The performance data in the graph for the Fund’s Institutional Shares, which do not impose an initial sales charge, do not reflect an initial sales charge for the period shown. For comparative purposes, the performance of the Fund’s benchmark, the MSCI All Country World Index Investable Market Index (Net, USD, 50% Non-US Developed Hedged to USD), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Global Managed Beta Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 30, 2015 through August 31, 2020.

LOGO


Average Annual Total Return through August 31, 2020*	One Year	Five Years	Since Inception
Institutional Shares (Commenced April 30, 2015)	16.13%	10.32%	8.22%

Because Institutional Shares does not involve a sales charge, such a charge is not applied to its Average Annual Total Return.

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Index Definitions

The MSCI ACWI Investable Market Index (IMI) captures large-, mid- and small-cap representation across 23 developed markets countries and 26 emerging markets countries.

MSCI Emerging Markets Index captures large-cap and mid-cap representation across 26 emerging markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country.

MSCI World Index is a broad global equity index that represents large and mid-cap equity performance across 23 developed markets countries. It covers approximately 85% of the free float-adjusted market capitalization in each country.

TOPIX (or, Tokyo Price Index) is a capitalization-weighted index that lists all large firms on the Tokyo Stock Exchange into one group.

EURO STOXX 50^® provides a blue-chip representation of super-sector leaders in the Eurozone. The index covers 50 stocks from 12 Eurozone countries.

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

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments

August 31, 2020


Shares		Description	Value

Common Stocks – 11.2%
Aerospace & Defense – 0.1%
	5,896	BAE Systems PLC	$	40,930
	147	Elbit Systems Ltd.		19,814
	255	General Dynamics Corp.		38,084
	111	Huntington Ingalls Industries, Inc.		16,819
	643	L3Harris Technologies, Inc.		116,216
	505	Lockheed Martin Corp.		197,081
	142	MTU Aero Engines AG		26,379
	782	Northrop Grumman Corp.		267,921
	3,182	Raytheon Technologies Corp.		194,102
	538	Safran SA*		62,131
	10,577	Singapore Technologies Engineering Ltd.		26,390
	224	Teledyne Technologies, Inc.*		70,249
	3,850	Textron, Inc.		151,805
	297	Thales SA		23,194
	234	The Boeing Co.		40,206
	93	TransDigm Group, Inc.		46,469

				1,337,790

Air Freight & Logistics – 0.1%
	2,502	C.H. Robinson Worldwide, Inc.		245,947
	10,499	Deutsche Post AG		478,588
	333	DSV PANALPINA A/S		51,985
	631	Expeditors International of Washington, Inc.		55,774
	123	FedEx Corp.		27,040
	635	United Parcel Service, Inc. Class B		103,899
	2,164	XPO Logistics, Inc.*		191,016
	2,095	Yamato Holdings Co. Ltd.		54,797

				1,209,046

Airlines – 0.0%
	6,530	Air Canada*		88,111
	6,064	Delta Air Lines, Inc.		187,074
	3,097	Deutsche Lufthansa AG*		32,401
	2,363	Southwest Airlines Co.		88,802

				396,388

Auto Components – 0.1%
	406	Aptiv PLC		34,965
	3,965	BorgWarner, Inc.		160,939
	1,222	Bridgestone Corp.		38,686
	161	Cie Generale des Etablissements Michelin SCA		18,235
	1,444	Denso Corp.		60,749
	1,046	Faurecia SE*		45,798
	1,162	Lear Corp.		132,387
	3,988	Magna International, Inc.		194,210
	735	Stanley Electric Co. Ltd.		20,986
	1,887	Sumitomo Electric Industries Ltd.		22,154
	3,790	Sumitomo Rubber Industries Ltd.		36,433
	4,222	The Yokohama Rubber Co. Ltd.		66,281
	1,680	Toyoda Gosei Co. Ltd.		36,495
	308	Toyota Industries Corp.		17,891
	804	Valeo SA		24,690

				910,899


Common Stocks – (continued)
Automobiles – 0.1%
	412	Bayerische Motoren Werke AG		29,689
	300	Ferrari NV		58,562
	25,747	Ford Motor Co.		175,594
	1,363	General Motors Co.		40,386
	4,700	Honda Motor Co. Ltd.		119,656
	3,163	Peugeot SA*		54,532
	1,235	Tesla, Inc.*		615,425
	2,882	Toyota Motor Corp.		190,340

				1,284,184

Banks – 0.4%
	1,430	Aozora Bank Ltd.		25,634
	6,596	Australia & New Zealand Banking Group Ltd.		88,870
	25,437	Banco Santander SA*		56,634
	6,651	Bank Hapoalim BM		40,241
	15,743	Bank Leumi Le-Israel BM		80,550
	19,788	Bank of America Corp.		509,343
	1,831	Bank of Montreal		116,204
	391	Banque Cantonale Vaudoise		41,757
	35,149	Barclays PLC*		51,463
	2,077	BNP Paribas SA*		90,491
	20,086	BOC Hong Kong Holdings Ltd.		56,976
	1,018	Canadian Imperial Bank of Commerce		80,825
	5,315	Citigroup, Inc.		271,703
	1,649	Citizens Financial Group, Inc.		42,660
	506	Comerica, Inc.		20,002
	2,969	Commonwealth Bank of Australia		149,229
	3,311	Credit Agricole SA*		33,946
	1,725	Danske Bank A/S*		26,691
	2,869	DBS Group Holdings Ltd.		43,967
	2,734	DNB ASA*		43,796
	2,099	Fifth Third Bancorp		43,365
	260	First Republic Bank		29,357
	1,949	Hang Seng Bank Ltd.		30,633
	33,734	HSBC Holdings PLC		144,694
	2,966	Huntington Bancshares, Inc.		27,910
	4,891	ING Groep NV*		39,921
	17,150	Intesa Sanpaolo SpA*		36,916
	10,673	Israel Discount Bank Ltd. Class A		34,139
	4,046	Japan Post Bank Co. Ltd.		32,550
	9,358	JPMorgan Chase & Co.		937,578
	381	KBC Group NV		21,760
	2,230	KeyCorp.		27,474
	84,453	Lloyds Banking Group PLC*		31,844
	439	M&T Bank Corp.		45,331
	3,912	Mediobanca Banca di Credito Finanziario SpA		34,022
	21,923	Mitsubishi UFJ Financial Group, Inc.		91,471
	2,319	Mizrahi Tefahot Bank Ltd.		47,230
	38,785	Mizuho Financial Group, Inc.		52,504
	4,993	National Australia Bank Ltd.		65,752
	3,794	National Bank of Canada		208,556
	4,118	Nordea Bank Abp*		33,199
	20,940	Oversea-Chinese Banking Corp. Ltd.		133,281
	3,538	People’s United Financial, Inc.		37,432
	2,610	Regions Financial Corp.		30,172


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

August 31, 2020


Shares		Description	Value

Common Stocks – (continued)
Banks – (continued)
	7,526	Resona Holdings, Inc.	$	27,664
	6,049	Royal Bank of Canada		460,649
	5,478	Seven Bank Ltd.		13,754
	2,594	Shinsei Bank Ltd.		30,267
	205	Signature Bank		19,891
	5,390	Skandinaviska Enskilda Banken AB Class A*		53,449
	3,568	Societe Generale SA*		57,758
	4,380	Standard Chartered PLC*		22,826
	6,873	Sumitomo Mitsui Financial Group, Inc.		202,102
	1,315	Sumitomo Mitsui Trust Holdings, Inc.		37,932
	4,564	Svenska Handelsbanken AB Class A*		45,914
	29,440	The Bank of East Asia Ltd.		66,336
	2,108	The Bank of Nova Scotia		91,101
	694	The PNC Financial Services Group, Inc.		77,173
	2,512	The Shizuoka Bank Ltd.		17,444
	6,699	The Toronto-Dominion Bank		334,192
	1,413	Truist Financial Corp.		54,839
	2,824	U.S. Bancorp		102,794
	3,675	United Overseas Bank Ltd.		52,695
	8,928	Wells Fargo & Co.		215,611
	4,557	Westpac Banking Corp.		58,199
	857	Zions Bancorp NA		27,561

				6,158,224

Beverages – 0.2%
	1,967	Anheuser-Busch InBev SA		114,321
	960	Asahi Group Holdings Ltd.		33,551
	1,475	Brown-Forman Corp. Class B		107,926
	1,381	Carlsberg AS Class B		194,129
	4,983	Coca-Cola Amatil Ltd.		33,380
	1,458	Coca-Cola Bottlers Japan Holdings, Inc.		24,269
	2,887	Coca-Cola European Partners PLC		118,829
	1,097	Coca-Cola HBC AG		29,140
	206	Constellation Brands, Inc. Class A		38,003
	3,438	Davide Campari-Milano NV		35,248
	3,360	Diageo PLC		112,261
	2,004	Heineken Holding NV		163,972
	806	Heineken NV		74,541
	2,057	Ito En Ltd.		124,444
	1,425	Keurig Dr Pepper, Inc.		42,508
	876	Kirin Holdings Co. Ltd.		17,221
	6,953	Molson Coors Beverage Co. Class B		261,711
	2,721	Monster Beverage Corp.*		228,183
	4,518	PepsiCo, Inc.		632,791
	376	Pernod Ricard SA		64,401
	137	Remy Cointreau SA		22,564
	1,619	Suntory Beverage & Food Ltd.		62,484
	7,365	The Coca-Cola Co.		364,788

				2,900,665

Biotechnology – 0.2%
	5,675	AbbVie, Inc.		543,495
	1,918	Alexion Pharmaceuticals, Inc.*		219,074


Common Stocks – (continued)
Biotechnology – (continued)
	499	Alnylam Pharmaceuticals, Inc.*		66,187
	1,515	Amgen, Inc.		383,780
	1,496	Biogen, Inc.*		430,309
	474	BioMarin Pharmaceutical, Inc.*		36,986
	819	CSL Ltd.		171,860
	459	Galapagos NV*		61,624
	186	Genmab A/S*		70,192
	4,463	Gilead Sciences, Inc.		297,905
	1,301	Grifols SA		35,271
	2,786	Incyte Corp.*		268,431
	488	Ionis Pharmaceuticals, Inc.*		26,596
	604	Moderna, Inc.*		39,194
	384	Neurocrine Biosciences, Inc.*		44,705
	276	Regeneron Pharmaceuticals, Inc.*		171,101
	1,347	Seattle Genetics, Inc.*		213,284
	1,041	Vertex Pharmaceuticals, Inc.*		290,564

				3,370,558

Building Products – 0.1%
	663	A.O. Smith Corp.		32,467
	1,749	Allegion PLC		180,829
	2,187	Assa Abloy AB Class B		50,665
	1,968	Carrier Global Corp.*		58,745
	2,536	Cie de Saint-Gobain*		102,520
	288	Daikin Industries Ltd.		54,249
	1,121	Fortune Brands Home & Security, Inc.		94,254
	107	Geberit AG		61,590
	1,512	Johnson Controls International PLC		61,584
	699	Lennox International, Inc.		195,950
	5,980	Masco Corp.		348,634
	1,502	Nibe Industrier AB Class B*		42,316
	2,425	Owens Corning		164,027
	730	Trane Technologies PLC		86,425

				1,534,255

Capital Markets – 0.3%
	1,144	Ameriprise Financial, Inc.		179,379
	330	Apollo Global Management, Inc.		15,467
	1,185	ASX Ltd.		76,305
	226	BlackRock, Inc.		134,287
	3,477	Brookfield Asset Management, Inc. Class A		117,344
	671	Cboe Global Markets, Inc.		61,591
	10,810	CI Financial Corp.		153,487
	812	CME Group, Inc.		142,806
	2,878	Credit Suisse Group AG		31,668
	5,673	Daiwa Securities Group, Inc.		25,586
	554	Deutsche Boerse AG		104,809
	2,100	E*TRADE Financial Corp.		113,610
	850	FactSet Research Systems, Inc.		297,840
	1,041	Franklin Resources, Inc.		21,923
	8,717	Hargreaves Lansdown PLC		187,650
	2,475	Hong Kong Exchanges & Clearing Ltd.		124,790
	1,471	IGM Financial, Inc.		35,897
	1,382	Intercontinental Exchange, Inc.		146,810
	9,859	Invesco Ltd.		100,562


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND


Shares		Description	Value

Common Stocks – (continued)
Capital Markets – (continued)
	1,000	Japan Exchange Group, Inc.	$	25,932
	1,016	KKR & Co., Inc. Class A		36,393
	1,305	London Stock Exchange Group PLC		154,148
	590	Macquarie Group Ltd.		55,468
	2,863	Magellan Financial Group Ltd.		124,922
	372	MarketAxess Holdings, Inc.		180,770
	1,598	Moody’s Corp.		470,835
	3,641	Morgan Stanley		190,279
	278	MSCI, Inc.		103,769
	530	Nasdaq, Inc.		71,243
	12,110	Natixis SA*		33,379
	3,689	Nomura Holdings, Inc.		18,948
	594	Northern Trust Corp.		48,643
	160	Partners Group Holding AG		162,993
	484	Raymond James Financial, Inc.		36,648
	676	S&P Global, Inc.		247,700
	645	Schroders PLC		24,974
	1,766	SEI Investments Co.		92,468
	33,802	Singapore Exchange Ltd.		213,748
	1,810	St. James’s Place PLC		23,455
	1,818	State Street Corp.		123,788
	1,300	T. Rowe Price Group, Inc.		180,973
	558	TD Ameritrade Holding Corp.		21,416
	2,157	The Bank of New York Mellon Corp.		79,766
	2,531	The Blackstone Group, Inc., Class A		134,016
	561	The Carlyle Group, Inc.		14,479
	1,101	The Charles Schwab Corp.		39,119
	455	TMX Group Ltd.		47,832
	6,478	UBS Group AG		78,807

				5,108,722

Chemicals – 0.2%
	1,010	Air Liquide SA		167,483
	614	Air Products & Chemicals, Inc.		179,448
	1,103	Akzo Nobel NV		108,870
	1,411	Arkema SA		156,213
	555	BASF SE		33,892
	525	CF Industries Holdings, Inc.		17,131
	859	Clariant AG		17,937
	933	Corteva, Inc.		26,637
	551	Covestro AG^(a)		26,268
	937	Croda International PLC		73,752
	861	Dow, Inc.		38,848
	1,290	Eastman Chemical Co.		94,312
	1,151	Ecolab, Inc.		226,839
	45	EMS-Chemie Holding AG		40,669
	268	FMC Corp.		28,638
	34	Givaudan SA		142,904
	116	International Flavors & Fragrances, Inc.		14,360
	594	Johnson Matthey PLC		18,734
	820	JSR Corp.		17,505
	431	Koninklijke DSM NV		69,025
	889	Linde PLC		222,019
	465	LyondellBasell Industries NV Class A		30,448
	5,794	Mitsubishi Chemical Holdings Corp.		33,835
	2,131	Mitsui Chemicals, Inc.		49,983


Common Stocks – (continued)
Chemicals – (continued)
	881	Nippon Paint Holdings Co. Ltd.		75,676
	898	Novozymes A/S Class B		53,067
	457	Nutrien Ltd.		16,926
	2,141	Orica Ltd.		27,372
	440	PPG Industries, Inc.		52,976
	722	RPM International, Inc.		61,204
	541	Shin-Etsu Chemical Co. Ltd.		65,745
	842	Showa Denko KK		16,391
	304	Sika AG		72,689
	312	Solvay SA		26,882
	499	Symrise AG		69,011
	2,221	Taiyo Nippon Sanso Corp.		39,010
	2,378	Teijin Ltd.		37,286
	2,434	The Mosaic Co.		44,372
	221	The Sherwin-Williams Co.		148,302
	720	Umicore SA		33,048
	460	Yara International ASA		19,272

				2,694,979

Commercial Services & Supplies – 0.1%
	8,334	Brambles Ltd.		68,029
	937	Cintas Corp.		312,246
	1,032	Copart, Inc.*		106,626
	1,745	Dai Nippon Printing Co. Ltd.		37,023
	5,644	Rentokil Initial PLC*		40,189
	1,109	Republic Services, Inc.		102,827
	1,058	Ritchie Bros Auctioneers, Inc.		61,906
	6,438	Rollins, Inc.		354,991
	460	Secom Co. Ltd.		43,533
	4,454	Securitas AB Class B*		63,407
	2,067	Toppan Printing Co. Ltd.		32,079
	705	Waste Connections, Inc.		70,521
	728	Waste Management, Inc.		82,992

				1,376,369

Communications Equipment – 0.1%
	238	Arista Networks, Inc.*		53,181
	10,836	Cisco Systems, Inc.		457,496
	1,409	F5 Networks, Inc.*		186,453
	3,182	Juniper Networks, Inc.		79,550
	508	Motorola Solutions, Inc.		78,613
	6,541	Telefonaktiebolaget LM Ericsson Class B		76,268

				931,561

Construction & Engineering – 0.1%
	9,883	ACS Actividades de Construccion y Servicios SA		241,838
	1,692	Bouygues SA*		66,949
	2,842	CIMIC Group Ltd.		44,252
	1,424	Eiffage SA*		130,957
	2,587	Ferrovial SA		69,125
	728	HOCHTIEF AG		64,550
	1,040	Jacobs Engineering Group, Inc.		93,881
	1,674	Obayashi Corp.		16,362
	1,866	Shimizu Corp.		14,333


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

August 31, 2020


Shares		Description	Value

Common Stocks – (continued)
Construction & Engineering – (continued)
	6,199	Skanska AB Class B*	$	126,074
	1,724	Vinci SA		161,524
	4,824	WSP Global, Inc.		327,271

				1,357,116

Construction Materials – 0.0%
	1,432	CRH PLC		53,407
	1,006	HeidelbergCement AG		63,823
	1,280	James Hardie Industries PLC		29,042
	1,594	LafargeHolcim Ltd.		75,674
	243	Martin Marietta Materials, Inc.		49,297
	244	Vulcan Materials Co.		29,280

				300,523

Consumer Finance – 0.1%
	4,356	Acom Co. Ltd.		17,013
	4,672	Ally Financial, Inc.		106,895
	3,000	American Express Co.		304,770
	1,753	Capital One Financial Corp.		121,010
	2,480	Discover Financial Services		131,638
	1	Isracard Ltd.		2
	5,706	Synchrony Financial		141,566

				822,894

Containers & Packaging – 0.0%
	2,459	Amcor PLC*		27,196
	402	Avery Dennison Corp.		46,387
	1,513	Ball Corp.		121,600
	919	Crown Holdings, Inc.*		70,625
	2,189	International Paper Co.		79,395
	154	Packaging Corp. of America		15,591
	4,627	Smurfit Kappa Group PLC		163,848
	3,410	Westrock Co.		103,425

				628,067

Distributors – 0.0%
	1,773	Genuine Parts Co.		167,442
	2,046	Jardine Cycle & Carriage Ltd.		28,472
	6,659	LKQ Corp.*		211,357

				407,271

Diversified Consumer Services – 0.0%
	1,808	Benesse Holdings, Inc.		46,072

Diversified Financial Services – 0.1%
	2,008	Berkshire Hathaway, Inc. Class B*		437,824
	5,230	Equitable Holdings, Inc.		110,824
	2,422	EXOR NV		142,846
	342	Groupe Bruxelles Lambert SA		31,558
	2,453	Industrivarden AB Class C*		64,824
	1,702	Investor AB Class B		108,869
	1,946	Kinnevik AB*		38,522
	1,234	L E Lundbergforetagen AB Class B*		56,499
	13,335	M&G PLC		30,817
	1,425	Onex Corp.		69,188
	4,094	ORIX Corp.		50,893
	673	Pargesa Holding SA		56,915


Common Stocks – (continued)
Diversified Financial Services – (continued)
	186	Sofina SA		55,660
	1,033	Tokyo Century Corp.		53,009
	1,647	Voya Financial, Inc.		85,496
	189	Wendel SE		19,391

				1,413,135

Diversified Telecommunication Services – 0.2%
	5,822	Altice Europe NV Class A*		25,704
	20,535	AT&T, Inc.		612,148
	1,043	BCE, Inc.		44,827
	11,845	BT Group PLC		16,493
	759	Cellnex Telecom SA^(a)		48,761
	13,008	CenturyLink, Inc.		139,836
	10,347	Deutsche Telekom AG		182,387
	1,098	Elisa Oyj		64,624
	37,703	HKT Trust and HKT Ltd.		53,875
	4,721	Infrastrutture Wireless Italiane SpA^(a)		46,050
	15,596	Koninklijke KPN NV		40,927
	7,153	Liberty Global PLC Class A*		167,166
	8,081	Liberty Global PLC Class C*		185,944
	10,490	Nippon Telegraph & Telephone Corp.		238,706
	3,682	Orange SA		41,131
	64,218	PCCW Ltd.		40,245
	15,280	Singapore Telecommunications Ltd.		25,689
	14,275	Spark New Zealand Ltd.		46,344
	153	Swisscom AG		84,716
	86,846	Telecom Italia SpA		41,364
	78,061	Telecom Italia SpA RSP		36,911
	6,266	Telefonica Deutschland Holding AG		17,336
	8,726	Telefonica SA		34,381
	3,393	Telenor ASA		55,220
	8,289	Telia Co. AB		31,956
	12,507	Telstra Corp. Ltd.		26,586
	2,320	TELUS Corp.		42,724
	14,582	TPG Telecom Ltd.*		88,513
	7,291	Tuas Ltd.*		2,689
	10,412	Verizon Communications, Inc.		617,119

				3,100,372

Electric Utilities – 0.2%
	1,649	Alliant Energy Corp.		89,293
	926	American Electric Power Co., Inc.		72,997
	31,146	AusNet Services		41,776
	1,160	Chubu Electric Power Co., Inc.		14,333
	3,431	CK Infrastructure Holdings Ltd.		18,134
	3,420	CLP Holdings Ltd.		33,578
	1,753	Duke Energy Corp.		140,836
	438	Edison International		22,986
	24,944	EDP – Energias de Portugal SA		126,805
	285	Elia Group SA		30,592
	1,284	Emera, Inc.		52,419
	2,652	Endesa SA		73,619
	21,218	Enel SpA		192,133
	950	Entergy Corp.		94,183
	1,515	Evergy, Inc.		80,628
	1,355	Eversource Energy		116,137


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND


Shares		Description	Value

Common Stocks – (continued)
Electric Utilities – (continued)
	2,862	Exelon Corp.	$	105,636
	2,166	FirstEnergy Corp.		61,926
	2,658	Fortis, Inc.		106,312
	3,892	Fortum Oyj		82,378
	32,706	HK Electric Investments & HK Electric Investments Ltd.		33,286
	2,970	Hydro One Ltd.^(a)		61,479
	21,295	Iberdrola SA		268,676
	3,280	Kyushu Electric Power Co., Inc.		29,086
	11,187	Mercury NZ Ltd.		39,032
	1,024	NextEra Energy, Inc.		285,870
	8,570	NRG Energy, Inc.		294,894
	1,220	OGE Energy Corp.		38,869
	911	Orsted A/S^(a)		128,962
	478	Pinnacle West Capital Corp.		35,061
	3,998	Power Assets Holdings Ltd.		22,882
	1,331	PPL Corp.		36,776
	1,575	Red Electrica Corp. SA		30,143
	4,356	SSE PLC		73,420
	12,390	Terna Rete Elettrica Nazionale SpA		89,639
	2,899	The Chugoku Electric Power Co., Inc.		35,359
	1,902	The Southern Co.		99,246
	2,586	Tohoku Electric Power Co., Inc.		26,239
	619	Verbund AG		33,234
	1,989	Xcel Energy, Inc.		138,186

				3,357,040

Electrical Equipment – 0.1%
	2,287	ABB Ltd.		58,317
	823	AMETEK, Inc.		82,876
	1,541	Eaton Corp. PLC		157,336
	769	Emerson Electric Co.		53,422
	726	Legrand SA		60,599
	1,214	Mitsubishi Electric Corp.		16,724
	261	Nidec Corp.		21,906
	783	Prysmian SpA		21,882
	642	Rockwell Automation, Inc.		148,000
	1,076	Schneider Electric SE		133,071
	1,259	Sensata Technologies Holding PLC*		52,425
	541	Vestas Wind Systems A/S		81,795

				888,353

Electronic Equipment, Instruments & Components – 0.1%
	871	Amphenol Corp. Class A		95,636
	3,144	Arrow Electronics, Inc.*		246,993
	2,651	CDW Corp.		301,286
	923	Cognex Corp.		63,862
	1,354	Corning, Inc.		43,951
	665	FLIR Systems, Inc.		24,539
	3,419	Halma PLC		101,376
	371	Hamamatsu Photonics KK		16,898
	134	Hirose Electric Co. Ltd.		15,165
	3,116	Hitachi Ltd.		103,665
	255	Ingenico Group SA*		43,540
	102	IPG Photonics Corp.*		16,496
	285	Keyence Corp.		117,378
	1,580	Keysight Technologies, Inc.*		155,662


Common Stocks – (continued)
Electronic Equipment, Instruments & Components – (continued)
	634	Kyocera Corp.		36,380
	740	Murata Manufacturing Co. Ltd.		43,764
	994	Omron Corp.		72,803
	253	TDK Corp.		26,234
	651	TE Connectivity Ltd.		62,887
	660	Trimble, Inc.*		34,591
	450	Zebra Technologies Corp. Class A*		128,938

				1,752,044

Energy Equipment & Services – 0.0%
	2,403	Baker Hughes Co.		34,315
	5,168	Halliburton Co.		83,618
	3,412	National Oilwell Varco, Inc.		40,944
	1,150	Schlumberger N.V		21,861
	6,515	Tenaris SA		38,171

				218,909

Entertainment – 0.1%
	1,952	Activision Blizzard, Inc.		163,031
	32,886	Bollore SA		123,624
	818	Electronic Arts, Inc.*		114,087
	970	Liberty Media Corp.-Liberty Formula One Class C*		37,811
	461	Live Nation Entertainment, Inc.*		26,185
	727	Netflix, Inc.*		384,990
	1,675	Nexon Co. Ltd.		39,194
	197	Nintendo Co. Ltd.		106,047
	828	Roku, Inc.*		143,641
	538	Square Enix Holdings Co. Ltd.		35,450
	485	Take-Two Interactive Software, Inc.*		83,027
	2,060	The Walt Disney Co.		271,652
	834	Toho Co. Ltd.		31,689
	1,312	Ubisoft Entertainment SA*		107,975
	1,728	Vivendi SA		49,196

				1,717,599

Equity Real Estate Investment Trusts (REITs) – 0.2%
	694	Alexandria Real Estate Equities, Inc.		116,856
	962	American Tower Corp.		239,682
	22,935	Ascendas Real Estate Investment Trust		55,879
	194	AvalonBay Communities, Inc.		30,664
	629	Boston Properties, Inc.		54,641
	1,496	Camden Property Trust		136,046
	814	Canadian Apartment Properties REIT		28,083
	1,047	Crown Castle International Corp.		170,923
	23	Daiwa House REIT Investment Corp.		60,093
	4,704	Dexus		30,589
	1,606	Digital Realty Trust, Inc.		249,974
	2,102	Duke Realty Corp.		81,032
	216	Equinix, Inc.		170,592
	1,746	Equity LifeStyle Properties, Inc.		115,742
	1,405	Equity Residential		79,312
	246	Essex Property Trust, Inc.		53,261
	687	Extra Space Storage, Inc.		73,200
	6,503	Goodman Group		87,543
	643	Healthpeak Properties, Inc.		17,773


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

August 31, 2020


Shares		Description	Value

Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	15,652	Host Hotels & Resorts, Inc.	$	175,772
	351	ICADE		22,721
	3,449	Invitation Homes, Inc.		98,745
	736	Iron Mountain, Inc.		22,146
	2,769	Land Securities Group PLC		21,461
	3,020	Link REIT		24,025
	19,392	Mapletree Commercial Trust		27,320
	23,558	Mapletree Logistics Trust		35,794
	2,901	Medical Properties Trust, Inc.		53,901
	773	Mid-America Apartment Communities, Inc.		90,534
	650	National Retail Properties, Inc.		23,036
	27	Nippon Prologis REIT, Inc.		88,432
	2,090	Prologis, Inc.		212,887
	309	Public Storage		65,632
	842	Realty Income Corp.		52,229
	955	Regency Centers Corp.		37,923
	424	SBA Communications Corp.		129,774
	5,894	Segro PLC		74,938
	417	Simon Property Group, Inc.		28,293
	10,224	Stockland		29,812
	764	Sun Communities, Inc.		113,897
	4,121	The British Land Co. PLC		20,112
	776	UDR, Inc.		27,013
	1,171	Ventas, Inc.		48,257
	6,822	VEREIT, Inc.		45,844
	901	Weyerhaeuser Co.		27,309
	264	WP Carey, Inc.		18,314

				3,468,006

Food & Staples Retailing – 0.3%
	2,009	Aeon Co. Ltd.		49,872
	3,664	Alimentation Couche-Tard, Inc. Class B		119,582
	7,061	Carrefour SA		113,581
	433	Casino Guichard Perrachon SA*		11,226
	16,643	Coles Group Ltd.		216,903
	226	Cosmos Pharmaceutical Corp.		39,802
	1,523	Costco Wholesale Corp.		529,486
	28,957	Dairy Farm International Holdings Ltd.		121,064
	10,546	Empire Co. Ltd. Class A		274,494
	964	George Weston Ltd.		69,642
	1,271	ICA Gruppen AB		62,376
	45,176	J Sainsbury PLC		111,002
	12,025	Jeronimo Martins SGPS SA		197,896
	661	Kobe Bussan Co. Ltd.		39,099
	13,905	Koninklijke Ahold Delhaize NV		418,343
	1,322	Lawson, Inc.		65,344
	3,107	Loblaw Cos. Ltd.		160,573
	5,245	METRO AG		52,010
	1,273	Metro, Inc.		57,504
	2,493	Seven & i Holdings Co. Ltd.		80,429
	3,456	Sundrug Co. Ltd.		128,612
	4,411	Sysco Corp.		265,278
	35,906	Tesco PLC		104,854
	10,206	The Kroger Co.		364,150


Common Stocks – (continued)
Food & Staples Retailing – (continued)
	1,474	Tsuruha Holdings, Inc.		197,279
	4,897	Walgreens Boots Alliance, Inc.		186,184
	6,347	Walmart, Inc.		881,281
	5,988	Welcia Holdings Co. Ltd.		256,390
	19,974	Wm Morrison Supermarkets PLC		51,112
	9,350	Woolworths Group Ltd.		273,995

				5,499,363

Food Products – 0.3%
	4,941	Ajinomoto Co., Inc.		92,161
	1,549	Archer-Daniels-Midland Co.		69,333
	2,888	Associated British Foods PLC		78,093
	12	Barry Callebaut AG		26,604
	793	Bunge Ltd.		36,177
	2,487	Calbee, Inc.		77,554
	1,425	Campbell Soup Co.		74,969
	6	Chocoladefabriken Lindt & Spruengli AG		131,000
	3,567	Conagra Brands, Inc.		136,830
	3,958	Danone SA		260,264
	4,015	General Mills, Inc.		256,759
	1,482	Hormel Foods Corp.		75,552
	2,387	Ingredion, Inc.		192,010
	1,263	Kellogg Co.		89,559
	687	Kerry Group PLC Class A		90,216
	531	Kikkoman Corp.		28,841
	654	Lamb Weston Holdings, Inc.		41,104
	652	McCormick & Co., Inc.		134,442
	311	MEIJI Holdings Co. Ltd.		25,146
	3,529	Mondelez International, Inc. Class A		206,164
	1,885	Mowi ASA		36,876
	7,464	Nestle SA		899,017
	430	NH Foods Ltd.		19,479
	396	Nissin Foods Holdings Co. Ltd.		39,649
	4,833	Orkla ASA		49,159
	1,585	Saputo, Inc.		39,542
	3,611	The a2 Milk Co. Ltd.*		45,067
	1,467	The Hershey Co.		218,055
	1,414	The J.M. Smucker Co.		169,935
	4,216	The Kraft Heinz Co.		147,729
	469	Toyo Suisan Kaisha Ltd.		26,666
	2,956	Tyson Foods, Inc. Class A		185,637
	24,551	WH Group Ltd.^(a)		21,161
	44,674	Wilmar International Ltd.		142,928
	7,214	Yamazaki Baking Co. Ltd.		117,650

				4,281,328

Gas Utilities – 0.0%
	1,386	AltaGas Ltd.		17,926
	5,526	APA Group		42,393
	423	Atmos Energy Corp.		42,224
	1,027	Enagas SA		25,149
	21,641	Hong Kong & China Gas Co. Ltd.		31,466
	2,228	Naturgy Energy Group SA		43,011
	1,345	Osaka Gas Co. Ltd.		26,342
	17,060	Snam SpA		87,368


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND


Shares		Description	Value

Common Stocks – (continued)
Gas Utilities – (continued)
	330	Toho Gas Co. Ltd.	$	14,579
	1,079	Tokyo Gas Co. Ltd.		24,026
	5,044	UGI Corp.		174,169

				528,653

Health Care Equipment & Supplies – 0.4%
	3,321	Abbott Laboratories		363,550
	945	ABIOMED, Inc.*		290,701
	637	Alcon, Inc.*		36,243
	942	Align Technology, Inc.*		279,755
	1,058	Ambu A/S Class B		31,138
	1,170	Asahi Intecc Co. Ltd.		34,722
	2,446	Baxter International, Inc.		212,973
	525	Becton Dickinson & Co.		127,454
	646	BioMerieux		97,690
	3,165	Boston Scientific Corp.*		129,828
	311	Carl Zeiss Meditec AG		35,103
	1,085	Cochlear Ltd.		153,324
	904	Coloplast A/S Class B		153,338
	1,332	Danaher Corp.		275,018
	884	DENTSPLY SIRONA, Inc.		39,665
	362	DexCom, Inc.*		153,998
	581	DiaSorin SpA		105,173
	3,378	Edwards Lifesciences Corp.*		289,968
	2,547	Fisher & Paykel Healthcare Corp. Ltd.		63,081
	1,343	Hologic, Inc.*		80,204
	2,216	Hoya Corp.		217,997
	1,031	IDEXX Laboratories, Inc.*		403,183
	674	Insulet Corp.*		147,101
	155	Intuitive Surgical, Inc.*		113,280
	2,907	Koninklijke Philips NV*		137,563
	560	Masimo Corp.*		125,440
	2,676	Medtronic PLC		287,590
	10,304	Olympus Corp.		203,962
	1,448	ResMed, Inc.		261,770
	803	Siemens Healthineers AG^(a)		36,584
	6,236	Smith & Nephew PLC		125,846
	628	Sonova Holding AG*		146,831
	641	STERIS PLC		102,329
	125	Straumann Holding AG		123,366
	679	Stryker Corp.		134,551
	491	Sysmex Corp.		42,887
	172	Teleflex, Inc.		67,587
	536	Terumo Corp.		21,805
	238	The Cooper Cos., Inc.		74,822
	951	Varian Medical Systems, Inc.*		165,160
	455	West Pharmaceutical Services, Inc.		129,202
	430	Zimmer Biomet Holdings, Inc.		60,578

				6,082,360

Health Care Providers & Services – 0.2%
	1,678	AmerisourceBergen Corp.		162,816
	692	Anthem, Inc.		194,812
	3,515	Cardinal Health, Inc.		178,422
	1,885	Centene Corp.*		115,588
	1,735	Cigna Corp.		307,737


Common Stocks – (continued)
Health Care Providers & Services – (continued)
	5,676	CVS Health Corp.		352,593
	2,262	DaVita, Inc.*		196,251
	1,074	Fresenius Medical Care AG & Co. KGaA		91,259
	2,142	Fresenius SE & Co. KGaA		99,398
	1,310	HCA Healthcare, Inc.		177,793
	3,162	Henry Schein, Inc.*		210,083
	434	Humana, Inc.		180,184
	1,455	Laboratory Corp. of America Holdings*		255,716
	1,470	McKesson Corp.		225,557
	3,205	Medipal Holdings Corp.		61,248
	172	Molina Healthcare, Inc.*		31,815
	1,559	Quest Diagnostics, Inc.		173,423
	1,792	Sonic Healthcare Ltd.		42,264
	2,664	UnitedHealth Group, Inc.		832,633
	1,164	Universal Health Services, Inc. Class B		128,447

				4,018,039

Health Care Technology – 0.0%
	3,888	Cerner Corp.		285,263
	1,242	M3, Inc.		71,947
	296	Teladoc Health, Inc.*		63,844
	969	Veeva Systems, Inc. Class A*		273,520

				694,574

Hotels, Restaurants & Leisure – 0.2%
	823	Accor SA*		25,228
	5,147	Aramark		141,851
	1,836	Aristocrat Leisure Ltd.		38,248
	80	Chipotle Mexican Grill, Inc.*		104,822
	4,037	Compass Group PLC		65,327
	2,438	Crown Resorts Ltd.		16,166
	853	Darden Restaurants, Inc.		73,930
	902	Domino’s Pizza, Inc.		368,882
	2,731	Evolution Gaming Group AB^(a)		204,415
	492	Flutter Entertainment PLC*		80,843
	2,853	GVC Holdings PLC*		30,164
	819	Hilton Worldwide Holdings, Inc.		74,005
	1,370	InterContinental Hotels Group PLC*		79,100
	5,462	La Francaise des Jeux SAEM^(a)		202,003
	309	Las Vegas Sands Corp.		15,669
	372	Marriott International, Inc. Class A		38,283
	1,383	McDonald’s Corp.		295,298
	779	McDonald’s Holdings Co. Japan Ltd.		38,225
	7,033	MGM Resorts International		158,243
	400	Oriental Land Co. Ltd.		54,292
	589	Sodexo SA		42,045
	2,083	Starbucks Corp.		175,951
	9,053	Tabcorp Holdings Ltd.		24,151
	85	Vail Resorts, Inc.		18,502
	21,794	Wynn Macau Ltd.		40,909
	2,750	Yum! Brands, Inc.		263,587

				2,670,139

Household Durables – 0.1%
	6,021	Barratt Developments PLC		42,045


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

August 31, 2020


Shares		Description	Value

Common Stocks – (continued)
Household Durables – (continued)
	2,385	Berkeley Group Holdings PLC	$	144,134
	1,131	Casio Computer Co. Ltd.		18,221
	1,106	D.R. Horton, Inc.		78,935
	635	Garmin Ltd.		65,792
	5,908	Husqvarna AB Class B		64,328
	1,543	Iida Group Holdings Co. Ltd.		30,117
	1,598	Lennar Corp. Class A		119,562
	327	Mohawk Industries, Inc.*		30,192
	1,094	Newell Brands, Inc.		17,482
	25	NVR, Inc.*		104,208
	2,890	Panasonic Corp.		26,632
	568	Persimmon PLC		19,737
	1,944	PulteGroup, Inc.		86,683
	247	Rinnai Corp.		22,849
	1,867	SEB SA		327,473
	3,934	Sekisui House Ltd.		77,717
	2,749	Sony Corp.		215,259
	16,671	Taylor Wimpey PLC		26,953

				1,518,319

Household Products – 0.1%
	1,266	Church & Dwight Co., Inc.		121,321
	5,481	Colgate-Palmolive Co.		434,424
	1,664	Essity AB Class B*		57,306
	1,180	Henkel AG & Co. KGaA		113,713
	1,647	Kimberly-Clark Corp.		259,831
	2,631	Lion Corp.		55,808
	2,314	Pigeon Corp.		105,732
	1,083	Reckitt Benckiser Group PLC		108,710
	1,465	The Clorox Co.		327,427
	5,715	The Procter & Gamble Co.		790,556
	1,168	Unicharm Corp.		50,877

				2,425,705

Independent Power and Renewable Electricity Producers – 0.0%
	3,473	AES Corp.		61,646
	1,419	Electric Power Development Co. Ltd.		21,415
	15,841	Meridian Energy Ltd.		54,016
	2,224	Uniper SE		72,891
	17,160	Vistra Corp.		329,987

				539,955

Industrial Conglomerates – 0.1%
	1,063	3M Co.		173,290
	21,501	CK Hutchison Holdings Ltd.		140,619
	253	DCC PLC		22,477
	7,332	General Electric Co.		46,485
	1,185	Honeywell International, Inc.		196,177
	917	Investment AB Latour		20,527
	1,385	Jardine Matheson Holdings Ltd.		58,162
	843	Jardine Strategic Holdings Ltd.		16,915
	550	Keihan Holdings Co. Ltd.		23,715
	226	Roper Technologies, Inc.		96,545
	641	Siemens AG		88,821

				883,733


Common Stocks – (continued)
Insurance – 0.4%
	8,122	Admiral Group PLC		283,389
	33,140	Aegon NV		91,763
	2,561	Aflac, Inc.		93,016
	1,306	Ageas SA		54,422
	16,775	AIA Group Ltd.		171,856
	43	Alleghany Corp.		23,846
	1,201	Allianz SE		260,602
	1,486	American International Group, Inc.		43,302
	1,395	Aon PLC Class A		278,986
	3,046	Arch Capital Group Ltd.*		96,071
	1,384	Arthur J. Gallagher & Co.		145,735
	7,809	Assicurazioni Generali SpA		121,303
	525	Assurant, Inc.		63,819
	2,337	Athene Holding Ltd. Class A*		85,441
	20,657	Aviva PLC		77,856
	4,282	AXA SA		87,370
	475	Baloise Holding AG		73,999
	1,980	Brown & Brown, Inc.		91,872
	1,162	Chubb Ltd.		145,250
	290	Cincinnati Financial Corp.		23,029
	3,785	CNP Assurances*		50,746
	2,060	Dai-ichi Life Holdings, Inc.		31,213
	22,196	Direct Line Insurance Group PLC		87,719
	653	Erie Indemnity Co. Class A		139,376
	237	Everest Re Group Ltd.		52,159
	103	Fairfax Financial Holdings Ltd.		31,752
	1,837	Fidelity National Financial, Inc.		60,309
	4,939	Gjensidige Forsikring ASA*		105,141
	828	Globe Life, Inc.		68,293
	4,402	Great-West Lifeco, Inc.		89,805
	548	Hannover Rueck SE		93,450
	4,923	iA Financial Corp., Inc.		177,203
	7,993	Insurance Australia Group Ltd.		28,008
	739	Intact Financial Corp.		79,155
	7,225	Japan Post Holdings Co. Ltd.		53,439
	23,802	Legal & General Group PLC		68,417
	2,384	Lincoln National Corp.		85,943
	480	Loews Corp.		17,213
	5,208	Manulife Financial Corp.		76,821
	11,762	Mapfre SA		22,299
	28	Markel Corp.*		30,431
	1,600	Marsh & McLennan Cos., Inc.		183,856
	12,505	Medibank Pvt. Ltd.		25,163
	3,727	MetLife, Inc.		143,340
	1,821	MS&AD Insurance Group Holdings, Inc.		50,512
	566	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		163,488
	2,321	NN Group NV		87,252
	6,961	Poste Italiane SpA^(a)		63,876
	8,464	Power Corp. of Canada		168,975
	1,436	Principal Financial Group, Inc.		60,470
	1,715	Prudential Financial, Inc.		116,226
	6,287	QBE Insurance Group Ltd.		48,638
	643	Reinsurance Group of America, Inc.		58,950
	252	RenaissanceRe Holdings Ltd.		46,302


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND


Shares		Description	Value

Common Stocks – (continued)
Insurance – (continued)
	5,437	RSA Insurance Group PLC	$	32,450
	970	SCOR SE*		25,996
	878	Sompo Holdings, Inc.		32,978
	1,730	Sun Life Financial, Inc.		72,205
	11,150	Suncorp Group Ltd.		76,275
	352	Swiss Life Holding AG		142,305
	413	Swiss Re AG		33,249
	2,559	The Allstate Corp.		237,987
	1,442	The Hartford Financial Services Group, Inc.		58,329
	2,277	The Progressive Corp.		216,406
	878	The Travelers Cos., Inc.		101,883
	1,704	Tokio Marine Holdings, Inc.		78,645
	1,146	Tryg A/S		35,167
	494	W.R. Berkley Corp.		30,653
	592	Willis Towers Watson PLC		121,674
	625	Zurich Insurance Group AG		231,092

				6,506,161

Interactive Media & Services – 0.4%
	767	Alphabet, Inc. Class A*		1,249,849
	867	Alphabet, Inc. Class C*		1,416,834
	34,991	Auto Trader Group PLC^(a)		261,589
	7,411	Facebook, Inc. Class A*		2,172,905
	6,309	Kakaku.com, Inc.		168,487
	716	LINE Corp.*		36,491
	2,185	Match Group, Inc.*		244,021
	895	Pinterest, Inc. Class A*		32,927
	838	REA Group Ltd.		70,480
	721	Scout24 AG^(a)		67,071
	2,631	Snap, Inc. Class A*		59,434
	681	Twitter, Inc.*		27,635
	3,757	Z Holdings Corp.		25,008

				5,832,731

Internet & Direct Marketing Retail – 0.5%
	1,381	Amazon.com, Inc.*		4,765,776
	184	Booking Holdings, Inc.*		351,523
	298	Delivery Hero SE*^(a)		32,059
	4,186	eBay, Inc.		229,309
	1,638	Expedia Group, Inc.		160,770
	150	Just Eat Takeaway.com NV*^(a)		16,692
	82	MercadoLibre, Inc.*		95,824
	5,228	Ocado Group PLC*		174,118
	783	Prosus NV*		78,482
	9,073	Rakuten, Inc.		79,954
	2,389	Wayfair, Inc. Class A*		708,482
	3,533	Zalando SE*^(a)		309,520
	7,864	ZOZO, Inc.		221,821

				7,224,330

IT Services – 0.5%
	2,719	Accenture PLC Class A		652,370
	34	Adyen NV*^(a)		57,312
	897	Akamai Technologies, Inc.*		104,438
	1,463	Amadeus IT Group SA		82,187


Common Stocks – (continued)
IT Services – (continued)
	2,848	Atos SE*		246,832
	810	Automatic Data Processing, Inc.		112,663
	1,650	Black Knight, Inc.*		138,765
	1,089	Booz Allen Hamilton Holding Corp.		95,897
	483	Broadridge Financial Solutions, Inc.		66,364
	976	Capgemini SE		135,389
	2,194	CGI, Inc.*		154,111
	4,893	Cognizant Technology Solutions Corp. Class A		327,146
	1,121	Edenred		57,866
	373	EPAM Systems, Inc.*		122,008
	1,753	Fidelity National Information Services, Inc.		264,440
	2,392	Fiserv, Inc.*		238,195
	384	FleetCor Technologies, Inc.*		96,557
	745	Fujitsu Ltd.		97,252
	541	Gartner, Inc.*		70,233
	1,105	Global Payments, Inc.		195,165
	323	GMO Payment Gateway, Inc.		34,158
	859	GoDaddy, Inc. Class A*		71,881
	3,525	International Business Machines Corp.		434,668
	839	Itochu Techno-Solutions Corp.		30,369
	493	Jack Henry & Associates, Inc.		81,552
	3,445	Leidos Holdings, Inc.		311,738
	2,202	Mastercard, Inc. Class A		788,734
	277	MongoDB, Inc.*		64,763
	2,035	Nexi SpA*^(a)		36,217
	1,492	Nomura Research Institute Ltd.		39,671
	2,940	NTT Data Corp.		33,589
	376	Obic Co. Ltd.		66,566
	496	Okta, Inc.*		106,824
	338	Otsuka Corp.		16,588
	1,624	Paychex, Inc.		124,187
	2,155	PayPal Holdings, Inc.*		439,922
	244	Shopify, Inc. Class A*		260,626
	543	Square, Inc. Class A*		86,641
	8,664	The Western Union Co.		204,384
	82	Twilio, Inc. Class A*		22,120
	1,007	VeriSign, Inc.*		216,304
	3,198	Visa, Inc. Class A		677,944
	1,182	Wix.com Ltd.*		348,253
	228	Worldline SA*^(a)		20,986

				7,833,875

Leisure Products – 0.0%
	712	Bandai Namco Holdings, Inc.		44,203
	294	Hasbro, Inc.		23,208

				67,411

Life Sciences Tools & Services – 0.1%
	1,022	Agilent Technologies, Inc.		102,629
	138	Bio-Rad Laboratories, Inc. Class A*		70,185
	51	Eurofins Scientific SE*		41,038
	196	Illumina, Inc.*		70,015
	512	IQVIA Holdings, Inc.*		83,840
	248	Lonza Group AG		154,111


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

August 31, 2020


Shares		Description	Value

Common Stocks – (continued)
Life Sciences Tools & Services – (continued)
	358	Mettler-Toledo International, Inc.*	$	347,539
	560	PerkinElmer, Inc.		65,923
	729	QIAGEN NV*		37,034
	488	Sartorius Stedim Biotech		174,590
	841	Thermo Fisher Scientific, Inc.		360,772
	844	Waters Corp.*		182,524

				1,690,200

Machinery – 0.2%
	836	Alstom SA*		46,668
	1,546	ANDRITZ AG		51,712
	1,301	Atlas Copco AB Class A		60,215
	1,042	Atlas Copco AB Class B		41,868
	681	Caterpillar, Inc.		96,913
	1,232	Cummins, Inc.		255,332
	399	Daifuku Co. Ltd.		35,128
	387	Deere & Co.		81,293
	779	Dover Corp.		85,565
	1,450	Epiroc AB Class A		21,628
	1,494	Epiroc AB Class B		21,473
	640	Fortive Corp.		46,150
	289	IDEX Corp.		52,087
	874	Illinois Tool Works, Inc.		172,659
	644	Ingersoll Rand, Inc.*		22,579
	866	KION Group AG		73,276
	741	Knorr-Bremse AG		94,156
	777	Komatsu Ltd.		16,917
	727	Kone Oyj Class B		62,354
	1,144	Kubota Corp.		20,657
	2,964	MISUMI Group, Inc.		77,701
	999	Mitsubishi Heavy Industries Ltd.		24,802
	377	Miura Co. Ltd.		15,463
	1,130	NGK Insulators Ltd.		16,056
	176	Nordson Corp.		32,822
	984	Otis Worldwide Corp.		61,894
	644	PACCAR, Inc.		55,281
	1,060	Parker-Hannifin Corp.		218,371
	415	Pentair PLC		18,733
	1,093	Sandvik AB*		21,522
	407	Schindler Holding AG (Machinery)		108,034
	3,971	SKF AB Class B		79,426
	94	SMC Corp.		51,655
	1,517	Snap-on, Inc.		224,926
	439	Spirax-Sarco Engineering PLC		59,816
	433	Stanley Black & Decker, Inc.		69,843
	7,825	Techtronic Industries Co. Ltd.		99,097
	1,571	Volvo AB Class B*		30,092
	1,164	Westinghouse Air Brake Technologies Corp.		77,464
	596	Xylem, Inc.		47,787
	30,112	Yangzijiang Shipbuilding Holdings Ltd.		20,229

				2,769,644

Marine – 0.0%
	129	AP Moller – Maersk A/S Class A		183,229
	122	AP Moller – Maersk A/S Class B		186,936


Common Stocks – (continued)
Marine – (continued)
	1,108	Kuehne & Nagel International AG*		214,830

				584,995

Media – 0.2%
	45	Cable One, Inc.		82,815
	355	Charter Communications, Inc. Class A*		218,542
	13,055	Comcast Corp. Class A		584,995
	5,070	CyberAgent, Inc.		270,122
	6,431	Discovery, Inc. Class A*		141,900
	7,186	Discovery, Inc. Class C*		143,504
	4,627	Fox Corp. Class A		128,908
	4,435	Fox Corp. Class B*		123,293
	2,474	Hakuhodo DY Holdings, Inc.		30,718
	2,987	Informa PLC*		16,481
	749	JCDecaux SA*		14,304
	548	Liberty Broadband Corp. Class A*		75,728
	857	Liberty Broadband Corp. Class C*		120,057
	4,473	Liberty Media Corp.-Liberty SiriusXM Class C*		161,006
	4,541	Liberty Media Corp.-Liberty SiriusXM, Class A*		164,884
	11,532	News Corp. Class A		174,364
	1,171	Omnicom Group, Inc.		63,339
	1,506	Publicis Groupe SA*		52,669
	1,596	Quebecor, Inc. Class B		39,571
	6,350	Schibsted ASA Class B*		251,111
	1,717	Shaw Communications, Inc. Class B		32,106
	11,214	Sirius XM Holdings, Inc.		65,826
	6,456	The Interpublic Group of Cos., Inc.		114,659
	4,879	ViacomCBS, Inc. Class B		135,880
	8,405	WPP PLC		71,188

				3,277,970

Metals & Mining – 0.1%
	749	Agnico Eagle Mines Ltd.		61,753
	3,325	Anglo American PLC		81,711
	11,926	ArcelorMittal SA*		150,228
	6,263	B2Gold Corp.		42,062
	3,074	Barrick Gold Corp.		91,064
	2,385	BHP Group Ltd.		65,854
	1,268	BHP Group PLC		28,862
	14,188	BlueScope Steel Ltd.		132,518
	8,534	Evolution Mining Ltd.		34,894
	18,176	Evraz PLC		77,762
	6,980	Fortescue Metals Group Ltd.		89,214
	637	Franco-Nevada Corp.		95,803
	55,883	Glencore PLC		137,407
	5,017	Kinross Gold Corp.*		44,541
	2,283	Kirkland Lake Gold Ltd.		121,646
	865	Maruichi Steel Tube Ltd.		23,191
	756	Mitsubishi Materials Corp.		15,859
	1,903	Newcrest Mining Ltd.		44,813
	2,181	Newmont Corp.		146,738
	1,779	Northern Star Resources Ltd.		17,927
	2,217	Nucor Corp.		100,785
	1,210	Pan American Silver Corp.		43,684


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND


Shares		Description	Value

Common Stocks – (continued)
Metals & Mining – (continued)
	699	Rio Tinto Ltd.	$	50,300
	1,221	Rio Tinto PLC		75,934
	87,313	South32 Ltd.		134,983
	3,932	Steel Dynamics, Inc.		116,073
	802	voestalpine AG		19,929
	1,070	Wheaton Precious Metals Corp.		57,144
	6,290	Yamana Gold, Inc.		38,964

				2,141,643

Mortgage Real Estate Investment Trusts (REITs) – 0.0%
	3,860	AGNC Investment Corp.		54,464
	6,371	Annaly Capital Management, Inc.		46,827

				101,291

Multi-Utilities – 0.1%
	2,726	AGL Energy Ltd.		29,718
	3,601	Algonquin Power & Utilities Corp.		49,915
	1,376	Ameren Corp.		108,855
	564	Atco Ltd. Class I		17,184
	1,900	Canadian Utilities Ltd. Class A		47,691
	1,935	CenterPoint Energy, Inc.		38,835
	1,712	CMS Energy Corp.		103,559
	1,210	Consolidated Edison, Inc.		86,321
	1,913	Dominion Energy, Inc.		150,056
	393	DTE Energy Co.		46,637
	5,510	E.ON SE		65,259
	4,666	Engie SA*		64,912
	9,529	National Grid PLC		106,726
	1,593	NiSource, Inc.		35,301
	1,180	Public Service Enterprise Group, Inc.		61,643
	3,727	RWE AG		148,407
	892	Sempra Energy		110,296
	13,999	Suez SA		241,745
	2,984	Veolia Environnement SA		71,995
	1,365	WEC Energy Group, Inc.		128,419

				1,713,474

Multiline Retail – 0.1%
	186	Canadian Tire Corp. Ltd. Class A		19,458
	865	Dollar General Corp.		174,626
	1,232	Dollar Tree, Inc.*		118,605
	1,999	Dollarama, Inc.		78,038
	2,386	Next PLC		191,183
	800	Pan Pacific International Holdings Corp.		18,833
	7,530	Ryohin Keikaku Co. Ltd.		117,711
	3,567	Target Corp.		539,366
	8,260	Wesfarmers Ltd.		288,616

				1,546,436

Oil, Gas & Consumable Fuels – 0.2%
	1,812	Ampol Ltd.		34,704
	16,784	BP PLC		58,556
	1,320	Cabot Oil & Gas Corp.		25,040
	2,403	Canadian Natural Resources Ltd.		47,384
	17,782	Cenovus Energy, Inc.		83,978


Common Stocks – (continued)
Oil, Gas & Consumable Fuels – (continued)
	495	Cheniere Energy, Inc.*		25,765
	4,196	Chevron Corp.		352,170
	2,460	ConocoPhillips		93,209
	3,233	Enbridge, Inc.		103,433
	15,230	ENEOS Holdings, Inc.		59,684
	8,653	Eni SpA		80,390
	594	EOG Resources, Inc.		26,932
	4,145	Exxon Mobil Corp.		165,551
	3,383	HollyFrontier Corp.		80,752
	778	Idemitsu Kosan Co. Ltd.		17,128
	2,060	Imperial Oil Ltd.		33,971
	2,919	Inpex Corp.		18,511
	4,802	Kinder Morgan, Inc.		66,364
	922	Koninklijke Vopak NV		50,634
	3,675	Marathon Petroleum Corp.		130,316
	1,026	Neste Oyj		54,927
	2,436	OMV AG*		78,854
	883	ONEOK, Inc.		24,265
	576	Phillips 66		33,679
	10,499	Repsol SA		82,934
	9,614	Royal Dutch Shell PLC Class A		141,515
	8,927	Royal Dutch Shell PLC Class B		125,591
	8,017	Santos Ltd.		33,504
	2,565	Suncor Energy, Inc.		41,159
	2,189	TC Energy Corp.		102,355
	859	The Williams Cos., Inc.		17,833
	5,120	TOTAL SE		203,121
	1,670	Valero Energy Corp.		87,825
	1,934	Woodside Petroleum Ltd.		27,884

				2,609,918

Paper & Forest Products – 0.0%
	896	Mondi PLC		17,630
	4,380	Oji Holdings Corp.		19,786
	2,653	Svenska Cellulosa AB SCA Class B*		34,258
	3,223	UPM-Kymmene Oyj		97,823

				169,497

Personal Products – 0.1%
	1,124	Beiersdorf AG		129,923
	347	Kao Corp.		26,441
	219	Kobayashi Pharmaceutical Co. Ltd.		19,527
	902	Kose Corp.		105,848
	1,303	L’Oreal SA		432,400
	5,298	Pola Orbis Holdings, Inc.		96,017
	2,341	Shiseido Co. Ltd.		136,144
	1,777	The Estee Lauder Cos., Inc. Class A		393,996
	4,679	Unilever NV		271,881
	2,982	Unilever PLC		176,302

				1,788,479

Pharmaceuticals – 0.6%
	11,771	Astellas Pharma, Inc.		184,665
	2,318	AstraZeneca PLC		257,299
	1,418	Bausch Health Cos., Inc.*		23,536
	4,429	Bayer AG		294,582


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

August 31, 2020


Shares		Description	Value

Common Stocks – (continued)
Pharmaceuticals – (continued)
	7,706	Bristol-Myers Squibb Co.	$	479,313
	621	Catalent, Inc.*		57,442
	2,739	Chugai Pharmaceutical Co. Ltd.		122,042
	1,005	Daiichi Sankyo Co. Ltd.		89,649
	747	Eisai Co. Ltd.		65,246
	894	Elanco Animal Health, Inc.*		25,980
	3,531	Eli Lilly & Co.		523,965
	12,934	GlaxoSmithKline PLC		252,644
	1,343	Hikma Pharmaceuticals PLC		42,566
	4,668	Ipsen SA		482,121
	1,839	Jazz Pharmaceuticals PLC*		247,143
	7,896	Johnson & Johnson		1,211,325
	1,196	Kyowa Kirin Co. Ltd.		30,908
	7,166	Merck & Co., Inc.		611,045
	1,655	Merck KGaA		224,939
	16,546	Mylan NV*		271,023
	4,550	Novartis AG		392,151
	5,249	Novo Nordisk A/S Class B		347,029
	1,221	Ono Pharmaceutical Co. Ltd.		36,885
	3,613	Orion Oyj Class B		169,654
	881	Otsuka Holdings Co. Ltd.		38,666
	4,401	Perrigo Co. PLC		230,172
	11,978	Pfizer, Inc.		452,649
	2,657	Recordati Industria Chimica e Farmaceutica SpA		144,935
	2,395	Roche Holding AG		837,816
	2,320	Sanofi		234,990
	890	Santen Pharmaceutical Co. Ltd.		16,985
	517	Shionogi & Co. Ltd.		28,708
	7,289	Sumitomo Dainippon Pharma Co. Ltd.		92,147
	1,029	Taisho Pharmaceutical Holdings Co. Ltd.		63,319
	2,123	Takeda Pharmaceutical Co. Ltd.		79,161
	22,641	Teva Pharmaceutical Industries Ltd. ADR*		223,467
	2,101	UCB SA		249,361
	107	Vifor Pharma AG		15,816
	1,414	Zoetis, Inc.		226,381

				9,377,725

Professional Services – 0.2%
	1,291	Adecco Group AG		67,593
	1,137	Bureau Veritas SA*		25,817
	79	CoStar Group, Inc.*		67,039
	544	Equifax, Inc.		91,539
	4,196	Experian PLC		156,773
	1,398	IHS Markit Ltd.		111,728
	354	Intertek Group PLC		27,737
	3,333	Nielsen Holdings PLC		50,928
	412	Nihon M&A Center, Inc.		20,507
	5,442	Persol Holdings Co. Ltd.		84,658
	2,621	Randstad NV		136,406
	5,854	Recruit Holdings Co. Ltd.		221,870
	6,032	RELX PLC		136,883
	8,095	Robert Half International, Inc.		430,654
	130	SGS SA		336,884


Common Stocks – (continued)
Professional Services – (continued)
	125	Teleperformance		38,546
	1,175	Thomson Reuters Corp.		89,822
	657	TransUnion		56,975
	777	Verisk Analytics, Inc.		145,043
	1,605	Wolters Kluwer NV		131,663

				2,429,065

Real Estate Management & Development – 0.1%
	1,486	Aeon Mall Co. Ltd.		19,636
	4,949	Aroundtown SA*		27,111
	593	Azrieli Group Ltd.		31,994
	9,284	CapitaLand Ltd.		18,876
	4,456	CBRE Group, Inc. Class A*		209,566
	6,940	CK Asset Holdings Ltd.		37,668
	463	Daito Trust Construction Co. Ltd.		41,035
	720	Deutsche Wohnen SE		38,410
	6,848	Henderson Land Development Co. Ltd.		26,919
	1,935	Hulic Co. Ltd.		17,603
	1,862	Jones Lang LaSalle, Inc.		191,861
	173	LEG Immobilien AG		25,421
	1,136	Mitsubishi Estate Co. Ltd.		17,778
	1,077	Mitsui Fudosan Co. Ltd.		19,483
	5,993	Nomura Real Estate Holdings, Inc.		114,332
	1,430	Sun Hung Kai Properties Ltd.		19,186
	10,882	Swire Pacific Ltd. Class A		59,257
	474	Swiss Prime Site AG		42,728
	4,296	The Wharf Holdings Ltd.		8,370
	1,665	Vonovia SE		119,157
	4,296	Wharf Real Estate Investment Co. Ltd.		17,855

				1,104,246

Road & Rail – 0.1%
	74	AMERCO		26,262
	11,181	Aurizon Holdings Ltd.		35,757
	577	Canadian National Railway Co.		60,631
	230	Canadian Pacific Railway Ltd.		68,045
	195	Central Japan Railway Co.		29,235
	1,306	CSX Corp.		99,857
	492	East Japan Railway Co.		32,028
	679	Hankyu Hanshin Holdings, Inc.		22,062
	374	J.B. Hunt Transport Services, Inc.		52,562
	386	Kansas City Southern		70,267
	409	Keio Corp.		24,735
	621	Keisei Electric Railway Co. Ltd.		18,252
	433	Kintetsu Group Holdings Co. Ltd.		19,049
	782	Knight-Swift Transportation Holdings, Inc.		35,550
	968	Kyushu Railway Co.		21,351
	3,927	MTR Corp. Ltd.		20,426
	1,691	Nagoya Railroad Co. Ltd.		47,211
	215	Norfolk Southern Corp.		45,694
	939	Odakyu Electric Railway Co. Ltd.		23,255
	413	Old Dominion Freight Line, Inc.		83,500
	1,375	Seibu Holdings, Inc.		15,105
	1,036	Tobu Railway Co. Ltd.		32,376
	1,830	Tokyu Corp.		24,471


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND


Shares		Description	Value

Common Stocks – (continued)
Road & Rail – (continued)
	811	Union Pacific Corp.	$	156,069
	322	West Japan Railway Co.		16,933

				1,080,683

Semiconductors & Semiconductor Equipment – 0.4%
	6,306	Advanced Micro Devices, Inc.*		572,711
	1,298	Advantest Corp.		62,197
	621	Analog Devices, Inc.		72,582
	2,529	Applied Materials, Inc.		155,786
	724	ASML Holding NV		270,563
	856	Broadcom, Inc.		297,160
	82	Disco Corp.		19,111
	745	Infineon Technologies AG		20,716
	15,036	Intel Corp.		766,084
	518	KLA Corp.		106,263
	447	Lam Research Corp.		150,344
	386	Lasertec Corp.		29,180
	1,071	Marvell Technology Group Ltd.		41,533
	1,030	Maxim Integrated Products, Inc.		70,493
	870	Microchip Technology, Inc.		95,439
	5,723	Micron Technology, Inc.*		260,454
	1,322	NVIDIA Corp.		707,244
	1,643	NXP Semiconductors NV		206,624
	7,534	ON Semiconductor Corp.*		161,002
	1,834	Qorvo, Inc.*		235,247
	3,479	QUALCOMM, Inc.		414,349
	7,939	Renesas Electronics Corp.*		49,967
	699	Skyworks Solutions, Inc.		101,250
	1,582	STMicroelectronics NV		47,848
	2,494	Teradyne, Inc.		211,915
	3,472	Texas Instruments, Inc.		493,545
	239	Tokyo Electron Ltd.		61,305
	1,026	Xilinx, Inc.		106,868

				5,787,780

Software – 0.8%
	1,457	Adobe, Inc.*		748,009
	304	ANSYS, Inc.*		103,059
	1,115	Autodesk, Inc.*		273,956
	335	Avalara, Inc.*		44,357
	588	AVEVA Group PLC		39,722
	4,191	Cadence Design Systems, Inc.*		464,824
	2,012	CDK Global, Inc.		93,799
	504	Check Point Software Technologies Ltd.*		63,635
	2,715	Citrix Systems, Inc.		394,218
	293	Constellation Software, Inc.		339,194
	149	Coupa Software, Inc.*		48,833
	203	Dassault Systemes SE		38,305
	406	Datadog, Inc.*		33,921
	461	DocuSign, Inc.*		102,803
	5,732	Dropbox, Inc. Class A*		121,346
	721	Dynatrace, Inc.*		31,890
	426	Fair Isaac Corp.*		179,257
	1,553	Fortinet, Inc.*		205,004
	368	Guidewire Software, Inc.*		41,330


Common Stocks – (continued)
Software – (continued)
	1,556	Intuit, Inc.		537,427
	22,639	Microsoft Corp.		5,105,774
	1,384	Nemetschek SE		110,032
	492	Nice Ltd.*		112,969
	14,134	NortonlifeLock, Inc.		332,432
	797	Open Text Corp.		36,149
	7,205	Oracle Corp. (Software)		425,524
	272	Palo Alto Networks, Inc.*		70,016
	253	Paycom Software, Inc.*		75,763
	353	PTC, Inc.*		32,268
	947	RingCentral, Inc. Class A*		275,359
	2,430	salesforce.com, Inc.*		662,540
	2,681	SAP SE		443,289
	847	ServiceNow, Inc.*		408,271
	887	Slack Technologies, Inc. Class A*		29,129
	373	Splunk, Inc.*		81,810
	3,891	SS&C Technologies Holdings, Inc.		247,935
	1,020	Synopsys, Inc.*		225,726
	170	Temenos AG		27,463
	19,516	The Sage Group PLC		192,696
	107	The Trade Desk, Inc. Class A*		51,499
	345	Trend Micro, Inc.		21,350
	264	Tyler Technologies, Inc.*		91,162
	1,127	VMware, Inc. Class A*		162,784
	369	Workday, Inc. Class A*		88,453
	256	Zoom Video Communications, Inc. Class A*		83,226

				13,298,508

Specialty Retail – 0.3%
	359	ABC-Mart, Inc.		18,905
	857	Advance Auto Parts, Inc.		133,958
	291	AutoZone, Inc.*		348,126
	4,909	Best Buy Co., Inc.		544,457
	868	Burlington Stores, Inc.*		170,935
	548	CarMax, Inc.*		58,598
	240	Fast Retailing Co. Ltd.		143,091
	12,455	Hennes & Mauritz AB Class B		199,364
	8,855	Industria de Diseno Textil SA		248,978
	16,245	JD Sports Fashion PLC		156,333
	18,754	Kingfisher PLC		68,200
	3,242	Lowe’s Cos., Inc.		533,925
	1,181	Nitori Holdings Co. Ltd.		247,332
	618	O’Reilly Automotive, Inc.*		287,759
	1,923	Ross Stores, Inc.		175,147
	3,649	The Home Depot, Inc.		1,040,111
	5,499	The TJX Cos., Inc.		301,290
	743	Tiffany & Co.		91,017
	1,638	Tractor Supply Co.		243,784
	855	Ulta Beauty, Inc.*		198,514
	913	USS Co. Ltd.		15,416
	17,757	Yamada Denki Co. Ltd.		95,333

				5,320,573

Technology Hardware, Storage & Peripherals – 0.5%
	57,032	Apple, Inc.		7,359,409


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

August 31, 2020


Shares		Description	Value

Common Stocks – (continued)
Technology Hardware, Storage & Peripherals – (continued)
	3,222	Brother Industries Ltd.	$	53,304
	1,951	Canon, Inc.		33,463
	1,766	Dell Technologies, Inc. Class C*		116,697
	3,575	FUJIFILM Holdings Corp.		170,047
	2,305	Hewlett Packard Enterprise Co.		22,289
	6,832	HP, Inc.		133,566
	580	Logitech International SA		42,958
	2,773	NetApp, Inc.		131,413
	3,283	Seagate Technology PLC		157,551
	2,067	Seiko Epson Corp.		24,644
	1,093	Western Digital Corp.		41,993

				8,287,334

Textiles, Apparel & Luxury Goods – 0.2%
	1,087	adidas AG*		330,771
	9,718	Burberry Group PLC		185,546
	363	Cie Financiere Richemont SA		24,168
	626	EssilorLuxottica SA*		83,800
	397	Hermes International		341,194
	231	Kering SA		141,733
	1,485	Lululemon Athletica, Inc.*		557,870
	885	LVMH Moet Hennessy Louis Vuitton SE		415,616
	4,924	Moncler SpA*		190,884
	5,352	NIKE, Inc. Class B		598,835
	2,701	Pandora A/S		197,163
	2,198	Puma SE*		182,116
	1,650	Ralph Lauren Corp.		113,570
	947	The Swatch Group AG (Textiles, Apparel & Luxury Goods)		61,884
	3,016	VF Corp.		198,302

				3,623,452

Tobacco – 0.1%
	1,989	Altria Group, Inc.		86,999
	7,972	British American Tobacco PLC		268,696
	3,298	Imperial Brands PLC		55,026
	2,193	Japan Tobacco, Inc.		41,002
	5,275	Philip Morris International, Inc.		420,892
	2,528	Swedish Match AB		192,002

				1,064,617

Trading Companies & Distributors – 0.1%
	532	Ashtead Group PLC		18,446
	2,195	Brenntag AG		137,531
	1,401	Bunzl PLC		45,195
	7,757	Fastenal Co.		379,007
	2,572	Ferguson PLC		252,224
	6,031	HD Supply Holdings, Inc.*		239,189
	4,427	ITOCHU Corp.		113,607
	24,929	Marubeni Corp.		150,111
	2,883	Mitsubishi Corp.		68,240
	1,782	Mitsui & Co. Ltd.		32,139
	4,984	MonotaRO Co. Ltd.		197,171
	3,884	Sumitomo Corp.		50,575
	3,740	Toyota Tsusho Corp.		108,691


Common Stocks – (continued)
Trading Companies & Distributors – (continued)
	775	United Rentals, Inc.*		137,214
	805	W.W. Grainger, Inc.		294,171

				2,223,511

Transportation Infrastructure – 0.0%
	149	Aena SME SA*^(a)		22,245
	3,378	Atlantia SpA*		53,632
	1,352	Getlink SE*		20,681
	3,824	Kamigumi Co. Ltd.		78,918
	8,929	Transurban Group		88,320

				263,796

Water Utilities – 0.0%
	964	American Water Works Co., Inc.		136,252
	1,230	Essential Utilities, Inc.		52,275
	2,038	Severn Trent PLC		63,213
	3,555	United Utilities Group PLC		39,061

				290,801

Wireless Telecommunication Services – 0.0%
	6,240	KDDI Corp.		181,383
	8,265	NTT DOCOMO, Inc.		230,469
	635	Rogers Communications, Inc. Class B		26,416
	4,105	Softbank Corp.		53,941
	1,169	T-Mobile US, Inc.*		136,399
	2,727	Tele2 AB Class B		38,708
	59,757	Vodafone Group PLC		87,618

				754,934

	TOTAL COMMON STOCKS
	(Cost $133,863,455)		$	178,598,289


Shares		Dividend Rate	Value

Preferred Stocks – 0.0%
Automobiles – 0.0%
	Volkswagen AG
EUR	211	3.650%	$	35,293

Chemicals – 0.0%
	FUCHS PETROLUB SE
	3,146	2.440		148,810

Health Care Equipment & Supplies – 0.0%
	Sartorius AG
	310	0.110		131,598

	TOTAL PREFERRED STOCKS
	(Cost $252,183)		$	315,701


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares

Description

Expiration
Date

Value

Right* – 0.0%

Hotels, Restaurants & Leisure – 0.0%

Tabcorp Holdings Ltd.

823

09/10/20

224

(Cost $0)


Shares		Description	Value

Exchange Traded Funds – 78.1%
	574,773	Goldman Sachs ActiveBeta Emerging Markets Equity ETF^(b)	$	19,128,445
	5,136,524	Goldman Sachs MarketBeta International Equity ETF^(b)		240,516,709
	5,162,182	Goldman Sachs MarketBeta U.S. Equity ETF^(b)		251,351,804
	3,478,023	iShares Core MSCI Emerging Markets ETF		185,378,626
	902	iShares MSCI Canada ETF		25,896
	2,027,026	iShares MSCI EAFE ETF		131,716,150
	985,216	iShares MSCI EAFE Small-Cap ETF		58,236,118
	1,117,250	Vanguard S&P 500 ETF		358,659,595

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $1,068,775,657)		$	1,245,013,343


Shares		Dividend Rate	Value

Investment Company^(b) – 7.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	122,254,978	0.027%	$	122,254,978
	(Cost $122,254,978)

	TOTAL INVESTMENTS – 97.0%
	(Cost $1,325,146,273)		$	1,546,182,535

	OTHER ASSETS IN EXCESS OF LIABILITIES – 3.0%			47,105,270

	NET ASSETS – 100.0%		$	1,593,287,805



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

*		Non-income producing security.

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

(b)		Represents an affiliated fund.



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

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

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At August 31, 2020, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	AUD	710,000	USD	507,448		09/16/20	$	16,244
	CAD	17,210,000	USD	12,723,098		09/16/20		471,873
	CHF	3,590,000	USD	3,945,799		09/16/20		27,552
	EUR	5,080,000	USD	6,042,752		09/16/20		21,603


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

August 31, 2020

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)	GBP	5,610,000	USD	7,405,995		09/16/20	$	94,002
	ILS	320,000	USD	94,156		09/16/20		1,256
	JPY	383,000,000	USD	3,616,735		09/16/20		111
	NOK	2,150,000	USD	236,392		09/16/20		9,756
	NZD	50,000	USD	33,172		09/16/20		507
	SGD	740,000	USD	538,810		09/16/20		5,086
	USD	1,365,001	HKD	10,580,000		09/16/20		71

TOTAL							$	648,061

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	AUD	1,300,000	USD	958,888		09/16/20		(16	)
	DKK	2,210,000	USD	354,403		09/16/20		(5	)
	HKD	11,610,000	USD	1,498,045		09/16/20		(234	)
	ILS	40,000	USD	11,929		09/16/20		(3	)
	JPY	476,000,000	USD	4,499,498		09/16/20		(4,411	)
	NOK	950,000	USD	108,768		09/16/20		(4	)
	SEK	3,750,000	USD	433,628		09/16/20		(11	)
	SGD	260,000	USD	191,117		09/16/20		(18	)
	USD	17,358,764	AUD	24,930,000		09/16/20		(1,029,445	)
	USD	27,570,681	CHF	26,240,000		09/16/20		(1,471,301	)
	USD	6,088,157	DKK	39,880,000		09/16/20		(307,047	)
	USD	81,919,312	EUR	72,150,000		09/16/20		(4,211,232	)
	USD	38,775,301	GBP	30,635,000		09/16/20		(2,180,566	)
	USD	7,893,687	HKD	61,270,000		09/16/20		(10,778	)
	USD	856,646	ILS	2,960,000		09/16/20		(25,916	)
	USD	67,716,645	JPY	7,320,000,000		09/16/20		(1,409,490	)
	USD	1,631,785	NOK	15,300,000		09/16/20		(119,873	)
	USD	804,039	NZD	1,250,000		09/16/20		(37,939	)
	USD	8,026,582	SEK	73,575,000		09/16/20		(480,987	)
	USD	3,232,544	SGD	4,500,000		09/16/20		(74,931	)

TOTAL							$	(11,364,207	)

FUTURES CONTRACTS — At August 31, 2020, 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		346		09/18/20	$	60,530,970	$	7,369,055
E-Mini Russell 2000 Index		1,180		09/18/20		92,116,700		8,646,282
S&P Toronto Stock Exchange 60 Index		272		09/17/20		53,801,600		3,192,874

TOTAL FUTURES CONTRACTS							$	19,208,211


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At August 31, 2020, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON FUTURES


Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Eurodollar Futures	$	98.250		03/15/2021		1,219	$	3,047,500	$	4,723,625	$	1,362,691	$	3,360,934
Eurodollar Futures		98.250		06/14/2021		1,066		2,665,000		4,157,400		1,202,273		2,955,127
Eurodollar Futures		98.250		09/13/2021		1,041		2,602,500		4,053,394		1,225,865		2,827,529

TOTAL						3,326	$	8,315,000	$	12,934,419	$	3,790,829	$	9,143,590

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS


Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
Euro Stoxx 50 Index	$	3,350.000		09/18/2020		(26	)	$	(260	)	$	(8,253	)	$	(14,152	)	$	5,899
Euro Stoxx 50 Index		3,425.000		09/18/2020		(4	)		(40	)		(420	)		(2,454	)		2,034
Euro Stoxx 50 Index		3,450.000		09/18/2020		(22	)		(220	)		(1,575	)		(11,556	)		9,981
Euro Stoxx 50 Index		3,500.000		09/18/2020		(12	)		(120	)		(416	)		(6,628	)		6,212
Euro Stoxx 50 Index		3,525.000		09/18/2020		(21	)		(210	)		(527	)		(4,821	)		4,294
Euro Stoxx 50 Index		3,550.000		09/18/2020		(25	)		(250	)		(447	)		(9,048	)		8,601
Euro Stoxx 50 Index		3,400.000		10/16/2020		(52	)		(520	)		(24,326	)		(25,516	)		1,190
Euro Stoxx 50 Index		3,450.000		10/16/2020		(17	)		(170	)		(4,909	)		(7,642	)		2,733
Euro Stoxx 50 Index		3,475.000		10/16/2020		(23	)		(230	)		(5,050	)		(8,697	)		3,647
Euro Stoxx 50 Index		3,550.000		10/16/2020		(5	)		(50	)		(442	)		(1,895	)		1,453
Euro Stoxx 50 Index		3,450.000		11/20/2020		(3	)		(30	)		(2,062	)		(1,544	)		(518	)
Euro Stoxx 50 Index		3,500.000		11/20/2020		(8	)		(80	)		(3,953	)		(5,350	)		1,397
FTSE 100 Index		6,175.000		09/18/2020		(5	)		(50	)		(1,738	)		(5,308	)		3,570
FTSE 100 Index		6,325.000		09/18/2020		(4	)		(40	)		(348	)		(5,056	)		4,708
FTSE 100 Index		6,350.000		09/18/2020		(1	)		(10	)		(67	)		(551	)		484
FTSE 100 Index		6,400.000		09/18/2020		(5	)		(50	)		(201	)		(3,273	)		3,072
FTSE 100 Index		6,475.000		09/18/2020		(1	)		(10	)		(20	)		(1,802	)		1,782
FTSE 100 Index		6,500.000		09/18/2020		(8	)		(80	)		(160	)		(8,314	)		8,154
FTSE 100 Index		6,175.000		10/16/2020		(4	)		(40	)		(3,930	)		(4,109	)		179
FTSE 100 Index		6,225.000		10/16/2020		(11	)		(110	)		(8,455	)		(13,501	)		5,046
FTSE 100 Index		6,400.000		10/16/2020		(5	)		(50	)		(1,403	)		(3,901	)		2,498
FTSE 100 Index		6,450.000		10/16/2020		(1	)		(10	)		(207	)		(1,074	)		867
FTSE 100 Index		6,250.000		11/20/2020		(2	)		(20	)		(2,847	)		(2,910	)		63
FTSE 100 Index		6,300.000		11/20/2020		(1	)		(10	)		(1,197	)		(1,270	)		73
Nikkei 225 Index		23,250.000		09/11/2020		(2	)		(2,000	)		(4,626	)		(4,359	)		(267	)
Nikkei 225 Index		23,500.000		09/11/2020		(3	)		(3,000	)		(4,107	)		(9,903	)		5,796
Nikkei 225 Index		23,625.000		09/11/2020		(4	)		(4,000	)		(3,776	)		(9,311	)		5,535
Nikkei 225 Index		23,750.000		09/11/2020		(3	)		(3,000	)		(2,039	)		(5,217	)		3,178
Nikkei 225 Index		23,875.000		09/11/2020		(2	)		(2,000	)		(1,001	)		(3,975	)		2,974
Nikkei 225 Index		24,000.000		09/11/2020		(4	)		(4,000	)		(1,435	)		(6,120	)		4,685
Nikkei 225 Index		23,375.000		10/09/2020		(5	)		(5,000	)		(19,355	)		(13,661	)		(5,694	)
Nikkei 225 Index		23,625.000		10/09/2020		(3	)		(3,000	)		(8,639	)		(9,689	)		1,050
Nikkei 225 Index		23,875.000		10/09/2020		(4	)		(4,000	)		(8,120	)		(6,665	)		(1,455	)


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

August 31, 2020

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS (continued)


Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Nikkei 225 Index	$	24,000.000		10/09/2020		(2	)	$	(2,000	)	$	(3,399	)	$	(2,644	)	$	(755	)
Nikkei 225 Index		24,125.000		10/09/2020		(1	)		(1,000	)		(1,369	)		(2,330	)		961
Nikkei 225 Index		24,375.000		11/13/2020		(1	)		(1,000	)		(3,068	)		(2,123	)		(945	)
Nikkei 225 Index		24,500.000		11/13/2020		(2	)		(2,000	)		(5,476	)		(4,343	)		(1,133	)
S&P 500 Index		3,400.000		09/02/2020		(17	)		(1,700	)		(172,465	)		(51,304	)		(121,161	)
S&P 500 Index		3,430.000		09/09/2020		(16	)		(1,600	)		(134,560	)		(49,667	)		(84,893	)
S&P 500 Index		3,475.000		09/16/2020		(16	)		(1,600	)		(106,800	)		(36,211	)		(70,589	)
S&P 500 Index		3,525.000		09/23/2020		(16	)		(1,600	)		(80,480	)		(38,379	)		(42,101	)
S&P 500 Index		3,345.000		09/30/2020		(1	)		(100	)		(19,000	)		(4,610	)		(14,390	)
S&P 500 Index		3,375.000		09/30/2020		(5	)		(500	)		(82,600	)		(27,560	)		(55,040	)
S&P 500 Index		3,390.000		09/30/2020		(2	)		(200	)		(30,620	)		(11,250	)		(19,370	)
S&P 500 Index		3,425.000		09/30/2020		(4	)		(400	)		(50,360	)		(17,646	)		(32,714	)
S&P 500 Index		3,450.000		09/30/2020		(4	)		(400	)		(43,080	)		(16,171	)		(26,909	)
S&P 500 Index		3,470.000		09/30/2020		(3	)		(300	)		(28,170	)		(11,684	)		(16,486	)
S&P 500 Index		3,500.000		09/30/2020		(2	)		(200	)		(14,990	)		(5,640	)		(9,350	)
S&P 500 Index		3,540.000		09/30/2020		(1	)		(100	)		(5,320	)		(2,630	)		(2,690	)
S&P 500 Index		3,600.000		09/30/2020		(12	)		(1,200	)		(35,040	)		(34,516	)		(524	)
S&P 500 Index		3,605.000		09/30/2020		(12	)		(1,200	)		(33,180	)		(31,905	)		(1,275	)
S&P 500 Index		3,610.000		09/30/2020		(12	)		(1,200	)		(31,440	)		(29,951	)		(1,489	)
S&P 500 Index		3,615.000		09/30/2020		(12	)		(1,200	)		(29,760	)		(29,094	)		(666	)
S&P 500 Index		3,620.000		09/30/2020		(12	)		(1,200	)		(28,140	)		(27,160	)		(980	)
S&P 500 Index		3,500.000		10/30/2020		(1	)		(100	)		(11,540	)		(5,710	)		(5,830	)
S&P 500 Index		3,525.000		10/30/2020		(2	)		(200	)		(20,130	)		(9,510	)		(10,620	)
S&P 500 Index		3,550.000		10/30/2020		(3	)		(300	)		(26,115	)		(11,551	)		(14,564	)
S&P 500 Index		3,595.000		10/30/2020		(4	)		(400	)		(26,240	)		(14,708	)		(11,532	)

						(459	)	$	(54,360	)	$	(1,149,393	)	$	(697,569	)	$	(451,824	)
Puts
Euro Stoxx 50 Index		2,975.000		09/18/2020		(4	)		(40	)		(572	)		(3,997	)		3,425
Euro Stoxx 50 Index		3,050.000		09/18/2020		(16	)		(160	)		(3,589	)		(8,800	)		5,211
Euro Stoxx 50 Index		3,075.000		09/18/2020		(19	)		(190	)		(4,965	)		(7,120	)		2,155
Euro Stoxx 50 Index		3,100.000		09/18/2020		(9	)		(90	)		(2,728	)		(4,675	)		1,947
Euro Stoxx 50 Index		3,125.000		09/18/2020		(12	)		(120	)		(4,210	)		(9,528	)		5,318
Euro Stoxx 50 Index		3,200.000		09/18/2020		(25	)		(250	)		(13,455	)		(20,006	)		6,551
Euro Stoxx 50 Index		3,225.000		09/18/2020		(24	)		(240	)		(14,979	)		(22,004	)		7,025
Euro Stoxx 50 Index		3,025.000		10/16/2020		(11	)		(110	)		(5,815	)		(8,783	)		2,968
Euro Stoxx 50 Index		3,075.000		10/16/2020		(17	)		(170	)		(10,813	)		(13,234	)		2,421
Euro Stoxx 50 Index		3,125.000		10/16/2020		(23	)		(230	)		(17,621	)		(21,088	)		3,467
Euro Stoxx 50 Index		3,200.000		10/16/2020		(46	)		(460	)		(46,660	)		(45,010	)		(1,650	)
Euro Stoxx 50 Index		3,075.000		11/20/2020		(3	)		(30	)		(3,301	)		(3,610	)		309
Euro Stoxx 50 Index		3,150.000		11/20/2020		(8	)		(80	)		(10,807	)		(9,293	)		(1,514	)
FTSE 100 Index		5,625.000		09/18/2020		(4	)		(40	)		(1,470	)		(5,213	)		3,743
FTSE 100 Index		5,650.000		09/18/2020		(4	)		(40	)		(1,631	)		(5,132	)		3,501
FTSE 100 Index		5,750.000		09/18/2020		(2	)		(20	)		(1,216	)		(1,720	)		504
FTSE 100 Index		5,825.000		09/18/2020		(2	)		(20	)		(1,658	)		(3,236	)		1,578
FTSE 100 Index		5,875.000		09/18/2020		(5	)		(50	)		(5,113	)		(6,693	)		1,580
FTSE 100 Index		5,900.000		09/18/2020		(5	)		(50	)		(5,648	)		(7,542	)		1,894
FTSE 100 Index		5,950.000		09/18/2020		(1	)		(10	)		(1,383	)		(1,180	)		(203	)
FTSE 100 Index		5,575.000		10/16/2020		(2	)		(20	)		(1,938	)		(3,338	)		1,400
FTSE 100 Index		5,650.000		10/16/2020		(4	)		(40	)		(4,599	)		(5,235	)		636
FTSE 100 Index		5,700.000		10/16/2020		(5	)		(50	)		(6,484	)		(7,527	)		1,043


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS (continued)


Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
FTSE 100 Index	$	5,725.000		10/16/2020		(4	)	$	(40	)	$	(5,481	)	$	(5,353	)	$	(128	)
FTSE 100 Index		5,825.000		10/16/2020		(1	)		(10	)		(1,731	)		(2,206	)		475
FTSE 100 Index		5,875.000		10/16/2020		(5	)		(50	)		(9,758	)		(9,454	)		(304	)
FTSE 100 Index		5,600.000		11/20/2020		(2	)		(20	)		(3,823	)		(3,845	)		22
Nikkei 225 Index		21,000.000		09/11/2020		(3	)		(3,000	)		(567	)		(6,901	)		6,334
Nikkei 225 Index		21,250.000		09/11/2020		(1	)		(1,000	)		(217	)		(721	)		504
Nikkei 225 Index		21,500.000		09/11/2020		(5	)		(5,000	)		(1,416	)		(23,212	)		21,796
Nikkei 225 Index		21,625.000		09/11/2020		(1	)		(1,000	)		(340	)		(4,861	)		4,521
Nikkei 225 Index		22,000.000		09/11/2020		(3	)		(3,000	)		(1,614	)		(8,821	)		7,207
Nikkei 225 Index		22,125.000		09/11/2020		(3	)		(3,000	)		(1,869	)		(11,070	)		9,201
Nikkei 225 Index		21,375.000		10/09/2020		(2	)		(2,000	)		(3,399	)		(12,364	)		8,965
Nikkei 225 Index		21,625.000		10/09/2020		(5	)		(5,000	)		(9,914	)		(18,782	)		8,868
Nikkei 225 Index		21,875.000		10/09/2020		(1	)		(1,000	)		(2,314	)		(6,104	)		3,790
Nikkei 225 Index		22,000.000		10/09/2020		(3	)		(3,000	)		(7,648	)		(10,114	)		2,466
Nikkei 225 Index		22,250.000		10/09/2020		(2	)		(2,000	)		(6,137	)		(9,436	)		3,299
Nikkei 225 Index		22,500.000		10/09/2020		(2	)		(2,000	)		(7,270	)		(10,197	)		2,927
Nikkei 225 Index		22,000.000		11/13/2020		(1	)		(1,000	)		(5,287	)		(6,558	)		1,271
Nikkei 225 Index		22,250.000		11/13/2020		(2	)		(2,000	)		(11,802	)		(13,973	)		2,171
S&P 500 Index		3,225.000		09/02/2020		(17	)		(1,700	)		(595	)		(53,872	)		53,277
S&P 500 Index		3,250.000		09/09/2020		(16	)		(1,600	)		(5,040	)		(49,528	)		44,488
S&P 500 Index		3,310.000		09/16/2020		(16	)		(1,600	)		(25,280	)		(61,939	)		36,659
S&P 500 Index		3,370.000		09/23/2020		(16	)		(1,600	)		(52,880	)		(64,410	)		11,530
S&P 500 Index		2,980.000		09/30/2020		(1	)		(100	)		(1,110	)		(10,900	)		9,790
S&P 500 Index		3,040.000		09/30/2020		(2	)		(200	)		(2,660	)		(18,195	)		15,535
S&P 500 Index		3,085.000		09/30/2020		(5	)		(500	)		(7,675	)		(29,791	)		22,116
S&P 500 Index		3,125.000		09/30/2020		(4	)		(400	)		(6,980	)		(29,693	)		22,713
S&P 500 Index		3,185.000		09/30/2020		(4	)		(400	)		(8,560	)		(23,436	)		14,876
S&P 500 Index		3,220.000		09/30/2020		(3	)		(300	)		(7,260	)		(15,273	)		8,013
S&P 500 Index		3,295.000		09/30/2020		(2	)		(200	)		(6,380	)		(10,560	)		4,180
S&P 500 Index		3,355.000		09/30/2020		(1	)		(100	)		(4,045	)		(4,590	)		545
S&P 500 Index		3,415.000		09/30/2020		(12	)		(1,200	)		(62,760	)		(55,674	)		(7,086	)
S&P 500 Index		3,420.000		09/30/2020		(12	)		(1,200	)		(64,200	)		(57,169	)		(7,031	)
S&P 500 Index		3,425.000		09/30/2020		(12	)		(1,200	)		(65,640	)		(58,365	)		(7,275	)
S&P 500 Index		3,430.000		09/30/2020		(12	)		(1,200	)		(67,200	)		(59,765	)		(7,435	)
S&P 500 Index		3,435.000		09/30/2020		(12	)		(1,200	)		(68,760	)		(61,341	)		(7,419	)
S&P 500 Index		3,155.000		10/30/2020		(1	)		(100	)		(4,685	)		(6,570	)		1,885
S&P 500 Index		3,185.000		10/30/2020		(2	)		(200	)		(10,110	)		(15,018	)		4,908
S&P 500 Index		3,255.000		10/30/2020		(3	)		(300	)		(18,136	)		(23,563	)		5,427
S&P 500 Index		3,315.000		10/30/2020		(4	)		(400	)		(28,340	)		(29,675	)		1,335

						(454	)	$	(52,330	)	$	(769,538	)	$	(1,127,263	)	$	357,725

TOTAL						(913	)	$	(106,690	)	$	(1,918,931	)	$	(1,824,832	)	$	(94,099	)



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


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Statement of Assets and Liabilities

August 31, 2020



Assets:

Investments of unaffiliated issuers, at value (cost $722,263,752)	$	912,930,599

Investments of affiliated issuers, at value (cost $602,882,521)		633,251,936

Purchased options, at value (premium paid $3,790,829)		12,934,419

Cash		23,628,218

Foreign currencies, at value (cost $730,837)		678,846

Unrealized gain on forward foreign currency exchange contracts		648,061

Receivables:

Collateral on certain derivative contracts^(a)		37,422,400

Investments sold		19,475,388

Fund shares sold		3,970,000

Dividends		295,139

Foreign tax reclaims		171,379

Investments sold on an extended — settlement basis		31,119

Reimbursement from investment adviser		23,008

Securities lending income		6,602

Other assets		12,912

Total assets		1,645,480,026

Liabilities:

Unrealized loss on forward foreign currency exchange contracts		11,364,207

Written option contracts, at value (premium received $1,824,832)		1,918,931

Variation margin on futures		781,127

Payables:

Fund shares redeemed		36,350,000

Investments purchased		1,414,211

Transfer Agency fees		25,669

Accrued expenses		338,076

Total liabilities		52,192,221

Net Assets:

Paid-in capital		1,318,347,175

Total distributable earnings		274,940,630

NET ASSETS	$	1,593,287,805

Shares Outstanding $0.001 par value (unlimited number of shares authorized):		120,137,902

Net asset value, offering and redemption price per share:		$13.26

(a)

Includes amount segregated for initial margin and/or collateral on futures contracts, option contracts and forward foreign currency exchange contracts of $3,583,442, $17,818,958 and $16,020,000, respectively.


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Statement of Operations

For the Fiscal Year Ended August 31, 2020



Investment income:

Dividends — unaffiliated issuers (net of foreign withholding taxes of $153,825)	$	22,528,448

Dividends — affiliated issuers		1,158,912

Interest		12,374

Securities lending income — unaffiliated issuers		40,360

Total investment income		23,740,094

Expenses:

Management fees		3,857,000

Custody, accounting and administrative services		348,046

Transfer Agency fees		257,134

Professional fees		139,116

Registration fees		50,527

Trustee fees		20,923

Printing and mailing costs		17,554

Prime Broker fees		6,175

Shareholder meeting expense		4,815

Other		36,000

Total expenses		4,737,290

Less — expense reductions		(4,071,706	)

Net expenses		665,584

NET INVESTMENT INCOME		23,074,510

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		15,908,651

Purchased options		33,877,385

Futures contracts		(3,245,659	)

Written options		(6,769,131	)

Forward foreign currency exchange contracts		8,292,748

Foreign currency transactions		38,439

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		102,414,580

Investments — affiliated issuers		31,705,311

Purchased options		(3,824,094	)

Futures contracts		21,056,398

Written options		(94,099	)

Forward foreign currency exchange contracts		(15,491,000	)

Foreign currency translation		(43,294	)

Net realized and unrealized gain		183,826,235

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	206,900,745


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Statements of Changes in Net Assets


	For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
From operations:

Net investment income	$	23,074,510		$	29,018,949

Net realized gain		48,102,433			3,319,800

Net change in unrealized gain		135,723,802			3,788,919

Net increase in net assets resulting from operations		206,900,745			36,127,668

Distributions to shareholders:

From distributable earnings		(47,547,059	)		(39,877,290	)

From share transactions:

Proceeds from sales of shares		423,801,618			533,870,001

Reinvestment of distributions		47,547,059			39,877,290

Cost of shares redeemed		(188,792,678	)		(602,895,935	)

Net increase (decrease) in net assets resulting from share transactions		282,555,999			(29,148,644	)

TOTAL INCREASE (DECREASE)		441,909,685			(32,898,266	)

Net assets:

Beginning of year		1,151,378,120			1,184,276,386

End of year	$	1,593,287,805		$	1,151,378,120


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period


	Institutional Shares
	Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Year Ended October 31, 2016			Period Ended October 31, 2015^(a)
	2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Year Ended October 31, 2016			Period Ended October 31, 2015^(a)
Per Share Data

Net asset value, beginning of period	$	11.86		$	12.23		$	11.33		$	9.84		$	9.68		$	10.00

Net investment income^(b)		0.22			0.29			0.25			0.15			0.18			0.05

Net realized and unrealized gain (loss)		1.67			(0.25	)		1.00			1.54			0.11			(0.37	)

Total from investment operations		1.89			0.04			1.25			1.69			0.29			(0.32	)

Distributions to shareholders from net investment income		(0.38	)		(0.29	)		(0.14	)		(0.20	)		(0.11	)		—

Distributions to shareholders from net realized gains		(0.11	)		(0.12	)		(0.21	)		—			(0.02	)		—

Total distributions		(0.49	)		(0.41	)		(0.35	)		(0.20	)		(0.13	)		—

Net asset value, end of period	$	13.26		$	11.86		$	12.23		$	11.33		$	9.84		$	9.68

Total return^(c)		16.13	%		0.78	%		11.18	%		17.43	%		3.08	%		(3.20	)%

Net assets, end of period (in 000s)	$	1,593,288		$	1,151,378		$	1,184,276		$	442,071		$	144,246		$	136,984

Ratio of net expenses to average net assets^(d)		0.05	%		0.05	%		0.07	%		0.10	%^(e)		0.17	%		0.37	%^(e)

Ratio of total expenses to average net assets^(d)		0.37	%		0.37	%		0.39	%		0.42	%^(e)		0.48	%		0.68	%^(e)

Ratio of net investment income to average net assets		1.79	%		2.49	%		2.07	%		1.71	%^(e)		1.90	%		1.04	%^(e)

Portfolio turnover rate^(f)		45	%		56	%		18	%		44	%		37	%		—	%^(g)

The Fund changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations April 30, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)

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

(g)

Portfolio turnover rounds to less than 0.5%.


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Notes to Financial Statements

August 31, 2020

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Goldman Sachs Global Managed Beta Fund (the “Fund”) is a diversified fund that currently offers one class of shares — Institutional Shares. Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Fund pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

C. Expenses — Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable funds of the Trust on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

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

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

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

exchange rates are included in the Statement of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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.

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Notes to Financial Statements (continued)

August 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Fund invests in Underlying Funds that fluctuate in value, the Fund’s shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

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

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

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

A forward foreign currency exchange contract is a forward contract in which the Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily 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, the Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

C. Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of August 31, 2020:



GLOBAL MANAGED BETA

Investment Type	Level 1			Level 2			Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Asia	$	934,311		$	14,962,602		$	—

Australia and Oceania		91,202			3,592,722			—

Europe		3,240,671			35,875,748			—

North America		120,216,958			—			—

Exchange Traded Funds		1,245,013,343			—			—

Investment Company		122,254,978			—			—

Total	$	1,491,751,463		$	54,431,072		$	—

Derivative Type

Assets

Forward Foreign Currency Exchange Contracts^(b)	$	—		$	648,061		$	—

Futures Contracts^(b)		19,208,211			—			—

Options Purchased		12,934,419			—			—

Total	$	32,142,630		$	648,061		$	—

Liabilities

Forward Foreign Currency Exchange Contracts^(b)	$	—		$	(11,364,207	)	$	—

Written option contracts		(1,918,931	)		—			—

Total	$	(1,918,931	)	$	(11,364,207	)	$	—

(a)

Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent 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 Schedule of Investments.

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Notes to Financial Statements (continued)

August 31, 2020

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 August 31, 2020. These instruments were used as part of the Fund’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the table below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Fund’s net exposure.


Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest	Purchased options, at value	$	12,934,419		—	$	—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		648,061		Payable for unrealized loss on forward foreign currency exchange contracts		(11,364,207)
Equity	Variation margin on future contracts		19,208,211	^(a)	Written options, at value		(1,918,931)
Total		$	32,790,691			$	(13,283,138)

(a)

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

The following table sets forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended August 31, 2020. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statement of Operations:


Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest	Net realized gain on futures contracts and purchased option contracts/ Net change in unrealized gain on purchased option contracts	$	36,514,099		$	(3,951,037	)		12
Currency	Net realized gain on forward foreign currency exchange contracts/Net change in unrealized (loss) on forward foreign currency exchange contracts		8,292,748			(15,491,000	)		27
Equity	Net realized gain (loss) on futures contracts, purchased option contracts and written option contracts/ Net change in unrealized gain (loss) on futures contracts, purchased option contracts and written option contracts		(12,651,504	)		21,089,242			1,839
Total		$	32,155,343		$	1,647,205			1,878

(a)

Average number of contracts is based on the average of month end balances for the fiscal year ended August 31, 2020.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of 0.30% of the Fund’s average daily net assets.

GSAM has agreed to waive all management fees payable by the Fund, except those management fees it earns from the Fund’s investment of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Government Fund (the “Government Money Market Fund”). This arrangement will remain in place through at least December 27, 2020 and prior to such date GSAM may not terminate this arrangement without the approval of the Trustees. For the fiscal year ended August 31, 2020, GSAM waived $3,857,000 of the Fund’s management fees.

B. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rate of 0.02% of the average daily net assets of Institutional Shares.

C. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Fund is 0.204%. For the fiscal year ended August 31, 2020, the Fund did not have any other expense reimbursements from GSAM.

The Fund invests in Institutional Shares of the Government Money Market Fund and the shares of the Goldman Sachs ActiveBeta Emerging Markets Equity ETF, which are affiliated Underlying Funds. GSAM has agreed to reduce or limit “Other Expenses” in an amount equal to the management fee it earns as an investment adviser to any of the affiliated funds in which the Fund invests. For the fiscal year ended August 31, 2020, GSAM waived $214,721 of the Fund’s management fee.

These Other Expense limitations will remain in place through at least December 27, 2020, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitations described above.

D. Line of Credit Facility — As of August 31, 2020, the Fund participated in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the fiscal year ended August 31, 2020, the Fund did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

E. Other Transactions with Affiliates — The table below shows the transaction in and earnings from investments in the Underlying Funds for the fiscal year ended August 31, 2020.


Underlying Funds	Beginning Value as of August 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Gain/(Loss)		Ending Value as of August 31, 2020		Shares as of August 31, 2020		Dividend Income
Goldman Sachs ActiveBeta Emerging Markets Equity ETF	$	17,898,431	$	—	$	—		$	1,230,014	$	19,128,445		574,773	$	463,313
Goldman Sachs Financial Square Government Fund — Institutional Shares		39,944,386		603,392,395		(521,081,803	)		—		122,254,978		122,254,978		695,599

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Notes to Financial Statements (continued)

August 31, 2020

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)


Underlying Funds	Beginning Value as of August 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Gain/(Loss)		Ending Value as of August 31, 2020		Shares as of August 31, 2020		Dividend Income
Goldman Sachs MarketBeta International Equity ETF	$	—	$	234,074,087	$	—		$	6,442,622	$	240,516,709		5,136,524	$	—
Goldman Sachs MarketBeta US Equity ETF		—		227,319,129		—			24,032,675		251,351,804		5,162,182		—

Total	$	57,842,817	$	1,064,785,611	$	(521,081,803	)	$	31,705,311	$	633,251,936			$	1,158,912

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended August 31, 2020, were $706,550,922 and $517,247,977, respectively.

7. SECURITIES LENDING

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

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

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Fund by paying the Fund an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Fund’s master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Fund’s loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Fund’s overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2020, are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities, where applicable.

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

7. SECURITIES LENDING (continued)

Both the Fund and BNYM received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the fiscal year ended August 31, 2020, are reported under Investment Income on the Statement of Operations.

The following table provides information about the Fund’s investments in the Government Money Market Fund for the fiscal year ended August 31, 2020:


Beginning value as of August 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of August 31, 2020
$	—	$	189,969,952	$	(189,969,952	)	$	—

8. TAX INFORMATION

The tax character of distributions paid during the period ended August 31, 2020 was as follows:


Distribution paid from:
Ordinary income	$	38,921,480
Net long-term capital gains		8,625,579
Total taxable distributions	$	47,547,059

The tax character of distributions paid during the period ended August 31, 2019 was as follows:


Distribution paid from:
Ordinary income	$	36,079,372
Net long-term capital gains		3,797,918
Total taxable distributions	$	39,877,290

As of August 31, 2020, the components of accumulated earnings (losses) on a tax basis were as follows:


Undistributed ordinary income — net	$	38,906,301
Undistributed long-term capital gains		29,192,840
Total undistributed earnings	$	68,099,141
Timing differences (Late Year Ordinary Loss Deferral/Straddle Loss Deferral)	$	(10,890,300	)
Unrealized gains — net		217,731,789
Total accumulated earnings net	$	274,940,630

As of August 31, 2020, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


Tax Cost	$	1,349,744,872
Gross unrealized gain		227,708,783
Gross unrealized loss		(9,976,994	)
Net unrealized gains (losses)	$	217,731,789

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Notes to Financial Statements (continued)

August 31, 2020

8. TAX INFORMATION (continued)

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

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

9. OTHER RISKS

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

Dividend-Paying Investments Risk — The Fund’s investments in dividend-paying securities could cause the Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of the Fund to produce current income.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Foreign Custody Risk — If the Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on the Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Geographic Risk — If the Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

9. OTHER RISKS (continued)

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

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

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

Sector Risk — To the extent the Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

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 Fund. Additionally, in the course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

11. SUBSEQUENT EVENTS

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Notes to Financial Statements (continued)

August 31, 2020

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019
	Shares			Dollars			Shares			Dollars

Institutional Shares
Shares sold		34,576,181		$	423,801,618			47,237,176		$	533,870,001
Reinvestment of distributions		3,777,434			47,547,059			3,834,358			39,877,290
Shares redeemed		(15,286,879	)		(188,792,678	)		(50,869,984	)		(602,895,935	)

NET INCREASE (DECREASE)		23,066,736		$	282,555,999			201,550		$	(29,148,644	)

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of

Goldman Sachs Global Managed Beta Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs Global Managed Beta Fund (one of the funds constituting Goldman Sachs Trust, referred to hereafter as the “Fund”) as of August 31, 2020, the related statement of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2020 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 26, 2020

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting (the “Meeting”) of the Goldman Sachs Trust (“GST”) was held on January 23, 2020 to consider and act upon the proposals below. The Fund will amortize its respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse the Fund to the extent such expenses exceed a specified percentage of the Fund’s net assets.

At the Meeting, Dwight L. Bush, Kathryn A. Cassidy, Joaquin Delgado and Gregory G. Weaver were elected to the Trust’s Board of Trustees. In electing trustees, the Trust’s shareholders voted as follows:


Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes

Dwight L. Bush		94,278,961,728.065		0		349,026,343.365		0

Kathryn A. Cassidy		94,310,850,789.164		0		317,137,282.266		0

Joaquin Delgado		94,282,646,444.727		0		345,341,626.703		0

Gregory G. Weaver		94,306,589,873.348		0		321,398,198.082		0

GOLDMAN SACHS GLOBAL MANAGED BETA FUND



Fund Expenses — Six Month Period Ended August 31, 2020 (Unaudited)

As a shareholder of Institutional Shares of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

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

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


Share Class	Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid for the 6 months ended 8/31/20*
Institutional
Actual	$	1,000.00	$	1,141.10		$	0.32
Hypothetical 5% return		1,000.00		1,024.83	+		0.31

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

Expenses are calculated using the Fund’s annualized net expense ratio or each class, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratio for the period was 0.06%.

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

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

(a)

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

(i)

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

(ii)

(iii)

trends in employee headcount;

(iv)

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

(v)

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

(b)

(c)

(d)

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

(e)

fee and expense information for the Fund, including:

(i)

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

(ii)

the Fund’s expense trends over time; and

(iii)

(f)

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

(g)

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

(h)

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

(i)

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

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

(j)

(k)

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

(l)

information regarding commissions paid by the Fund and broker oversight, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

(m)

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

(n)

(o)

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

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

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

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

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings compiled by the Outside Data Provider as of December 31, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2020. The information on the Fund’s investment performance was provided for the one- and three-year periods ending on the applicable dates. The Trustees also reviewed the Fund’s investment performance relative to its performance benchmark.

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

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

They observed that the Fund’s Institutional Shares had outperformed the Fund’s benchmark index for the one- and three-year periods ended March 31, 2020. In addition, the Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one- and three-year periods ended December 31, 2019. As part of this review, the Trustees considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions.

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

Costs of Services Provided and Competitive Information

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

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

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

Profitability

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

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Fund. The Trustees considered that the Fund is offered to the Investment Adviser’s institutional clients as part of an investment model whereby the Fund and other funds act as core “building blocks” with which the client and the Investment Adviser form an investment strategy for the client’s portfolio. The Trustees considered the Investment Adviser’s representations that its clients benefit from this investment model with increased liquidity, increased investment oversight, access to new investment strategies, economies of scale, and reduced complexity in managing client portfolios. The Trustees considered the Investment Adviser’s undertaking to waive the management fees payable by the Fund. In this regard, the Trustees noted that, pursuant to the model, clients pay a single management fee for the Investment Adviser’s management of their accounts, and that fund-level management fees are waived in order to avoid charging two layers of management fees.

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

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

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Fund and Its Shareholders

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

Conclusion

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Trustees and Officers (Unaudited)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Jessica Palmer Age: 71	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Dwight L. Bush Age: 63	Trustee	Since 2020	Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Kathryn A. Cassidy Age: 66	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Diana M. Daniels Age: 71	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006- 2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Joaquin Delgado Age: 60	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Hexion Inc. (a specialty chemical manufacturer) (2019-present); and Director, Stepan Company (a specialty chemical manufacturer) (2011-present); and was formerly Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Stepan Company (a specialty chemical manufacturer)

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Trustees and Officers (Unaudited) (continued)

Interested Trustee*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Roy W. Templin Age: 60	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004- 2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)

Gregory G. Weaver Age: 68	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Verizon Communications Inc.

James A. McNamara Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	168	None

Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2020.

⁴

Additional information about the Trustees is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years

James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Caroline L. Kraus 200 West Street New York, NY 10282 Age: 43	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020–Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 52	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.

Information is provided as of August 31, 2020.

Goldman Sachs Trust — Global Managed Beta Fund — Tax Information (Unaudited)

For the year ended August 31, 2020, 18.94%, of the dividends paid from net investment company taxable income by the Global Managed Beta Fund, qualify for the dividends received deduction available to corporations.

From distributions paid during the fiscal year ended August 31, 2020, the total amount of income received by the Global Managed Beta Fund from sources within foreign countries and possessions of the United States was $0.1989 per share, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the Global Managed Beta Fund was 47.57%. The total amount of taxes paid by the Global Managed Beta Fund to such countries was $0.0184.

For the year ended August 31, 2020, 73.50% of the dividends paid from net investment company taxable income by the Global Managed Beta Fund qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

Pursuant to Section 852 of the Internal Revenue Code, the Global Managed Beta Fund designates $8,625,579, or, if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended August 31, 2020.

During the fiscal year ended August 31, 2020, the Global Managed Beta Fund designates $1,868,999 as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

FUNDS PROFILE

Goldman Sachs Funds

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

Money Market

Financial Square Funds^SM

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Financial Square Treasury Solutions Fund¹

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Financial Square Government Fund¹

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Financial Square Money Market Fund²

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Financial Square Prime Obligations Fund²

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Financial Square Treasury Instruments Fund¹

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Financial Square Treasury Obligations Fund¹

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Financial Square Federal Instruments Fund¹

Investor Funds^SM

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Investor Money Market Fund³

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Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

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Enhanced Income Fund

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High Quality Floating Rate Fund

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Short-Term Conservative Income Fund

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Short Duration Government Fund

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Short Duration Income Fund

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Government Income Fund

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Inflation Protected Securities Fund

Multi-Sector

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Bond Fund

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Core Fixed Income Fund

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Global Core Fixed Income Fund⁴

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Strategic Income Fund

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Income Fund

Municipal and Tax-Free

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High Yield Municipal Fund

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Dynamic Municipal Income Fund

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Short Duration Tax-Free Fund

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Municipal Income Completion Fund

Single Sector

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Investment Grade Credit Fund

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U.S. Mortgages Fund

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High Yield Fund

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High Yield Floating Rate Fund

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Emerging Markets Debt Fund

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Local Emerging Markets Debt Fund

Fixed Income Alternatives

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Long Short Credit Strategies Fund

Fundamental Equity

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Equity Income Fund

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Small Cap Growth Fund

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Small Cap Value Fund

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Small/Mid Cap Value Fund

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Mid Cap Value Fund

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Large Cap Value Fund

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Focused Value Fund

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Capital Growth Fund

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Strategic Growth Fund

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Small/Mid Cap Growth Fund

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Flexible Cap Fund

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Concentrated Growth Fund

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Technology Opportunities Fund

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Growth Opportunities Fund

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Rising Dividend Growth Fund

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U.S. Equity ESG⁵

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Income Builder Fund

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Defensive Equity Fund

Tax-Advantaged Equity

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U.S. Tax-Managed Equity Fund

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International Tax-Managed Equity Fund

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U.S. Equity Dividend and Premium Fund

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International Equity Dividend and Premium Fund

Equity Insights

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Small Cap Equity Insights Fund

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U.S. Equity Insights Fund

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Small Cap Growth Insights Fund

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Large Cap Growth Insights Fund

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Large Cap Value Insights Fund

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Small Cap Value Insights Fund

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International Small Cap Insights Fund

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International Equity Insights Fund

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Emerging Markets Equity Insights Fund

Fundamental Equity International

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International Equity Income Fund

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International Equity ESG Fund

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China Equity Fund⁶

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Emerging Markets Equity Fund

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Imprint Emerging Markets Opportunities Fund

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ESG Emerging Markets Equity Fund

Alternative

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Clean Energy Income Fund

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Real Estate Securities Fund

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International Real Estate Securities Fund

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Commodity Strategy Fund

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Global Real Estate Securities Fund

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Alternative Premia Fund

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Absolute Return Tracker Fund

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Managed Futures Strategy Fund

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MLP Energy Infrastructure Fund

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Energy Infrastructure Fund⁷

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Multi-Manager Alternatives Fund

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Global Infrastructure Fund

Total Portfolio Solutions

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Global Managed Beta Fund

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Multi-Manager Non-Core Fixed Income Fund

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Multi-Manager U.S. Dynamic Equity Fund

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Multi-Manager Global Equity Fund

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Multi-Manager International Equity Fund

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Tactical Tilt Overlay Fund

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Balanced Strategy Portfolio

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Multi-Manager U.S. Small Cap Equity Fund

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Multi-Manager Real Assets Strategy Fund

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Growth and Income Strategy Portfolio

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Growth Strategy Portfolio

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Dynamic Global Equity Fund

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Satellite Strategies Portfolio

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Enhanced Dividend Global Equity Portfolio

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Tax-Advantaged Global Equity Portfolio

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Strategic Factor Allocation Fund

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Target Date Retirement Portfolio⁸

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Target Date 2025 Portfolio

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Target Date 2030 Portfolio

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Target Date 2035 Portfolio

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Target Date 2040 Portfolio

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Target Date 2045 Portfolio

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Target Date 2050 Portfolio

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Target Date 2055 Portfolio

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Target Date 2060 Portfolio

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GQG Partners International Opportunities Fund

⁴

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

⁵

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

⁶

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

⁷

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

⁸

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

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

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


TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado James A. McNamara Roy W. Templin Gregory G. Weaver		OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary

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

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

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

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

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

The website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services offered. GSAM is not responsible for the accuracy and validity of the content of these websites.

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

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

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

Goldman Sachs Funds

LOGO



Annual Report				August 31, 2020

				Global Tax-Aware Equity Portfolios
				Enhanced Dividend Global Equity Portfolio
				Tax-Advantaged Global Equity Portfolio

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

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

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

LOGO

Goldman Sachs Global Tax-Aware Equity Portfolios

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ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

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TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO


TABLE OF CONTENTS

Market Review			1

Portfolio Management Discussion and Performance Summaries			5

Index Definitions			13

Schedules of Investments			14

Financial Statements			17

Financial Highlights			20

Enhanced Dividend Global Equity Portfolio			20

Tax-Advantaged Global Equity Portfolio			24

Notes to Financial Statements			28

Report of Independent Registered Public Accounting Firm			43

Other Information			45



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

MARKET REVIEW

Goldman Sachs Global Tax-Aware Equity Portfolios

Investment Strategy

The Portfolios invest in a strategic mix of Underlying Funds and other securities with the goal of achieving long-term growth of capital (both Portfolios) and current income (Goldman Sachs Enhanced Dividend Global Equity Portfolio only). Under normal conditions, at least 80% of the Portfolios’ total assets measured at the time of purchase will be allocated among the Underlying Funds that currently exist or that may become available for investment in the future for which Goldman Sachs Asset Management (“GSAM”) or an affiliate, now or in the future, acts as investment adviser or principal underwriter. Some of the Underlying Funds invest primarily in fixed income or money market instruments and other Underlying Funds invest primarily in equity securities. The Portfolios may also invest directly in the Underlying Tactical Fund (as defined below) and other securities or instruments, including unaffiliated exchange-traded funds and derivatives, and can use these investments for implementing tactical tilts. Under normal circumstances, each of the Portfolios also has a small strategic allocation to U.S. investment grade corporate bonds, which is used to help fund the tactical tilts.

Market Review

During the 12 months ended August 31, 2020 (the “Reporting Period”), the financial markets were influenced by the spread of COVID-19, global economic growth data, central bank monetary policy and geopolitics. Both global equities and fixed income markets generated positive returns, with global equities significantly outperforming fixed income.

Equity Markets

Global equity markets rose in September 2019, when the Reporting Period began, supported by positive developments in the U.S.-China trade dispute. On September 4th, China and the U.S. agreed to hold high-level talks in early October, with both sides seeking a conducive climate for further negotiations. The news pushed up global equities, led by Japanese stocks. European bank stocks rallied on the trade news and improved investor risk sentiment as well as on a monetary policy easing package from the European Central Bank (“ECB”). Meanwhile, U.S. equities advanced, though they underperformed developed markets stocks broadly. The U.S. Federal Reserve (“Fed”) cut short-term interest rates by 25 basis points at its September policy meeting, in line with market expectations. (A basis point is 1/100th of a percentage point.) Emerging markets stocks were also up during September, though Chinese equities had a volatile month amid weaker domestic macroeconomic data.

In the fourth quarter of 2019, global equities broadly rallied, with emerging markets stocks leading the pack, supported by somewhat diminished geopolitical uncertainty and signs of stabilization in global economic growth. Investors welcomed the successful accomplishment of a “Phase One” deal in U.S.-China trade negotiations. This milestone, accompanied by the Fed’s continued accommodative stance, helped propel the U.S. stock market to all-time record highs by calendar year end. Fed policymakers had cut short-term interest rates by another 25 basis points in October and signaled they were likely to remain on hold through 2020 unless macroeconomic data deteriorated further.

The new calendar year began on a favorable note, with a stretch of positive returns that lasted into the second half of February 2020. At that point, however, the spread of COVID-19 made it clear the impact of the pandemic would be widespread. As containment efforts led to a gradual shutdown of the global economy, investors began to factor severe weakness in both economic growth and corporate earnings. Global equities sold off dramatically to post their worst quarterly performance since the fourth quarter of 2008. Conditions improved near the end of the quarter, as rapid and unprecedented monetary and fiscal stimulus from global central banks and governments calmed the financial markets. Most developed market central banks, including the Fed, cut interest rates to their lower ranges, with a significant number commencing asset purchase programs. Nevertheless, persistent investor uncertainty about the impact of COVID-19 kept market volatility high.

In the second quarter of 2020, global equities appreciated strongly, as some governments relaxed lockdown restrictions, gradually re-opened parts of their economies, and announced social distancing norms and increased testing. However, the rally faced headwinds from weak macroeconomic data, fear of a second wave of COVID-19 and a bleak U.S. economic outlook from the Fed. In the U.S., equities rallied despite a surge in COVID-19 cases in regional pockets of the country, which caused local governments to pause reopening plans and revisit previous lockdown measures. The Fed was somewhat more dovish than the market expected at

MARKET REVIEW

its June meeting. (Dovish tends to suggest lower interest rates; opposite of hawkish.) Meanwhile, the European Union announced a €750 billion recovery fund, taking a step closer towards the fiscal integration of the Eurozone. China and Japan also delivered meaningful fiscal action.

Global equity markets continued to push higher in July 2020, buoyed by investor optimism surrounding COVID-19 vaccine testing and ongoing policy support from governments and central banks. In the U.S., equities were bolstered by the release of positive test data from multiple COVID-19 vaccine candidates, despite headwinds caused by rising cases in various hotspots around the country. U.S. stocks also benefited from the proposal of a $1 trillion COVID-19 relief bill in the U.S. Congress and a strong corporate earnings season that showed sequential improvement in demand and operational trends. European and Japanese equities, however, retreated amid fears of rising COVID-19 cases. Emerging markets equities, led by Chinese stocks, outperformed developed markets equities, as many emerging markets economies continued to benefit from earlier government stimulus packages.

August was another strong month for global equities, with positive investor sentiment supported by historically high levels of monetary and fiscal stimulus, rebounding economic activity and progress toward a vaccine. That said, the optimism was counterbalanced by concerns surrounding escalating U.S-China trade tensions, the re-imposition of travel restrictions within Europe and a stalemate between Democrats and Republicans on a new COVID-19 relief package. Japan was the best-performing developed markets equity market during August. U.S. equities gained on news of a drop in COVID-19 hospitalizations and infections in many hotspots around the country. European equities posted somewhat smaller, but still positive returns. In the emerging markets, stocks generated modest gains, with performance mixed across countries. China remained the top-performing emerging markets equity market in August, as economic conditions there continued to normalize.

Fixed Income Markets

The performance of spread, or non-government bond, sectors was rather flat as global central bank monetary easing gained momentum in September 2019, when the Reporting Period began. The Fed lowered short-term interest rates and announced it would stop trimming its balance sheet. Meanwhile, the ECB delivered a package that included a rate cut, resumption of asset purchases, stronger forward guidance and a tiering mechanism for bank deposits subject to negative interest rates. Elsewhere, the Bank of England and Sweden’s Riksbank kept their respective monetary policies unchanged, while Norway’s Norges Bank — a notable hawkish exception from G10 central banks — delivered a 25 basis point rate hike. (Hawkish tends to suggest higher interest rates; opposite of dovish. Also known as the Group of 10, the G10 are actually a group of 11 industrialized nations that include Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the U.K. and the U.S.) Also in September 2019, emerging markets monetary policy was broadly dovish, most notably in Turkey where its central bank lowered interest rates.

During the fourth quarter of 2019, spread sectors posted gains. Accommodative central bank policy, improved investor sentiment toward risk assets, a general election victory for the Conservative Party in the U.K., and the announcement of an agreement in principle for a “Phase One” trade deal between the U.S. and China bolstered spread sector performance. High yield corporate bonds performed particularly well, logging one of their best quarters since 2016. Near the end of October 2019, the Fed cut short-term interest rates and replaced a comment in its statement to “act as appropriate” with a more neutral comment that indicated its policy path would be dependent on the evolution of data and trade developments. In Europe, the first public address by new ECB president Christine Lagarde pointed to policy continuity, as it called for “a new European policy mix” that includes fiscal policy, which she believes could enable monetary policy to achieve its goal “faster and with fewer side effects.”

In the first quarter of 2020, spread sectors, with the exception of mortgage-backed securities, recorded negative returns. January began with improving macroeconomic data but also with heightened geopolitical uncertainty due to U.S.-Iran tensions. In the second half of the month, investor sentiment was challenged by concerns that Chinese and global economic growth could slow due to the outbreak in China of COVID-19. Although risk-off investor sentiment, or reduced risk appetite, eased in early February, it resurfaced later in the month on news of an uptick in COVID-19 cases outside of China. Investor sentiment quickly worsened in March, as governments around the world initiated shutdowns and quarantines to stem what had by then become a pandemic. Global central banks indicated their willingness to use monetary policy to address market volatility and economic conditions. In early March, the Fed cut the target federal funds rate by 50 basis points to a range of between 1.00% and 1.25%, citing “evolving”

MARKET REVIEW

risks to U.S. economic activity from COVID-19. Then, on March 15th, the Fed slashed the target federal funds rate to near zero. Other G10 banks, except for Sweden’s Riksbank, reduced their policy rates or held them at all-time lows. Quantitative easing measures were resumed in the U.S., the U.K. and Sweden, expanded in Europe and Japan, and commenced in Australia, Canada and New Zealand. New policy measures were also launched, with the goal of easing stresses in corporate bond markets. Meanwhile, many governments began to make use of fiscal policy to stem supply-side shocks. Several announced large fiscal measures, which included direct support for health care efforts. Many of the measures also sought to provide income support to individuals, assistance to households, small businesses and larger companies, and loan guarantees. Finally, a sharp drop in crude oil prices during March 2020 added to market volatility. Early in the month, a dispute between Russia and the Organization of the Petroleum Exporting Countries, also known as OPEC, led Saudi Arabia to lower the price at which it sold crude oil.

During the second quarter of 2020, spread sectors produced positive returns, supported by improving economic data and accommodative monetary and fiscal policy. When the quarter began in April, the broad fixed income market experienced bouts of volatility based on economic developments, including data that showed sharp declines in global economic activity, and COVID-19-related headlines. In May, ongoing central bank liquidity, better economic data and market optimism around the reopening of economies sparked a significant rally in risk assets, including corporate credit. Investors appeared to be looking beyond risks, such as deteriorating U.S.-China relations and civil unrest and nationwide protests in the U.S. At the start of June, renewed COVID-19 case growth in the U.S. and in various other developed economies increased risk-off sentiment. However, survey and economic activity data rebounded from April’s record low levels, boosting the performance of risk assets overall. Central banks continued to demonstrate their willingness to expand policy parameters to support labor markets and to use quantitative easing to facilitate fiscal expansion as well as to underpin more segments of the financial markets. In June, the ECB expanded and extended its quantitative easing program, while the Fed removed a requirement for issuers to “opt-in” to its secondary market corporate credit facility.

In July 2020, spread sectors continued to benefit from accommodative monetary policies as well as from the European Union’s adoption of a €750 billion European Union Recovery Fund, stronger than consensus expected second quarter corporate earnings and progress on COVID-19 vaccine development. However, they also continued to experience episodes of risk-off sentiment, driven by headlines about rising COVID-19 cases, increasing U.S.-China tensions, and limited progress in the U.S. Congress on a fourth fiscal stimulus package. As a result, the 10-year U.S. Treasury yield fell to an all-time low during July; gold prices rose to new highs; and the U.S. dollar experienced its worst monthly decline in a decade. Meanwhile, the Fed kept its monetary policy and forward guidance unchanged as it awaited details on further U.S. government fiscal stimulus and the path of COVID-19. The Fed also extended its credit facilities, which had been set to expire in September, to the end of the 2020 calendar year, thereby elongating the policy tailwind for corporate credit markets. In the Eurozone, the European Union Recovery Fund reduced political tail risks. (Tail risk is the chance of a loss occurring due to a rare event, as predicted by a probability distribution.)

Spread sectors continued to produce gains in August 2020, bolstered by improving economic data, accommodative monetary policy developments and COVID-19 vaccine progress. During the annual Jackson Hole symposium at the end of the month, Fed Chair Jerome Powell unveiled the conclusions of the Federal Open Market Committee’s monetary policy framework review. The main outcome was the adoption of flexible average inflation targeting. In other words, the Fed said it would aim for an inflation rate moderately above 2% following periods when inflation has run persistently below 2%, seeking an average of 2% over time.

Looking Ahead

After reaching a low in April 2020, global economic activity recovered substantially during May and June before moderating in July and August. At the end of the Reporting Period, we believed the speed of the economic recovery going forward may well differ across developed markets countries, depending on the evolution of the COVID-19 pandemic, available room for accommodative policies and structural factors. Among developed markets economies, we expected the U.S. to lead the recovery. At the same time, we anticipated that Eurozone and Japanese economic growth was likely to remain rather modest. Within the Eurozone, we thought Germany’s economy would outpace those of Italy, Spain and France.

Regarding emerging market economies, the COVID-19 pandemic caused a historic shock. Ultimately, we felt at the end of the Reporting Period that the progression of COVID-19 was likely to determine the extent of the economic damage and the subsequent

MARKET REVIEW

recovery. China, which experienced the peak of its COVID-19 infection during the first quarter of 2020, managed to control the spread relatively quickly and saw a strong economic rebound in the second calendar quarter. In contrast, other countries, such as India, were still seeing rapid increases in cases and were likely to rebound relatively slowly, in our opinion. We believed the economies reliant on exports and international tourists, such as Thailand and Malaysia, were disproportionately at risk if the external demand environment and tourism remained subdued. Meanwhile, we thought there was little likelihood of a rapid government-spending-driven recovery in many countries, including India, Brazil and South Africa. History also suggests that a negative shock is often followed by a decline in the economic growth of highly indebted countries.

Overall, inflation pressures remained muted at the end of the Reporting Period, enabling central banks to react strongly to the economic and financial challenges created by COVID-19. We expected monetary and fiscal policies to stay accommodative at least in the near term.

PORTFOLIO RESULTS

Goldman Sachs Enhanced Dividend

Global Equity Portfolio

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Enhanced Dividend Global Equity Portfolio’s (the “Portfolio”) performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

How did the Portfolio perform during the Reporting Period?

During the Reporting Period, the Portfolio’s Class A, Institutional, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 6.71%, 7.17%, 7.28% and 7.20%, respectively. These returns compare to the 15.12% average annual total return of the Portfolio’s blended benchmark, the Enhanced Dividend Global Equity Composite Index (“EDGE Composite Index”), over the same time period. The components of the EDGE Composite Index — the MSCI All Country World Index (ACWI) Investable Market Index (“MSCI ACWI IMI”) (90%) and the Bloomberg Barclays U.S. Aggregate Bond Index (10%) — returned 16.48% and 6.46%, respectively, during the Reporting Period.

What key factors affected the Portfolio’s performance during the Reporting Period?

During the Reporting Period, the Portfolio’s strategic weightings detracted from its performance versus the EDGE Composite Index. (The strategic weightings are based upon Goldman Sachs Investment Strategy Group’s (“ISG”) assumptions regarding long-term expected returns, expected volatilities and expected correlations as well as the investments views of Goldman Sachs ISG.) Our tactical asset allocation decisions (“tactical tilts”) and the overall performance of the Underlying Funds also detracted from the Portfolio’s relative returns.

How were the Portfolio’s tactical asset allocation decisions managed during the Reporting Period?

In keeping with our investment process, we implement tactical tilts, based on Goldman Sachs ISG’s views about near-term expected market returns, in an attempt to enhance performance. These tactical tilts are implemented through an investment in the Goldman Sachs Tactical Tilt Overlay Fund (the “Underlying Tactical Fund”), which seeks long-term total return through the implementation of investment ideas that are generally derived from short-term or medium-term market views on a variety of asset classes and instruments. As mentioned previously, the Portfolio’s tactical tilts detracted from its performance during the Reporting Period.

How did the Portfolio’s Underlying Funds perform relative to their respective benchmark indices during the Reporting Period?

To implement strategic weightings and our tactical tilts, the Portfolio invests in 10 Underlying Funds. Nine of these Underlying Funds may be used to implement strategic weightings (“Underlying Strategic Funds”). The Underlying Tactical Fund, as mentioned previously, is used to implement tactical tilts.

During the Reporting Period, the Portfolio was invested in eight of the nine Underlying Strategic Funds, five of which underperformed their respective benchmark indices. (The Portfolio did not have an allocation to the Goldman Sachs Core Fixed Income Fund during the Reporting Period.)

Two of the Underlying Strategic Funds that underperformed in relative terms — the Goldman Sachs U.S. Equity Dividend and Premium Fund and the Goldman Sachs International Equity Dividend and Premium Fund — are those in which the Portfolio invested a significant percentage of its equity allocation. The other Underlying Strategic Funds that underperformed their respective benchmark indices were the Goldman Sachs MLP Energy Infrastructure Fund, the Goldman Sachs International Small Cap Insights Fund and the Goldman Sachs Small Cap Equity Insights Fund.

The Goldman Sachs Global Real Estate Securities Fund, the Goldman Sachs Global Infrastructure Fund and the Goldman Sachs Emerging Markets Equity Insights Fund outperformed their respective benchmark indices during the Reporting Period.

PORTFOLIO RESULTS

The Portfolio’s Underlying Tactical Fund outperformed its cash benchmark index¹ by 198 basis points² during the Reporting Period. (A basis point is 1/100^th of a percentage point.)

How did call writing affect performance?

As mentioned above, the Portfolio’s two largest allocations were to the Goldman Sachs U.S. Equity Dividend and Premium Fund and the Goldman Sachs International Equity Dividend and Premium Fund, which earn premiums through an equity index call writing strategy. When equity markets are down, flat or modestly positive, these Underlying Strategic Funds tend to outperform their respective benchmark indices because of the premiums they earn from call writing. When equity markets rally strongly, these two Underlying Strategic Funds are likely to trail their respective benchmark indices. Although the Underlying Strategic Funds keep the premiums they earn from call writing, they can underperform when the call options are exercised.

During the Reporting Period, the call writing strategies of the Goldman Sachs U.S. Equity Dividend and Premium Fund and the Goldman Sachs International Equity Dividend and Premium Fund detracted from their performance, as the U.S. and international equity markets generated gains.

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

During the Reporting Period, the Portfolio employed S&P 500^®Index futures as part of its strategic weightings in U.S. large-cap growth stocks and U.S. large-cap value stocks, which had a negative impact on performance. The Portfolio also utilized forward foreign currency exchange contracts to take positions in the British pound, euro, Australian dollar, Swiss franc and Japanese yen. These currency hedging positions detracted from the Portfolio’s performance during the Reporting Period.

In addition, some of the Portfolio’s Underlying Funds, including the Portfolio’s Underlying Tactical Fund, used derivatives during the Reporting Period to apply their active investment views with greater versatility or to afford greater risk management precision. As market conditions warranted during the Reporting Period, some of these Underlying Funds engaged in forward foreign currency exchange contracts, financial futures contracts, options and swap contracts to enhance portfolio return and for hedging purposes.

What changes did you make during the Reporting Period within the Portfolio?

No significant changes were made within the Portfolio during the Reporting Period.

What was the Portfolio’s strategy at the end of the Reporting Period?

Going forward, we plan to maintain a diversified equity portfolio that implements our strategic and tactical views as we continue to seek long-term growth of capital and current income.

ICE^® BofAML^® U.S. Dollar Three-Month LIBOR Constant Maturity Index (the “Index”). The Index tracks the performance of a synthetic asset paying LIBOR to a stated maturity. It is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument.

Performance quoted is for Institutional Shares.

PORTFOLIO BASICS

Enhanced Dividend Global Equity Portfolio

as of August 31, 2020


OVERALL UNDERLYING FUND WEIGHTINGS^1,2

Percentage of Net Assets

LOGO

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

Represents affiliated funds.

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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $1,000,000 investment made on September 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Portfolio’s benchmark the Enhanced Dividend Global Equity Composite Index (“EDGE Composite Index”), which is comprised of 10% of the Bloomberg Barclays U.S. Aggregate Bond Index, and 90% of the Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) Investable Market Index (IMI) (“MSCI ACWI IMI”) (Net, USD, Unhedged), is shown. Performance reflects applicable fee waivers and/or expense limitations currently in effect and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Portfolio’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Enhanced Dividend Global Equity Portfolio’s 10 Year Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2010 through August 31, 2020.

LOGO


Average Annual Total Return through August 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	6.71%	6.39%	8.00%	—
Including sales charges	0.85%	5.19%	7.39%	—

Institutional	7.17%	6.79%	8.43%	—

Class R6 (Commenced December 29, 2017)	7.28%	N/A	N/A	3.35%

Class P (Commenced April 17, 2018)	7.20%	N/A	N/A	3.54%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares. Because Institutional, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

PORTFOLIO RESULTS

Goldman Sachs Tax-Advantaged

Global Equity Portfolio

Investment Objective

The Portfolio seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Tax-Advantaged Global Equity Portfolio’s (the “Portfolio”) performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

How did the Portfolio perform during the Reporting Period?

During the Reporting Period, the Portfolio’s Class A, Institutional, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 12.24%, 12.60%, 12.58% and 12.59%, respectively. These returns compare to the 15.12% average annual total return of the Portfolio’s blended benchmark, the Goldman Sachs Tax-Advantaged Global Composite Index (“TAG Composite Index”), over the same time period. The components of the TAG Composite Index — the MSCI All Country World Index (ACWI) Investable Market Index (“MSCI ACWI IMI”) (90%) and the Bloomberg Barclays U.S. Aggregate Bond Index (10%) — returned 16.48% and 6.46%, respectively, during the Reporting Period.

What key factors affected the Portfolio’s performance during the Reporting Period?

During the Reporting Period, the Portfolio’s strategic weightings detracted from its performance versus the TAG Composite Index. (The strategic weightings are based upon Goldman Sachs Investment Strategy Group’s (“ISG”) assumptions regarding long-term expected returns, expected volatilities and expected correlations as well as the investments views of Goldman Sachs ISG.) Our tactical asset allocation decisions (“tactical tilts”) also detracted from the Portfolio’s relative returns. The overall performance of the Underlying Funds contributed positively to the Fund’s relative performance during the Reporting Period.

How were the Portfolio’s tactical asset allocation decisions managed during the Reporting Period?

How did the Portfolio’s Underlying Funds perform relative to their respective benchmark indices during the Reporting Period?

To implement strategic weightings and our tactical tilts, the Portfolio invests in nine Underlying Funds. Eight of these Underlying Funds may be used to implement strategic asset allocation decisions (“Underlying Strategic Funds”). The Underlying Tactical Fund, as mentioned previously, is used to implement tactical tilts.

During the Reporting Period, the Portfolio was invested in seven of the eight Underlying Strategic Funds, four of which outperformed their respective benchmark indices. (The Portfolio did not have an allocation to the Goldman Sachs Core Fixed Income Fund during the Reporting Period.)

The Goldman Sachs International Tax-Managed Equity Fund, one of the two Underlying Strategic Funds in which the Portfolio held its largest weightings, outperformed its benchmark index. In addition, the Goldman Sachs Global Real Estate Securities Fund, the Goldman Sachs Global Infrastructure Fund and the Goldman Sachs Emerging Markets Equity Insights Fund outperformed their respective benchmark indices during the Reporting Period.

The Goldman Sachs U.S. Tax-Managed Equity Fund — the other Underlying Strategic Fund in which the Portfolio held its largest weightings — underperformed its benchmark index. The Goldman Sachs MLP Energy Infrastructure Fund and the Goldman Sachs International Small Cap Insights

PORTFOLIO RESULTS

Fund also underperformed their respective benchmark indices.

The Portfolio’s Underlying Tactical Fund outperformed its cash benchmark index¹ by 198 basis points² during the Reporting Period. (A basis point is 1/100^th of a percentage point.)

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

During the Reporting Period, the Portfolio employed S&P 500^®Index futures as part of its strategic weightings in U.S. large-cap growth stocks and U.S. large-cap value stocks, which had a positive impact on performance. The Portfolio also utilized forward foreign currency exchange contracts to take positions in the British pound, euro, Australian dollar, Swiss franc and Japanese yen. These currency hedging positions detracted from the Portfolio’s performance during the Reporting Period.

What changes did you make during the Reporting Period within the Portfolio?

No significant changes were made within the Portfolio during the Reporting Period.

What was the Portfolio’s strategy at the end of the Reporting Period?

Going forward, we plan to maintain a diversified equity portfolio that implements our strategic and tactical views as we continue to seek long-term growth of capital.

ICE® BofAML® U.S. Dollar Three-Month LIBOR Constant Maturity Index (the “Index”). The Index tracks the performance of a synthetic asset paying LIBOR to a stated maturity. It is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument.

Performance quoted is for Institutional Shares.

PORTFOLIO BASICS

Tax-Advantaged Global Equity Portfolio

as of August 31, 2020


OVERALL UNDERLYING FUND WEIGHTINGS^1,2

Percentage of Net Assets

LOGO

Represents affiliated funds.

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

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $1,000,000 investment made on September 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Portfolio’s benchmark the Goldman Sachs Tax-Advantaged Global Composite Index (“TAG Composite Index”), which is comprised of 10% of the Bloomberg Barclays U.S. Aggregate Bond Index, and 90% of the Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) Investable Market Index (IMI) (“MSCI ACWI IMI”) (Net, USD, Unhedged), is shown. Performance reflects applicable fee waivers and/or expense limitations currently in effect and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Portfolio’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Tax-Advantaged Global Equity Portfolio’s 10 Year Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2010 through August 31, 2020.

LOGO


Average Annual Total Return through August 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	12.24%	7.78%	9.98%	—
Including sales charges	6.08%	6.57%	9.36%	—

Institutional	12.60%	8.19%	10.41%	—

Class R6 (Commenced December 29, 2017)	12.58%	N/A	N/A	4.83%

Class P (Commenced April 17, 2018)	12.59%	N/A	N/A	4.77%

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Index Definition

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

The EDGE Composite Index (“EDGE Composite”) is a composite representation prepared by the investment adviser of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range.

The EDGE Composite is comprised of MSCI ACWI IMI (90%) and the Bloomberg Barclays U.S. Aggregate Bond Index (10%).

The EDGE Composite figures do not reflect any deduction for fees, expenses or taxes.

The TAG Composite Index (“TAG Composite”) is a composite representation prepared by the investment adviser of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range.

The TAG Composite is comprised of the MSCI ACWI IMI (90%) and the Bloomberg Barclays U.S. Aggregate Bond Index (10%).

The TAG Composite figures do not reflect any deduction for fees, expenses or taxes.

The Bloomberg Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment grade corporate bonds and mortgage backed and asset-backed securities.

The MSCI ACWI IMI captures large, mid and small cap representation across 23 developed markets and 26 emerging markets.

With 8,768 constituents, the MSCI ACWI IMI is comprehensive, covering approximately 99% of the global equity investment opportunity set. As of August 31, 2020, the 23 developed markets in the MSCI ACWI IMI include Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US The 26 emerging markets include Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates

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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Schedule of Investments

August 31, 2020


Shares		Description	Value

Underlying Funds (Class R6 Shares)^(a) – 99.5%
Equity – 99.5%
	14,963,121	Goldman Sachs US Equity Dividend and Premium Fund	$	209,334,068
	15,532,031	Goldman Sachs International Equity Dividend and Premium Fund		100,181,603
	4,309,614	Goldman Sachs Tactical Tilt Overlay Fund		42,708,276
	1,472,848	Goldman Sachs Small Cap Equity Insights Fund		36,379,358
	2,527,005	Goldman Sachs Emerging Markets Equity Insights Fund		25,446,938
	1,461,314	Goldman Sachs International Small Cap Insights Fund		16,732,048
	1,118,483	Goldman Sachs Global Real Estate Securities Fund		10,759,811
	891,481	Goldman Sachs Global Infrastructure Fund		10,278,772
	613,499	Goldman Sachs MLP Energy Infrastructure Fund		10,116,597

	TOTAL UNDERLYING FUNDS (CLASS R6 SHARES)
	(Cost $357,549,653)		$	461,937,471

Shares		Dividend Rate	Value

Investment Company^(a) – 0.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	514,765	0.027%	$	514,765
	(Cost $514,765)

	TOTAL INVESTMENTS – 99.6% (Cost $358,064,418)		$	462,452,236

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4%			1,714,102

	NET ASSETS – 100.0%		$	464,166,338



The percentage shown for each investment and investment category reflects the value of the respective investment or category as a percentage of net assets.

(a)		Represents an Affiliated Issuer.



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

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At August 31, 2020, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
Morgan Stanley Co., Inc.	AUD	380,000	USD	262,273		09/16/2020	$	18,011
	CHF	240,000	USD	254,111		09/16/2020		11,501
	GBP	210,000	USD	260,284		09/16/2020		20,459
	JPY	78,000,000	USD	723,459		09/16/2020		13,109

TOTAL							$	63,080

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.	USD	4,009,496	AUD	5,789,962		09/16/2020	$	(261,111	)
	USD	5,965,699	CHF	5,720,844		09/16/2020		(365,644	)
	USD	17,941,159	EUR	15,944,225		09/16/2020		(1,091,699	)
	USD	8,393,979	GBP	6,669,415		09/16/2020		(522,203	)
	USD	14,784,923	JPY	1,604,272,100		09/16/2020		(364,502	)

TOTAL							$	(2,605,159	)


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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At August 31, 2020, the Portfolio had the following futures contracts:

Description

Number of
Contracts

Expiration

Date

Notional
Amount

Unrealized
Appreciation/
(Depreciation)

Long position contracts:

S&P 500 E-Mini Index

09/18/2020

5,073,405

688,841


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

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Schedule of Investments

August 31, 2020


Shares		Description	Value

Underlying Funds (Class R6 Shares)^(a) – 100.0%
Equity – 100.0%
	52,014,420	Goldman Sachs US Tax-Managed Equity Fund	$	1,475,649,105
	58,367,485	Goldman Sachs International Tax-Managed Equity Fund		593,013,649
	25,118,106	Goldman Sachs Tactical Tilt Overlay Fund		248,920,435
	14,712,902	Goldman Sachs Emerging Markets Equity Insights Fund		148,158,919
	8,499,669	Goldman Sachs International Small Cap Insights Fund		97,321,206
	6,516,012	Goldman Sachs Global Real Estate Securities Fund		62,684,039
	5,198,669	Goldman Sachs Global Infrastructure Fund		59,940,656
	3,571,049	Goldman Sachs MLP Energy Infrastructure Fund		58,886,596

	TOTAL UNDERLYING FUNDS (CLASS R6 SHARES)
	(Cost $1,781,190,018)		$	2,744,574,605

Shares		Dividend Rate	Value

Investment Company^(a) – 0.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	4,042,158	0.027%	$	4,042,158
	(Cost $4,042,158)

	TOTAL INVESTMENTS – 100.1% (Cost $1,785,232,176)		$	2,748,616,763

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%			(3,431,767	)

	NET ASSETS – 100.0%		$	2,745,184,996



The percentage shown for each investment and investment category reflects the value of the respective investment or category as a percentage of net assets.

(a)		Represents an Affiliated Issuer.



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

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At August 31, 2020, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACT WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.	USD	21,443,869	AUD	30,974,774		09/16/2020	$	(1,402,760	)
	USD	32,694,470	CHF	31,332,984		09/16/2020		(1,982,209	)
	USD	102,628,775	EUR	91,203,958		09/16/2020		(6,242,739	)
	USD	46,435,739	GBP	36,921,169		09/16/2020		(2,923,290	)
	USD	80,551,262	JPY	8,739,154,282		09/16/2020		(1,974,118	)

TOTAL							$	(14,525,116	)

FUTURES CONTRACTS — At August 31, 2020, the Portfolio had the following futures contracts:

Description

Number of
Contracts

Expiration

Date

Notional
Amount

Unrealized
Appreciation/
(Depreciation)

Long position contracts:

S&P 500 E-Mini Index

166

09/18/2020

29,040,870

3,943,023


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

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Statements of Assets and Liabilities

August 31, 2020


	Enhanced Dividend Global Equity Portfolio		Tax-Advantaged Global Equity Portfolio
Assets:
Investments in affiliated Underlying Funds, at value (cost $358,064,418 and $1,785,232,176)	$	462,452,236	$	2,748,616,763
Cash		1,523,114		9,330,398
Foreign currencies, at value (cost $0 and $120,750)		—		129,636
Receivables:
Collateral on certain derivative contracts^(a)		2,902,800		16,541,200
Reimbursement from investment adviser		36,515		37,438
Investments sold		29,361		—
Portfolio shares sold		4,967		1,176,073
Dividends		63		607
Foreign tax reclaims		—		7,628
Unrealized gain on forward foreign currency exchange contracts		63,080		—
Other assets		36,527		45,877
Total assets		467,048,663		2,775,885,620

Liabilities:
Unrealized loss on forward foreign currency exchange contracts		2,605,159		14,525,116
Variation margin on futures		7,972		45,647
Payables:
Portfolio shares redeemed		97,357		15,477,919
Management fees		31,251		184,137
Distribution and Service fees and Transfer Agency fees		13,659		69,485
Investments purchased		—		215,512
Accrued expenses		126,927		182,808
Total liabilities		2,882,325		30,700,624

Net Assets:
Paid-in capital		389,811,115		1,892,173,532
Total distributable earnings (loss)		74,355,223		853,011,464
NET ASSETS	$	464,166,338	$	2,745,184,996
Net Assets:
Class A	$	5,500,641	$	469,888
Institutional		19,694,535		33,799,587
Class R6		10,921		11,348
Class P		438,960,241		2,710,904,173
Total Net Assets	$	464,166,338	$	2,745,184,996
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		467,546		27,389
Institutional		1,655,134		1,953,725
Class R6		919		665
Class P		36,982,329		158,769,148
Net asset value, offering and redemption price per share:^(b)
Class A	$	11.76	$	17.16
Institutional		11.90		17.30
Class R6		11.88		17.07	^(c)
Class P		11.87		17.07

(a)

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


Portfolio	Forwards		Futures
Enhanced Dividend Global Equity	$	2,510,000	$	392,800

Tax-Advantaged Global Equity		14,340,000		2,201,200

(b)

Maximum public offering price per share for Class A Shares of the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios is $12.44 and $18.16, respectively.

(c)

Net asset value may not recalculate due to rounding of fractional shares.


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

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Statements of Operations

For the Fiscal Year Ended August 31, 2020


	Enhanced Dividend Global Equity Portfolio			Tax-Advantaged Global Equity Portfolio
Investment income:

Dividends from affiliated Underlying Funds	$	10,943,412		$	38,941,858

Expenses:

Management fees		803,221			4,093,720

Transfer Agency fees^(a)		172,120			823,179

Professional fees		103,499			103,499

Custody, accounting and administrative services		95,725			308,914

Registration fees		71,791			91,976

Printing and mailing costs		33,235			53,584

Trustee fees		19,844			23,255

Distribution and Service fees — Class A Shares		16,697			1,090

Shareholder Meeting Expense		7,497			10,779

Other		27,778			74,524

Total expenses		1,351,407			5,584,520

Less — expense reductions		(659,544	)		(2,207,743	)

Net expenses		691,863			3,376,777

NET INVESTMENT INCOME		10,251,549			35,565,081

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments in affiliated Underlying Funds		(14,885,924	)		(41,423,884	)

Investments — unaffiliated issuers		—			518,052

Futures contracts		244,331			1,071,765

Forward foreign currency exchange contracts		2,475,528			11,284,944

Foreign currency transactions		—			(349	)

Capital gain distributions from affiliated Underlying Funds		13,333,256			1,699,609

Net change in unrealized gain (loss) on:

Investments in affiliated Underlying Funds		9,100,528			295,618,328

Futures contracts		623,264			3,652,397

Forward foreign currency exchange contracts		(3,858,126	)		(20,595,669	)

Foreign currency translation		—			1,163

Net realized and unrealized gain		7,032,857			251,826,356

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	17,284,406		$	287,391,437

(a)

Class specific Transfer Agency fees were as follows:


	Transfer Agency Fees
Portfolio	Class A		Institutional		Class R6		Class P
Enhanced Dividend Global Equity	$	11,260	$	8,872	$	4	$	151,984
Tax-Advantaged Global Equity		734		15,304		4		807,137


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

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Statements of Changes in Net Assets


	Enhanced Dividend Global Equity Portfolio						Tax-Advantaged Global Equity Portfolio
	For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
From operations:

Net investment income	$	10,251,549		$	12,512,086		$	35,565,081		$	33,182,643

Net realized gain (loss)		1,167,191			17,759,228			(26,849,863	)		757,486

Net change in unrealized gain (loss)		5,865,666			(42,228,659	)		278,676,219			(165,922,972	)

Net increase (decrease) in net assets resulting from operations		17,284,406			(11,957,345	)		287,391,437			(131,982,843	)

Distributions to shareholders:

From distributable earnings:

Class A Shares		(311,665	)		(511,526	)		(4,637	)		(8,664	)

Institutional Shares		(1,087,162	)		(1,592,746	)		(648,419	)		(376,203	)

Class R6 Shares		(476	)		(537	)		(158	)		(191	)

Class P Shares		(25,246,149	)		(32,045,647	)		(42,914,283	)		(51,683,171	)

Return of capital

Class A Shares		(8,162	)		—			—			—

Institutional Shares		(26,731	)		—			—			—

Class R6 Shares		(12	)		—			—			—

Class P Shares		(613,732	)		—			—			—
Total distributions to shareholders		(27,294,089	)		(34,150,456	)		(43,567,497	)		(52,068,229	)

From share transactions:

Proceeds from sales of shares		26,713,852			66,308,825			307,373,807			408,860,511

Reinvestment of distributions		26,879,858			33,638,454			43,449,706			52,065,951

Cost of shares redeemed		(187,103,975	)		(126,805,393	)		(636,876,111	)		(350,118,999	)

Net increase (decrease) in net assets resulting from share transactions		(133,510,265	)		(26,858,114	)		(286,052,598	)		110,807,463

TOTAL DECREASE		(143,519,948	)		(72,965,915	)		(42,228,658	)		(73,243,609	)

Net Assets:

Beginning of year		607,686,286			680,652,201			2,787,413,654			2,860,657,263

End of year	$	464,166,338		$	607,686,286		$	2,745,184,996		$	2,787,413,654


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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


		Goldman Sachs Enhanced Dividend Global Equity Portfolio
		Class A Shares
		Year Ended August 31,
		2020			2019			2018			2017			2016
	Per Share Data

	Net asset value, beginning of year	$	11.50		$	12.34		$	11.70		$	10.68		$	10.69

	Net investment income^(a)(b)		0.17			0.19			0.15			0.17			0.11

	Net realized and unrealized gain (loss)		0.59			(0.44	)		0.88			1.12			0.52

	Total from investment operations		0.76			(0.25	)		1.03			1.29			0.63

	Distributions to shareholders from net investment income		(0.22	)		(0.27	)		(0.25	)		(0.20	)		(0.31	)

	Distributions to shareholders from net realized gains		(0.27	)		(0.32	)		(0.14	)		(0.07	)		(0.33	)

Distributions to shareholders from return of capital			(0.01	)		—			—			—			—

	Total distributions		(0.50	)		(0.59	)		(0.39	)		(0.27	)		(0.64	)

	Net asset value, end of year	$	11.76		$	11.50		$	12.34		$	11.70		$	10.68

	Total return^(c)		6.71	%		(1.78	)%		8.94	%		12.25	%		6.32	%

	Net assets, end of year (in 000s)	$	5,501		$	8,661		$	10,418		$	9,289		$	4,993

	Ratio of net expenses to average net assets^(d)		0.51	%		0.52	%		0.52	%		0.53	%		0.53	%

	Ratio of total expenses to average net assets^(d)		0.64	%		0.65	%		0.62	%		0.63	%		0.64	%

	Ratio of net investment income to average net assets^(b)		1.54	%		1.62	%		1.21	%		1.54	%		1.09	%

	Portfolio turnover rate^(e)		13	%		15	%		20	%		8	%		19	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.

(d)

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

(e)

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


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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


		Goldman Sachs Enhanced Dividend Global Equity Portfolio
		Institutional Shares
		Year Ended August 31,
		2020			2019			2018			2017			2016
	Per Share Data

	Net asset value, beginning of year	$	11.63		$	12.48		$	11.80		$	10.76		$	10.76

	Net investment income^(a)(b)		0.22			0.23			0.17			0.22			0.16

	Net realized and unrealized gain (loss)		0.59			(0.44	)		0.93			1.12			0.51

	Total from investment operations		0.81			(0.21	)		1.10			1.34			0.67

	Distributions to shareholders from net investment income		(0.26	)		(0.32	)		(0.28	)		(0.23	)		(0.34	)

	Distributions to shareholders from net realized gains		(0.27	)		(0.32	)		(0.14	)		(0.07	)		(0.33	)

Distributions to shareholders from return of capital			(0.01	)		—			—			—			—

	Total distributions		(0.54	)		(0.64	)		(0.42	)		(0.30	)		(0.67	)

	Net asset value, end of year	$	11.90		$	11.63		$	12.48		$	11.80		$	10.76

	Total return^(c)		7.17	%		(1.46	)%		9.45	%		12.66	%		6.67	%

	Net assets, end of year (in 000s)	$	19,695		$	25,244		$	33,490		$	637,000		$	507,845

	Ratio of net expenses to average net assets^(d)		0.13	%		0.13	%		0.13	%		0.13	%		0.13	%

	Ratio of total expenses to average net assets^(d)		0.26	%		0.26	%		0.23	%		0.24	%		0.24	%

	Ratio of net investment income to average net assets^(b)		1.90	%		2.00	%		1.43	%		1.93	%		1.58	%

	Portfolio turnover rate^(e)		13	%		15	%		20	%		8	%		19	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

(d)

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

(e)


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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Enhanced Dividend Global Equity Portfolio
	Class R6 Shares
	Year Ended August 31,						December 29, 2017* to August 31, 2018
	2020			2019			December 29, 2017* to August 31, 2018
Per Share Data

Net asset value, beginning of period	$	11.60		$	12.46		$	12.17

Net investment income^(a)(b)		0.21			0.23			0.10

Net realized and unrealized gain (loss)		0.61			(0.45	)		0.31

Total from investment operations		0.82			(0.22	)		0.41

Distributions to shareholders from net investment income		(0.26	)		(0.32	)		(0.12	)

Distributions to shareholders from net realized gains		(0.27	)		(0.32	)		—

Distributions to shareholders from return of capital		(0.01	)		—			—

Total distributions		(0.54	)		(0.64	)		(0.12	)

Net asset value, end of period	$	11.88		$	11.60		$	12.46

Total return^(c)		7.28	%		(1.54	)%		3.39	%

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

Ratio of net expenses to average net assets^(d)		0.12	%		0.12	%		0.12	%^(e)

Ratio of total expenses to average net assets^(d)		0.22	%		0.23	%		0.18	%^(e)

Ratio of net investment income to average net assets^(b)		1.87	%		2.01	%		1.27	%^(e)

Portfolio turnover rate^(f)		13	%		15	%		20	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

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

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Enhanced Dividend Global Equity Portfolio
	Class P Shares
	Year Ended August 31,						April 17, 2018* to August 31, 2018
	2020			2019			April 17, 2018* to August 31, 2018
Per Share Data

Net asset value, beginning of period	$	11.60		$	12.45		$	12.18

Net investment income^(a)(b)		0.22			0.23			0.11

Net realized and unrealized gain (loss)		0.59			(0.44	)		0.23

Total from investment operations		0.81			(0.21	)		0.34

Distributions to shareholders from net investment income		(0.26	)		(0.32	)		(0.07	)

Distributions to shareholders from net realized gains		(0.27	)		(0.32	)		—

Distributions to shareholders from return of capital		(0.01	)		—			—

Total distributions		(0.54	)		(0.64	)		(0.07	)

Net asset value, end of period	$	11.87		$	11.60		$	12.45

Total return^(c)		7.20	%		(1.45	)%		2.80	%

Net assets, end of period (in 000s)	$	438,960		$	573,771		$	636,733

Ratio of net expenses to average net assets^(d)		0.12	%		0.12	%		0.13	%^(e)

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

Ratio of net investment income to average net assets^(b)		1.92	%		2.02	%		2.48	%^(e)

Portfolio turnover rate^(f)		13	%		15	%		20	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

(d)

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

(e)

Annualized.

(f)


The accompanying notes are an integral part of these financial statements.		23

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Tax-Advantaged Global Equity Portfolio
	Class A Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	15.44		$	16.51		$	14.78		$	12.91		$	12.58

Net investment income^(a)(b)		0.13			0.13			0.12			0.11			0.08

Net realized and unrealized gain (loss)		1.76			(0.97	)		1.77			1.85			0.52

Total from investment operations		1.89			(0.84	)		1.89			1.96			0.60

Distributions to shareholders from net investment income		(0.13	)		(0.13	)		(0.16	)		(0.09	)		(0.18	)

Distributions to shareholders from net realized gains		(0.04	)		(0.10	)		—			—			(0.09	)

Total distributions		(0.17	)		(0.23	)		(0.16	)		(0.09	)		(0.27	)

Net asset value, end of year	$	17.16		$	15.44		$	16.51		$	14.78		$	12.91

Total return^(c)		12.24	%		(4.96	)%		12.81	%		15.23	%		4.88	%

Net assets, end of year (in 000s)	$	470		$	447		$	658		$	615		$	591

Ratio of net expenses to average net assets^(d)		0.51	%		0.52	%		0.52	%		0.53	%		0.53	%

Ratio of total expenses to average net assets^(d)		0.59	%		0.61	%		0.60	%		0.61	%		0.61	%

Ratio of net investment income to average net assets^(b)		0.86	%		0.81	%		0.77	%		0.80	%		0.64	%

Portfolio turnover rate^(e)		12	%		14	%		17	%		8	%		19	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e)


24		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Tax-Advantaged Global Equity Portfolio
	Institutional Shares
	Year Ended August 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	15.58		$	16.46		$	14.72		$	12.86		$	12.53

Net investment income^(a)(b)		0.22			0.20			0.17			0.17			0.11

Net realized and unrealized gain (loss)		1.74			(0.96	)		1.78			1.84			0.53

Total from investment operations		1.96			(0.76	)		1.95			2.01			0.64

Distributions to shareholders from net investment income		(0.20	)		(0.02	)		(0.21	)		(0.15	)		(0.22	)

Distributions to shareholders from net realized gains		(0.04	)		(0.10	)		—			—			(0.09	)

Total distributions		(0.24	)		(0.12	)		(0.21	)		(0.15	)		(0.31	)

Net asset value, end of year	$	17.30		$	15.58		$	16.46		$	14.72		$	12.86

Total return^(c)		12.60	%		(4.61	)%		13.32	%		15.74	%		5.22	%

Net assets, end of year (in 000s)	$	33,800		$	43,565		$	62,718		$	2,207,827		$	1,816,911

Ratio of net expenses to average net assets^(d)		0.13	%		0.13	%		0.13	%		0.13	%		0.13	%

Ratio of total expenses to average net assets^(d)		0.21	%		0.22	%		0.21	%		0.21	%		0.21	%

Ratio of net investment income to average net assets^(b)		1.41	%		1.28	%		1.06	%		1.26	%		0.92	%

Portfolio turnover rate^(e)		12	%		14	%		17	%		8	%		19	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e)


The accompanying notes are an integral part of these financial statements.		25

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Tax-Advantaged Global Equity Portfolio
	Class R6 Shares
	Year Ended August 31,						December 29, 2017* to August 31, 2018
	2020			2019			December 29, 2017* to August 31, 2018
Per Share Data

Net asset value, beginning of period	$	15.38		$	16.46		$	15.59

Net investment income (loss)^(a)(b)		0.20			0.19			(0.01	)

Net realized and unrealized gain (loss)		1.73			(0.97	)		0.88

Total from investment operations		1.93			(0.78	)		0.87

Distributions to shareholders from net investment income		(0.20	)		(0.20	)		—

Distributions to shareholders from net realized gains		(0.04	)		(0.10	)		—

Total distributions		(0.24	)		(0.30	)		—

Net asset value, end of period	$	17.07		$	15.38		$	16.46

Total return^(c)		12.58	%		(4.57	)%		5.58	%

Net assets, end of period (in 000s)	$	11		$	10		$	11

Ratio of net expenses to average net assets^(d)		0.12	%		0.12	%		0.12	%^(e)

Ratio of total expenses to average net assets^(d)		0.18	%		0.19	%		0.18	%^(e)

Ratio of net investment income (loss) to average net assets^(b)		1.25	%		1.22	%		(0.05	)%^(e)

Portfolio turnover rate^(f)		12	%		14	%		17	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e)

Annualized.

(f)


26		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Tax-Advantaged Global Equity Portfolio
	Class P Shares
	Year Ended August 31,						April 17, 2018* to August 31, 2018
	2020			2019			April 17, 2018* to August 31, 2018
Per Share Data

Net asset value, beginning of period	$	15.38		$	16.47		$	15.84

Net investment income^(a)(b)		0.20			0.19			0.01

Net realized and unrealized gain (loss)		1.74			(0.98	)		0.62

Total from investment operations		1.94			(0.79	)		0.63

Distributions to shareholders from net investment income		(0.21	)		(0.20	)		—

Distributions to shareholders from net realized gains		(0.04	)		(0.10	)		—

Total distributions		(0.25	)		(0.30	)		—

Net asset value, end of period	$	17.07		$	15.38		$	16.47

Total return^(c)		12.59	%		(4.60	)%		3.98	%

Net assets, end of period (in 000s)	$	2,710,904		$	2,743,392		$	2,797,271

Ratio of net expenses to average net assets^(d)		0.12	%		0.12	%		0.12	%^(e)

Ratio of total expenses to average net assets^(d)		0.20	%		0.21	%		0.20	%^(e)

Ratio of net investment income to average net assets^(b)		1.30	%		1.21	%		0.15	%^(e)

Portfolio turnover rate^(f)		12	%		14	%		17	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e)

Annualized.

(f)


The accompanying notes are an integral part of these financial statements.		27

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements

August 31, 2020

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Portfolios” or individually a “Portfolio”), along with their corresponding share classes and respective diversification status under the Act:

Portfolio

Share Classes Offered

Diversified/

Non-diversified

Enhanced Dividend Global Equity and

Tax-Advantaged Global Equity

A, Institutional, R6 and P

Diversified

Class A Shares are sold with a front-end sales charge of up to 5.50%. Institutional, Class R6 and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Portfolios pursuant to a management agreement (the “Agreement”) with the Trust.

The Portfolios are expected to invest primarily in a combination of domestic and international equity and fixed income underlying funds (“Underlying Funds”) which are registered under the Act, for which GSAM acts as the investment adviser. Additionally, these Portfolios may invest a portion of their assets directly in other securities and instruments, including unaffiliated exchange traded funds.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Portfolio is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A. Investment Valuation — The valuation policy of the Portfolios and Underlying Funds is to value investments at fair value.

B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Distributions from master limited partnerships (“MLPs”) are generally recorded based on the characterization reported on the MLP’s tax return. The Goldman Sachs MLP Energy Infrastructure Fund (the “Underlying MLP Fund”) records its pro-rata share of the income/loss and capital gains/losses, allocated from the underlying partnerships and adjusts the cost basis of the underlying partnerships accordingly. Income distributions are recognized as capital gains or income in the financial statements in accordance with the character that is distributed.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Portfolio are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Portfolio are charged to that Portfolio, while such expenses incurred by the Trust are allocated across the applicable Portfolios on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service and Transfer Agency fees. Expenses included in the accompanying financial statements reflect the expenses of each Portfolio and do not include any expenses associated with the Underlying Funds. Because the Underlying Funds have varied expense and fee levels and the Portfolios may own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by each Portfolio will vary.

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

D. Federal Taxes and Distributions to Shareholders — It is each Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Portfolio is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:


Portfolio	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Enhanced Dividend Global Equity	Quarterly	Annually
Tax-Advantaged Global Equity	Annually	Annually

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Portfolio’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Portfolios’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E. Foreign Currency Translation — The accounting records and reporting currency of a Portfolio are maintained in United States (“U.S.”) dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Portfolios’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 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 Portfolios, including investments for which market quotations are not readily available. The Trustees have delegated to

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

August 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Portfolios’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. 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) — Investments in the Underlying Funds are valued at the NAV per share on the day of valuation. Because the Portfolios invest primarily in other mutual funds that fluctuate in value, the Portfolios’ shares will correspondingly fluctuate in value. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Portfolio enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Portfolio and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Portfolio, if any, is noted in the Schedules of Investments.

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

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.

A forward foreign currency exchange contract is a forward contract in which a Portfolio agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Portfolio deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Portfolio equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Portfolio’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Portfolio’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C. Fair Value Hierarchy — The following is a summary of the Portfolios’ investments and derivatives classified in the fair value hierarchy as of August 31, 2020:



ENHANCED DIVIDEND GLOBAL EQUITY

Investment Type	Level 1		Level 2			Level 3

Assets

Underlying Equity Funds	$	461,937,471	$	—		$	—

Investment Company		514,765		—			—

Total	$	462,452,236	$	—		$	—

Derivative Type

Assets^(a)

Forward Foreign Currency Exchange Contracts	$	—	$	63,080		$	—

Futures Contracts		688,841		—			—

Total	$	688,841	$	63,080		$	—

Liabilities^(a)

Forward Foreign Currency Exchange Contracts	$	—	$	(2,605,159	)	$	—

(a)

Amount shown represents unrealized gain (loss) at fiscal year end.

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

August 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



TAX-ADVANTAGED GLOBAL EQUITY

Investment Type	Level 1		Level 2			Level 3

Assets

Underlying Equity Funds	$	2,744,574,605	$	—		$	—

Investment Company		4,042,158		—			—

Total	$	2,748,616,763	$	—		$	—

Derivative Type

Assets^(a)

Futures Contracts	$	3,943,023	$	—		$	—

Liabilities^(a)

Forward Foreign Currency Exchange Contracts	$	—	$	(14,525,116	)	$	—

(a)

Amount shown represents unrealized gain (loss) at fiscal year end.

For further information regarding security characteristics, see the Schedules of Investments.

4. INVESTMENTS IN DERIVATIVES

The following 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 August 31, 2020. These instruments were used as part of the Portfolios’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Portfolios’ net exposure:



Enhanced Dividend Global Equity

Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts	$	63,080		Payable for unrealized loss on forward foreign currency exchange contracts	$	(2,605,159)
Equity	Variation margin on futures contracts		688,841	^(a)	—		—
Total		$	751,921			$	(2,605,159)

Tax-Advantaged Global Equity

Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Currency	—	$	—		Payable for unrealized loss on forward foreign currency exchange contracts	$	(14,525,116)
Equity	Variation margin on futures contracts		3,943,023	^(a)	—		—
Total		$	3,943,023			$	(14,525,116)

(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 August 31, 2020 is reported within the Statements of Assets and Liabilities.

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth, by certain risk types, the Portfolios’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended August 31, 2020. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:



Enhanced Dividend Global Equity
Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts	$	2,475,528	$	(3,858,126	)		9
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		244,331		623,264			36
Total		$	2,719,859	$	(3,234,862	)		45



Tax-Advantaged Global Equity
Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts	$	11,284,944	$	(20,595,669	)		10
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		1,071,765		3,652,397			184
Total		$	12,356,709	$	(16,943,272	)		194

(a)

Average number of contracts is based on the average of month end balances for the fiscal year ended August 31, 2020.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Portfolios, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Portfolios’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of 0.15% of each Portfolio’s average daily net assets. GSAM has agreed to waive a portion of its management fee in order to achieve an effective net rate of 0.08% as an annual percentage rate of average daily net assets of each Portfolio through at least December 27, 2020, and prior to such date, GSAM may not terminate the arrangements without the approval of the Trustees.

B. Distribution and/or Service (12b-1) Plan — The Trust, on behalf of Class A Shares of each applicable Portfolio, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class A Shares of the Portfolios.

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

August 31, 2020

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Portfolios pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge. During the fiscal year ended August 31, 2020, Goldman Sachs retained front-end sales charges of $179 for the Enhanced Dividend Global Equity Portfolio.

D. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Portfolios for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.16% of the average daily net assets of Class A Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional Shares. Prior to July 1, 2020, the annual rate was 0.17% of the average daily net assets of Class A Shares.

E. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Portfolios (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Portfolio. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Portfolios are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Portfolios is 0.014%. These Other Expense limitations will remain in place through at least December 27, 2020, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Portfolios have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Portfolios’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the fiscal year ended August 31, 2020, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Portfolio	Management Fee Waiver		Other Expense Reimbursement		Custody Fee Credits		Total Expense Reductions
Enhanced Dividend Global Equity	$	374,837	$	273,463	$	11,244	$	659,544
Tax-Advantaged Global Equity		1,910,406		248,419		48,918		2,207,743

F. Line of Credit Facility — As of August 31, 2020, the Portfolios participated in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Portfolios based on the amount of the commitment that has not been utilized. For the fiscal year ended August 31, 2020, the Portfolios did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

G. Other Transactions with Affiliates — The Portfolios invest primarily in Class R6 Shares of the Underlying Funds. These Underlying Funds are considered to be affiliated with the Portfolios. The tables below show the transactions in and earnings from investments in these Underlying Funds for the fiscal year ended August 31, 2020:



Enhanced Dividend Global Equity
Underlying Funds	Beginning Value as of August 31, 2019		Purchases at Cost		Proceeds from Sales			Return of Capital on Dividends			Net Realized Gain/(Loss) from Affiliated Investment Companies			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of August 31, 2020		Shares as of August 31, 2020		Dividend Income from Affiliated Investment Companies			Capital Gain Distributions from Affiliated Investment Companies
Goldman Sachs Emerging Markets Equity Insights Fund	$	29,926,160	$	4,600,480	$	(11,424,175	)	$	—		$	(126,997	)	$	2,471,470		$	25,446,938		2,527,005	$	671,746		$	—
Goldman Sachs Financial Square Government Fund (Institutional Shares)		6,831,783		142,820,176		(149,137,194	)		—			—			—			514,765		514,765		46,946			—
Goldman Sachs Global Infrastructure Fund		14,736,184		1,400,654		(5,059,299	)		(12,394	)		(28,935	)		(757,438	)		10,278,772		891,481		193,174			—
Goldman Sachs Global Real Estate Securities Fund		14,581,773		3,218,395		(4,359,299	)		—			(697,696	)		(1,983,362	)		10,759,811		1,118,483		702,059			361,250
Goldman Sachs International Equity Dividend and Premium Fund		129,311,289		14,146,429		(37,712,010	)		—			(6,244,314	)		680,209			100,181,603		15,532,031		2,635,850			—
Goldman Sachs International Small Cap Insights Fund		21,686,314		1,800,348		(6,427,490	)		—			(582,629	)		255,505			16,732,048		1,461,314		779,260			—
Goldman Sachs MLP Energy Infrastructure Fund		13,520,695		8,368,167		(6,112,336	)		(1,066,057	)		(4,211,345	)		(382,527	)		10,116,597		613,499		67,024	^(a)		—
Goldman Sachs Small Cap Equity Insights Fund		47,105,345		7,113,760		(16,756,261	)		—			1,552,301			(2,635,787	)		36,379,358		1,472,848		275,658			—
Goldman Sachs Tactical Tilt Overlay Fund		60,610,903		8,025,468		(25,852,699	)		—			(2,276,972	)		2,201,576			42,708,276		4,309,614		698,188			—
Goldman Sachs US Equity Dividend and Premium Fund		268,076,173		21,493,541		(87,217,191	)		—			(2,269,337	)		9,250,882			209,334,068		14,963,121		4,873,507			12,972,006

Total	$	606,386,619	$	212,987,418	$	(350,057,954	)	$	(1,078,451	)	$	(14,885,924	)	$	9,100,528		$	462,452,236			$	10,943,412		$	13,333,256

(a)

Amount includes return of capital distributions of $1,066,057, a portion of which represents the difference between the estimated amount related to the fiscal year ended August 31, 2019 and the final amount recorded during the fiscal year ended August 31, 2020.

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

August 31, 2020

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)



Tax-Advantaged Global Equity
Underlying Funds	Beginning Value as of August 31, 2019		Purchases at Cost		Proceeds from Sales			Return of Capital on Dividends			Net Realized Gain/(Loss) from Affiliated Investment Companies			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of August 31, 2020		Shares as of August 31, 2020		Dividend Income from Affiliated Investment Companies			Capital Gain Distributions from Affiliated Investment Companies
Goldman Sachs Emerging Markets Equity Insights Fund	$	137,910,310	$	24,861,564	$	(30,620,970	)	$	—		$	(4,368,574	)	$	20,376,589		$	148,158,919		14,712,902	$	3,187,323		$	—
Goldman Sachs Financial Square Government Fund (Institutional Shares)		29,844,967		827,314,994		(853,117,803	)		—			—			—			4,042,158		4,042,158		221,660			—
Goldman Sachs Global Infrastructure Fund		67,547,739		11,375,272		(15,880,870	)		(56,544	)		(292,947	)		(2,751,994	)		59,940,656		5,198,669		979,935			—
Goldman Sachs Global Real Estate Securities Fund		67,126,630		19,928,245		(12,720,870	)		—			(2,078,295	)		(9,571,671	)		62,684,039		6,516,012		3,389,841			1,699,609
Goldman Sachs International Small Cap Insights Fund		99,972,922		11,438,013		(15,582,669	)		—			(4,579,978	)		6,072,918			97,321,206		8,499,669		3,737,579			—
Goldman Sachs International Tax-Managed Equity Fund		592,946,132		66,857,236		(99,382,286	)		—			(18,731,580	)		51,324,147			593,013,649		58,367,485		12,854,264			—
Goldman Sachs MLP Energy Infrastructure Fund		62,001,551		43,607,196		(20,480,870	)		(5,574,774	)		(14,364,953	)		(6,301,554	)		58,886,596		3,571,049		303,628	^(a)		—
Goldman Sachs Tactical Tilt Overlay Fund		277,933,826		55,866,667		(87,052,231	)		—			(10,103,972	)		12,276,145			248,920,435		25,118,106		3,313,004			—
Goldman Sachs US Tax-Managed Equity Fund		1,445,290,060		91,805,211		(298,736,329	)		—			13,096,415			224,193,748			1,475,649,105		52,014,420		10,954,624			—

Total	$	2,780,574,137	$	1,153,054,398	$	(1,433,574,898	)	$	(5,631,318	)	$	(41,423,884	)	$	295,618,328		$	2,748,616,763			$	38,941,858		$	1,699,609

(a)

Amount includes return of capital distributions of $5,574,774, a portion of which represents the difference between the estimated amount related to the fiscal year ended August 31, 2019 and the final amount recorded during the fiscal year ended August 31, 2020.

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of August 31, 2020, the Portfolios were beneficial owners of 5% or more of total outstanding shares of the following Funds:


Underlying Funds	Enhanced Dividend Global Equity			Tax-Advantaged Global Equity
Goldman Sachs Emerging Markets Equity Insights Fund		—	%		9	%
Goldman Sachs Global Infrastructure Fund		6			37
Goldman Sachs Global Real Estate Securities Fund		6			35
Goldman Sachs International Equity Dividend and Premium Fund		49			—
Goldman Sachs International Tax-Managed Equity Fund		—			87
Goldman Sachs MLP Energy Infrastructure Fund		—			7
Goldman Sachs Small Cap Equity Insights Fund		6			—
Goldman Sachs Tactical Tilt Overlay Fund		—			8
Goldman Sachs U.S. Equity Dividend and Premium Fund		8			—
Goldman Sachs U.S. Tax-Managed Equity Fund		—			83

As of August 31, 2020, The Goldman Sachs Group, Inc. was the beneficial owner of the following share class of the Portfolios:

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended August 31, 2020 were as follows:


Portfolio	Purchases		Sales
Enhanced Dividend Global Equity	$	70,167,241	$	200,920,759
Tax-Advantaged Global Equity		325,739,406		646,844,818

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2020 was as follows:


	Enhanced Dividend Global Equity		Tax-Advantaged Global Equity
Distributions paid from:
Ordinary income	$	12,642,191	$	39,999,496
Net long-term capital gains		14,003,261		3,568,001
Return of capital distribution		648,637		—
Total taxable distributions	$	27,294,089	$	43,567,497

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

August 31, 2020

7. TAX INFORMATION (continued)

The tax character of distributions paid during the fiscal year ended August 31, 2019 was as follows:


	Enhanced Dividend Global Equity		Tax-Advantaged Global Equity
Distributions paid from:
Ordinary income	$	18,898,580	$	45,067,624
Net long-term capital gains		15,251,876		7,000,605
Total taxable distributions	$	34,150,456	$	52,068,229

As of August 31, 2020, the components of accumulated earnings (losses) on a tax-basis were as follows:


	Enhanced Dividend Global Equity			Tax-Advantaged Global Equity
Undistributed ordinary income — net	$	—		$	24,633
Undistributed long-term capital gains		—			—
Total undistributed earnings	$	—		$	24,633
Capital loss carryforwards:
Perpetual Short-term	$	—		$	(771,723	)
Perpetual Long-term		—			(1,074,750	)
Total capital loss carryforwards	$	—		$	(1,846,473	)
Timing differences (Post October Loss Deferral, Late Year Ordinary Loss Deferral)	$	(2,949,263	)	$	(28,873,902	)
Unrealized gains — net		77,304,486			883,707,206
Total accumulated earnings — net	$	74,355,223		$	853,011,464

As of August 31, 2020, the Portfolios’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Enhanced Dividend Global Equity			Tax-Advantaged Global Equity
Tax cost	$	383,294,512		$	1,854,336,771
Gross unrealized gain		80,771,257			906,758,334
Gross unrealized loss		(3,466,771	)		(23,051,128	)
Net unrealized gain	$	77,304,486		$	883,707,206

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures and net mark to market gains (loss) on foreign currency contracts.

GSAM has reviewed the Portfolios’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Portfolios’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

8. OTHER RISKS

The Portfolios’ and Underlying Funds’ risks include, but are not limited to, the following:

Derivatives Risk — The Portfolios’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

8. OTHER RISKS (continued)

less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Portfolios. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Dividend-Paying Investments Risk — A Portfolio’s investments in dividend-paying securities could cause a Portfolio to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Portfolio’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Portfolio to produce current income.

Energy Sector Risk — The Underlying MLP Fund concentrates its investments in the energy sector, and will therefore be susceptible to adverse economic, environmental, business, regulatory or other occurrences affecting that sector. The energy sector has historically experienced substantial price volatility. MLPs and other companies operating in the energy sector are subject to specific risks, including, among others: fluctuations in commodity prices; reduced consumer demand for commodities such as oil, natural gas or petroleum products; reduced availability of natural gas or other commodities for transporting, processing, storing or delivering; slowdowns in new construction; extreme weather or other natural disasters; and threats of attack by terrorists on energy assets. Additionally, changes in the regulatory environment for energy companies may adversely impact their profitability. Over time, depletion of natural gas reserves and other energy reserves may also affect the profitability of energy companies.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Portfolio or an Underlying Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscations of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Portfolio or an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Portfolio or an Underlying Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, a Portfolio will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Portfolio.

Investments in the Underlying Funds — The Portfolios invest primarily in a combination of Underlying Funds, and are subject to the risk factors associated with the investments of those Underlying Funds in direct proportion to the amount of assets allocated to each. As of August 31, 2020, the Enhanced Dividend Global Equity Portfolio invested 45.1% and 21.6% of its net assets in the Goldman Sachs U.S. Equity Dividend and Premium Fund (the “U.S. Equity Dividend and Premium Fund”) and the Goldman Sachs International Equity Dividend and Premium Fund (the “International Equity Dividend and Premium Fund”), respectively. Because of the high concentration of its assets in these Underlying Funds, the Enhanced Dividend Global Equity Portfolio has greater exposure to the risks associated with these Underlying Funds than it does to the risks associated with the other Underlying Funds in which it invests. The U.S. Equity Dividend and Premium Fund invests primarily in dividend paying equity investments in large-capitalization U.S. issuers, with public stock market capitalizations within the range of the market capitalization of the S&P 500^® Index at the time of investment. This Underlying Fund expects that, under normal circumstances, it will write (sell) call options on the S&P 500^® Index or related exchange-traded funds in an amount that is between 20% and 75% of the value of its portfolio. The International Equity Dividend and Premium Fund invests primarily in dividend-paying equity investments in non-U.S. issuers with public stock

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

August 31, 2020

8. OTHER RISKS (continued)

market capitalizations within the range of capitalization of the Morgan Stanley Capital International (“MSCI”) Europe, Australasia, Far East (“EAFE”) Index (“MSCI EAFE Index”) at the time of investment. This Underlying Fund expects that, under normal circumstances, it will write (sell) call options on the MSCI EAFE Index, other national or regional stock market indices or related exchange-traded funds in an amount that is between 20% and 75% of the value of its portfolio.

As of August 31, 2020, the Tax-Advantaged Global Equity Portfolio invested 53.8% and 21.6% of its net assets in the Goldman Sachs U.S. Tax-Managed Equity Fund (the “U.S. Tax-Managed Equity Fund”) and the Goldman Sachs International Tax-Managed Equity Fund (the “International Tax-Managed Equity Fund”), respectively. Because of the high concentration of its assets in these Underlying Funds, the Tax-Advantaged Global Equity Portfolio has greater exposure to the risks associated with these Underlying Funds than it does to the risks associated with the other Underlying Funds in which it invests. The U.S. Tax-Managed Equity Fund invests primarily in equity investments in U.S. issuers. This Underlying Fund will seek to maintain risk, style, capitalization and industry characteristics similar to the Russell 3000 Index. The International Tax-Managed Equity Fund invests primarily in equity investments in non-U.S. issuers. This Underlying Fund will seek to maintain risk, style, capitalization and industry characteristics similar to the MSCI EAFE Index. The investment adviser may seek tax-efficiency by offsetting gains and losses, limiting portfolio turnover or selling high tax basis securities for both Underlying Funds.

The Portfolios do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Portfolios within their principal investment strategies may represent a significant portion of an Underlying Fund’s net assets.

Large Shareholder Transactions Risk — A Portfolio or an Underlying Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Portfolio or an Underlying Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Portfolio or an Underlying Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Portfolio or an Underlying Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Portfolio’s or an Underlying Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Portfolio’s or an Underlying Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio’s or the Underlying Fund’s expense ratio. Similarly, large Portfolio or Underlying Fund share purchases may adversely affect a Portfolio’s or an Underlying Fund’s performance to the extent that the Portfolio or the Underlying Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Portfolio or an Underlying Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Portfolio or Underlying Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Portfolio or Underlying Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Portfolio or Underlying Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Portfolio’s or Underlying Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Portfolio’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Portfolio’s or Underlying Fund’s liquidity.

Market and Credit Risks — In the normal course of business, a Portfolio and an Underlying Fund trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Portfolio and/or an Underlying Fund invests may go up or down in response to the prospects of individual

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

8. OTHER RISKS (continued)

companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Portfolio and/or an Underlying Fund and their investments. Additionally, a Portfolio and/or an Underlying Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Portfolio and the Underlying Fund have unsettled or open transactions defaults.

9. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Portfolios. Additionally, in the course of business, the Portfolios enter into contracts that contain a variety of indemnification clauses. The Portfolios’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

10. SUBSEQUENT EVENTS

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Enhanced Dividend Global Equity Portfolio

	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		37,935		$	429,619			184,868		$	2,195,321
Reinvestment of distributions		26,127			304,108			44,832			498,616
Shares redeemed		(349,960	)		(3,934,449	)		(320,250	)		(3,671,115	)
		(285,898	)		(3,200,722	)		(90,550	)		(977,178	)
Institutional Shares
Shares sold		100,714			1,172,359			451,450			5,291,816
Reinvestment of distributions		61,169			715,382			96,955			1,093,654
Shares redeemed		(678,244	)		(7,424,170	)		(1,061,194	)		(12,157,655	)
		(516,361	)		(5,536,429	)		(512,789	)		(5,772,185	)
Class R6 Shares
Reinvestment of distributions		42			487			47			537
		42			487			47			537
Class P Shares
Shares sold		2,177,793			25,111,874			5,162,870			58,821,688
Reinvestment of distributions		2,213,900			25,859,881			2,849,926			32,045,647
Shares redeemed		(16,881,525	)		(175,745,356	)		(9,687,768	)		(110,976,623	)
		(12,489,832	)		(124,773,601	)		(1,674,972	)		(20,109,288	)

NET DECREASE		(13,292,049	)	$	(133,510,265	)		(2,278,264	)	$	(26,858,114	)

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

August 31, 2020

11. SUMMARY OF SHARE TRANSACTIONS (continued)


	Tax-Advantaged Global Equity Portfolio

	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		94		$	1,367			8,501		$	122,603
Reinvestment of distributions		280			4,636			612			8,664
Shares redeemed		(1,951	)		(29,834	)		(19,962	)		(306,958	)
		(1,577	)		(23,831	)		(10,849	)		(175,691	)
Institutional Shares
Shares sold		25,375			373,510			47,934			704,848
Reinvestment of distributions		37,605			626,183			25,730			373,925
Shares redeemed		(905,538	)		(12,132,909	)		(1,088,778	)		(16,443,329	)
		(842,558	)		(11,133,216	)		(1,015,114	)		(15,364,556	)
Class R6 Shares
Reinvestment of distributions		10			158			14			191
		10			158			14			191
Class P Shares
Shares sold		20,348,001			306,998,930			26,847,497			408,033,060
Reinvestment of distributions		2,605,468			42,818,729			3,693,484			51,683,171
Shares redeemed		(42,560,000	)		(624,713,368	)		(22,050,793	)		(333,368,712	)
		(19,606,531	)		(274,895,709	)		8,490,188			126,347,519

NET INCREASE (DECREASE)		(20,450,656	)	$	(286,052,598	)		7,464,239		$	110,807,463

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Enhanced Dividend Global Equity Portfolio and Goldman Sachs Tax-Advantaged Global Equity Portfolio

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Enhanced Dividend Global Equity Portfolio and Goldman Sachs Tax-Advantaged Global Equity Portfolio (two of the portfolios constituting Goldman Sachs Trust, hereafter collectively referred to as the “Portfolios”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of August 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Portfolios’ management. Our responsibility is to express an opinion on the Portfolios’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 by correspondence with the transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

October 26, 2020

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting (the “Meeting”) of the Goldman Sachs Trust (“GST”) was held on January 23, 2020 to consider and act upon the proposals below. The Portfolios have amortized their respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse each Portfolio to the extent such expenses exceed a specified percentage of the Portfolio’s net assets.


Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes

Dwight L. Bush		94,278,961,728.065		0		349,026,343,365		0

Kathryn A. Cassidy		94,310,850,789.164		0		317,137,282.266		0

Joaquin Delgado		94,282,646,444.727		0		345,341,626.703		0

Gregory G. Weaver		94,306,589,873.348		0		321,398,198.082		0

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS



Portfolio Expenses — Six Month Period Ended August 31, 2020 (Unaudited)

As a shareholder of Class A, Institutional, Class R6 or Class P Shares of a Portfolio, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A Shares); and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Institutional, Class R6 and Class P Shares of the Portfolios and to compare these costs with the ongoing costs of investing in other mutual funds.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolios’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Portfolios’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolios and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees and do not include expenses of Underlying Funds in which the Portfolios invest. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Enhanced Dividend Global Equity Portfolio							Tax-Advantaged Global Equity Portfolio
Share Class	Beginning Account Value 3/01/20		Ending Account Value 8/31/20			Expenses Paid for the 6 Months Ended 8/31/20*		Beginning Account Value 3/01/20		Ending Account Value 8/31/20			Expenses Paid for the 6 Months Ended 8/31/20*
Class A
Actual	$	1,000	$	1,080.40		$	2.67	$	1,000	$	1,126.00		$	2.73
Hypothetical 5% return		1,000		1,022.57	+		2.59		1,000		1,022.57	+		2.59
Institutional
Actual		1,000		1,082.50			0.68		1,000		1,127.80			0.70
Hypothetical 5% return		1,000		1,024.48	+		0.66		1,000		1,024.48	+		0.66
Class R6
Actual		1,000		1,082.70			0.68		1,000		1,127.50			0.64
Hypothetical 5% return		1,000		1,024.48	+		0.66		1,000		1,024.53	+		0.61
Class P
Actual		1,000		1,082.80			0.63		1,000		1,127.50			0.64
Hypothetical 5% return		1,000		1,024.53	+		0.61		1,000		1,024.53	+		0.61

Hypothetical expenses are based on each Portfolio’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

Expenses are calculated using each Portfolio’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the fiscal year ended August 31, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:


Portfolio	Class A			Institutional			Class R6			Class P
Enhanced Dividend Global Equity		0.51	%		0.13	%		0.13	%		0.12	%

Tax-Advantaged Global Equity		0.51			0.13			0.12			0.12

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Enhanced Dividend Global Equity Portfolio and Goldman Sachs Tax-Advantaged Global Equity Portfolio (the “Portfolios”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Portfolios at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Portfolios.

(a)

the nature and quality of the advisory, administrative, and other services provided to the Portfolio and the underlying funds in which it invests (the “Underlying Funds”) by the Investment Adviser and its affiliates, including information about:

(i)

the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii)

(iii)

trends in employee headcount;

(iv)

the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v)

the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b)

information on the investment performance of the Portfolio and the Underlying Funds, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and a benchmark performance index; and information on general investment outlooks in the markets in which the Portfolio and the Underlying Funds invest;

(c)

information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Portfolio’s peer group and/or benchmark index had high, medium, or low relevance given the Portfolio’s particular investment strategy;

(d)

the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Portfolio;

(e)

fee and expense information for the Portfolio, including:

(i)

the relative management fee and expense levels of the Portfolio as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii)

the Portfolio’s expense trends over time; and

(iii)

to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Portfolio, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f)

with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Portfolio;

(g)

the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations with respect to the Portfolio and the Underlying Funds;

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(h)

information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Portfolio to the Investment Adviser and its affiliates;

(i)

whether the Portfolio’s existing management fee schedule, together with the management fee schedules of the Underlying Funds, adequately addressed any economies of scale;

(j)

a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Portfolio and/or the Underlying Funds, including the fees received by the Investment Adviser’s affiliates from the Portfolio and/or the Underlying Funds for transfer agency, securities lending, portfolio trading, distribution and other services;

(k)

a summary of potential benefits derived by the Portfolio and/or the Underlying Funds as a result of their relationship with the Investment Adviser;

(l)

with respect to the applicable Underlying Funds, information regarding commissions paid by the Underlying Equity Funds and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution

(m)

portfolio manager ownership of Portfolio shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(n)

the nature and quality of the services provided to the Portfolio and the Underlying Funds by their unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

(o)

the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Portfolio’s compliance program; and periodic compliance reports.

The Trustees also received an overview of the Portfolios’ distribution arrangements. They received information regarding the Portfolios’ assets, share purchase and redemption activity, and payment of distribution and service fees. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Portfolio shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Portfolio investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Portfolios and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Portfolios. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Portfolios and the Underlying Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Portfolios and the Underlying Funds and their service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Portfolios and expressed

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Portfolios, the Underlying Funds, and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Portfolios and the Underlying Funds. In this regard, they compared the investment performance of each Portfolio and each Underlying Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2020. The information on each Portfolio’s investment performance was provided for the one-, three-, five, and ten-year periods ending on the applicable dates. The Trustees also reviewed each Portfolio’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Portfolios over time, and reviewed the investment performance of each Portfolio in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Portfolio and Underlying Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Portfolios’ and Underlying Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They noted the efforts of the Portfolios’ portfolio management team to continue to enhance the investment models used in managing certain Underlying Funds.

The Trustees observed that the Tax-Advantaged Global Equity Portfolio’s Institutional Shares had placed in the third quartile of the Portfolio’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Portfolio’s benchmark index for the ten-year period and underperformed for the one-, three-, and five-year periods ended March 31, 2020. They observed that the Enhanced Dividend Global Equity Portfolio’s Institutional Shares had placed in the third quartile of the Portfolio’s peer group and had underperformed the Portfolio’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2020. The Trustees noted that the Enhanced Dividend Global Equity Portfolio had certain significant differences from its peer group that caused the peer group to be an imperfect basis for comparison.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Portfolio thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Portfolios, which included both advisory and administrative services that were directed to the needs and operations of the Portfolios as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Portfolios. The analyses provided a comparison of each Portfolio’s management fee to those of a relevant peer group and category universe; an expense analysis which compared each Portfolio’s overall net and gross expenses to a peer group and a category universe; and data comparing each Portfolio’s net expenses to the peer and category medians. The analyses also compared each Portfolio’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Portfolios.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations with respect to the Portfolio and the Underlying Funds. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Portfolios, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Portfolios differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their Portfolio shares at any time if shareholders believe that the Portfolio fees and expenses are too high or if they are dissatisfied with the performance of the Portfolio.

Profitability

The Trustees reviewed each Portfolio’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

schedules by Portfolio and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Portfolio was provided for 2019 and 2018, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Portfolios. The Trustees noted that, although the Portfolios themselves do not have breakpoints in their management fee schedules, any benefits of the breakpoints in the management fee schedules of certain Underlying Funds, when reached, would pass through to the shareholders in the Portfolios at the specified asset levels. The Trustees considered the amounts of assets in the Portfolios; the Portfolios’ recent purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and the profits realized by them; information comparing the fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertakings to waive a portion of its management fee and to limit certain expenses of the Portfolios and Underlying Funds that exceed specified levels. They also considered the services provided to the Portfolios under the Management Agreement and the fees and expenses borne by the Underlying Funds, and determined that the management fees payable by the Portfolios were not duplicative of the management fees paid at the Underlying Fund level.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Portfolios and/or the Underlying Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of certain Underlying Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of certain Underlying Funds; (d) trading efficiencies resulting from aggregation of orders of the Underlying Funds with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent for certain Underlying Funds (and fees earned by the Investment Adviser for managing the fund in which certain Underlying Funds’ cash collateral is invested); (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Portfolios and the Underlying Funds on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Portfolio shareholders; (h) Goldman Sachs’ retention of certain fees as Portfolio Distributor; (i) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Portfolios and Underlying Funds; (j) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (k) the possibility that the working relationship between the Investment Adviser and the Portfolios’ and Underlying Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Portfolios and Their Shareholders

The Trustees also noted that the Portfolios and/or the Underlying Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Underlying Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) with respect to certain Underlying Funds, enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) with respect to certain Underlying Funds, the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Portfolios and the Underlying Funds because of the reputation of the Goldman Sachs organization; (g) the Portfolios’ and Underlying Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) certain

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Underlying Funds’ ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Underlying Funds in connection with the program; and (i) the Portfolios’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Portfolios’ shareholders invested in the Portfolios in part because of the Portfolios’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Portfolios were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Portfolio’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Portfolio and its shareholders and that the Management Agreement should be approved and continued with respect to each Portfolio until June 30, 2021.

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Trustees and Officers (Unaudited)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Jessica Palmer Age: 71	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Dwight L. Bush Age: 63	Trustee	Since 2020	Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Kathryn A. Cassidy Age: 66	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Diana M. Daniels Age: 71	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Joaquin Delgado Age: 60	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Hexion Inc. (a specialty chemical manufacturer) (2019-present); and Director, Stepan Company (a specialty chemical manufacturer) (2011-present); and was formerly Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Stepan Company (a specialty chemical manufacturer)

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Trustees and Officers (Unaudited) (continued)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Roy W. Templin Age: 60	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)

Gregory G. Weaver Age: 68	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Verizon Communications Inc.

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Trustees and Officers (Unaudited) (continued)

Interested Trustee*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

James A. McNamara Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	168	None

Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2020.

Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that (a) no Trustee shall hold office for more than 15 years and (b) a Trustee shall retire as of December 31st of the calendar year in which he or she reaches his or her 74th birthday, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.

⁴

Additional information about the Trustees is available in the Portfolios’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years

James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Caroline L. Kraus 200 West Street New York, NY 10282 Age: 43	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 52	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Portfolios’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.

Information is provided as of August 31, 2020.

Goldman Sachs Trust — Global Tax-Aware Equity Portfolios — Tax Information (Unaudited)

For the fiscal year ended August 31, 2020, 51.06% and 29.59% of the dividends paid from net investment company taxable income by the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios, respectively, qualify for the dividends received deduction available to corporations.

From distributions paid during the fiscal year ended August 31, 2020, the total amount of income received by the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios from sources within foreign countries and possessions of the United States was $0.1196 and $0.1128 per share, respectively, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios was 36.64% and 44.59%, respectively. The total amount of taxes paid by the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios to such countries was $0.0144 and $0.0143 per share, respectively.

For the fiscal year ended August 31, 2020, the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios designate 85.48% and 77.12%, respectively, of the dividends paid from net investment company taxable income as qualifying for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

Pursuant to Section 852 of the Internal Revenue Code, the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios designate $14,003,261 and $3,568,001, respectively, or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended August 31, 2020.

During the fiscal year ended August 31, 2020, the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios designate $59,712 and $2,975,376, respectively, as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

FUNDS PROFILE

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Money Market

Financial Square Funds^SM

∎

Financial Square Treasury Solutions Fund¹

∎

Financial Square Government Fund¹

∎

Financial Square Money Market Fund²

∎

Financial Square Prime Obligations Fund²

∎

Financial Square Treasury Instruments Fund¹

∎

Financial Square Treasury Obligations Fund¹

∎

Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎

Investor Money Market Fund³

∎

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎

Enhanced Income Fund

∎

High Quality Floating Rate Fund

∎

Short-Term Conservative Income Fund

∎

Short Duration Government Fund

∎

Short Duration Income Fund

∎

Government Income Fund

∎

Inflation Protected Securities Fund

Multi-Sector

∎

Bond Fund

∎

Core Fixed Income Fund

∎

Global Core Fixed Income Fund⁴

∎

Strategic Income Fund

∎

Income Fund

Municipal and Tax-Free

∎

High Yield Municipal Fund

∎

Dynamic Municipal Income Fund

∎

Short Duration Tax-Free Fund

∎

Municipal Income Completion Fund

Single Sector

∎

Investment Grade Credit Fund

∎

U.S. Mortgages Fund

∎

High Yield Fund

∎

High Yield Floating Rate Fund

∎

Emerging Markets Debt Fund

∎

Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎

Long Short Credit Strategies Fund

Fundamental Equity

∎

Equity Income Fund

∎

Small Cap Growth Fund

∎

Small Cap Value Fund

∎

Small/Mid Cap Value Fund

∎

Mid Cap Value Fund

∎

Large Cap Value Fund

∎

Focused Value Fund

∎

Capital Growth Fund

∎

Strategic Growth Fund

∎

Small/Mid Cap Growth Fund

∎

Flexible Cap Fund

∎

Concentrated Growth Fund

∎

Technology Opportunities Fund

∎

Growth Opportunities Fund

∎

Rising Dividend Growth Fund

∎

U.S. Equity ESG Fund⁵

∎

Income Builder Fund

∎

Defensive Equity 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 Fund⁶

∎

Emerging Markets Equity Fund

∎

Imprint Emerging Markets Opportunities Fund

∎

ESG Emerging Markets Equity Fund

Alternative

∎

Clean Energy Income Fund

∎

Real Estate Securities Fund

∎

International Real Estate Securities Fund

∎

Commodity Strategy Fund

∎

Global Real Estate Securities Fund

∎

Alternative Premia Fund

∎

Absolute Return Tracker Fund

∎

Managed Futures Strategy Fund

∎

MLP Energy Infrastructure Fund

∎

Energy Infrastructure Fund⁷

∎

Multi-Manager Alternatives Fund

∎

Global Infrastructure Fund

Total Portfolio Solutions

∎

Global Managed Beta Fund

∎

Multi-Manager Non-Core Fixed Income Fund

∎

Multi-Manager U.S. Dynamic Equity Fund

∎

Multi-Manager Global Equity Fund

∎

Multi-Manager International Equity Fund

∎

Tactical Tilt Overlay Fund

∎

Balanced Strategy Portfolio

∎

Multi-Manager U.S. Small Cap Equity Fund

∎

Multi-Manager Real Assets Strategy Fund

∎

Growth and Income Strategy Portfolio

∎

Growth Strategy Portfolio

∎

Dynamic Global Equity Fund

∎

Satellite Strategies Portfolio

∎

Enhanced Dividend Global Equity Portfolio

∎

Tax-Advantaged Global Equity Portfolio

∎

Strategic Factor Allocation Fund

∎

Target Date Retirement Portfolio⁸

∎

Target Date 2025 Portfolio

∎

Target Date 2030 Portfolio

∎

Target Date 2035 Portfolio

∎

Target Date 2040 Portfolio

∎

Target Date 2045 Portfolio

∎

Target Date 2050 Portfolio

∎

Target Date 2055 Portfolio

∎

Target Date 2060 Portfolio

∎

GQG Partners International Opportunities Fund

⁴

Effective after the close of business on April 30, 2020, the Goldman Sachs Global Income Fund was renamed the Goldman Sachs Global Core Fixed Income Fund.

⁵

Effective after the close of business of August 30, 2020, the Goldman Sachs Blue Chip Fund was renamed the Goldman Sachs U.S. Equity ESG Fund.

⁶Effective

after the close of business of November 20, 2019, the Goldman Sachs Asia Equity Fund was renamed the Goldman Sachs China Equity Fund.

⁷Effective

after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

⁸Effective

December 27, 2019, the Goldman Sachs Target Date 2020 Portfolio was renamed the Goldman Sachs Target Date Retirement Portfolio.

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.


TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado James A. McNamara Roy W. Templin Gregory G. Weaver		OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary

GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282

The reports concerning the Portfolios included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Portfolios in the future. These statements are based on Portfolio management’s predictions and expectations concerning certain future events and their expected impact on the Portfolios, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Portfolios. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Portfolios use to determine how to vote proxies relating to portfolio securities and information regarding how a Portfolio voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Portfolios will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Economic and market forecasts presented herein reflect our judgment as of the date of this report and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

Goldman Sachs & Co. LLC (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

Portfolio holdings and allocations shown are as of August 31, 2020 and may not be representative of future investments. Portfolio holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. Diversification does not protect an investor from market risk and does not ensure a profit.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Portfolio’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Portfolio and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Goldman Sachs Funds

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Annual Report				August 31, 2020

				Investor Funds^SM
				Money Market
				Tax-Exempt Money Market

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a Fund directly with the Fund’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by calling toll-free 800-621-2550 for Class I, Administration, Capital, Cash Management, Preferred, Premier, Resource, Select and Service shareholders or 800-526-7384 for Class A and Class C shareholders. If you hold shares of a Fund through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with a Fund’s transfer agent if you invest directly with the transfer agent.

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Goldman Sachs Investor Funds

∎

MONEY MARKET

∎

TAX-EXEMPT MONEY MARKET


TABLE OF CONTENTS

Portfolio Management Discussion and Analysis			1

Fund Basics			4

Yield Summary			5

Sector Allocations			6

Schedule of Investments			8

Financial Statements			18

Financial Highlights

Money Market			21

Tax-Exempt Money Market			25

Notes to Financial Statements			31

Report of Independent Registered Public Accounting Firm			41

Other Information			42



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

PORTFOLIO RESULTS

Goldman Sachs Investor Funds

Investment Objective and Principal Investment Strategies

The Goldman Sachs Investor Funds seek to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity by investing exclusively in high quality money market instruments. The Goldman Sachs Investor Money Market Fund pursues this investment objective by investing in U.S. government securities, obligations of banks (which may exceed 25% of its total assets), commercial paper and other short-term obligations of U.S. companies, states, municipalities and other entities, and repurchase agreements (“repos”). It may also invest in U.S. dollar-denominated obligations of foreign banks, foreign companies and foreign governments. The Goldman Sachs Tax-Exempt Money Market Fund pursues the investment objective by investing at least 80% of its net assets in securities issued by or on behalf of states, territories and possessions of the U.S. and their political subdivisions, agencies, authorities and instrumentalities, and the District of Columbia. It may also invest in short-term taxable instruments, including repos with the Federal Reserve Bank of New York, for temporary investment purposes.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Money Market Portfolio Management Team discusses the Goldman Sachs Investor Funds’ (the “Funds”) performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

What economic and market factors most influenced the money markets as a whole during the Reporting Period?

In the money markets, overnight interest rates spiked in September 2019 amid significant volatility, which the Fed later attributed to “a large drop in reserves due to the corporate tax date and increases in net Treasury issuance.” To improve liquidity conditions, the Fed began buying U.S. Treasury securities and repurchase agreements (“repos”) in the open market. During the spring of 2020, due to renewed liquidity pressures in the money markets, the Fed began offering large-scale overnight and term repo operations, established temporary U.S. dollar liquidity swap lines with other central banks and instituted a temporary repo facility for non U.S. monetary authorities. (U.S. dollar liquidity swap lines allow the Fed to offer liquidity in U.S. dollars to other central banks so they can deliver funding to institutions in their jurisdictions during times of market stress.) In the tax-exempt money markets, liquidity pressures pushed up the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index, representing seven-day

PORTFOLIO RESULTS

tax-exempt variable rate demand obligations. The SIFMA Municipal Swap Index rose from 1.28% on March 11^th to 5.20% on March 18^th before falling back to less than 2% in early April as liquidity pressures eased.

Investments in taxable money market funds increased substantially during the Reporting Period, rising from $3.3 trillion in September 2019 to $4.5 trillion in August 2020, according to iMoneyNet. Much of the increase occurred from March 2020 onward, as the COVID-19 pandemic extended its reach globally. As for tax-exempt money market funds, investment flows were negative during the Reporting Period, with most of the outflows taking place amid the liquidity crunch in March. For the Reporting Period overall, net outflows from tax-exempt money market funds totaled $13 billion.

What key factors were responsible for the performance of the Funds during the Reporting Period?

The yields of the Goldman Sachs Investor Money Market Fund (“the taxable Fund”) and the Goldman Sachs Investor Tax-Exempt Money Market Fund (“the tax-exempt Fund”) fell during the Reporting Period, as money market yields decreased, which occurred primarily because of the economic and market factors discussed above. The taxable money market yield curve was inverted at the beginning of the Reporting Period but steepened as economic stress increased and the Fed cut the fed funds rate. As for the tax-exempt money yield curve, it was mostly flat at the beginning of the Reporting Period but subsequently steepened. (Yield curve is a spectrum of interest rates based on maturities of varying lengths. A steepening yield curve is one wherein the differential in yields between longer-term and shorter-term maturities widens; opposite of a flattening yield curve.)

How did you manage the taxable Fund during the Reporting Period?

During the Reporting Period, the taxable Fund had investments in commercial paper, asset-backed commercial paper, repos, government agency securities, U.S. Treasury securities, time deposits, certificates of deposit, short-term corporate obligations, municipal debt, non-U.S. sovereign debt floating rate securities and variable rate demand notes (“VRDNs”).

When the Reporting Period began, we believed the Fed would cut the fed funds rate, an opinion we maintained after the start of the COVID-19 pandemic. As a result, we reconsidered the taxable Fund’s duration positioning. (Duration is a measure of the Fund’s sensitivity to changes in interest rates). After maintaining a somewhat stable weighted average maturity from the start of the Reporting Period through December 2019, we increased it from 30 days in January 2020 to 57 days by April. We then decreased the taxable Fund’s weighted average maturity, reducing it from 48 days in May to 38 days by August. During the Reporting Period overall, we decreased the taxable Fund’s allocations to government agency repos, certificates of deposits and financial company commercial paper. We increased its allocations to VRDNs.

The weighted average maturity of a money market fund is a measure of its price sensitivity to changes in interest rates. Also known as effective maturity, weighted average maturity measures the weighted average of the maturity date of bonds held by a Fund, taking into consideration any available maturity shortening features.

How did you manage the tax-exempt Fund during the Reporting Period?

The tax-exempt Fund had investments in VRDNs, short-term tax-exempt securities, non-financial tax-exempt commercial paper and other municipal securities during the Reporting Period.

After maintaining the tax-exempt Fund’s weighted average maturity at 31 days in September 2019, we increased it to 35 days in October and then steadily decreased it to 18 days in May 2020. We then began extending the tax-exempt Fund’s weighted average maturity to 20 days in June so that it stood at 36 days when the Reporting Period ended. During the Reporting Period overall, we decreased the tax-exempt Fund’s allocation to VRDNs and increased its allocations to other municipal securities.

How did you manage the Funds’ weighted average life during the Reporting Period?

During the Reporting Period, we managed the weighted average life of the taxable and tax-exempt Funds below 120 days. In the taxable Fund, we maintained a weighted average life in a range between 39 days and 117 days. In the tax-exempt Fund, we maintained a weighted average life in a range between 31 days and 39 days. The weighted average life of a money market fund is a measure of a money market fund’s price sensitivity to changes in liquidity and/or credit risk.

PORTFOLIO RESULTS

Did you make any changes to the Funds’ portfolios during the Reporting Period?

What is the Funds’ tactical view and strategy for the months ahead?

Overall, the taxable and tax-exempt Funds continue to be flexibly guided by shifting market conditions, and we have positioned them to seek to take advantage of anticipated interest rate movements. As always, we intend to continue to use our actively managed approach to seek the best possible return within the framework of our Funds’ investment guidelines and objectives. In addition, we will continue to manage interest, liquidity and credit risk daily. We will also continue to closely monitor economic data, Fed policy and any shifts in the taxable and tax-exempt money market yield curves, as we strive to navigate the interest rate environment.

RETAIL MONEY MARKET FUNDS

FUND BASICS

Investor Funds

as of August 31, 2020


PERFORMANCE REVIEW^1,2

September 1, 2019–August 31, 2020	Fund Total Return (based on NAV)⁴ Class I Shares			SEC 7-Day Current Yield⁵			iMoneyNet Institutional Average⁶

Investor Money Market³		1.22	%		0.02	%		0.86	%⁷
Investor Tax-Exempt Money Market		0.75			0.01			0.63	⁸

The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment returns will fluctuate. 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.

The Money Market Fund offers seven separate classes of shares (Class I, Administration, Service, Resource, Cash Management, Class A and Class C Shares) and the Tax-Exempt Money Market Fund offers eleven separate classes of shares (Class I, Select, Preferred, Capital, Administration, Premier, Service, Resource, Cash Management, Class A and Class C Shares), each of which is subject to different fees and expenses that affect performance and entitles shareholders to different services. The Class I Shares do not have distribution and/or service (12b-1) or administration and/or service (non-12b-1) fees. The Select, Preferred, Capital, Administration, Premier, Service, Resource, Cash Management, Class A and Class C Shares offer financial institutions the opportunity to receive fees for providing certain distribution, administrative support and/or shareholder services (as applicable). As an annualized percentage of average daily net assets, these share classes pay combined distribution and/or service (12b-1) or administration and/or service (non-12b-1) fees (as applicable) at the following contractual rates: Select Shares pay 0.03%, Preferred Shares pay 0.10%, Capital Shares pay 0.15%, Administration Shares pay 0.25%, Premier Shares pay 0.35%, Service Shares pay 0.50%, Resource Shares pay 0.65%, Cash Management Shares pay 0.80%, Class A Shares pay 0.25%, and Class C Shares pay 1.00%. If these fees were reflected in the above performance, performance would have been reduced. In addition, the Fund’s performance does not reflect the deduction of any applicable sales charges.

From March 24, 2020 to March 27, 2020, the investment adviser implemented a voluntary temporary fee waiver equal annually to 0.16% of the average daily net assets of the Investor Money Market Fund.

⁴

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. A Fund’s total return assumes the reinvestment of dividends and other distributions.

⁵

⁶

Source: iMoneyNet, Inc. August 2020. The iMoneyNet Institutional Average represents total return.

⁷

First Tier Retail–Category includes only non-government retail funds that also are not holding any second-tier securities. Portfolio holdings of first-tier funds include US Treasury, US other, repos, time deposits, domestic bank obligations, foreign bank obligations, first-tier commercial paper, floating rate notes and asset-backed commercial paper.

⁸

Tax-Free National Retail–Category includes all retail national and state tax-free and municipal money funds. Portfolio holdings of tax-free funds include rated and unrated demand notes, rated and unrated general market notes, commercial paper, put bonds—6 months & less, put bonds—over 6 months, alternative minimum tax paper and other tax-free holdings. Consists of all funds in the National Tax-Free Retail and State-Specific Retail categories.

YIELD SUMMARY


SUMMARY OF THE CLASS I^1,2 SHARES AS OF 8/31/20

Fund	7-Day Dist. Yield⁹			SEC 7-Day Effective Yield¹⁰			30-Day Average Yield¹¹			Weighted Avg. Maturity (days)¹²		Weighted Avg. Life (days)¹³

Investor Money Market		0.14	%		0.02	%		0.17	%		38		39
Investor Tax-Exempt Money Market		0.01			0.01			0.01			36		39

The Yields represent past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted above.

⁹

¹⁰

¹¹

The 30-Day Average Yield is a net annualized yield of 30 days back from the current date listed. This yield includes capital gain/loss distribution. This is not an SEC Yield.

¹²

¹³

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.

SECTOR ALLOCATIONS


INVESTOR MONEY MARKET FUND¹⁴

As of August 31, 2020

Security Type	Percentage of Net Assets

Certificates of Deposit - Yankeedollar		7.2	%

Certificates of Deposit		1.2

Commercial Paper & Corporate Obligations		21.5

Repurchase Agreements		28.5

U.S. Treasury Obligations		30.8

Variable Rate Municipal Debt Obligations		6.8

Variable Rate Obligations		5.7

As of August 31, 2019

Security Type	Percentage of Net Assets

Certificates of Deposit - Eurodollar		3.8	%

Certificates of Deposit - Yankeedollar		9.5

Certificates of Deposit		1.9

Commercial Paper & Corporate Obligations		21.6

Fixed Rate Municipal Debt Obligations		3.8

Repurchase Agreements		32.7

U.S. Treasury Obligations		3.8

Variable Rate Municipal Debt Obligations		1.1

Variable Rate Obligations		21.7

¹⁴

The Fund is actively managed and, as such, its portfolio composition may differ over time. The percentage shown for each investment category reflects the value (based on amortized cost) of investments in that category as a percentage of net assets. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

SECTOR ALLOCATIONS


INVESTOR TAX-EXEMPT MONEY MARKET FUND¹⁵

As of August 31, 2020

Security Type	Percentage of Net Assets

Commercial Paper		15.8	%

General Obligation		0.4

Revenue Anticipation Notes		2.5

Tax and Revenue Anticipation Note		5.0

Variable Rate Obligations		77.9

As of August 31, 2019

Security Type	Percentage of Net Assets

Commercial Paper		18.1	%

General Obligation		2.9

Tax and Revenue Anticipation Note		1.7

Variable Rate Obligations		79.3

¹⁵

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.

INVESTOR MONEY MARKET FUND

Schedule of Investments

August 31, 2020


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

Commercial Paper and Corporate Obligations – 21.5%
	Albion Capital LLC
$	9,000,000		0.142	%		09/04/20	$	8,999,895
	10,000,000		0.224			11/20/20		9,995,111
	1,281,000		0.203			11/25/20		1,280,395
	Alpine Securitization LLC
	13,000,000		0.244			11/02/20		12,994,627
	Antalis S.A.
	4,850,000		0.244			11/09/20		4,847,769
	Atlantic Asset Securitization LLC
	7,966,000		0.285			09/15/20		7,965,132
	15,000,000		0.224			10/27/20		14,994,867
	Banner Health
	5,000,000		0.450			09/16/20		5,000,000
	Banque et Caisse d’Epargne de L’Etat, Luxembourg
	8,900,000		0.336			09/25/20		8,898,042
	Bedford Row Funding Corp.
	20,500,000		0.244			11/09/20		20,490,570
	Cancara Asset Securitisation Ltd.
	4,000,000		0.193			11/19/20		3,998,332
	Chariot Funding LLC
	24,200,000		0.234			10/20/20		24,192,424
	China Construction Bank Corp.
	5,000,000		0.560			09/21/20		4,998,472
	15,000,000		0.387			09/29/20		14,995,567
	5,000,000		0.387			11/13/20		4,996,147
	Citigroup Global Markets Inc.
	10,000,000		1.331			10/16/20		9,983,750
	CNPC Finance (HK) Ltd.
	15,000,000		0.468			09/01/20		15,000,000
	Collateralized Commercial Paper Flex Co., LLC
	3,523,000		1.991			10/14/20		3,514,921
	Columbia Funding Company, LLC
	15,000,000		0.275			09/03/20		14,999,775
	Cooeperatieve Rabobank U.A.
	75,000,000		0.081			09/01/20		75,000,000
	Dexia Credit Local
	7,304,000		0.153			09/08/20		7,303,787
	8,000,000		0.510			10/28/20		7,993,667
	11,000,000		0.203			11/18/20		10,995,233
	First Abu Dhabi Bank P.J.S.C.
	12,000,000		0.214			11/13/20		11,994,890
	Industrial & Commercial Bank of China Ltd.-New York Branch
	15,000,000		0.295			11/30/20		14,989,125
	Ionic Capital II Trust
	7,875,000		0.458			10/08/20		7,871,358
	Kells Funding, LLC
	5,000,000		0.244			09/10/20		4,999,700
	10,000,000		0.275			09/25/20		9,998,200
	LMA-Americas LLC
	5,000,000		0.305			10/09/20		4,998,417
	Manhattan Asset Funding Company LLC
	3,000,000		0.315			10/01/20		2,999,225
	16,000,000		0.244			10/14/20		15,995,413
	Matchpoint Finance PLC
	10,000,000		0.326			09/14/20		9,998,845
	10,000,000		0.305			09/28/20		9,997,750
	10,000,000		0.214			11/02/20		9,996,383


Commercial Paper and Corporate Obligations – (continued)
	Mitsubishi UFJ Trust and Banking Corp.-Singapore Branch
	10,000,000		0.214			11/09/20		9,995,975
	MUFG Bank Ltd.
	5,000,000		2.750	^(a)		09/14/20		5,001,931
	Nordea Bank ABP
	22,000,000		0.173			11/23/20		21,991,377
	NRW.Bank
	12,254,000		0.173			11/20/20		12,249,371
	Ridgefield Funding Company, LLC
	5,000,000		0.315			10/05/20		4,998,536
	15,000,000		0.214			11/04/20		14,994,400
	Salisbury Receivables Company LLC
	4,754,000		0.163			09/03/20		4,753,958
	5,000,000		0.254			09/08/20		4,999,757
	Shell International Finance B.V.
	4,000,000		2.022			09/28/20		3,994,150
	Societe Generale
	5,000,000		0.479			11/12/20		4,995,300
	Sumitomo Mitsui Trust Bank, Ltd.-Singapore Branch
	5,000,000		0.224			11/12/20		4,997,800
	Versailles Commercial Paper LLC
	10,000,000		0.275			10/07/20		9,997,300
	Victory Receivables Corp.
	20,000,000		0.214			10/26/20		19,993,583

	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS						$	520,241,227



Certificates of Deposit – 1.2%
	HSBC Bank USA, N.A.
$	15,000,000		1.000	%		10/16/20	$	15,000,000
	Mizuho Bank, Ltd.-London Branch
	15,000,000		0.400			09/17/20		15,000,000

	TOTAL CERTIFICATES OF DEPOSIT						$	30,000,000



Certificates of Deposit-Yankeedollar – 7.2%
	Banco Del Estado De Chile
$	2,000,000		1.710	%		09/14/20	$	2,000,000
	3,794,000		0.250			11/06/20		3,794,000
	Bank of Montreal
	14,600,000		0.200			11/16/20		14,600,000
	BNP Paribas-New York Branch
	3,000,000		0.290			09/14/20		3,000,011
	Landesbank Baden-Wuerttemberg
	14,500,000		0.190			10/07/20		14,500,072
	Mizuho Bank, Ltd.-New York Branch
	13,000,000		0.270			09/15/20		13,000,000
	MUFG Bank, Ltd.-New York Branch
	4,000,000		1.970			10/15/20		4,000,000
	National Bank of Kuwait S.A.K.P
	2,500,000		0.250			09/03/20		2,500,000
	5,000,000		0.500			09/18/20		5,000,000
	15,000,000		0.350			11/03/20		15,000,000


8		The accompanying notes are an integral part of these financial statements.

INVESTOR MONEY MARKET FUND


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

Certificates of Deposit-Yankeedollar – (continued)
	Norinchukin Bank (The)
$	10,000,000		0.300	%		09/01/20	$	10,000,000
	5,000,000		0.970			09/08/20		5,000,010
	20,000,000		0.220			11/06/20		20,000,000
	5,000,000		0.210			11/24/20		5,000,000
	Skandinaviska Enskilda Banken AB
	4,900,000		1.680			09/02/20		4,900,037
	Standard Chartered Bank-New York Branch
	20,408,000		1.200			09/22/20		20,408,000
	Sumitomo Mitsui Banking Corp.
	15,000,000		0.300			09/25/20		15,000,000
	15,000,000		0.200			11/04/20		15,000,000

	TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR						$	172,702,130



U.S. Treasury Obligations – 30.8%
	United States Treasury Bills
$	43,600,000		0.092	%		09/01/20	$	43,600,000
	1,400,000		0.097			09/03/20		1,399,993
	44,800,000		0.102			09/03/20		44,799,751
	600,000		0.103			09/03/20		599,997
	600,000		0.097			09/10/20		599,986
	9,450,000		0.086			09/17/20		9,449,643
	1,900,000		0.081			09/22/20		1,899,911
	3,300,000		0.158			09/24/20		3,299,673
	100,000		0.178			09/29/20		99,986
	200,000		0.183			09/29/20		199,972
	100,000		0.076			10/01/20		99,994
	2,300,000		0.079			10/01/20		2,299,851
	1,700,000		0.081			10/01/20		1,699,887
	800,000		0.086			10/01/20		799,943
	400,000		0.153			10/06/20		399,942
	1,700,000		0.084			10/08/20		1,699,856
	40,900,000		0.086			10/08/20		40,896,427
	15,500,000		0.148			10/13/20		15,497,288
	300,000		0.147			10/15/20		299,947
	600,000		0.153			10/15/20		599,890
	100,000		0.183			10/15/20		99,978
	50,000,000		0.092			10/20/20		49,993,875
	1,900,000		0.147			10/20/20		1,899,625
	200,000		0.112			10/22/20		199,969
	2,200,000		0.112			10/22/20		2,199,649
	9,000,000		0.122			10/22/20		8,998,470
	1,200,000		0.123			10/22/20		1,199,794
	11,500,000		0.148			10/22/20		11,497,638
	3,900,000		0.153			10/22/20		3,899,171
	20,000,000		0.158			10/22/20		19,995,608
	170,000		0.092	^(b)		10/27/20		169,976
	590,000		0.147			10/27/20		589,867
	100,000		0.153			10/27/20		99,977
	16,400,000		0.158			10/29/20		16,395,905
	17,670,000		0.132			11/03/20		17,665,980
	400,000		0.133			11/03/20		399,909
	21,700,000		0.102			11/05/20		21,696,082
	100,000		0.112			11/10/20		99,979


U.S. Treasury Obligations – (continued)
	1,000,000		0.142			11/12/20		999,720
	100,000		0.107			11/17/20		99,978
	1,200,000		0.102			11/19/20		1,199,737
	26,200,000		0.107			11/19/20		26,193,963
	50,000		0.117			11/19/20		49,987
	100,000		0.118			11/19/20		99,975
	100,000		0.119			11/19/20		99,974
	21,800,000		0.122			11/19/20		21,794,259
	100,000		0.123			11/19/20		99,973
	21,190,000		0.163			11/24/20		21,180,853
	5,800,000		0.097			11/27/20		5,798,668
	6,800,000		0.098			11/27/20		6,798,422
	20,200,000		0.102	^(b)		11/27/20		20,195,118
	300,000		0.107			11/27/20		299,924
	30,800,000		0.112			12/01/20		30,791,436
	15,800,000		0.168			12/01/20		15,793,410
	14,800,000		0.098			12/08/20		14,796,132
	47,600,000		0.107			12/08/20		47,586,394
	200,000		0.122			12/15/20		199,930
	11,300,000		0.105			12/17/20		11,296,524
	5,200,000		0.107			12/17/20		5,198,377
	25,200,000		0.112			12/17/20		25,191,761
	14,760,000		0.148			12/22/20		14,753,342
	200,000		0.102			12/24/20		199,937
	2,000,000		0.107			12/24/20		1,999,335
	2,800,000		0.108			12/24/20		2,799,060
	10,400,000		0.112			12/24/20		10,396,377
	30,300,000		0.178			12/24/20		30,283,209
	1,090,000		0.124			12/29/20		1,089,560
	200,000		0.133			12/29/20		199,913
	300,000		0.112			01/19/21		299,872
	25,000,000		0.122			01/19/21		24,988,333
	2,400,000		0.114			01/26/21		2,398,898
	25,800,000		0.117			01/26/21		25,787,885
	1,400,000		0.117	^(b)		02/02/21		1,399,311
	1,600,000		0.112			02/18/21		1,599,169
	25,200,000		0.122			02/18/21		25,185,720
	10,000,000		0.122			02/25/21		9,994,100
	8,000,000		0.117	^(b)		03/04/21		7,995,349

	TOTAL U.S. TREASURY OBLIGATIONS						$	744,477,274



Variable Rate Municipal Debt Obligations^(c) – 6.8%
	Alaska Housing Finance Corp. VRDN RB Refunding for State Capital Project Bonds II Series 2017 B
$	5,000,000		0.090	%		09/07/20	$	5,000,000
	Alaska Housing Finance Corp. VRDN RB Refunding for State Capital Project Bonds II Series 2017 B
	2,000,000		0.180			12/01/47		2,000,000
	City of Murray, Utah Hospital VRDN RB for IHC Health Services, Inc. Series 2003 A
	13,800,000		0.060			09/07/20		13,800,000
	City of Portland, Maine GO VRDN for Taxable Pension Bonds Series 2001 RMKT (Sumitomo Mitsui Banking Corp., SPA)
	10,305,000		0.210			06/01/26		10,305,000


The accompanying notes are an integral part of these financial statements.		9

INVESTOR MONEY MARKET FUND

Schedule of Investments (continued)

August 31, 2020


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

Variable Rate Municipal Debt Obligations^(c) – (continued)
	Connecticut Housing Finance Authority VRDN RB Mortgage Finance Program Series 2018 A, Subseries A-3 (Bank of America N.A. SPA)
$	4,350,000		0.080	%		09/07/20	$	4,350,000
	East Baton Rouge Parish IDB, Inc. VRDN RB for ExxonMobil Project Gulf Opportunity Zone Bonds Series 2010 A
	169,000		0.030			09/01/20		168,998
	Michigan Finance Authority VRDN RB for School Loan Revolving Fund Series 2019 C (Bank of America N.A., LOC)
	7,100,000		0.130			09/07/20		7,100,000
	New Mexico Hospital Equipment Loan Council VRDN RB Refunding for Presbyterian Healthcare Services Series 2019 C (JPMorgan Chase Bank N.A., SPA)
	10,445,000		0.120			09/07/20		10,445,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Series 2019 BB (Industrial & Commercial Bank of China, SPA)
	5,000,000		0.130			09/07/20		5,000,000
	Orlando Utilities Commission VRDN RB Water Utility Improvements Series 2008-2 RMKT (TD Bank N.A., SPA)
	2,175,000		0.100			09/07/20		2,175,000
	Providence Health & Services Obligated Group VRDN RB Series 2012-E (U.S. Bank N.A., SBPA)
	7,980,000		0.250			09/07/20		7,980,000
	Providence St. Joseph Health Obligated Group VRDN Series 16G (Bank of Tokyo-Mitsubishi UFJ, LOC)
	17,000,000		0.170			10/01/47		17,000,000
	Regents of the University of California VRDN RB Taxable Series 2011 Z-1
	15,530,000		0.120			09/07/20		15,530,000
	State of Texas GO VRDN Refunding for Veterans Bonds Series 2011 C (FHLB, SPA)
	9,365,000		0.100			09/07/20		9,365,000
	State of Texas GO VRDN Veterans Bonds Series 2019 (JPMorgan Chase Bank N.A., SPA)
	19,590,000		0.090			09/07/20		19,590,000
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Texas Health Resources Series 2008 A
	3,550,000		0.090			09/07/20		3,550,000
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Texas Health Resources Series 2008 C
	6,095,000		0.090			09/07/20		6,095,000
	University of Colorado Hospital Authority VRDN RB Series 2019 A
	11,850,000		0.080			09/07/20		11,850,000
	Washington Health Care Facilities Authority VRDN RB Series 2012 D
	15,000,000		0.090			09/07/20		15,000,000

	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS						$	166,303,998



Variable Rate Obligations^(d) – 5.7%
	Bank of America, N.A. (1Mo. LIBOR + 0.28%)
	5,000,000		0.493			10/06/20		5,000,000
	Bank of Montreal (3 Mo. LIBOR + 0.08%)
	3,500,000		0.395			09/11/20		3,500,000
	Bank of Montreal (3 Mo. LIBOR + 0.17%)
	2,967,000		0.447			10/08/20		2,967,000
	Commonwealth Bank of Australia (3 Mo. LIBOR + 0.11%)
	10,000,000		0.409	^(a)		09/17/20		10,000,000
	Commonwealth Bank of Australia (3 Mo. LIBOR + 0.15%)
	4,000,000		0.447	^(a)		09/24/20		4,000,000
	Credit Agricole Corporate and Investment Bank (3 Mo. LIBOR + 0.29%)
	11,165,000		0.536	^(a)		11/02/20		11,168,577
	Credit Suisse AG-New York Branch (SOFR + 0.21%)
	4,000,000		0.280			11/18/20		4,000,000
	Credit Suisse AG-New York Branch (SOFR + 0.48%)
	3,000,000		0.550			10/02/20		3,000,000
	Federation des caisses Desjardins du Quebec (3 Mo. LIBOR + 0.10%)
	5,000,000		0.415	^(a)		09/11/20		5,000,000
	HSBC Bank USA, N.A. (3 Mo. LIBOR + 0.08%)
	10,000,000		0.336			10/23/20		10,000,000
	Mizuho Bank, Ltd.-New York Branch (1 Mo. LIBOR + 0.08%)
	3,000,000		0.243			09/11/20		3,000,004
	Natixis-New York Branch (3 Mo. LIBOR + 0.20%)
	8,000,000		0.454			11/13/20		8,000,000
	Skandinaviska Enskilda Banken AB (1 Mo. LIBOR + 0.15%)
	3,050,000		0.343			11/23/20		3,050,454
	Skandinaviska Enskilda Banken AB (3 Mo. LIBOR + 0.15%)
	7,900,000		0.452			10/02/20		7,891,060
	Skandinaviska Enskilda Banken AB (3 Mo. LIBOR + 0.17%)
	4,000,000		0.441			10/21/20		4,000,000
	Societe Generale (FEDL01 + 0.49%)
	8,000,000		0.580			09/04/20		8,000,000
	Standard Chartered Bank-New York Branch (3 Mo. LIBOR + 0.09%)
	5,000,000		0.356			10/13/20		5,000,000
	Svenska Handelsbanken AB-New York Branch (3 Mo. LIBOR + 0.16%)
	8,159,000		0.431			10/16/20		8,159,000
	Toyota Motor Credit Corp. (SOFR + 0.40%)
	12,000,000		0.490			10/23/20		12,000,000
	U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%)
	4,000,000		0.140			09/07/20		4,000,000
	1,000,000		0.180			09/07/20		1,000,000
	Westpac Banking Corp. (3 Mo. LIBOR + 0.13%)
	10,000,000		0.386	^(a)		10/23/20		10,000,122
	5,000,000		0.398	^(a)		10/30/20		5,000,000

	TOTAL VARIABLE RATE OBLIGATIONS						$	137,736,217

	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	1,771,460,846


10		The accompanying notes are an integral part of these financial statements.

INVESTOR MONEY MARKET FUND


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

Repurchase Agreements^(e) – 28.5%
	Joint Account III
$	648,100,000		0.090	%		09/01/20	$	648,100,000
	Maturity Value: $648,101,620

	Scotia Capital (USA) Inc.
	15,000,000		0.330			09/01/20		15,000,000
	Maturity Value: $15,000,138
	Collateralized by various corporate security issuers, 0.333% to 13.000%, due 12/14/20 to 06/01/50. The aggregate market value of the collateral, including accrued interest, was $16,083,899.

	Wells Fargo Securities, LLC
	25,000,000		0.230			09/04/20		25,000,000
	Maturity Value: $25,001,118
	Settlement Date: 08/28/20
	Collateralized by various corporate security issuers, 0.000% to 0.646%, due 09/10/20 to 10/12/21. The aggregate market value of the collateral, including accrued interest, was $26,176,469.

	TOTAL REPURCHASE AGREEMENTS						$	688,100,000

	TOTAL INVESTMENTS – 101.7%						$	2,459,560,846

	LIABILITIES IN EXCESS OF OTHER ASSETS – (1.7)%							(42,281,675	)

	NET ASSETS – 100.0%						$	2,417,279,171



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(b)		All or a portion represents a forward commitment.

(c)		Rate shown is that which is in effect on August 31, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

(d)		Variable or floating 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 August 31, 2020.

(e)		Unless noted, all repurchase agreements were entered into on August 31, 2020. Additional information on Joint Repurchase Agreement Account III appears in the Additional Investment Information section.



Investment Abbreviations:
FEDL01		—US Federal Funds Effective Rate
FHLB		—Insured by Federal Home Loan Bank
GO		—General Obligation
IDB		—Industrial Development Board
IHC		—Intermountain Health Care
LIBOR		—London Interbank Offered Rates
LOC		—Letter of Credit
RB		—Revenue Bond
RMKT		—Remarketed
SBPA		—Standby Bond Purchase Agreement
SOFR		—Secured Overnight Financing Rate
SPA		—Stand-by Purchase Agreement
T-Bill		—Treasury Bill
VRDN		—Variable Rate Demand Notes


The accompanying notes are an integral part of these financial statements.		11

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments

August 31, 2020


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

Municipal Debt Obligations – 101.6%
Alabama – 0.8%
	Mobile IDB VRDN PCRB for Alabama Power Co. Barry Plant Project Series 2007 C RMKT^(a)
$	11,500,000		0.170	%		09/07/20	$	11,500,000

Alaska – 1.0%
	Alaska Housing Finance Corp. Home Mortgage VRDN RB Refunding Series 2009 A RMKT (Wells Fargo Bank N.A., SPA)^(a)
	15,800,000		0.080			09/07/20		15,800,000

Arizona – 0.3%
	Arizona Health Facilities Authority VRDN RB Refunding for Banner Health Series 2008 F (JPMorgan Chase Bank N.A., LOC)^(a)
	4,540,000		0.070			09/07/20		4,540,000
	Arizona Health Facilities Authority VRDN RB Refunding for Banner Health Series 2008 G (Wells Fargo Bank N.A., LOC)^(a)
	90,000		0.070			09/07/20		90,000

								4,630,000

California – 11.8%
	Bay Area Toll Authority California Toll Bridge VRDN RB Refunding Series 2007 D-2 RMKT (Bank of America N.A., LOC)^(a)
	3,250,000		0.040			09/07/20		3,250,000
	Bay Area Toll Authority California Toll Bridge VRDN RB Refunding Series 2019 A (Bank of America N.A., LOC)^(a)
	16,575,000		0.030			09/07/20		16,575,000
	California Municipal Finance Authority VRDN RB for Chevron USA, Inc. Recovery Zone Bonds Series 2010 B (GTY AGMT – Chevron Corp.)^(a)
	6,365,000		0.010			09/01/20		6,365,000
	California Municipal Finance Authority VRDN RB for Chevron USA, Inc. Recovery Zone Bonds Series 2010 C (GTY AGMT – Chevron Corp.)^(a)
	2,595,000		0.010			09/01/20		2,595,000
	California Statewide Communities Development Authority CP for Kaiser Foundation Hospitals Series 2020 A2
	30,000,000		0.500			10/14/20		30,000,000
	California Statewide Communities Development Authority CP for Kaiser Foundation Hospitals Series 2020 E
	13,000,000		0.500			10/06/20		13,000,000
	California Statewide Communities Development Authority CP for Kaiser Foundation Hospitals Series 2020 K
	12,190,000		0.500			10/07/20		12,190,000
	City of Los Angeles TRAN Series 2020
	7,820,000		4.000			06/24/21		8,053,747
	Metropolitan Water District of Southern California VRDN RB Refunding Series 2000 B-3 RMKT (PNC Bank N.A., SPA)^(a)
	29,100,000		0.020			09/01/20		29,100,000
	Regents of the University of California (The) CP Series 2020 A
	20,000,000		0.150			09/04/20		20,000,000
	8,000,000		0.200			09/16/20		8,000,000
	Regents of the University of California VRDN RB Refunding Series 2013 AL-4 RMKT^(a)
	17,800,000		0.010			09/01/20		17,800,000


Municipal Debt Obligations – (continued)
California – (continued)
	State of California VRDN GO Refunding for School Improvements Series 2004 A RMKT (State Street Bank & Trust Co., LOC)^(a)
	14,000,000		0.010			09/01/20		14,000,000

								180,928,747

Colorado – 1.7%
	City of Colorado Springs Utilities System VRDN RB Series 2008 A (U.S. Bank N.A., SPA)^(a)
	4,465,000		0.100			09/07/20		4,465,000
	City of Colorado Springs Utilities System VRDN RB Series 2010 C RMKT (Barclays Bank PLC, SPA)^(a)
	8,545,000		0.080			09/07/20		8,545,000
	City of Colorado Springs Utilities System VRDN RB Series 2012 A (U.S. Bank N.A., SPA)^(a)
	4,300,000		0.080			09/07/20		4,300,000
	Colorado Housing & Finance Authority VRDN RB Refunding for Single Family Mortgage Class I Series 2001 AA-2 (Sumitomo Mitsui Banking Corp., LOC)^(a)
	9,240,000		0.110			05/01/31		9,240,000

								26,550,000

Connecticut – 3.6%
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2012 Subseries B-3 (Royal Bank of Canada, SPA)^(a)
	17,130,000		0.080			09/07/20		17,130,000
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2013 Subseries B-6 RMKT (Sumitomo Mitsui Banking Corp., SPA)^(a)
	5,000,000		0.110			09/07/20		5,000,000
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2017 Subseries A-3 (Landesbank Hessen-Thueringen Girozentrale, SPA)^(a)
	26,340,000		0.070			09/07/20		26,340,000
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2019 Subseries B-3 (Bank of America N.A., SPA)^(a)
	4,000,000		0.090			09/07/20		4,000,000
	Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University Series 2001 V-1^(a)
	2,000,000		0.010			09/01/20		2,000,000

								54,470,000

Delaware – 2.0%
	University of Delaware VRDN RB Refunding Series 2005 (TD Bank N.A., SPA)^(a)
	990,000		0.060			09/01/20		990,000
	University of Delaware VRDN RB Refunding Series 2013 C RMKT (TD Bank N.A., SPA)^(a)
	29,725,000		0.030			09/01/20		29,725,000

								30,715,000

District of Columbia – 1.9%
	District of Columbia Water & Sewer Authority Public Utility Systems VRDN RB Subordinate Lien Series 2014 Subseries B-2 (TD Bank N.A., SPA)^(a)
	15,165,000		0.090			09/07/20		15,165,000


12		The accompanying notes are an integral part of these financial statements.

INVESTOR TAX-EXEMPT MONEY MARKET FUND


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

Municipal Debt Obligations – (continued)
District of Columbia – (continued)
	Metropolitan Washington Airports Authority Airport System VRDN RB Refunding Series 2010 C Subseries C-2 RMKT (Sumitomo Mitsui Banking Corp., LOC)^(a)
$	13,755,000		0.080	%		09/07/20	$	13,755,000

								28,920,000

Florida – 2.2%
	City of Gainesville Utilities System VRDN RB Refunding Series 2007 A RMKT (State Street Bank & Trust Co., SPA)^(a)
	14,960,000		0.100			09/07/20		14,960,000
	Orlando Utilities Commission VRDN RB Water Utility Improvements Series 2008-2 RMKT (TD Bank N.A., SPA)^(a)
	18,550,000		0.110			09/07/20		18,550,000

								33,510,000

Georgia – 1.9%
	Development Authority for Fulton County VRDN RB Refunding for Children’s Healthcare of Atlanta Series 2008 (PNC Bank N.A. SPA)^(a)
	28,800,000		0.090			09/07/20		28,800,000

Illinois – 3.4%
	Illinois Finance Authority VRDN RB for Northwestern University Series 2008 Subseries B^(a)
	12,500,000		0.080			09/07/20		12,500,000
	Illinois Finance Authority VRDN RB for Northwestern University Series 2008 Subseries D^(a)
	30,000,000		0.070			09/07/20		30,000,000
	Illinois Housing Development Authority VRDN Homeowner Mortgage RB Series 2018 Subseries A-2 (GNMA/FNMA/ FHLMC)(FHLB, SPA)^(a)
	4,875,000		0.090			09/07/20		4,875,000
	Illinois State Finance Authority VRDN RB Refunding for Advocate Health Care Series 2008 Subseries C3A (Northern Trust Co., SPA)^(a)
	4,000,000		0.100			09/07/20		4,000,000

								51,375,000

Indiana – 0.8%
	Indiana Finance Authority VRDN RB Refunding for Ascension Health Senior Credit Group Series 2008 E-5 Convertible^(a)
	1,850,000		0.080			09/07/20		1,850,000
	Indiana Health Facility Financing Authority VRDN RB for Ascension Health Subordinate Credit Group Series 2005 A-2 RMKT^(a)
	9,700,000		0.080			09/07/20		9,700,000

								11,550,000

Maryland – 0.9%
	Maryland State Health & Higher Educational Facilities Authority CP for Johns Hopkins Health System Corp. (The) Series 2020
	5,980,000		0.180			12/03/20		5,980,000
	Washington Suburban Sanitary District GO VRDN BANS Series 2015 A-2 (County Guarantee)(TD Bank N.A., SPA)^(a)
	7,300,000		0.090			09/07/20		7,300,000

								13,280,000


Municipal Debt Obligations – (continued)
Massachusetts – 7.7%
	Commonwealth of Massachusetts GO VRDN for Central Artery/ Ted Williams Tunnel Infrastructure Loan Act Series 2000 A RMKT (Citibank N.A., SPA)^(a)
	15,000,000		0.090			09/07/20		15,000,000
	Massachusetts Bay Transportation Authority VRDN RB for General Transportation System Refunding Series 2000 A1 (Barclays Bank PLC, SPA)^(a)
	26,510,000		0.090			09/07/20		26,510,000
	Massachusetts Bay Transportation Authority VRDN RB Refunding for General Transportation System Series 2000 Subseries A-2 RMKT (Barclays Bank PLC, SPA)^(a)
	14,400,000		0.090			09/07/20		14,400,000
	Massachusetts Development Finance Agency VRDN RB Tufts University Series 2018 R (U.S. Bank N.A., SPA)^(a)
	9,000,000		0.010			09/01/20		9,000,000
	Massachusetts Health & Educational Facilities Authority VRDN RB for Museum of Fine Arts Series 2007 A-1 RMKT (Bank of America N.A., SPA)^(a)
	21,395,000		0.030			09/01/20		21,395,000
	Massachusetts Health & Educational Facilities Authority VRDN RB Refunding for Partners Healthcare System Series 2005 F-3 (TD Bank N.A., LOC)^(a)
	1,400,000		0.070			09/07/20		1,400,000
	Massachusetts Water Resources Authority CP Series 1999 A2
	7,350,000		0.190			02/09/21		7,350,000
	Massachusetts Water Resources Authority VRDN RB Refunding Subordinated General Series 2008 A-3 RMKT (Wells Fargo Bank N.A. SPA)^(a)
	4,000,000		0.100			09/07/20		4,000,000
	Massachusetts Water Resources Authority VRDN RB Refunding Subordinated General Series 2008 E (JPMorgan Chase Bank N.A., SPA)^(a)
	12,360,000		0.100			09/07/20		12,360,000
	University of Massachusetts Building Authority Project VRDN RB Senior Series 2008-1 RMKT (Barclays Bank PLC, SPA)^(a)
	6,590,000		0.080			09/07/20		6,590,000

								118,005,000

Michigan – 3.4%
	Michigan Finance Authority VRDN RB Refunding for Hospital Project Ascension Senior Credit Group Series 2016 E-2^(a)
	7,690,000		0.100			09/07/20		7,690,000
	Michigan Finance Authority VRDN RB Refunding for Hospital Project Ascension Senior Credit Group Series 2016 E-3^(a)
	5,130,000		0.080			09/07/20		5,130,000
	Regents of the University of Michigan VRDN RB Refunding General Series 2012 D-1^(a)
	5,900,000		0.020			09/01/20		5,900,000
	University of Michigan CP Series 2020 L-1
	6,500,000		0.150			09/03/20		6,500,000
	18,000,000		0.180			11/03/20		18,000,000
	8,900,000		0.150			11/11/20		8,900,000

								52,120,000


The accompanying notes are an integral part of these financial statements.		13

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments (continued)

August 31, 2020


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

Municipal Debt Obligations – (continued)
Minnesota – 2.2%
	Minnesota Housing Finance Agency VRDN Residential Housing Finance RB Refunding Series 2019 D (GNMA/FNMA/ FHLMC) (Royal Bank of Canada, SPA)^(a)
$	8,550,000		0.090	%		09/07/20	$	8,550,000
	Rochester Housing & Healthcare Facilities Revenue CP Series 2020 A2
	25,000,000		0.210			01/06/21		25,000,000

								33,550,000

Mississippi – 1.7%
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 C (GTY AGMT – Chevron Corp.)^(a)
	3,170,000		0.090			09/07/20		3,170,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 H (GTY AGMT – Chevron Corp.)^(a)
	1,300,000		0.030			09/01/20		1,300,000
	Mississippi Business Finance Corporation Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 E (GTY AGMT – Chevron Corp.)^(a)
	16,595,000		0.090			09/07/20		16,595,000
	Mississippi Business Finance Corporation Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 J (GTY AGMT – Chevron Corp.)^(a)
	4,390,000		0.030			09/01/20		4,390,000

								25,455,000

Missouri – 2.0%
	Health & Educational Facilities Authority of The State of Missouri VRDN RB for SSM Health Care Series 2014 F^(a)
	22,400,000		0.090			09/07/20		22,400,000
	Missouri Health & Educational Facilities Authority VRDN RB for Ascension Health Senior Credit Group Series 2008 C-5^(a)
	6,920,000		0.080			09/07/20		6,920,000
	Missouri Health & Educational Facilities Authority VRDN RB Refunding for BJC Health System Series 2008 A (U.S. Bank N.A., LIQ)^(a)
	1,350,000		0.080			09/07/20		1,350,000

								30,670,000

Multi-State – 0.8%
	Federal Home Loan Mortgage Corporation VRDN RB for Multi- Family Variable Rate Certificates Series 2014-M031 Class A (FHLMC, LIQ)^(a)(b)
	11,610,000		0.120			09/07/20		11,610,000

Nebraska – 0.9%
	Nebraska Investment Finance Authority VRDN RB for Single Family Housing Series 2019 C (FHLB, SPA)^(a)
	13,675,000		0.080			09/07/20		13,675,000

New York – 16.1%
	Erie County GO RANS Series 2020
	6,370,000		3.000			06/24/21		6,498,464
	Nassau County GO RANS Series 2020 A
	10,000,000		2.000			12/09/20		10,022,231
	Nassau County GO RANS Series 2020 C
	3,500,000		4.000			03/15/21		3,569,357


Municipal Debt Obligations – (continued)
New York – (continued)
	Nassau County Interim Finance Authority VRDN RB Refunding for Sales Tax Revenue Series 2008 A (TD Bank N.A., SPA)^(a)
	10,960,000		0.070			09/07/20		10,960,000
	Nassau County Interim Finance Authority VRDN RB Refunding for Sales Tax Revenue Series 2008 B (Sumitomo Mitsui Banking Corp., SPA)^(a)
	7,800,000		0.070			09/07/20		7,800,000
	New York City GO VRDN Series 2005 E Subseries E-2 (Bank of America N.A., LOC)^(a)
	2,500,000		0.030			09/01/20		2,500,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Refunding Series 2008 BB-2 (Bank of America N.A., SPA)^(a)
	11,400,000		0.030			09/01/20		11,400,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Refunding Series 2011 DD-1 (TD Bank N.A., SPA^(a)
	8,000,000		0.030			09/01/20		8,000,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Refunding Series 2013 Subseries AA-2 (JPMorgan Chase Bank N.A., SPA)^(a)
	3,000,000		0.020			09/01/20		3,000,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Series 2011 Subseries FF-2 (Landesbank Hessen-Thueringen Girozentrale, SPA)^(a)
	700,000		0.020			09/01/20		700,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Series 2019 BB (Industrial & Commercial Bank of China, SPA)^(a)
	16,800,000		0.130			09/07/20		16,800,000
	New York City Transitional Finance Authority Future Tax Secured VRDN RB for NYC Recovery Series 2002-2 Subseries 2-F (Sumitomo Mitsui Banking Corp., LIQ)^(a)
	1,025,000		0.080			09/07/20		1,025,000
	New York City Transitional Finance Authority Future Tax Secured VRDN RB Series 2010 Subseries G-6 (Barclays Bank PLC, SPA^(a)
	185,000		0.020			09/01/20		185,000
	New York City Transitional Finance Authority VRDN RB Recovery Series 2002-1 Subseries IE (Sumitomo Mitsui Banking Corp., LOC)^(a)
	2,545,000		0.110			09/07/20		2,545,000
	New York City Trust for Cultural Resources VRDN RB for Metropolitan Museum of Art Series 2006 A2 RMKT^(a)
	27,330,000		0.100			09/07/20		27,330,000
	New York City Trust For Cultural Resources VRDN RB Refunding for American Museum of Natural History Series 2014 B-1^(a)
	7,000,000		0.280			04/01/44		7,000,000
	New York City Trust For Cultural Resources VRDN RB Refunding for American Museum of Natural History Series 2014 B-2^(a)
	20,000,000		0.380			04/01/44		20,000,000


14		The accompanying notes are an integral part of these financial statements.

INVESTOR TAX-EXEMPT MONEY MARKET FUND


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

Municipal Debt Obligations – (continued)
New York – (continued)
	New York City Trust for Cultural Resources VRDN RB Refunding for The New York Botanical Garden Series 2009 A (JPMorgan Chase Bank N.A., LOC)^(a)
$	12,670,000		0.100	%		09/07/20	$	12,670,000
	New York State Dormitory Authority Non-State Supported Debt VRDN RB for Cornell University Series 2004 A RMKT (Bank of New York Mellon, SPA)^(a)
	16,595,000		0.050			09/07/20		16,595,000
	New York State Dormitory Authority Non-State Supported Debt VRDN RB Refunding for University of Rochester Series 2006 A-1 RMKT (Barclays Bank PLC, LOC)^(a)
	70,000		0.080			09/07/20		70,000
	New York State Dormitory Authority Personal Income Tax Subordinated RANS Series 2020 B
	16,900,000		5.000			03/31/21		17,334,267
	New York State Housing Finance Agency VRDN RB for 10 Barclay Street Series 2004 A (FNMA, LIQ) (FNMA, LOC)^(a)
	4,600,000		0.080			09/07/20		4,600,000
	New York State Housing Finance Agency VRDN RB for 100 Maiden Lane Series 2004 A RMKT (FNMA, LIQ)(FNMA, LOC)^(a)
	9,000,000		0.080			09/07/20		9,000,000
	New York State Housing Finance Agency VRDN RB for 20 River Terrace Housing Series 2002 A RMKT (FNMA, LIQ)(FNMA, LOC)^(a)
	4,400,000		0.080			09/07/20		4,400,000
	Port Authority of New York and New Jersey (The) CP Series 2020 A
	12,245,000		0.400			10/01/20		12,245,000
	Power Authority of the State of New York CP Series 2020 A2
	12,000,000		0.370			02/01/21		12,000,000
	Triborough Bridge & Tunnel Authority VRDN RB Refunding Series 2005 Subseries B-2 (Citibank N.A., LOC)^(a)
	14,420,000		0.030			09/01/20		14,420,000
	Triborough Bridge & Tunnel Authority VRDN RB Refunding Series 2005 Subseries B-3 (State Street Bank & Trust Co., LOC)^(a)
	4,100,000		0.030			09/01/20		4,100,000

								246,769,319

North Carolina – 2.9%
	City of Raleigh Combined Enterprise System VRDN RB Series 2008 A RMKT (Bank of America N.A., SPA)^(a)
	5,700,000		0.110			09/07/20		5,700,000
	City of Raleigh Combined Enterprise System VRDN RB Series 2008 B RMKT (Bank of America N.A., SPA)^(a)
	23,015,000		0.110			09/07/20		23,015,000
	North Carolina Educational Facilities Finance Agency VRDN RB for Duke University Project Series 1992 A^(a)
	9,100,000		0.060			09/07/20		9,100,000
	University of North Carolina at Chapel Hill VRDN RB Refunding Series 2001 B^(a)
	7,080,000		0.070			09/07/20		7,080,000

								44,895,000


Municipal Debt Obligations – (continued)
Ohio – 6.5%
	City of Columbus GO VRDN for Sanitation Sewer System Series 2006-1^(a)
	12,200,000		0.060			09/07/20		12,200,000
	City of Columbus Sewerage System VRDN RB Refunding Series 2008 B^(a)
	26,780,000		0.060			09/07/20		26,780,000
	County of Hamilton VRDN RB Refunding for Cincinnati Children’s Hospital Medical Center Series 2018 AA^(a)
	13,065,000		0.080			09/07/20		13,065,000
	Franklin County Hospital VRDN RB Refunding for Ohio Health Facilities Series 2009 B RMKT (Barclays Bank PLC, SPA)^(a)
	19,485,000		0.080			09/07/20		19,485,000
	Ohio State Higher Education Facilities CP for Cleveland Clinic Series 2008 B-6
	1,190,000		0.140			12/03/20		1,190,000
	Ohio State University VRDN RB Series 2014 B-1^(a)
	10,350,000		0.070			09/07/20		10,350,000
	State of Ohio GO VRDN for Common Schools Series 2006 C^(a)
	7,125,000		0.080			09/07/20		7,125,000
	State of Ohio GO VRDN Refunding for Infrastructure Improvement Series 2004 A^(a)
	9,765,000		0.080			09/07/20		9,765,000

								99,960,000

Pennsylvania – 1.0%
	School District of Philadelphia (The) TRANS Series A
	15,705,000		4.000			06/30/21		16,150,780

South Carolina – 0.4%
	City of Columbia, South Carolina Waterworks & Sewer System VRDN RB Series 2009 RMKT (Sumitomo Mitsui Banking Corp., LOC)^(a)
	6,750,000		0.090			09/07/20		6,750,000

Texas – 11.3%
	Austin Independent School District GO School Building Bonds Series 2020 (PSF Gty.)
	5,660,000		5.000			08/01/21		5,893,588
	City of El Paso Texas Water & Sewer System CP Series 2020 A
	25,000,000		0.180			09/15/20		25,000,000
	Dallas Area Rapid Transit CP Series 2020 A2
	13,500,000		0.220			09/03/20		13,500,015
	Dallas Area Rapid Transit CP Series 2020 IIA
	2,500,000		0.190			09/03/20		2,500,000
	Harris County Cultural Education Facilities Finance Corp. CP Series 2020 C-2
	6,230,000		0.280			09/14/20		6,230,000
	Harris County Cultural Education Facilities Finance Corp. VRDN RB for Memorial Hermann Health System Series 2014 C^(a)
	28,460,000		0.080			09/07/20		28,460,000
	Harris County Industrial Development Corp. VRDN PCRB for ExxonMobil Project Series 1984^(a)
	7,000,000		0.030			09/01/20		7,000,000
	Lower Neches Valley Authority Industrial Development Corp. VRDN RB Refunding for ExxonMobil Project Series 2012 (GTY AGMT – Exxon Mobil Corp.)^(a)
	3,000,000		0.030			09/01/20		3,000,000


The accompanying notes are an integral part of these financial statements.		15

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments (continued)

August 31, 2020


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

Municipal Debt Obligations – (continued)
Texas – (continued)
	Port of Port Arthur Navigation District VRDN RB Refunding for Texaco, Inc. Project Series 1994^(a)
$	10,000,000		0.030	%		09/01/20	$	10,000,000
	San Antonio Electric & Gas Revenue CP Series 2020 B
	3,800,000		0.790			09/10/20		3,800,000
	State of Texas TRANS Series 2020
	51,010,000		4.000			08/26/21		52,889,049
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB for Texas Health Resources System Series 2012 B^(a)
	4,610,000		0.100			09/07/20		4,610,000
	Texas A&M University Board of Regents CP Series 2020 B
	9,000,000		0.200			10/05/20		9,000,000
	1,172,000		0.180			11/04/20		1,172,000
	University of Texas System VRDN RB Refunding for Financing System Series 2007 B^(a)
	1,270,000		0.070			09/07/20		1,270,000

								174,324,652

Utah – 1.6%
	Murray City, Utah Hospital VRDN RB for IHC Health Services, Inc. Series 2003 B^(a)
	25,100,000		0.080			09/07/20		25,100,000

Virginia – 6.0%
	Fairfax County IDA VRDN RB Refunding for Inova Health System Project Series 2016 C^(a)
	6,445,000		0.090			09/07/20		6,445,000
	Fairfax County IDA VRDN RB Refunding for Inova Health System Project Series 2018 C^(a)
	13,300,000		0.090			09/07/20		13,300,000
	Loudoun County IDA VRDN RB for Howard Hughes Medical Institute Series 2003 C^(a)
	2,445,000		0.090			09/07/20		2,445,000
	Loudoun County IDA VRDN RB for Howard Hughes Medical Institute Series 2003 F^(a)
	6,215,000		0.100			09/07/20		6,215,000
	Loudoun County IDA VRDN RB for Howard Hughes Medical Institute Series 2009 B^(a)
	14,545,000		0.090			09/07/20		14,545,000
	Norfolk Economic Development Authority Hospital Facilities VRDN RB Refunding for Sentara Healthcare Series 2016 A^(a)
	29,630,000		0.090			09/07/20		29,630,000
	Norfolk Economic Development Authority Hospital Facilities VRDN RB Refunding for Sentara Healthcare Series 2016 B^(a)
	2,680,000		0.080			09/07/20		2,680,000
	Virginia College Building Authority Educational Facilities VRDN RB Refunding for University of Richmond Project Series 2004 (U.S. Bank N.A., SPA)^(a)
	16,120,000		0.090			09/07/20		16,120,000

								91,380,000

Washington – 4.5%
	King County GO VRDN RB Refunding Series 2019 A (TD Bank N.A., SPA)^(a)
	48,065,000		0.020			09/01/20		48,065,000
	Port of Tacoma VRDN Subordinate Lien RB Series 2008 B RMKT (Bank of America N.A., LOC)^(a)
	11,500,000		0.080			09/07/20		11,500,000


Municipal Debt Obligations – (continued)
Washington – (continued)
	Washington State Housing Finance Commission VRDN RB for Discovery Heights Apartments Series 2010 (FHLMC, LIQ)^(a)
	8,900,000		0.100			09/07/20		8,900,000

								68,465,000

Wisconsin – 0.3%
	Wisconsin Housing & Economic Development Authority VRDN Home Ownership RB Series 2019 B (FNMA)(FHLB, SPA)^(a)
	5,100,000		0.090			09/07/20		5,100,000

	TOTAL INVESTMENTS – 101.6%						$	1,556,008,498

	LIABILITIES IN EXCESS OF OTHER ASSETS – (1.6)%							(23,877,247	)

	NET ASSETS – 100.0%						$	1,532,131,251



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Rate shown is that which is in effect on August 31, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

(b)		Exempt from registration under Rule 144A of the Securities Act of 1933.

Interest rates represent either the stated coupon rate, or for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.



Investment Abbreviations:
BANS		—Bond Anticipation Notes
CP		—Commercial Paper
FHLB		—Insured by Federal Home Loan Bank
FHLMC		—Insured by Federal Home Loan Mortgage Corp.
FNMA		—Insured by Federal National Mortgage Association
GNMA		—Insured by Government National Mortgage Association
GO		—General Obligation
GTY AGMT		—Guaranty Agreement
IDA		—Industrial Development Agency
IDB		—Industrial Development Board
IHC		—Intermountain Health Care
LIQ		—Liquidity Agreement
LOC		—Letter of Credit
PCRB		—Pollution Control Revenue Bond
RANS		—Revenue Anticipation Notes
RB		—Revenue Bond
RMKT		—Remarketed
SPA		—Stand-by Purchase Agreement
TRANS		—Tax Revenue Anticipation Notes
VRDN		—Variable Rate Demand Notes
WI		—When Issued Security


16		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT III — At August 31, 2020, the Investor Money Market Fund had undivided interests in the Joint Repurchase Agreement Account III, with a maturity date of September 1, 2020, as follows:


Principal Amount	Maturity Value	Collateral Value
$648,100,000	$648,101,620	$667,507,118

REPURCHASE AGREEMENTS — At August 31, 2020, the Principal Amounts of the Investor Money Market Fund’s interest in the Joint Repurchase Agreement Account III were as follows:


Counterparty	Interest Rate			Principal Amount
ABN Amro Bank N.V.		0.090	%		$119,757,609
Bank of America, N.A.		0.090			70,445,652
BofA Securities, Inc.		0.090			246,559,783
Bank of Nova Scotia (The)		0.090			211,336,956

TOTAL					$648,100,000

At August 31, 2020, the Joint Repurchase Agreement Account III was fully collateralized by:


Issuer	Interest Rates			Maturity Dates
Federal National Mortgage Association		2.000 to 5.000	%		07/01/27 to 09/01/50
Federal Home Loan Mortgage Corp.		2.000 to 5.000			10/01/26 to 09/01/50
Government National Mortgage Association		2.000 to 3.500			09/20/46 to 08/20/50
U.S. Treasury Notes		0.125			08/31/22 to 08/15/23


The accompanying notes are an integral part of these financial statements.		17

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Statements of Assets and Liabilities

August 31, 2020


	Investor Money Market Fund		Investor Tax-Exempt Money Market Fund
Assets:
Investments , at value (cost $1,771,460,846 and $1,556,008,498)	$	1,771,460,846	$	1,556,008,498
Repurchase agreements , at value (cost $688,100,000 and $0)		688,100,000		—
Cash		51,758		8,119,134
Receivables:
Fund shares sold		4,084,681		123,573
Investments sold		1,499,289		26,000,027
Interest		539,251		978,551
Reimbursement from investment advisor		192,429		41,746
Other assets		238,834		95,477
Total assets		2,466,167,088		1,591,367,006

Liabilities:
Payables:
Fund shares redeemed		38,520,910		172,859
Investments purchased		9,664,612		58,782,637
Management fees		340,230		180,573
Distribution and Service fees and Transfer Agency fees		84,455		19,331
Dividend distribution		26,894		17,048
Accrued expenses		250,816		63,307
Total liabilities		48,887,917		59,235,755

Net Assets:
Paid-in capital		2,416,451,311		1,532,129,942
Total distributable earnings (loss)		827,860		1,309
NET ASSETS	$	2,417,279,171	$	1,532,131,251
Net asset value, offering and redemption price per share		$1.00		$1.00
Net Assets:
Class A Shares	$	249,228,272	$	16,677,793
Class C Shares		52,647		28,532
Class I Shares		2,025,657,140		1,511,106,310
Capital Shares		—		1,032
Service Shares		56,452,939		817,527
Preferred Shares		—		91,249
Select Shares		—		1,038
Administration Shares		33,860,307		304,925
Cash Management Shares		52,017,199		1,012
Premier Shares		—		1,025
Resource Shares		10,667		3,100,808
Total Net Assets	$	2,417,279,171	$	1,532,131,251
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Class A Shares		249,145,406		16,677,223
Class C Shares		52,630		28,531
Class I Shares		2,024,972,751		1,511,054,766
Capital Shares		—		1,032
Service Shares		56,434,181		817,499
Preferred Shares		—		91,246
Select Shares		—		1,038
Administration Shares		33,849,055		304,914
Cash Management Shares		51,999,915		1,012
Premier Shares		—		1,025
Resource Shares		10,664		3,100,702


18		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Statements of Operations

For the Year Ended August 31, 2020


	Investor Money Market Fund			Investor Tax-Exempt Money Market Fund
Investment Income:

Interest income	$	25,799,932		$	13,935,288

Expenses:
Fund-Level Expenses:

Management fees		3,199,156			2,453,379

Registration fees		467,748			170,453

Transfer Agency fees		199,948			153,336

Custody, accounting and administrative services		110,160			113,523

Professional fees		109,099			108,959

Printing and mailing fees		67,702			33,041

Trustee fees		22,901			22,193

Shareholder meeting expense		19,361			4,827

Other		2,129			38,704
Subtotal		4,198,204			3,098,415
Class Specific Expenses:

Distribution and Service fees — Class A Shares		638,157			45,214

Cash Management Share fees		170,753			5

Service Share fees		123,897			2,484

Shareholder Administration Plan fees — Service Shares		123,897			2,484

Distribution fees — Cash Management Shares		102,452			3

Administration Share fees		91,068			759

Distribution fees — Class C Shares		244			282

Resource Share fees		53			13,468

Distribution fees — Resource Shares		16			4,041

Preferred Share fees		—			417

Premier Share fees		—			4

Capital Share fees		—			2

Total expenses		5,448,741			3,167,578

Less — expense reductions		(656,593	)		(329,082	)

Net expenses		4,792,148			2,838,496

NET INVESTMENT INCOME	$	21,007,784		$	11,096,792

Net realized gain from investment transactions		1,236,233			7,987

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	22,244,017		$	11,104,779


The accompanying notes are an integral part of these financial statements.		19

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Statements of Changes in Net Assets


	Investor Money Market Fund						Investor Tax-Exempt Money Market Fund
	For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
From operations:
Net investment income	$	21,007,784		$	22,874,367		$	11,096,792		$	16,974,385
Net realized gain from investment transactions		1,236,233			65,956			7,987			7
Net increase in net assets resulting from operations		22,244,017			22,940,323			11,104,779			16,974,392

Distributions to shareholders:
From distributable earnings:
Class A Shares		(2,297,830	)		(1,234,215	)		(76,231	)		(74,792	)
Class C Shares		(63	)		(142	)		(39	)		(35	)
Class I Shares		(18,363,630	)		(19,336,326	)		(11,004,509	)		(16,864,762	)
Capital Shares		—			—			(10	)		(17	)
Service Shares		(314,654	)		(44,257	)		(4,489	)		(14,435	)
Preferred Shares		—			—			(1,884	)		(820	)
Select Shares		—			—			(10	)		(33	)
Administration Shares		(335,476	)		(2,153,706	)		(1,676	)		(2,245	)
Cash Management Shares		(138,019	)		(154,020	)		(6	)		(10	)
Premier Shares		—			—			(8	)		(13	)
Resource Shares		(72	)		(183	)		(7,929	)		(17,222	)
Total distributions to shareholders		(21,449,744	)		(22,922,849	)		(11,096,791	)		(16,974,384	)

From share transactions
Proceeds from sales of shares		4,020,278,618			2,562,005,279			2,567,445,330			1,938,594,915
Reinvestment of distributions		19,673,459			19,492,259			2,076,003			2,489,065
Cost of shares redeemed		(3,193,030,924	)		(1,657,812,828	)		(2,501,565,155	)		(1,534,774,415	)
Net increase in net assets resulting from share transactions		846,921,153			923,684,710			67,956,178			406,309,565
NET INCREASE		847,715,426			923,702,184			67,964,166			406,309,573

Net assets:
Beginning of year		1,569,563,745			645,861,561			1,464,167,085			1,057,857,512
End of year	$	2,417,279,171		$	1,569,563,745		$	1,532,131,251		$	1,464,167,085


20		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Financial Highlights


	Year Ended August 31,												Period Ended August 31, 2016*
Investor Money Market Fund — Class A Shares	2020			2019			2018			2017			Period Ended August 31, 2016*
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.009			0.021			0.016			0.008			0.001

Net realized gain (loss)		0.001			—	^(b)		(0.003	)		(0.002	)		—	^(b)

Total from investment operations		0.010			0.021			0.013			0.006			0.001

Distributions to shareholders from net investment income		(0.010	)		(0.021	)		(0.013	)		(0.006	)		(0.001	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.010	)		(0.021	)		(0.013	)		(0.006	)		(0.001	)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.98	%		2.14	%		1.36	%		0.62	%		0.09	%

Net assets, end of period (in 000’s)	$	249,228		$	169,451		$	7,933		$	563		$	50

Ratio of net expenses to average net assets		0.42	%		0.43	%		0.43	%		0.43	%		0.43	%^(e)

Ratio of total expenses to average net assets		0.46	%		0.46	%		0.54	%		0.76	%		5.13	%^(e)

Ratio of net investment income to average net assets		0.88	%		2.12	%		1.59	%		0.81	%		0.16	%^(e)

Commenced operations on January 29, 2016.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

(e)

Annualized.


	Year Ended August 31,												Period Ended August 31, 2016*
Investor Money Market Fund — Class C Shares	2020			2019			2018			2017			Period Ended August 31, 2016*
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.003			0.014			0.004			—	^(b)		—	^(b)

Net realized gain		0.002			—	^(b)		0.002			0.001			—	^(b)

Total from investment operations		0.005			0.014			0.006			0.001			—	^(b)

Distributions to shareholders from net investment income		(0.005	)		(0.014	)		(0.006	)		(0.001	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.005	)		(0.014	)		(0.006	)		(0.001	)		—	^(b)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.46	%		1.38	%		0.60	%		0.06	%		0.05	%

Net assets, end of period (in 000’s)	$	53		$	10		$	10		$	64		$	50

Ratio of net expenses to average net assets		0.79	%		1.18	%		1.18	%		1.02	%		0.58	%^(e)

Ratio of total expenses to average net assets		1.21	%		1.21	%		1.29	%		1.51	%		5.88	%^(e)

Ratio of net investment income to average net assets		0.24	%		1.38	%		0.40	%		0.04	%		0.01	%^(e)

Commenced operations on January 29, 2016.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

(e)

Annualized.


The accompanying notes are an integral part of these financial statements.		21

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Financial Highlights (continued)


	Year Ended August 31,												Period Ended August 31, 2016*
Investor Money Market Fund — Class I Shares	2020			2019			2018			2017			Period Ended August 31, 2016*
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.011			0.024			0.017			0.009			0.002

Net realized gain (loss)		0.001			—	^(b)		(0.001	)		—	^(b)		—	^(b)

Total from investment operations		0.012			0.024			0.016			0.009			0.002

Distributions to shareholders from net investment income		(0.012	)		(0.024	)		(0.016	)		(0.009	)		(0.002	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.012	)		(0.024	)		(0.016	)		(0.009	)		(0.002	)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		1.22	%		2.40	%		1.61	%		0.87	%		0.24	%

Net assets, end of period (in 000’s)	$	2,025,657		$	1,316,874		$	504,770		$	216,443		$	10,679

Ratio of net expenses to average net assets		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%^(e)

Ratio of total expenses to average net assets		0.21	%		0.21	%		0.29	%		0.51	%		4.88	%^(e)

Ratio of net investment income to average net assets		1.11	%		2.37	%		1.68	%		0.90	%		0.41	%^(e)

Commenced operations on January 29, 2016.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

(e)

Annualized.


	Year Ended August 31,												Period Ended August 31, 2016*
Investor Money Market Fund — Service Shares	2020			2019			2018			2017			Period Ended August 31, 2016*
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.006			0.018			0.009			0.004			—	^(b)

Net realized gain		0.002			0.001			0.002			—	^(b)		—	^(b)

Total from investment operations		0.008			0.019			0.011			0.004			—	^(b)

Distributions to shareholders from net investment income		(0.008	)		(0.019	)		(0.011	)		(0.004	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.008	)		(0.019	)		(0.011	)		(0.004	)		—	^(b)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.78	%		1.89	%		1.11	%		0.39	%		0.05	%

Net assets, end of period (in 000’s)	$	56,453		$	30,615		$	11		$	50		$	50

Ratio of net expenses to average net assets		0.62	%		0.68	%		0.68	%		0.68	%		0.61	%^(e)

Ratio of total expenses to average net assets		0.71	%		0.71	%		0.79	%		1.01	%		5.38	%^(e)

Ratio of net investment income to average net assets		0.62	%		1.75	%		0.92	%		0.36	%		0.02	%^(e)

Commenced operations on May 31, 2016.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

(e)

Annualized.


22		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Financial Highlights (continued)


	Year Ended August 31,												Period Ended August 31, 2016*
Investor Money Market Fund — Administration Shares	2020			2019			2018			2017			Period Ended August 31, 2016*
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.009			0.021			0.014			0.007			0.001

Net realized gain (loss)		0.001			—	^(b)		(0.001	)		(0.001	)		—	^(b)

Total from investment operations		0.010			0.021			0.013			0.006			0.001

Distributions to shareholders from net investment income		(0.010	)		(0.021	)		(0.013	)		(0.006	)		(0.001	)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.010	)		(0.021	)		(0.013	)		(0.006	)		(0.001	)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.98	%		2.14	%		1.36	%		0.62	%		0.09	%

Net assets, end of period (in 000’s)	$	33,860		$	31,188		$	132,200		$	100,351		$	50

Ratio of net expenses to average net assets		0.42	%		0.43	%		0.43	%		0.43	%		0.43	%^(e)

Ratio of total expenses to average net assets		0.46	%		0.46	%		0.54	%		0.76	%		5.13	%^(e)

Ratio of net investment income to average net assets		0.90	%		2.12	%		1.37	%		0.72	%		0.16	%^(e)

Commenced operations on January 29, 2016.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

(e)

Annualized.


	Year Ended August 31,												Period Ended August 31, 2016*
Investor Money Market Fund — Cash Management Shares	2020			2019			2018			2017			Period Ended August 31, 2016*
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.004			0.016			0.009			0.002			—	^(b)

Net realized gain (loss)		0.002			—	^(b)		(0.001	)		(0.001	)		—	^(b)

Total from investment operations		0.006			0.016			0.008			0.001			—	^(b)

Distributions to shareholders from net investment income		(0.006	)		(0.016	)		(0.008	)		(0.001	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.006	)		(0.016	)		(0.008	)		(0.001	)		—	^(b)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.58	%		1.58	%		0.81	%		0.15	%		0.05	%

Net assets, end of period (in 000’s)	$	52,017		$	21,414		$	927		$	91		$	50

Ratio of net expenses to average net assets		0.76	%		0.98	%		0.98	%		0.95	%		0.62	%^(e)

Ratio of total expenses to average net assets		1.01	%		1.01	%		1.09	%		1.31	%		5.68	%^(e)

Ratio of net investment income to average net assets		0.38	%		1.60	%		0.88	%		0.18	%		0.01	%^(e)

Commenced operations on May 31, 2016.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

(e)

Annualized.


The accompanying notes are an integral part of these financial statements.		23

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Financial Highlights (continued)


	Year Ended August 31,												Period Ended August 31, 2016*
Investor Money Market Fund — Resource Shares	2020			2019			2018			2017			Period Ended August 31, 2016*
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.007			0.017			0.008			0.002			—	^(b)

Net realized gain		—	^(b)		—	^(b)		0.002			0.001			—	^(b)

Total from investment operations		0.007			0.017			0.010			0.003			—	^(b)

Distributions to shareholders from net investment income		(0.007	)		(0.017	)		(0.010	)		(0.003	)		—	^(b)

Distributions to shareholders from net realized gains		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions^(c)		(0.007	)		(0.017	)		(0.010	)		(0.003	)		—	^(b)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.67	%		1.74	%		0.96	%		0.26	%		0.05	%

Net assets, end of period (in 000’s)	$	11		$	11		$	11		$	50		$	50

Ratio of net expenses to average net assets		0.73	%		0.81	%		0.83	%		0.82	%		0.62	%^(e)

Ratio of total expenses to average net assets		0.86	%		0.86	%		0.94	%		1.16	%		5.53	%^(e)

Ratio of net investment income to average net assets		0.66	%		1.75	%		0.77	%		0.22	%		0.01	%^(e)

Commenced operations on May 31, 2016.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

(e)

Annualized.


24		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights (continued)


	Year Ended August 31,												Period Ended August 31, 2016*
Investor Tax-Exempt Money Market Fund — Class A Shares	2020			2019			2018			2017			Period Ended August 31, 2016*
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.005			0.012			0.008			0.004			—	^(b)

Net realized gain		0.001			—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total from investment operations		0.006			0.012			0.008			0.004			—	^(b)

Distributions to shareholders from net investment income		(0.006	)		(0.012	)		(0.008	)		(0.003	)		—	^(b)

Distributions to shareholders from net realized gains		—			—	^(b)		—	^(b)		(0.001	)		—	^(b)

Total distributions^(c)		(0.006	)		(0.012	)		(0.008	)		(0.004	)		—	^(b)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.55	%		1.16	%		0.78	%		0.38	%		0.01	%

Net assets, end of period (in 000’s)	$	16,678		$	14,846		$	2,296		$	643		$	10

Ratio of net expenses to average net assets		0.36	%		0.43	%		0.43	%		0.43	%		0.30	%^(e)

Ratio of total expenses to average net assets		0.45	%		0.45	%		0.47	%		0.54	%		0.49	%^(e)

Ratio of net investment income to average net assets		0.42	%		1.11	%		0.82	%		0.35	%		0.04	%^(e)

Commenced operations on March 31, 2016.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

(e)

Annualized.


	Year Ended August 31,												Period Ended August 31, 2016*
Investor Tax-Exempt Money Market Fund — Class C Shares	2020			2019			2018			2017			Period Ended August 31, 2016*
Per Share Data:

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.001			0.004			0.001			—	^(b)		—	^(b)

Net realized gain		—	^(b)		—	^(b)		—	^(b)		0.001			—	^(b)

Total from investment operations		0.001			0.004			0.001			0.001			—	^(b)

Distributions to shareholders from net investment income		(0.001	)		(0.004	)		(0.001	)		—	^(b)		—	^(b)

Distributions to shareholders from net realized gains		—			—	^(b)		—	^(b)		(0.001	)		—	^(b)

Total distributions^(c)		(0.001	)		(0.004	)		(0.001	)		(0.001	)		—	^(b)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.12	%		0.41	%		0.13	%		0.07	%		0.01	%

Net assets, end of period (in 000’s)	$	29		$	9		$	9		$	9		$	10

Ratio of net expenses to average net assets		0.55	%		1.19	%		1.06	%		0.72	%		0.31	%^(e)

Ratio of total expenses to average net assets		1.20	%		1.20	%		1.22	%		1.29	%		1.24	%^(e)

Ratio of net investment income to average net assets		0.14	%		0.39	%		0.15	%		0.04	%		0.04	%^(e)

Commenced operations on March 31, 2016.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

(e)

Annualized.


The accompanying notes are an integral part of these financial statements.		25

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights (continued)


	Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Class I Shares	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.007			0.014			0.010			0.006			0.001

Net realized gain		—	^(b)		—	^(b)		—	^(b)		0.001			—	^(b)

Total from investment operations		0.007			0.014			0.010			0.007			0.001

Distributions to shareholders from net investment income		(0.007	)		(0.014	)		(0.010	)		(0.006	)		(0.001	)

Distributions to shareholders from net realized gains		—			—	^(b)		—	^(b)		(0.001	)		—	^(b)

Total distributions^(c)		(0.007	)		(0.014	)		(0.010	)		(0.007	)		(0.001	)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.75	%		1.42	%		1.03	%		0.63	%		0.11	%

Net assets, end of year (in 000’s)	$	1,511,106		$	1,444,641		$	1,052,229		$	924,326		$	1,387,634

Ratio of net expenses to average net assets		0.18	%		0.18	%		0.18	%		0.18	%		0.11	%

Ratio of total expenses to average net assets		0.20	%		0.20	%		0.22	%		0.29	%		0.24	%

Ratio of net investment income to average net assets		0.73	%		1.40	%		1.02	%		0.57	%		0.07	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


	Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Capital Shares	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.010			0.017			0.013			0.003			—	^(b)

Net realized gain		—	^(b)		—	^(b)		—	^(b)		0.002			—	^(b)

Total from investment operations		0.010			0.017			0.013			0.005			—	^(b)

Distributions to shareholders from net investment income		(0.010	)		(0.017	)		(0.013	)		(0.004	)		—	^(b)

Distributions to shareholders from net realized gains		—			—	^(b)		—	^(b)		(0.001	)		—	^(b)

Total distributions^(c)		(0.010	)		(0.017	)		(0.013	)		(0.005	)		—	^(b)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.62	%		1.27	%		0.88	%		0.48	%		0.04	%

Net assets, end of year (in 000’s)	$	1		$	1		$	1		$	1		$	886

Ratio of net expenses to average net assets		0.18	%		0.18	%		0.18	%		0.33	%		0.19	%

Ratio of total expenses to average net assets		0.35	%		0.35	%		0.37	%		0.44	%		0.39	%

Ratio of net investment income to average net assets		0.99	%		1.69	%		1.31	%		0.30	%		0.04	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


26		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights (continued)


	Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Service Shares	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.005			0.009			0.005			—	^(b)		—	^(b)

Net realized gain (loss)		(0.001	)		—	^(b)		—	^(b)		0.002			—	^(b)

Total from investment operations		0.004			0.009			0.005			0.002			—	^(b)

Distributions to shareholders from net investment income		(0.004	)		(0.009	)		(0.005	)		(0.001	)		—	^(b)

Distributions to shareholders from net realized gains		—			—	^(b)		—	^(b)		(0.001	)		—	^(b)

Total distributions^(c)		(0.004	)		(0.009	)		(0.005	)		(0.002	)		—	^(b)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.39	%		0.91	%		0.53	%		0.15	%		0.01	%

Net assets, end of year (in 000’s)	$	818		$	2,102		$	836		$	841		$	58,173

Ratio of net expenses to average net assets		0.56	%		0.68	%		0.68	%		0.63	%		0.21	%

Ratio of total expenses to average net assets		0.70	%		0.70	%		0.72	%		0.79	%		0.74	%

Ratio of net investment income to average net assets		0.45	%		0.91	%		0.52	%		0.04	%		0.01	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


	Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Preferred Shares	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.005			0.013			0.009			0.005			0.001

Net realized gain		0.002			—	^(b)		—	^(b)		0.001			—	^(b)

Total from investment operations		0.007			0.013			0.009			0.006			0.001

Distributions to shareholders from net investment income		(0.007	)		(0.013	)		(0.009	)		(0.005	)		(0.001	)

Distributions to shareholders from net realized gains		—			—	^(b)		—	^(b)		(0.001	)		—	^(b)

Total distributions^(c)		(0.007	)		(0.013	)		(0.009	)		(0.006	)		(0.001	)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.66	%		1.32	%		0.93	%		0.53	%		0.06	%

Net assets, end of year (in 000’s)	$	91		$	61		$	68		$	37		$	46

Ratio of net expenses to average net assets		0.26	%		0.28	%		0.28	%		0.28	%		0.13	%

Ratio of total expenses to average net assets		0.30	%		0.30	%		0.32	%		0.39	%		0.34	%

Ratio of net investment income to average net assets		0.45	%		1.31	%		0.93	%		0.48	%		0.03	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


The accompanying notes are an integral part of these financial statements.		27

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights (continued)


	Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Select Shares	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.010			0.016			0.009			0.006			0.001

Net realized gain		—	^(b)		—	^(b)		0.001			—	^(b)		—	^(b)

Total from investment operations		0.010			0.016			0.010			0.006			0.001

Distributions to shareholders from net investment income		(0.010	)		(0.016	)		(0.010	)		(0.005	)		(0.001	)

Distributions to shareholders from net realized gains		—			—	^(b)		—	^(b)		(0.001	)		—	^(b)

Total distributions^(c)		(0.010	)		(0.016	)		(0.010	)		(0.006	)		(0.001	)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.72	%		1.39	%		1.00	%		0.60	%		0.09	%

Net assets, end of year (in 000’s)	$	1		$	1		$	3		$	5,401		$	—

Ratio of net expenses to average net assets		0.18	%		0.18	%		0.21	%		0.21	%		0.11	%

Ratio of total expenses to average net assets		0.23	%		0.23	%		0.25	%		0.32	%		0.27	%

Ratio of net investment income to average net assets		0.97	%		1.50	%		0.95	%		0.62	%		0.01	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


	Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Administration Shares	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.006			0.012			0.008			0.003			—	^(b)

Net realized gain		—	^(b)		—	^(b)		—	^(b)		0.001			—	^(b)

Total from investment operations		0.006			0.012			0.008			0.004			—	^(b)

Distributions to shareholders from net investment income		(0.006	)		(0.012	)		(0.008	)		(0.003	)		—	^(b)

Distributions to shareholders from net realized gains		—			—	^(b)		—	^(b)		(0.001	)		—	^(b)

Total distributions^(c)		(0.006	)		(0.012	)		(0.008	)		(0.004	)		—	^(b)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.55	%		1.16	%		0.78	%		0.38	%		0.01	%

Net assets, end of year (in 000’s)	$	305		$	298		$	2		$	3,575		$	13,041

Ratio of net expenses to average net assets		0.37	%		0.43	%		0.43	%		0.43	%		0.18	%

Ratio of total expenses to average net assets		0.45	%		0.45	%		0.47	%		0.54	%		0.49	%

Ratio of net investment income to average net assets		0.55	%		1.18	%		0.75	%		0.30	%		0.01	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


28		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights (continued)


	Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Cash Management Shares	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.004			0.010			0.002			—	^(b)		—	^(b)

Net realized gain		0.001			—	^(b)		0.001			0.001			—	^(b)

Total from investment operations		0.005			0.010			0.003			0.001			—	^(b)

Distributions to shareholders from net investment income		(0.005	)		(0.010	)		(0.003	)		—	^(b)		—	^(b)

Distributions to shareholders from net realized gains		—			—	^(b)		—	^(b)		(0.001	)		—	^(b)

Total distributions^(c)		(0.005	)		(0.010	)		(0.003	)		(0.001	)		—	^(b)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.22	%		0.61	%		0.24	%		0.09	%		0.01	%

Net assets, end of year (in 000’s)	$	1		$	1		$	1		$	54		$	1

Ratio of net expenses to average net assets		0.66	%		0.90	%		0.96	%		0.77	%		0.12	%

Ratio of total expenses to average net assets		1.00	%		1.00	%		1.02	%		1.09	%		1.04	%

Ratio of net investment income to average net assets		0.54	%		0.96	%		0.24	%		0.01	%		0.37	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


	Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Premier Shares	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.007			0.013			0.010			0.004			—	^(b)

Net realized gain (loss)		0.001			—	^(b)		—	^(b)		(0.001	)		—	^(b)

Total from investment operations		0.008			0.013			0.010			0.003			—	^(b)

Distributions to shareholders from net investment income		(0.008	)		(0.013	)		(0.010	)		(0.002	)		—	^(b)

Distributions to shareholders from net realized gains		—			—	^(b)		—	^(b)		(0.001	)		—	^(b)

Total distributions^(c)		(0.008	)		(0.013	)		(0.010	)		(0.003	)		—	^(b)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.49	%		1.06	%		0.68	%		0.29	%		0.01	%

Net assets, end of year (in 000’s)	$	1		$	1		$	1		$	1		$	1

Ratio of net expenses to average net assets		0.43	%		0.54	%		0.54	%		0.47	%		0.12	%

Ratio of total expenses to average net assets		0.55	%		0.55	%		0.57	%		0.64	%		0.59	%

Ratio of net investment income to average net assets		0.75	%		1.32	%		0.95	%		0.43	%		0.37	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


The accompanying notes are an integral part of these financial statements.		29

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights (continued)


	Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Resource Shares	2020			2019			2018			2017			2016
Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.003			0.008			0.004			—	^(b)		—	^(b)

Net realized gain		—	^(b)		—	^(b)		—	^(b)		0.001			—	^(b)

Total from investment operations		0.003			0.008			0.004			0.001			—	^(b)

Distributions to shareholders from net investment income		(0.003	)		(0.008	)		(0.004	)		—	^(b)		—	^(b)

Distributions to shareholders from net realized gains		—			—	^(b)		—	^(b)		(0.001	)		—	^(b)

Total distributions^(c)		(0.003	)		(0.008	)		(0.004	)		(0.001	)		—	^(b)

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^(d)		0.30	%		0.76	%		0.37	%		0.08	%		0.01	%

Net assets, end of year (in 000’s)	$	3,101		$	2,206		$	2,412		$	3,731		$	6,469

Ratio of net expenses to average net assets		0.61	%		0.83	%		0.83	%		0.73	%		0.20	%

Ratio of total expenses to average net assets		0.85	%		0.85	%		0.87	%		0.94	%		0.89	%

Ratio of net investment income to average net assets		0.29	%		0.75	%		0.36	%		0.02	%		0.01	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.


30		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements

August 31, 2020

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
Investor Money Market	Class A, Class C, Class I, Service, Administration, Cash Management, and Resource	Diversified
Investor Tax-Exempt Money Market	Class A, Class C, Class I, Capital, Service, Preferred, Select, Administration, Cash Management, Premier, and Resource	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

A. Investment Valuation — The investment valuation policy of the Funds is to use the amortized-cost method permitted by Rule 2a-7 under the Act for valuing portfolio securities. The amortized-cost method of valuation involves valuing a security at its cost and thereafter applying a constant accretion or amortization to maturity of any discount or premium. Normally, a security’s amortized cost will approximate its market value. Under procedures and tolerances approved by the Board of Trustees (“Trustees”), GSAM evaluates daily the difference between each Fund’s net asset value (“NAV”) per share using the amortized costs of its portfolio securities and the Fund’s NAV per share using market-based values of its portfolio securities. The market-based value of a portfolio security is determined, where readily available, on the basis of market quotations provided by pricing services or securities dealers, or, where accurate market quotations are not readily available, on the basis of the security’s fair value as determined in accordance with Valuation Procedures approved by the Trustees. The pricing services may use valuation models or matrix pricing, which may consider (among other things): (i) yield or price with respect to debt securities that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value.

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. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution, Service, Distribution and Service, Administration, Service and Administration and Shareholder Administration fees. 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 respective Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

August 31, 2020

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 (mutual funds) and to distribute each year substantially all of its investment company taxable and tax-exempt 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 declared and recorded daily and paid monthly by the Funds and may include short-term capital gains. Long-term capital gain distributions, if any, are declared and paid annually. A Fund may defer or accelerate the timing of the distribution of short-term capital gains (or any portion thereof).

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

As of August 31, 2020, all investments are classified as Level 2 of the fair value hierarchy. Please refer to the Schedules of Investments for further detail.

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreements — Under the Agreements, GSAM manages the Funds, subject to the general supervision of the Trustees.

B. Administration, Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Administration, Service and/or Shareholder Administration Plans (the “Plans”) to allow Class C, Select, Preferred, Capital, Administration, Premier, Service, Resource and Cash Management Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of account administration and/or personal and account maintenance services to their customers who are beneficial owners of such shares. The Plans provide for compensation to the service organizations equal to an annual percentage rate of the average daily net assets of such shares, as set forth below.

C. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of the Class A Shares of each applicable Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Funds, as set forth below.

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

August 31, 2020

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

D. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class C Shares’ CDSC. During the fiscal year ended August 31, 2020, Goldman Sachs has advised that it did not retain any CDSCs with respect to Class C Shares of the Funds.

F. Other Agreements — GSAM has agreed to limit certain “Other Expenses” of the Funds (excluding transfer agency fees and expenses, administration fees (as applicable), service fees (as applicable), 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, 0.014% of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. These Other Expense limitations will remain in place through at least December 27, 2020, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees.

G. Total Fund Expenses

Fund Contractual Fees

The contractual annualized rates for each of the Funds are as follows:


	Class A Shares			Class C Shares			Class I Shares			Capital Shares^(a)			Service Shares			Preferred Shares^(a)			Select Shares^(a)			Administration Shares			Cash Management Shares			Premier Shares^(b)			Resource Shares
Management Fee		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%
Administration, Service and/or Shareholder Administration Fees		N/A			0.25			N/A			0.15			0.25			0.10			0.03			0.25			0.50			0.35			0.50
Distribution and/or Service (12b-1) Fees		0.25			0.75	^(c)		N/A			N/A			0.25	^(b)		N/A			N/A			N/A			0.30	^(c)		N/A			0.15	^(c)
Transfer Agency Fee		0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01

N/A

– Fees not applicable to respective share class

(a)

Tax-Exempt Money Market Fund only.

(b)

Service (12b-1) fee only.

(c)

Distribution (12b-1) fee only.

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Fund Effective Net Expenses (After Waivers and Reimbursements)

From March 24, 2020 to March 27, 2020, the investment adviser implemented a voluntary temporary fee waiver equal annually to 0.16% of the average daily net assets of the Investor Money Market Fund.

For the fiscal year ended August 31, 2020, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):


Fund	Management Fee Waivers		Distribution, Administration, Service and/or Shareholder Administration Plans Fee Waivers		Custody Fee Reduction		Other Expense Reimbursements		Total Expense Reductions
Investor Money Market	$	22	$	134	$	1	$	500	$	657
Investor Tax-Exempt Money Market		21		29		7		272		329

For the fiscal year ended August 31, 2020, the net effective management fee rate for each of the Funds was 0.16%.

H. Other Transactions with Affiliates — A Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common Trustees. For the fiscal year ended August 31, 2020, the purchase and sale transactions and related net realized gain (loss) for the Funds with affiliated funds in compliance with Rule 17a-7 under the Act were as follows:


Fund	Purchases		Sales		Net Realized Gain (Loss)
Investor Money Market	$	42,615,000	$	75,953,750	$	(4,200	)
Investor Tax-Exempt Money Market		631,880,000		408,025,000		—

As of August 31, 2020, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of the outstanding share classes of the following Funds:


Fund	Class A Shares		Class C Shares			Class I Shares		Capital Shares			Service Shares		Preferred Shares		Select Shares			Administration Shares		Cash Management Shares			Premier Shares			Resource Shares
Investor Money Market		—		20	%		—		—			—		—		—			—		—			—			100	%
Investor Tax-Exempt Money Market		—		32	%		—		100	%		—		—		100	%		—		100	%		100	%		—

I. Line of Credit Facility — As of August 31, 2020, the Funds participated in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and 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 fiscal year ended August 31, 2020, the Funds did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

August 31, 2020

5. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2020 was as follows:


	Investor Money Market		Investor Tax-Exempt Money Market
Distribution paid from:
Ordinary income	$	21,449,744	$	95,585
Tax-Exempt income		—		11,001,206
Total distributions	$	21,449,744	$	11,096,791

The tax character of distributions paid during the fiscal year ended August 31, 2019 was as follows:


	Investor Money Market		Investor Tax-Exempt Money Market
Distribution paid from:
Ordinary income	$	22,922,849	$	9,551
Tax-Exempt income		—		16,964,833
Total distributions	$	22,922,849	$	16,974,384

As of August 31, 2020, the components of accumulated earnings (losses) on a tax basis were as follows:


	Investor Money Market			Investor Tax-Exempt Money Market
Undistributed ordinary income — net	$	854,791		$	970
Undistributed Tax Exempt income — net		—			17,020
Undistributed long-term capital gains		—			367
Total undistributed earnings	$	854,791		$	18,357
Timing differences (Distribution Payable)	$	(26,894	)	$	(17,048	)
Unrealized gains (losses) — net	$	(37	)	$	—
Total accumulated earnings (losses) — net	$	827,860		$	1,309

The aggregate cost for each Fund stated in the accompanying Statements of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

6. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) warned that LIBOR may cease to be available or appropriate for use by 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to the Fund’s investment resulting from a substitute reference rate may also adversely affect the Fund’s performance and/or NAV.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as financial intermediaries (who may make investment decisions on behalf of underlying clients) and individuals, 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 the Fund’s NAV and liquidity. 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. 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.

Interest Rate Risk — When interest rates increase, a Fund’s yield will tend to be lower than prevailing market rates, and the market value of its securities or instruments may also be adversely affected. A low interest rate environment poses additional risks to a Fund, because low yields on the Fund’s portfolio holdings may have an adverse impact on the Fund’s ability to provide a positive yield to its shareholders, pay expenses out of Fund assets, or, at times, maintain a stable $1.00 share price. 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.

Geographic and Sector Risk — The Investor Tax-Exempt Money Market Fund may invest a significant portion of its total assets in certain issuers within the same state, geographic region or economic sector, which may subject the value of the Fund’s investments to risks associated with an adverse economic, business, political or environmental development affecting that state, region or sector.

Credit/Default Risk — An issuer or guarantor of a security held by the Fund, or a bank or other financial institution that has entered into a repurchase agreement with the Fund, may default on its obligation to pay interest and repay principal or default on

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

August 31, 2020

6. OTHER RISKS (continued)

any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in NAV.

7. INDEMNIFICATIONS

8. OTHER MATTERS

Exemptive Orders — Pursuant to SEC exemptive orders, the Funds may enter into certain principal transactions, including repurchase agreements, with Goldman Sachs.

Change in Fiscal Year End — At a meeting held on August 18 – 19, 2020, the Trustees approved a change of the Funds’ fiscal year end from August 31 to November 30, effective September 1, 2020.

9. SUBSEQUENT EVENTS

10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE)

Share activity is as follows:


	Investor Money Market Fund

	For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019

Class A Shares
Shares sold		397,334,164			233,206,163
Reinvestment of distributions		2,296,684			1,234,169
Shares redeemed		(319,934,660	)		(72,924,150	)
		79,696,188			161,516,182

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued)

Share activity is as follows:


	Investor Money Market Fund

	For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019

Class C Shares
Shares sold		57,382			—
Reinvestment of distributions		60			141
Shares redeemed		(15,154	)		—
		42,288			141
Class I Shares
Shares sold		3,317,488,991			2,044,394,288
Reinvestment of distributions		16,633,231			16,005,984
Shares redeemed		(2,626,006,125	)		(1,248,311,787	)
		708,116,097			812,088,485
Service Shares
Shares sold		152,624,789			51,047,061
Reinvestment of distributions		309,238			44,251
Shares redeemed		(127,114,736	)		(20,486,954	)
		25,819,291			30,604,358
Administration Shares
Shares sold		60,612,773			143,845,234
Reinvestment of distributions		298,507			2,074,710
Shares redeemed		(58,250,110	)		(246,931,728	)
		2,661,170			(101,011,784	)
Cash Management Shares
Shares sold		92,160,519			89,512,534
Reinvestment of distributions		135,668			132,823
Shares redeemed		(61,710,139	)		(69,158,210	)
		30,586,048			20,487,147
Resource Shares
Shares sold		—			—
Reinvestment of distributions		71			181
Shares redeemed		—			—
		71			181

NET INCREASE IN SHARES		846,921,153			923,684,710

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

August 31, 2020

10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued)

Share activity is as follows:


	Investor Tax-Exempt Money Market Fund

	For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019

Class A Shares
Shares sold		39,422,787			30,165,331
Reinvestment of distributions		76,182			74,748
Shares redeemed		(37,666,872	)		(17,690,238	)
		1,832,097			12,549,841
Class C Shares
Shares sold		81,993			—
Reinvestment of distributions		37			37
Shares redeemed		(62,543	)		—
		19,487			37
Class I Shares
Shares sold		2,514,777,537			1,897,694,232
Reinvestment of distributions		1,987,323			2,390,808
Shares redeemed		(2,450,307,364	)		(1,507,672,416	)
		66,457,496			392,412,624
Capital Shares
Shares sold		—			—
Reinvestment of distributions		6			13
Shares redeemed		—			—
		6			13
Service Shares
Shares sold		1,562,721			1,989,188
Reinvestment of distributions		2,073			4,908
Shares redeemed		(2,849,099	)		(728,127	)
		(1,284,305	)		1,265,969
Preferred Shares
Shares sold		1,100,394			6,422
Reinvestment of distributions		1,436			14
Shares redeemed		(1,071,605	)		(13,502	)
		30,225			(7,066	)
Select Shares
Shares sold		—			—
Reinvestment of distributions		8			30
Shares redeemed		—			(2,177	)
		8			(2,147	)
Administration Shares
Shares sold		5,100			946,528
Reinvestment of distributions		1,674			1,970
Shares redeemed		(50	)		(652,497	)
		6,724			296,001
Premier Shares
Shares sold		—			—
Reinvestment of distributions		5			10
Shares redeemed		—			—
		5			10
Cash Management Shares
Shares sold		—			10
Reinvestment of distributions		2			7
Shares redeemed		—			(10	)
		2			7
Resource Shares
Shares sold		10,494,798			7,793,204
Reinvestment of distributions		7,257			16,520
Shares redeemed		(9,607,622	)		(8,015,448	)
		894,433			(205,724	)

NET INCREASE IN SHARES		67,956,178			406,309,565

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of

Goldman Sachs Investor Money Market Fund and Goldman Sachs Investor Tax-Exempt Money Market Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Investor Money Market Fund and Goldman Sachs Investor Tax-Exempt Money Market Fund (two of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 26, 2020

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

GOLDMAN SACHS FUNDS — INVESTOR FUNDS



Fund Expenses — Six Month Period Ended August 31, 2020 (Unaudited)

As a shareholder of Class A Shares, Class C Shares, Class I Shares, Service Shares, Preferred Shares, Select Shares, Administration Shares, Cash Management Shares, Premier Shares, or Resource Shares of a Fund you incur two types of costs: (1) transaction costs, including contingent deferred sales charges (with respect to Class C Shares); and (2) ongoing costs, including management fees and distribution, service, administration and/or shareholder administration fees (with respect to all share classes except Class I Shares) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class I Shares, Select Shares, Preferred Shares, Capital Shares, Administration Shares, Premier Shares, Service Shares, Resource Shares, Cash Management Shares, Class A Shares, or Class C Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

Actual Expenses — The first line under each Share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each Share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense 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.


	Investor Money Market Fund
Share Class	Beginning Account Value 3/1/2020		Ending Account Value 8/31/2020			Expenses Paid for the 6 months ended 8/31/2020*
Class A Shares
Actual	$	1,000.00	$	1,001.86		$	2.06
Hypothetical 5% return		1,000.00		1,023.08	+		2.08
Class C Shares
Actual		1,000.00		1,000.36			3.37
Hypothetical 5% return		1,000.00		1,021.77	+		3.40
Class I Shares
Actual		1,000.00		1,003.03			0.91
Hypothetical 5% return		1,000.00		1,024.23	+		0.92
Service Shares
Actual		1,000.00		1,001.08			2.92
Hypothetical 5% return		1,000.00		1,022.22	+		2.95
Administration Shares
Actual		1,000.00		1,001.86			2.06
Hypothetical 5% return		1,000.00		1,023.08	+		2.08
Cash Management Shares
Actual		1,000.00		1,000.56			3.17
Hypothetical 5% return		1,000.00		1,021.97	+		3.20
Resource Shares
Actual		1,000.00		1,000.78			3.12
Hypothetical 5% return		1,000.00		1,022.02	+		3.15

Expenses for each share class are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended 8/31/2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:


Fund	Class A Shares			Class C Shares			Class I Shares			Service Shares			Administrative Shares			Cash Management Shares			Resource Shares
Investor Money Market Fund		0.42	%		0.79	%		0.18	%		0.62	%		0.42	%		0.76	%		0.73	%

Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

GOLDMAN SACHS FUNDS — INVESTOR FUNDS



Fund Expenses — Six Month Period Ended August 31, 2020 (Unaudited) (continued)


	Investor Tax-Exempt Money Market Fund
Share Class	Beginning Account Value 3/1/2020		Ending Account Value 8/31/2020			Expenses Paid for the 6 months ended 8/31/2020*
Class A Shares
Actual	$	1,000.00	$	1,001.65		$	1.66
Hypothetical 5% return		1,000.00		1,023.48	+		1.68
Class C Shares
Actual		1,000.00		1,000.77			2.21
Hypothetical 5% return		1,000.00		1,022.92	+		2.24
Class I Shares
Actual		1,000.00		1,002.35			0.91
Hypothetical 5% return		1,000.00		1,024.23	+		0.92
Capital Shares
Actual		1,000.00		1,001.86			0.91
Hypothetical 5% return		1,000.00		1,024.23	+		0.92
Service Shares
Actual		1,000.00		1,001.30			1.96
Hypothetical 5% return		1,000.00		1,023.18	+		1.98
Preferred Shares
Actual		1,000.00		1,001.98			1.26
Hypothetical 5% return		1,000.00		1,023.88	+		1.27
Select Shares
Actual		1,000.00		1,002.22			0.91
Hypothetical 5% return		1,000.00		1,024.23	+		0.92
Administration Shares
Actual		1,000.00		1,001.65			1.61
Hypothetical 5% return		1,000.00		1,023.53	+		1.63
Cash Management Shares
Actual		1,000.00		1,000.97			2.06
Hypothetical 5% return		1,000.00		1,023.08	+		2.08
Premier Shares
Actual		1,000.00		1,001.49			1.66
Hypothetical 5% return		1,000.00		1,023.48	+		1.68
Resource Shares
Actual		1,000.00		1,001.13			2.01
Hypothetical 5% return		1,000.00		1,023.13	+		2.03


Fund	Class A Shares			Class C Shares			Class I Shares			Capital Shares			Service Shares			Preferred Shares			Select Shares			Administrative Shares			Cash Management Shares			Premier Shares			Resource Shares
Investor Tax-Exempt Money Market Fund		0.36	%		0.55	%		0.18	%		0.18	%		0.56	%		0.26	%		0.18	%		0.37	%		0.66	%		0.43	%		0.61	%

Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Investor Money Market Fund and Goldman Sachs Investor Tax-Exempt Money Market Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

(a)

the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

(i)

the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii)

(iii)

trends in employee headcount;

(iv)

the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v)

the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b)

(c)

the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

(d)

fee and expense information for the Fund, including:

(i)

the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii)

the Fund’s expense trends over time; and

(iii)

(e)

with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(f)

the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

(g)

information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(h)

whether the Fund’s existing management fee adequately addressed any economies of scale;

(i)

(j)

a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(k)

information regarding portfolio trading and how the Investment Adviser carries out its duty to seek best execution;

(l)

(m)

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

Investment Performance

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Reserve, including a series of interest rate increases in 2019, which enabled reductions of the amount of fees waived and/or reimbursed by the Investment Adviser in recent periods. They also acknowledged the uncertainty of the future interest rate environment, including the U.S. Federal Reserve’s recent indications that, after lowering interest rates twice in March 2020, it will likely not raise interest rates through 2022 in response to the economic impacts of the COVID-19 pandemic. The Trustees considered that, during the relevant period, the Investment Adviser had reimbursed expenses for the Funds, in order to maintain competitive yields. The Trustees also considered that each Fund had maintained a stable net asset value per share. In light of these considerations, the Trustees believed that the Funds were providing investment performance within a competitive range for investors.

Costs of Services Provided and Competitive Information

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They noted that the Investment Adviser and Goldman Sachs & Co. LLC (“Goldman Sachs”), the Funds’ transfer agent, had reimbursed expenses for the Funds in order to maintain competitive yields. They also acknowledged the growth of the Money Market funds, in recent periods. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

Profitability

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds.

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Outside Data Provider, which surveyed money market funds’ management fee arrangements and use of breakpoints. The Trustees also considered the competitive nature of the money market fund business and the competitiveness of the fees charged to the Funds by the Investment Adviser.

Other Benefits to the Investment Adviser and Its Affiliates

Other Benefits to the Funds and Their Shareholders

Conclusion

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Voting Results of Special Meeting of Shareholders (Unaudited)


Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes

Dwight L. Bush		94,278,961,728.065		0		349,026,343.365		0

Kathryn A. Cassidy		94,310,850,789.164		0		317,137,282.266		0

Joaquin Delgado		94,282,646,444.727		0		345,341,626.703		0

Gregory G. Weaver		94,306,589,873.348		0		321,398,198.082		0

GOLDMAN SACHS TRUST

Trustees and Officers (Unaudited)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Jessica Palmer Age: 71	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Dwight L. Bush Age: 63	Trustee	Since 2020	Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017- present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Kathryn A. Cassidy Age: 66	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Diana M. Daniels Age: 71	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Joaquin Delgado Age: 60	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Hexion Inc. (a specialty chemical manufacturer) (2019-present); and Director, Stepan Company (a specialty chemical manufacturer) (2011-present); and was formerly Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Stepan Company (a specialty chemical manufacturer)

Roy W. Templin Age: 60	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con- Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)

Gregory G. Weaver Age: 68	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Verizon Communications Inc.

GOLDMAN SACHS TRUST

Trustees and Officers (Unaudited) (continued)

Interested Trustee*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

James A. McNamara Age: 57	President and Trustee	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998- December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	168	None

⁴

GOLDMAN SACHS TRUST

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


Name, Address and Age¹	Positions Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years

James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Caroline L. Kraus 200 West Street New York, NY 10282 Age: 43	Secretary	Since 2014	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 52	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010- October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Information is provided as of August 31, 2020.

Goldman Sachs Trust — Investor Money Market Funds — Tax Information (Unaudited)

During the year ended August 31, 2020, 99.14% of the distributions from net investment income paid by the Investor Tax-Exempt Money Market Fund were exempt-interest dividends and as such, are not subject to U.S. federal income tax.

During the fiscal year ended August 31, 2020, 62.20% of the net investment company taxable income distributions paid by the Investor Money Market Fund were designated as either interest-related dividends or short-term capital gain pursuant to Section 871(k) of the Internal Revenue Code.

FUNDS PROFILE

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Money Market

Financial Square Funds^SM

∎

Financial Square Treasury Solutions Fund¹

∎

Financial Square Government Fund¹

∎

Financial Square Money Market Fund²

∎

Financial Square Prime Obligations Fund²

∎

Financial Square Treasury Instruments Fund¹

∎

Financial Square Treasury Obligations Fund¹

∎

Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎

Investor Money Market Fund³

∎

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎

Enhanced Income Fund

∎

High Quality Floating Rate Fund

∎

Short-Term Conservative Income Fund

∎

Short Duration Government Fund

∎

Short Duration Income Fund

∎

Government Income Fund

∎

Inflation Protected Securities Fund

Multi-Sector

∎

Bond Fund

∎

Core Fixed Income Fund

∎

Global Core Fixed Income Fund⁴

∎

Strategic Income Fund

∎

Income Fund

Municipal and Tax-Free

∎

High Yield Municipal Fund

∎

Dynamic Municipal Income Fund

∎

Short Duration Tax-Free Fund

∎

Municipal Income Completion Fund

Single Sector

∎

Investment Grade Credit Fund

∎

U.S. Mortgages Fund

∎

High Yield Fund

∎

High Yield Floating Rate Fund

∎

Emerging Markets Debt Fund

∎

Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎

Long Short Credit Strategies Fund

Fundamental Equity

∎

Equity Income Fund

∎

Small Cap Growth Fund

∎

Small Cap Value Fund

∎

Small/Mid Cap Value Fund

∎

Mid Cap Value Fund

∎

Large Cap Value Fund

∎

Focused Value Fund

∎

Capital Growth Fund

∎

Strategic Growth Fund

∎

Small/Mid Cap Growth Fund

∎

Flexible Cap Fund

∎

Concentrated Growth Fund

∎

Technology Opportunities Fund

∎

Growth Opportunities Fund

∎

Rising Dividend Growth Fund

∎

U.S. Equity ESG Fund⁵

∎

Income Builder Fund

∎

Defensive Equity 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 Fund⁶

∎

Emerging Markets Equity Fund

∎

Imprint Emerging Markets Opportunities Fund

∎

ESG Emerging Markets Equity Fund

Alternative

∎

Real Estate Securities Fund

∎

International Real Estate Securities Fund

∎

Commodity Strategy Fund

∎

Global Real Estate Securities Fund

∎

Alternative Premia Fund

∎

Absolute Return Tracker Fund

∎

Managed Futures Strategy Fund

∎

MLP Energy Infrastructure Fund

∎

Energy Infrastructure Fund⁷

∎

Multi-Manager Alternatives Fund

∎

Global Infrastructure Fund

∎

Clean Energy Income Fund

Total Portfolio Solutions

∎

Global Managed Beta Fund

∎

Multi-Manager Non-Core Fixed Income Fund

∎

Multi-Manager U.S. Dynamic Equity Fund

∎

Multi-Manager Global Equity Fund

∎

Multi-Manager International Equity Fund

∎

Tactical Tilt Overlay Fund

∎

Balanced Strategy Portfolio

∎

Multi-Manager U.S. Small Cap Equity Fund

∎

Multi-Manager Real Assets Strategy Fund

∎

Growth and Income Strategy Portfolio

∎

Growth Strategy Portfolio

∎

Dynamic Global Equity Fund

∎

Satellite Strategies Portfolio

∎

Enhanced Dividend Global Equity Portfolio

∎

Tax-Advantaged Global Equity Portfolio

∎

Strategic Factor Allocation Fund

∎

Target Date Retirement Portfolio⁸

∎

Target Date 2025 Portfolio

∎

Target Date 2030 Portfolio

∎

Target Date 2035 Portfolio

∎

Target Date 2040 Portfolio

∎

Target Date 2045 Portfolio

∎

Target Date 2050 Portfolio

∎

Target Date 2055 Portfolio

∎

Target Date 2060 Portfolio

∎

GQG Partners International Opportunities Fund

⁴

Effective after the close of business on April 30, 2020, the Goldman Sachs Global Income Fund was renamed the Goldman Sachs Global Core Fixed Income Fund.

⁵

Effective after the close of business of August 30, 2020, the Goldman Sachs Blue Chip Fund was renamed the Goldman Sachs U.S. Equity ESG Fund.

⁶

Effective after the close of business of November 20, 2019, the Goldman Sachs Asia Equity Fund was renamed the Goldman Sachs China Equity Fund.

⁷

Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

⁸

Effective December 27, 2019, the Goldman Sachs Target Date 2020 Portfolio was renamed the Goldman Sachs Target Date Retirement Portfolio.

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.


TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado James A. McNamara Roy W. Templin Gregory G. Weaver		OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary

GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282

Goldman Sachs Investor Funds^SM is a service mark of Goldman Sachs & Co. LLC.

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 Intermediary or from Goldman Sachs & Co. LLC by calling (Class A Shares and Class C Shares – 1-800-526-7384) (all other share classes – 1-800-621-2550).

Goldman Sachs Funds

LOGO



Annual Report				August 31, 2020

				Strategic Factor Allocation Fund

It is our intention that beginning on January 1, 2021, paper copies of the Portfolio’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Portfolio or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the Portfolio electronically by calling the applicable toll-free number below or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of the Portfolio directly with the Portfolio’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by calling toll-free 800-621-2550 for Institutional, Class R6 and Class P shareholders. If you hold shares of the Portfolio through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Portfolio’s transfer agent if you invest directly with the transfer agent.

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Goldman Sachs Strategic Factor Allocation Fund


TABLE OF CONTENTS

Portfolio Management Discussion and Analysis			1

Portfolio Basics			5

Index Definitions			7

Schedule of Investments			8

Financial Statements			11

Financial Highlights			14

Notes to the Financial Statements			17

Report of Independent Registered Public Accounting Firm			27

Other Information			29



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

PORTFOLIO RESULTS

Goldman Sachs Strategic Factor Allocation Fund

Investment Objective

The Portfolio seeks long-term total return.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team (“QIS Team”) discusses the Goldman Sachs Strategic Factor Allocation Fund’s (the “Portfolio”) performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

How did the Portfolio perform during the Reporting Period?

During the Reporting Period, the Portfolio’s Institutional, Class P and Class R6 Shares generated average annual total returns of 11.11%, 11.03% and 11.12%, respectively. This compares to the 14.62% average annual total return of the Portfolio’s blended benchmark, the Strategic Factor Allocation Composite Index (the “Index”), which is composed 50% of the S&P 500^® Index and 50% of the Bloomberg Barclays U.S. Aggregate Bond Index, during the same period. The components of the Portfolio’s blended benchmark, the S&P 500^® Index and the Bloomberg Barclays U.S. Aggregate Bond Index, generated average annual total returns of 21.87% and 6.46%, respectively, during the Reporting Period.

What economic and market factors most influenced the Portfolio during the Reporting Period?

During the Reporting Period, the spread of COVID-19, global economic growth data, central bank monetary policy and geopolitics most influenced the financial markets and the Portfolio. Both U.S. equities and the fixed income markets overall generated positive returns, with U.S. equities significantly outperforming fixed income.

U.S. equities inched higher as the Reporting Period began in September 2019, supported by the increasingly accommodative monetary policy of the U.S. Federal Reserve (“Fed”), highlighted by quarter-point short-term interest rate cuts in both July and September 2019. In addition, investors appeared confident that corporate earnings — while decelerating from the levels of 2018 — would remain in positive territory. However, these tailwinds were largely offset by the combination of slowing global economic growth, the ongoing trade dispute between the U.S. and China and the initiation of a formal impeachment investigation against the U.S. President in late September. In the fourth quarter of 2019, stock returns accelerated with an uptick of U.S. manufacturing and service sector business surveys as well as a consistently strong labor market evidenced by the U.S. adding more than 200,000 jobs in November, double the break-even pace of long-term job growth. These developments, along with a third short-term interest rate cut by the Fed at the end of October, helped restore market confidence, while fundamentals of low core inflation, contained financial imbalance and less drag of a trade war fended off imminent recession risk.

In a sharp and quick turnaround, U.S. equities sold off dramatically in the first quarter of 2020, as rising cases of COVID-19 caused non-essential businesses to close. The new calendar year actually began on a favorable note, with a stretch of positive returns that lasted into the second half of February. At that point, however, the spread of COVID-19 made it clear the impact of the pandemic would be widespread. As containment efforts led to a gradual shutdown of the global economy, investors began to factor severe weakness in both economic growth and corporate earnings. In the U.S., jobless claims increased to 6.6 million, and non-farm payrolls decreased by 701,000 for the month of March 2020. In addition, crude oil prices fell, as supply increased and demand declined. The resulting equity market sell-off gained steam through March, as investors fled higher risk assets and rotated into perceived safe havens, such as U.S. Treasuries. The downturn reached its nadir on March 23^rd, at which point the major U.S. equity indices had given up all of the gains of the past three calendar years. U.S. equities subsequently recovered in the final days of the quarter, as the government and Fed responded with aggressive economic stimulus. The Fed cut short-term interest rates to near-zero and announced a wide range of new lending facilities and asset purchase programs. The U.S. Congress passed a $2.2 trillion stimulus package. Still,

PORTFOLIO RESULTS

market volatility remained high, and the first quarter of 2020 was the weakest calendar quarter since 2008 and the worst first-quarter return in history for U.S. equities.

The U.S. equity market appreciated strongly in the second quarter of 2020, generally posting double-digit gains, despite a surge in COVID-19 cases in regional pockets of the U.S., causing local governments to pause reopening plans and revisit previous lockdown measures. Positive market sentiment was buoyed by better than consensus expected economic data, such as non-farm payrolls increasing 7.3 million during May and June, driving the unemployment rate down to 11.1% as compared to 14.7% in April 2020. Still, other data showed the longest economic expansion in American history was over. In June, the National Bureau of Economic Research declared the U.S. economic recession had officially begun in February 2020.

Even with this economic news, U.S. equity markets continued to perform well in July and August 2020. In July, U.S. equity markets were supported by the release of positive test data from multiple COVID-19 vaccine candidates, despite headwinds caused by rising cases in various hotspots around the country. Stocks also benefited from the proposal of a $1 trillion COVID-19 relief bill and a strong corporate earnings season that showed sequential improvement in demand and operational trends. Although there were fears about slowing high-frequency economic indicators during the month, the July unemployment rate was reported at 10.2% with non-farm payrolls increasing 1.76 million. In August, U.S. equity markets were supported by an improved COVID-19 outlook, with hospitalizations and infections decreasing in many hotspots around the country. Stocks also continued to benefit from the results of a strong second quarter 2020 corporate earnings season that showed better demand trends and significant beats against lower consensus earnings expectations. The biggest headwind during August was the stalemate between Democrats and Republicans around a new COVID-19 relief package, though U.S. equity markets appeared largely unaffected. The market was boosted by improving economic data, with the August unemployment rate coming in at 8.4% and non-farm payrolls increasing by 1.37 million. There appeared to be a disconnect between U.S. equity market performance and the Bureau of Economic Analysis’ news release at the end of August that showed U.S. real gross domestic product (“GDP”) decreased at an annual rate of 31.7% in the second quarter of 2020. In the first quarter of 2020, real U.S. GDP had decreased 5.0%.

As for the fixed income markets, the performance of spread, or non-government bond, sectors was rather flat in September 2019, when the Reporting Period started, as global central bank monetary easing gained momentum. The Fed lowered short-term interest rates and announced it would stop trimming its balance sheet. Meanwhile, the European Central Bank (“ECB”) delivered a package that included a rate cut, resumption of asset purchases, stronger forward guidance and a tiering mechanism for bank deposits subject to negative interest rates. Elsewhere, the Bank of England and Sweden’s Riksbank kept their respective monetary policies unchanged, while Norway’s Norges Bank — a notable hawkish exception among G10 central banks — delivered a 25 basis point rate hike. (Hawkish tends to suggest higher interest rates; opposite of dovish. Also known as the Group of 10, the G10 are actually a group of 11 industrialized nations that include Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the U.K. and the U.S. A basis point is 1/100^th of a percentage point.) Also, in September 2019, emerging markets monetary policy was broadly dovish, most notably in Turkey where its central bank lowered interest rates.

PORTFOLIO RESULTS

of China. Investor sentiment quickly worsened in March, as governments around the world initiated shutdowns and quarantines to stem what had by then become a pandemic. Global central banks indicated their willingness to use monetary policy to address market volatility and economic conditions. In early March, the Fed cut the target federal funds rate by 50 basis points to a range of between 1.00% and 1.25%, citing “evolving” risks to U.S. economic activity from COVID-19. Then, on March 15^th, the Fed slashed the target federal funds rate to near zero. Other G10 banks, except for Sweden’s Riksbank, reduced their policy rates or held them at all-time lows. Quantitative easing measures were resumed in the U.S., the U.K. and Sweden, expanded in Europe and Japan, and commenced in Australia, Canada and New Zealand. New policy measures were also launched, with the goal of easing stresses in corporate bond markets. Meanwhile, many governments began to make use of fiscal policy to stem supply-side shocks. Several announced large fiscal measures, which included direct support for health care efforts. Many of the measures also sought to provide income support to individuals, assistance to households, small businesses and larger companies, and loan guarantees. Finally, a sharp drop in crude oil prices during March 2020 added to market volatility. Early in the month, a dispute between Russia and the Organization of the Petroleum Exporting Countries, also known as OPEC, led Saudi Arabia to lower the price at which it sold crude oil.

During the second quarter of 2020, spread sectors produced positive returns, supported by improving economic data and accommodative monetary and fiscal policy. When the quarter began in April, the broad fixed income market continued to experience bouts of volatility based on economic developments, including data that showed sharp declines in global economic activity, and COVID-19 related headlines. In May, ongoing central bank liquidity, better economic data and market optimism around the reopening of economies sparked a significant rally in risk assets, including corporate credit. Investors appeared to be looking beyond risks such as deteriorating U.S.-China relations and civil unrest and nationwide protests in the U.S. At the start of June, renewed COVID-19 case growth in the U.S. and in various other developed economies increased risk-off sentiment. However, survey and economic activity data rebounded from April’s record low levels, boosting the performance of risk assets overall. Central banks continued to demonstrate their willingness to expand policy parameters to support labor markets and to use quantitative easing to facilitate fiscal expansion as well as to underpin more segments of the financial markets. In June, the ECB expanded and extended its quantitative easing program, while the Fed removed a requirement for issuers to “opt-in” to its secondary market corporate credit facility.

In July 2020, spread sectors continued to benefit from accommodative monetary policies as well as from the European Union’s adoption of a €750 billion European Union Recovery Fund, stronger than consensus expected second quarter corporate earnings, and progress on COVID-19 vaccine development. However, spread sectors continued to experience episodes of risk-off sentiment, which were driven by headlines about rising COVID-19 cases, increasing U.S.-China tensions, and limited progress in the U.S. Congress on a fourth fiscal stimulus package. As a result, the 10-year U.S. Treasury yield fell to an all-time low during July, gold prices rose to new highs, and the U.S. dollar experienced its worst monthly decline in a decade. Meanwhile, the Fed kept its monetary policy and forward guidance unchanged as it awaited details on further U.S. government fiscal stimulus and the path of COVID-19. The Fed did extend its credit facilities, which had been set to expire in September, to the end of the 2020 calendar year, thereby elongating the policy tailwind for corporate credit markets. In the Eurozone, the European Union Recovery Fund reduced political tail risks. (Tail risk is the chance of a loss occurring due to a rare event, as predicted by a probability distribution.)

What were the primary contributors to and detractors from the Portfolio’s performance during the Reporting Period?

The Portfolio seeks to achieve its investment objective through the implementation of the Goldman Sachs Strategic Factor Allocation process (“Strategic Allocation”), which is derived from the Goldman Sachs Investment Strategy Group’s (“ISG”) market views on a variety of asset classes

PORTFOLIO RESULTS

and instruments. The Strategic Allocation was developed to provide exposure to “factors,” which are academically derived drivers of investment returns that the Goldman Sachs ISG believes offer the potential for greater and more consistent returns in various market environments. These factors include, but are not limited to, Equity, Term, Flow and Volatility. The QIS Team implements the Strategic Allocation by investing in derivatives and pooled investment vehicles, including, but not limited to, investment companies, including exchange-traded funds (“ETFs”) (the “Underlying Funds”) and exchange-traded notes (“ETNs”). The Underlying Funds may include affiliated investment companies. The Strategic Allocation may also be implemented by investing in any one or a combination of the following asset classes: (i) U.S. and foreign equity securities, including common and preferred stocks; (ii) fixed income instruments, which include, among others, debt issued by governments (including the U.S. and foreign governments), their agencies, instrumentalities, sponsored entities, and political subdivisions, notes, debt participations and non-investment grade securities (commonly known as “junk bonds”); and (iii) foreign exchange contracts.

During the Reporting Period, the Strategic Allocation detracted overall from the Portfolio’s performance. In relative terms, the Equity, Term and Flow factors hurt returns, while the Volatility factor contributed positively. On an absolute basis, the Equity, Term and Volatility factors added to performance, while the Flow factor detracted from results. The Equity factor seeks to capture the premium associated with equity risk. The Term factor seeks to capture the premium associated with interest rate and inflation risk. The Flow factor seeks to systematically capitalize on flows within and across asset classes. The Volatility factor seeks to capture the “fear premium” associated with equity risk. (The fear premium is the amount investors tend to overpay to preserve capital during periods of financial market volatility.)

How was the Portfolio positioned at the beginning of the Reporting Period?

In terms of its Strategic Allocation at the beginning of the Reporting Period, the Portfolio maintained equal weightings in the Equity, Flow and Volatility factors. It had a relatively smaller weighting in the Term factor.

In terms of underlying asset classes and instruments, the Portfolio maintained positions in U.S. equities, listed U.S. equity index options and U.S. fixed income. In terms of currencies, it held long positions versus the U.S. dollar in the Canadian dollar, New Zealand dollar and euro. It held short positions relative to the U.S. dollar in the British pound and Japanese yen. The Portfolio did not hold positions versus the U.S. dollar in the Australian dollar and Swiss franc at the start of the Reporting Period.

How did the Portfolio use derivatives and similar instruments during the Reporting Period?

The Portfolio uses derivatives for both hedging and non-hedging purposes in the implementation of the Strategic Allocation. During the Reporting Period, the Portfolio employed listed equity index options and equity index futures to implement views on the U.S. equity market, which had a positive impact on performance. It used bond futures to express views on the U.S. fixed income market, which had a positive impact on returns. In addition, forward foreign currency exchange contracts, which were used to take long and short positions in select developed markets currencies, had a negative impact overall on the Portfolio’s results during the Reporting Period.

Were there any changes to the Portfolio’s portfolio management team during the Reporting Period?

There were no changes to the Portfolio’s portfolio management team during the Reporting Period.

How was the Portfolio positioned at the end of the Reporting Period?

In terms of its Strategic Allocation at the end of the Reporting Period, the Portfolio maintained equal weightings in the Equity, Flow and Volatility factors. It had a relatively smaller weighting in the Term factor.

In terms of underlying asset classes and instruments, the Portfolio maintained positions in U.S. equities, listed U.S. equity index options, listed U.S. fixed income options and U.S. fixed income. In terms of currencies, it held long positions versus the U.S. dollar in the Australian dollar and the New Zealand dollar. It held short positions relative to the U.S. dollar in the Canadian dollar, euro and Swiss franc. The Portfolio did not hold positions versus the U.S. dollar in the British pound or Japanese yen at the end of the Reporting Period.

What was the Portfolio’s strategy at the end of the Reporting Period?

Going forward, the QIS Team plans to continue implementing the Strategic Allocation as it seeks long-term total return.

PORTFOLIO BASICS

Strategic Factor Allocation Fund

as of August 31, 2020


HOLDINGS AS OF 8/31/20¹

Holding	% of Net Assets			Line of Business
Goldman Sachs Financial Square Government Fund — Institutional Shares		78.4	%	Investment Companies

The holdings may not be representative of the Portfolio’s future investments. Figures in the table above may not sum to 100% due to the exclusion of other assets and liabilities. The holdings may not represent the Portfolio’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $1,000,000 investment made on May 31, 2016 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Portfolio’s benchmark, the Strategic Factor Allocation Composite Index, which is comprised of 50% of the S&P 500^® Index and 50% of the Bloomberg Barclays U.S. Aggregate Bond Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Portfolio’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Strategic Factor Allocation Fund Lifetime Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from May 31, 2016 through August 31, 2020.

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Average Annual Total Return through August 31, 2020*	One Year	Since Inception
Institutional (Commenced May 31, 2016)	11.11%	7.22%

Class R6 (Commenced December 29, 2017)	11.12%	6.18%

Class P (Commenced April 17, 2018)	11.03%	8.07%

These returns assume reinvestment of all distributions at NAV. Because Institutional, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

For more information about your Portfolio, please refer to www.GSAMFUNDS.com. There, you can learn more about your Portfolio’s investment strategies, holdings, and performance.

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Index Definitions

The Strategic Factor Allocation Composite Index is a blend of 50% the S&P 500^® Index and 50% the Bloomberg Barclays U.S. Aggregate Bond Index. It is not possible to invest in an unmanaged index.

The S&P 500^® Index is the Standard & Poor’s Composite Index of 500 stocks, an unmanaged index of common stock prices. The index figure does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The Bloomberg Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds and mortgage-backed and asset-backed securities. The index figure does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Schedule of Investments

August 31, 2020


Shares	Dividend Rate	Value

Investment Company^(a) – 78.4%
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,268,839,085	0.027%	$	1,268,839,085
(Cost $1,268,839,085)

TOTAL INVESTMENTS – 78.4%
(Cost $1,268,839,085)		$	1,268,839,085

OTHER ASSETS IN EXCESS OF LIABILITIES – 21.6%			350,215,583

NET ASSETS – 100.0%		$	1,619,054,668



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Represents an affiliated fund.



Currency Abbreviations:
AUD		—Australian Dollar
CAD		—Canadian Dollar
CHF		—Swiss Franc
EUR		—Euro
JPY		—Japanese Yen
NZD		—New Zealand Dollar
USD		—U.S. Dollar

Investment Abbreviations:
PLC		—Public Limited Company

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At August 31, 2020, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	AUD	72,490,000	USD	51,833,085		09/23/20	$	1,636,401
	CAD	139,380,000	USD	105,558,160		09/23/20		1,307,250
	NZD	37,690,000	USD	24,576,688		09/23/20		810,387
	USD	1,957,743	AUD	2,650,000		09/23/20		3,072
	USD	135,624,119	CAD	176,820,000		09/23/20		52,719
	USD	60,056,168	CHF	54,210,000		09/23/20		44,530

TOTAL							$	3,854,359

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	EUR	22,760,000	USD	27,193,762		09/23/20	$	(19,111	)
	JPY	11,620,910,000	USD	109,814,768		09/24/20		(59,962	)
	USD	53,814,517	CHF	49,050,000		09/23/20		(484,890	)
	USD	55,136,077	EUR	46,760,000		09/23/20		(693,741	)
	USD	109,686,277	JPY	11,620,910,000		09/24/20		(68,530	)

TOTAL							$	(1,326,234	)


8		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At August 31, 2020, the Portfolio had the following futures contracts:


Description	Number of Contracts			Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index		5,557		09/18/20	$	972,169,365		$	61,533,796
Ultra Long U.S. Treasury Bonds		1,317		12/21/20		290,933,531			(1,900,650	)

Total								$	59,633,146

Short position contracts:
20 Year U.S. Treasury Bonds		(526	)	12/21/20		(92,428,062	)		381,119

TOTAL FUTURES CONTRACTS								$	60,014,265

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At August 31, 2020, the Portfolio had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON FUTURES


Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid by Portfolio			Unrealized Appreciation/ (Depreciation)
Written option contracts
Puts
U.S. Treasury Bonds	$	171.00		09/25/2020		(510	)	$	(510,000	)	$	(175,312	)	$	(174,338	)	$	(974	)
U.S. Treasury Bonds		173.00		09/25/2020		(494	)		(494,000	)		(424,531	)		(269,213	)		(155,318	)
U.S. Treasury Bonds		176.00		09/25/2020		(487	)		(487,000	)		(859,860	)		(439,779	)		(420,081	)

TOTAL						(1,491	)	$	(1,491,000	)	$	(1,459,703	)	$	(883,330	)	$	(576,373	)

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS


Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
S&P 500 Index	$	2,200.00		09/02/2020		310	$	31,000	$	775	$	28,975	$	(28,200	)
S&P 500 Index		3,110.00		09/02/2020		646		64,600		14,535		57,235		(42,700	)
S&P 500 Index		2,150.00		09/04/2020		259		25,900		647		31,274		(30,627	)
S&P 500 Index		2,200.00		09/04/2020		279		27,900		697		26,008		(25,311	)
S&P 500 Index		2,200.00		09/08/2020		387		38,700		1,935		27,153		(25,218	)
S&P 500 Index		2,200.00		09/11/2020		255		25,500		3,188		33,010		(29,822	)
S&P 500 Index		2,250.00		09/11/2020		361		36,100		4,512		34,525		(30,013	)
S&P 500 Index		2,300.00		09/11/2020		324		32,400		4,860		34,263		(29,403	)
S&P 500 Index		2,350.00		09/11/2020		307		30,700		5,373		32,662		(27,289	)
S&P 500 Index		2,200.00		09/18/2020		612		61,200		29,071		65,636		(36,565	)
S&P 500 Index		2,210.00		09/18/2020		687		68,700		32,633		67,003		(34,370	)
S&P 500 Index		2,220.00		09/18/2020		362		36,200		17,195		30,669		(13,474	)
S&P 500 Index		2,250.00		09/25/2020		993		99,300		114,195		135,652		(21,457	)
S&P 500 Index		2,300.00		09/25/2020		228		22,800		29,640		34,805		(5,165	)
S&P 500 Index		2,270.00		09/30/2020		202		20,200		33,835		28,418		5,417
S&P 500 Index		2,280.00		09/30/2020		229		22,900		39,502		34,491		5,011

Total purchased option contracts						6,441	$	644,100	$	332,593	$	701,779	$	(369,186	)


The accompanying notes are an integral part of these financial statements.		9

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Schedule of Investments (continued)

August 31, 2020

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS (continued)


Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Written option contracts
Puts
S&P 500 Index	$	3,180.00		09/02/2020		(1,543	)	$	(154,300	)	$	(42,433	)	$	(197,504	)	$	155,071
S&P 500 Index		3,215.00		09/02/2020		(1,528	)		(152,800	)		(49,660	)		(210,864	)		161,204
S&P 500 Index		3,135.00		09/04/2020		(1,525	)		(152,500	)		(91,500	)		(105,225	)		13,725
S&P 500 Index		3,265.00		09/04/2020		(1,564	)		(156,400	)		(203,320	)		(139,196	)		(64,124	)

Total written option contracts						(6,160	)	$	(616,000	)	$	(386,913	)	$	(652,789	)	$	265,876

TOTAL						281		$	28,100		$	(54,320	)	$	48,990		$	(103,310	)



Abbreviations:
		MS & Co. Int. PLC—Morgan Stanley & Co. International PLC


10		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Statement of Assets and Liabilities

August 31, 2020



Assets:

Investments of affiliated issuers, at value (cost $1,268,839,085)	$	1,268,839,085

Purchased options, at value (premium paid $701,779)		332,593

Cash		43,731,083

Unrealized gain on forward foreign currency exchange contracts		3,854,359

Receivables:

Collateral on certain derivative contracts^(a)		315,837,404

Portfolio shares sold		1,170,325

Investments sold		139,196

Dividends		86,165

Other assets		23,279

Total assets		1,634,013,489

Liabilities:

Unrealized loss on forward foreign currency exchange contracts		1,326,234

Written option contracts, at value (premium received $1,536,119)		1,846,616

Variation margin on futures contracts		10,358,909

Payables:

Management fees		844,269

Portfolio shares redeemed		174,214

Investments purchased		120,656

Transfer Agency fees		40,571

Accrued expenses		247,352

Total liabilities		14,958,821

Net Assets:

Paid-in capital		1,492,820,481

Total distributable earnings		126,234,187
NET ASSETS	$	1,619,054,668
Net Assets:
Institutional	$	3,012,812
Class R6		11,748
Class P		1,616,030,108
Total Net Assets	$	1,619,054,668
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		251,410
Class R6		990
Class P		136,275,379
Net asset value, offering and redemption price per share:
Institutional		$11.98
Class R6		11.87
Class P		11.86

(a)

Includes amounts segregated for initial margin requirements and/or collateral on futures, options and forward foreign currency exchange contract transactions of $82,581,649, $226,935,755 and $6,320,000, respectively.


The accompanying notes are an integral part of these financial statements.		11

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Statement of Operations

For the Fiscal Year Ended August 31, 2020



Investment income:

Dividends — affiliated issuers	$	12,843,762

Interest		212,515

Total investment income		13,056,277

Expenses:

Management fees		11,666,289

Transfer Agency fees^(a)		467,024

Custody, accounting and administrative services		194,323

Professional fees		131,040

Registration fees		87,760

Printing and mailing costs		51,100

Trustee fees		21,449

Prime Broker Fees		20,198

Shareholder meeting expense		6,946

Other		33,121

Total expenses		12,679,250

Less — expense reductions		(2,032,656	)

Net expenses		10,646,594

NET INVESTMENT INCOME		2,409,683

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Purchased options		(2,291,551	)

Futures contracts		110,161,942

Written options		(1,520,441	)

Forward foreign currency exchange contracts		(11,009,833	)

Foreign currency transactions		1,208,379

Net change in unrealized gain (loss) on:

Purchased options		(369,186	)

Futures contracts		53,726,886

Written options		(447,565	)

Forward foreign currency exchange contracts		2,996,408

Net realized and unrealized gain		152,455,039

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	154,864,722

(a)

Class specific Transfer Agency fees were as follows:


Transfer Agency Fees
Institutional		Class R6		Class P
$	1,488	$	4	$	465,532


12		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Statements of Changes in Net Assets


	For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
From operations:

Net investment income	$	2,409,683		$	18,930,904

Net realized gain		96,548,496			51,349,234

Net change in unrealized gain (loss)		55,906,543			(50,979,982	)

Net increase in net assets resulting from operations		154,864,722			19,300,156

Distributions to shareholders:

From distributable earnings:

Institutional Shares		(106,078	)		(935,279	)

Class R6 Shares		(289	)		(638	)

Class P Shares		(42,652,117	)		(118,182,472	)

Total distributions to shareholders		(42,758,484	)		(119,118,389	)

From share transactions:

Proceeds from sales of shares		281,731,510			272,653,271

Reinvestment of distributions		42,758,484			119,118,389

Cost of shares redeemed		(388,930,874	)		(1,208,098,545	)

Net decrease in net assets resulting from share transactions		(64,440,880	)		(816,326,885	)

TOTAL INCREASE (DECREASE)		47,665,358			(916,145,118	)

Net assets:

Beginning of year		1,571,389,310			2,487,534,428
End of year	$	1,619,054,668		$	1,571,389,310


The accompanying notes are an integral part of these financial statements.		13

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Strategic Factor Allocation Fund
	Institutional Shares
	Year Ended August 31,												Period Ended August 31, 2016^(a)
	2020			2019			2018			2017			Period Ended August 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	11.06		$	11.26		$	10.96		$	10.34		$	10.00

Net investment income (loss)^(b)		0.03			0.11			0.06			—	^(c)		(0.01	)

Net realized and unrealized gain		1.18			0.30			0.50			0.70			0.35

Total from investment operations		1.21			0.41			0.56			0.70			0.34

Distributions to shareholders from net investment income		(0.15	)		—			(0.01	)		—	^(c)		—

Distributions to shareholders from net realized gains		(0.14	)		(0.61	)		(0.25	)		(0.08	)		—

Total distributions		(0.29	)		(0.61	)		(0.26	)		(0.08	)		—

Net asset value, end of period	$	11.98		$	11.06		$	11.26		$	10.96		$	10.34

Total return^(d)		11.11	%		4.15	%		5.18	%		6.88	%		3.40	%

Net assets, end of period (in 000s)	$	3,013		$	5,424		$	20,035		$	1,459,234		$	338,592

Ratio of net expenses to average net assets		0.69	%		0.72	%		0.71	%		0.74	%		0.87	%^(e)

Ratio of total expenses to average net assets		0.82	%		0.82	%		0.80	%		0.84	%		1.07	%^(e)

Ratio of net investment income (loss) to average net assets		0.26	%		1.05	%		0.59	%		0.01	%		(0.51	)%^(e)

Portfolio turnover rate^(f)		—	%^(g)		962	%		725	%		589	%		86	%

(a)

Commenced operations on May 31, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.005 per share.

(d)

Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholder relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(e)

Annualized.

(f)

The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

(g)

There were no long-term transactions for the year ended August 31, 2020.


14		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Strategic Factor Allocation Fund
	Class R6 Shares
	Year Ended August 31,						Period Ended August 31, 2018^(a)
	2020			2019			Period Ended August 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	10.96		$	11.26		$	11.10

Net investment income^(b)		0.02			0.12			0.04

Net realized and unrealized gain		1.19			0.28			0.12

Total from investment operations		1.21			0.40			0.16

Distributions to shareholders from net investment income		(0.16	)		(0.09	)		—

Distributions to shareholders from net realized gains		(0.14	)		(0.61	)		—

Total distributions		(0.30	)		(0.70	)		—

Net asset value, end of period	$	11.87		$	10.96		$	11.26

Total return^(c)		11.12	%		4.14	%		1.44	%

Net assets, end of period (in 000s)	$	12		$	11		$	10

Ratio of net expenses to average net assets		0.66	%		0.68	%		0.69	%^(d)

Ratio of total expenses to average net assets		0.80	%		0.80	%		0.79	%^(d)

Ratio of net investment income to average net assets		0.15	%		1.08	%		0.58	%^(d)

Portfolio turnover rate^(e)		—	%^(f)		962	%		725	%

(a)

Commenced operations on December 29, 2017.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholder relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d)

Annualized.

(e)

(f)

There were no long-term transactions for the year ended August 31, 2020.


The accompanying notes are an integral part of these financial statements.		15

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Strategic Factor Allocation Fund
	Class P Shares
	Year Ended August 31,						Period Ended August 31, 2018^(a)
	2020			2019			Period Ended August 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	10.96		$	11.26		$	10.83

Net investment income^(b)		0.02			0.11			0.02

Net realized and unrealized gain		1.18			0.29			0.41

Total from investment operations		1.20			0.40			0.43

Distributions to shareholders from net investment income		(0.16	)		(0.09	)		—

Distributions to shareholders from net realized gains		(0.14	)		(0.61	)		—

Total distributions		(0.30	)		(0.70	)		—

Net asset value, end of period	$	11.86		$	10.96		$	11.26

Total return^(c)		11.03	%		4.16	%		3.97	%

Net assets, end of period (in 000s)	$	1,616,030		$	1,565,955		$	2,467,490

Ratio of net expenses to average net assets		0.68	%		0.71	%		0.71	%^(d)

Ratio of total expenses to average net assets		0.82	%		0.82	%		0.80	%^(d)

Ratio of net investment income to average net assets		0.15	%		1.07	%		0.40	%^(d)

Portfolio turnover rate^(e)		—	%^(f)		962	%		725	%

(a)

Commenced operations on April 17, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholder relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d)

Annualized.

(e)

(f)

There were no long-term transactions for the year ended August 31, 2020.


16		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Notes to Financial Statements

August 31, 2020

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Goldman Sachs Strategic Factor Allocation Fund (the “Portfolio”) is a diversified portfolio and currently offers three classes of shares — Institutional Shares, Class R6 Shares, and Class P Shares. Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Portfolio pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. The Portfolio is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A. Investment Valuation — The valuation policy of the Portfolio and underlying funds (“Underlying Funds”) is to value investments at fair value.

C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of the Portfolio are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by the Portfolio are charged to the Portfolio, while such expenses incurred by the Trust are allocated across the Portfolio on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class-specific expenses, where applicable, are borne by the respective share classes and include Transfer Agency fees.

D. Federal Taxes and Distributions to Shareholders — It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Portfolio is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the Portfolio’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Portfolio’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E. Foreign Currency Translation — The accounting records and reporting currency of the Portfolio are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statement of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Notes to Financial Statements (continued)

August 31, 2020

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 Portfolio’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The 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 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 Portfolio, 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 Portfolio’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The Portfolio enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Portfolio and cash collateral received, if any, is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by the Portfolio, if any, is noted in the Schedule of Investments.

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

A forward foreign currency exchange contract is a forward contract in which the Portfolio agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, the Portfolio deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Portfolio equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

iii. Options — When the Portfolio writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

Upon the purchase of a call option or a put option by the Portfolio, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Portfolio’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Portfolio’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Notes to Financial Statements (continued)

August 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Portfolio’s investments and derivatives classified in the fair value hierarchy as of August 31, 2020:



Investment Type	Level 1			Level 2			Level 3

Assets

Investment Company	$	1,268,839,085		$	—		$	—

Derivative Type

Assets

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	3,854,359		$	—

Futures Contracts^(a)		61,914,915			—			—

Purchased Options		332,593			—			—

Total	$	62,247,508		$	3,854,359		$	—

Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(1,326,234	)	$	—

Futures Contracts^(a)		(1,900,650	)		—			—

Written Option Contracts		(1,846,616	)		—			—

Total	$	(3,747,266	)	$	(1,326,234	)	$	—

(a)

Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Schedule of Investments.

4. INVESTMENTS IN DERIVATIVES

The following 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 August 31, 2020. These instruments were used as part of the Portfolio’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the table below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Portfolio’s net exposure.


Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts	$	381,119	^(a)	Variation margin on futures contracts; Written options, at value	$	(3,360,353)	^(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		3,854,359		Payable for unrealized loss on forward foreign currency exchange contracts		(1,326,234)
Equity	Variation margin on futures contracts; Purchased options, at value		61,866,389		Written options, at value		(386,913)
Total		$	66,101,867			$	(5,073,500)

(a)

Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

4. INVESTMENTS IN DERIVATIVES (continued)

The following table sets forth, by certain risk types, the Portfolio’s gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended August 31, 2020. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statement of Operations:


Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options	$	43,308,570		$	(3,121,913	)		1,511
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(11,009,833	)		2,996,408			12
Equity	Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, purchased options and written options		63,041,380			56,032,048			4,715
Total		$	95,340,117		$	55,906,543			6,238

(a)

Average number of contracts is based on the average of month end balances for the fiscal year ended August 31, 2020.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Portfolio, 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 Portfolio’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Portfolio’s average daily net assets.

For the fiscal year ended August 31, 2020, contractual and effective net management fees with GSAM were at the following rates:


Contractual Management Rate										Effective Net Management Rate*^
First $2 Billion		Next $3 Billion		Next $3 Billion		Over $8 Billion		Effective Rate		Effective Net Management Rate*^
	0.75%		0.68%		0.64%		0.62%		0.75%		0.62%

GSAM has agreed to waive a portion of its management fee payable by the Portfolio in an amount equal to any management fee it earns as an investment adviser to any of the affiliated funds in which the Portfolio invests through at least December 27, 2020. Prior to such date GSAM may not terminate the arrangement without the approval of the Trustees.

Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any.

The Portfolio invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Portfolio in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Portfolio invests. For the fiscal year ended August 31, 2020, GSAM waived $2,032,656 of the Portfolio’s management fee.

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Notes to Financial Statements (continued)

August 31, 2020

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

as follows: 0.04% of the average daily net assets of Institutional Shares and 0.03% of the average daily net assets of Class R6 and Class P Shares.

C. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Portfolio (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Portfolio. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Portfolio is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the Portfolio is 0.164%. The Other Expense limitation will remain in place through at least December 27, 2020, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Portfolio has entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Portfolio’s expenses and are received irrespective of the application of the “Other Expense” limitation described above. During the fiscal year ended August 31, 2020, no amounts were reimbursed pursuant to this arrangement.

D. Line of Credit Facility — As of August 31, 2020, the Portfolio participated in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Portfolio based on the amount of the commitment that has not been utilized. For the fiscal year ended August 31, 2020, the Portfolio did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

E. Other Transactions with Affiliates — For the fiscal year ended August 31, 2020, Goldman Sachs did not earn any brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Portfolio.

As of August 31, 2020, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 100% of Class R6 Shares of the Portfolio.

The table below shows the transactions in and earnings from investments in the Goldman Sachs Financial Square Government Fund for the fiscal year ended August 31, 2020:


Affiliated Investment Company	Beginning Value as of August 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of August 31, 2020		Shares as of August 31, 2020		Dividend Income from Affiliated Investment Companies
Goldman Sachs Financial Square Government Fund — Institutional Shares	$	1,326,317,082	$	3,480,561,544	$	(3,538,039,541	)	$	1,268,839,085		1,268,839,085	$	12,843,762

6. PORTFOLIO SECURITIES TRANSACTIONS

There were no purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended August 31, 2020.

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2020 was as follows:


Distributions paid from:
Ordinary income		$36,505,463
Net long-term capital gains		6,253,021
Total taxable distributions		$42,758,484

The tax character of distributions paid during the fiscal year ended August 31, 2019 was as follows:


Distributions paid from:
Ordinary income	$	67,464,844
Net long-term capital gains		51,653,545
Total taxable distributions	$	119,118,389

As of August 31, 2020, the components of accumulated earnings (losses) on a tax basis were as follows:


Undistributed ordinary income — net	$	39,839,912
Undistributed long-term capital gains		86,394,275
Total undistributed earnings	$	126,234,187
Capital loss carryforwards⁽¹⁾:
Perpetual Long Term		—
Total Capital loss carryforwards	$	—
Total accumulated earnings (losses) net	$	126,234,187

(1)

The Portfolio utilized $2,908,755 of capital losses in the current fiscal year.

As of August 31, 2020, the Portfolio’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


Tax Cost	$	1,331,403,571
Gross unrealized gain		369,186
Gross unrealized loss		(369,186	)

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to net mark to market gains (losses) on regulated futures contracts, options contracts and foreign currency contracts.

GSAM has reviewed the Portfolio’s tax positions for all open tax years (the current and prior three years as applicable) and has concluded that no provision for income tax is required in the Portfolio’s financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

8. OTHER RISKS

The Portfolio’s risks include, but are not limited to, the following:

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Notes to Financial Statements (continued)

August 31, 2020

8. OTHER RISKS (continued)

disproportionate losses to the Portfolio. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Portfolio has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

Foreign Custody Risk — If the Portfolio invests in foreign securities, the Portfolio may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Portfolio’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on the Portfolio’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 the Portfolio focuses its investments in securities of issuers located in a particular country or geographic region, the Portfolio may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Portfolio will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and the Portfolio’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Portfolio.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an exchange-traded fund (“ETF”), the Portfolio will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Portfolio. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

8. OTHER RISKS (continued)

also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio’s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio’s expense ratio. Similarly, large Portfolio share purchases may adversely affect the Portfolio’s performance to the extent that the Portfolio is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — The Portfolio may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Portfolio will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Portfolio may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If the Portfolio is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Portfolio’s NAV and dilute remaining investors’ interests. These risks may be more pronounced in connection with the Portfolio’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on the Portfolio’s liquidity.

Market and Credit Risks — In the normal course of business, the Portfolio trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which the Portfolio invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Portfolio and its investments. Additionally, the Portfolio may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Portfolio has unsettled or open transactions defaults.

9. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

10. SUBSEQUENT EVENTS

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Notes to Financial Statements (continued)

August 31, 2020

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019
	Shares			Dollars			Shares			Dollars

Institutional Shares
Shares sold		64,498		$	728,383			22,891		$	245,420
Reinvestment of distributions		9,508			106,078			91,964			935,279
Shares redeemed		(312,978	)		(3,410,091	)		(1,403,611	)		(14,898,655	)
		(238,972	)		(2,575,630	)		(1,288,756	)		(13,717,956	)
Class R6 Shares
Reinvestment of distributions		26			289			63			639
		26			289			63			639
Class P Shares
Shares sold		25,293,706			281,003,127			25,966,725			272,407,851
Reinvestment of distributions		3,863,546			42,652,117			11,657,218			118,182,471
Shares redeemed		(35,803,475	)		(385,520,783	)		(113,894,360	)		(1,193,199,890	)
		(6,646,223	)		(61,865,539	)		(76,270,417	)		(802,609,568	)

NET DECREASE		(6,885,169	)	$	(64,440,880	)		(77,559,110	)	$	(816,326,885	)

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of

Goldman Sachs Strategic Factor Allocation Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs Strategic Factor Allocation Fund (one of the portfolios constituting Goldman Sachs Trust, referred to hereafter as the “Portfolio”) as of August 31, 2020, the related statement of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of August 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2020 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 by correspondence with the transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 26, 2020

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting (the “Meeting”) of the Goldman Sachs Trust (“GST”) was held on January 23, 2020 to consider and act upon the proposals below. The Portfolio will amortize its respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse the Portfolio to the extent such expenses exceed a specified percentage of the Portfolio’s net assets.


Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes

Dwight L. Bush		94,278,961,728.065		0		349,026,343.365		0

Kathryn A. Cassidy		94,310,850,789.164		0		317,137,282.266		0

Joaquin Delgado		94,282,646,444.727		0		345,341,626.703		0

Gregory G. Weaver		94,306,589,873.348		0		321,398,198.082		0

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND



Portfolio Expenses — Six Month Period Ended August 31, 2020 (Unaudited)

As a shareholder of Institutional, Class R6 or Class P Shares of the Portfolio, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Portfolio expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Institutional, Class R6, and Class P Shares of the Portfolio 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 March 1, 2020 through August 31, 2020, which represents a period of 184 days in a 366 day year.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio 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.


Share Class	Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid for the 6 months ended 8/31/20*
Institutional
Actual	$	1,000.00	$	1,114.40		$	3.72
Hypothetical 5% return		1,000.00		1,021.62	+		3.56
Class R6
Actual		1,000.00		1,114.70			3.56
Hypothetical 5% return		1,000.00		1,021.77	+		3.40
Class P
Actual		1,000.00		1,114.80			3.67
Hypothetical 5% return		1,000.00		1,021.67	+		3.51

Hypothetical expenses are based on the Portfolio’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

Expenses are calculated using the Portfolio’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows: 0.70% for Institutional Shares, 0.67% for Class R6 Shares and 0.69% for Class P Shares.

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Strategic Factor Allocation Fund (the “Portfolio”) is an investment portfolio of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Portfolio at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Portfolio.

(a)

the nature and quality of the advisory, administrative, and other services provided to the Portfolio by the Investment Adviser and its affiliates, including information about:

(i)

the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii)

(iii)

trends in employee headcount;

(iv)

the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v)

the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b)

information on the investment performance of the Portfolio, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and a benchmark performance index; and information on general investment outlooks in the markets in which the Portfolio invests;

(c)

(d)

the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Portfolio;

(e)

fee and expense information for the Portfolio, including:

(i)

the relative management fee and expense levels of the Portfolio as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii)

the Portfolio’s expense trends over time; and

(iii)

to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Portfolio, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f)

with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Portfolio;

(g)

the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

(h)

information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Portfolio to the Investment Adviser and its affiliates;

(i)

whether the Portfolio’s existing management fee schedule adequately addressed any economies of scale;

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(j)

a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Portfolio, including the fees received by the Investment Adviser’s affiliates from the Portfolio for transfer agency, securities lending, portfolio trading, distribution and other services;

(k)

a summary of potential benefits derived by the Portfolio as a result of its relationship with the Investment Adviser;

(l)

information regarding commissions paid by the Portfolio and broker oversight, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

(m)

portfolio manager ownership of Portfolio shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(n)

the nature and quality of the services provided to the Portfolio by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

(o)

the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Portfolio’s compliance program; and periodic compliance reports.

The Trustees also received an overview of the Portfolio’s distribution arrangements. They received information regarding the Portfolio’s assets and share purchase and redemption activity. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Portfolio shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Portfolio investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Portfolio and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Portfolio. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Portfolio by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Portfolio and its service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Portfolio and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Portfolio and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Portfolio. In this regard, they compared the investment performance of the Portfolio to its peers using rankings compiled by the Outside Data Provider as of December 31, 2019. The information on the Portfolio’s investment performance was provided for the one- and three-year periods ending on the applicable date. The Trustees also reviewed the Portfolio’s investment performance relative to its performance benchmark. They observed that the Portfolio’s Institutional Shares had underperformed the Portfolio’s benchmark index for the one- and three-year periods

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

ended March 31, 2020. In addition, the Portfolio’s Institutional Shares had placed in the third quartile for the three-year period and in the fourth quartile for the one-year period ended December 31, 2019. The Trustees noted that the Portfolio had experienced certain portfolio management changes in the second half of 2019. As part of this review, they considered the investment performance trends of the Portfolio over time, and reviewed the investment performance of the Portfolio in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Portfolio performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Portfolio’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They noted the efforts of the Portfolio’s portfolio management team to continue to enhance the investment models used in managing the Portfolio.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by the Portfolio thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Portfolio, which included both advisory and administrative services that were directed to the needs and operations of the Portfolio as a registered mutual fund.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Portfolio. The analyses provided a comparison of the Portfolio’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared the Portfolio’s overall net and gross expenses to a peer group and a category universe; and data comparing the Portfolio’s net expenses to the peer and category medians. The analyses also compared the Portfolio’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Portfolio.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Portfolio, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Portfolio differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

Profitability

The Trustees reviewed the Portfolio’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Portfolio and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Portfolio was provided for 2019 and 2018, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Portfolio. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for the Portfolio at the following annual percentage rates of the average daily net assets of the Portfolio:



First $2 billion	0.75	%

Next $3 billion	0.68

Next $3 billion	0.64

Over $8 billion	0.62

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Portfolio and its shareholders as assets under management reach those asset levels. The Trustees considered the amount of assets in the Portfolio; the Portfolio’s recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser’s undertaking to limit certain expenses of the Portfolio that exceed a specified level. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the Portfolio, which had asset levels above at least the first breakpoint during the prior fiscal year.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Portfolio as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Portfolio; (c) trading efficiencies resulting from aggregation of orders of the Portfolio with those for other funds or accounts managed by the Investment Adviser; (d) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Portfolio’s cash collateral is invested); (e) the Investment Adviser’s ability to leverage the infrastructure designed to service the Portfolio on behalf of its other clients; (f) the Investment Adviser’s ability to cross-market other products and services to Portfolio shareholders; (g) Goldman Sachs’ retention of certain fees as Portfolio Distributor; (h) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Portfolio; (i) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (j) the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (k) the possibility that the working relationship between the Investment Adviser and the Portfolio’s third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Portfolio and Its Shareholders

The Trustees also noted that the Portfolio receives certain other potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Portfolio with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Portfolio as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Portfolio because of the reputation of the Goldman Sachs organization; (g) the Portfolio’s access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the Portfolio’s ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Portfolio in connection with the program; and (i) the Portfolio’s access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Portfolio’s shareholders invested in the Portfolio in part because of the Portfolio’s relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Portfolio were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Portfolio’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Portfolio and its shareholders and that the Management Agreement should be approved and continued with respect to the Portfolio until June 30, 2021.

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Trustees and Officers (Unaudited)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Jessica Palmer Age: 71	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Dwight L. Bush Age: 63	Trustee	Since 2020	Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Kathryn A. Cassidy Age: 66	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Diana M. Daniels Age: 71	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006- 2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Joaquin Delgado Age: 60	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Hexion Inc. (a specialty chemical manufacturer) (2019-present); and Director, Stepan Company (a specialty chemical manufacturer) (2011-present); and was formerly Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Stepan Company (a specialty chemical manufacturer)

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Trustees and Officers (Unaudited) (continued)

Interested Trustee*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Roy W. Templin Age: 60	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004- 2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)

Gregory G. Weaver Age: 68	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Verizon Communications Inc.

James A. McNamara Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	168	None

Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2020.

⁴

Additional information about the Trustees is available in the Portfolio’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years

James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Caroline L. Kraus 200 West Street New York, NY 10282 Age: 43	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020–Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 52	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Portfolio’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.

Information is provided as of August 31, 2020.

Goldman Sachs Trust — Strategic Factor Allocation Fund — Tax Information (Unaudited)

For the year ended August 31, 2020, 10.70% of the dividends paid from net Investment company taxable income by the Strategic Factor Allocation Fund qualify for the dividends received deduction available to corporations.

Pursuant to Section 852 of the Internal Revenue Code, the Strategic Factor Allocation Fund designates $6,253,021, or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended August 31, 2020.

For the year ended August 31, 2020, the Strategic Factor Allocation Fund designates 10.60%, of the dividends paid from net investment company taxable income as qualifying for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

During the year ended August 31, 2020, the Strategic Factor Allocation Fund designates $13,486,644, as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

FUNDS PROFILE

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Money Market

Financial Square Funds^SM

∎

Financial Square Treasury Solutions Fund¹

∎

Financial Square Government Fund¹

∎

Financial Square Money Market Fund²

∎

Financial Square Prime Obligations Fund²

∎

Financial Square Treasury Instruments Fund¹

∎

Financial Square Treasury Obligations Fund¹

∎

Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎

Investor Money Market Fund³

∎

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎

Enhanced Income Fund

∎

High Quality Floating Rate Fund

∎

Short-Term Conservative Income Fund

∎

Short Duration Government Fund

∎

Short Duration Income Fund

∎

Government Income Fund

∎

Inflation Protected Securities Fund

Multi-Sector

∎

Bond Fund

∎

Core Fixed Income Fund

∎

Global Core Fixed Income Fund⁴

∎

Strategic Income Fund

∎

Income Fund

Municipal and Tax-Free

∎

High Yield Municipal Fund

∎

Dynamic Municipal Income Fund

∎

Short Duration Tax-Free Fund

∎

Municipal Income Completion Fund

Single Sector

∎

Investment Grade Credit Fund

∎

U.S. Mortgages Fund

∎

High Yield Fund

∎

High Yield Floating Rate Fund

∎

Emerging Markets Debt Fund

∎

Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎

Long Short Credit Strategies Fund

Fundamental Equity

∎

Equity Income Fund

∎

Small Cap Growth Fund

∎

Small Cap Value Fund

∎

Small/Mid Cap Value Fund

∎

Mid Cap Value Fund

∎

Large Cap Value Fund

∎

Focused Value Fund

∎

Capital Growth Fund

∎

Strategic Growth Fund

∎

Small/Mid Cap Growth Fund

∎

Flexible Cap Fund

∎

Concentrated Growth Fund

∎

Technology Opportunities Fund

∎

Growth Opportunities Fund

∎

Rising Dividend Growth Fund

∎

U.S. Equity ESG Fund⁵

∎

Income Builder Fund

∎

Defensive Equity 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 Fund⁶

∎

Emerging Markets Equity Fund

∎

Imprint Emerging Markets Opportunities Fund

∎

ESG Emerging Markets Equity Fund

Alternative

∎

Clean Energy Income Fund

∎

Real Estate Securities Fund

∎

International Real Estate Securities Fund

∎

Commodity Strategy Fund

∎

Global Real Estate Securities Fund

∎

Alternative Premia Fund

∎

Absolute Return Tracker Fund

∎

Managed Futures Strategy Fund

∎

MLP Energy Infrastructure Fund

∎

Energy Infrastructure Fund⁷

∎

Multi-Manager Alternatives Fund

∎

Global Infrastructure Fund

Total Portfolio Solutions

∎

Global Managed Beta Fund

∎

Multi-Manager Non-Core Fixed Income Fund

∎

Multi-Manager U.S. Dynamic Equity Fund

∎

Multi-Manager Global Equity Fund

∎

Multi-Manager International Equity Fund

∎

Tactical Tilt Overlay Fund

∎

Balanced Strategy Portfolio

∎

Multi-Manager U.S. Small Cap Equity Fund

∎

Multi-Manager Real Assets Strategy Fund

∎

Growth and Income Strategy Portfolio

∎

Growth Strategy Portfolio

∎

Dynamic Global Equity Fund

∎

Satellite Strategies Portfolio

∎

Enhanced Dividend Global Equity Portfolio

∎

Tax-Advantaged Global Equity Portfolio

∎

Strategic Factor Allocation Fund

∎

Target Date Retirement Portfolio⁸

∎

Target Date 2025 Portfolio

∎

Target Date 2030 Portfolio

∎

Target Date 2035 Portfolio

∎

Target Date 2040 Portfolio

∎

Target Date 2045 Portfolio

∎

Target Date 2050 Portfolio

∎

Target Date 2055 Portfolio

∎

Target Date 2060 Portfolio

∎

GQG Partners International Opportunities Fund

⁴

Effective after the close of business on April 30, 2020, the Goldman Sachs Global Income Fund was renamed the Goldman Sachs Global Core Fixed Income Fund.

⁵

Effective after the close of business of August 30, 2020, the Goldman Sachs Blue Chip Fund was renamed the Goldman Sachs U.S. Equity ESG Fund.

⁶

Effective after the close of business of November 20, 2019, the Goldman Sachs Asia Equity Fund was renamed the Goldman Sachs China Equity Fund.

⁷

Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

⁸

Effective December 27, 2019, the Goldman Sachs Target Date 2020 Portfolio was renamed the Goldman Sachs Target Date Retirement Portfolio.

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.


TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado James A. McNamara Roy W. Templin Gregory G. Weaver		OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary

GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P. 200 West Street, New York, New York 10282

The reports concerning the Portfolio included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Portfolio in the future. These statements are based on Portfolio management’s predictions and expectations concerning certain future events and their expected impact on the Portfolio, 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 Portfolio. 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 Portfolio uses to determine how to vote proxies relating to portfolio securities and information regarding how the Portfolio voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Portfolio will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550.

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 the Portfolio’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about the Portfolio and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

Goldman Sachs Funds

LOGO



Annual Report				August 31, 2020

				Tactical Tilt Overlay Fund

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the Portfolio electronically by calling the toll-free number below or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of the Portfolio directly with the Portfolio’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by calling toll-free 800-621-2550. If you hold shares of the Portfolio through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Portfolio’s transfer agent if you invest directly with the transfer agent.

LOGO

Goldman Sachs Tactical Tilt Overlay Fund


TABLE OF CONTENTS

Portfolio Management Discussion and Analysis			1

Index Definitions			9

Portfolio Basics			10

Schedule of Investments			12

Financial Statements			20

Financial Highlights			23

Notes to the Financial Statements			26

Report of Independent Registered Public Accounting Firm			42

Other Information			44



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

PORTFOLIO RESULTS

Goldman Sachs Tactical Tilt Overlay Fund

Investment Objective

The Portfolio seeks long-term total return.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Portfolio Solutions Team discusses the Goldman Sachs Tactical Tilt Overlay Fund’s (the “Portfolio”) performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

How did the Portfolio perform during the Reporting Period?

During the Reporting Period, the Portfolio’s Institutional, Class R6 and Class P Shares generated average annual total returns of 3.72%, 3.80% and 3.79%, respectively. These returns compare to the 1.74% average annual total return of the Portfolio’s benchmark, the ICE^® BofAML^® U.S. Dollar Three-Month LIBOR Constant Maturity Index (the “Index”), during the same time period.

References to the Portfolio’s benchmark and to other indices, if any, mentioned herein are for informational purposes only, and unless otherwise noted, are not indications of how the Portfolio is managed. The use of the Index as the Portfolio’s benchmark does not imply the Portfolio is being managed like cash and does not imply low risk or low volatility.

What economic and market factors most influenced the Portfolio and the financial markets during the Reporting Period?

The spread of COVID-19, global economic growth data, central bank monetary policy and geopolitics most influenced the Portfolio and the financial markets during the Reporting Period.

When the Reporting Period began in September 2019, the financial markets saw a partial reversal of the risk-off investor sentiment, or reduced risk appetite, that had emerged in August. The improvement was driven by positive developments in the U.S.-China trade dispute. On September 4^th, China and the U.S. agreed to hold high-level talks in early October, with both sides seeking a conducive climate for further negotiations. The news pushed up global equities, led by Japanese stocks, with the latter also buoyed by a weaker Japanese yen. European bank stocks rallied on the trade news and improved investor risk sentiment as well as on a monetary policy easing package from the European Central Bank (“ECB”). Meanwhile, U.S. equities advanced, though they underperformed developed markets stocks broadly. The U.S. Federal Reserve (“Fed”) cut short-term interest rates by 25 basis points at its September policy meeting, much as the markets had expected. (A basis point is 1/100^th of a percentage point.) The Fed’s dot plot, which shows rate projections of the members of the Fed’s Open Market Committee, indicated no further rate cuts in 2019. In line with the rally in global equities, emerging markets stocks were also up during September. Chinese equities had a volatile month, with weaker domestic macroeconomic data dragging down Chinese risk assets. Regarding fixed income, the 10-year U.S. Treasury yield and the 10-year German government bond yield rose 18 basis points and 13 basis reports, respectively, in September, rebounding from 2019 year-to-date lows in August. Within commodities, the price of West Texas Intermediate (“WTI”) crude oil dropped slightly, i.e. -1.9%, during September, a roller coaster month. Crude oil prices had risen about 15% following an attack on two of Saudi Arabia’s oil facilities and then fell back as Saudi Arabia’s oil ministry confirmed production in those facilities would be back to normal quickly. Gold prices declined approximately 3.7% amid the rally in global equities and rise in the 10-year U.S. Treasury yield. Among currencies, the U.S. dollar was modestly weaker, while improving investor risk sentiment and the higher 10-year U.S. Treasury yield weighed on the Japanese yen, which depreciated versus the U.S. dollar during September.

In the fourth quarter of 2019, global economic growth showed signs of stabilization, thanks in part to ongoing central bank policy support that sought to manage economic pressures. Investors welcomed the successful accomplishment of a “Phase One” deal in U.S.-China trade negotiations. This milestone, accompanied by the U.S. Fed’s continued accommodative stance, helped propel the U.S. stock market to all-time record highs at calendar year end. U.S. job creation remained strong and resilient, which coupled with rising wages and a 50-year low for the U.S. unemployment rate, supported historically robust levels of consumer confidence. Overall, global equities rallied during

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the fourth calendar quarter, with emerging markets equities leading the way. The MSCI ACWI Investable Market Index, representing global equities, rose 8.3%, while the MSCI Emerging Markets Index, representing emerging markets stocks, was up 11.9%. In fixed income, the 10-year U.S. Treasury yield rose during the quarter, despite another short-term interest rate cut by the Fed, as investors pivoted toward equities on the back of better global economic data and the announcement of the U.S.-China “Phase One” trade deal. Crude oil prices generally benefited from the decision of the Organization of the Petroleum Exporting Countries (“OPEC”) to deepen production cuts.

The stable pro-growth outlook for the U.S. and global economies at the end of 2019 shifted to a much more challenging and uncertain situation in the first quarter of 2020. Twin shocks — the COVID-19 pandemic and collapsing crude oil prices — forced investors to recalibrate their risk tolerance. A historic level of market volatility, including the quickest transition from an equity bull market to an equity bear market in modern financial market times, further clouded the near-term investing outlook. (A bull market is market in which securities prices are rising. A bear market is a condition in which securities prices fall 20% or more from recent highs amid widespread pessimism and negative investor sentiment.) As fear spread through the financial markets, risk assets broadly sold off. Global equities, as represented by the MSCI ACWI Investable Market Index, fell 20.7% during the first calendar quarter. Developed markets equities, as represented by the MSCI World Index, were down 19.8%, and emerging markets equities, as represented by the MSCI Emerging Markets Index, were down 23.6%. Within developed markets, U.S. equities, as measured by the S&P 500^® Index, dropped 19.6%; Eurozone equities, as measured by the EURO STOXX 50^®, fell 25.3%; and Japanese equities, as represented by TOPIX, declined 17.5%. Within fixed income, the 10-year U.S. Treasury yield plummeted. In response to the economic and financial challenges caused by the spread of COVID-19, central banks and governments around the world enacted unprecedented levels of monetary and fiscal stimulus. In the U.S., more than $2 trillion of fiscal support, combined with the return of the Fed’s zero interest rate policy, sought to help the country weather the human and economic maelstrom while simultaneously laying the foundation for economic recovery once COVID-19 risks recede.

The fastest quarterly decline in the global equity market since the fourth quarter of 2008 was followed in the second quarter of 2020 by the fastest recovery since the fourth quarter of 1984. The recovery was mainly catalyzed by three factors. First, unprecedented monetary and fiscal easing globally provided a backstop for risk assets and eased liquidity concerns. The U.S. Fed was somewhat more dovish than markets expected at its June meeting. (Dovish tends to suggest lower interest rates; opposite of hawkish.) Meanwhile, the European Union announced a €750 billion recovery fund, taking a step closer towards the fiscal integration of the Eurozone. China and Japan also delivered meaningful fiscal action. Second, starting mid-April 2020, the growth rate of new COVID-19 cases showed signs of flattening in hotspots such as the U.S., Europe and China, with daily growth rates falling to low single digits and recovery rates starting to rise. As a result, authorities relaxed lockdown restrictions, gradually re-opened parts of their economies, and announced social distancing norms and increased testing. The narrative shifted from COVID-19 infections to therapeutics and vaccines. Third, certain economic indicators started to recover. These included global purchasing manager indices, which inched up; U.S. non-farm payrolls, which provided consecutive positive surprises; and consumer and business sentiment that appeared to be bottoming. Global equities, as represented by the MSCI ACWI Investable Market Index, rose 18.9%. U.S. equities, as measured by the S&P 500^® Index, rose 20.5%. Developed markets equities, as represented by the MSCI World Index, and emerging markets equities, as represented by the MSCI Emerging Markets Index, were up 18.5% and 18.1%, respectively. As for fixed income, the 10-year U.S. Treasury yield edged down slightly in its smallest quarterly change on record.

July 2020 was a good month for risk assets. Accommodative monetary policy from major central banks, coupled with improving macroeconomic data, was supportive for asset prices and also helped depress financial market volatility. During the month, COVID-19 infection rates fell in many parts of the U.S. compared to their early July peaks, though upticks in a few states meant the reopening of the U.S. economy was uneven. Meanwhile, improvement in the labor market appeared to stall. Both the U.S. Fed and the ECB kept interest rates unchanged in July and continued to signal that monetary policy would remain accommodative for a long time. Fed Chair Jerome Powell stated that “fundamentally the virus was a disinflationary shock” and the U.S. economy needed further fiscal support. Looking at the financial markets, developed markets equities, as represented by the MSCI World Index, and emerging markets equities, as

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represented by the MSCI Emerging Markets Index, were up 3.4% and 8.2%, respectively. Within developed markets equities, U.S. stocks, as measured by the S&P 500^® Index, rose 5.4%, whereas Eurozone stocks, as measured by the EURO STOXX 50^®, declined 1.6%. Japanese stocks, as represented by TOPIX, were the laggards, falling 4%, as a stronger Japanese yen weighed on export-oriented Japanese equities. In fixed income, the 10-year U.S. Treasury yield and the 10-year German government bond yield fell 12 basis points and seven basis points, respectively. Within commodities, WTI crude oil was up 2.5%. As for currencies, the U.S. dollar weakened amid lower U.S. yields and improving macroeconomic data in China and the Eurozone. The euro and Japanese yen were up versus the U.S. dollar as were emerging markets currencies broadly.

In August 2020, risk assets powered ahead. Global economic activity continued to gradually normalize following the COVID-19 shock, which, coupled with strong fiscal and monetary support from global policymakers and better than consensus expected corporate earnings, supported risk assets broadly. News about the virus was mixed, ticking up a little in Europe, primarily in Spain, and showing some improvement in the U.S. by month’s end. August also saw a key development in U.S. monetary policy when Fed Chair Powell’s speech at the annual Jackson Hole symposium indicated the Fed planned to shift to average inflation targeting, i.e., to allow inflation to rise above the Fed’s existing 2% target to compensate for a period when inflation is below 2%. Within the global equity markets, developed markets stocks, as measured by the MSCI World Index, and emerging markets stocks, as measured by the MSCI Emerging Markets Index, were up 6.3% and 2.1%, respectively. Within developed markets equities, U.S. equities experienced their best month since 1986, with the S&P 500^® Index and the NASDAQ Composite Index rising 7.01% and 9.59%, respectively. Eurozone equities, as represented by the 3.2% gain of the EURO STOXX 50^®, lagged developed markets equities broadly, while Japanese equities, as represented by TOPIX, rallied 7.3%. In fixed income, 10-year U.S. Treasury and German government bond yields were up 15 basis points and 13 basis points, respectively. Within commodities, WTI crude oil prices rose 5.8%, fueled by the normalization of economic activity, supportive fiscal and monetary policy and firmer investor risk appetite. In currencies, the U.S. dollar weakened as U.S. real yields fell and risk sentiment strengthened.

What key factors were responsible for the Portfolio’s performance during the Reporting Period?

The Portfolio seeks to achieve its investment objective through the implementation of investment ideas that are generally derived from short-term or medium-term market views on a variety of asset classes and instruments.

During the Reporting Period, the Portfolio benefited from a WTI crude oil calendar spread. (A calendar spread is a derivatives strategy in which an investor takes a long and a short position on the same asset using derivatives contracts with different expiration dates. The goal is to profit from the difference in price on the underlying asset between the two expiration dates.) The position was initiated on March 9, 2020 after a crude oil price war broke out between Saudi Arabia and Russia, with most of the positive contribution coming during the second calendar quarter. Our investment thesis was predicated on an imbalance between crude oil supply and demand during the COVID-19 pandemic. We believed the breakdown of OPEC+ talks on production cuts, along with subdued global oil demand, would likely drive inventories higher in the near term, which we expected to drive a steepening of the crude oil curve. (OPEC+ is composed of OPEC countries and non-OPEC oil producing countries, most notably Russia.) The Portfolio was also helped during the Reporting Period by its tactical positioning in S&P 500^® Index options. Going into the second quarter of 2020, the Portfolio held option positions expressing a long view on the S&P 500^® Index. As the S&P 500^® Index rebounded from its March lows, the Portfolio’s long position in equity index call options and its short position in equity index put options added to performance. (A call option is an option that gives the holder the right to buy a certain quantity of an underlying security at an agreed-upon price at the time of expiry. A put option is an option contract giving the owner the right, but not the obligation, to sell a specified amount of an underlying asset at a specified price at the time of expiry.) The Portfolio’s strategy of selling put options was also advantageous when equity market volatility dropped during the second quarter of 2020. Also contributing positively during the Reporting Period was the Portfolio’s position in S&P 500^® Index equity futures, which benefited from the U.S. equity market rally in April. Finally, a tactical long position in 10-year Mexican interest rate swaps bolstered the Portfolio’s returns.

Among detractors during the Reporting Period was the Portfolio’s tactical exposure to energy infrastructure master

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limited partnerships (“MLPs”). Energy infrastructure MLPs, as measured by the Alerian MLP Index, fell approximately 60% during the first quarter of 2020. Over the same period, WTI crude oil prices were down 67%, as the COVID-19 pandemic weighed on global demand and the OPEC/Russia price war increased global supply. The midstream sector in particular suffered significant weakness on market expectations that production and logistical disruptions would test cash flows. We sought to take advantage of the weakness by increasing the Portfolio’s exposure to the midstream sector. (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 various energy commodities. The sector includes both energy infrastructure MLPs and “C” Corporations.) The Portfolio was also hurt during the Reporting Period by its exposure to energy stocks, which declined in sympathy with crude oil prices. A tactical long position in European bank stocks, which declined in the first calendar quarter amid the spread of COVID-19, detracted further from the Portfolio’s performance. Commercial banks across the Eurozone were pressured by the ECB to shore up their liquidity and limit dividends and share buybacks. Additionally, the Portfolio was hampered during the Reporting Period by its systematic interest rate relative value strategy. (The systematic interest rate relative value strategy seeks to benefit from changes in interest rates, with the Portfolio holding a basket of long and short positions in government bond futures based on our tactical views about the direction of interest rates.)

How was the Portfolio positioned at the beginning of the Reporting Period?

At the beginning of the Reporting Period, the Portfolio had approximately 14.64% of its total net assets invested in long equity-related investments; approximately 47.03% of its total net assets invested in long fixed income-related investments; and 1.89% of its total net assets invested in long commodity-related investments. In terms of currency-related investments, the Portfolio had a long position in the euro versus a short position in the U.S. dollar (representing 3.08% of its total net assets) and a short position in the Japanese yen versus a long position in the U.S. dollar (representing -3.13% of its total net assets). The Portfolio also had short positions of approximately -12.40% of its total net assets in a basket of large-cap equity-related investments that we believed might underperform the U.S. stock market. It also held short positions of approximately -1.93% of its total net assets in emerging markets equity-related investments and short positions of approximately -3.21% in Taiwanese equity-related investments. In terms of fixed income-related investments, the Portfolio had a short position in 30-year U.S. Treasury securities (representing -6.16% of its total net assets) and a short position in an interest rates relative value basket (representing -7.34% of its total net assets). It had no short positions in commodity-related investments at the beginning of the Reporting Period.

The above sector breakout is inclusive of derivative exposure across all asset classes, but it does not necessarily include the cash held to support those positions. Derivatives positions are mostly supported by cash held in the Portfolio specifically to cover its exposure and any potential margin calls or future losses experienced. Given the line-up of positions held, most of them were derivatives-based, so the cash allocation at the beginning of the Reporting Period was high.

How did you tactically manage the Portfolio’s allocations during the Reporting Period?

During the Reporting Period, in response to shifting macroeconomic and market dynamics, we made a number of tactical changes to the Portfolio’s exposures.

In terms of equity-related exposures, we implemented an S&P 500^® Index put option spread during September 2019. (A put option spread is a strategy that involves purchasing put options at a specific strike price, while simultaneously selling the same number of put options on the same asset but at a lower strike price.) Although both the U.S. and China had made good faith gestures toward de-escalating trade frictions, such progress raised the risk, in our view, of disappointment when meetings resumed. Meanwhile, we believed uncertainty about the potential impeachment of the U.S. President could further weigh on investor sentiment. During October, we established a short put option position in European banks, as a decline in European bank stocks coincided with an increase in the sector’s implied volatility (i.e., expectations of future volatility), which suggested there was positive return potential, in our view. In the second half of the month, we eliminated the Portfolio’s long position in Spanish equities, as the position had reached our profit target, and we thought Spain’s economic growth had slowed and recession risk had increased. In November, we added a relative value position in European cyclical stocks versus European equities broadly. At the time, valuations of companies highly geared to Eurozone growth had fallen

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significantly, creating upside potential, we felt, if the Eurozone avoided recession. Near the end of that month, we liquidated the Portfolio’s short put option position in European bank stocks, which had rallied about 2% since the position was implemented. We established a position in MSCI Korea Index knock-in call options. (A knock-in option is a latent option contract that begins to function as a normal option only once a certain price level is reached before expiration.) At the time, South Korean corporate earnings were market forecasted to grow by about 27% in 2020. Also, South Korea was among the cheapest of the emerging markets, with valuations in the bottom third of their historical distributions. In December, we eliminated the Portfolio’s short position in emerging markets equities within the South African equities relative value tilt, as we saw a number of factors that could boost the performance of emerging markets equities in the near term. Additionally, we allowed the Portfolio’s S&P 500^® Index put option spread to expire at the end of December.

In January 2020, we eliminated the Portfolio’s position in MSCI Korea Index knock-in call options, as South Korean equities had rallied. We allowed a European bank call option to expire, though we continued to believe European banks offered an attractive risk/reward profile for patient investors. For that reason, we maintained the Portfolio’s long position in European bank stocks. Also in January, we added a short position in S&P 500^® Energy Index put options to the Portfolio, as the energy sector had fallen substantially from a peak early in the month and because such sharp declines have historically been followed by substantial gains. During February, we initiated a EURO STOXX 50^® put option spread. Because the EURO STOXX 50^® has high exposure to global economic growth, including China’s, the position partially hedged the Portfolio’s Eurozone exposure. At the end of February, we added a short position in S&P 500^® Index put options, as we sought to monetize the elevated risk premium investors were willing to pay for protection during this period of uncertainty.

In March, we removed the Portfolio’s relative value position in European cyclical stocks versus European equities broadly because we believed the COVID-19 pandemic was likely to depress Eurozone economic activity. We also eliminated the Portfolio’s EURO STOXX 50^® put option spread, as we believed its continued value as a hedge was limited. In addition, we added a long position in 2021 EURO STOXX 50^®dividend futures, as we believed the markets may have been overstating potential corporate earnings weakness. During the middle of March, we initiated a S&P 500^® Index call option calendar spread, consisting of a short position in a near-term out-of-the-money call option and a long position in a long-term out-of-the-money call option, amid uncertainty around the progression of the COVID-19 pandemic and its economic impact. (A calendar call spread is an option spread strategy that is created when equal number of call options with different expiry dates are bought and sold simultaneously. “Out-of-the money” is a term used to describe a call option with a strike price that is higher than the market price of the underlying asset.) At the same time, we eliminated the Portfolio’s position in S&P 500^® Index put options. We also removed the Portfolio’s emerging markets exposure by eliminating its long position in South African equities as well as its long position in South Korean equities versus short position in Taiwanese equities. Later in March, we eliminated the Portfolio’s short position in an S&P 500^® Index call option, as the call option had lost significant value. Finally, the Portfolio purchased additional S&P 500^® Index futures, which we believed would benefit from an equity market rally.

During April 2020, we added a short position in S&P 500^® Index put options, as equities looked attractive to us relative to fixed income. In addition, the Portfolio took assignment of U.S. energy equities after its short position in S&P 500^® Energy Index put options expired in the money. (“In the money” is a term used to describe a call option with a strike price that is lower than the market price of the underlying asset, or a put option with a strike price that is higher than the market price of the underlying asset.) U.S. energy stocks had dramatically underperformed the broader equity market since the put options position was implemented, and valuations had become more attractive, in our view. Additionally, during April, the Portfolio’s South African equities call option tilt expired out of the money. After U.S. equities rallied significantly, we reduced exposure to them by removing the Portfolio’s long positions in S&P 500^® call options and S&P 500^® Index futures. In May 2020, we eliminated the Portfolio’s short position in S&P 500^® Index put options. During August, we added Brazilian equities exposure through two down-and-out knock-out put options. (A down-and-out option gives the holder the right to buy or sell an underlying asset if the price of the underlying asset does not reach or fall below a predefined barrier level over the life of the option. A knock-out option is an option with a built-in mechanism to expire worthless if a specified price level in the underlying asset is reached.) We believed expensive valuations, weak fundamentals and rather high investor expectations could lead to a decline in Brazilian

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equities. Finally, we established a S&P 500^® put spread in August, as we sought to protect the Portfolio from the risk of an equity market sell-off while allowing for potential upside participation.

In terms of fixed income-related exposures, we added a spread tightening tilt during September 2019, which was expressed through a long position in 10-year Italian government bonds versus a short position in 10-year German government bonds. We expected the ECB’s new open-ended asset purchase program to push Italian bond spreads (or yield differentials) tighter, as the ECB made direct purchases of Italian bonds and investors’ search for yield intensified. In October, we initiated a long position in 10-year Mexican interest rate swaps, seeking to benefit from the possibility the Mexican central bank would cut its interest rates. We also added a long position in five-year U.S. Treasury securities versus a short position in five-year German government bonds, as we believed German five-year yields were already at the lower end of their range, while the U.S. Fed still had room to cut short-term interest rates. We eliminated this positioning in December 2019, as spreads compressed. Also in December, we removed a U.S. yield curve steepener, wherein the Portfolio held a short position in 30-year U.S. Treasury futures and a long position in five-year U.S. Treasury futures. (Yield curve is a spectrum of interest rates based on maturities of varying lengths. A steepening position seeks to take advantage of a widening differential between yields at the shorter- and longer-term ends of a range of maturities.) In February 2020, we eliminated the Portfolio’s long position in 10-year Italian government bonds versus its short position in 10-year German government bonds amid political and economic uncertainty in Italy as well as on the downside risk posed by the COVID-19 pandemic. We added a relative value tilt wherein the Portfolio was long five-year Turkish index credit default swaps and short emerging markets index credit default swaps, predicated by our bearish view of Turkey’s fundamentals relative to the broader emerging markets backdrop. We removed this relative value tilt during March. In addition, during March, we implemented and then eliminated a long position in five-year Russian and Brazilian index credit default swaps based on our expectations for crude oil prices. We also eliminated the Portfolio’s position in an interest rates relative value basket, as interest rate volatility increased substantially and continued to be highly dependent on significant changes in monetary and/or fiscal policy decisions. In July, we removed the Portfolio’s long position in 10-year Mexico interest rate swaps after the Mexican central bank cut its interest rates and the market priced in additional cuts. We initiated a 30-year U.S. interest rate options tilt, implemented through a short position in a receiver swaption and a long position in a payer swaption. (Swaptions are options on interest rate swap contracts. In a receiver swaption, the purchaser has the option to enter into a swap contract where they will receive the fixed rate and pay the floating rate. In a payer swaption, the purchaser has the right but not the obligation to enter into a swap contract where they become the fixed-rate payer and the floating-rate receiver.)

Regarding currency-related exposures, we increased the Portfolio’s long position in the euro versus the U.S. dollar during October 2019 and hedged that increase by selling a risk reversal. (Risk reversals, also known as protective collars, are meant to hedge an underlying position by using options. Selling a risk reversal involves selling an out of the money call option and using the proceeds to buy an out of the money put option, so there is no premium expended. This strategy would limit the Portfolio’s gains if the euro appreciated but would limit its losses if the euro depreciated.) In mid-November, we initiated a long position in the Chilean peso versus the U.S. dollar, but we then eliminated it in February 2020 as the COVID-19 outbreak pressured Chilean exports. That same month, we implemented a long position in the U.S. dollar versus a short position in the Mexican peso because we believed the Mexican central bank might continue to ease monetary policy beyond what market prices implied. Additionally, we removed the Portfolio’s short position in the Japanese yen versus its long position in the U.S. dollar, as the Japanese yen had weakened significantly. During March, we eliminated the Portfolio’s long U.S. dollar versus short Mexican peso tilt; the U.S. dollar had appreciated versus the Mexican peso since we had initiated the position. We also removed the Portfolio’s long position in the euro versus its short position in the U.S. dollar given that the euro had strengthened considerably versus the U.S. dollar. Toward the end of May, we re-established the Portfolio’s long U.S. dollar versus short Mexican peso tilt. Although the Mexican peso had appreciated versus the U.S. dollar, we expected it to weaken in the near term. During June, we initiated a long position in the euro versus a short position in the Swiss franc, as investors generally decreased their exposure to euro-denominated assets and increased their exposure to the perceived safe haven of Swiss franc-denominated assets. In July, we added a long position in the U.S. dollar versus a short position in the Chinese renminbi. Rising tensions with the U.S. and a still-weak export sector increased the potential for China’s currency to weaken, in

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our view. Later in the month, we added an outright long position in the U.S. dollar versus a short position in the Mexican peso, as we continued to believe the Mexican peso would depreciate versus the U.S. dollar.

As for commodities-related exposures, we eliminated the Portfolio’s long position in gasoline during the second half of October 2019. Although gasoline prices seemed likely to rise on a host of geopolitical risks, we thought rising oil inventories and slowing economic growth could weigh on gasoline prices in the near term. During November 2019, we implemented a relative value tilt in gasoline versus Brent crude oil. We believed upcoming changes in shipping fuel regulations created economic incentives for refineries to lower gasoline production in favor of other fuels. In January 2020, we removed this relative value tilt, as there had been an unexpected surge in gasoline production and a surprise slump in gasoline demand. In March, we implemented a WTI crude oil calendar spread wherein the Portfolio was short a WTI May 2020 futures contract and long a WTI June 2020 futures contract. We adopted this positioning based on the poor outlook for crude oil demand and a lack of supply discipline due to the impact of COVID-19. In April, we reduced the Portfolio’s WTI crude oil calendar spread before ultimately removing it as the futures contract with the shortest maturity date drew closer to its expiry. The spread between the two contracts had widened dramatically.

How did the Portfolio use derivatives and similar instruments during the Reporting Period?

The Portfolio used derivatives and similar instruments as part of its investment strategy to express views implemented in the Portfolio. Positions were supported predominantly by cash held in the Portfolio specifically to cover its exposure to derivative instruments and any potential margin calls or future losses experienced.

During the Reporting Period, the Portfolio employed equity and bond futures, equity index options, interest rate swaps, total return swaps, swaptions, options on commodity futures, forward foreign currency exchange contracts, options on forward foreign currency exchange contracts and index credit default swaps to express active investment views with greater versatility across regional equity markets, global market sectors, commodities markets and currency markets. The Portfolio’s use of equity futures to gain exposure to U.S., Spanish, South Korean, Taiwanese, South African, European securities, and emerging markets equities collectively detracted from performance. Bond futures, which the Portfolio employed to gain exposure to U.S. Treasury securities and other developed countries’ government bonds, contributed positively. To afford greater risk management precision, options on equity indices were employed to tactically adjust the amount of equity risk and downside risk in the Portfolio. The Portfolio’s use of equity options to gain exposure to the S&P 500^® Index, S&P 500^® Energy Index, EURO STOXX 50^®, European banks, and Brazilian, South Korean and South African equities collectively added to performance. In addition, the Portfolio’s use of total return swaps within the systematic downside mitigation tactical tilt and the systematic upside improvement tilt, as well as to gain exposure to European bank stocks, had a negative impact on performance. (The systematic downside mitigation tactical tilt seeks to limit the Portfolio’s exposure to potential market declines through the shorting of U.S. large-cap stocks that we believed might underperform the broader U.S. stock market, while at the same time taking a long position in the broader U.S. stock market. The systematic upside improvement tilt seeks to identify stocks likely to outperform the market based on a variety of technical and fundamental ranking factors. The resulting long positions are then held against an equally-sized short position in the S&P 500^® Index.) The Portfolio also employed interest rate swaps to gain exposure to Mexican interest rates, which had a positive impact on performance during the Reporting Period. Swaptions, which were used with the Portfolio’s 30-year U.S. interest rate options tilt, added to performance. Additionally, the Portfolio used options on commodity futures to express our views of WTI crude oil and gold, which had a positive impact on performance. Forward foreign currency exchange contracts, which were used to express our views on developed and emerging markets currencies, detracted overall from the Portfolio’s performance. Finally, the use of index credit default swaps within the Portfolio’s relative value tilt had a positive impact on returns during the Reporting Period.

How was the Portfolio positioned at the end of the Reporting Period?

At the end of the Reporting Period, the Portfolio had approximately 21.18% of its total net assets invested in long equity-related investments; approximately 15.05% of its total net assets invested in long fixed income-related investments; and 0.00% of its total net assets invested in long commodity-related investments. In terms of currency-related investments, the Portfolio had a long position in the euro versus a short position in the Swiss franc (representing 1.58% of the Portfolio’s total net assets), a long position in the U.S. dollar versus a short position in the Chinese renminbi (representing 0.95% of its total net assets), and a

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long position in the U.S. dollar versus a short position in the Mexican peso (representing 0.85% of its total net assets). The Portfolio also had short positions of approximately -3.26% of its total net assets in a basket of large-cap equity-related investments we believed might underperform the U.S. stock market. It held a short position in U.S. large-cap stocks (representing -1.31% of its total net assets), a short position in a S&P 500^®Index put spread (representing -0.85% of its total net assets) and a short position in a Brazilian knock-out put option (representing -0.18% of its total net assets). As for currency-related investments, the Portfolio held a short position in the Mexican peso versus a long position in the U.S. dollar (representing -1.91% of its total net assets). The Portfolio had no short positions in fixed income-related investments or commodity-related investments at the end of the Reporting Period.

Were there any changes to the Portfolio’s portfolio management team during the Reporting Period?

There were no changes to the Portfolio’s portfolio management team during the Reporting Period.

What is the Portfolio’s tactical asset allocation view and strategy for the months ahead?

After reaching a low in April 2020, global economic activity recovered substantially during May and June before moderating in July and August. At the end of the Reporting Period, we believed the speed of the economic recovery may well differ across developed markets countries, depending on the evolution of the COVID-19 pandemic, available room for accommodative policies and structural factors. Among developed markets economies, we expected the U.S. to lead the recovery. In our view, the U.S. economy was on a solid trajectory, but we thought growth would likely be more muted in the near term relative to the 2.1% pace recorded in the third quarter of 2019. At the same time, we anticipated that Eurozone and Japanese economic growth was likely to remain rather modest. Within the Eurozone, we thought Germany’s economy would outpace those of Italy, Spain and France.

As for emerging markets economies, the COVID-19 pandemic caused a historic shock. Ultimately, the progression of COVID-19 is likely to determine the extent of the economic damage and the subsequent recovery. China, which experienced the peak of its COVID-19 infection during the first quarter of 2020, managed to control the spread relatively quickly and saw a strong economic rebound in the second calendar quarter. In contrast, other countries, such as India, were still seeing rapid increases in cases and were likely to rebound relatively slowly, in our opinion. We believed the economies reliant on exports and international tourists, such as Thailand and Malaysia, were disproportionately at risk if the external demand environment and tourism remained subdued. Meanwhile, we thought there was little likelihood of a rapid government-spending-driven recovery in many countries, including India, Brazil and South Africa. History also suggests that a negative shock is often followed by a decline in the economic growth of highly indebted countries.

As for the equity markets, we note that S&P 500^®Index companies had shown tremendous resiliency during the COVID-19 pandemic through the end of the Reporting Period, with their earnings generally surprising to the upside. Thus, we have revised upwards our expectations for S&P 500^® Index earnings and valuations. That said, we expected ongoing market volatility, along with possible sell-offs, during the fall and winter of 2020 when COVID-19 infections may rise and due to uncertainty surrounding the November U.S. elections. At the end of the Reporting Period, then, we planned to maintain the Portfolio’s strategic allocations to equities and to be selective about implementing tactical tilts to certain equity sectors and currencies.

PORTFOLIO RESULTS

Index Definitions

The ICE^® BofAML^® U.S. Dollar Three-Month LIBOR Constant Maturity Index tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The Index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. The Index figure does not reflect any deductions for fees, expenses or taxes.

MSCI All Country World Investable Market Index captures large, mid and small cap representation across 23 developed markets and 26 emerging markets countries.

TOPIX (or, the Tokyo Price Index) is a capitalization-weighted index that lists all large firms on the Tokyo Stock Exchange into one group.

EURO STOXX 50^® provides a blue-chip representation of super-sector leaders in the Eurozone. The index covers 50 stocks from 12 Eurozone countries.

S&P 500^® Energy Index comprises those companies included in the S&P 500^® Index that are classified as members of the Global Industry Classification Standard, or GICS^®, energy sector.

NASDAQ Composite Index is the market capitalization-weighted index of over 2,500 common equities listed on the NASDAQ stock exchange.

MSCI Korea Index is designed to measure the performance of the large and mid cap segments of the South Korean market. With 107 constituents, the index covers about 85% of the South Korean equity universe.

Alerian MLP Index is a float-adjusted, capitalization-weighted index, whose constituents represent approximately 85% of total float-adjusted market capitalization. It 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.

PORTFOLIO BASICS

Tactical Tilt Overlay Fund

as of August 31, 2020

PORTFOLIO COMPOSITION¹

LOGO

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent commercial paper. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph does not depict the investment in the securities lending reinvestment vehicle. The Investment in the securities lending reinvestment vehicle represented 1.0% of the Portfolio’s net assets as of August 31, 2020. The graph depicts the Portfolio’s investments but may not represent the Portfolio’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Consolidated Schedule of Investments.

For more information about your Portfolio, please refer to www.GSAMFUNDS.com. There, you can learn more about your Portfolio’s investment strategies, holdings, and performance.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $1,000,000 investment made on July 31, 2014 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Portfolio’s benchmark, the ICE^® BofAML^® U.S. Dollar Three-Month LIBOR Constant Maturity Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Portfolio’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Tactical Tilt Overlay Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from July 31, 2014 through August 31, 2020.

LOGO


Average Annual Total Return through August 31, 2020*	One Year	Five Years	Since Inception
Institutional (Commenced July 31, 2014)	3.72%	1.52%	1.93%

Class R6 (Commenced December 29, 2017)	3.80%	N/A	1.86%

Class P (Commenced April 17, 2018)	3.79%	N/A	2.31%

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments

August 31, 2020


Shares	Description	Value

Exchange Traded Funds – 3.7%
1,529,082	Alerian MLP ETF^(a)	$	35,306,503
2,099,638	Energy Select Sector SPDR Fund		74,852,095

TOTAL EXCHANGE TRADED FUNDS
(Cost $110,480,373)		$	110,158,598


Shares	Dividend Rate			Value

Investment Companies^(b) – 35.9%
Goldman Sachs Financial Square Government Fund – Institutional Shares
984,873,567		0.027	%	$	984,873,567
Goldman Sachs Energy Infrastructure Fund – Class R6
7,768,871		4.840			53,372,145
Goldman Sachs MLP Energy Infrastructure Fund – Class R6
3,026,812		12.573			49,912,135

TOTAL INVESTMENT COMPANIES
(Cost $1,084,927,778)				$	1,088,157,847

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
(Cost $1,195,408,151)				$	1,198,316,445


Principal Amount		Interest Rate			Maturity Date		Value

Short-term Investments – 56.7%
Certificates of Deposit – 33.2%
	ABN AMRO Funding USA LLC^(c)(d)
$	2,500,000		0.000	%		11/13/20	$	2,498,782
	Bank of Montreal^(e)
	(3M USD LIBOR + 0.080%)
	25,000,000		0.395			09/11/20		25,000,811
	(FEDL01 + 0.210%)
	15,000,000		0.290			02/08/21		14,997,402
	Barclays Bank PLC^(e) (3M USD LIBOR + 0.450%)
	15,000,000		0.701			08/03/21		14,999,995
	Barton Capital SA^(c)(d)
	5,000,000		0.000			01/11/21		4,997,248
	Bayerische Landesbank^(e) (3M USD LIBOR + 0.200%)
	12,554,000		0.458			01/22/21		12,546,688
	Bedford Row Funding Corp.^(c)(d)
	20,000,000		0.000			09/02/20		19,999,867
	BNG Bank N.V.^(c)
	7,000,000		0.000			09/01/20		6,999,985
	20,000,000		0.000			09/04/20		19,999,793
	BNP Paribas SA^(c)(d)
	15,000,000		0.000			07/08/21		14,967,863
	Cafco Llc^(c)(d)
	17,000,000		0.000			10/16/20		16,997,502
	Caisse d’Amortissement de la Dette Sociale^(c)(d)
	22,300,000		0.000			04/20/21		22,262,922
	Can Ast & Can Ltd. Jt^(c)(d)
	15,000,000		0.000			09/14/20		14,999,388
	8,000,000		0.000			10/01/20		7,999,242


Short-term Investments – (continued)
Certificates of Deposit – (continued)
	Canadian Imperial Bank of Commerce^(e) (3M USD LIBOR + 0.160%)
	20,000,000		0.409			08/06/21		20,024,154
	Chariot Funding LLC^(c)(d)
	14,000,000		0.000			09/16/20		13,999,372
	9,000,000		0.000			11/12/20		8,997,573
	Chevron Corp.^(c)(d)
	16,250,000		0.000			05/11/21		16,222,249
	China Construction Banking Corp.^(c)(d)
	12,000,000		0.000			10/06/20		11,996,712
	Citigroup Global Markets, Inc.^(c)(d)
	24,000,000		0.000			10/06/20		23,997,312
	Collateralized Commercial Paper FLEX Co. LLC^(c)(d)
	8,917,000		0.000			10/14/20		8,915,954
	Collateralized Commercial Paper V Co. LLC^(c)
	15,000,000		0.000			10/05/20		14,998,469
	6,000,000		0.000			04/21/21		5,992,466
	Columbia Funding Co.^(c)(d)
	5,000,000		0.000			09/03/20		4,999,945
	15,000,000		0.000			10/22/20		14,995,862
	CRC Funding LLC^(c)(d)
	17,000,000		0.000			10/13/20		16,996,670
	Credit Agricole Corporate and Investment Bank^(e) (1M USD LIBOR + 0.160%)
	20,000,000		0.330			10/27/20		20,004,849
	Credit Industriel et Commercial^(e) (3M USD LIBOR + 0.180%)
	4,500,000		0.496			06/18/21		4,505,752
	Credit Suisse New York
	18,250,000		0.460			08/10/21		18,271,344
	National Australia Bank Ltd.^(d)(e) (1M USD LIBOR + 0.100%)
	4,650,000		0.267			04/23/21		4,651,497
	National Bank Of Kuwait Sakp
	17,000,000		0.300			11/16/20		17,000,725
	Nationwide Building Society^(c)(d)
	17,000,000		0.000			09/08/20		16,999,471
	Natixis SA^(e) (3M USD LIBOR + 0.200%)
	11,000,000		0.454			11/13/20		11,005,717
	NatWest Markets PLC^(c)(d)
	7,850,000		0.000			01/14/21		7,842,705
	15,000,000		0.000			02/01/21		14,982,354
	Nederlandse Wtrschbnk^(c)(d)
	4,000,000		0.000			09/01/20		3,999,990
	10,000,000		0.000			10/26/20		9,997,962
	Nieuw Amsterdam Receivables Corp.^(c)(d)
	16,850,000		0.000			09/02/20		16,849,901
	Nordea Bank ABP^(e)
	(3M USD LIBOR + 0.100%)
	7,850,000		0.418			06/09/21		7,856,033
	(3M USD LIBOR + 0.110%)
	23,000,000		0.428			12/07/20		23,009,069
	Norinchukin Bank NY
	13,600,000		0.250			02/26/21		13,599,324
	10,000,000		0.320			09/18/20		10,000,984
	Oversea-Chinese Banking Corp. Ltd.^(d)(e) (3M USD LIBOR + 0.100%)
	24,000,000		0.437			09/03/20		24,000,100


12		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND


Principal Amount		Interest Rate			Maturity Date		Value

Short-term Investments – (continued)
Certificates of Deposit – (continued)
	Pacific Life Short Term Funding LLC^(c)(d)
$	17,600,000		0.000	%		10/02/20	$	17,597,794
	5,000,000		0.000			10/16/20		4,999,074
	Pepsico, Inc.^(c)(d)
	5,000,000		0.000			12/07/20		4,998,162
	Pfizer, Inc.^(c)(d)
	10,600,000		0.000			09/23/20		10,599,492
	5,000,000		0.000			09/30/20		4,999,667
	Reckitt Benckiser Treasury Services PLC^(c)(d)
	21,480,000		0.000			09/14/20		21,478,413
	Ridgefield Funding Co. LLC^(c)(d)
	6,000,000		0.000			11/04/20		5,998,559
	Royal Bank of Canada^(e) (3M USD LIBOR + 0.120%)
	9,900,000		0.428			06/18/21		9,907,068
	Salisbury Receivables Co.^(c)(d)
	5,000,000		0.000			09/08/20		4,999,900
	Sanofi^(c)(d)
	10,000,000		0.000			09/14/20		9,999,728
	Schlumberger Holdings Corp.^(c)(d)
	2,750,000		0.000			12/18/20		2,747,294
	Sheffield Receivables Corp.^(c)(d)
	5,000,000		0.000			09/01/20		4,999,981
	Shell International Finance B.V.^(c)(d)
	14,300,000		0.000			01/27/21		14,285,263
	11,000,000		0.000			06/14/21		10,965,010
	11,000,000		0.000			07/08/21		10,960,658
	Siemens Captal Co. LLC^(c)(d)
	5,000,000		0.000			03/01/21		4,998,686
	Skandinaviska Enskilda Banken AB^(e)
	(3M USD LIBOR + 0.170%)
	20,000,000		0.441			10/16/20		20,004,885
	(3M USD LIBOR + 0.170%)
	11,000,000		0.441			10/21/20		11,002,992
	Societe Generale SA^(c)(d)
	4,000,000		0.000			11/12/20		3,998,832
	17,000,000		0.000			06/28/21		16,957,398
	Standard Chartered Bank^(e)
	(1M USD LIBOR + 0.190%)
	4,500,000		0.344			02/08/21		4,502,305
	(3M USD LIBOR + 0.090%)
	17,000,000		0.356			10/13/20		17,002,127
	(3M USD LIBOR + 0.250%)
	8,000,000		0.501			10/30/20		8,003,478
	Starbird Funding Corp.^(c)(d)
	4,500,000		0.000			09/22/20		4,499,574
	Starbucks Corp.^(c)(d)
	15,500,000		0.000			01/29/21		15,459,626
	Sumitomo Mitsui Banking Corp.
	13,750,000		0.000	^(c)(d)		11/10/20		13,746,014
	11,000,000		0.300			09/01/20		11,000,061
	(3M USD LIBOR + 0.355%)
	5,000,000		0.659	^(e)		04/06/21		5,008,459
	Sumitomo Mitsui Trust Holdings, Inc.^(c)(d)
	15,400,000		0.000			12/03/20		15,393,003
	Suncor Energy, Inc.^(c)(d)
	10,100,000		0.000			10/27/20		10,096,674
	2,000,000		0.000			11/02/20		1,999,251


Short-term Investments – (continued)
Certificates of Deposit – (continued)
	Svenska Handelsbanken^(e) (3M USD LIBOR + 0.120%)
	14,300,000		0.436			06/18/21		14,313,615
	Svenska Handelsbanken AB
	11,000,000		1.150			03/03/21		11,053,235
	7,000,000		1.920			10/19/20		7,017,176
	(3M USD LIBOR + 0.160%)
	10,000,000		0.431	^(e)		10/16/20		10,002,442
	The Boeing Co.^(c)(d)
	12,750,000		0.000			11/04/20		12,723,227
	The Coca-Cola Co.^(c)(d)
	5,000,000		0.000			01/21/21		4,998,828
	The Toronto-Dominion Bank^(d)(e) (3M USD LIBOR + 0.190%)
	23,000,000		0.498			09/30/20		23,004,290
	Thunder Bay Funding, Inc.^(c)(d)
	18,000,000		0.000			10/22/20		17,996,932
	10,000,000		0.000			11/20/20		9,997,052
	Toronto-Dominion Bank^(e) (1M USD LIBOR + 0.090%)
	6,000,000		0.244			09/08/20		6,000,139

								1,006,298,367

Commercial Paper – 23.5%
	ABN AMRO Funding USA LLC^(c)(d)
	3,700,000		0.000			01/11/21		3,695,448
	5,000,000		0.000			01/29/21		4,991,821
	12,097,000		0.000			05/21/21		12,065,362
	Albion Capital Corp.^(c)(d)
	18,000,000		0.000			11/20/20		17,994,290
	Antalis SA^(c)(d)
	14,000,000		0.000			10/01/20		13,998,071
	Banco Del Estado De Chile^(c)(d)
	5,755,000		0.000			12/22/20		5,745,300
	Banco Santander SA^(c)
	23,000,000		0.000			10/20/20		22,996,263
	BASF SE^(c)(d)
	3,000,000		0.000			09/14/20		2,999,791
	3,250,000		0.000			09/24/20		3,249,517
	Bat Capital Corp.^(c)(d)
	2,900,000		0.000			10/05/20		2,899,456
	BPCE SA^(c)(d)
	8,000,000		0.000			09/03/20		7,999,947
	17,674,000		0.000			01/15/21		17,661,221
	Dexia Credit Local SA^(c)(d)
	12,550,000		0.000			09/14/20		12,549,561
	Dupont De Nemours, Inc.^(c)(d)
	4,500,000		0.000			10/13/20		4,499,102
	Enbridge (Us), Inc.^(c)(d)
	4,100,000		0.000			09/14/20		4,099,716
	Entergy Corp.^(c)(d)
	7,500,000		0.000			09/14/20		7,499,230
	9,500,000		0.000			11/02/20		9,494,963
	6,012,000		0.000			11/30/20		6,006,985
	Erste Abwicklungsanstalt^(c)(d)
	10,000,000		0.000			09/08/20		9,999,784
	15,000,000		0.000			10/08/20		14,998,527
	European Investment Bank^(c)
	10,000,000		0.000			09/02/20		9,999,961


The accompanying notes are an integral part of these financial statements.		13

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

August 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Short-term Investments – (continued)
Commercial Paper – (continued)
	Exxon Mobil Corp.^(c)
$	4,400,000		0.000	%		01/29/21	$	4,397,601
	8,000,000		0.000			04/09/21		7,991,111
	Federation des Caisses Desjardins du Quebec^(d)(e) (3M USD LIBOR + 0.100%)
	11,000,000		0.415			09/11/20		11,000,412
	First Abu Dhabi Bank PJSC^(c)(d)
	17,000,000		0.000			11/13/20		16,995,318
	FMS Wertmanagement^(c)(d)
	5,000,000		0.000			12/03/20		4,998,264
	Glaxosmithkline Finance PLC^(c)(d)
	11,250,000		0.000			09/16/20		11,247,795
	Gotham Funding Corp.^(c)(d)
	6,500,000		0.000			09/16/20		6,499,665
	5,700,000		0.000			10/02/20		5,699,179
	Henkel Corp.^(c)(d)
	7,000,000		0.000			04/27/21		6,987,731
	10,750,000		0.000			07/02/21		10,722,586
	Honeywell International, Inc.^(c)(d)
	1,500,000		0.000			05/10/21		1,497,249
	14,000,000		0.000			05/20/21		13,972,286
	3,000,000		0.000			06/08/21		2,993,326
	HSBC Bank PLC^(c)(d)
	6,045,000		0.000			08/03/21		6,025,704
	HSBC Bank USA NA^(e) (3M USD LIBOR + 0.080%)
	14,400,000		0.336			10/23/20		14,402,038
	Industrial & Commercial Bank of China Ltd.^(c)(d)
	4,391,000		0.000			09/17/20		4,390,695
	9,000,000		0.000			10/07/20		8,998,316
	Intercontinental Exchange, Inc.^(c)(d)
	10,600,000		0.000			11/10/20		10,591,997
	6,450,000		0.000			12/16/20		6,441,563
	Ionic Capital II Trust^(c)
	5,156,000		0.000			10/08/20		5,154,297
	Jupiter Securitization Co. LLC^(c)(d)
	1,900,000		0.000			10/01/20		1,899,738
	Kells Funding LLC^(c)(d)
	5,000,000		0.000			09/21/20		4,999,609
	KFW International Finance, Inc.^(c)(d)
	24,000,000		0.000			03/01/21		23,977,189
	La Fayette Asset Securitization^(c)(d)
	12,295,000		0.000			10/22/20		12,292,034
	Landesbank Baden-Wuerttemberg
	12,180,000		0.000	^(c)		01/11/21		12,169,380
	6,300,000		0.190			10/07/20		6,300,032
	Landesbank Hessen-Thuringen^(c)(d)
	6,000,000		0.000			02/04/21		5,995,369
	Lloyds Bank Corporate Markets PLC^(e) (3M USD LIBOR + 0.130%)
	16,062,000		0.480			01/19/21		16,066,921
	Lma Sa Lma Americas^(c)(d)
	20,500,000		0.000			10/02/20		20,498,889
	LVMH Moet Hennessy Louis Vuitton, Inc.^(c)(d)
	10,000,000		0.000			02/26/21		9,988,116
	19,500,000		0.000			07/01/21		19,453,399


Short-term Investments – (continued)
Commercial Paper – (continued)
	Manhattan Asset Funding Co. LLC^(c)(d)
	18,146,000		0.000			09/10/20		18,145,466
	Matchpoint Finance Plc^(c)(d)
	14,000,000		0.000			10/22/20		13,997,027
	Metlife Short Term Funding^(c)(d)
	12,240,000		0.000			10/09/20		12,238,926
	5,000,000		0.000			12/01/20		4,998,709
	Mitsubishi Trust & Banking Corp.
	10,000,000		0.300			09/17/20		10,000,977
	7,000,000		0.440			01/26/21		7,006,637
	Mizuho Bank Ltd.
	1,000,000		0.000	^(c)(d)		09/14/20		999,965
	(1M USD LIBOR + 0.160%)
	21,250,000		0.323	^(e)		03/11/21		21,254,370
	(1M USD LIBOR + 0.220%)
	4,850,000		0.375	^(e)		02/10/21		4,852,309
	MUFG Bank Ltd.^(f)
	11,000,000		1.970			10/15/20		11,025,265
	The Korea Development Bank^(c)
	19,000,000		0.000			03/11/21		18,988,245
	The Walt Disney Co.^(c)(d)
	9,115,000		0.000			06/30/21		9,085,617
	Toronto Dominion Bank^(d)(e) (3M USD LIBOR + 0.120%)
	10,250,000		0.428			06/17/21		10,254,861
	Total Capital Canada Ltd.^(c)(d)
	15,000,000		0.000			11/05/20		14,996,260
	TransCanada Pipelines Ltd.^(c)(d)
	5,000,000		0.000			09/10/20		4,999,768
	8,000,000		0.000			09/24/20		7,999,008
	UBS AG London^(d)(e) (3M USD LIBOR + 0.170%)
	15,000,000		0.445			07/14/21		15,002,592
	VW Credit, Inc.^(c)(d)
	14,950,000		0.000			01/29/21		14,927,300
	Westpac Banking Corp.^(e)
	(3M USD LIBOR + 0.050%)
	3,000,000		0.301			08/03/21		3,000,000
	(3M USD LIBOR + 0.130%)
	15,000,000		3.261	^(d)		10/30/20		15,003,864
	Westpac Securities NZ Ltd.^(c)(d)
	5,000,000		0.000			03/31/21		4,999,445

								713,868,736

	TOTAL SHORT-TERM INVESTMENTS
	(Cost $1,718,596,547)						$	1,720,167,103

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT
	(Cost $2,914,004,698)						$	2,918,483,548


14		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND


Shares	Dividend Rate			Value

Securities Lending Reinvestment Vehicle^(b) – 1.0%
Goldman Sachs Financial Square Government Fund – Institutional Shares
28,879,834		0.027	%	$	28,879,834
(Cost $28,879,834)

TOTAL INVESTMENTS – 97.3%
(Cost $2,942,884,532)				$	2,947,363,382

OTHER ASSETS IN EXCESS OF LIABILITIES – 2.7%					82,021,282

NET ASSETS – 100.0%				$	3,029,384,664



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		All or a portion of security is on loan.

(b)		Represents an affiliated fund.

(c)		Issued with a zero coupon. Income is recognized through the accretion of discount.

(d)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(e)		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 August 31, 2020.

(f)		Rate shown is that which is in effect on August 31, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.



Currency Abbreviations:
CHF		—Swiss Franc
CNH		—Chinese Yuan Renminbi Offshore
EUR		—Euro
MXN		—Mexican Peso
USD		—U.S. Dollar

Investment Abbreviations:
ETF		—Exchange Traded Fund
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
PLC		—Public Limited Company

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At August 31, 2020, 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

MS & Co. Int. PLC

USD

55,966,439

MXN

1,265,500,000

09/17/20

(1,745,724

)

FUTURES CONTRACTS — At August 31, 2020, the Portfolio had the following futures contracts:


Description	Number of Contracts			Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Euro Stoxx 50 Index Dividend		9,940		12/17/21	$	96,437,253		$	(8,163,221	)
2 Year U.S. Treasury Notes		913		12/31/20		201,723,070			105,439
5 Year U.S. Treasury Notes		541		12/31/20		68,182,906			84,795
10 Year U.S. Treasury Notes		945		12/21/20		131,591,250			264,033

Total								$	(7,708,954	)
Short position contracts:
S&P 500 E-Mini Index		(227	)	09/18/20		(39,712,515	)		(4,001,273	)

TOTAL FUTURES CONTRACTS								$	(11,710,227	)


The accompanying notes are an integral part of these financial statements.		15

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

August 31, 2020

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At August 31, 2020, the Portfolio had the following swap contracts:

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS


Reference Obligation/ Index	Financing Rate Paid (Received) by the Portfolio^(a)			Counterparty	Termination Date^(b)	Notional Amount (000s)		Unrealized Appreciation/ (Depreciation)*
JPGSVENK Index^(c)		0.070	%	J.P. Morgan Securities LLC	10/05/20	$	93,465	$	(5,166,882	)
MSGSSUIT Index^(c)		0.210		MS & Co. Int. PLC	10/05/20		130,905		6,995,892
SX7T Index		(0.100	)	Barclays Bank PLC	10/02/20	EUR	23,170		72,922
SX7T Index		0.050		Barclays Bank PLC	10/02/20		158,679		10,365,904
SX7T Index		0.050		Citibank NA	10/02/20		6,557		(71,035	)
SX7T Index		0.200		MS & Co. Int. PLC	10/02/20		11,114		405,186

TOTAL								$	12,601,987

There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

(a)

Payments made monthly.

(b)

The Portfolio pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Portfolio will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).

(c)

The top 50 components are shown below.

A basket (JPGSVENK) of common stocks


Common Stocks	Sector	Shares			Value			Weight
Live Nation Entertainment Inc	Communication Services		(2,069	)	$	(117,541	)		2.27	%
L Brands Inc	Consumer Discretionary		(3,961	)		(116,467	)		2.25
Wynn Resorts Ltd	Consumer Discretionary		(1,322	)		(115,619	)		2.24
Advanced Micro Devices Inc	Information Technology		(1,243	)		(112,932	)		2.19
TransDigm Group Inc	Industrials		(222	)		(110,682	)		2.14
Walt Disney Co/The	Communication Services		(830	)		(109,464	)		2.12
Copart Inc	Industrials		(1,035	)		(106,965	)		2.07
ViacomCBS Inc	Communication Services		(3,757	)		(104,640	)		2.03
Boston Scientific Corp	Health Care		(2,540	)		(104,187	)		2.02
ANSYS Inc	Information Technology		(306	)		(103,867	)		2.01
Coca-Cola Co/The	Consumer Staples		(2,082	)		(103,098	)		2.00
Netflix Inc	Communication Services		(194	)		(102,574	)		1.99
Rollins Inc	Industrials		(1,824	)		(100,594	)		1.95
Archer-Daniels-Midland Co	Consumer Staples		(2,245	)		(100,483	)		1.94
Fiserv Inc	Information Technology		(961	)		(95,659	)		1.85
ONEOK Inc	Energy		(3,435	)		(94,383	)		1.83
Tiffany & Co	Consumer Discretionary		(770	)		(94,295	)		1.82
Diamondback Energy Inc	Energy		(2,414	)		(94,046	)		1.82
Coty Inc	Consumer Staples		(26,189	)		(93,756	)		1.81
Apache Corp	Utilities		(6,144	)		(90,929	)		1.76
Marathon Petroleum Corp	Energy		(2,504	)		(88,793	)		1.72
Occidental Petroleum Corp	Energy		(6,333	)		(80,685	)		1.56
Under Armour Inc	Consumer Discretionary		(8,241	)		(72,930	)		1.41
MGM Resorts International	Consumer Discretionary		(2,959	)		(66,577	)		1.29
salesforce.com Inc	Information Technology		(238	)		(64,798	)		1.25
Gap Inc/The	Consumer Discretionary		(3,683	)		(64,056	)		1.24
Delta Air Lines Inc	Industrials		(1,916	)		(59,117	)		1.14
Freeport-McMoRan Inc	Materials		(3,686	)		(57,543	)		1.11
Darden Restaurants Inc	Consumer Discretionary		(648	)		(56,186	)		1.09
Las Vegas Sands Corp	Consumer Discretionary		(1,098	)		(55,655	)		1.08
Chipotle Mexican Grill Inc	Consumer Discretionary		(42	)		(55,179	)		1.07
United Airlines Holdings Inc	Industrials		(1,515	)		(54,548	)		1.06
Starbucks Corp	Consumer Discretionary		(640	)		(54,028	)		1.05
Twitter Inc	Communication Services		(1,327	)		(53,851	)		1.04


16		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPGSVENK) of common stocks (continued)


Common Stocks	Sector	Shares			Value			Weight
Amazon.com Inc	Consumer Discretionary		(16	)	$	(53,552	)		1.04	%
Edwards Lifesciences Corp	Health Care		(619	)		(53,095	)		1.03
CarMax Inc	Consumer Discretionary		(496	)		(53,015	)		1.03
ServiceNow Inc	Information Technology		(110	)		(52,907	)		1.02
Intuitive Surgical Inc	Health Care		(70	)		(51,193	)		0.99
TJX Cos Inc/The	Consumer Discretionary		(931	)		(50,989	)		0.99
Ross Stores Inc	Consumer Discretionary		(550	)		(50,049	)		0.97
PayPal Holdings Inc	Information Technology		(245	)		(50,023	)		0.97
Zoetis Inc	Health Care		(312	)		(50,004	)		0.97
Stryker Corp	Health Care		(252	)		(49,911	)		0.97
H&R Block Inc	Consumer Discretionary		(3,440	)		(49,873	)		0.97
Truist Financial Corp	Financials		(1,279	)		(49,620	)		0.96
West Pharmaceutical Services Inc	Health Care		(173	)		(49,180	)		0.95
Fidelity National Information Services I	Information Technology		(324	)		(48,913	)		0.95
Broadridge Financial Solutions Inc	Information Technology		(352	)		(48,417	)		0.94
Verisk Analytics Inc	Industrials		(258	)		(48,215	)		0.93

A basket (MSGSSUIT) of common stocks

Southwest Airlines Co	Industrials		8,980			337,465			4.82
Xerox Holdings Corp	Information Technology		17,713			334,067			4.78
Mohawk Industries Inc	Consumer Discretionary		3,569			329,559			4.71
Huntington Bancshares Inc/OH	Financials		30,608			288,023			4.12
Schlumberger NV	Energy		15,149			287,978			4.12
Capital One Financial Corp	Financials		2,232			154,047			2.20
Cboe Global Markets Inc	Financials		1,646			151,103			2.16
Citizens Financial Group Inc	Financials		5,838			151,035			2.16
Intel Corp	Information Technology		2,949			150,235			2.15
JPMorgan Chase & Co	Financials		1,472			147,481			2.11
General Electric Co	Industrials		23,152			146,786			2.10
Biogen Inc	Health Care		509			146,282			2.09
ConocoPhillips	Energy		3,853			146,008			2.09
Bank of America Corp	Financials		5,661			145,706			2.08
Bank of New York Mellon Corp/The	Financials		3,926			145,190			2.08
Cigna Corp	Health Care		818			145,034			2.07
Chevron Corp	Energy		1,692			142,011			2.03
Zions Bancorp NA	Financials		4,402			141,556			2.02
Wells Fargo & Co	Financials		5,848			141,224			2.02
AbbVie Inc	Health Care		1,474			141,210			2.02
Booking Holdings Inc	Consumer Discretionary		43			82,267			1.18
Alphabet Inc	Communication Services		48			78,761			1.13
Synchrony Financial	Financials		3,128			77,599			1.11
PNC Financial Services Group Inc/The	Financials		671			74,598			1.07
Discovery Inc	Communication Services		3,715			74,183			1.06
International Paper Co	Materials		2,034			73,756			1.05
National Oilwell Varco Inc	Energy		6,131			73,576			1.05
Aflac Inc	Financials		2,025			73,541			1.05
Citigroup Inc	Financials		1,410			72,092			1.03
Boston Properties Inc	Real Estate		824			71,581			1.02
M&T Bank Corp	Financials		684			70,608			1.01
FirstEnergy Corp	Utilities		2,468			70,552			1.01
EOG Resources Inc	Energy		1,533			69,484			0.99
Coty Inc	Consumer Staples		19,310			69,131			0.99
eBay Inc	Consumer Discretionary		1,260			69,017			0.99
Parker-Hannifin Corp	Industrials		293			60,430			0.86
Union Pacific Corp	Industrials		310			59,722			0.85
Honeywell International Inc	Industrials		360			59,554			0.85
CSX Corp	Industrials		758			57,943			0.83
Caterpillar Inc	Industrials		403			57,376			0.82
Dover Corp	Industrials		517			56,834			0.81


The accompanying notes are an integral part of these financial statements.		17

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

August 31, 2020

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (MSGSSUIT) of common stocks (continued)


Common Stocks	Sector	Shares		Value		Weight
PPG Industries Inc	Materials		329	$	39,659		0.57	%
Halliburton Co	Energy		2,422		39,196		0.56
LKQ Corp	Consumer Discretionary		1,228		38,982		0.56
HP Inc	Information Technology		1,981		38,725		0.55
Alphabet Inc	Communication Services		24		38,683		0.55
Alexion Pharmaceuticals Inc	Health Care		336		38,345		0.55
Discover Financial Services	Financials		717		38,074		0.54
Equity Residential	Real Estate		673		37,970		0.54
Walmart Inc	Consumer Staples		273		37,954		0.54

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At August 31, 2020, the Portfolio had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS


Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)

Purchased option contracts
Puts
1Y IRS	BofA Securities LLC	$	1.050		07/28/2021		94,000,000		$	94,000,000		$	8,176,872		$	4,743,368		$	3,433,504
Written option contracts
Calls
1Y IRS	BofA Securities LLC		0.500		07/28/2021		(94,000,000	)		(94,000,000	)		(2,047,151	)		(3,775,168	)		1,728,017

TOTAL							—		$	—		$	6,129,721		$	968,200		$	5,161,521

OVER-THE-COUNTER OPTIONS ON EQUITIES


Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)

Purchased option contracts
Calls
SPX Index	MS & Co. Int. PLC	$	2,845.920		12/20/2020		45,906		$	45,906		$	32,075,961		$	7,044,418		$	25,031,543
Puts
SPX Index	Citibank NA		3,257.920		11/20/2020		55,306			55,306			5,115,667			5,514,534			(398,867	)
MSCI Index	MS & Co. Int. PLC		28.890		10/16/2020		1,548,741			1,548,741			838,039			777,003			61,036
MSCI Index	MS & Co. Int. PLC		28.520		10/16/2020		1,548,741			1,548,741			769,094			753,153			15,941

							3,152,788		$	3,152,788		$	6,722,800		$	7,044,690		$	(321,890	)

Total purchased option contracts							3,198,694		$	3,198,694		$	38,798,761		$	14,089,108		$	24,709,653
Written option contracts
Calls
SPX Index	JPMorgan Securities, Inc.		2,845.920		12/20/2020		(45,906	)		(45,906	)		(32,075,961	)		(11,059,435	)		(21,016,526	)
Puts
SPX Index	Citibank NA		2,914.980		11/20/2020		(55,306	)		(55,306	)		(2,401,928	)		(2,465,658	)		63,730

Total written option contracts							(101,212	)	$	(101,212	)	$	(34,477,889	)	$	(13,525,093	)	$	(20,952,796	)

TOTAL							3,097,482		$	3,097,482		$	4,320,872		$	564,015		$	3,756,857


18		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY


Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)

Purchased option contracts
Calls
Call EUR/Put CHF	UBS AG (London)	$	1.074		12/02/2020		83,530,000		$	83,530,000		$	1,261,158		$	1,389,779		$	(128,621	)
Call USD/Put CNH	BofA Securities LLC		7.131		12/20/2020		186,000,000			186,000,000			1,022,628			2,808,600			(1,785,972	)

Total purchased option contracts							269,530,000		$	269,530,000		$	2,283,786		$	4,198,379		$	(1,914,593	)
Written option contracts
Calls
Put USD/Call MXN	Deutsche Bank AG (London)		22.678		11/20/2020		(37,480,000	)		(37,480,000	)		(1,681,877	)		(1,785,659	)		103,782

TOTAL							232,050,000		$	232,050,000		$	601,909		$	2,412,720		$	(1,810,811	)



Abbreviations:
1Y IRS		—1 Year Interest Rate Swaptions
BofA Securities LLC		—Bank of America Securities LLC
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC


The accompanying notes are an integral part of these financial statements.		19

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Statement of Assets and Liabilities^(a)

August 31, 2020



Assets:

Investments of unaffiliated issuers, at value (cost $1,829,076,920)^(b)	$	1,830,325,701

Investments of affiliated issuers, at value (cost $1,084,927,778)		1,088,157,847

Investments in securities lending reinvestment vehicle — affiliated issuer, at value (Cost $28,879,834)		28,879,834

Purchased options, at value (premium paid $23,030,855)		49,259,419

Cash		54,570,417

Foreign currencies, at value (cost $822,236)		1,386,201

Unrealized gain on swap contracts		17,839,904

Receivables:

Collateral on certain derivative contracts^(c)		92,564,969

Portfolio shares sold		7,772,047

Dividends and interest		728,265

Securities lending income		91,805

Reimbursement from investment adviser		9,999

Other assets		31,344

Total assets		3,171,617,752

Liabilities:

Unrealized loss on swap contracts		5,237,917

Unrealized loss on forward foreign currency exchange contracts		1,745,724

Variation margin on futures contracts		235,503

Variation margin on swaps contracts		11,368

Written option contracts, at value (premium received $19,085,920)		38,206,917

Payables:

Collateral on certain derivative contracts^(d)		60,200,000

Payable upon return of securities loaned		28,879,834

Investments purchased		5,062,320

Management fees		1,704,311

Portfolio shares redeemed		491,599

Due to broker — upfront payment		137,536

Transfer Agency fees		76,893

Accrued expenses and other liabilities		243,166

Total liabilities		142,233,088

Net Assets:

Paid-in capital		3,217,630,880

Total distributable earnings (loss)		(188,246,216	)
NET ASSETS	$	3,029,384,664
Net Assets:
Institutional	$	1,680,596
Class R6		736,643,479
Class P		2,291,060,589
Total Net Assets	$	3,029,384,664
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		164,728
Class R6		74,331,437
Class P		231,188,421
Net asset value, offering and redemption price per share:
Institutional	$	10.20
Class R6		9.91
Class P		9.91

(a)

Consolidated Statement of Assets and Liabilities for the Portfolio is consolidated and includes the balances of a wholly owned subsidiary, Cayman Commodity — TTIF, Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b)

Includes loaned securities having market value of $28,022,371.

(c)

Includes amounts segregated for initial margin requirements and/or collateral on futures, swaps and forward foreign currency exchange contract transactions of $49,994,969, $38,220,000 and $4,350,000, respectively.

(d)

Includes amount segregated for initial margin requirements and/or collateral on swaps.


20		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Statement of Operations^(a)

For the Fiscal Year Ended August 31, 2020



Investment income:

Interest — unaffiliated issuers	$	34,923,700

Dividends — affiliated issuers		11,376,719

Dividends — unaffiliated issuers (net of foreign withholding taxes of $96)		4,091,346

Securities lending income		365,033

Total investment income		50,756,798

Expenses:

Management fees		26,378,267

Transfer Agency fees^(b)		1,022,624

Custody, accounting and administrative services		363,809

Professional fees		210,090

Registration fees		79,039

Printing and mailing costs		70,193

Trustee fees		24,444

Prime Broker Fees		18,671

Shareholder meeting expense		8,236

Other		47,329

Total expenses		28,222,702

Less — expense reductions		(3,653,892	)

Net expenses		24,568,810

NET INVESTMENT INCOME		26,187,988

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(40,195,921	)

Investment — affiliated issuers		(11,609,656	)

Purchased options		15,612,103

Futures contracts		99,693,650

Written options		367,671

Swap contracts		(58,138,676	)

Forward foreign currency exchange contracts		(26,566,162	)

Foreign currency transactions		4,711,488

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		(212,822	)

Investments — affiliated issuers		6,690,571

Purchased options		28,792,279

Futures contracts		1,757,645

Written options		(19,120,997	)

Swap contracts		21,180,538

Forward foreign currency exchange contracts		23,303,309

Foreign currency translation		171,258

Net realized and unrealized gain		46,436,278

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	72,624,266

(a)

Statement of Operations for the Portfolio is consolidated and includes the balances of a wholly owned subsidiary, Cayman Commodity — TTIF Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b)

Class specific Transfer Agency fees were as follows:


Transfer Agency Fees
Institutional		Class R6		Class P
$	3,603	$	220,596	$	798,425


The accompanying notes are an integral part of these financial statements.		21

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Statements of Changes in Net Assets^(a)


	For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
From operations:

Net investment income	$	26,187,988		$	83,805,921

Net realized gain (loss)		(16,125,503	)		38,037,225

Net change in unrealized gain (loss)		62,561,781			(117,477,425	)
Net increase in net assets resulting from operations		72,624,266			4,365,721

Distributions to shareholders:

From distributable earnings:

Institutional Shares		(88,497	)		—

Class R6 Shares		(8,832,644	)		(9,121,338	)

Class P Shares		(33,423,852	)		(88,570,565	)
Total distributions to shareholders		(42,344,993	)		(97,691,903	)

From share transactions:

Proceeds from sales of shares		519,364,648			1,046,933,235

Reinvestment of distributions		42,344,993			97,691,903

Cost of shares redeemed		(1,493,766,458	)		(1,532,335,416	)

Net decrease in net assets resulting from share transactions		(932,056,817	)		(387,710,278	)

TOTAL DECREASE		(901,777,544	)		(481,036,460	)

Net assets:

Beginning of year		3,931,162,208			4,412,198,668

End of year	$	3,029,384,664		$	3,931,162,208

(a)

Statement of Changes in Net Assets for the Portfolio is consolidated and includes the balances of a wholly owned subsidiary, Cayman Commodity — TTIF, Ltd. Accordingly, all interfund balances and transactions have been eliminated.


22		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Tactical Tilt Overlay Fund
	Institutional Shares
	Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Year Ended October 31,
	2020			2019			2018			Period November 1, 2016 – August 31, 2017*			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.94		$	9.87		$	9.73		$	9.83		$	10.40		$	9.87

Net investment income^(a)		0.11			0.22			0.12			0.09			0.11			0.18

Net realized and unrealized gain (loss)		0.26			(0.15	)		0.11			(0.01	)		(0.22	)		0.46

Total from investment operations		0.37			0.07			0.23			0.08			(0.11	)		0.64

Distributions to shareholders from net investment income		(0.11	)		—			(0.09	)		(0.18	)		(0.46	)		(0.11	)

Net asset value, end of period	$	10.20		$	9.94		$	9.87		$	9.73		$	9.83		$	10.40

Total return^(b)		3.72	%		0.71	%		2.39	%		0.82	%		(0.96	)%		6.57	%

Net assets, end of period (in 000s)	$	1,681		$	25,673		$	23,583		$	5,242,928		$	5,214,846		$	4,664,660

Ratio of net expenses to average net assets^(c)		0.73	%		0.74	%		0.69	%		0.62	%^(d)		0.59	%		0.52	%

Ratio of total expenses to average net assets^(c)		0.78	%		0.79	%		0.76	%		0.75	%^(d)		0.77	%		0.79	%

Ratio of net investment income to average net assets		1.08	%		2.17	%		1.20	%		1.10	%^(d)		1.15	%		1.77	%

Portfolio turnover rate^(e)		70	%		46	%		41	%		28	%		48	%		81	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholder relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(c)

Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		23

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Tactical Tilt Overlay Fund
	Class R6 Shares
	Year Ended August 31,						Period November 1, 2016 – August 31 2018^(a)
	2020			2019			Period November 1, 2016 – August 31 2018^(a)
Per Share Data

Net asset value, beginning of period	$	9.67		$	9.87		$	9.81

Net investment income^(b)		0.07			0.26			0.11

Net realized and unrealized gain (loss)		0.28			(0.20	)		(0.05	)

Total from investment operations		0.35			0.06			0.06

Distributions to shareholders from net investment income		(0.11	)		(0.26	)		—

Net asset value, end of period	$	9.91		$	9.67		$	9.87

Total return^(c)		3.80	%		0.58	%		0.61	%

Net assets, end of period (in 000s)	$	736,643		$	714,633		$	343,370

Ratio of net expenses to average net assets^(d)		0.72	%		0.73	%		0.69	%^(e)

Ratio of total expenses to average net assets^(d)		0.78	%		0.78	%		0.76	%^(e)

Ratio of net investment income to average net assets		0.73	%		2.65	%		1.77	%^(e)

Portfolio turnover rate^(f)		70	%		46	%		41	%

(a)

Commenced operations on December 29, 2017.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e)

Annualized.

(f)


24		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Tactical Tilt Overlay Fund
	Class P Shares
	Year Ended August 31,						Period November 1, 2016 – August 31, 2018^(a)
	2020			2019			Period November 1, 2016 – August 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	9.66		$	9.87		$	9.76

Net investment income^(b)		0.08			0.20			0.14

Net realized and unrealized gain (loss)		0.28			(0.15	)		(0.03	)

Total from investment operations		0.36			0.05			0.11

Distributions to shareholders from net investment income		(0.11	)		(0.26	)		—

Net asset value, end of period	$	9.91		$	9.66		$	9.87

Total return^(c)		3.79	%		0.59	%		1.13	%

Net assets, end of period (in 000s)	$	2,291,061		$	3,190,855		$	4,045,246

Ratio of net expenses to average net assets^(d)		0.72	%		0.72	%		0.71	%^(e)

Ratio of total expenses to average net assets^(d)		0.78	%		0.78	%		0.77	%^(e)

Ratio of net investment income to average net assets		0.78	%		2.07	%		3.80	%^(e)

Portfolio turnover rate^(f)		70	%		46	%		41	%

(a)

Commenced operations on April 17, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholder relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e)

Annualized.

(f)


The accompanying notes are an integral part of these financial statements.		25

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Notes to Financial Statements

August 31, 2020

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Goldman Sachs Tactical Tilt Overlay Fund (the “Portfolio”) is a diversified portfolio and currently offers three classes of shares — Institutional, Class R6 and Class P Shares. Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Portfolio pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. The Portfolio is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A. Basis of Consolidation for Goldman Sachs Tactical Tilt Overlay Fund — The Cayman Commodity — TTIF, Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on July 31, 2014 and is currently a wholly-owned subsidiary of the Portfolio. The Subsidiary acts as an investment vehicle for the Portfolio to enable the Portfolio to gain exposure to certain types of commodity-linked derivative instruments. The Portfolio is the sole shareholder of the Subsidiary pursuant to a subscription agreement dated as of July 31, 2014, and it is intended that the Portfolio will remain the sole shareholder and will continue to control the Subsidiary. Under the Memorandum and Articles of Association of the Subsidiary, shares issued by the Subsidiary confer upon a shareholder the right to vote at general meetings of the Subsidiary and certain rights in connection with any winding-up or repayment of capital, as well as the right to participate in the profits or assets of the Subsidiary. All inter-fund balances and transactions have been eliminated in consolidation. As of August 31, 2020, the Portfolio’s net assets were $3,029,384,664, of which, $495,941,581, or 16.4%, represented the Subsidiary’s net assets.

B. Investment Valuation — The Portfolio’s valuation policy is to value investments at fair value.

C. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained 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 Portfolio 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 from master limited partnerships (“MLPs”) are generally recorded based on the characterization reported on the MLP’s tax return. The Portfolio 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, realized gains and losses are recorded upon settlement of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Consolidated Statement of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income.

D. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of the Portfolio are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by the Portfolio are charged to the Portfolio, while such expenses incurred by the Trust are allocated across the

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Portfolio on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class-specific expenses, where applicable, are borne by the respective share classes and include Transfer Agency fees.

E. Federal Taxes and Distributions to Shareholders — It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Portfolio is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid at least annually.

The Subsidiary is classified as a controlled foreign corporation under the Code. Therefore, the Portfolio is required to increase its taxable income by its share of the Subsidiary’s income. Net losses of the Subsidiary cannot be deducted by the Portfolio in the current period nor carried forward to offset taxable income in future periods.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the Portfolio’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Portfolio’s net assets on the Consolidated Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

F. Foreign Currency Translation — The accounting records and reporting currency of the Portfolio 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 Consolidated Statement of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Portfolio’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The 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 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Notes to Financial Statements (continued)

August 31, 2020

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:

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 Portfolio invests in Underlying Funds that fluctuate in value, the Portfolio’s shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i. Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Portfolio and cash collateral received, if any, is reported separately on the Consolidated Statement of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by the Portfolio, if any, is noted in the Consolidated Schedule of Investments.

iv. Swap Contracts — Bilateral swap contracts are agreements in which the Portfolio and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between the Portfolio 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, the Portfolio is required to

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Notes to Financial Statements (continued)

August 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

A credit default swap is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. The Portfolio’s investment in credit default swaps may involve greater risks than if the Portfolio had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If the Portfolio buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, the Portfolio, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. The Portfolio may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

As a seller of protection, the Portfolio generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if the Portfolio sells protection through a credit default swap, the Portfolio could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, the Portfolio, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. The Portfolio may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, the Portfolio is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where the Portfolio bought credit protection.

A total return swap is an agreement that gives the Portfolio the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, the Portfolio may also be required to pay the dollar value of that decline to the counterparty.

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Portfolio’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Portfolio’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Portfolio’s investments and derivatives classified in the fair value hierarchy as of August 31, 2020:



TACTICAL TILT OVERLAY

Investment Type	Level 1			Level 2			Level 3

Assets

Exchange Traded Funds	$	110,158,598		$	—		$	—

Investment Companies		1,088,157,847			—			—

Short-term Investments		—			1,720,167,103			—

Securities Lending Reinvestment Vehicle		28,879,834			—			—

Total	$	1,227,196,279		$	1,720,167,103		$	—

Assets

Futures Contracts^(a)	$	454,267		$	—		$	—

Total Return Swap Contracts^(a)		—			17,839,904			—

Purchased Options		—			49,259,419			—

Total	$	454,267		$	67,099,323		$	—

Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(1,745,724	)	$	—

Futures Contracts^(a)		(12,164,494	)		—			—

Total Return Swap Contracts^(a)		—			(5,237,917	)		—

Written option contracts		—			(38,206,917	)		—

Total	$	(12,164,494	)	$	(45,190,558	)	$	—

(a)

Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Consolidated Schedule of Investments.

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of August 31, 2020. These instruments were used as part of the Portfolio’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the table below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Portfolio’s net exposure.

Risk

Consolidated Statement of Assets
and Liabilities

Assets

Consolidated Statement of Assets
and Liabilities

Liabilities

Interest rate

Variation margin on futures contracts; Purchased options, at value

8,631,139

^(a)

Written options, at value

(2,047,151)

Currency

Purchased options, at value

2,283,786

Payable for unrealized loss on forward foreign currency exchange contracts; Written options, at value

(3,427,601)

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Notes to Financial Statements (continued)

August 31, 2020

4. INVESTMENTS IN DERIVATIVES (continued)


Risk	Consolidated Statement of Assets and Liabilities	Assets		Consolidated Statement of Assets and Liabilities	Liabilities
Equity	Receivable for unrealized gain on swap contracts; Purchased options, at value	$	56,638,665	Variation margin on futures contracts; Payable for unrealized gain on swap contracts; Written options, at value	$	(51,880,300)	^(a)
Total		$	67,553,590		$	(57,355,052)

(a)

Includes unrealized gain (loss) on futures contracts and centrally cleared swaps described in the Additional Investment Information sections of the Consolidated Schedule of Investments. Only current day’s variation margin is reported within the Consolidated Statement of Assets and Liabilities.


Risk	Consolidated Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)		Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from futures contracts and swap contracts /Net change in unrealized gain (loss) on futures contracts, purchased options and written options	$	33,009,769		$	4,241,738		7,057
Credit	Net realized gain (loss) from swap contracts		2,863,483			—		1
Commodity	Net realized gain (loss) from futures contracts /Net change in unrealized gain (loss) on futures contracts		98,492,787			2,879,027		5,430
Currency	Net realized gain (loss) from forward foreign currency exchange contracts, purchased options and written options /Net change in unrealized gain (loss) on forward foreign currency exchange contracts, purchased options and written options		(28,167,866	)		21,492,498		20
Equity	Net realized gain (loss) from futures contracts, purchased options, swap contracts and written options/Net change in unrealized gain (loss) on swap contracts, futures contracts, purchased options and written options		(75,229,587	)		27,299,511		11,161
Total		$	30,968,586		$	55,912,774		23,669

(a)

Average number of contracts is based on the average of month end balances for the period August 31, 2020.

In order to better define its contractual rights and to secure rights that will help the Portfolio mitigate its counterparty risk, the Portfolio may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs OTC derivatives (including forward foreign currency exchange contracts, and certain options and swaps), and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral and margin requirements differ between exchange traded derivatives and OTC derivatives. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options and centrally cleared swaps) pursuant to governing agreements for those instrument types. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract-specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Portfolio

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

4. INVESTMENTS IN DERIVATIVES (continued)

and the counterparty. Additionally, the Portfolio may be required to post initial margin to the counterparty, the terms of which would be outlined in the confirmation of the OTC transaction.

Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty nonperformance. The Portfolio attempts to mitigate counterparty risk by only entering into agreements with counterparties that the Investment Adviser believes to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of setoff that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws.

The following table sets forth the Portfolio’s net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of August 31, 2020:


	Derivative Assets⁽¹⁾								Derivative Liabilities⁽¹⁾												Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾			Net Amount⁽²⁾
Counterparty	Options Purchased		Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Options Written			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾			Net Amount⁽²⁾
Barclays Bank PLC	$	—	$	10,438,826	$	—	$	10,438,826	$	—		$	—		$	—		$	—		$	10,438,826		$	(10,438,826	)	$	—
BofA Securities LLC		9,199,500		—		—		9,199,500		—			—			(2,047,151	)		(2,047,151	)		7,152,349			(1,700,000	)		5,452,349
Citibank NA		5,115,667		—		—		5,115,667		(71,035	)		—			(2,401,928	)		(2,472,963	)		2,642,704			(2,560,000	)		82,704
Deutsche Bank AG (London)		—		—		—		—		—			—			(1,681,877	)		(1,681,877	)		(1,681,877	)		—			(1,681,877	)
J.P. Morgan Securities LLC		—		—		—		—		(5,166,882	)		—			(32,075,961	)		(37,242,843	)		(37,242,843	)		37,242,843			—
MS & Co. Int. PLC		33,683,094		7,401,078		—		41,084,172		—			(1,745,724	)		—			(1,745,724	)		39,338,448			(38,020,000	)		1,318,448
UBS AG (London)		1,261,158		—		—		1,261,158		—			—			—			—			1,261,158			—			1,261,158

Total	$	49,259,419	$	17,839,904	$	—	$	67,099,323	$	(5,237,917	)	$	(1,745,724	)	$	(38,206,917	)	$	(45,190,558	)	$	21,908,765		$	(15,475,983	)	$	6,432,782

(1)

Gross amounts available for offset but not netted in the Consolidated Statement of Assets and Liabilities.

(2)

Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Portfolio, subject to the general supervision of the Trustees.

For the fiscal year ended August 31, 2020, contractual and effective net management fees with GSAM were at the following rates:


Contractual Management Rate								Effective Management Fee Rate		Effective Net Management Fee Rate*^^(a)
First $2 billion		Next $3 billion		Next $3 billion		Over $8 billion		Effective Management Fee Rate		Effective Net Management Fee Rate*^^(a)
	0.75%		0.68%		0.64%		0.62%		0.72%		0.67%

Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any.

(a)

Reflects combined management fees paid to GSAM under the Agreement and the Subsidiary Agreement as defined below after waivers.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Notes to Financial Statements (continued)

August 31, 2020

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Portfolio invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”) and Class R6 Shares of each of the Goldman Sachs Energy Infrastructure Fund and the 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 Portfolio in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which the Portfolio invests, except those management fees it earns from the Portfolio’s investment of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the fiscal year ended August 31, 2020, GSAM waived $1,548,963 of the Portfolio’s management fee.

GSAM also provides management services to the Subsidiary pursuant to a Subsidiary Management Agreement (the “Subsidiary Agreement”) and is entitled to a management fee accrued daily and paid monthly, equal to an annual percentage rate of 0.42% of the Subsidiary’s average daily net assets. In consideration of the Subsidiary’s management fee, and for as long as the Subsidiary Agreement remains in effect, GSAM has contractually agreed to waive irrevocably a portion of the Portfolio’s management fee in an amount equal to the management fee accrued and paid to GSAM by the Subsidiary under the Subsidiary Agreement. For the fiscal year ended August 31, 2020, GSAM waived $2,021,402 of the Portfolio’s management fee.

B. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Portfolio for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates of 0.04% of the average daily net assets of Institutional Shares and 0.03% of the average daily net assets of Class R6 Shares and Class P Shares.

C. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Portfolio (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Portfolio. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Portfolio is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the Portfolio is 0.164%. This Other Expense limitation will remain in place through at least December 27, 2020 and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Portfolio has entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Portfolio’s expenses and are received irrespective of the application of the “Other Expense” limitations described above.

Goldman Sachs may voluntarily waive a portion of any payments under the Portfolio’s Transfer Agency Agreement, and this waiver is in addition to what is stipulated in any contractual fee waiver arrangements (as applicable). These temporary waivers may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.

For the fiscal year ended August 31, 2020, these expense reductions, including any fee waivers and Other Expense

reimbursements, were as follows:


Management Fee Waiver		Other Expense Reimbursements		Total Expense Reductions
$	3,570,365	$	83,527	$	3,653,892

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

E. Other Transactions with Affiliates — For the fiscal year ended August 31, 2020 , Goldman Sachs earned $246,996, in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Portfolio.

The table below shows the transactions in and earnings from investments in the Underlying Funds for the fiscal year ended August 31, 2020:


Affiliated Investment Companies	Beginning Value as of August 31, 2019		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on sales of Affiliated Investment Companies			Change in Unrealized Appreciation/ Depreciation			Ending Value as of August 31, 2020		Shares as of August 31, 2020		Dividend Income from Affiliated Investment Companies
Goldman Sachs Financial Square Government Fund — Institutional Shares	$	1,258,123,123	$	2,938,650,920	$	(3,211,900,476	)	$	—		$	—		$	984,873,567		984,873,567	$	10,041,499
Goldman Sachs Energy Infrastructure Fund — Class R6		—		39,596,303		—			—			13,775,842			53,372,145		7,768,871		996,303
Goldman Sachs MLP Energy Infrastructure Fund — Class R6		55,838,146		50,038,916		(37,270,000	)		(11,609,656	)		(7,085,271	)		49,912,135		3,026,812		338,917

Total	$	1,313,961,269	$	3,028,286,139	$	(3,249,170,476	)	$	(11,609,656	)	$	6,690,571		$	1,088,157,847		995,669,250	$	11,376,719

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended August 31, 2020, were $238,466,724 and $139,208,944, respectively.

7. SECURITIES LENDING

The Portfolio may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Portfolio’s securities lending procedures, the Portfolio receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Portfolio, 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 Portfolio on the next business day. As with other extensions of credit, the Portfolio may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Portfolio or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Consolidated Statement of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Notes to Financial Statements (continued)

August 31, 2020

7. SECURITIES LENDING (continued)

The Portfolio invests the cash collateral received in connection with securities lending transactions in the Government Money Market Fund, an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Portfolio whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Portfolio by paying the Portfolio 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 Portfolio’s master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Portfolio’s loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Portfolio’s overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2020, which are disclosed as “Payable upon return of securities loaned” on the Consolidated Statement of Assets and Liabilities, where applicable.

Both the Portfolio and BNYM received compensation relating to the lending of the Portfolio’s securities. The amounts earned, if any, by the Portfolio for the fiscal year ended August 31, 2020, are reported under Investment Income on the Consolidated Statement of Operations.

The following table provides information about the Portfolio’s investment in the Government Money Market Fund for the fiscal year ended August 31, 2020.

Beginning Value

as of August 31, 2019

Purchases
at Cost

Proceeds
from Sales

Ending Value

as of August 31, 2020

55,429,365

798,549,482

(825,099,013

)

28,879,834

8. TAX INFORMATION

The tax character of distributions paid during the period ended August 31, 2020, in the amount of $42,344,993, was from ordinary income.

The tax character of distributions paid during the period ended August 31, 2019, in the amount of $ 97,691,903, was from ordinary income.

As of August 31, 2020, the components of accumulated earnings (losses) on a tax basis were as follows:


Undistributed ordinary income — net	$	166,563,680
Total undistributed earnings	$	166,563,680
Capital loss carryforwards:⁽¹⁾
Perpetual Short-Term		(186,156,489	)
Total capital loss carryforwards	$	(186,156,489	)
Timing differences (Post October Capital Loss Deferral)	$	(177,517,865	)
Unrealized gains (losses) — net		8,864,458
Total accumulated earnings (losses) net	$	(188,246,216	)

(1)

The Portfolio utilized $24,069,509 of capital losses in the current fiscal year.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

8. TAX INFORMATION (continued)

As of August 31, 2020, the Portfolio’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


Tax Cost	$	2,968,305,259
Gross unrealized gain		57,230,273
Gross unrealized loss		(48,365,815	)
Net unrealized gains (loss) on investments	$	8,864,458

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, net mark to market gains/(losses) on foreign currency contracts, and differences in the tax treatment of swap transactions.

The Portfolio reclassed $796,405 from distributable earnings to paid in capital for the year ending August 31, 2020. In order to present certain components of the Portfolio’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Portfolio’s accounts. These reclassifications have no impact on the net asset value of the Portfolio and result primarily from differences in the tax treatment of eliminating entries related to cayman subsidiary and redemptions utilized as distributions.

GSAM has reviewed the Portfolio’s tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Portfolio’s financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

9. OTHER RISKS

The Portfolio’s risks include, but are not limited to, the following:

Credit/Default Risk — An issuer or guarantor of a security held by the Portfolio, or a bank or other financial institution that has entered into a repurchase agreement with the Portfolio, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair the Portfolio’s liquidity and cause significant deterioration in NAV.

Derivatives Risk — The Portfolio’s use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Portfolio. 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 — The Portfolio’s investments in dividend-paying securities could cause the Portfolio to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet the Portfolio’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of the Portfolio to produce current income.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Notes to Financial Statements (continued)

August 31, 2020

9. OTHER RISKS (continued)

such an obligation, which could harm or benefit the Portfolio, 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 Portfolio from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Portfolio may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates.

In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) warned that LIBOR may cease to be available or appropriate for use by 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Portfolio investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to the Portfolio’s investments resulting from a substitute reference rate may also adversely affect the Portfolio’s performance and/or NAV.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Portfolio has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Portfolio also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, the Portfolio will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Portfolio. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Investments in the Underlying Funds Risk — The investments of the Portfolio are concentrated in the Underlying Funds, and the Portfolio’s investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

9. OTHER RISKS (continued)

subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. The Portfolio that has a relative concentration of its portfolio in a single Underlying Fund may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Large Shareholder Transactions Risk — The Portfolio may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include the Portfolio in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio’s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio’s expense ratio. Similarly, large Portfolio share purchases may adversely

affect the Portfolio’s performance to the extent that the Portfolio is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — The Portfolio or Underlying Funds may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Portfolio or Underlying Funds will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Portfolio or Underlying Funds may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If the Portfolio or Underlying Funds are forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Portfolio’s or Underlying Funds’ NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Portfolio’s or Underlying Funds’ investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on the Portfolio’s or Underlying Funds’ liquidity.

Sector Risk — To the extent the Portfolio focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Portfolio may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

Tax Risk — The Portfolio will seek to gain exposure to the commodity markets primarily through investments in the Subsidiary and/or commodity index-linked structured notes, as applicable. Historically, the Internal Revenue Service (“IRS”) issued private letter rulings (“PLRs”) in which the IRS specifically concluded that income and gains from investments in commodity index linked structured notes (the “Notes Rulings”) or a wholly-owned foreign subsidiary that invests in commodity-linked instruments are

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Notes to Financial Statements (continued)

August 31, 2020

9. OTHER RISKS (continued)

“qualifying income” for purposes of compliance with Subchapter M of the Code. However, the Portfolio has not received a PLR, and is not able to rely on PLRs issued to other taxpayers. The IRS recently issued final regulations that, would generally treat the Portfolio’s income inclusion with respect to a subsidiary as qualifying income either if (A) there is a distribution out of the earnings and profits of a subsidiary that are attributable to such income inclusion or (B) such inclusion is derived with respect to the Portfolio’s business of investing in stock, securities, or currencies.

The IRS also issued a revenue procedure, which states that the IRS will not in the future issue PLRs that would require a determination of whether an asset (such as a commodity index-linked note) is a “security” under the Investment Company Act of 1940. In connection with issuing such revenue procedure, the IRS has revoked the Notes Ruling on a prospective basis. In light of the revocation of the Notes Rulings, the Portfolio has limited its investments in commodity index-linked structured notes. The Portfolio has obtained an opinion of counsel that the Portfolio’s income from investments in the Subsidiary should constitute “qualifying income.” However, no assurances can be provided that the IRS would not be able to successfully assert that the Portfolio’s income from such investments was not “qualifying income,” in which case the Portfolio would fail to qualify as a regulated investment company (“RIC”) under Subchapter M of the Code if over 10% of its gross income were derived from these investments. If the Portfolio failed to qualify as a RIC, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates. This would significantly adversely affect the returns to, and could cause substantial losses for, Portfolio shareholders.

Short Position Risk — The Portfolio may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that the Portfolio may purchase for investment. Taking short positions involves leverage of the Portfolio’s assets and presents various risks, including counterparty risk. If the value of the underlying instrument or market in which the Portfolio has taken a short position increases, then the Portfolio will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited. To the extent that the Portfolio 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 the Portfolio to the markets and therefore could magnify changes to the Portfolio’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 Portfolio. Additionally, in the course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

11. OTHER MATTERS

The Portfolio has adopted Financial Accounting Standards Board Accounting Standards Update 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Portfolio has changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Portfolio applied the amendments on a modified retrospective basis beginning with the fiscal period ended August 31, 2020. This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on total distributable earnings (loss) or the net asset value of the Portfolio.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

11. OTHER MATTERS (continued)

met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. As of the financial reporting period, GSAM is currently evaluating the impact, if any, of applying ASU 2020-04.

12. SUBSEQUENT EVENTS

Effective after close of business on October 15th, 2020 Cayman Commodity TTIF, Ltd was converted to and renamed Cayman Commodity TTIF, LLC.

Subsequent events after the Consolidated Statement of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019
	Shares			Dollars			Shares			Dollars

Institutional Shares
Shares sold		77,802		$	781,025			2,069,654		$	20,766,813
Reinvestment of distributions		8,903			88,497			—			—
Shares redeemed		(2,504,302	)		(24,669,565	)		(1,875,747	)		(18,886,068	)
		(2,417,597	)		(23,800,043	)		193,907			1,880,745
Class R6 Shares
Shares sold		13,977,972			136,094,944			45,782,474			448,415,777
Reinvestment of distributions		915,300			8,832,644			983,963			9,121,338
Shares redeemed		(14,500,809	)		(135,252,936	)		(7,630,842	)		(72,535,830	)
		392,463			9,674,652			39,135,595			385,001,285
Class P Shares
Shares sold		39,399,977			382,488,679			59,356,126			577,750,645
Reinvestment of distributions		3,463,612			33,423,852			9,554,538			88,570,565
Shares redeemed		(141,859,318	)		(1,333,843,957	)		(148,757,427	)		(1,440,913,518	)
		(98,995,729	)		(917,931,426	)		(79,846,763	)		(774,592,308	)

NET DECREASE		(101,020,863	)	$	(932,056,817	)		(40,517,261	)	$	(387,710,278	)

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of

Goldman Sachs Tactical Tilt Overlay Fund

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Goldman Sachs Tactical Tilt Overlay Fund (one of the portfolios constituting Goldman Sachs Trust, referred to hereafter as the “Portfolio”) as of August 31, 2020, the related consolidated statement of operations for the year ended August 31, 2020, the consolidated statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Portfolio as of August 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2020 and the consolidated financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on the Portfolio’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 26, 2020

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Voting Results of Special Meeting of Shareholders (Unaudited)


Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes

Dwight L. Bush		94,278,961,728.065		0		349,026,343.365		0

Kathryn A. Cassidy		94,310,850,789.164		0		317,137,282.266		0

Joaquin Delgado		94,282,646,444.727		0		345,341,626.703		0

Gregory G. Weaver		94,306,589,873.348		0		321,398,198.082		0

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND



Portfolio Expenses — Six Month Period Ended August 31, 2020 (Unaudited)

As a shareholder of Institutional, Class R6 and Class P Shares of the Portfolio, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Institutional, Class R6 and Class P Shares of the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio 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.


Share Class	Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid for the 6 months ended 8/31/20*
Institutional
Actual	$	1,000.00	$	1,048.30		$	3.96
Hypothetical 5% return		1,000.00		1,021.27	+		3.91
Class R6
Actual		1,000.00		1,048.70			3.71
Hypothetical 5% return		1,000.00		1,021.52	+		3.66
Class P
Actual		1,000.00		1,048.70			3.71
Hypothetical 5% return		1,000.00		1,021.52	+		3.66

Expenses are calculated using the Portfolio’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows: 0.77% for Institutional Shares, 0.72% for Class R6 Shares and 0.72% for Class P Shares.

Hypothetical expenses are based on the Portfolio’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Tactical Tilt Overlay Fund (the “Portfolio”) is an investment portfolio of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Portfolio at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Portfolio.

(a)

(i)

the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii)

(iii)

trends in employee headcount;

(iv)

the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v)

the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b)

(c)

(d)

the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Portfolio;

(e)

fee and expense information for the Portfolio, including:

(i)

the relative management fee and expense levels of the Portfolio as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii)

the Portfolio’s expense trends over time; and

(iii)

to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Portfolio, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f)

with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Portfolio;

(g)

the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations of the Portfolio and the Underlying Funds;

(h)

information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Portfolio to the Investment Adviser and its affiliates;

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(i)

whether the Portfolio’s existing management fee schedule, together with the management fee schedules for the Underlying Funds, adequately addressed any economies of scale;

(j)

(k)

a summary of potential benefits derived by the Portfolio and/or the Underlying Funds as a result of their relationship with the Investment Adviser;

(l)

information regarding commissions paid by the Portfolio and the Underlying Funds and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

(m)

portfolio manager ownership of Portfolio shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(n)

(o)

the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Portfolio’s compliance program; and periodic compliance reports.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Portfolio and the Underlying Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Portfolio and the Underlying Funds and their service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Portfolio and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Portfolio, the Underlying Funds, and the Investment Adviser and its affiliates.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Investment Performance

The Trustees also considered the investment performance of the Portfolio and the Underlying Funds. In this regard, they compared the investment performance of each Underlying Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2019, and updated performance information prepared by the Investment Adviser using the peer groups identified by the Outside Data Provider as of March 31, 2020. The information on each Underlying Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Underlying Fund had been in existence for those periods. The Trustees also reviewed the Portfolio’s and each Underlying Fund’s investment performance relative to its performance benchmark. They observed that the Portfolio had underperformed its LIBOR-based benchmark index by 8.60%, 3.21%, and 2.06%, respectively, for the one-, three-, and five-year periods ended March 31, 2020. They also noted that the Portfolio had experienced certain portfolio management changes in 2019. As part of this review, the Trustees considered the investment performance trends of the Portfolio and the Underlying Funds over time, and reviewed the investment performance of the Portfolio and each Underlying Fund in light of its investment objective and policies and market conditions. With respect to certain Underlying Funds, the Trustees also received information comparing the Funds’ performance to that of composites of accounts with comparable investment strategies managed by the Investment Adviser.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Portfolio and Underlying Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Portfolio’s and Underlying Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

Costs of Services Provided and Competitive Information

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations of the Portfolio and the Underlying Funds. The Trustees noted that the Investment Adviser had agreed to waive a portion of its management fee in an amount equal to the entire management fee paid to the Investment Adviser as the investment adviser to the Portfolio’s wholly-owned subsidiary. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Portfolio, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Portfolio differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

Profitability

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

of the Investment Adviser’s expense allocation methodology. Profitability data for the Portfolio was provided for 2019 and 2018, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale



First $2 billion	0.75	%

Next $3 billion	0.68

Next $3 billion	0.64

Over $8 billion	0.62

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Portfolio and its shareholders as assets under management reach those asset levels. The Trustees considered the amount of assets in the Portfolio; the Portfolio’s recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser’s undertaking to limit certain expenses of the Portfolio that exceed a specified level. They also considered the services provided to the Portfolio under the Management Agreement and the fees and expenses borne by the Underlying Funds, and determined that the management fees payable by the Portfolio were not duplicative of the management fees paid at the Underlying Fund level. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the Portfolio, which had asset levels above at least the first breakpoint during the prior fiscal year.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Portfolio and/or the Underlying Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Portfolio and/or the Underlying Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Portfolio and/or the Underlying Funds; (d) trading efficiencies resulting from aggregation of orders of the Portfolio and/or the Underlying Funds with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent for certain Underlying Funds (and fees earned by the Investment Adviser for managing the fund in which the Portfolio’s and/or the Underlying Funds’ cash collateral is invested); (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Portfolio and the Underlying Funds on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Portfolio shareholders; (h) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Portfolio and the Underlying Funds; (i) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (j) the possibility that the working relationship between the Investment Adviser and the Portfolio’s and Underlying Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Portfolio and Its Shareholders

The Trustees also noted that the Portfolio and/or the Underlying Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Portfolio and/or the Underlying Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Portfolio and/or the Underlying Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

hire and retain qualified personnel to provide services to the Portfolio and the Underlying Funds because of the reputation of the Goldman Sachs organization; (g) the Portfolio’s and Underlying Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) certain Underlying Funds’ ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds in connection with the program; and (i) the Portfolio’s and Underlying Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Portfolio’s shareholders invested in the Portfolio in part because of the Portfolio’s relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Portfolio were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Portfolio’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Portfolio and its shareholders and that the Management Agreement should be approved and continued with respect to the Portfolio until June 30, 2021.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Trustees and Officers (Unaudited)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Jessica Palmer Age: 71	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Dwight L. Bush Age: 63	Trustee	Since 2020	Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Kathryn A. Cassidy Age: 66	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Diana M. Daniels Age: 71	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006- 2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Joaquin Delgado Age: 60	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Hexion Inc. (a specialty chemical manufacturer) (2019-present); and Director, Stepan Company (a specialty chemical manufacturer) (2011-present); and was formerly Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Stepan Company (a specialty chemical manufacturer)

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Trustees and Officers (Unaudited) (continued)

Interested Trustee*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Roy W. Templin Age: 60	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004- 2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)

Gregory G. Weaver Age: 68	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Verizon Communications Inc.

James A. McNamara Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	168	None

Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2020.

⁴

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years

James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Caroline L. Kraus 200 West Street New York, NY 10282 Age: 43	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 52	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Information is provided as of August 31, 2020.

Goldman Sachs Tactical Tilt Overlay Fund — Tax Information (Unaudited)

For the year ended August 31, 2020, 2.92% of the dividends paid from net investment company taxable income by the Goldman Sachs Tactical Tilt Overlay Fund qualify for the dividends received deduction available to corporations.

For the year ended August 31, 2020, 2.60% of the dividends paid from net investment company taxable income by the Goldman Sachs Tactical Tilt Overlay Fund qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

FUNDS PROFILE

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Money Market

Financial Square Funds^SM

∎

Financial Square Treasury Solutions Fund¹

∎

Financial Square Government Fund¹

∎

Financial Square Money Market Fund²

∎

Financial Square Prime Obligations Fund²

∎

Financial Square Treasury Instruments Fund¹

∎

Financial Square Treasury Obligations Fund¹

∎

Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎

Investor Money Market Fund³

∎

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎

Enhanced Income Fund

∎

High Quality Floating Rate Fund

∎

Short-Term Conservative Income Fund

∎

Short Duration Government Fund

∎

Short Duration Income Fund

∎

Government Income Fund

∎

Inflation Protected Securities Fund

Multi-Sector

∎

Bond Fund

∎

Core Fixed Income Fund

∎

Global Core Fixed Income Fund⁴

∎

Strategic Income Fund

∎

Income Fund

Municipal and Tax-Free

∎

High Yield Municipal Fund

∎

Dynamic Municipal Income Fund

∎

Short Duration Tax-Free Fund

∎

Municipal Income Completion Fund

Single Sector

∎

Investment Grade Credit Fund

∎

U.S. Mortgages Fund

∎

High Yield Fund

∎

High Yield Floating Rate Fund

∎

Emerging Markets Debt Fund

∎

Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎

Long Short Credit Strategies Fund

Fundamental Equity

∎

Equity Income Fund

∎

Small Cap Growth Fund

∎

Small Cap Value Fund

∎

Small/Mid Cap Value Fund

∎

Mid Cap Value Fund

∎

Large Cap Value Fund

∎

Focused Value Fund

∎

Capital Growth Fund

∎

Strategic Growth Fund

∎

Small/Mid Cap Growth Fund

∎

Flexible Cap Fund

∎

Concentrated Growth Fund

∎

Technology Opportunities Fund

∎

Growth Opportunities Fund

∎

Rising Dividend Growth Fund

∎

U.S. Equity ESG Fund⁵

∎

Income Builder Fund

∎

Defensive Equity 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 Fund⁶

∎

Emerging Markets Equity Fund

∎

Imprint Emerging Markets Opportunities Fund

∎

ESG Emerging Markets Equity Fund

Alternative

∎

Clean Energy Income Fund

∎

Real Estate Securities Fund

∎

International Real Estate Securities Fund

∎

Commodity Strategy Fund

∎

Global Real Estate Securities Fund

∎

Alternative Premia Fund

∎

Absolute Return Tracker Fund

∎

Managed Futures Strategy Fund

∎

MLP Energy Infrastructure Fund

∎

Energy Infrastructure Fund⁷

∎

Multi-Manager Alternatives Fund

∎

Global Infrastructure Fund

Total Portfolio Solutions

∎

Global Managed Beta Fund

∎

Multi-Manager Non-Core Fixed Income Fund

∎

Multi-Manager U.S. Dynamic Equity Fund

∎

Multi-Manager Global Equity Fund

∎

Multi-Manager International Equity Fund

∎

Tactical Tilt Overlay Fund

∎

Balanced Strategy Portfolio

∎

Multi-Manager U.S. Small Cap Equity Fund

∎

Multi-Manager Real Assets Strategy Fund

∎

Growth and Income Strategy Portfolio

∎

Growth Strategy Portfolio

∎

Dynamic Global Equity Fund

∎

Satellite Strategies Portfolio

∎

Enhanced Dividend Global Equity Portfolio

∎

Tax-Advantaged Global Equity Portfolio

∎

Strategic Factor Allocation Fund

∎

Target Date Retirement Portfolio⁸

∎

Target Date 2025 Portfolio

∎

Target Date 2030 Portfolio

∎

Target Date 2035 Portfolio

∎

Target Date 2040 Portfolio

∎

Target Date 2045 Portfolio

∎

Target Date 2050 Portfolio

∎

Target Date 2055 Portfolio

∎

Target Date 2060 Portfolio

∎

GQG Partners International Opportunities Fund

⁴

Effective after the close of business on April 30, 2020, the Goldman Sachs Global Income Fund was renamed the Goldman Sachs Global Core Fixed Income Fund.

⁵

Effective after the close of business of August 30, 2020, the Goldman Sachs Blue Chip Fund was renamed the Goldman Sachs U.S. Equity ESG Fund.

⁶

Effective after the close of business of November 20, 2019, the Goldman Sachs Asia Equity Fund was renamed the Goldman Sachs China Equity Fund.

⁷

Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

⁸

Effective December 27, 2019, the Goldman Sachs Target Date 2020 Portfolio was renamed the Goldman Sachs Target Date Retirement Portfolio.

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.


TRUSTEES		OFFICERS
Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado James A. McNamara Roy W. Templin Gregory G. Weaver		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

A description of the policies and procedures that the Portfolio uses to determine how to vote proxies relating to portfolio securities and information regarding how the Portfolio voted proxies relating to portfolio securities for 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 Portfolio will file its portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550 (for Institutional Shareholders).

Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider the Portfolio’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about the Portfolio and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

ITEM 2.

CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(b) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(c) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(d) A copy of the Code of Ethics is available as provided in Item 13(a)(1) of this report.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Gregory G. Weaver is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by all of the Funds of the Goldman Sachs Trust and includes the Goldman Sachs Funds to which this certified shareholder report relates.


	2020			2019			Description of Services Rendered



Audit Fees:

• PricewaterhouseCoopers LLP (“PwC”)		$	3,807,235		$	4,421,760	Financial Statement audits.

Audit-Related Fees:

• PwC		$	247,647		$	216,184	Other attest services.

Tax Fees:

• PwC		$	290,614		$	1,177,014	Tax compliance services provided in connection with the preparation and review of registrant’s tax returns.

Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs Trust’s service affiliates * that were pre-approved by the Audit Committee of the Goldman Sachs Trust pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.


	2020			2019			Description of Services Rendered



Audit-Related Fees:

• PwC		$	2,000,617		$	2,000,617	Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16 and Semi-Annual Updates related to withholding tax accrual for non-US Jurisdictions. These fees are borne by the Funds’ Adviser.

*	These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as “service affiliates”).

Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures

Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Trust. The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee of Goldman Sachs Trust (“GST”) sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GST may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission’s rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

De Minimis Waiver. The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GST at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.

Pre-Approval of Non-Audit Services Provided to GST’s Investment Advisers. The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GST, the Audit Committee will pre-approve those non-audit services provided to GST’s investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GST) where the engagement relates directly to the operations or financial reporting of GST.

Item 4(e)(2) – 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GST’s service affiliates listed in Table 2 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

Item 4(f) – Not applicable.

Item 4(g) Aggregate Non-Audit Fees Disclosure

The aggregate non-audit fees billed to GST by PwC for the twelve months ended August 31, 2020 and August 31, 2019 were approximately $538,261 and $1,393,197 respectively. The aggregate non-audit fees billed to GST’s adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2019 and December 31, 2018 were approximately $14.7 million and $12.3 million respectively. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2019 and 2018 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST’s operations or financial reporting.

Item 4(h) — GST’s Audit Committee has considered whether the provision of non-audit services to GST’s investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors’ independence.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13.

EXHIBITS.


(a)(1)	Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant’s Form N-CSR filed on May 5, 2020.

(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.

(a)(3)	Not applicable to open-end investment companies.

(a)(4)	There was no change in the registrant’s independent public accountant for the period covered by this report.

(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


		Goldman Sachs Trust

By:		/s/ James A. McNamara


		James A. McNamara
		President/Chief Executive Officer
		Goldman Sachs Trust

Date:		November 2, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ James A. McNamara


		James A. McNamara
		President/Chief Executive Officer
		Goldman Sachs Trust

Date:		November 2, 2020

By:		/s/ Joseph F. DiMaria


		Joseph F. DiMaria
		Principal Financial Officer
		Goldman Sachs Trust

Date:		November 2, 2020

Certifications Pursuant to Section 302

CERTIFICATIONS

(Section 302)

I, James A. McNamara, certify that:

I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: November 2, 2020

/s/ James A. McNamara

James A. McNamara

President/Chief Executive Officer

CERTIFICATIONS

(Section 302)

I, Joseph F. DiMaria, certify that:

I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: November 2, 2020

/s/ Joseph F. DiMaria

Joseph F. DiMaria

Principal Financial Officer

Certifications Pursuant to Section 906

EX-99.906CERT

Certification Under Section 906

of the Sarbanes-Oxley Act of 2002

James A. McNamara, President/Chief Executive Officer, and Joseph F. DiMaria, Principal Financial Officer of the Goldman Sachs Trust (the “Registrant”), each certify to the best of his or her knowledge that:

1.	The Registrant’s periodic report on Form N-CSR for the period ended August 31, 2020 (the “Form N-CSR”) fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2.	The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.


President/Chief Executive Officer				Principal Financial Officer

Goldman Sachs Trust				Goldman Sachs Trust

/s/ James A. McNamara				/s/ Joseph F. DiMaria



James A. McNamara				Joseph F. DiMaria

Date: November 2, 2020				November 2, 2020

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.