# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001193125-23-001438
**Filing Date:** 2023-1
**Character Count:** 1907507
**Document Hash:** 3445be6e019357cff876dacf80935318
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-001438.hdr.sgml**: 20230104

**ACCESSION NUMBER**: 0001193125-23-001438

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230104

**DATE AS OF CHANGE**: 20230104

**EFFECTIVENESS DATE**: 20230104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDMAN SACHS TRUST
- **CENTRAL INDEX KEY:** 0000822977
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05349
- **FILM NUMBER:** 23505828

**BUSINESS ADDRESS:**
- **STREET 1:** 71  SOUTH WACKER DRIVE
- **STREET 2:** C/O GOLDMAN SACHS & CO
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3126554400

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOLDMAN SACHS SHORT INTERMEDIATE GOVERNMENT FUND
- **DATE OF NAME CHANGE:** 19910711

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SHORT INTERMEDIATE GOVERNMENT FUND
- **DATE OF NAME CHANGE:** 19900104

## Series and Classes Contracts Data

### Goldman Sachs Large Cap Value Insights Fund (Series ID: S000009326)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025517 | Institutional   | GCVIX           |
| C000025518 | Service         | GCLSX           |
| C000025519 | Class A         | GCVAX           |
| C000025521 | Class C         | GCVCX           |
| C000058963 | Class R         | GCVRX           |
| C000058964 | Investor Shares | GCVTX           |
| C000158455 | Class R6 Shares | GCVUX           |
| C000201736 | Class P Shares  | GMXPX           |

### Goldman Sachs U.S. Equity Insights Fund (Series ID: S000009327)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025523 | Institutional   | GSELX           |
| C000025524 | Service         | GSESX           |
| C000025525 | Class A         | GSSQX           |
| C000025527 | Class C         | GSUSX           |
| C000058965 | Class R         | GSURX           |
| C000058966 | Investor Shares | GSUTX           |
| C000158456 | Class R6 Shares | GSEUX           |
| C000201737 | Class P Shares  | GSEPX           |

### Goldman Sachs Large Cap Growth Insights Fund (Series ID: S000009328)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025529 | Institutional   | GCGIX           |
| C000025530 | Service         | GSCLX           |
| C000025531 | Class A         | GLCGX           |
| C000025533 | Class C         | GLCCX           |
| C000058967 | Class R         | GLCRX           |
| C000058968 | Investor Shares | GLCTX           |
| C000158457 | Class R6 Shares | GLCUX           |
| C000201738 | Class P Shares  | GMZPX           |

### Goldman Sachs Small Cap Equity Insights Fund (Series ID: S000009329)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025535 | Institutional   | GCSIX           |
| C000025536 | Service         | GCSSX           |
| C000025537 | Class A         | GCSAX           |
| C000025539 | Class C         | GCSCX           |
| C000058969 | Class R         | GDSRX           |
| C000058970 | Investor Shares | GDSTX           |
| C000158458 | Class R6 Shares | GCSUX           |
| C000201739 | Class P Shares  | GMAPX           |

### Goldman Sachs International Equity Insights Fund (Series ID: S000009330)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025541 | Institutional   | GCIIX           |
| C000025542 | Service         | GCISX           |
| C000025543 | Class A         | GCIAX           |
| C000025545 | Class C         | GCICX           |
| C000058971 | Class R         | GCIRX           |
| C000058972 | Investor Shares | GCITX           |
| C000161504 | Class R6 Shares | GCIUX           |
| C000201740 | Class P Shares  | GGFPX           |

### Goldman Sachs International Equity ESG Fund (Series ID: S000009331)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025547 | Institutional   | GSIEX           |
| C000025548 | Service         | GSISX           |
| C000025549 | Class A         | GSIFX           |
| C000025551 | Class C         | GSICX           |
| C000091956 | Investor Shares | GIRNX           |
| C000169233 | Class R6        | GSIWX           |
| C000201741 | Class P Shares  | GTFPX           |

### Goldman Sachs Emerging Markets Equity Fund (Series ID: S000009335)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025571 | Institutional   | GEMIX           |
| C000025572 | Service         | GEMSX           |
| C000025573 | Class A         | GEMAX           |
| C000025575 | Class C         | GEMCX           |
| C000091958 | Investor Shares | GIRMX           |
| C000161505 | Class R6 Shares | GEMUX           |
| C000201742 | Class P Shares  | GAHPX           |

### Goldman Sachs China Equity Fund (Series ID: S000009337)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025583 | Institutional   | GSAIX           |
| C000025585 | Class A         | GSAGX           |
| C000025587 | Class C         | GSACX           |
| C000141341 | Investor Shares | GSAEX           |
| C000198939 | Class R6 Shares | GSAFX           |
| C000201743 | Class P Shares  | GMEPX           |

### Goldman Sachs Income Builder Fund (Series ID: S000009342)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025613 | Institutional   | GSBIX           |
| C000025615 | Class A         | GSBFX           |
| C000025617 | Class C         | GSBCX           |
| C000091959 | Investor Shares | GKIRX           |
| C000161511 | Class R6 Shares | GSBUX           |
| C000201720 | Class P Shares  | GGKPX           |

### Goldman Sachs International Equity Income Fund (Series ID: S000014928)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000040523 | Class A         | GSAKX           |
| C000040525 | Class C         | GSCKX           |
| C000040526 | Institutional   | GSIKX           |
| C000058986 | Class R         | GSRKX           |
| C000058987 | Investor Shares | GSTKX           |
| C000169234 | Class R6        | GSUKX           |
| C000201744 | Class P Shares  | GSNPX           |

### Goldman Sachs Small Cap Value Insights Fund (Series ID: S000014929)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000040529 | Class A         | GSATX           |
| C000040531 | Class C         | GSCTX           |
| C000040532 | Institutional   | GSITX           |
| C000058988 | Class R         | GTTRX           |
| C000058989 | Investor Shares | GTTTX           |
| C000158459 | Class R6 Shares | GTTUX           |
| C000201745 | Class P Shares  | GSXPX           |

### Goldman Sachs Small Cap Growth Insights Fund (Series ID: S000014930)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000040533 | Class A         | GSAOX           |
| C000040535 | Class C         | GSCOX           |
| C000040536 | Institutional   | GSIOX           |
| C000058990 | Class R         | GSROX           |
| C000058991 | Investor Shares | GSTOX           |
| C000158460 | Class R6 Shares | GINUX           |
| C000201746 | Class P Shares  | GSZPX           |

### Goldman Sachs International Small Cap Insights Fund (Series ID: S000018300)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000050449 | Institutional   | GICIX           |
| C000050450 | Class A         | GICAX           |
| C000050451 | Class C         | GICCX           |
| C000091961 | Investor Shares | GIRLX           |
| C000161506 | Class R6 Shares | GICUX           |
| C000201747 | Class P Shares  | GGDPX           |

### Goldman Sachs Emerging Markets Equity Insights Fund (Series ID: S000018301)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000050452 | Institutional   | GERIX           |
| C000050453 | Class A         | GERAX           |
| C000050454 | Class C         | GERCX           |
| C000091962 | Investor Shares | GIRPX           |
| C000141554 | Class R Shares  | GRRPX           |
| C000161507 | Class R6 Shares | GERUX           |
| C000201748 | Class P Shares  | GAGPX           |

### Goldman Sachs Rising Dividend Growth Fund (Series ID: S000036119)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000110562 | Class A         | GSRAX           |
| C000110563 | Class C         | GSRCX           |
| C000110564 | Institutional   | GSRLX           |
| C000110565 | Investor Shares | GSRIX           |
| C000110566 | Class R         | GSRRX           |
| C000198933 | Class R6 Shares | GSRFX           |
| C000201721 | Class P Shares  | GMHPX           |

### Goldman Sachs ESG Emerging Markets Equity Fund (Series ID: S000057205)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000182038 | Class A Shares       | GEBAX           |
| C000182039 | Class C Shares       | GEBCX           |
| C000182040 | Institutional Shares | GEBIX           |
| C000182041 | Investor Shares      | GEBNX           |
| C000182042 | Class R Shares       | GEBRX           |
| C000182043 | Class R6 Shares      | GEBSX           |
| C000203335 | Class P Shares       | GEPPX           |

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

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Goldman Sachs Trust

------

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

------

(Address of principal executive offices) (Zip code)

Copies to:

---

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

---

------

(Name and address of agents for service)

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

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Date of fiscal year end: October 31

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Date of reporting period: October 31, 2022

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ITEM 1. REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders is filed herewith.

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![LOGO](g389476page001.jpg)

Goldman Sachs Funds Annual Report October 31, 2022 Dividend Focus Funds Income Builder Rising Dividend Growth

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## Dividend Focus Funds
∎ **INCOME BUILDER** 

∎ **RISING DIVIDEND GROWTH** 

---

| | |
|:---|:---|
|  **TABLE OF CONTENTS** |  |
|  [Portfolio Management Discussion and Performance Summary](#mssar389476_1) | 1 |
|  [Schedules of Investments](#mssar389476_2) | 20 |
|  [Financial Statements](#mssar389476_3) | 43 |
|  [Financial Highlights](#mssar389476_4) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Income Builder](#mssar389476_5) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Rising Dividend Growth](#mssar389476_6) | 52 |
|  [Notes to Financial Statements](#mssar389476_7) | 59 |
|  [Report of Independent Registered Public Accounting Firm](#mssar389476_8) | 80 |
|  [Other Information](#mssar389476_9) | 81 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **NOT FDIC-INSURED**  | **May Lose Value** | **No Bank Guarantee** |

---

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FUND RESULTS

## Goldman Sachs Income Builder Fund

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| |
|:---|
| &nbsp;&nbsp;&nbsp;**Investment Objective** |
| &nbsp;&nbsp;&nbsp; The Fund seeks to provide income and capital appreciation.<br>|

---

Portfolio Management Discussion and Analysis

**Below, the Goldman Sachs Fundamental Equity Team, the Goldman Sachs Fixed Income Investment Management Team, and the Goldman Sachs Multi-Asset Solutions ("MAS") Group, collectively the Goldman Sachs Income Builder Team (the "Income Builder Team"), discuss the Goldman Sachs Income Builder Fund's (the "Fund") performance and positioning for the 12-month period ended October 31, 2022 (the "Reporting Period").** 

---

| | |
|:---|:---|
| **Q** | **How did the Fund perform during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund's Class A, Class C, Institutional, Investor, Class R6 and Class P Shares generated -10.34%, -10.99%, -10.02%, -10.09%, -10.05% and -10.05%, respectively. These returns compare to the -7.00% and -10.90% average annual total returns of the Russell 1000<sup>®</sup> Value Index (with dividends reinvested) (the "Russell Value Index") and the ICE BofAML BB to B US High Yield Constrained Index (the "ICE BofA Index"), respectively, during the same period.  |

---

The Fund is a dynamically managed multi-asset class portfolio with a baseline allocation of 60% to fixed income securities and 40% to equity securities. In seeking to meet its investment objective, the Fund has the flexibility to opportunistically tilt the allocation to fixed income and equity securities up to 15% above or below that baseline allocation. The Fund seeks to provide a high and stable income stream plus capital appreciation, with lower volatility than the equity market. The percentage of the portfolio invested in equity and fixed income securities will vary from time to time as the Income Builder Team evaluates such securities' relative attractiveness based on, among other factors, income opportunities, market valuations, economic growth and inflation prospects. <br>

Because of these stated goals of the Fund, the Income Builder Team believes the returns of the Russell Value Index and the ICE BofA Index should be considered for reference only.

---

| | |
|:---|:---|
| **Q** | **What was the Fund's 12-month distribution rate and what was its 30-Day SEC yield during the Reporting Period?**  |

---

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| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund's Class A, Class C, Institutional, Investor, Class R6 and Class P Shares provided 12-month distribution rates of 7.95%, 7.28%, 8.09%, 8.03%, 8.10% and 8.10%, respectively. (The 12-month distribution rate is calculated by taking the sum of all cash distributions to shareholders over the past 12 months and dividing this sum by the Fund's month-end net asset value ("NAV") for  |

---

the last month of the period. This rate includes capital gain/loss distributions, if any. This is not an SEC yield.) On October 31, 2022, the Fund's 30-Day Standardized Subsidized SEC yields for its Class A, Class C, Institutional, Investor, Class R6 and Class P Shares were 4.54%, 4.07%, 5.13%, 5.05%, 5.14% and 5.15%, respectively. (The 30-Day Standardized Subsidized SEC Yield is calculated in accordance with SEC regulations and is determined by dividing the Fund's net investment income per share earned over the 30-day period by the Fund's maximum public offering price per share on the last day of such period, which figure is then annualized. The 30-Day Standardized Subsidized SEC Yield may differ from the distribution rate because of the exclusion of distributed capital gains. The 30-Day Standardized Subsidized SEC Yield reflects any fee waivers and/or expense reimbursements in effect during the period, without which the yield would be reduced.) <br>

---

| | |
|:---|:---|
| **Q** | **What economic and market factors most influenced the Fund during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, the financial markets and the Fund were most influenced by inflationary pressures, changing central bank monetary policy, rising interest rates, macroeconomic data and the Russia/Ukraine war.  |

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In the last two months of 2021, when the Reporting Period began, U.S. equities recorded modest gains. Retail earnings upside surprises and hints of easing supply-chain constraints supported the U.S. equity market's upward trajectory early in November. Congress passed a $1 trillion infrastructure bill, and President Joe Biden signed the bill into law. Fed Chair Jerome Powell was appointed for a second term days before the Thanksgiving holiday, bringing clarity to the central bank's path forward. However, renewed concerns over COVID-19 developments brought U.S. equities under pressure late in November, as the emergence of the highly contagious Omicron variant triggered a sell-off among global risk assets. Persistently high inflation weighed on market sentiment as well. In December, despite record COVID-19 cases in many areas of the U.S., studies showed the variant was accompanied by milder symptoms than previous variants, which helped to push up U.S. equities. Supply-chain <br>

**1** 

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FUND RESULTS

issues and high inflation continued to pressure corporate earnings, though investors seemed to believe the impact had reached its peak. Positive seasonality and the so-called "Santa Rally" also lifted U.S. equities toward the end of the month. As for the fixed income market, it was volatile during November and December, as macroeconomic data continued to challenge central bank views about the temporary nature of rising inflation. The U.S. Federal Reserve (the "Fed") said it could be patient about raising interest rates but indicated it would not hesitate to act if inflation continued to rise. At the same time, policymakers began to scale back the Fed's $120 billion a month asset purchase program.

In the first quarter of 2022, dramatic repricing of the Fed's interest rate hike path and expectations for a more aggressive balance sheet run-off phase were accelerated due to concerns about elevated and persistent inflation pressures. Tensions arising from geopolitical conflict also raised concern, as commodity prices became volatile, the global supply chain came into question again, and Russia invaded Ukraine. During March, Fed officials raised short-term interest rates by 25 basis points, the first rate hike since the end of 2018. (A basis point is 1/100th of a percentage point.) Policymakers also continued tapering the Fed's asset purchase program and ended the program entirely during March. Signs that corporate earnings momentum might be weakening further weighed on investor sentiment. Against this backdrop, U.S. equities declined during the first calendar quarter overall. In fixed income, credit spreads (or yield differentials between corporate bonds and U.S. Treasury securities of similar maturity) widened as bond yields rose in response to inflationary pressures and Fed policy action. <br>

During the second quarter of 2022, bond yields continued to rise and U.S. equities sold off. Inflation, the Fed's policy response and recession worries were at the core of the narrative during the quarter. In the U.S., consumer inflation reached its highest level in nearly four decades during May 2022 and then hit a new high in June, as rising energy and food costs pushed up prices. Supply-chain disruptions, high energy prices and uncertainty related to the Russia/Ukraine war appeared to increase the risk of recession. The Fed accelerated its pace of tightening. In May, Fed policymakers raised short-term interest rates by 50 basis points and then hiked rates by another 75 basis points in June. In July, the U.S. Treasury yield curve, or spectrum of maturities, inverted between two-year and 10-year maturities, meaning two-year yields were higher than 10-year yields. (Historically, an inverted U.S. Treasury yield curve often precedes an economic recession.) Rising short-term yields and expectations for continued Fed tightening hurt duration-sensitive securities, while concerns about the U.S. economic outlook led to credit spread widening. (Duration is a measure of a security's sensitivity to changes in interest rates.) <br>

In the third quarter of 2022, U.S. equities and fixed income assets continued to struggle. Noticeable tightening of financial conditions, guided by investor expectations for a more aggressive Fed interest rate hiking cycle, was the major

story for the quarter. The Fed's hawkish policy was supported by higher than consensus expected core Consumer Price Index ("CPI") data and a still-tight labor market that showed only moderate signs of cooling. (Hawkish tends to suggest higher interest rates; opposite of dovish. Core CPI data excludes food and energy prices.) Indeed, Fed officials raised short-term interest rates by 75 basis points in July and then by another 75 basis points in September. Geopolitical tensions also remained high due to the possible weaponization of energy flows. There also appeared to be significant concern among investors that corporate earnings could suffer given the combination of margin pressures, demand destruction, higher labor costs, slower economic activity, and a stronger U.S. dollar that could erode overseas sales. <br>

U.S. equities generated positive absolute returns in October 2022 amidst a shift in the Fed's narrative, depressed investor sentiment and positioning, and solid third quarter corporate earnings results that exceeded market expectations in the vast majority of cases. Despite September 2022 CPI data coming in higher than consensus expected, Fed officials began to contend that inflation would likely decline in the upcoming months should demand weaken and supply-chain issues soften as policymakers anticipated. However, policymakers also suggested they would end their current tightening cycle with short-term interest rates at a higher level than many market participants had expected. Fixed income assets broadly declined, as investor optimism about a drop in inflationary pressures gave way to worries about the scope of Fed tightening and the potential of a recession. In this environment, the U.S. Treasury yield curve inversion increased, as two-year yields rose in anticipation of additional upcoming Fed action. (On November 2nd, after the end of the Reporting Period, the Fed raised short-term interest rates by another 75 basis points.) <br>

For the Reporting Period overall, U.S. large-cap equities, as measured by the S&P 500<sup>®</sup> Index, recorded double-digit negative absolute returns. U.S. value-oriented stocks, as measured by the Russell Value Index, also posted negative absolute returns but significantly outperformed U.S. growth-oriented stocks, as measured by the Russell 1000<sup>®</sup> Growth Index. The broad fixed income market, including high yield corporate bonds and bank loans, produced negative absolute returns during the Reporting Period overall. <br>

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| | |
|:---|:---|
| **Q** | **What was the Fund's asset allocation positioning during the Reporting Period, and what effect did it have on performance?**  |

---

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| | |
|:---|:---|
| **A** | At the beginning of the Reporting Period, the Fund was invested 56.5% in fixed income and 41.9% in equities, with the balance in cash and cash equivalents. This breakout is inclusive of equity derivatives exposure but does not necessarily include the cash to support those positions.  |

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**2** 

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FUND RESULTS

Derivatives positions are mostly supported by cash held in the Fund specifically to cover its exposure and any potential margin calls or future losses experienced.

The Fund's duration positioning, which started the Reporting Period between 3.1 and 3.2 years, reached a low of about 2.6 years in August 2022, before increasing to approximately 3.0 years by the end of the Reporting Period. For the Reporting Period overall, the Fund's duration positioning strategy had a negative impact on its performance. In September 2022, the Income Builder Team slightly increased the Fund's holdings of interest rate swaps to help manage duration. <br>

The Fund's fixed income allocation remained rather consistent throughout the Reporting Period, with the Income Builder Team actively managing allocations at the security level and in terms of credit quality. During the Reporting Period, the fixed income allocation detracted from the Fund's returns.

The Fund's equity allocation also remained rather consistent during the Reporting Period, though the Income Builder Team adjusted the Fund's positioning to reflect its dynamic views as the U.S. economy continued to recover from the COVID-19 shock. When the Reporting Period started, we held a pro-cyclical relative value view, expressing it using a basket of large-cap, high-beta stocks and diversified sector exposure that we believed would provide the Fund with attractive risk/return characteristics. (High beta stocks are those that tend to be more volatile than the broad equity market.) We moderated this dynamic view in February 2022 and eliminated it in early April, reallocating the assets to S&P 500<sup>®</sup> Index futures. In addition, near the end of March, we increased the Fund's exposure to energy master limited partnerships ("MLPs") and energy infrastructure companies by increasing its investment in the Goldman Sachs MLP Energy Infrastructure Fund. In June, we started to moderate this view and reduced the size of the Fund's position in the Goldman Sachs MLP Energy Infrastructure Fund, using some of the proceeds to increase the Fund's position in S&P 500<sup>®</sup> Index futures. In August, we trimmed the Fund's exposure to European banks stocks by reducing its allocation to EURO STOXX<sup>®</sup> Banks futures. Overall, during the Reporting Period, the Fund's investment in a basket of high-beta stocks and its investment in the Goldman Sachs MLP Energy Infrastructure Fund added to performance. These positive results were slightly offset by the Fund's position in S&P 500<sup>®</sup> Index futures, which detracted from returns as the broad U.S. equity market retreated. <br>

At the end of the Reporting Period, the Fund was invested 51.7% in fixed income and 41.9% in equities, with the balance in cash and cash equivalents. <br>

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| | |
|:---|:---|
| **Q** | **What key factors had the greatest impact on the performance of the Fund's fixed income allocation during the Reporting Period?**  |

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| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund's fixed income allocation recorded negative absolute returns, driven mostly by its longer-duration exposures amid the material rise in interest rates. Also detracting from results was the fixed income allocation's exposure to emerging markets debt, which suffered due to central bank interest rate hikes, a strengthening U.S. dollar, risks related to China's "zero-COVID" policy, and the impact, including supply-chain disruptions, of the Russia/Ukraine war. Conversely, the fixed income allocation benefited from its exposure to bank loans. Although bank loans produced negative returns during the Reporting Period, they tend to be less sensitive to interest rate movements than many other fixed income assets. In addition, the fixed income allocation's exposure to high yield corporate bonds versus its exposure to investment grade corporate bonds bolstered performance, as high yield corporate bonds performed better than investment grade corporate bonds during the Reporting Period. That said, both high yield and investment grade corporate bonds generated negative absolute returns during the Reporting Period.  |

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| | |
|:---|:---|
| **Q** | **Were any significant purchases or sales made within the fixed income allocation of the Fund during the Reporting Period?**  |

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| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund established a position in the high yield corporate bonds of Norton Lifelock, a provider of consumer cyber-safety solutions. We are constructive on Norton Lifelock because of its September 2022 acquisition of Avast, a Czech Republic-headquartered cybersecurity software company with cloud-based security infrastructure solutions that offer desktop security and server protection service. The merged business is one of the world's largest consumer cybersecurity providers, overtaking McAfee.  |

---

Among other notable purchases were the high yield corporate bonds of PNC Financial Services ("PNC"). Our favorable view of PNC is supported by its status as one of the largest, most stable U.S. regional banks, with assets exceeding $540 billion following its 2021 acquisition of BBVA USA, as well as its strong market positions across the eastern and midwestern U.S. and its recent expansion into Texas. <br>

Among positions exited during the Reporting Period was the Fund's investment in the high yield corporate bonds of Wheel Pros, a leading designer, marketer and distributor of branded aftermarket wheels. We sold the Fund's position on the back of our fundamental credit concerns. Wheel Pros reported weak second quarter 2022 earnings, with revenue down 14% year over year and adjusted earnings before interest, taxes, depreciation and amortization down 47% year over year amid slowing customer demand and strong cost inflation. <br>

**3** 

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FUND RESULTS

The Fund also exited its position in the high yield corporate bonds of Norwegian Cruise Line Holdings ("Norwegian"). We are vigilant about the Fund's exposure to the cruise industry following earnings guidance cuts from several of Norwegian's peers, including Carnival.

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| | |
|:---|:---|
| **Q** | **What changes were made to the Fund's fixed income allocation during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | As mentioned previously, the Fund's fixed income allocation remained rather consistent during the Reporting Period, with the Income Builder Team actively managing allocations at the security level and in terms of credit quality. Specifically, we increased the overall credit quality of the fixed income allocation by adding moderately to its exposure to investment grade corporate bonds and by reducing its exposures to high yield corporate bonds, bank loans and emerging markets debt. In addition, in the middle of 2022, we increased the fixed income allocation's exposure to preferred securities, mainly those issued by large financial companies.  |

---

In terms of market segments, we increased the Fund's exposure to banks during the Reporting Period, as we became more cautious on the outlook for the global economy. We have a positive view of banks overall given their strong capital standing, higher net interest income and the improvement in supply and demand conditions after significant new issuance in the first half of 2022. Additionally, we increased the Fund's exposure to insurance brokers, as we maintained a high conviction for certain types of financial issuers. In our view, insurance brokers, as well as specialty finance companies, tend to post strong growth in inflationary and recessionary environments. On the other hand, we reduced the Fund's exposure to the consumer cyclicals and telecommunications market segments. Within consumer cyclicals, retail and apparel continued its shift from brick and mortar to e-commerce. Telecommunications faced a secular decline, as these companies have, for all intents and purposes, ceded broadband share to cable companies due to years of underinvestment. <br>

---

| | |
|:---|:---|
| **Q** | **What key factors had the greatest impact on the performance of the Fund's equity allocation during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund's equity allocation produced negative absolute returns, with stock selection in the utilities, real estate and energy sectors detracting most from performance. Investments in the telecommunications services, health care and information technology sectors added to results.  |

---

---

| | |
|:---|:---|
| **Q** | **Which stocks detracted significantly from the Fund's performance during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | The major detractors from Fund performance during the Reporting Period were a relative underweight in ExxonMobil and investments in Enel and Schneider Electric, neither of which are represented in the Russell Value Index.  |

---

The Fund was hurt by an underweight position versus the Russell Value Index in integrated oil and gas exploration and production company ExxonMobil, a new purchase for the Fund during the Reporting Period. Its shares benefited during the Reporting Period from rising crude oil prices and supply/demand dynamics. In February 2022, the company announced a sweeping restructuring across its global operations, which included cost-cutting efforts and a new headquarters location in Houston. Earnings releases during the summer of 2022 featured significant bets on both net income and earnings per share, along with favorable results from ExxonMobil's liquefied natural gas segment. At the end of the Reporting Period, we continued to see favorable trends in the operations of the business and planned to see if further capital distributions would be put in place. <br>

Enel is an Italian company involved in electricity generation and distribution as well as natural gas distribution. The company's stock was pressured during the Reporting Period by mixed earnings results. Enel had increased its capital expenditure spending and net debt in a tough operating environment, which appeared to have caused investors some concern. In addition, given that Enel generally trades at a premium to its peers, higher interest rates and elevated inflation weighed on its valuation. In our view, the company's execution and capital deployment has been best in class, but we decided to exit the Fund's position during the Reporting Period and reallocate the assets to what we considered to be better risk/reward opportunities. <br>

France-based Schneider Electric engages in energy and automation digital solutions for efficiency and sustainability. Its stock declined after the company reported revenue growth that was ahead of consensus estimates but slower than peers because of supply-chain issues. Schneider Electric also faced foreign exchange pressures and inflation headwinds that weighed on its shares, as did weakness in its China operations due to COVID-19-related lockdowns. That said, the company has built a strong software portfolio, in our view, which we believed could help it benefit from secular themes, such as the Internet of Things and digitalization across its end markets. (The Internet of Things refers to interconnection via the Internet of computing devices embedded in everyday objects, enabling them to send and receive data.) In our opinion, Schneider Electric has demonstrated strong cost execution through portfolio rationalization and improved productivity, and we believed the company should continue to deliver margin expansion and reach its intermediate-term margin expansion goal. (Portfolio rationalization is the act of reviewing business operations in order to improve cost efficiency.) Additionally, we continued to have a favorable long-term view of the company at the end of the Reporting Period given its exposure to what we see as its attractive growth opportunities and effective execution capabilities. <br>

**4** 

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FUND RESULTS

---

| | |
|:---|:---|
| **Q** | **Which stocks contributed most to the Fund's performance during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund benefited from its positions in Devon Energy, Eli Lilly and Company ("Eli Lilly") and Shell.  |

---

Devon Energy is an oil and gas exploration and production company. Its fourth quarter 2021 earnings featured strong results with earnings and dividend amounts higher than consensus expectations. Its management's focus remained on 2022 production and the company's variable dividend with which Devon Energy continued to lead the industry. <br>

Subsequent earnings reports featured results above consensus expectations, largely due to strong production and execution metrics. The company also benefited from rising crude oil prices. At the end of the Reporting Period, our investment thesis for Devon Energy continued to revolve around a better than market expected variable dividend, increased stock buybacks and our continued line of sight to significant capital returns. <br>

In the first quarter of 2022, pharmaceutical maker Eli Lilly beat consensus earnings expectations by $0.03, with adjusted quarterly earnings of $2.49 per share, and also exceeded revenue forecasts. Results were boosted by a jump in sales of Eli Lilly's Trulicity diabetes drug and its COVID-19 therapies, though the stock declined slightly following the announcement. The company was also able to achieve 10% growth in its non-COVID-19-related work and saw more than 60% of its fourth quarter 2021 revenues coming from its "growth brand" of pharmaceutical products. In addition, five new medicines were set to launch in 2022 and 2023. In August 2022, Eli Lilly's earnings slightly missed consensus expectations, but the company maintained its full year guidance, and all drug launches remained on track. At the end of the Reporting Period, we continued to view Eli Lilly as one of the fastest-growing pharmaceutical firms, with no major patent concerns until 2030 and a robust new product pipeline with multi-billion dollar opportunities ahead. <br>

The stock price of Shell, a British oil and gas producer, surged during the Reporting Period due to impressive financial performance amid disrupted oil supply from geopolitical tensions and heightened global demand. Shell ended 2021 with a steep rise in profit, and in response, the company raised its dividend and increased its stock buybacks. Its strong performance continued through the first three quarters of 2022, highlighted by cash flow generation that exceeded consensus expectations each quarter and growing dividends and buybacks within the company's capital allocation framework. Furthermore, Shell significantly benefited from rising crude oil prices. At the end of the Reporting Period, the company continued to have an attractive free cash flow profile, in our view, and we liked its commitment to return cash to shareholders. <br>

---

| | |
|:---|:---|
| **Q** | **Were any significant purchases or sales made within the equity allocation of the Fund during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | In addition to ExxonMobil, discussed earlier, the Fund initiated a position in oil and natural gas producer ConocoPhillips during the Reporting Period. In our opinion, it has one of the most disciplined variable capital return policies in the energy sector. ConocoPhillips pays out a percentage of its cash flow from operations, while its peers have adopted a percentage of free cash flow as their model. We believe this helps ensure that ConocoPhillips stays disciplined regarding its capital spending plan. In addition, ConocoPhillips saw an increase in its per-day production of crude oil during the Reporting Period and anticipated another increase in the near term.  |

---

Among sales completed during the Reporting Period was the Fund's investment in Enel, mentioned earlier, and its position in Chevron, a global integrated energy, chemical and petroleum company. Chevron has 22% of its energy production located in Kazakhstan, which we considered a high regional risk that was not appropriate for the Fund. <br>

---

| | |
|:---|:---|
| **Q** | **What changes were made to the Fund's equity market sector exposures during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, the Income Builder Team increased the Fund's exposures to the energy and health care sectors. We reduced its exposures to the financials and real estate sectors.  |

---

In September 2022, as part of the annual strategic asset allocation rebalance, the Income Builder Team increased the Fund's exposure to global infrastructure securities by slightly decreasing its exposure to U.S. equities. As a result of the greater exposure to global infrastructure securities, the Fund had slightly increased exposure to international equities when the Reporting Period concluded. <br>

---

| | |
|:---|:---|
| **Q** | **How did the Fund use derivatives and similar instruments during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, the Income Builder Team wrote equity index options in an effort to generate additional cash flow and potentially reduce volatility (positive impact on performance). In addition, equity index futures were employed to gain passive exposure to European bank stocks and the broad U.S. equity market (in each case, a negative impact). Total return swaps were used within a pro-cyclical tactical view that sought to provide the Fund with attractive risk/return characteristics as the U.S. economy continued to recover from the COVID-19 shock (positive impact). Interest rate swaps and U.S. Treasury futures were utilized as cost-efficient instruments to provide greater precision and versatility in the management of duration (each had a negative impact). Credit default swaps were used to implement specific credit-related investment strategies  |

---

**5** 

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FUND RESULTS

(neutral impact). To hedge against currency risk (that is, the risk that certain currencies might fluctuate in value), the Fund employed currency forwards (neutral impact).

---

| | |
|:---|:---|
| **Q** | **Were there any changes to the Fund's portfolio management team during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | Effective January 3, 2022, Alexandra Wilson-Elizondo became a portfolio manager for the Fund. As of August 3, 2022, Collin Bell no longer served as a portfolio manager of the Fund and Kevin Martens became a portfolio manager of the Fund. At the end of the Reporting Period, Ashish Shah, Ron Arons, Charles "Brook" Dane, Neill Nuttall, Alexandra Wilson-Elizondo and Kevin Martens served as portfolio managers of the Fund. By design, all investment decisions for the Fund are performed within a team structure, with multiple subject matter experts. This strategic decision making has been a cornerstone of our approach and helps ensure continuity in the Fund.  |

---

---

| | |
|:---|:---|
| **Q** | **What is the Income Builder Team's tactical view and strategy for the months ahead?**  |

---

---

| | |
|:---|:---|
| **A** | At the end of the Reporting Period, the Income Builder Team noted that the U.S. economy had downshifted sharply in 2022 and that higher inflation had had a negative effect on consumer purchasing power and sentiment. Given this economic backdrop, along with higher interest rates and tightening financial conditions, we believed the threat of a recession may have intensified. Taming inflation without a recession would require U.S. economic growth to slow to below its potential in order to rebalance the labor market and reduce wage growth to a pace consistent with the Fed's 2% inflation target. At the end of the Reporting Period, the negative demand shock from tighter Fed monetary policy had already increased the U.S. unemployment rate and decreased job openings, illustrating how companies had become more cautious about hiring amid higher costs and slowing demand. Overall, we expected U.S. inflation to remain elevated in the near term, though we thought it should moderate in 2023. As for monetary policy, we expected the Fed to tighten further despite higher macroeconomic uncertainty. At the end of the Reporting Period, we believed investor uncertainty about the path of U.S. interest rates would drive volatility in the financial markets.  |

---

Regarding equities, a majority of U.S. companies had reported better than expected third quarter earnings during October 2022 but many of them had also issued negative guidance, suggesting there might be pain to come. We intended to remain cautious given that earnings per share growth/net margins were contracting globally, and we believed the risk of downward revisions may continue into 2023. At the end of Reporting Period, investor sentiment remained negative overall, but we believed market participants may have already accounted for headline risks, while some technical indicators were suggesting the equity market was oversold. (Oversold refers to a condition where an asset has traded lower in price and has the potential for a <br>

price bounce. An oversold condition can last for a long time, and therefore being oversold does not mean a price rally will come soon, or at all.) A possible tailwind is the Fed's suggestion it may slow its pace of tightening. At the end of the Reporting Period, we planned to stay true to our quality-first investment approach in the months ahead and seek to invest in businesses with healthy balance sheets, relatively stable cash flows and differentiated business models aligned to secular tailwinds. We believed a focus on higher-quality investments can help navigate heightened volatility while also positioning investors to benefit from the next upcycle. We intended to continue re-evaluating our assumptions and to stay focused on the long-term investment horizon. <br>

As for fixed income, we noted at the end of the Reporting Period that inflation remained elevated and that the broader economic environment—most notably the labor market—had proved resilient. We thought global central banks, including the Fed, would stay on a hiking path, with the risk that they could go too far too fast given that monetary policy impacts economic conditions with a lag. We believed market stabilization would require evidence of a peak in inflation, a peak in policy hawkishness and a peak in real yields. At the end of the Reporting Period, we thought near-term risks were tilted toward additional tightening in global financial conditions and the path to peak hawkishness would be challenging, particularly as recession risks increase. As a result, we planned to maintain the fixed income allocation's defensive position, focusing on market segments, such as specialty financials, insurance brokers and gaming companies, that we considered resilient to inflation. Additionally, the Fund had little to no exposure to consumer discretionary, including cruise and theater companies, at the end of the Reporting Period. We were also planning to increase the quality of the Fund's bank loan exposure. Finally, until credit spreads narrowed, we did not see any value in materially increasing credit risk overall. <br>

**6** 

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FUND BASICS

## Income Builder Fund
*as of October 31, 2022* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; TOP TEN EQUITY HOLDINGS AS OF 10/31/22 <sup>‡</sup> | &nbsp;&nbsp;&nbsp;&nbsp; TOP TEN EQUITY HOLDINGS AS OF 10/31/22 <sup>‡</sup> | &nbsp;&nbsp;&nbsp;&nbsp; TOP TEN EQUITY HOLDINGS AS OF 10/31/22 <sup>‡</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Holding** | **% of Net Assets** | **Line of Business** |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 1.1% | Banks |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 1 | Pharmaceuticals |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 1 | Pharmaceuticals |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 0.8 | Oil, Gas & Consumable Fuels |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 0.8 | Pharmaceuticals |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC ADR | 0.7 | Oil, Gas & Consumable Fuels |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 0.7 | Banks |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE ADR | 0.7 | Electrical Equipment |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 0.6 | Electric Utilities |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp ADR | 0.6 | Banks |

---

<sup>‡</sup> The top 10 holdings may not be representative of the Fund's future investments.

FUND'S EQUITY SECTOR ALLOCATIONS VS. BENCHMARK<sup>†</sup>

![LOGO](g389476dsp9.jpg)

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

---

**7** 

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FUND BASICS

FUND'S FIXED INCOME COMPOSITION \*

![LOGO](g389476dsp10.jpg)

\* The percentage shown for each investment category reflects the value of investments in that category as a percentage of the Fund's Fixed Income investments. The graph depicts the Fund's investments but may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. 

For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com

**8** 

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GOLDMAN SACHS INCOME BUILDER FUND

## Performance Summary
*October 31, 2022* 

The following graph shows the value, as of October 31, 2022, of a $1,000,000 investment made on November 1, 2012 in Institutional Shares. For comparative purposes, the performance of the Fund's current benchmarks, the Russell 1000<sup>®</sup> Value Index and the ICE BofAML BB to B U.S. High Yield Constrained Index, are 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.

Income Builder Fund's 10 Year Performance

**Performance of a $1,000,000 investment, with distributions reinvested, from November 1, 2012 through October 31, 2022**![LOGO](g389476dsp11.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Average Annual Total Return through October 31, 2022\* | &nbsp;&nbsp;&nbsp;&nbsp; One Year | &nbsp;&nbsp;&nbsp;&nbsp; Five Years | &nbsp;&nbsp;&nbsp;&nbsp; Ten Years | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Since Inception  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Excluding sales charges | -10.34% | 4.11% | 5.31% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Including sales charges | -15.28% | 2.94% | 4.72% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Excluding contingent deferred sales charges | -10.99% | 3.34% | 4.53% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Including contingent deferred sales charges | -11.88% | 3.34% | 4.53% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Institutional** | -10.02% | 4.50% | 5.72% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investor** | -10.09% | 4.38% | 5.58% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class R6 (Commenced July 31, 2015)** | -10.05% | 4.50% | N/A | 4.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class P (Commenced April 16, 2018)** | -10.05% | N/A | N/A | 4.83% |

---

\* 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 R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. 

**9** 

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FUND RESULTS

## Goldman Sachs Rising Dividend Growth Fund

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| |
|:---|
| &nbsp;&nbsp;&nbsp;**Investment Objective** |
| &nbsp;&nbsp;&nbsp; The Fund seeks long-term growth of capital and current income.<br>|

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Portfolio Management Discussion and Analysis

**Below, the Goldman Sachs Quantitative Equity Solutions ("QES") portfolio management team, the Goldman Sachs Global Portfolio Solutions Group and the Goldman Sachs Energy & Infrastructure Team ("E&I Team") discuss the Goldman Sachs Rising Dividend Growth Fund's (the "Fund") performance and positioning for the 12-month period ended October 31, 2022 (the "Reporting Period").** 

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| | |
|:---|:---|
| **Q** | **How did the Fund perform during the Reporting Period?**  |

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| | |
|:---|:---|
| **A** | 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 -4.99%, -5.65%, -4.62%, -4.70%, -4.62%, -5.10% and -4.62%, respectively. These returns compare to the -14.61% average annual total return of the Fund's benchmark, the Standard & Poor's<sup>®</sup> 500 Index (with dividends reinvested) (the "S&P 500 Index"), during the same time period.  |

---

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| | |
|:---|:---|
| **Q** | **What economic and market factors most influenced the U.S. equity markets as a whole during the Reporting Period?**  |

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| | |
|:---|:---|
| **A** | The S&P 500 Index returned -0.69% in November 2021. Retail earnings upside surprises and hints of easing supply-chain constraints supported the U.S. equity markets upward trajectory early in the month. Congress passed a $1 trillion infrastructure bill, and President Biden signed the bill into law. U.S. Federal Reserve ("Fed") Chair Powell was appointed for a second term days before the Thanksgiving holiday, bringing clarity to the central bank's path forward. However, renewed concerns over COVID-19 developments brought U.S. equities under pressure late in the month, as the emergence of the highly contagious Omicron variant triggered a sell-off among global risk assets, as investors fled to relative safety. Persistently high inflation weighed on market sentiment as well.  |

---

The S&P 500 Index gained 4.48% in December 2021. Despite record COVID-19 cases in many areas of the U.S., studies showed the variant was accompanied by milder symptoms than previous variants, propelling U.S. equities higher. Supply-chain issues and high inflation continued to put pressure on corporate earnings, though investors seemed to believe the impact had reached its peak. Positively seasonality and the so-called "Santa Rally" also lifted the S&P 500 Index toward the end of the month. <br>

In the first quarter of 2022, the S&P 500 Index returned -4.95%, marking the Index's first quarterly decline since the first quarter of 2020. The dramatic repricing of the Fed <br>

interest rate hike path and expectations for a more aggressive balance sheet run-off phase were accelerated due to concerns about elevated and persistent inflation pressures. Tensions arising from geopolitical conflict also brought about concern, as commodity prices became volatile, the global supply chain came into question again, and Russia invaded Ukraine. Dampened corporate earnings momentum also played into the U.S. equity market's decline in the first quarter. <br>

The S&P 500 Index returned -16.10% in the second quarter of 2022. Inflation, the Fed's policy response and recession worries remained at the core of the narrative during the quarter, resulting in a broad risk-off, or heightened investor risk aversion, atmosphere. At the end of the quarter, investors were looking ahead to the second quarter corporate earnings season with some caution, as input price pressures and consumption trends factored into analysts' arguments for downward revisions to earnings estimates. <br>

In the third quarter of 2022, the S&P 500 returned -4.88%, marking its third consecutive quarterly decline and its longest losing streak since 2008. Year-to-date through September 30, 2022, the S&P 500 Index had its third-worst performance since the 1950s. The noticeable tightening of financial conditions, guided by expectations for a more aggressive interest rate hike cycle, was the major story for the quarter. The Fed's hawkish policy was supported by higher than consensus expected core Consumer Price Index data and a still-tight labor market that showed only moderate signs of cooling. (Hawkish tends to suggest higher interest rates; opposite of dovish. Core Consumer Price Index ("CPI") data excludes food and energy prices.) Geopolitical tensions also remained high due to the possible weaponization of energy flows. There also appeared to be significant concern among investors that corporate earnings could suffer given the combination of margin pressures, demand destruction, higher labor costs, slower economic activity and a stronger U.S. dollar eroding overseas sales. <br>

The S&P 500 Index increased 8.10% in October 2022, posting the second-best monthly performance year to date. The U.S. equity market recovery can predominantly be credited to a shift in the Fed narrative, depressed investor <br>

**10** 

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FUND RESULTS

sentiment and positioning, and solid third quarter earnings. Despite the September CPI data coming in higher than consensus expected, Fed officials began to contend that inflation would likely decline in the upcoming months should demand weaken and supply-chain issues soften as policymakers anticipated. Also, with more than half of S&P 500 Index companies having reported third quarter earnings results through the end of the month, those results exceeded market expectations in the vast majority of cases. <br>

For the Reporting Period overall, energy was by far the best performing sector in the S&P 500 Index, followed at some distance by consumer staples, utilities and health care, the only sectors to post positive absolute returns. The weakest performing sectors in the S&P 500 Index during the Reporting Period were communication services, consumer discretionary, real estate and information technology. <br>

Within the U.S. equity market, all capitalization segments posted double-digit negative absolute returns for the Reporting Period overall. Large-cap stocks, as measured by the Russell 1000<sup>®</sup> Index, were least weak, followed closely behind by mid-cap stocks, as measured by the Russell Midcap<sup>®</sup> Index, and then small-cap stocks, as measured by the Russell 2000<sup>®</sup> Index. From a style perspective, value-oriented stocks notably outpaced growth-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.) <br>

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| | |
|:---|:---|
| **Q** | **What economic and market factors most influenced energy MLPs as a whole during the Reporting Period?**  |

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| | |
|:---|:---|
| **A** | Energy-related equities generally posted strong performance during the Reporting Period, as crude oil and natural gas prices remained elevated despite bouts of volatility. The price of Brent crude oil rose 13.27% during the Reporting Period, while natural gas prices averaged more than $6.23 per MMBtu, which was 15% higher than prices at the beginning of the Reporting Period. (MMBtu is million British thermal units, the standard measurement for natural gas.)  |

---

As the Reporting Period began in the last two months of 2021, commodities and energy-related equities experienced a brief but sharp sell-off. The sell-off was driven by worries around the spread of the COVID-19 Omicron variant, which had raised concerns about how the variant might impact near-term demand for commodities. However, data suggesting Omicron was less severe symptomatically than previous variants helped to ease market fears and supported a rebound in crude oil prices and energy-related equities through year-end 2021. <br>

During the first quarter of 2022, commodities and energy-related equities advanced overall, as underlying fundamentals strengthened. U.S. oil demand ticked higher, while supply struggled to keep pace with production discipline from both OPEC+ and U.S. producers, which were largely focused on maximizing free cash flow. (OPEC+ is The Organization of the Petroleum Exporting Countries <br>

("OPEC") and Russia.) The result was undersupplied energy markets, which were further pressured by the Russian invasion of Ukraine on February 24th, given that Russia was a major global exporter of crude oil and natural gas. After the invasion, crude oil prices rose, with West Texas Intermediate ("WTI") crude oil prices reaching $128 per barrel, its highest level since 2008, in early March. <br>

After surging to this record level, crude oil prices subsequently experienced volatility during the second calendar quarter, driven by developments surrounding the Russia/Ukraine war, the possibility of a European Union ban on Russian oil, and potential oil demand-side concerns stemming from rising COVID-19 cases and lockdown procedures in China. However, a combination of strong global energy demand, tight inventories, limited space capacity and announcements of the European Union's ban on Russian oil imports kept crude oil prices elevated. On the supply side, global supply shortages led to low inventories of crude oil and natural gas, while at the same time, demand continued to recover, supported by an uptick in seasonal travel as well as by high liquified natural gas ("LNG") prices that pushed certain countries to turn to crude and related refined products as replacements. <br>

The third quarter of 2022 marked a decline in crude oil prices, with Brent crude oil prices falling 19.32% in these three months. Much of the weakness was driven by global demand concerns related to two primary issues—growing recession risks and ongoing lockdowns in China—as well as U.S. dollar strength. Despite this weakness, Brent crude oil prices ended the Reporting Period at nearly $95 per barrel. <br>

Notably, at the end of the Reporting Period, the fundamental backdrop remained supportive of strong crude oil prices, in our view, with global demand (ex-China) having largely normalized to pre-COVID levels. On the supply side, production levels were also back to pre-COVID levels, but years of underinvestment, combined with healthy demand growth, left inventory levels nearly 10% below long-term averages.<sup>1</sup> In addition, on October 5, 2022, in response to heighted macro concerns, OPEC+ announced a production cut of two million barrels per day in an effort to stabilize prices and incentivize appropriate investments. It is important to note that OPEC+ was already well below its production quota. Therefore, the production cut beginning in November 2022 was expected to be closer to approximately 800,000 to 1.1 million barrels per day in comparison to then-current production levels. Overall, we believed that macroeconomic concerns that drove extreme market volatility and weighed on crude oil prices during the Reporting Period overshadowed underlying tight oil market fundamentals. <br>

On the natural gas side, years of unsound energy policies, predominantly in Europe, and underinvestment in natural gas infrastructure led to the energy shortages and steep increase in consumer prices seen during the Reporting Period. The

<sup>1</sup> Joint Organisations Data Initiative (JODI).

**11** 

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FUND RESULTS

ongoing war in Ukraine further intensified the effects of the energy crisis, with the curtailment of Russian gas exports to Europe resulting in historically low inventories and high prices, with European power prices up 93% year to date through October 31, 2022.<sup>2</sup> Despite the volatility in crude oil and natural gas prices during the Reporting Period, as well as record high inflation levels and a recession narrative, midstream<sup>3</sup> energy markets ultimately moved higher. The Alerian MLP Index<sup>4</sup>, which measures energy infrastructure master limited partnerships ("MLPs"), and the Alerian Midstream Energy Index<sup>5</sup>, which measures the broader midstream sector inclusive of both energy MLPs and "C" corporations, generated total returns of 30.19% and 16.94%, respectively, during the Reporting Period. The midstream markets, as represented by the Alerian MLP Index and the Alerian Midstream Energy Index, outperformed the S&P 500 Index significantly. <br>

Higher oil and natural gas prices and growing volumes supported strong earnings growth for midstream companies, and management teams continued to focus on capital discipline, balance sheet strength and, above all, generating free cash flow and returning it back to investors via dividends and buybacks—all of which we believe was generally well received by the market. The strong quarterly earnings announcements during the Reporting Period and upward earnings revisions reaffirmed the fundamental stability and defensive nature of the sector, which helped to support equity price performance during a volatile market environment. In addition, the sector may have benefited from the broad rotation from growth to value as well as from an uptick in MLP merger and acquisition activity. <br>

Toward the end of the Reporting Period, the U.S. Inflation Reduction Act ("IRA") of 2022 was passed, which aims to make a historic down payment on deficit reduction to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by

<sup>2</sup> European Power Prices: Germany Power Baseload Forward Year 1.

<sup>3</sup> 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. 

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

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

approximately 40% by 2030. The IRA included a new 15% corporate alternative minimum tax based on book income for companies that report more than $1 billion in profits to shareholders. However, midstream companies structured as MLPs were excluded from this new provision, which we believe further supported equity price performance during the Reporting Period. <br>

At the end of the Reporting Period, energy infrastructure remained one of the highest yielding equity market segments, with yields in excess of 7%, which is four times higher than that of the S&P 500 Index and twice the yields of both the utilities and real estate investment trusts sectors. From a valuation perspective at the end of the Reporting Period, the midstream sector screened as inexpensive, trading at a 4.4x discount relative to its long-term average and at an approximately 12% free cash flow yield. In our view, valuations remained dislocated from the sector's earnings potential. <br>

---

| | |
|:---|:---|
| **Q** | **What key factors were responsible for the Fund's performance during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | While absolute returns disappointed, the Fund significantly outperformed the S&P 500 Index on a relative basis for the Reporting Period.  |

---

During the Reporting Period, the Fund's dividend-paying investments outperformed the S&P 500 ex-Energy Index, the benchmark used for the dividend-paying growers portion of the Fund. Stock selection contributed most positively to relative results within this portion of the Fund. Sector allocation also added value. <br>

The Fund's MLP & Energy Infrastructure Sleeve posted robust double-digit absolute gains that outperformed the Alerian MLP Index, the benchmark used for the MLP & Energy Infrastructure Sleeve of the Fund, on a relative basis. In managing the MLP & Energy Infrastructure Sleeve, the E&I Team remained focused on high quality midstream companies with strong dividend and distribution coverage, cash flow growth potential and what it considered to be a robust outlook for free cash flow generation and healthy balance sheets. The E&I Team believes this quality bias ultimately led to relative outperformance during a Reporting Period of market exuberance. <br>

In addition, the MLP & Energy Infrastructure Sleeve's tactical allocation to upstream<sup>6</sup> companies contributed positively to its relative performance given that these companies generally have more commodity price sensitivity and, therefore, on a relative basis, benefited to a greater degree than other market segments from the strong <br>

<sup>6</sup> 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. 

**12** 

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FUND RESULTS

commodity price environment. These companies also experienced steep inflections in free cash flow during the Reporting Period, which led to distribution growth.

Also, the MLP & Energy Infrastructure Sleeve's higher exposure to midstream companies with an LNG focus, compared to the Alerian MLP Index, contributed positively to its relative performance. The global natural gas supply/demand imbalance that has existed for some time was exacerbated by the Russian invasion of Ukraine in February 2022, as it led to a surge in key commodity prices, including LNG. Also, during June 2022, Russia's Gazprom announced a reduction in the amount of gas it can pump through the Nord Stream 1 pipeline to Germany, further exacerbating supply tightness. As a result of tightening market dynamics, the spread, or differential, between global LNG prices and U.S. natural gas prices significantly widened during the Reporting Period, benefiting the profit outlook for North American midstream companies with significant LNG exposure. <br>

---

| | |
|:---|:---|
| **Q** | **Which equity market sectors most significantly affected Fund performance during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | The dividend-paying growers portion of the Fund does not take explicit sector bets relative to the S&P 500 ex-Energy Index but rather allocations are the result of stock selection.  |

---

That said, the sectors that contributed most positively on a relative basis to the S&P 500 ex-Energy Index during the Reporting Period were information technology, communication services and health care. Only partially offsetting these positive contributors were consumer staples, utilities and financials, which detracted from this portion of the Fund's relative results. <br>

---

| | |
|:---|:---|
| **Q** | **What were some of the Fund's best-performing individual stocks during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | The top individual contributors to the Fund's relative performance during the Reporting Period were each underweight positions—most notably in Facebook parent company Meta Platforms, e-commerce retailing leader Amazon.com, Google parent company Alphabet, software behemoth Microsoft and electric vehicle maker Tesla. Each of these companies underperformed the S&P 500 ex-Energy Index during the Reporting Period.  |

---

---

| | |
|:---|:---|
| **Q** | **Which stocks detracted significantly from the Fund's performance during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | Detracting most from the Fund's results relative to the S&P 500 ex-Energy Index during the Reporting Period were underweight positions in information technology giant Apple and pharmaceuticals company Eli Lilly & Co. and overweight positions in communication services company Comcast, apparel and footwear company VF Corp. and investment management firm T. Rowe Price Group. Apple  |

---

and Eli Lilly & Co. outperformed the S&P 500 ex-Energy Index, and Comcast, VF Corp. and T. Rowe Price Group underperformed the S&P 500 ex-Energy Index during the Reporting Period.

---

| | |
|:---|:---|
| **Q** | **Which sub-industries within the Alerian MLP Index most significantly affected Fund performance during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | As measured by the Alerian MLP Index, relative overweights to the production & mining/hydrocarbon and to the other/liquefication sub-industries contributed most positively to the MLP & Energy Infrastructure Sleeve's performance during the Reporting Period due to these sub-industries' exposure to the strong commodity price environment. In addition, a relative underweight position and effective security selection in the pipeline transportation/petroleum sub-industry boosted performance.  |

---

A relative overweight to the power generation sub-industry, most notably exposure to renewable power generation, detracted most form the MLP & Energy Infrastructure Sleeve's performance during the Reporting Period. The renewable power generation segment experienced weakness alongside the broader clean energy industry given rising interest rate concerns and growing recession risks, which weighed on equity markets as a whole during the Reporting Period. Weak security selection within the gathering & processing and pipeline transportation/natural gas sub-industries also detracted from relative performance. <br>

---

| | |
|:---|:---|
| **Q** | **What were some of the Fund's best-performing MLPs and energy infrastructure companies during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | Relative to the Alerian MLP Index, among those MLPs and energy infrastructure companies that contributed most to the Fund's performance during the Reporting Period were Cheniere Energy Inc., Hess Midstream LP and NGL Energy Partners LP.  |

---

Cheniere Energy Inc., a pure-play U.S. LNG export operator, is not a constituent of the Alerian MLP Index and outperformed the Alerian MLP Index during the Reporting Period. Cheniere Energy Inc. is a leading producer of LNG in the U.S., exporting LNG to dozens of countries worldwide. As the global market has become more and more short of LNG, both as a result of growing demand and curtailed Russian supplies, Cheniere Energy Inc. has become an essential supplier to world markets. As a result of tightening markets, the spread between global LNG prices and U.S. natural gas prices widened considerably during the Reporting Period, improving the company's near-term and long-term profit outlook. Additionally, Cheniere Energy Inc. has leveraged its position to contract incremental capacity that is expected to come online during the next several years. <br>

An underweight position in Hess Midstream LP (HESM), a U.S. company focused on gathering, storing and transporting natural gas liquids ("NGLs"), crude oil and propane,

**13** 

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FUND RESULTS

contributed positively given its underperformance of the Alerian MLP Index during the Reporting Period. While HESM is a high quality midstream company with strong contractual support, it underperformed relative to its peers during the Reporting Period as it has less commodity price exposure. In addition, HESM has light liquidity. <br>

The MLP & Energy Infrastructure Sleeve of the Fund did not hold a position in NGL Energy Partners (NGL) during the Reporting Period, which contributed positively to its relative results given NGL's weak performance. NGL, a diversified midstream MLP with operations focused on crude oil logistics, water treatment services, NGL logistics and retail propane, is a small company with what the E&I Team sees as low quality assets and a significant amount of leverage. In addition, the company's execution has been poor, in the E&I Team's view, with NGL missing consensus earnings expectations seven of the last eight quarters. <br>

---

| | |
|:---|:---|
| **Q** | **Which MLPs and energy infrastructure companies detracted significantly from the Fund's performance during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | Among those MLPs and energy infrastructure companies detracting most from the Fund's results relative to the Alerian MLP Index were EnLink Midstream LLC, TC Energy Corp. and ONEOK, Inc.  |

---

EnLink Midstream LLC (ENLC) is a U.S. midstream energy company that transports, stores and sells natural gas, NGLs, crude oil and condensates to industrial end-users, utilities, marketers and other pipelines. A relative underweight position in ENLC detracted from the MLP & Energy Infrastructure Sleeve's performance, as ENLC outperformed the Alerian MLP Index during the Reporting Period. As crude oil and natural gas prices rose, the production outlook for ENLC's assets improved materially during the Reporting Period, bettering its short- and long-term profit outlooks. Additionally, ENLC has leveraged its preeminent Louisiana gas pipeline asset base to be a first mover in the burgeoning carbon capture and storage business. <br>

A relative overweight position in TC Energy Corp. (TRP), a major North American energy company with extensive natural gas and liquids pipelines throughout the region, detracted from the MLP & Energy Infrastructure Sleeve's results given its weak performance during the Reporting Period. The E&I Team considers TRP to be a low beta, or low volatility, stock in a rising market. However, during the Reporting Period, an equity issuance was a headwind to TRP's equity price performance. During the summer of 2022, TRP announced a reinstatement of its dividend reinvestment plan and then a $1.8 billion bought deal offering of common shares. (A bought deal is a securities offering in which an investment bank commits to buy the entire offering from the client company. A bought deal eliminates the issuing company's financing risk, ensuring that it will raise the intended amount.) Further, cost overruns at the Coastal Gaslink Pipeline, in which TRP has an <br>

ownership stake, and announcements of major new capital expenditure projects, including the Southeast Gateway Pipeline, a $4.5 billion offshore natural gas pipeline project in Mexico in which TRP has an even larger ownership stake, occurred at a time when competitors were trying to reduce capital expenditures and increase free cash flow. <br>

The MLP & Energy Infrastructure Sleeve held an overweight position in ONEOK, Inc. (OKE), a leading midstream service provider that owns one of the nation's premier NGL systems. Severe winter storms in North Dakota resulted in widespread shut-ins during April and May 2022, which, in turn, drove lower earnings for OKE during the second calendar quarter. In early July 2022, OKE's Medford, Oklahoma fractionator suffered an explosion, rendering the entire facility unusable. Until its third quarter 2022 earnings announcement was made in early November (just after the close of the Reporting Period), investors were concerned about OKE's ability to achieve its financial targets. (Notably, as part of its third quarter 2022 earnings call, OKE not only reiterated its full-year financial guidance but also provided a preliminary look at 2023 financial performance, which was substantially better than consensus expectations.) <br>

---

| | |
|:---|:---|
| **Q** | **How did the Fund use derivatives during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | The MLP & Energy Infrastructure Sleeve of the Fund did not use derivatives during the Reporting Period. The dividend-paying equity investments portion of the Fund used equity index futures on an opportunistic basis during the Reporting Period to equitize its modest cash position. In other words, we put the Fund's excess cash holdings to work by using them as collateral for the purchase of equity index futures. The use of these derivatives did not have a material impact on Fund results during the Reporting Period.  |

---

---

| | |
|:---|:---|
| **Q** | **Did the Fund make any significant equity purchases or sales during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | The dividend-paying growers portion of the Fund uses a systematic, rules-based approach and thus equity purchases and sales are based solely on that quantitative process.  |

---

---

| | |
|:---|:---|
| **Q** | **Did the Fund make any significant purchases or sales of MLPs and energy infrastructure companies during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | We initiated a position in EOG Resources, Inc. during the Reporting Period. EOG Resources, Inc. explores, develops, produces and markets natural gas and crude oil, primarily in the U.S. In our view, the company was well positioned to benefit from healthy oil and gas prices given its scale, and we anticipated that EOG Resources, Inc. would pay out above-market yields while maintaining a strong balance sheet.  |

---

We established a position in Marathon Oil Corp., which engages in the exploration and production of petroleum and natural gas. With the commodity price environment observed

**14** 

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FUND RESULTS

during the Reporting Period, the valuation of the company, in our opinion, was disconnected from its fundamentals and we believed offered compelling upside potential.

Conversely, we sold the Fund's position in NextEra Energy Partners LP during the Reporting Period. NextEra Energy Partners LP owns, operates and acquires contracted clean energy projects, including wind and solar. We exited the position because we believed the company's valuation was looking expensive relative to traditional energy companies and because rising interest rates had the potential, in our view, to negatively affect the company's ability to finance new projects and earn what we considered to be an appropriate rate of return. <br>

We eliminated the Fund's position in Enviva Inc, which manufactures processed biomass fuel and offers wood chips and wood pellets to power generation and industrial customers in the U.S. and Europe. We sold the position due to what we considered to be better opportunities elsewhere with more potential upside exposure to the strong commodity environment. Additionally, there was some debate around the sustainability of the company's wood sourcing, which drew some negative attention from the market. <br>

---

| | |
|:---|:---|
| **Q** | **Were there any notable changes in the Fund's equity sector weightings during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | As mentioned earlier, under the QES team's investment approach, the dividend-paying growers portion of the Fund does not take sector bets by design. Therefore, the dividend-paying investments portion of the Fund, using a quantitative process, strove to be similar to the S&P 500 ex-Energy Index in terms of sector allocation. We seek to provide exposure to high quality, dividend-paying growers within each sector.  |

---

---

| | |
|:---|:---|
| **Q** | **Were there any notable changes in the Fund's MLP and energy infrastructure company weightings during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | There were no notable changes in the Fund's MLP and energy infrastructure company weightings during the Reporting Period. At the end of the Reporting Period, the MLP & Energy Infrastructure Sleeve had its largest allocations in the gathering & processing, natural gas pipeline transportation, petroleum pipeline transportation, and liquefication segments of the Alerian MLP Index.  |

---

---

| | |
|:---|:---|
| **Q** | **How was the dividend-paying investments portion of the Fund positioned relative to the S&P 500 ex-Energy Index at the end of the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | As mentioned earlier, it is not part of the dividend-paying investments portion of the Fund's approach to take sector bets. Thus, at the end of October 2022, the dividend-paying investments portion of the Fund had rather neutral positions  |

---

in each sector of the S&P 500 ex-Energy Index, with the exception of communication services, wherein an underweighted position was held.

---

| | |
|:---|:---|
| **Q** | **Were there any changes to the Fund's portfolio management team during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | There were no changes to the Fund's portfolio management team in either the dividend-paying investments portion of the Fund or the MLP & Energy Infrastructure Sleeve of the Fund during the Reporting Period.  |

---

---

| | |
|:---|:---|
| **Q** | **What is the Fund's tactical view and strategy for the months ahead?**  |

---

---

| | |
|:---|:---|
| **A** | The Fund seeks long-term growth of capital and current income. Within the dividend-paying growers sleeve, we maintained confidence at the end of the Reporting Period in high quality business models that have demonstrated commitment to grow their dividend in a rather stable manner.  |

---

On the energy side, while global demand concerns and U.S. dollar strength may continue to drive market volatility in the near term, we had a positive outlook for commodity prices and oil-related equities at the end of the Reporting Period. Our view was supported, we believed, by strong fundamentals, with tight supply/demand dynamics and critically low inventories. Additionally, we have seen energy policy shift as the global economy looks to address growing global energy needs, with energy security becoming a priority of many developed nations following the Russian invasion of Ukraine. We believed North America was uniquely positioned as a potential key source of safe, reliable and relatively clean oil and natural gas for decades to come. Looking at LNG specifically, the U.S. has spent billions of dollars on LNG infrastructure during the last five years or so to supply the world with essential LNG under long-term contracts. Since 2017, the U.S. has grown natural gas production by about 50% and LNG exports by more than 900%, making it the largest global LNG exporter, with expectations for U.S. LNG exports to triple by 2032 relative to 2021 levels.<sup>7</sup> We further expected the energy sector to potentially experience additional interest as the world's perception around energy security and terminal value shifts and as money managers rationalize underweight energy exposure. Energy equities were expected by many analysts to deliver approximately 10.5% of S&P 500 Index earnings in calendar year 2022, even though the sector represents only 5.3% of the S&P 500 Index. Looking at the relationship of earnings contribution to index weight historically would suggest the energy sector's weight within the S&P 500 Index could grow to nearly 8%, presenting an opportunity for continued outperformance and sector interest. <br>

<sup>7</sup> Bloomberg and Energy Information Agency.

**15** 

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FUND RESULTS

Regarding midstream energy companies, we believed at the end of the Reporting Period that fundamentals were some of the most attractive on record, with midstream cash flow inflecting higher alongside strong oil and natural gas prices and management teams demonstrating capital and cost discipline. The sector was generating significant amounts of free cash flow at the end of the Reporting Period, which, in our opinion, not only adequately supported then-current distributions and dividends but also left plenty of excess cash to further de-lever, buy back stock and/or grow distributions and dividends. In addition, while high inflation and recessionary indicators were not positive headlines, midstream businesses have benefited from having contracted cash flows with embedded inflationary escalators, which historically have proven to support earnings resiliency during economic downturns. The market dynamics seen at the end of the Reporting Period also appeared to be driving a rotation from growth to value stocks, and midstream equities—along with other value-oriented stocks—may be the beneficiaries of increased fund flows. Overall, we believed at the end of the Reporting Period the midstream sector presented a compelling investment opportunity alongside a strong commodity price backdrop, healthy fundamentals and inexpensive valuations. Additionally, the sector was well positioned, in our view, to benefit from the growing need for North American energy. <br>

While there are certainly still risks, such as continued COVID-19 lockdowns in China and growing recession concerns, we believed the risk/reward profile for the midstream sector at the end of the Reporting Period remained meaningfully positive.

In managing the MLP & Energy Infrastructure Sleeve, we intend to remain focused on high quality companies with strong dividend/distribution coverage, cash flow growth potential and what we see as a robust outlook for free cash flow generation and healthy balance sheets. As always, we continue to monitor domestic and global economies, geopolitical factors, interest rates and equity market fundamentals as we actively manage the Fund. <br>

**16** 

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FUND BASICS

## Rising Dividend Growth Fund
*as of October 31, 2022* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; TOP TEN HOLDINGS AS OF 10/31/22 <sup>±</sup> | &nbsp;&nbsp;&nbsp;&nbsp; TOP TEN HOLDINGS AS OF 10/31/22 <sup>±</sup> | &nbsp;&nbsp;&nbsp;&nbsp; TOP TEN HOLDINGS AS OF 10/31/22 <sup>±</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Holding** | **% of Net Assets** | **Line of Business** |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. Class A | 2.4% | Media |
| &nbsp;&nbsp;&nbsp;&nbsp; Activision Blizzard, Inc. | 1.9 | Entertainment |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer LP | 1.8 | Oil, Gas & Consumable Fuels |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 1.5 | Electric Utilities |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Midstream Partners LP | 1.4 | Oil, Gas & Consumable Fuels |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 1.4 | Software |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 1.4 | Health Care Providers & Services |
| &nbsp;&nbsp;&nbsp;&nbsp; The Interpublic Group of Cos., Inc. | 1.3 | Media |
| &nbsp;&nbsp;&nbsp;&nbsp; MPLX LP | 1.3 | Oil, Gas & Consumable Fuels |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. Class A | 1.3 | IT Services |

---

<sup>±</sup> 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 ALLOCATION <sup>†</sup>

![LOGO](g389476dsp19a.jpg)

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| | |
|:---|:---|
| <sup>†</sup> | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund's overall sector allocations may differ from the percentages contained in the graph above. Figures in the graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard ("GICS"); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). The graph depicts the Fund's investments but may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.  |

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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.

**17** 

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GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

## Performance Summary
*October 31, 2022* 

The following graph shows the value, as of October 31, 2022, of a $10,000 investment made on November 1, 2012 in Class A Shares (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.

Rising Dividend Growth Fund's 10 Year Performance

Performance of a $10,000 investment, including any applicable sales charge, with distributions reinvested, from November 1, 2012 through October 31, 2022.

![LOGO](g389476dsp20.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Annual Total Return through October 31, 2022<sup>±</sup> | &nbsp;&nbsp;&nbsp;&nbsp; One Year | &nbsp;&nbsp;&nbsp;&nbsp; Five Years | &nbsp;&nbsp;&nbsp;&nbsp; Ten Years | &nbsp;&nbsp;&nbsp;&nbsp; Since Inception  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Class A** |  |  |  |  |
|  Excluding sales charges | -4.99% | 9.96% | 9.92% |  |
|  Including sales charges | -10.23% | 8.72% | 9.30% |  |
|  **Class C** |  |  |  |  |
|  Excluding contingent deferred sales charges | -5.65% | 9.14% | 9.10% |  |
|  Including contingent deferred sales charges | -6.60% | 9.14% | 9.10% |  |
|  **Institutional** | -4.62% | 10.35% | 10.33% |  |
|  **Investor** | -4.70% | 10.24% | 10.19% |  |
|  **Class R6 (Commenced February 28, 2018)** | -4.62% | N/A | N/A | 9.92% |
|  **Class R** | -5.10% | 9.71% | 9.65% |  |
|  **Class P (Commenced April 16, 2018)** | -4.62% | N/A | N/A | 10.10% |

---

---

| | |
|:---|:---|
| ± | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.  |

---

**18** 

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FUND BASICS

## Index Definitions
**Income Builder Fund** 

**S&P 500<sup>®</sup> 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<sup>®</sup> Index components and their weightings are determined by S&P Dow Jones Indices.

**EURO STOXX<sup>®</sup> Banks** is a STOXX Sector index. Derived from global indices, the STOXX Industry, Supersector, Sector and Subsector Indices enable highly targeted strategies on business segments.

**The S&P 500 Ex-Energy** is designed to provide broad market exposure except for members of the energy sector.

It is not possible to invest directly in an unmanaged index.

**Rising Dividend Growth Fund** 

**The Alerian MLP Index (AMZ)** is a widely recognized, unmanaged index that includes a composite of the 50 most prominent energy MLPs. The Index returns do not reflect the deduction of expenses, which have been deducted from net returns. The Index return assumes reinvestment of all distributions and does not reflect the deduction of taxes and fees.

**The Alerian Midstream Energy Index** is a broad-based composite of North American energy infrastructure companies. The capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities, is disseminated real-time on a price-return (AMNA), total return (AMNAX), net total-return (AMNAN) and adjusted net total-return (AMNTR) basis.

**The S&P 500 Index** is a market capitalization weighted index of the 500 largest U.S. publicly traded companies by market value.

**The S&P 500 Ex-Energy** is designed to provide broad market exposure except for members of the energy sector.

**19** 

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GOLDMAN SACHS INCOME BUILDER FUND

## Schedule of Investments
*October 31, 2022* 

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – 43.5%** | **Corporate Obligations – 43.5%** | **Corporate Obligations – 43.5%** | **Corporate Obligations – 43.5%** |
| **Advertising<sup>(a)(b)</sup> – 0.1%** | **Advertising<sup>(a)(b)</sup> – 0.1%** | **Advertising<sup>(a)(b)</sup> – 0.1%** | **Advertising<sup>(a)(b)</sup> – 0.1%** |
| CMG Media Corp. | CMG Media Corp. | CMG Media Corp. | CMG Media Corp. |
| $2850000 | 8.875% | 12/15/27 | $2413351 |
| **Aerospace & Defense<sup>(b)</sup> – 0.8%** | **Aerospace & Defense<sup>(b)</sup> – 0.8%** | **Aerospace & Defense<sup>(b)</sup> – 0.8%** | **Aerospace & Defense<sup>(b)</sup> – 0.8%** |
| Bombardier, Inc. | Bombardier, Inc. | Bombardier, Inc. | Bombardier, Inc. |
| 900000 | 7.500 <sup>(a)</sup> | 12/01/24 | 897732 |
| 998000 | 7.500 <sup>(a)</sup> | 03/15/25 | 981244 |
| 1875000 | 3.450 | 11/01/28 | 1598644 |
| Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
| 6285000 | 4.600 | 06/15/28 | 4504522 |
| The Boeing Co. | The Boeing Co. | The Boeing Co. | The Boeing Co. |
| 3432000 | 5.150 | 05/01/30 | 3172815 |
| 1652000 | 5.805 | 05/01/50 | 1419514 |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| 3300000 | 5.500 | 11/15/27 | 2997027 |
| 315000 | 4.625 | 01/15/29 | 268468 |
| 266000 | 4.875 | 05/01/29 | 226523 |
| Triumph Group, Inc. | Triumph Group, Inc. | Triumph Group, Inc. | Triumph Group, Inc. |
| 2885000 | 7.750 | 08/15/25 | 2188417 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18254906 |
| **Agriculture – 0.3%** | **Agriculture – 0.3%** | **Agriculture – 0.3%** | **Agriculture – 0.3%** |
| BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
| 10000000 | 4.390 <sup>(b)</sup> | 08/15/37 | 7250500 |
| MHP Lux SA | MHP Lux SA | MHP Lux SA | MHP Lux SA |
| 200000 | 6.250 <sup>(b)</sup> | 09/19/29 | 91000 |
| MHP SE | MHP SE | MHP SE | MHP SE |
| 270000 | 7.750 | 05/10/24 | 128638 |
|  |  |  | 7470138 |
| **Airlines – 0.5%** | **Airlines – 0.5%** | **Airlines – 0.5%** | **Airlines – 0.5%** |
| Allegiant Travel Co. | Allegiant Travel Co. | Allegiant Travel Co. | Allegiant Travel Co. |
| 1035000 | 7.250 <sup>(a)(b)</sup> | 08/15/27 | 975363 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> |
| 522000 | 5.500 | 04/20/26 | 497487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717000 | 5.750 | 04/20/29 | 1562470 |
| Azul Investments LLP | Azul Investments LLP | Azul Investments LLP | Azul Investments LLP |
| 200000 | 5.875 <sup>(b)</sup> | 10/26/24 | 149500 |
| Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. |
| 3600000 | 7.375 <sup>(b)</sup> | 01/15/26 | 3680892 |
| Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. | Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. | Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. | Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. |
| 2155000 | 5.750 <sup>(a)(b)</sup> | 01/20/26 | 1988181 |
| United Airlines, Inc.<sup>(a)(b)</sup> | United Airlines, Inc.<sup>(a)(b)</sup> | United Airlines, Inc.<sup>(a)(b)</sup> | United Airlines, Inc.<sup>(a)(b)</sup> |
| 1625000 | 4.375 | 04/15/26 | 1486794 |
| 2080000 | 4.625 | 04/15/29 | 1785722 |
|  |  |  | 12126409 |
| **Automotive – 1.3%** | **Automotive – 1.3%** | **Automotive – 1.3%** | **Automotive – 1.3%** |
| BorgWarner, Inc. | BorgWarner, Inc. | BorgWarner, Inc. | BorgWarner, Inc. |
| 2000000 | 5.000 <sup>(a)</sup> | 10/01/25 | 1947720 |
| Clarios Global LP/Clarios U.S. Finance Co. | Clarios Global LP/Clarios U.S. Finance Co. | Clarios Global LP/Clarios U.S. Finance Co. | Clarios Global LP/Clarios U.S. Finance Co. |
| 1850000 | 8.500 <sup>(a)(b)</sup> | 05/15/27 | 1819271 |
| Dana, Inc. | Dana, Inc. | Dana, Inc. | Dana, Inc. |
| 2075000 | 4.250 <sup>(b)</sup> | 09/01/30 | 1657925 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Automotive – (continued)** | **Automotive – (continued)** | **Automotive – (continued)** | **Automotive – (continued)** |
| Dealer Tire LLC/DT Issuer LLC | Dealer Tire LLC/DT Issuer LLC | Dealer Tire LLC/DT Issuer LLC | Dealer Tire LLC/DT Issuer LLC |
| 5637000 | 8.000 %<sup>(a)(b)</sup> | 02/01/28 | 4939083 |
| Ford Motor Co. | Ford Motor Co. | Ford Motor Co. | Ford Motor Co. |
| 3726000 | 3.250 <sup>(b)</sup> | 02/12/32 | 2797965 |
| Ford Motor Credit Co. LLC<sup>(b)</sup> | Ford Motor Credit Co. LLC<sup>(b)</sup> | Ford Motor Credit Co. LLC<sup>(b)</sup> | Ford Motor Credit Co. LLC<sup>(b)</sup> |
| 400000 | 4.687 | 06/09/25 | 378992 |
| 4260000 | 3.375 | 11/13/25 | 3871062 |
| 3111000 | 4.950 | 05/28/27 | 2850112 |
| 1640000 | 3.815 | 11/02/27 | 1422782 |
| General Motors Co. | General Motors Co. | General Motors Co. | General Motors Co. |
| 3000000 | 6.600 <sup>(b)</sup> | 04/01/36 | 2827560 |
| General Motors Financial Co., Inc.<sup>(b)</sup> | General Motors Financial Co., Inc.<sup>(b)</sup> | General Motors Financial Co., Inc.<sup>(b)</sup> | General Motors Financial Co., Inc.<sup>(b)</sup> |
| 1975000 | 5.650 | 01/17/29 | 1863669 |
| 4100000 | 3.100 | 01/12/32 | 3123749 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29499890 |
| **Banks – 4.2%** | **Banks – 4.2%** | **Banks – 4.2%** | **Banks – 4.2%** |
| Absa Group Ltd. (5 year CMT + 5.411%) | Absa Group Ltd. (5 year CMT + 5.411%) | Absa Group Ltd. (5 year CMT + 5.411%) | Absa Group Ltd. (5 year CMT + 5.411%) |
| 460000 | 6.375 <sup>(b)(c)</sup> | 12/31/99 | 392380 |
| Access Bank PLC | Access Bank PLC | Access Bank PLC | Access Bank PLC |
| 400000 | 6.125 <sup>(a)</sup> | 09/21/26 | 290800 |
| Alfa Bank AO Via Alfa Bond Issuance PLC (5 year CMT + 4.546%) | Alfa Bank AO Via Alfa Bond Issuance PLC (5 year CMT + 4.546%) | Alfa Bank AO Via Alfa Bond Issuance PLC (5 year CMT + 4.546%) | Alfa Bank AO Via Alfa Bond Issuance PLC (5 year CMT + 4.546%) |
| 360000 | 5.950 <sup>(b)(c)(d)(e)</sup> | 04/15/30 |  |
| Banco BBVA Peru SA (5 year CMT + 2.750%) | Banco BBVA Peru SA (5 year CMT + 2.750%) | Banco BBVA Peru SA (5 year CMT + 2.750%) | Banco BBVA Peru SA (5 year CMT + 2.750%) |
| 190000 | 5.250 <sup>(b)(c)</sup> | 09/22/29 | 180298 |
| Banco Continental SAECA | Banco Continental SAECA | Banco Continental SAECA | Banco Continental SAECA |
| 720000 | 2.750 | 12/10/25 | 617760 |
| Banco Davivienda SA (10 year CMT + 5.097%) | Banco Davivienda SA (10 year CMT + 5.097%) | Banco Davivienda SA (10 year CMT + 5.097%) | Banco Davivienda SA (10 year CMT + 5.097%) |
| 220000 | 6.650 <sup>(a)(b)(c)</sup> | 12/31/99 | 148266 |
| Banco de Bogota SA | Banco de Bogota SA | Banco de Bogota SA | Banco de Bogota SA |
| 330000 | 6.250 | 05/12/26 | 300630 |
| Banco do Brasil SA (10 year CMT + 4.398%) | Banco do Brasil SA (10 year CMT + 4.398%) | Banco do Brasil SA (10 year CMT + 4.398%) | Banco do Brasil SA (10 year CMT + 4.398%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | 6.250 <sup>(b)(c)</sup> | 10/29/49 | 174725 |
| Banco Industrial SA (5 year CMT + 4.442%) | Banco Industrial SA (5 year CMT + 4.442%) | Banco Industrial SA (5 year CMT + 4.442%) | Banco Industrial SA (5 year CMT + 4.442%) |
| 930000 | 4.875 <sup>(a)(b)(c)</sup> | 01/29/31 | 840081 |
| Banco Mercantil del Norte SA<sup>(b)(c)</sup> | Banco Mercantil del Norte SA<sup>(b)(c)</sup> | Banco Mercantil del Norte SA<sup>(b)(c)</sup> | Banco Mercantil del Norte SA<sup>(b)(c)</sup> |
| (5 year CMT + 4.643%) | (5 year CMT + 4.643%) | (5 year CMT + 4.643%) | (5 year CMT + 4.643%) |
| 340000 | 5.875 <sup>(a)</sup> | 12/31/99 | 260950 |
| (5 year CMT + 4.967%) | (5 year CMT + 4.967%) | (5 year CMT + 4.967%) | (5 year CMT + 4.967%) |
| 690000 | 6.750 | 12/31/99 | 625312 |
| Banco Nacional de Panama | Banco Nacional de Panama | Banco Nacional de Panama | Banco Nacional de Panama |
| 530000 | 2.500 <sup>(b)</sup> | 08/11/30 | 381368 |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 2000000 | 3.490 | 05/28/30 | 1578980 |
| (1 year CMT + 1.600%) | (1 year CMT + 1.600%) | (1 year CMT + 1.600%) | (1 year CMT + 1.600%) |
| 3600000 | 3.225 <sup>(b)(c)</sup> | 11/22/32 | 2468376 |
| Bancolombia SA (5 year CMT + 2.929%) | Bancolombia SA (5 year CMT + 2.929%) | Bancolombia SA (5 year CMT + 2.929%) | Bancolombia SA (5 year CMT + 2.929%) |
| 330000 | 7.139 <sup>(b)(c)</sup> | 10/18/27 | 283553 |
| Bank Hapoalim BM (5 year CMT + 2.155%) | Bank Hapoalim BM (5 year CMT + 2.155%) | Bank Hapoalim BM (5 year CMT + 2.155%) | Bank Hapoalim BM (5 year CMT + 2.155%) |
| 460000 | 3.255 <sup>(a)(b)(c)</sup> | 01/21/32 | 376050 |
| Bank Leumi Le-Israel BM (5 year CMT + 1.631%) | Bank Leumi Le-Israel BM (5 year CMT + 1.631%) | Bank Leumi Le-Israel BM (5 year CMT + 1.631%) | Bank Leumi Le-Israel BM (5 year CMT + 1.631%) |
| 710000 | 3.275 <sup>(a)(b)(c)</sup> | 01/29/31 | 605719 |
| Bank of America Corp. (3M USD LIBOR + 3.898%) | Bank of America Corp. (3M USD LIBOR + 3.898%) | Bank of America Corp. (3M USD LIBOR + 3.898%) | Bank of America Corp. (3M USD LIBOR + 3.898%) |
| 4000000 | 6.100 <sup>(b)(c)</sup> | 12/29/49 | 3854880 |

---

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

------

GOLDMAN SACHS INCOME BUILDER FUND

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| Barclays PLC<sup>(b)(c)</sup> | Barclays PLC<sup>(b)(c)</sup> | Barclays PLC<sup>(b)(c)</sup> | Barclays PLC<sup>(b)(c)</sup> |
| (1 year CMT + 3.000%) | (1 year CMT + 3.000%) | (1 year CMT + 3.000%) | (1 year CMT + 3.000%) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4810000 | 5.746% | 08/09/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4273348 |
| (5 year CMT + 5.431%) | (5 year CMT + 5.431%) | (5 year CMT + 5.431%) | (5 year CMT + 5.431%) |
| 4800000 | 8.000 | 12/31/99 | 4307904 |
| BBVA Bancomer SA (5 year CMT + 2.650%) | BBVA Bancomer SA (5 year CMT + 2.650%) | BBVA Bancomer SA (5 year CMT + 2.650%) | BBVA Bancomer SA (5 year CMT + 2.650%) |
| 530000 | 5.125 <sup>(b)(c)</sup> | 01/18/33 | 428797 |
| BNP Paribas SA<sup>(a)</sup> | BNP Paribas SA<sup>(a)</sup> | BNP Paribas SA<sup>(a)</sup> | BNP Paribas SA<sup>(a)</sup> |
| 2700000 | 4.375 | 05/12/26 | 2487402 |
| (5 year CMT + 4.899%) | (5 year CMT + 4.899%) | (5 year CMT + 4.899%) | (5 year CMT + 4.899%) |
| 2000000 | 7.750 <sup>(b)(c)</sup> | 12/31/99 | 1888520 |
| (SOFR + 1.561%) | (SOFR + 1.561%) | (SOFR + 1.561%) | (SOFR + 1.561%) |
| 3050000 | 3.132 <sup>(b)(c)</sup> | 01/20/33 | 2262459 |
| BPCE SA<sup>(a)</sup> | BPCE SA<sup>(a)</sup> | BPCE SA<sup>(a)</sup> | BPCE SA<sup>(a)</sup> |
| 4150000 | 4.625 | 09/12/28 | 3705535 |
| (SOFR + 1.730%) | (SOFR + 1.730%) | (SOFR + 1.730%) | (SOFR + 1.730%) |
| 2100000 | 3.116 <sup>(b)(c)</sup> | 10/19/32 | 1444758 |
| Citigroup, Inc.<sup>(b)(c)</sup> | Citigroup, Inc.<sup>(b)(c)</sup> | Citigroup, Inc.<sup>(b)(c)</sup> | Citigroup, Inc.<sup>(b)(c)</sup> |
| (3M USD LIBOR + 4.230%) | (3M USD LIBOR + 4.230%) | (3M USD LIBOR + 4.230%) | (3M USD LIBOR + 4.230%) |
| 1325000 | 5.900 | 12/29/49 | 1313353 |
| (3M USD LIBOR + 4.517%) | (3M USD LIBOR + 4.517%) | (3M USD LIBOR + 4.517%) | (3M USD LIBOR + 4.517%) |
| 1890000 | 6.250 | 12/29/49 | 1826553 |
| (5 year CMT + 3.597%) | (5 year CMT + 3.597%) | (5 year CMT + 3.597%) | (5 year CMT + 3.597%) |
| 1000000 | 4.000 | 12/31/99 | 843010 |
| (SOFR + 1.351%) | (SOFR + 1.351%) | (SOFR + 1.351%) | (SOFR + 1.351%) |
| 3325000 | 3.057 | 01/25/33 | 2597224 |
| (SOFR + 3.914%) | (SOFR + 3.914%) | (SOFR + 3.914%) | (SOFR + 3.914%) |
| 900000 | 4.412 | 03/31/31 | 801747 |
| Comerica, Inc. (5 year CMT + 5.291%) | Comerica, Inc. (5 year CMT + 5.291%) | Comerica, Inc. (5 year CMT + 5.291%) | Comerica, Inc. (5 year CMT + 5.291%) |
| 1000000 | 5.625 <sup>(b)(c)</sup> | 12/31/99 | 969720 |
| Credit Bank of Moscow Via CBOM Finance PLC | Credit Bank of Moscow Via CBOM Finance PLC | Credit Bank of Moscow Via CBOM Finance PLC | Credit Bank of Moscow Via CBOM Finance PLC |
| 260000 | 4.700 <sup>(a)</sup> | 01/29/25 | 79381 |
| (5 Year USD Swap + 5.416%) | (5 Year USD Swap + 5.416%) | (5 Year USD Swap + 5.416%) | (5 Year USD Swap + 5.416%) |
| 280000 | 7.500<sup></sup> <sup>(b)(c)</sup> | 10/05/27 | 28000 |
| Credit Suisse Group AG<sup>(a)(b)</sup> | Credit Suisse Group AG<sup>(a)(b)</sup> | Credit Suisse Group AG<sup>(a)(b)</sup> | Credit Suisse Group AG<sup>(a)(b)</sup> |
| 1726000 | 4.282 | 01/09/28 | 1418289 |
| (5 year USD Swap + 4.598%) | (5 year USD Swap + 4.598%) | (5 year USD Swap + 4.598%) | (5 year USD Swap + 4.598%) |
| 1702000 | 7.500 <sup>(c)</sup> | 12/29/49 | 1549143 |
| Deutsche Bank AG (5 year CMT + 4.524%) | Deutsche Bank AG (5 year CMT + 4.524%) | Deutsche Bank AG (5 year CMT + 4.524%) | Deutsche Bank AG (5 year CMT + 4.524%) |
| 800000 | 6.000 <sup>(b)(c)</sup> | 12/31/99 | 628768 |
| First Bank of Nigeria Ltd. Via FBN Finance Co. BV | First Bank of Nigeria Ltd. Via FBN Finance Co. BV | First Bank of Nigeria Ltd. Via FBN Finance Co. BV | First Bank of Nigeria Ltd. Via FBN Finance Co. BV |
| 200000 | 8.625 <sup>(a)</sup> | 10/27/25 | 166000 |
| Freedom Mortgage Corp.<sup>(a)(b)</sup> | Freedom Mortgage Corp.<sup>(a)(b)</sup> | Freedom Mortgage Corp.<sup>(a)(b)</sup> | Freedom Mortgage Corp.<sup>(a)(b)</sup> |
| 3225000 | 7.625 | 05/01/26 | 2546299 |
| 2610000 | 6.625 | 01/15/27 | 1946173 |
| Grupo Aval Ltd. | Grupo Aval Ltd. | Grupo Aval Ltd. | Grupo Aval Ltd. |
| 580000 | 4.375 <sup>(b)</sup> | 02/04/30 | 400309 |
| ING Groep NV (5 year USD Swap + 4.446%) | ING Groep NV (5 year USD Swap + 4.446%) | ING Groep NV (5 year USD Swap + 4.446%) | ING Groep NV (5 year USD Swap + 4.446%) |
| 3000000 | 6.500 <sup>(b)(c)</sup> | 12/29/49 | 2731590 |
| Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
| 8000000 | 5.017 <sup>(a)</sup> | 06/26/24 | 7638000 |
| Ipoteka-Bank ATIB | Ipoteka-Bank ATIB | Ipoteka-Bank ATIB | Ipoteka-Bank ATIB |
| 450000 | 5.500 | 11/19/25 | 383625 |
| Itau Unibanco Holding SA (5 year CMT + 3.981%) | Itau Unibanco Holding SA (5 year CMT + 3.981%) | Itau Unibanco Holding SA (5 year CMT + 3.981%) | Itau Unibanco Holding SA (5 year CMT + 3.981%) |
| 500000 | 6.125 <sup>(b)(c)</sup> | 12/31/99 | 467312 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| JPMorgan Chase & Co. (SOFR + 2.515%) | JPMorgan Chase & Co. (SOFR + 2.515%) | JPMorgan Chase & Co. (SOFR + 2.515%) | JPMorgan Chase & Co. (SOFR + 2.515%) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441000 | 2.956 %<sup>(b)(c)</sup> | 05/13/31 | $347367 |
| JPMorgan Chase & Co. (3M USD LIBOR + 3.330%) | JPMorgan Chase & Co. (3M USD LIBOR + 3.330%) | JPMorgan Chase & Co. (3M USD LIBOR + 3.330%) | JPMorgan Chase & Co. (3M USD LIBOR + 3.330%) |
| 4000000 | 6.125 <sup>(b)(c)</sup> | 12/31/49 | 3921320 |
| Macquarie Group Ltd. (3M USD LIBOR + 1.372%) | Macquarie Group Ltd. (3M USD LIBOR + 1.372%) | Macquarie Group Ltd. (3M USD LIBOR + 1.372%) | Macquarie Group Ltd. (3M USD LIBOR + 1.372%) |
| 3650000 | 3.763 <sup>(a)(b)(c)</sup> | 11/28/28 | 3220541 |
| Morgan Stanley<sup>(b)(c)</sup> | Morgan Stanley<sup>(b)(c)</sup> | Morgan Stanley<sup>(b)(c)</sup> | Morgan Stanley<sup>(b)(c)</sup> |
| (3M USD LIBOR + 4.435%) | (3M USD LIBOR + 4.435%) | (3M USD LIBOR + 4.435%) | (3M USD LIBOR + 4.435%) |
| 2500000 | 5.875 | 12/31/99 | 2403475 |
| (SOFR + 1.290%) | (SOFR + 1.290%) | (SOFR + 1.290%) | (SOFR + 1.290%) |
| 1950000 | 2.943 | 01/21/33 | 1516983 |
| NBK Tier 1 Financing 2 Ltd. (6 year CMT + 2.832%) | NBK Tier 1 Financing 2 Ltd. (6 year CMT + 2.832%) | NBK Tier 1 Financing 2 Ltd. (6 year CMT + 2.832%) | NBK Tier 1 Financing 2 Ltd. (6 year CMT + 2.832%) |
| 790000 | 4.500 <sup>(b)(c)</sup> | 12/31/99 | 691250 |
| Regions Financial Corp. (5 year CMT + 5.430%) | Regions Financial Corp. (5 year CMT + 5.430%) | Regions Financial Corp. (5 year CMT + 5.430%) | Regions Financial Corp. (5 year CMT + 5.430%) |
| 1000000 | 5.750 <sup>(b)(c)</sup> | 12/31/99 | 968830 |
| Standard Chartered PLC (5 year CMT + 3.805%) | Standard Chartered PLC (5 year CMT + 3.805%) | Standard Chartered PLC (5 year CMT + 3.805%) | Standard Chartered PLC (5 year CMT + 3.805%) |
| 4255000 | 4.750 <sup>(a)(b)(c)</sup> | 12/31/99 | 2850722 |
| The Bank of New York Mellon Corp. (5 year CMT + 4.358%) | The Bank of New York Mellon Corp. (5 year CMT + 4.358%) | The Bank of New York Mellon Corp. (5 year CMT + 4.358%) | The Bank of New York Mellon Corp. (5 year CMT + 4.358%) |
| 2000000 | 4.700 <sup>(b)(c)</sup> | 12/31/99 | 1914240 |
| The PNC Financial Services Group, Inc. <sup>(b)(c)</sup> | The PNC Financial Services Group, Inc. <sup>(b)(c)</sup> | The PNC Financial Services Group, Inc. <sup>(b)(c)</sup> | The PNC Financial Services Group, Inc. <sup>(b)(c)</sup> |
| (5 year CMT + 3.000%) | (5 year CMT + 3.000%) | (5 year CMT + 3.000%) | (5 year CMT + 3.000%) |
| 2000000 | 6.000 | 12/31/99 | 1862940 |
| (5 year CMT + 3.238%) | (5 year CMT + 3.238%) | (5 year CMT + 3.238%) | (5 year CMT + 3.238%) |
| 3000000 | 6.200 | 12/31/99 | 2835030 |
| Tinkoff Bank JSC Via TCS Finance Ltd. (5 year CMT + 5.150%) | Tinkoff Bank JSC Via TCS Finance Ltd. (5 year CMT + 5.150%) | Tinkoff Bank JSC Via TCS Finance Ltd. (5 year CMT + 5.150%) | Tinkoff Bank JSC Via TCS Finance Ltd. (5 year CMT + 5.150%) |
| 200000 | 6.000 <sup>(a)(b)(c)</sup> | 12/31/49 | 70000 |
| Truist Financial Corp. (5 year CMT + 4.605%) | Truist Financial Corp. (5 year CMT + 4.605%) | Truist Financial Corp. (5 year CMT + 4.605%) | Truist Financial Corp. (5 year CMT + 4.605%) |
| 1000000 | 4.950 <sup>(b)(c)</sup> | 12/31/99 | 958150 |
| Truist Financial Corp. (10 year CMT + 4.349%) | Truist Financial Corp. (10 year CMT + 4.349%) | Truist Financial Corp. (10 year CMT + 4.349%) | Truist Financial Corp. (10 year CMT + 4.349%) |
| 2237000 | 5.100 <sup>(b)(c)</sup> | 12/31/99 | 1966793 |
| Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO |
| 200000 | 6.000 | 11/01/22 | 200000 |
| U.S. Bancorp (5 year CMT + 2.541%) | U.S. Bancorp (5 year CMT + 2.541%) | U.S. Bancorp (5 year CMT + 2.541%) | U.S. Bancorp (5 year CMT + 2.541%) |
| 1000000 | 3.700 <sup>(b)(c)</sup> | 12/31/99 | 767720 |
| Ubs Group AG (5 year USD Swap + 4.590%) | Ubs Group AG (5 year USD Swap + 4.590%) | Ubs Group AG (5 year USD Swap + 4.590%) | Ubs Group AG (5 year USD Swap + 4.590%) |
| 4000000 | 6.875 <sup>(b)(c)</sup> | 12/29/49 | 3796760 |
| UniCredit SpA (5 year CMT + 4.750%) | UniCredit SpA (5 year CMT + 4.750%) | UniCredit SpA (5 year CMT + 4.750%) | UniCredit SpA (5 year CMT + 4.750%) |
| 1525000 | 5.459 <sup>(a)(b)(c)</sup> | 06/30/35 | 1139053 |
| United Bank for Africa PLC | United Bank for Africa PLC | United Bank for Africa PLC | United Bank for Africa PLC |
| 200000 | 6.750 | 11/19/26 | 168975 |
| Uzbek Industrial and Construction Bank ATB | Uzbek Industrial and Construction Bank ATB | Uzbek Industrial and Construction Bank ATB | Uzbek Industrial and Construction Bank ATB |
| 600000 | 5.750 | 12/02/24 | 525300 |
| Wells Fargo & Co. (5 year CMT + 3.453%) | Wells Fargo & Co. (5 year CMT + 3.453%) | Wells Fargo & Co. (5 year CMT + 3.453%) | Wells Fargo & Co. (5 year CMT + 3.453%) |
| 1000000 | 3.900 <sup>(b)(c)</sup> | 12/31/99 | 848880 |
| Yapi ve Kredi Bankasi A/S (5 year USD Swap + 11.245%) | Yapi ve Kredi Bankasi A/S (5 year USD Swap + 11.245%) | Yapi ve Kredi Bankasi A/S (5 year USD Swap + 11.245%) | Yapi ve Kredi Bankasi A/S (5 year USD Swap + 11.245%) |
| 260000 | 13.875 <sup>(b)(c)</sup> | 12/31/99 | 267930 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95755606 |
| **Beverages<sup>(b)</sup> – 0.7%** | **Beverages<sup>(b)</sup> – 0.7%** | **Beverages<sup>(b)</sup> – 0.7%** | **Beverages<sup>(b)</sup> – 0.7%** |
| Anadolu Efes Biracilik Ve Malt Sanayii AS | Anadolu Efes Biracilik Ve Malt Sanayii AS | Anadolu Efes Biracilik Ve Malt Sanayii AS | Anadolu Efes Biracilik Ve Malt Sanayii AS |
| 420000 | 3.375 <sup>(a)</sup> | 06/29/28 | 294604 |
| 200000 | 3.375 | 06/29/28 | 140287 |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |
| 8050000 | 4.700 | 02/01/36 | 7274141 |

---

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

------

GOLDMAN SACHS INCOME BUILDER FUND

## Schedule of Investments (continued)
*October 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Beverages<sup>(b)</sup> – (continued)** | **Beverages<sup>(b)</sup> – (continued)** | **Beverages<sup>(b)</sup> – (continued)** | **Beverages<sup>(b)</sup> – (continued)** |
| Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100000 | 4.750% | 01/23/29 | 2044875 |
| Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL |
| 200000 | 5.250 <sup>(a)</sup> | 04/27/29 | 176225 |
| Coca-Cola Icecek AS | Coca-Cola Icecek AS | Coca-Cola Icecek AS | Coca-Cola Icecek AS |
| 260000 | 4.500 | 01/20/29 | 207399 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 2275000 | 2.875 | 05/01/30 | 1881493 |
| 3975000 | 2.250 | 08/01/31 | 3049898 |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |
| 1055000 | 3.200 | 05/01/30 | 894904 |
| 308000 | 3.800 | 05/01/50 | 214821 |
|  |  |  | 16178647 |
| **Building Materials<sup>(a)(b)</sup> – 0.5%** | **Building Materials<sup>(a)(b)</sup> – 0.5%** | **Building Materials<sup>(a)(b)</sup> – 0.5%** | **Building Materials<sup>(a)(b)</sup> – 0.5%** |
| Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
| 1800000 | 5.000 | 03/01/30 | 1546884 |
| Cemex SAB de CV (5 year CMT + 4.534%) | Cemex SAB de CV (5 year CMT + 4.534%) | Cemex SAB de CV (5 year CMT + 4.534%) | Cemex SAB de CV (5 year CMT + 4.534%) |
| 470000 | 5.125 <sup>(c)</sup> | 12/31/99 | 385659 |
| CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. |
| 2160000 | 7.000 | 12/01/28 | 1557036 |
| GCC SAB de CV | GCC SAB de CV | GCC SAB de CV | GCC SAB de CV |
| 450000 | 3.614 | 04/20/32 | 354375 |
| Masonite International Corp. | Masonite International Corp. | Masonite International Corp. | Masonite International Corp. |
| 2075000 | 5.375 | 02/01/28 | 1900804 |
| Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
| 1880000 | 4.375 | 07/15/30 | 1522292 |
| 4054000 | 3.375 | 01/15/31 | 3038392 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10305442 |
| **Chemicals<sup>(b)</sup> – 1.0%** | **Chemicals<sup>(b)</sup> – 1.0%** | **Chemicals<sup>(b)</sup> – 1.0%** | **Chemicals<sup>(b)</sup> – 1.0%** |
| Air Products & Chemicals, Inc. | Air Products & Chemicals, Inc. | Air Products & Chemicals, Inc. | Air Products & Chemicals, Inc. |
| 200000 | 2.800 | 05/15/50 | 128088 |
| Ashland LLC | Ashland LLC | Ashland LLC | Ashland LLC |
| 3225000 | 3.375 <sup>(a)</sup> | 09/01/31 | 2525917 |
| ASP Unifrax Holdings, Inc. | ASP Unifrax Holdings, Inc. | ASP Unifrax Holdings, Inc. | ASP Unifrax Holdings, Inc. |
| 775000 | 5.250 <sup>(a)</sup> | 09/30/28 | 623115 |
| Avient Corp. | Avient Corp. | Avient Corp. | Avient Corp. |
| 1725000 | 7.125 <sup>(a)</sup> | 08/01/30 | 1650721 |
| Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC |
| 3100000 | 3.375 <sup>(a)</sup> | 02/15/29 | 2560073 |
| Herens Holdco S.a.r.l. | Herens Holdco S.a.r.l. | Herens Holdco S.a.r.l. | Herens Holdco S.a.r.l. |
| 1795000 | 4.750 <sup>(a)</sup> | 05/15/28 | 1469872 |
| Huntsman International LLC | Huntsman International LLC | Huntsman International LLC | Huntsman International LLC |
| 2104000 | 4.500 | 05/01/29 | 1833468 |
| INEOS Quattro Finance 2 PLC | INEOS Quattro Finance 2 PLC | INEOS Quattro Finance 2 PLC | INEOS Quattro Finance 2 PLC |
| 780000 | 3.375 <sup>(a)</sup> | 01/15/26 | 657938 |
| Ingevity Corp. | Ingevity Corp. | Ingevity Corp. | Ingevity Corp. |
| 1305000 | 3.875 <sup>(a)</sup> | 11/01/28 | 1107332 |
| Minerals Technologies, Inc. | Minerals Technologies, Inc. | Minerals Technologies, Inc. | Minerals Technologies, Inc. |
| 1695000 | 5.000 <sup>(a)</sup> | 07/01/28 | 1470548 |
| OCP SA | OCP SA | OCP SA | OCP SA |
| 640000 | 5.125 | 06/23/51 | 382320 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Chemicals<sup>(b)</sup> – (continued)** | **Chemicals<sup>(b)</sup> – (continued)** | **Chemicals<sup>(b)</sup> – (continued)** | **Chemicals<sup>(b)</sup> – (continued)** |
| Rayonier AM Products, Inc. | Rayonier AM Products, Inc. | Rayonier AM Products, Inc. | Rayonier AM Products, Inc. |
| $281000 | 7.625 %<sup>(a)</sup> | 01/15/26 | 244203 |
| Sasol Financing USA LLC | Sasol Financing USA LLC | Sasol Financing USA LLC | Sasol Financing USA LLC |
| 280000 | 4.375 | 09/18/26 | 244702 |
| 510000 | 5.500 | 03/18/31 | 381002 |
| SPCM SA<sup>(a)</sup> | SPCM SA<sup>(a)</sup> | SPCM SA<sup>(a)</sup> | SPCM SA<sup>(a)</sup> |
| 740000 | 3.125 | 03/15/27 | 646649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925000 | 3.375 | 03/15/30 | 739796 |
| The Chemours Co. | The Chemours Co. | The Chemours Co. | The Chemours Co. |
| 4560000 | 4.625 <sup>(a)</sup> | 11/15/29 | 3553380 |
| Valvoline, Inc. | Valvoline, Inc. | Valvoline, Inc. | Valvoline, Inc. |
| 885000 | 3.625 <sup>(a)</sup> | 06/15/31 | 698097 |
| WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
| 1855000 | 5.625 <sup>(a)</sup> | 08/15/29 | 1433971 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22351192 |
| **Commercial Services – 1.3%** | **Commercial Services – 1.3%** | **Commercial Services – 1.3%** | **Commercial Services – 1.3%** |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)(b)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)(b)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)(b)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)(b)</sup> |
| 2557000 | 6.625 | 07/15/26 | 2447688 |
| 1700000 | 6.000 | 06/01/29 | 1184628 |
| APi Group DE, Inc.<sup>(a)(b)</sup> | APi Group DE, Inc.<sup>(a)(b)</sup> | APi Group DE, Inc.<sup>(a)(b)</sup> | APi Group DE, Inc.<sup>(a)(b)</sup> |
| 5193000 | 4.125 | 07/15/29 | 4162397 |
| 575000 | 4.750 | 10/15/29 | 481309 |
| APX Group, Inc. | APX Group, Inc. | APX Group, Inc. | APX Group, Inc. |
| 4286000 | 5.750 <sup>(a)(b)</sup> | 07/15/29 | 3381997 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |
| 1605000 | 5.375 <sup>(a)(b)</sup> | 03/01/29 | 1388710 |
| Chesapeake Energy Corp. | Chesapeake Energy Corp. | Chesapeake Energy Corp. | Chesapeake Energy Corp. |
| 2000000 | 5.500 | 09/15/26 | 45000 |
| HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. |
| 1058000 | 4.500 <sup>(a)(b)</sup> | 10/01/29 | 924565 |
| Limak Iskenderun Uluslararasi Liman Isletmeciligi AS | Limak Iskenderun Uluslararasi Liman Isletmeciligi AS | Limak Iskenderun Uluslararasi Liman Isletmeciligi AS | Limak Iskenderun Uluslararasi Liman Isletmeciligi AS |
| 199946 | 9.500 <sup>(a)(b)</sup> | 07/10/36 | 158807 |
| Mersin Uluslararasi Liman Isletmeciligi A/S | Mersin Uluslararasi Liman Isletmeciligi A/S | Mersin Uluslararasi Liman Isletmeciligi A/S | Mersin Uluslararasi Liman Isletmeciligi A/S |
| 460000 | 5.375 <sup>(b)</sup> | 11/15/24 | 421849 |
| Metis Merger Sub LLC | Metis Merger Sub LLC | Metis Merger Sub LLC | Metis Merger Sub LLC |
| 717000 | 6.500 <sup>(a)(b)</sup> | 05/15/29 | 577379 |
| NESCO Holdings II, Inc. | NESCO Holdings II, Inc. | NESCO Holdings II, Inc. | NESCO Holdings II, Inc. |
| 3083000 | 5.500 <sup>(a)(b)</sup> | 04/15/29 | 2697748 |
| North Queensland Export Terminal Pty Ltd. | North Queensland Export Terminal Pty Ltd. | North Queensland Export Terminal Pty Ltd. | North Queensland Export Terminal Pty Ltd. |
| 200000 | 4.450 | 12/15/22 | 196470 |
| Rent-A-Center, Inc. | Rent-A-Center, Inc. | Rent-A-Center, Inc. | Rent-A-Center, Inc. |
| 850000 | 6.375 <sup>(a)(b)</sup> | 02/15/29 | 660407 |
| Sabre Global, Inc. | Sabre Global, Inc. | Sabre Global, Inc. | Sabre Global, Inc. |
| 2405000 | 9.250 <sup>(a)(b)</sup> | 04/15/25 | 2344755 |
| Techem Verwaltungsgesellschaft 674 MBH | Techem Verwaltungsgesellschaft 674 MBH | Techem Verwaltungsgesellschaft 674 MBH | Techem Verwaltungsgesellschaft 674 MBH |
| 668190 | 6.000 <sup>(b)</sup> | 07/30/26 | 619015 |
| The ADT Security Corp. | The ADT Security Corp. | The ADT Security Corp. | The ADT Security Corp. |
| $4387000 | 4.125 <sup>(a)(b)</sup> | 08/01/29 | 3760493 |
| The Bidvest Group UK PLC | The Bidvest Group UK PLC | The Bidvest Group UK PLC | The Bidvest Group UK PLC |
| 470000 | 3.625 <sup>(a)(b)</sup> | 09/23/26 | 396063 |
| Verisure Holding AB | Verisure Holding AB | Verisure Holding AB | Verisure Holding AB |
| 725000 | 3.250 <sup>(a)(b)</sup> | 02/15/27 | 609217 |
| Verisure Midholding AB<sup>(b)</sup> | Verisure Midholding AB<sup>(b)</sup> | Verisure Midholding AB<sup>(b)</sup> | Verisure Midholding AB<sup>(b)</sup> |
| 800000 | 5.250 <sup>(a)</sup> | 02/15/29 | 608809 |

---

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

------

GOLDMAN SACHS INCOME BUILDER FUND

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Commercial Services – (continued)** | **Commercial Services – (continued)** | **Commercial Services – (continued)** | **Commercial Services – (continued)** | **Commercial Services – (continued)** |
| 1450000 | 5.250% | 02/15/29 | $| 1103467 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28170773 |
| **Computers<sup>(b)</sup> – 0.6%** | **Computers<sup>(b)</sup> – 0.6%** | **Computers<sup>(b)</sup> – 0.6%** | **Computers<sup>(b)</sup> – 0.6%** | **Computers<sup>(b)</sup> – 0.6%** |
| Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |  |  |
| $2513000 | 3.875 <sup>(a)</sup> | 09/01/28 |  | 2214506 |
| Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |  |  |
| 2475000 | 5.300 | 10/01/29 |  | 2314769 |
| 2699000 | 8.100 | 07/15/36 |  | 2860292 |
| Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |  |  |
| 2730000 | 6.200 | 10/15/35 |  | 2672943 |
| KBR, Inc. | KBR, Inc. | KBR, Inc. |  |  |
| 1161000 | 4.750 <sup>(a)</sup> | 09/30/28 |  | 1016932 |
| Presidio Holdings, Inc. | Presidio Holdings, Inc. | Presidio Holdings, Inc. |  |  |
| 2095000 | 8.250 <sup>(a)</sup> | 02/01/28 |  | 1866519 |
| Unisys Corp. | Unisys Corp. | Unisys Corp. |  |  |
| 1060000 | 6.875 <sup>(a)</sup> | 11/01/27 |  | 890018 |
|  |  |  |  | 13835979 |
| **Construction – 0.1%** | **Construction – 0.1%** | **Construction – 0.1%** | **Construction – 0.1%** | **Construction – 0.1%** |
| Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |  |  |
| 2000000 | 8.125 | 10/31/82 |  | 2023860 |
| **Distribution & Wholesale<sup>(a)(b)</sup> – 0.2%** | **Distribution & Wholesale<sup>(a)(b)</sup> – 0.2%** | **Distribution & Wholesale<sup>(a)(b)</sup> – 0.2%** |  |  |
| American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. |
| 2760000 | 3.875 | 11/15/29 |  | 2264580 |
| BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. |  |  |
| 2446000 | 7.625 | 05/01/27 |  | 2227768 |
| IAA, Inc. | IAA, Inc. | IAA, Inc. |  |  |
| 750000 | 5.500 | 06/15/27 |  | 703162 |
|  |  |  |  | 5195510 |
| **Diversified Financial Services – 2.9%** | **Diversified Financial Services – 2.9%** | **Diversified Financial Services – 2.9%** |  |  |
| AerCap Holdings NV (5 year CMT + 4.535%) | AerCap Holdings NV (5 year CMT + 4.535%) | AerCap Holdings NV (5 year CMT + 4.535%) | AerCap Holdings NV (5 year CMT + 4.535%) | AerCap Holdings NV (5 year CMT + 4.535%) |
| 1825000 | 5.875 <sup>(b)(c)</sup> | 10/10/79 |  | 1639471 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
| 3625000 | 3.000 <sup>(b)</sup> | 10/29/28 |  | 2927985 |
| AG TTMT Escrow Issuer LLC | AG TTMT Escrow Issuer LLC | AG TTMT Escrow Issuer LLC |  |  |
| 1025000 | 8.625 <sup>(a)(b)</sup> | 09/30/27 |  | 1028967 |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |  |  |
| 2750000 | 3.750 <sup>(b)</sup> | 06/01/26 |  | 2493948 |
| Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |  |  |
| 4000000 | 8.000 | 11/01/31 |  | 4106120 |
| Ally Financial, Inc. (7 year CMT + 3.481%) | Ally Financial, Inc. (7 year CMT + 3.481%) | Ally Financial, Inc. (7 year CMT + 3.481%) | Ally Financial, Inc. (7 year CMT + 3.481%) | Ally Financial, Inc. (7 year CMT + 3.481%) |
| 3415000 | 4.700 <sup>(b)(c)</sup> | 12/31/99 |  | 2313048 |
| American Express Co. (5 year CMT + 2.854%) | American Express Co. (5 year CMT + 2.854%) | American Express Co. (5 year CMT + 2.854%) | American Express Co. (5 year CMT + 2.854%) | American Express Co. (5 year CMT + 2.854%) |
| 1000000 | 3.550 <sup>(b)(c)</sup> | 12/31/99 |  | 777160 |
| Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |  |  |
| 800000 | 1.950 <sup>(a)(b)</sup> | 01/30/26 |  | 665864 |
| Avolon Holdings Funding Ltd.<sup>(a)(b)</sup> | Avolon Holdings Funding Ltd.<sup>(a)(b)</sup> | Avolon Holdings Funding Ltd.<sup>(a)(b)</sup> |  |  |
| 3450000 | 5.250 | 05/15/24 |  | 3343498 |
| 1300000 | 3.250 | 02/15/27 |  | 1064206 |
| 1927000 | 2.528 | 11/18/27 |  | 1478221 |
| B3 SA - Brasil Bolsa Balcao | B3 SA - Brasil Bolsa Balcao | B3 SA - Brasil Bolsa Balcao |  |  |
| 290000 | 4.125 <sup>(a)</sup> | 09/20/31 |  | 229879 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |  |
| **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** |
| Castlelake Aviation Finance DAC | Castlelake Aviation Finance DAC | Castlelake Aviation Finance DAC |  |
| 2420000 | 5.000 %<sup>(a)(b)</sup> | 04/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2056492 |
| Discover Financial Services (5 year CMT + 5.783%) | Discover Financial Services (5 year CMT + 5.783%) | Discover Financial Services (5 year CMT + 5.783%) | Discover Financial Services (5 year CMT + 5.783%) |
| 1000000 | 6.125 <sup>(b)(c)</sup> | 12/31/99 | 969100 |
| Global Aircraft Leasing Co. Ltd.<sup>(f)</sup> (PIK 7.250%, Cash 6.500%) | Global Aircraft Leasing Co. Ltd.<sup>(f)</sup> (PIK 7.250%, Cash 6.500%) | Global Aircraft Leasing Co. Ltd.<sup>(f)</sup> (PIK 7.250%, Cash 6.500%) | Global Aircraft Leasing Co. Ltd.<sup>(f)</sup> (PIK 7.250%, Cash 6.500%) |
| 1947294 | 6.500 <sup>(a)(b)</sup> | 09/15/24 | 1530552 |
| Intercorp Financial Services, Inc. | Intercorp Financial Services, Inc. | Intercorp Financial Services, Inc. |  |
| 340000 | 4.125 <sup>(b)</sup> | 10/19/27 | 292676 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp. | Jefferies Finance LLC/JFIN Co-Issuer Corp. | Jefferies Finance LLC/JFIN Co-Issuer Corp. | Jefferies Finance LLC/JFIN Co-Issuer Corp. |
| 3829000 | 5.000 <sup>(a)(b)</sup> | 08/15/28 | 3009249 |
| Midcap Financial Issuer Trust<sup>(a)(b)</sup> | Midcap Financial Issuer Trust<sup>(a)(b)</sup> | Midcap Financial Issuer Trust<sup>(a)(b)</sup> |  |
| 2567000 | 6.500 | 05/01/28 | 2182181 |
| 810000 | 5.625 | 01/15/30 | 623870 |
| Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |  |
| 2651000 | 5.500 <sup>(a)(b)</sup> | 08/15/28 | 2162129 |
| Navient Corp. | Navient Corp. | Navient Corp. |  |
| 3000000 | 5.500 | 01/25/23 | 3000330 |
| 4388000 | 5.500 <sup>(b)</sup> | 03/15/29 | 3497455 |
| NFP Corp. | NFP Corp. | NFP Corp. |  |
| 3360000 | 6.875 <sup>(a)(b)</sup> | 08/15/28 | 2895581 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |  |
| 1602000 | 7.125 | 03/15/26 | 1542277 |
| 1643000 | 4.000 <sup>(b)</sup> | 09/15/30 | 1238921 |
| Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. |
| 1365000 | 6.375 <sup>(a)(b)</sup> | 02/01/27 | 1265765 |
| Raymond James Financial, Inc. | Raymond James Financial, Inc. | Raymond James Financial, Inc. |  |
| 900000 | 4.650 <sup>(b)</sup> | 04/01/30 | 838044 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>(a)(b)</sup> | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>(a)(b)</sup> | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>(a)(b)</sup> | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>(a)(b)</sup> |
| 2305000 | 2.875 | 10/15/26 | 1931521 |
| 2390000 | 4.000 | 10/15/33 | 1668363 |
| The Charles Schwab Corp. <sup>(b)(c)</sup> | The Charles Schwab Corp. <sup>(b)(c)</sup> | The Charles Schwab Corp. <sup>(b)(c)</sup> |  |
| (3M USD LIBOR + 3.315%) | (3M USD LIBOR + 3.315%) | (3M USD LIBOR + 3.315%) |  |
| 2195000 | 6.397 | 12/29/49 | 2196712 |
| (5 year CMT + 3.168%) | (5 year CMT + 3.168%) | (5 year CMT + 3.168%) |  |
| 2875000 | 4.000 | 12/31/99 | 2344965 |
| (5 year CMT + 4.971%) | (5 year CMT + 4.971%) | (5 year CMT + 4.971%) |  |
| 2250000 | 5.375 | 12/31/99 | 2197575 |
| United Wholesale Mortgage LLC | United Wholesale Mortgage LLC | United Wholesale Mortgage LLC |  |
| 3195000 | 5.500 <sup>(a)(b)</sup> | 04/15/29 | 2424142 |
| Universe Trek Ltd. | Universe Trek Ltd. | Universe Trek Ltd. | Universe Trek Ltd. |
| 200000 | 0.000 <sup>(g)(h)</sup> | 06/15/26 | 170424 |
| VistaJet Malta Finance PLC/XO Management Holding, Inc.<sup>(a)(b)</sup> | VistaJet Malta Finance PLC/XO Management Holding, Inc.<sup>(a)(b)</sup> | VistaJet Malta Finance PLC/XO Management Holding, Inc.<sup>(a)(b)</sup> | VistaJet Malta Finance PLC/XO Management Holding, Inc.<sup>(a)(b)</sup> |
| 1230000 | 7.875 | 05/01/27 | 1117910 |
| 3525000 | 6.375 | 02/01/30 | 2945596 |
|  |  |  | 66170197 |
| **Electrical – 0.7%** | **Electrical – 0.7%** | **Electrical – 0.7%** | **Electrical – 0.7%** |
| AES Panama Generation Holdings Srl | AES Panama Generation Holdings Srl | AES Panama Generation Holdings Srl |  |
| 460000 | 4.375 <sup>(b)</sup> | 05/31/30 | 361618 |
| Calpine Corp. | Calpine Corp. | Calpine Corp. | Calpine Corp. |
| 4215000 | 3.750 <sup>(a)(b)</sup> | 03/01/31 | 3448629 |
| Cikarang Listrindo Tbk PT | Cikarang Listrindo Tbk PT | Cikarang Listrindo Tbk PT |  |
| 200000 | 4.950 <sup>(b)</sup> | 09/14/26 | 173850 |

---

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

------

GOLDMAN SACHS INCOME BUILDER FUND

*October 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Electrical – (continued)** | **Electrical – (continued)** | **Electrical – (continued)** | **Electrical – (continued)** |
| EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA |
| 200000 | 5.375% | 12/30/30 | 102640 |
| Eskom Holdings SOC Ltd. | Eskom Holdings SOC Ltd. | Eskom Holdings SOC Ltd. | Eskom Holdings SOC Ltd. |
| 430000 | 7.125 | 02/11/25 | 400249 |
| 220000 | 6.350 <sup>(i)</sup> | 08/10/28 | 196969 |
| Lamar Funding Ltd. | Lamar Funding Ltd. | Lamar Funding Ltd. | Lamar Funding Ltd. |
| 470000 | 3.958 | 05/07/25 | 432341 |
| LLPL Capital Pte Ltd. | LLPL Capital Pte Ltd. | LLPL Capital Pte Ltd. | LLPL Capital Pte Ltd. |
| 392472 | 6.875 | 02/04/39 | 302203 |
| Minejesa Capital B.V. | Minejesa Capital B.V. | Minejesa Capital B.V. | Minejesa Capital B.V. |
| 260000 | 4.625 | 08/10/30 | 197210 |
| Mong Duong Finance Holdings BV | Mong Duong Finance Holdings BV | Mong Duong Finance Holdings BV | Mong Duong Finance Holdings BV |
| 530000 | 5.125<sup></sup> <sup>(b)</sup> | 05/07/29 | 367290 |
| NRG Energy, Inc.<sup>(b)</sup> | NRG Energy, Inc.<sup>(b)</sup> | NRG Energy, Inc.<sup>(b)</sup> | NRG Energy, Inc.<sup>(b)</sup> |
| 2800000 | 3.750<sup></sup> <sup>(a)</sup> | 06/15/24 | 2680804 |
| 115000 | 5.750 | 01/15/28 | 109472 |
| 448000 | 3.375<sup></sup> <sup>(a)</sup> | 02/15/29 | 374810 |
| Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
| 1470000 | 3.500<sup></sup> <sup>(b)</sup> | 08/01/50 | 899449 |
| Pike Corp. | Pike Corp. | Pike Corp. | Pike Corp. |
| 2420000 | 5.500 <sup>(a)(b)</sup> | 09/01/28 | 2064768 |
| Sempra Energy (5 year CMT + 4.550%) | Sempra Energy (5 year CMT + 4.550%) | Sempra Energy (5 year CMT + 4.550%) | Sempra Energy (5 year CMT + 4.550%) |
| 3335000 | 4.875 <sup>(b)(c)</sup> | 12/31/99 | 3036751 |
|  |  |  | 15149053 |
| **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1%** | **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1%** | **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1%** | **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1%** |
| WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. |
| 1473000 | 7.250 | 06/15/28 | 1493917 |
| **Electronics<sup>(a)(b)</sup> – 0.3%** | **Electronics<sup>(a)(b)</sup> – 0.3%** | **Electronics<sup>(a)(b)</sup> – 0.3%** | **Electronics<sup>(a)(b)</sup> – 0.3%** |
| II-VI, Inc. | II-VI, Inc. | II-VI, Inc. | II-VI, Inc. |
| 1225000 | 5.000 | 12/15/29 | 1049311 |
| Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
| 6867000 | 4.750 | 05/15/29 | 5954856 |
| TTM Technologies, Inc. | TTM Technologies, Inc. | TTM Technologies, Inc. | TTM Technologies, Inc. |
| 799000 | 4.000 | 03/01/29 | 675299 |
|  |  |  | 7679466 |
| **Energy-Alternate Sources<sup>(b)</sup> – 0.0%** | **Energy-Alternate Sources<sup>(b)</sup> – 0.0%** | **Energy-Alternate Sources<sup>(b)</sup> – 0.0%** | **Energy-Alternate Sources<sup>(b)</sup> – 0.0%** |
| Azure Power Solar Energy Pvt Ltd. | Azure Power Solar Energy Pvt Ltd. | Azure Power Solar Energy Pvt Ltd. | Azure Power Solar Energy Pvt Ltd. |
| 200000 | 5.650 | 12/24/24 | 162000 |
| Greenko Solar Mauritius Ltd. | Greenko Solar Mauritius Ltd. | Greenko Solar Mauritius Ltd. | Greenko Solar Mauritius Ltd. |
| 350000 | 5.950 | 07/29/26 | 280875 |
|  |  |  | 442875 |
| **Engineering & Construction – 0.4%** | **Engineering & Construction – 0.4%** | **Engineering & Construction – 0.4%** | **Engineering & Construction – 0.4%** |
| Aeropuertos Dominicanos Siglo XXI SA | Aeropuertos Dominicanos Siglo XXI SA | Aeropuertos Dominicanos Siglo XXI SA | Aeropuertos Dominicanos Siglo XXI SA |
| 630000 | 6.750 <sup>(b)</sup> | 03/30/29 | 551722 |
| Arcosa, Inc. | Arcosa, Inc. | Arcosa, Inc. | Arcosa, Inc. |
| 1221000 | 4.375 <sup>(a)(b)</sup> | 04/15/29 | 1056531 |
| ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/Andean Telecom Par | ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/Andean Telecom Par | ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/Andean Telecom Par | ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/Andean Telecom Par |
| 950000 | 4.050 <sup>(a)(b)</sup> | 04/27/26 | 761662 |
| Dycom Industries, Inc. | Dycom Industries, Inc. | Dycom Industries, Inc. | Dycom Industries, Inc. |
| 2764000 | 4.500 <sup>(a)(b)</sup> | 04/15/29 | 2416455 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Engineering & Construction – (continued)** | **Engineering & Construction – (continued)** | **Engineering & Construction – (continued)** | **Engineering & Construction – (continued)** |
| Global Infrastructure Solutions, Inc.<sup>(a)(b)</sup> | Global Infrastructure Solutions, Inc.<sup>(a)(b)</sup> | Global Infrastructure Solutions, Inc.<sup>(a)(b)</sup> | Global Infrastructure Solutions, Inc.<sup>(a)(b)</sup> |
| 4435000 | 5.625% | 06/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3286734 |
| 1390000 | 7.500 | 04/15/32 | 1029851 |
| IHS Holding Ltd.<sup>(a)(b)</sup> | IHS Holding Ltd.<sup>(a)(b)</sup> | IHS Holding Ltd.<sup>(a)(b)</sup> | IHS Holding Ltd.<sup>(a)(b)</sup> |
| 200000 | 5.625 | 11/29/26 | 148350 |
| 200000 | 6.250 | 11/29/28 | 143038 |
| International Airport Finance SA | International Airport Finance SA | International Airport Finance SA | International Airport Finance SA |
| 195594 | 12.000 <sup>(b)</sup> | 03/15/33 | 169189 |
| Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |
| 320000 | 5.500 | 10/31/46 | 203760 |
|  |  |  | 9767292 |
| **Entertainment<sup>(a)(b)</sup> – 1.0%** | **Entertainment<sup>(a)(b)</sup> – 1.0%** | **Entertainment<sup>(a)(b)</sup> – 1.0%** | **Entertainment<sup>(a)(b)</sup> – 1.0%** |
| Allen Media LLC/Allen Media Co-Issuer, Inc. | Allen Media LLC/Allen Media Co-Issuer, Inc. | Allen Media LLC/Allen Media Co-Issuer, Inc. | Allen Media LLC/Allen Media Co-Issuer, Inc. |
| 1575000 | 10.500 | 02/15/28 | 637859 |
| Banijay Entertainment SASU | Banijay Entertainment SASU | Banijay Entertainment SASU | Banijay Entertainment SASU |
| 1800000 | 5.375 | 03/01/25 | 1669176 |
| Boyne USA, Inc. | Boyne USA, Inc. | Boyne USA, Inc. | Boyne USA, Inc. |
| 1275000 | 4.750 | 05/15/29 | 1115510 |
| Lions Gate Capital Holdings LLC | Lions Gate Capital Holdings LLC | Lions Gate Capital Holdings LLC | Lions Gate Capital Holdings LLC |
| 2540000 | 5.500 | 04/15/29 | 1927225 |
| Motion Bondco DAC | Motion Bondco DAC | Motion Bondco DAC | Motion Bondco DAC |
| 3250000 | 6.625 | 11/15/27 | 2722460 |
| Penn Entertainment, Inc. | Penn Entertainment, Inc. | Penn Entertainment, Inc. | Penn Entertainment, Inc. |
| 3067000 | 4.125 | 07/01/29 | 2438388 |
| Scientific Games International, Inc. | Scientific Games International, Inc. | Scientific Games International, Inc. | Scientific Games International, Inc. |
| 500000 | 7.000 | 05/15/28 | 483810 |
| SeaWorld Parks & Entertainment, Inc. | SeaWorld Parks & Entertainment, Inc. | SeaWorld Parks & Entertainment, Inc. | SeaWorld Parks & Entertainment, Inc. |
| 4880000 | 5.250 | 08/15/29 | 4240232 |
| Six Flags Entertainment Corp. | Six Flags Entertainment Corp. | Six Flags Entertainment Corp. | Six Flags Entertainment Corp. |
| 1854000 | 5.500 | 04/15/27 | 1667729 |
| Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
| 2300000 | 4.054 | 03/15/29 | 1955943 |
| 4775000 | 4.279 | 03/15/32 | 3859012 |
|  |  |  | 22717344 |
| **Environmental<sup>(b)</sup> – 0.6%** | **Environmental<sup>(b)</sup> – 0.6%** | **Environmental<sup>(b)</sup> – 0.6%** | **Environmental<sup>(b)</sup> – 0.6%** |
| Covanta Holding Corp. | Covanta Holding Corp. | Covanta Holding Corp. | Covanta Holding Corp. |
| 670000 | 5.000 | 09/01/30 | 558619 |
| GFL Environmental, Inc.<sup>(a)</sup> | GFL Environmental, Inc.<sup>(a)</sup> | GFL Environmental, Inc.<sup>(a)</sup> | GFL Environmental, Inc.<sup>(a)</sup> |
| 730000 | 5.125 | 12/15/26 | 696216 |
| 6980000 | 4.000 | 08/01/28 | 5985280 |
| Madison IAQ LLC <sup>(a)</sup> | Madison IAQ LLC <sup>(a)</sup> | Madison IAQ LLC <sup>(a)</sup> | Madison IAQ LLC <sup>(a)</sup> |
| 4294000 | 4.125 | 06/30/28 | 3584073 |
| 485000 | 5.875 | 06/30/29 | 333646 |
| Stericycle, Inc. | Stericycle, Inc. | Stericycle, Inc. | Stericycle, Inc. |
| 1950000 | 5.375 <sup>(a)</sup> | 07/15/24 | 1921608 |
|  |  |  | 13079442 |
| **Food & Drug Retailing<sup>(b)</sup> – 0.9%** | **Food & Drug Retailing<sup>(b)</sup> – 0.9%** | **Food & Drug Retailing<sup>(b)</sup> – 0.9%** | **Food & Drug Retailing<sup>(b)</sup> – 0.9%** |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC<sup>(a)</sup> | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC<sup>(a)</sup> | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC<sup>(a)</sup> | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC<sup>(a)</sup> |
| 1995000 | 5.875 | 02/15/28 | 1875779 |
| 502000 | 4.875 | 02/15/30 | 445425 |

---

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

------

GOLDMAN SACHS INCOME BUILDER FUND

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Food & Drug Retailing<sup>(b)</sup> – (continued)** | **Food & Drug Retailing<sup>(b)</sup> – (continued)** | **Food & Drug Retailing<sup>(b)</sup> – (continued)** | **Food & Drug Retailing<sup>(b)</sup> – (continued)** |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertson's LLC | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertson's LLC | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertson's LLC | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertson's LLC |
| $2595000 | 4.625 %<sup>(a)</sup> | 01/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2406759 |
| Bellis Acquisition Co. PLC | Bellis Acquisition Co. PLC | Bellis Acquisition Co. PLC | Bellis Acquisition Co. PLC |
| GBP 475,000 | 3.250 <sup>(a)</sup> | 02/16/26 | 444554 |
| H-Food Holdings LLC/Hearthside Finance Co., Inc. | H-Food Holdings LLC/Hearthside Finance Co., Inc. | H-Food Holdings LLC/Hearthside Finance Co., Inc. | H-Food Holdings LLC/Hearthside Finance Co., Inc. |
| $2820000 | 8.500 <sup>(a)</sup> | 06/01/26 | 1645470 |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
| 2303000 | 5.000 | 07/15/35 | 2124126 |
| 2592000 | 4.375 | 06/01/46 | 2025285 |
| Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
| 1150000 | 5.500 <sup>(a)</sup> | 10/15/27 | 1094662 |
| Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
| 5984000 | 4.625 <sup>(a)</sup> | 04/15/30 | 5058455 |
| US Foods, Inc.<sup>(a)</sup> | US Foods, Inc.<sup>(a)</sup> | US Foods, Inc.<sup>(a)</sup> | US Foods, Inc.<sup>(a)</sup> |
| 2690000 | 4.750 | 02/15/29 | 2393481 |
| 1020000 | 4.625 | 06/01/30 | 886053 |
|  |  |  | 20400049 |
| **Forest Products&Paper<sup>(a)(b)</sup> – 0.0%** | **Forest Products&Paper<sup>(a)(b)</sup> – 0.0%** | **Forest Products&Paper<sup>(a)(b)</sup> – 0.0%** | **Forest Products&Paper<sup>(a)(b)</sup> – 0.0%** |
| Glatfelter Corp. | Glatfelter Corp. | Glatfelter Corp. | Glatfelter Corp. |
| 670000 | 4.750 | 11/15/29 | 431493 |
| **Gas<sup>(b)</sup> – 0.2%** | **Gas<sup>(b)</sup> – 0.2%** | **Gas<sup>(b)</sup> – 0.2%** | **Gas<sup>(b)</sup> – 0.2%** |
| AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. |
| 4125000 | 5.875 | 08/20/26 | 3876180 |
| China Oil & Gas Group Ltd. | China Oil & Gas Group Ltd. | China Oil & Gas Group Ltd. | China Oil & Gas Group Ltd. |
| 102857 | 5.500 | 01/25/23 | 100209 |
|  |  |  | 3976389 |
| **Healthcare Providers & Services<sup>(b)</sup> – 1.2%** | **Healthcare Providers & Services<sup>(b)</sup> – 1.2%** | **Healthcare Providers & Services<sup>(b)</sup> – 1.2%** | **Healthcare Providers & Services<sup>(b)</sup> – 1.2%** |
| CAB SELAS | CAB SELAS | CAB SELAS | CAB SELAS |
| 1175000 | 3.375 <sup>(a)</sup> | 02/01/28 | 911026 |
| Catalent Pharma Solutions, Inc.<sup>(a)</sup> | Catalent Pharma Solutions, Inc.<sup>(a)</sup> | Catalent Pharma Solutions, Inc.<sup>(a)</sup> | Catalent Pharma Solutions, Inc.<sup>(a)</sup> |
| $1005000 | 3.125 | 02/15/29 | 822803 |
| 840000 | 3.500 | 04/01/30 | 678367 |
| Chrome Holdco SASU | Chrome Holdco SASU | Chrome Holdco SASU | Chrome Holdco SASU |
| 2100000 | 5.000 <sup>(a)</sup> | 05/31/29 | 1504299 |
| CHS/Community Health Systems, Inc.<sup>(a)</sup> | CHS/Community Health Systems, Inc.<sup>(a)</sup> | CHS/Community Health Systems, Inc.<sup>(a)</sup> | CHS/Community Health Systems, Inc.<sup>(a)</sup> |
| $1540000 | 6.125 | 04/01/30 | 630568 |
| 2170000 | 4.750 | 02/15/31 | 1456157 |
| DaVita, Inc. | DaVita, Inc. | DaVita, Inc. | DaVita, Inc. |
| 7070000 | 3.750 <sup>(a)</sup> | 02/15/31 | 5130063 |
| Encompass Health Corp. | Encompass Health Corp. | Encompass Health Corp. | Encompass Health Corp. |
| 1200000 | 4.500 | 02/01/28 | 1072980 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 250000 | 5.875 | 02/15/26 | 247872 |
| Laboratoire Eimer Selas | Laboratoire Eimer Selas | Laboratoire Eimer Selas | Laboratoire Eimer Selas |
| 500000 | 5.000 <sup>(a)</sup> | 02/01/29 | 347024 |
| LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
| $2635000 | 5.375 <sup>(a)</sup> | 01/15/29 | 1674753 |
| Medline Borrower LP<sup>(a)</sup> | Medline Borrower LP<sup>(a)</sup> | Medline Borrower LP<sup>(a)</sup> | Medline Borrower LP<sup>(a)</sup> |
| 3270000 | 3.875 | 04/01/29 | 2670936 |
| 2285000 | 5.250 | 10/01/29 | 1781112 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Healthcare Providers & Services<sup>(b)</sup> – (continued)** | **Healthcare Providers & Services<sup>(b)</sup> – (continued)** | **Healthcare Providers & Services<sup>(b)</sup> – (continued)** | **Healthcare Providers & Services<sup>(b)</sup> – (continued)** |
| Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
| 1893000 | 3.875 %<sup>(a)</sup> | 05/15/32 | 1577229 |
| Pediatrix Medical Group, Inc. | Pediatrix Medical Group, Inc. | Pediatrix Medical Group, Inc. | Pediatrix Medical Group, Inc. |
| 725000 | 5.375 <sup>(a)</sup> | 02/15/30 | 625849 |
| Select Medical Corp. | Select Medical Corp. | Select Medical Corp. | Select Medical Corp. |
| 1700000 | 6.250 <sup>(a)</sup> | 08/15/26 | 1621919 |
| Tenet Healthcare Corp.<sup>(a)</sup> | Tenet Healthcare Corp.<sup>(a)</sup> | Tenet Healthcare Corp.<sup>(a)</sup> | Tenet Healthcare Corp.<sup>(a)</sup> |
| 2000000 | 6.250 | 02/01/27 | 1921520 |
| 3289000 | 6.125 | 06/15/30 | 3058277 |
|  |  |  | 27732754 |
| **Holding Companies-Diversified<sup>(b)</sup> – 0.0%** | **Holding Companies-Diversified<sup>(b)</sup> – 0.0%** | **Holding Companies-Diversified<sup>(b)</sup> – 0.0%** | **Holding Companies-Diversified<sup>(b)</sup> – 0.0%** |
| KOC Holding A/S | KOC Holding A/S | KOC Holding A/S | KOC Holding A/S |
| 700000 | 6.500 | 03/11/25 | 655725 |
| **Home Builders – 0.6%** | **Home Builders – 0.6%** | **Home Builders – 0.6%** | **Home Builders – 0.6%** |
| Brookfield Residential Properties, Inc./Brookfield Residential US LLC | Brookfield Residential Properties, Inc./Brookfield Residential US LLC | Brookfield Residential Properties, Inc./Brookfield Residential US LLC | Brookfield Residential Properties, Inc./Brookfield Residential US LLC |
| 1642000 | 4.875 <sup>(a)(b)</sup> | 02/15/30 | 1259989 |
| Century Communities, Inc. | Century Communities, Inc. | Century Communities, Inc. | Century Communities, Inc. |
| 4550000 | 3.875 <sup>(a)(b)</sup> | 08/15/29 | 3585400 |
| Installed Building Products, Inc. | Installed Building Products, Inc. | Installed Building Products, Inc. | Installed Building Products, Inc. |
| 800000 | 5.750 <sup>(a)(b)</sup> | 02/01/28 | 708472 |
| KB Home | KB Home | KB Home | KB Home |
| 1805000 | 7.250 <sup>(b)</sup> | 07/15/30 | 1668037 |
| LGI Homes, Inc. | LGI Homes, Inc. | LGI Homes, Inc. | LGI Homes, Inc. |
| 3698000 | 4.000 <sup>(a)(b)</sup> | 07/15/29 | 2831780 |
| PulteGroup, Inc. | PulteGroup, Inc. | PulteGroup, Inc. | PulteGroup, Inc. |
| 3000000 | 7.875 | 06/15/32 | 3150420 |
| Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. |
| 1301000 | 5.125 <sup>(a)(b)</sup> | 08/01/30 | 1081638 |
|  |  |  | 14285736 |
| **Home Furnishings<sup>(a)(b)</sup> – 0.1%** | **Home Furnishings<sup>(a)(b)</sup> – 0.1%** | **Home Furnishings<sup>(a)(b)</sup> – 0.1%** | **Home Furnishings<sup>(a)(b)</sup> – 0.1%** |
| Tempur Sealy International, Inc. | Tempur Sealy International, Inc. | Tempur Sealy International, Inc. | Tempur Sealy International, Inc. |
| 1515000 | 3.875 | 10/15/31 | 1140598 |
| **Household Products<sup>(b)</sup> – 0.1%** | **Household Products<sup>(b)</sup> – 0.1%** | **Household Products<sup>(b)</sup> – 0.1%** | **Household Products<sup>(b)</sup> – 0.1%** |
| Central Garden & Pet Co. | Central Garden & Pet Co. | Central Garden & Pet Co. | Central Garden & Pet Co. |
| 1380000 | 4.125 | 10/15/30 | 1143758 |
| Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. |
| 108000 | 5.750 | 07/15/25 | 106532 |
|  |  |  | 1250290 |
| **Housewares<sup>(b)</sup> – 0.3%** | **Housewares<sup>(b)</sup> – 0.3%** | **Housewares<sup>(b)</sup> – 0.3%** | **Housewares<sup>(b)</sup> – 0.3%** |
| CD&R Smokey Buyer, Inc. | CD&R Smokey Buyer, Inc. | CD&R Smokey Buyer, Inc. | CD&R Smokey Buyer, Inc. |
| 1094000 | 6.750 <sup>(a)</sup> | 07/15/25 | 1039245 |
| Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| 1380000 | 5.750 | 04/01/46 | 1061192 |
| SWF Escrow Issuer Corp. | SWF Escrow Issuer Corp. | SWF Escrow Issuer Corp. | SWF Escrow Issuer Corp. |
| 3255000 | 6.500 <sup>(a)</sup> | 10/01/29 | 1870453 |
| The Scotts Miracle-Gro Co. | The Scotts Miracle-Gro Co. | The Scotts Miracle-Gro Co. | The Scotts Miracle-Gro Co. |
| 3702000 | 4.000 | 04/01/31 | 2835140 |
| Turkiye Sise ve Cam Fabrikalari A/S | Turkiye Sise ve Cam Fabrikalari A/S | Turkiye Sise ve Cam Fabrikalari A/S | Turkiye Sise ve Cam Fabrikalari A/S |
| 530000 | 6.950 | 03/14/26 | 488793 |
|  |  |  | 7294823 |

---

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

------

GOLDMAN SACHS INCOME BUILDER FUND

*October 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Insurance – 0.9%** | **Insurance – 0.9%** | **Insurance – 0.9%** | **Insurance – 0.9%** |
| Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> | Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> | Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> | Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> |
| $1550000 | 10.125% | 08/01/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547272 |
| 2230000 | 4.250 | 02/15/29 | 1822222 |
| 2490000 | 6.000 | 08/01/29 | 2061122 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
| 1666000 | 6.750 <sup>(a)(b)</sup> | 10/15/27 | 1522707 |
| American International Group, Inc. | American International Group, Inc. | American International Group, Inc. | American International Group, Inc. |
| 2250000 | 3.400 <sup>(b)</sup> | 06/30/30 | 1935563 |
| BroadStreet Partners, Inc. | BroadStreet Partners, Inc. | BroadStreet Partners, Inc. | BroadStreet Partners, Inc. |
| 2940000 | 5.875 <sup>(a)(b)</sup> | 04/15/29 | 2376461 |
| Fidelity & Guaranty Life Holdings, Inc. | Fidelity & Guaranty Life Holdings, Inc. | Fidelity & Guaranty Life Holdings, Inc. | Fidelity & Guaranty Life Holdings, Inc. |
| 2850000 | 5.500 <sup>(a)(b)</sup> | 05/01/25 | 2787414 |
| Markel Corp. (5 year CMT + 5.662%) | Markel Corp. (5 year CMT + 5.662%) | Markel Corp. (5 year CMT + 5.662%) | Markel Corp. (5 year CMT + 5.662%) |
| 1500000 | 6.000 <sup>(b)(c)</sup> | 12/31/99 | 1441245 |
| Prudential Financial, Inc.<sup>(b)(c)</sup> | Prudential Financial, Inc.<sup>(b)(c)</sup> | Prudential Financial, Inc.<sup>(b)(c)</sup> | Prudential Financial, Inc.<sup>(b)(c)</sup> |
| (3M USD LIBOR + 3.920%) | (3M USD LIBOR + 3.920%) | (3M USD LIBOR + 3.920%) | (3M USD LIBOR + 3.920%) |
| 1000000 | 5.625 | 06/15/43 | 988100 |
| (5 year CMT + 3.234%) | (5 year CMT + 3.234%) | (5 year CMT + 3.234%) | (5 year CMT + 3.234%) |
| 1500000 | 6.000 | 09/01/52 | 1370160 |
| Sagicor Financial Co. Ltd. | Sagicor Financial Co. Ltd. | Sagicor Financial Co. Ltd. | Sagicor Financial Co. Ltd. |
| 200000 | 5.300 <sup>(a)(b)</sup> | 05/13/28 | 182420 |
| Transatlantic Holdings, Inc. | Transatlantic Holdings, Inc. | Transatlantic Holdings, Inc. | Transatlantic Holdings, Inc. |
| 75000 | 8.000 | 11/30/39 | 87299 |
| USI, Inc. | USI, Inc. | USI, Inc. | USI, Inc. |
| 1850000 | 6.875 <sup>(a)(b)</sup> | 05/01/25 | 1804472 |
|  |  |  | 19926457 |
| **Internet – 1.7%** | **Internet – 1.7%** | **Internet – 1.7%** | **Internet – 1.7%** |
| Booking Holdings, Inc. | Booking Holdings, Inc. | Booking Holdings, Inc. | Booking Holdings, Inc. |
| 2850000 | 4.625 <sup>(b)</sup> | 04/13/30 | 2687693 |
| Endurance International Group Holdings, Inc. | Endurance International Group Holdings, Inc. | Endurance International Group Holdings, Inc. | Endurance International Group Holdings, Inc. |
| 4173000 | 6.000 <sup>(a)(b)</sup> | 02/15/29 | 2715621 |
| Expedia Group, Inc.<sup>(b)</sup> | Expedia Group, Inc.<sup>(b)</sup> | Expedia Group, Inc.<sup>(b)</sup> | Expedia Group, Inc.<sup>(b)</sup> |
| 1160000 | 6.250 <sup>(a)</sup> | 05/01/25 | 1159316 |
| 1382000 | 4.625 | 08/01/27 | 1294008 |
| 3425000 | 3.250 | 02/15/30 | 2762502 |
| Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. |
| 3720000 | 9.750 <sup>(a)(b)</sup> | 03/01/27 | 3683581 |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. |
| 1305000 | 5.250 <sup>(a)(b)</sup> | 12/01/27 | 1233721 |
| GrubHub Holdings, Inc. | GrubHub Holdings, Inc. | GrubHub Holdings, Inc. | GrubHub Holdings, Inc. |
| 3400000 | 5.500 <sup>(a)(b)</sup> | 07/01/27 | 2282318 |
| ION Trading Technologies Sarl | ION Trading Technologies Sarl | ION Trading Technologies Sarl | ION Trading Technologies Sarl |
| 1868000 | 5.750 <sup>(a)(b)</sup> | 05/15/28 | 1503833 |
| Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC |
| 2103000 | 3.625 <sup>(a)(b)</sup> | 10/01/31 | 1602360 |
| NortonLifeLock, Inc. | NortonLifeLock, Inc. | NortonLifeLock, Inc. | NortonLifeLock, Inc. |
| 4000000 | 5.000 <sup>(a)(b)</sup> | 04/15/25 | 3889000 |
| Prosus NV | Prosus NV | Prosus NV | Prosus NV |
| 200000 | 3.257 <sup>(b)</sup> | 01/19/27 | 165000 |
| Twitter, Inc. | Twitter, Inc. | Twitter, Inc. | Twitter, Inc. |
| 3735000 | 5.000 <sup>(a)(b)</sup> | 03/01/30 | 3758717 |
| Uber Technologies, Inc.<sup>(a)(b)</sup> | Uber Technologies, Inc.<sup>(a)(b)</sup> | Uber Technologies, Inc.<sup>(a)(b)</sup> | Uber Technologies, Inc.<sup>(a)(b)</sup> |
| 3200000 | 7.500 | 05/15/25 | 3200352 |
| 1800000 | 6.250 | 01/15/28 | 1728126 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Internet – (continued)** | **Internet – (continued)** | **Internet – (continued)** | **Internet – (continued)** |
| $4090000 | 4.500% | 08/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3506275 |
| United Group B.V. | United Group B.V. | United Group B.V. | United Group B.V. |
| 1225000 | 4.625 <sup>(a)(b)</sup> | 08/15/28 | 869469 |
| Vnet Group, Inc. | Vnet Group, Inc. | Vnet Group, Inc. | Vnet Group, Inc. |
| $220000 | 0.000 <sup>(g)(h)</sup> | 02/01/26 | 181631 |
|  |  |  | 38223523 |
| **Investment Companies<sup>(b)</sup> – 0.2%** | **Investment Companies<sup>(b)</sup> – 0.2%** | **Investment Companies<sup>(b)</sup> – 0.2%** | **Investment Companies<sup>(b)</sup> – 0.2%** |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
| 5743000 | 4.375 | 02/01/29 | 4819813 |
| **Iron/Steel – 0.2%** | **Iron/Steel – 0.2%** | **Iron/Steel – 0.2%** | **Iron/Steel – 0.2%** |
| CAP SA | CAP SA | CAP SA | CAP SA |
| 200000 | 3.900 <sup>(a)(b)</sup> | 04/27/31 | 136413 |
| Cleveland-Cliffs, Inc.<sup>(b)</sup> | Cleveland-Cliffs, Inc.<sup>(b)</sup> | Cleveland-Cliffs, Inc.<sup>(b)</sup> | Cleveland-Cliffs, Inc.<sup>(b)</sup> |
| 2250000 | 5.875 | 06/01/27 | 2092882 |
| 1620000 | 4.875 <sup>(a)</sup> | 03/01/31 | 1369532 |
| Metinvest BV<sup>(b)</sup> | Metinvest BV<sup>(b)</sup> | Metinvest BV<sup>(b)</sup> | Metinvest BV<sup>(b)</sup> |
| 200000 | 7.750 | 04/23/23 | 105000 |
| 200000 | 8.500 | 04/23/26 | 84000 |
| Samarco Mineracao SA | Samarco Mineracao SA | Samarco Mineracao SA | Samarco Mineracao SA |
| 400000 | 4.125 <sup>(d)</sup> | 11/01/22 | 188000 |
| Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
| 460000 | 3.750 <sup>(b)</sup> | 07/08/30 | 378350 |
|  |  |  | 4354177 |
| **Leisure Time<sup>(a)(b)</sup> – 0.1%** | **Leisure Time<sup>(a)(b)</sup> – 0.1%** | **Leisure Time<sup>(a)(b)</sup> – 0.1%** | **Leisure Time<sup>(a)(b)</sup> – 0.1%** |
| NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
| 2231000 | 3.625 | 12/15/24 | 1947998 |
| TUI Cruises GmbH | TUI Cruises GmbH | TUI Cruises GmbH | TUI Cruises GmbH |
| 1100000 | 6.500 | 05/15/26 | 802413 |
|  |  |  | 2750411 |
| **Lodging<sup>(b)</sup> – 0.3%** | **Lodging<sup>(b)</sup> – 0.3%** | **Lodging<sup>(b)</sup> – 0.3%** | **Lodging<sup>(b)</sup> – 0.3%** |
| Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand | Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand | Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand | Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand |
| Vacations Borrower Esc | Vacations Borrower Esc | Vacations Borrower Esc | Vacations Borrower Esc |
| $3795000 | 5.000 <sup>(a)</sup> | 06/01/29 | 3265863 |
| Marriott Ownership Resorts, Inc. | Marriott Ownership Resorts, Inc. | Marriott Ownership Resorts, Inc. | Marriott Ownership Resorts, Inc. |
| 710000 | 4.500 <sup>(a)</sup> | 06/15/29 | 594277 |
| MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
| 1832000 | 4.750 | 10/15/28 | 1590689 |
| Travel + Leisure Co. | Travel + Leisure Co. | Travel + Leisure Co. | Travel + Leisure Co. |
| 598000 | 6.625 <sup>(a)</sup> | 07/31/26 | 583505 |
|  |  |  | 6034334 |
| **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.2%** | **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.2%** | **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.2%** | **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.2%** |
| BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. |
| 1023000 | 4.125 | 06/30/28 | 902910 |
| Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. |
| 2956000 | 4.125 | 11/15/28 | 2570656 |
|  |  |  | 3473566 |
| **Machinery-Diversified<sup>(a)(b)</sup> – 0.2%** | **Machinery-Diversified<sup>(a)(b)</sup> – 0.2%** | **Machinery-Diversified<sup>(a)(b)</sup> – 0.2%** | **Machinery-Diversified<sup>(a)(b)</sup> – 0.2%** |
| Titan Acquisition Ltd./Titan Co-Borrower LLC | Titan Acquisition Ltd./Titan Co-Borrower LLC | Titan Acquisition Ltd./Titan Co-Borrower LLC | Titan Acquisition Ltd./Titan Co-Borrower LLC |
| 588000 | 7.750 | 04/15/26 | 490563 |

---

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

------

GOLDMAN SACHS INCOME BUILDER FUND

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Machinery-Diversified<sup>(a)(b)</sup> – (continued)** | **Machinery-Diversified<sup>(a)(b)</sup> – (continued)** | **Machinery-Diversified<sup>(a)(b)</sup> – (continued)** | **Machinery-Diversified<sup>(a)(b)</sup> – (continued)** |
| TK Elevator Holdco GmbH | TK Elevator Holdco GmbH | TK Elevator Holdco GmbH | TK Elevator Holdco GmbH |
| $4509000 | 7.625% | 07/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3728492 |
|  |  |  | 4219055 |
| **Media – 3.6%** | **Media – 3.6%** | **Media – 3.6%** | **Media – 3.6%** |
| Altice Financing SA<sup>(a)(b)</sup> | Altice Financing SA<sup>(a)(b)</sup> | Altice Financing SA<sup>(a)(b)</sup> | Altice Financing SA<sup>(a)(b)</sup> |
| 1848000 | 5.000 | 01/15/28 | 1476478 |
| 2975000 | 4.250 | 08/15/29 | 2251896 |
| AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. |
| $1800000 | 4.750 <sup>(b)</sup> | 08/01/25 | 1651860 |
| Cable Onda SA | Cable Onda SA | Cable Onda SA | Cable Onda SA |
| 450000 | 4.500 <sup>(b)</sup> | 01/30/30 | 365850 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)(b)</sup> |
| 4980000 | 4.750 | 03/01/30 | 4149236 |
| 4800000 | 4.750 | 02/01/32 | 3848016 |
| 6580000 | 4.250 | 01/15/34 | 4831694 |
| Charter Communications Operating LLC/Charter | Charter Communications Operating LLC/Charter | Charter Communications Operating LLC/Charter | Charter Communications Operating LLC/Charter |
| Communications Operating Capital | Communications Operating Capital | Communications Operating Capital | Communications Operating Capital |
| 12000000 | 6.384 <sup>(b)</sup> | 10/23/35 | 10979880 |
| Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 2827000 | 2.800 <sup>(b)</sup> | 01/15/51 | 1679521 |
| CSC Holdings LLC<sup>(a)(b)</sup> | CSC Holdings LLC<sup>(a)(b)</sup> | CSC Holdings LLC<sup>(a)(b)</sup> | CSC Holdings LLC<sup>(a)(b)</sup> |
| 2298000 | 4.625 | 12/01/30 | 1655571 |
| 5372000 | 5.000 | 11/15/31 | 3891423 |
| Cumulus Media New Holdings, Inc. | Cumulus Media New Holdings, Inc. | Cumulus Media New Holdings, Inc. | Cumulus Media New Holdings, Inc. |
| 2421000 | 6.750 <sup>(a)(b)</sup> | 07/01/26 | 2101694 |
| Diamond Sports Group LLC/Diamond Sports Finance Co. | Diamond Sports Group LLC/Diamond Sports Finance Co. | Diamond Sports Group LLC/Diamond Sports Finance Co. | Diamond Sports Group LLC/Diamond Sports Finance Co. |
| 3345000 | 6.625 <sup>(a)(b)</sup> | 08/15/27 | 170628 |
| Directv Financing LLC/Directv Financing Co.-Obligor, Inc. | Directv Financing LLC/Directv Financing Co.-Obligor, Inc. | Directv Financing LLC/Directv Financing Co.-Obligor, Inc. | Directv Financing LLC/Directv Financing Co.-Obligor, Inc. |
| 5980000 | 5.875 <sup>(a)(b)</sup> | 08/15/27 | 5382120 |
| DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
| 1720000 | 5.250 <sup>(a)(b)</sup> | 12/01/26 | 1493424 |
| 1700000 | 7.375 <sup>(b)</sup> | 07/01/28 | 1292221 |
| 4195000 | 5.125 | 06/01/29 | 2835484 |
| Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. |
| 3125000 | 7.000 <sup>(a)(b)</sup> | 05/15/27 | 2976844 |
| iHeartCommunications, Inc.<sup>(b)</sup> | iHeartCommunications, Inc.<sup>(b)</sup> | iHeartCommunications, Inc.<sup>(b)</sup> | iHeartCommunications, Inc.<sup>(b)</sup> |
| 4605000 | 8.375 | 05/01/27 | 4140033 |
| 550000 | 4.750 <sup>(a)</sup> | 01/15/28 | 479826 |
| LCPR Senior Secured Financing DAC | LCPR Senior Secured Financing DAC | LCPR Senior Secured Financing DAC | LCPR Senior Secured Financing DAC |
| 3156000 | 5.125 <sup>(a)(b)</sup> | 07/15/29 | 2664895 |
| News Corp. | News Corp. | News Corp. | News Corp. |
| 2470000 | 3.875 <sup>(a)(b)</sup> | 05/15/29 | 2123484 |
| Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. |
| 1500000 | 5.625 <sup>(a)(b)</sup> | 07/15/27 | 1412040 |
| Scripps Escrow II, Inc. | Scripps Escrow II, Inc. | Scripps Escrow II, Inc. | Scripps Escrow II, Inc. |
| 1305000 | 5.375 <sup>(a)(b)</sup> | 01/15/31 | 1060665 |
| Scripps Escrow, Inc. | Scripps Escrow, Inc. | Scripps Escrow, Inc. | Scripps Escrow, Inc. |
| 1050000 | 5.875 <sup>(a)(b)</sup> | 07/15/27 | 951059 |
| Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. |
| 1210000 | 5.125 <sup>(a)(b)</sup> | 02/15/27 | 1016170 |
| Sirius XM Radio, Inc.<sup>(a)(b)</sup> | Sirius XM Radio, Inc.<sup>(a)(b)</sup> | Sirius XM Radio, Inc.<sup>(a)(b)</sup> | Sirius XM Radio, Inc.<sup>(a)(b)</sup> |
| 820000 | 3.125 | 09/01/26 | 732826 |
| 5020000 | 4.000 | 07/15/28 | 4333164 |
| 2260000 | 3.875 | 09/01/31 | 1806915 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Media – (continued)** | **Media – (continued)** | **Media – (continued)** | **Media – (continued)** |
| TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. |
| 2300000 | 4.625 %<sup>(b)</sup> | 03/15/28 | 2188657 |
| Townsquare Media, Inc. | Townsquare Media, Inc. | Townsquare Media, Inc. | Townsquare Media, Inc. |
| 2038000 | 6.875 <sup>(a)(b)</sup> | 02/01/26 | 1923872 |
| Urban One, Inc. | Urban One, Inc. | Urban One, Inc. | Urban One, Inc. |
| 1690000 | 7.375 <sup>(a)(b)</sup> | 02/01/28 | 1479122 |
| Ziggo B.V. | Ziggo B.V. | Ziggo B.V. | Ziggo B.V. |
| 1628000 | 4.875 <sup>(a)(b)</sup> | 01/15/30 | 1373885 |
| Ziggo Bond Co. B.V.<sup>(a)(b)</sup> | Ziggo Bond Co. B.V.<sup>(a)(b)</sup> | Ziggo Bond Co. B.V.<sup>(a)(b)</sup> | Ziggo Bond Co. B.V.<sup>(a)(b)</sup> |
| 675000 | 3.375 | 02/28/30 | 492550 |
| 500000 | 5.125 | 02/28/30 | 395715 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81608718 |
| **Mining – 0.5%** | **Mining – 0.5%** | **Mining – 0.5%** | **Mining – 0.5%** |
| Constellium SE | Constellium SE | Constellium SE | Constellium SE |
| 2585000 | 3.750 <sup>(a)(b)</sup> | 04/15/29 | 2026847 |
| Endeavour Mining PLC<sup>(b)</sup> | Endeavour Mining PLC<sup>(b)</sup> | Endeavour Mining PLC<sup>(b)</sup> | Endeavour Mining PLC<sup>(b)</sup> |
| 200000 | 5.000 <sup>(a)</sup> | 10/14/26 | 155350 |
| 200000 | 5.000 | 10/14/26 | 155350 |
| Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. |
| 2000000 | 5.400 <sup>(b)</sup> | 11/14/34 | 1787060 |
| Glencore Finance Canada Ltd. | Glencore Finance Canada Ltd. | Glencore Finance Canada Ltd. | Glencore Finance Canada Ltd. |
| 3000000 | 5.550 <sup>(a)</sup> | 10/25/42 | 2476380 |
| Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
| 2975000 | 2.850 <sup>(a)(b)</sup> | 04/27/31 | 2308630 |
| Novelis Corp. | Novelis Corp. | Novelis Corp. | Novelis Corp. |
| 2400000 | 4.750 <sup>(a)(b)</sup> | 01/30/30 | 2041560 |
| Stillwater Mining Co. | Stillwater Mining Co. | Stillwater Mining Co. | Stillwater Mining Co. |
| 200000 | 4.000 <sup>(b)</sup> | 11/16/26 | 163725 |
| Vedanta Resources Finance II PLC | Vedanta Resources Finance II PLC | Vedanta Resources Finance II PLC | Vedanta Resources Finance II PLC |
| 200000 | 8.950 <sup>(b)</sup> | 03/11/25 | 124000 |
|  |  |  | 11238902 |
| **Miscellaneous Manufacturing – 0.3%** | **Miscellaneous Manufacturing – 0.3%** | **Miscellaneous Manufacturing – 0.3%** | **Miscellaneous Manufacturing – 0.3%** |
| General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
| 1950000 | 6.750 | 03/15/32 | 2122478 |
| (3M USD LIBOR + 3.330%) | (3M USD LIBOR + 3.330%) | (3M USD LIBOR + 3.330%) | (3M USD LIBOR + 3.330%) |
| 4477000 | 6.623 <sup>(b)(c)</sup> | 12/29/49 | 4330199 |
| Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. |
| 1349000 | 3.750 <sup>(b)</sup> | 03/01/31 | 1081250 |
|  |  |  | 7533927 |
| **Multi-National – 0.0%** | **Multi-National – 0.0%** | **Multi-National – 0.0%** | **Multi-National – 0.0%** |
| The African Export-Import Bank | The African Export-Import Bank | The African Export-Import Bank | The African Export-Import Bank |
| 200000 | 3.994 <sup>(b)</sup> | 09/21/29 | 160080 |
| The Eastern & Southern African Trade & Development Bank | The Eastern & Southern African Trade & Development Bank | The Eastern & Southern African Trade & Development Bank | The Eastern & Southern African Trade & Development Bank |
| 520000 | 4.125 | 06/30/28 | 411840 |
|  |  |  | 571920 |
| **Office & Business Equipment<sup>(b)</sup> – 0.1%** | **Office & Business Equipment<sup>(b)</sup> – 0.1%** | **Office & Business Equipment<sup>(b)</sup> – 0.1%** | **Office & Business Equipment<sup>(b)</sup> – 0.1%** |
| CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. |
| 1440000 | 4.125 | 05/01/25 | 1369066 |
| Xerox Holdings Corp. | Xerox Holdings Corp. | Xerox Holdings Corp. | Xerox Holdings Corp. |
| 1055000 | 5.000 <sup>(a)</sup> | 08/15/25 | 954015 |
|  |  |  | 2323081 |

---

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

------

GOLDMAN SACHS INCOME BUILDER FUND

*October 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Oil & Gas – 0.0%** | **Oil & Gas – 0.0%** | **Oil & Gas – 0.0%** | **Oil & Gas – 0.0%** |
| YPF SA | YPF SA | YPF SA | YPF SA |
| $218750 | 8.500% | 03/23/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175547 |
| **Oil & Gas Services – 0.0%** | **Oil & Gas Services – 0.0%** | **Oil & Gas Services – 0.0%** | **Oil & Gas Services – 0.0%** |
| Guara Norte S.a.r.l | Guara Norte S.a.r.l | Guara Norte S.a.r.l | Guara Norte S.a.r.l |
| 346376 | 5.198 | 06/15/34 | 270173 |
| **Oil Field Services – 2.2%** | **Oil Field Services – 2.2%** | **Oil Field Services – 2.2%** | **Oil Field Services – 2.2%** |
| California Resources Corp. | California Resources Corp. | California Resources Corp. | California Resources Corp. |
| 2135000 | 7.125 <sup>(a)(b)</sup> | 02/01/26 | 2106626 |
| Cia General de Combustibles SA | Cia General de Combustibles SA | Cia General de Combustibles SA | Cia General de Combustibles SA |
| 121380 | 9.500 <sup>(a)</sup> | 03/08/25 | 114932 |
| Civitas Resources, Inc | Civitas Resources, Inc | Civitas Resources, Inc | Civitas Resources, Inc |
| 1345000 | 5.000 <sup>(a)(b)</sup> | 10/15/26 | 1239888 |
| Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. |
| 1306000 | 5.750 <sup>(a)(b)</sup> | 01/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188316 |
| DNO ASA<sup>(a)(b)</sup> | DNO ASA<sup>(a)(b)</sup> | DNO ASA<sup>(a)(b)</sup> | DNO ASA<sup>(a)(b)</sup> |
| 196690 | 8.375 | 05/29/24 | 194576 |
| 330000 | 7.875 | 09/09/26 | 300630 |
| EQT Corp.<sup>(b)</sup> | EQT Corp.<sup>(b)</sup> | EQT Corp.<sup>(b)</sup> | EQT Corp.<sup>(b)</sup> |
| 460000 | 3.900 | 10/01/27 | 413430 |
| 1915000 | 3.625 <sup>(a)</sup> | 05/15/31 | 1593606 |
| Genel Energy Finance 4 PLC | Genel Energy Finance 4 PLC | Genel Energy Finance 4 PLC | Genel Energy Finance 4 PLC |
| 200000 | 9.250 <sup>(a)(b)</sup> | 10/14/25 | 186200 |
| Geopark Ltd. | Geopark Ltd. | Geopark Ltd. | Geopark Ltd. |
| 200000 | 5.500 <sup>(a)(b)</sup> | 01/17/27 | 161350 |
| Hunt Oil Co. of Peru LLC Sucursal Del Peru | Hunt Oil Co. of Peru LLC Sucursal Del Peru | Hunt Oil Co. of Peru LLC Sucursal Del Peru | Hunt Oil Co. of Peru LLC Sucursal Del Peru |
| 421360 | 6.375 | 06/01/28 | 380277 |
| Kosmos Energy Ltd. | Kosmos Energy Ltd. | Kosmos Energy Ltd. | Kosmos Energy Ltd. |
| 500000 | 7.125 <sup>(b)</sup> | 04/04/26 | 416250 |
| Leviathan Bond Ltd. | Leviathan Bond Ltd. | Leviathan Bond Ltd. | Leviathan Bond Ltd. |
| 470000 | 5.750 <sup>(a)(b)</sup> | 06/30/23 | 464654 |
| Lukoil Securities B.V. | Lukoil Securities B.V. | Lukoil Securities B.V. | Lukoil Securities B.V. |
| 250000 | 3.875 <sup>(a)</sup> | 05/06/30 | 176250 |
| MEG Energy Corp.<sup>(a)(b)</sup> | MEG Energy Corp.<sup>(a)(b)</sup> | MEG Energy Corp.<sup>(a)(b)</sup> | MEG Energy Corp.<sup>(a)(b)</sup> |
| 2480000 | 7.125 | 02/01/27 | 2523747 |
| 1250000 | 5.875 | 02/01/29 | 1198250 |
| Nabors Industries, Inc.<sup>(a)(b)</sup> | Nabors Industries, Inc.<sup>(a)(b)</sup> | Nabors Industries, Inc.<sup>(a)(b)</sup> | Nabors Industries, Inc.<sup>(a)(b)</sup> |
| 2645000 | 9.000 | 02/01/25 | 2682533 |
| 4795000 | 7.375 | 05/15/27 | 4724513 |
| Noble Finance Co.<sup>(b)(f)</sup> | Noble Finance Co.<sup>(b)(f)</sup> | Noble Finance Co.<sup>(b)(f)</sup> | Noble Finance Co.<sup>(b)(f)</sup> |
| (PIK 15.000%, Cash 11.000%) | (PIK 15.000%, Cash 11.000%) | (PIK 15.000%, Cash 11.000%) | (PIK 15.000%, Cash 11.000%) |
| 55098 | 11.000 <sup>(a)</sup> | 02/15/28 | 59419 |
| (PIK 15.000%, Cash 11.000%) | (PIK 15.000%, Cash 11.000%) | (PIK 15.000%, Cash 11.000%) | (PIK 15.000%, Cash 11.000%) |
| 564689 | 11.000 | 02/15/28 | 608972 |
| Occidental Petroleum Corp.<sup>(b)</sup> | Occidental Petroleum Corp.<sup>(b)</sup> | Occidental Petroleum Corp.<sup>(b)</sup> | Occidental Petroleum Corp.<sup>(b)</sup> |
| 2180000 | 8.000 | 07/15/25 | 2313372 |
| 2550000 | 6.625 | 09/01/30 | 2653963 |
| Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| 210000 | 6.490 <sup>(b)</sup> | 01/23/27 | 183414 |
| 290000 | 6.500 | 03/13/27 | 252735 |
| Range Resources Corp.<sup>(b)</sup> | Range Resources Corp.<sup>(b)</sup> | Range Resources Corp.<sup>(b)</sup> | Range Resources Corp.<sup>(b)</sup> |
| 1470000 | 5.000 | 03/15/23 | 1466854 |
| 985000 | 4.750 <sup>(a)</sup> | 02/15/30 | 870957 |
| Saka Energi Indonesia PT | Saka Energi Indonesia PT | Saka Energi Indonesia PT | Saka Energi Indonesia PT |
| 200000 | 4.450 | 05/05/24 | 185725 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** |
| SEPLAT Energy PLC | SEPLAT Energy PLC | SEPLAT Energy PLC | SEPLAT Energy PLC |
| $630000 | 7.750 %<sup>(a)(b)</sup> | 04/01/26 | 486990 |
| ShaMaran Petroleum Corp. | ShaMaran Petroleum Corp. | ShaMaran Petroleum Corp. | ShaMaran Petroleum Corp. |
| 260000 | 12.000 <sup>(a)(b)</sup> | 07/30/25 | 239200 |
| Southwestern Energy Co. | Southwestern Energy Co. | Southwestern Energy Co. | Southwestern Energy Co. |
| 1445000 | 4.750 <sup>(b)</sup> | 02/01/32 | 1252425 |
| Sunoco LP/Sunoco Finance Corp. | Sunoco LP/Sunoco Finance Corp. | Sunoco LP/Sunoco Finance Corp. | Sunoco LP/Sunoco Finance Corp. |
| 6970000 | 4.500 <sup>(b)</sup> | 05/15/29 | 6022219 |
| TechnipFMC PLC | TechnipFMC PLC | TechnipFMC PLC | TechnipFMC PLC |
| 3635000 | 6.500 <sup>(a)(b)</sup> | 02/01/26 | 3495089 |
| Tiger Holdco Pte Ltd.<sup>(f)</sup> | Tiger Holdco Pte Ltd.<sup>(f)</sup> | Tiger Holdco Pte Ltd.<sup>(f)</sup> | Tiger Holdco Pte Ltd.<sup>(f)</sup> |
| 212334 | 13.000 <sup>(a)(b)</sup> | 06/10/23 | 209454 |
| Transocean Poseidon Ltd. | Transocean Poseidon Ltd. | Transocean Poseidon Ltd. | Transocean Poseidon Ltd. |
| 910875 | 6.875 <sup>(a)(b)</sup> | 02/01/27 | 871671 |
| Transocean, Inc. | Transocean, Inc. | Transocean, Inc. | Transocean, Inc. |
| 4448000 | 11.500 <sup>(a)(b)</sup> | 01/30/27 | 4468327 |
| Tullow Oil PLC | Tullow Oil PLC | Tullow Oil PLC | Tullow Oil PLC |
| 310000 | 7.000 <sup>(b)</sup> | 03/01/25 | 203825 |
| USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. |
| 4480000 | 6.875 <sup>(b)</sup> | 04/01/26 | 4300397 |
| YPF SA | YPF SA | YPF SA | YPF SA |
| 133000 | 8.750 | 04/04/24 | 114654 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50325690 |
| **Packaging – 0.9%** | **Packaging – 0.9%** | **Packaging – 0.9%** | **Packaging – 0.9%** |
| ARD Finance SA<sup>(f)</sup> (PIK 5.750%, Cash 5.000%) | ARD Finance SA<sup>(f)</sup> (PIK 5.750%, Cash 5.000%) | ARD Finance SA<sup>(f)</sup> (PIK 5.750%, Cash 5.000%) | ARD Finance SA<sup>(f)</sup> (PIK 5.750%, Cash 5.000%) |
| 2648270 | 5.000 <sup>(b)</sup> | 06/30/27 | 1779663 |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal |
| Packaging Finance PLC<sup>(b)</sup> | Packaging Finance PLC<sup>(b)</sup> | Packaging Finance PLC<sup>(b)</sup> | Packaging Finance PLC<sup>(b)</sup> |
| $523000 | 6.000 <sup>(a)</sup> | 06/15/27 | 501813 |
| 2531000 | 3.000 | 09/01/29 | 1787501 |
| $1463000 | 4.000 <sup>(a)</sup> | 09/01/29 | 1114177 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |
| 3295000 | 5.250 <sup>(a)(b)</sup> | 08/15/27 | 2360406 |
| Berry Global, Inc.<sup>(a)(b)</sup> | Berry Global, Inc.<sup>(a)(b)</sup> | Berry Global, Inc.<sup>(a)(b)</sup> | Berry Global, Inc.<sup>(a)(b)</sup> |
| 1308000 | 4.500 | 02/15/26 | 1223909 |
| 2000000 | 5.625 | 07/15/27 | 1898900 |
| LABL, Inc. | LABL, Inc. | LABL, Inc. | LABL, Inc. |
| 1750000 | 6.750 <sup>(a)(b)</sup> | 07/15/26 | 1668818 |
| Owens-Brockway Glass Container, Inc. | Owens-Brockway Glass Container, Inc. | Owens-Brockway Glass Container, Inc. | Owens-Brockway Glass Container, Inc. |
| 527000 | 5.875 <sup>(a)</sup> | 08/15/23 | 525414 |
| Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group | Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group | Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group | Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group |
| Issuer LLC | Issuer LLC | Issuer LLC | Issuer LLC |
| 1410000 | 4.000 <sup>(a)(b)</sup> | 10/15/27 | 1247864 |
| Pactiv LLC | Pactiv LLC | Pactiv LLC | Pactiv LLC |
| 2845000 | 8.375 | 04/15/27 | 2568238 |
| SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA | SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA | SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA | SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA |
| 290000 | 3.500 <sup>(a)(b)</sup> | 08/02/28 | 230151 |
| Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. |
| 1843000 | 6.875 <sup>(a)</sup> | 07/15/33 | 1767197 |
| Trivium Packaging Finance B.V.<sup>(a)(b)</sup> | Trivium Packaging Finance B.V.<sup>(a)(b)</sup> | Trivium Packaging Finance B.V.<sup>(a)(b)</sup> | Trivium Packaging Finance B.V.<sup>(a)(b)</sup> |
| 1075000 | 5.500 | 08/15/26 | 988377 |
| 1300000 | 8.500 | 08/15/27 | 1233362 |
|  |  |  | 20895790 |

---

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

------

GOLDMAN SACHS INCOME BUILDER FUND

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Pharmaceuticals<sup>(b)</sup> – 1.2%** | **Pharmaceuticals<sup>(b)</sup> – 1.2%** | **Pharmaceuticals<sup>(b)</sup> – 1.2%** | **Pharmaceuticals<sup>(b)</sup> – 1.2%** |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| $6650000 | 3.200% | 11/21/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5805583 |
| AdaptHealth LLC<sup>(a)</sup> | AdaptHealth LLC<sup>(a)</sup> | AdaptHealth LLC<sup>(a)</sup> | AdaptHealth LLC<sup>(a)</sup> |
| 1445000 | 6.125 | 08/01/28 | 1337622 |
| 670000 | 4.625 | 08/01/29 | 570666 |
| 1020000 | 5.125 | 03/01/30 | 884493 |
| Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
| 2240000 | 6.125 <sup>(a)</sup> | 02/01/27 | 1476854 |
| Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
| 3200000 | 2.823 | 05/20/30 | 2667584 |
| Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH |
| 1268000 | 5.500 <sup>(a)</sup> | 01/15/28 | 1051172 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 4715000 | 3.750 | 04/01/30 | 4163109 |
| HLF Financing Sarl LLC/Herbalife International, Inc. | HLF Financing Sarl LLC/Herbalife International, Inc. | HLF Financing Sarl LLC/Herbalife International, Inc. | HLF Financing Sarl LLC/Herbalife International, Inc. |
| 7384000 | 4.875 <sup>(a)</sup> | 06/01/29 | 5536892 |
| Organon & Co./Organon Foreign Debt Co.-Issuer BV<sup>(a)</sup> | Organon & Co./Organon Foreign Debt Co.-Issuer BV<sup>(a)</sup> | Organon & Co./Organon Foreign Debt Co.-Issuer BV<sup>(a)</sup> | Organon & Co./Organon Foreign Debt Co.-Issuer BV<sup>(a)</sup> |
| 700000 | 4.125 | 04/30/28 | 616119 |
| 1950000 | 5.125 | 04/30/31 | 1655687 |
| Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. |
| 1855000 | 3.750 <sup>(a)</sup> | 04/01/31 | 1492756 |
| Teva Pharmaceutical Finance Netherlands II BV | Teva Pharmaceutical Finance Netherlands II BV | Teva Pharmaceutical Finance Netherlands II BV | Teva Pharmaceutical Finance Netherlands II BV |
| 210000 | 3.750 | 05/09/27 | 181641 |
|  |  |  | 27440178 |
| **Pipelines – 3.8%** | **Pipelines – 3.8%** | **Pipelines – 3.8%** | **Pipelines – 3.8%** |
| Buckeye Partners LP<sup>(b)</sup> | Buckeye Partners LP<sup>(b)</sup> | Buckeye Partners LP<sup>(b)</sup> | Buckeye Partners LP<sup>(b)</sup> |
| $2100000 | 4.350 | 10/15/24 | 2008356 |
| 4636000 | 3.950 | 12/01/26 | 4064567 |
| 929000 | 4.125 | 12/01/27 | 805815 |
| 1217000 | 4.500 <sup>(a)</sup> | 03/01/28 | 1058583 |
| Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
| 1800000 | 4.500 <sup>(b)</sup> | 10/01/29 | 1589238 |
| CNX Midstream Partners LP | CNX Midstream Partners LP | CNX Midstream Partners LP | CNX Midstream Partners LP |
| 1210000 | 4.750 <sup>(a)(b)</sup> | 04/15/30 | 996133 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC |
| 4130000 | 5.500 <sup>(a)(b)</sup> | 06/15/31 | 3665871 |
| DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP |
| 4000000 | 6.750 <sup>(a)</sup> | 09/15/37 | 3890480 |
| DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. |
| 4130000 | 4.375 <sup>(a)(b)</sup> | 06/15/31 | 3479731 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 2985000 | 6.625 | 10/15/36 | 2821900 |
| Enterprise Products Operating LLC (3M USD LIBOR + 2.778%) | Enterprise Products Operating LLC (3M USD LIBOR + 2.778%) | Enterprise Products Operating LLC (3M USD LIBOR + 2.778%) | Enterprise Products Operating LLC (3M USD LIBOR + 2.778%) |
| 1000000 | 5.860 <sup>(b)(c)</sup> | 06/01/67 | 834500 |
| EQM Midstream Partners LP | EQM Midstream Partners LP | EQM Midstream Partners LP | EQM Midstream Partners LP |
| 2305000 | 7.500 <sup>(a)(b)</sup> | 06/01/27 | 2280198 |
| Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. |
| 2010000 | 7.750 <sup>(b)</sup> | 02/01/28 | 1916314 |
| Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. |
| 3922000 | 6.875 <sup>(b)</sup> | 01/15/29 | 3570275 |
| GNL Quintero SA | GNL Quintero SA | GNL Quintero SA | GNL Quintero SA |
| 222372 | 4.634 | 07/31/29 | 205138 |
| Hess Midstream Operations LP | Hess Midstream Operations LP | Hess Midstream Operations LP | Hess Midstream Operations LP |
| 990000 | 5.500 <sup>(a)(b)</sup> | 10/15/30 | 892465 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Pipelines – (continued)** | **Pipelines – (continued)** | **Pipelines – (continued)** | **Pipelines – (continued)** |
| Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
| $1565000 | 6.750 %<sup>(a)(b)</sup> | 01/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420065 |
| ITT Holdings LLC | ITT Holdings LLC | ITT Holdings LLC | ITT Holdings LLC |
| 3380000 | 6.500 <sup>(a)(b)</sup> | 08/01/29 | 2720731 |
| Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |
| 7000000 | 7.300 | 08/15/33 | 7252630 |
| Kinetik Holdings LP | Kinetik Holdings LP | Kinetik Holdings LP | Kinetik Holdings LP |
| 3490000 | 5.875 <sup>(a)(b)</sup> | 06/15/30 | 3299655 |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP |
| 5925000 | 2.650 <sup>(b)</sup> | 08/15/30 | 4665641 |
| New Fortress Energy, Inc. | New Fortress Energy, Inc. | New Fortress Energy, Inc. | New Fortress Energy, Inc. |
| 2110000 | 6.750 <sup>(a)(b)</sup> | 09/15/25 | 2071915 |
| NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
| 2569000 | 6.375 <sup>(b)</sup> | 10/01/30 | 2381848 |
| Oleoducto Central SA | Oleoducto Central SA | Oleoducto Central SA | Oleoducto Central SA |
| 490000 | 4.000 <sup>(b)</sup> | 07/14/27 | 398676 |
| Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. |
| 3000000 | 3.600 <sup>(b)</sup> | 11/01/24 | 2872680 |
| Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
| 2275000 | 4.200 <sup>(b)</sup> | 03/15/28 | 2076597 |
| Summit Midstream Holdings LLC/Summit Midstream Finance Corp.<sup>(b)</sup> | Summit Midstream Holdings LLC/Summit Midstream Finance Corp.<sup>(b)</sup> | Summit Midstream Holdings LLC/Summit Midstream Finance Corp.<sup>(b)</sup> | Summit Midstream Holdings LLC/Summit Midstream Finance Corp.<sup>(b)</sup> |
| 3260000 | 5.750 | 04/15/25 | 2738759 |
| 3370000 | 8.500 <sup>(a)</sup> | 10/15/26 | 3236042 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(a)(b)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(a)(b)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(a)(b)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(a)(b)</sup> |
| 525000 | 6.000 | 12/31/30 | 476238 |
| 4485000 | 6.000 | 09/01/31 | 4014972 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | Targa Resources Partners LP/Targa Resources Partners Finance Corp. | Targa Resources Partners LP/Targa Resources Partners Finance Corp. | Targa Resources Partners LP/Targa Resources Partners Finance Corp. |
| 1910000 | 4.875 <sup>(b)</sup> | 02/01/31 | 1687886 |
| The Williams Cos., Inc. | The Williams Cos., Inc. | The Williams Cos., Inc. | The Williams Cos., Inc. |
| 7000000 | 7.500 | 01/15/31 | 7444850 |
| Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
| 3243000 | 4.125 <sup>(a)(b)</sup> | 08/15/31 | 2772506 |
|  |  |  | 85611255 |
| **Real Estate – 0.1%** | **Real Estate – 0.1%** | **Real Estate – 0.1%** | **Real Estate – 0.1%** |
| Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. |
| 210000 | 5.625 <sup>(h)</sup> | 12/15/26 | 17850 |
| GTC Aurora Luxembourg SA | GTC Aurora Luxembourg SA | GTC Aurora Luxembourg SA | GTC Aurora Luxembourg SA |
| 250000 | 2.250 <sup>(b)</sup> | 06/23/26 | 160445 |
| IRSA Inversiones y Representaciones SA | IRSA Inversiones y Representaciones SA | IRSA Inversiones y Representaciones SA | IRSA Inversiones y Representaciones SA |
| $277787 | 8.750 <sup>(a)(b)</sup> | 06/22/28 | 254696 |
| Realogy Group LLC/Realogy Co.-Issuer Corp. | Realogy Group LLC/Realogy Co.-Issuer Corp. | Realogy Group LLC/Realogy Co.-Issuer Corp. | Realogy Group LLC/Realogy Co.-Issuer Corp. |
| 2080000 | 5.750 <sup>(a)(b)</sup> | 01/15/29 | 1493710 |
| Redsun Properties Group Ltd. | Redsun Properties Group Ltd. | Redsun Properties Group Ltd. | Redsun Properties Group Ltd. |
| 230000 | 7.300 <sup>(b)(d)</sup> | 01/13/25 | 10537 |
| The Howard Hughes Corp. | The Howard Hughes Corp. | The Howard Hughes Corp. | The Howard Hughes Corp. |
| 734000 | 4.125 <sup>(a)(b)</sup> | 02/01/29 | 581284 |
|  |  |  | 2518522 |
| **Real Estate Investment Trust<sup>(b)</sup> – 0.9%** | **Real Estate Investment Trust<sup>(b)</sup> – 0.9%** | **Real Estate Investment Trust<sup>(b)</sup> – 0.9%** | **Real Estate Investment Trust<sup>(b)</sup> – 0.9%** |
| American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| 2125000 | 3.950 | 03/15/29 | 1881985 |

---

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

------

GOLDMAN SACHS INCOME BUILDER FUND

*October 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Real Estate Investment Trust<sup>(b)</sup> – (continued)** | **Real Estate Investment Trust<sup>(b)</sup> – (continued)** | **Real Estate Investment Trust<sup>(b)</sup> – (continued)** | **Real Estate Investment Trust<sup>(b)</sup> – (continued)** |
| Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR |
| Nimbus LLC/GGSI Sellco LL | Nimbus LLC/GGSI Sellco LL | Nimbus LLC/GGSI Sellco LL | Nimbus LLC/GGSI Sellco LL |
| 600000 | 5.750 %<sup>(a)</sup> | 05/15/26 | 558096 |
| CIBANCO SA Institucion de Banca Multiple Trust CIB/3332 | CIBANCO SA Institucion de Banca Multiple Trust CIB/3332 | CIBANCO SA Institucion de Banca Multiple Trust CIB/3332 | CIBANCO SA Institucion de Banca Multiple Trust CIB/3332 |
| 390000 | 4.375 <sup>(a)</sup> | 07/22/31 | 241800 |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| 300000 | 4.150 | 07/01/50 | 213903 |
| Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. |
| 2395000 | 5.000 <sup>(a)</sup> | 07/15/32 | 1974414 |
| MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. |
| 3000000 | 5.000 | 10/15/27 | 2565060 |
| 2680000 | 3.500 | 03/15/31 | 1852764 |
| SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. |
| 2637000 | 3.875 | 02/15/27 | 2383242 |
| Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
| 2700000 | 4.750 | 03/15/25 | 2547234 |
| Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
| 510000 | 4.869 | 01/15/30 | 383163 |
| VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP |
| 2480000 | 4.750 | 02/15/28 | 2264538 |
| VICI Properties LP/VICI Note Co., Inc.<sup>(a)</sup> | VICI Properties LP/VICI Note Co., Inc.<sup>(a)</sup> | VICI Properties LP/VICI Note Co., Inc.<sup>(a)</sup> | VICI Properties LP/VICI Note Co., Inc.<sup>(a)</sup> |
| 1526000 | 3.500 | 02/15/25 | 1420309 |
| 1306000 | 4.625 | 06/15/25 | 1228828 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19515336 |
| **Retailing<sup>(b)</sup> – 1.4%** | **Retailing<sup>(b)</sup> – 1.4%** | **Retailing<sup>(b)</sup> – 1.4%** | **Retailing<sup>(b)</sup> – 1.4%** |
| Arko Corp. | Arko Corp. | Arko Corp. | Arko Corp. |
| 1770000 | 5.125 <sup>(a)</sup> | 11/15/29 | 1402495 |
| Asbury Automotive Group, Inc.<sup>(a)</sup> | Asbury Automotive Group, Inc.<sup>(a)</sup> | Asbury Automotive Group, Inc.<sup>(a)</sup> | Asbury Automotive Group, Inc.<sup>(a)</sup> |
| 1462000 | 4.625 | 11/15/29 | 1202232 |
| 809000 | 5.000 | 02/15/32 | 652232 |
| AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
| 961000 | 4.750 | 06/01/30 | 829506 |
| Beacon Roofing Supply, Inc. | Beacon Roofing Supply, Inc. | Beacon Roofing Supply, Inc. | Beacon Roofing Supply, Inc. |
| 2560000 | 4.125 <sup>(a)</sup> | 05/15/29 | 2119449 |
| Carvana Co.<sup>(a)</sup> | Carvana Co.<sup>(a)</sup> | Carvana Co.<sup>(a)</sup> | Carvana Co.<sup>(a)</sup> |
| 850000 | 5.500 | 04/15/27 | 411230 |
| 1615000 | 4.875 | 09/01/29 | 714605 |
| eG Global Finance PLC | eG Global Finance PLC | eG Global Finance PLC | eG Global Finance PLC |
| 3800000 | 6.750 <sup>(a)</sup> | 02/07/25 | 3445232 |
| Foundation Building Materials, Inc. | Foundation Building Materials, Inc. | Foundation Building Materials, Inc. | Foundation Building Materials, Inc. |
| 1019000 | 6.000 <sup>(a)</sup> | 03/01/29 | 712953 |
| GYP Holdings III Corp. | GYP Holdings III Corp. | GYP Holdings III Corp. | GYP Holdings III Corp. |
| 1160000 | 4.625 <sup>(a)</sup> | 05/01/29 | 916400 |
| InRetail Consumer | InRetail Consumer | InRetail Consumer | InRetail Consumer |
| 400000 | 3.250 | 03/22/28 | 316250 |
| LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC |
| 3020000 | 4.875 <sup>(a)</sup> | 05/01/29 | 2556098 |
| Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
| 2062000 | 3.750 | 04/01/32 | 1779032 |
| Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. |
| 2179000 | 3.750 | 06/15/29 | 1789177 |
| Specialty Building Products Holdings LLC/SBP Finance Corp. | Specialty Building Products Holdings LLC/SBP Finance Corp. | Specialty Building Products Holdings LLC/SBP Finance Corp. | Specialty Building Products Holdings LLC/SBP Finance Corp. |
| 3446000 | 6.375 <sup>(a)</sup> | 09/30/26 | 2791157 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Retailing<sup>(b)</sup> – (continued)** | **Retailing<sup>(b)</sup> – (continued)** | **Retailing<sup>(b)</sup> – (continued)** | **Retailing<sup>(b)</sup> – (continued)** |
| SRS Distribution, Inc.<sup>(a)</sup> | SRS Distribution, Inc.<sup>(a)</sup> | SRS Distribution, Inc.<sup>(a)</sup> | SRS Distribution, Inc.<sup>(a)</sup> |
| $1912000 | 4.625% | 07/01/28 | 1682139 |
| 3525000 | 6.125 | 07/01/29 | 2895717 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. |
| 2245000 | 5.000 <sup>(a)</sup> | 06/01/31 | 1886182 |
| The Home Depot, Inc. | The Home Depot, Inc. | The Home Depot, Inc. | The Home Depot, Inc. |
| 1170000 | 3.350 | 04/15/50 | 811290 |
| Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
| 3064000 | 4.750 <sup>(a)</sup> | 01/15/30 | 2737439 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31650815 |
| **Semiconductors<sup>(b)</sup> – 0.5%** | **Semiconductors<sup>(b)</sup> – 0.5%** | **Semiconductors<sup>(b)</sup> – 0.5%** | **Semiconductors<sup>(b)</sup> – 0.5%** |
| Amkor Technology, Inc. | Amkor Technology, Inc. | Amkor Technology, Inc. | Amkor Technology, Inc. |
| 1398000 | 6.625 <sup>(a)</sup> | 09/15/27 | 1379952 |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 3723000 | 4.150 | 11/15/30 | 3202897 |
| 2069000 | 3.469 <sup>(a)</sup> | 04/15/34 | 1548626 |
| 1856000 | 3.137 <sup>(a)</sup> | 11/15/35 | 1287340 |
| 3319000 | 3.187 <sup>(a)</sup> | 11/15/36 | 2264587 |
| NXP B.V./NXP Funding LLC/NXP USA, Inc. | NXP B.V./NXP Funding LLC/NXP USA, Inc. | NXP B.V./NXP Funding LLC/NXP USA, Inc. | NXP B.V./NXP Funding LLC/NXP USA, Inc. |
| 975000 | 4.400 | 06/01/27 | 914374 |
| 982000 | 3.400 | 05/01/30 | 814343 |
| Qorvo, Inc. | Qorvo, Inc. | Qorvo, Inc. | Qorvo, Inc. |
| 750000 | 4.375 | 10/15/29 | 641198 |
|  |  |  | 12053317 |
| **Software<sup>(b)</sup> – 1.0%** | **Software<sup>(b)</sup> – 1.0%** | **Software<sup>(b)</sup> – 1.0%** | **Software<sup>(b)</sup> – 1.0%** |
| AthenaHealth Group, Inc. | AthenaHealth Group, Inc. | AthenaHealth Group, Inc. | AthenaHealth Group, Inc. |
| 4765000 | 6.500 <sup>(a)</sup> | 02/15/30 | 3717939 |
| Castle U.S. Holding Corp. | Castle U.S. Holding Corp. | Castle U.S. Holding Corp. | Castle U.S. Holding Corp. |
| 4104000 | 9.500 <sup>(a)</sup> | 02/15/28 | 1860918 |
| Clarivate Science Holdings Corp.<sup>(a)</sup> | Clarivate Science Holdings Corp.<sup>(a)</sup> | Clarivate Science Holdings Corp.<sup>(a)</sup> | Clarivate Science Holdings Corp.<sup>(a)</sup> |
| 3509000 | 3.875 | 07/01/28 | 3039355 |
| 2401000 | 4.875 | 07/01/29 | 2001930 |
| Elastic NV | Elastic NV | Elastic NV | Elastic NV |
| 1835000 | 4.125 <sup>(a)</sup> | 07/15/29 | 1533363 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 1405000 | 3.600 | 04/01/50 | 865016 |
| Playtika Holding Corp. | Playtika Holding Corp. | Playtika Holding Corp. | Playtika Holding Corp. |
| 3198000 | 4.250 <sup>(a)</sup> | 03/15/29 | 2663326 |
| PTC, Inc. | PTC, Inc. | PTC, Inc. | PTC, Inc. |
| 4000 | 3.625 <sup>(a)</sup> | 02/15/25 | 3816 |
| ROBLOX Corp. | ROBLOX Corp. | ROBLOX Corp. | ROBLOX Corp. |
| 1975000 | 3.875 <sup>(a)</sup> | 05/01/30 | 1621179 |
| SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. |
| 850000 | 5.500 <sup>(a)</sup> | 09/30/27 | 789965 |
| TeamSystem SpA | TeamSystem SpA | TeamSystem SpA | TeamSystem SpA |
| 3100000 | 3.500 <sup>(a)</sup> | 02/15/28 | 2513019 |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. |
| $1450000 | 3.875 <sup>(a)</sup> | 02/01/29 | 1221262 |
|  |  |  | 21831088 |
| **Sovereign<sup>(b)(c)</sup> – 0.2%** | **Sovereign<sup>(b)(c)</sup> – 0.2%** | **Sovereign<sup>(b)(c)</sup> – 0.2%** | **Sovereign<sup>(b)(c)</sup> – 0.2%** |
| CoBank ACB (3M USD LIBOR + 4.660%) | CoBank ACB (3M USD LIBOR + 4.660%) | CoBank ACB (3M USD LIBOR + 4.660%) | CoBank ACB (3M USD LIBOR + 4.660%) |
| 5350000 | 6.250 | 12/29/49 | 5131720 |

---

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

------

GOLDMAN SACHS INCOME BUILDER FUND

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Technology - Software/Services<sup>(a)(b)</sup> – 0.1%** | **Technology - Software/Services<sup>(a)(b)</sup> – 0.1%** | **Technology - Software/Services<sup>(a)(b)</sup> – 0.1%** | **Technology - Software/Services<sup>(a)(b)</sup> – 0.1%** |
| Virtusa Corp. | Virtusa Corp. | Virtusa Corp. | Virtusa Corp. |
| $2371000 | 7.125% | 12/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1706124 |
| **Telecommunication Services – 1.4%** | **Telecommunication Services – 1.4%** | **Telecommunication Services – 1.4%** | **Telecommunication Services – 1.4%** |
| Altice France SA | Altice France SA | Altice France SA | Altice France SA |
| 4695000 | 5.500 <sup>(a)(b)</sup> | 10/15/29 | 3578811 |
| America Movil SAB de CV | America Movil SAB de CV | America Movil SAB de CV | America Movil SAB de CV |
| 360000 | 5.375 <sup>(a)(b)</sup> | 04/04/32 | 304042 |
| AT&T, Inc.<sup>(b)</sup> | AT&T, Inc.<sup>(b)</sup> | AT&T, Inc.<sup>(b)</sup> | AT&T, Inc.<sup>(b)</sup> |
| 2900000 | 2.750 | 06/01/31 | 2320435 |
| 3475000 | 2.250 | 02/01/32 | 2613686 |
| Axian Telecom | Axian Telecom | Axian Telecom | Axian Telecom |
| 250000 | 7.375 <sup>(a)(b)</sup> | 02/16/27 | 215000 |
| CommScope, Inc. | CommScope, Inc. | CommScope, Inc. | CommScope, Inc. |
| 1430000 | 7.125 <sup>(a)(b)</sup> | 07/01/28 | 1212626 |
| CT Trust | CT Trust | CT Trust | CT Trust |
| 440000 | 5.125 <sup>(b)</sup> | 02/03/32 | 350295 |
| Digicel Group Holdings Ltd.<sup>(f)</sup> (PIK 3.000%, Cash 5.000%) | Digicel Group Holdings Ltd.<sup>(f)</sup> (PIK 3.000%, Cash 5.000%) | Digicel Group Holdings Ltd.<sup>(f)</sup> (PIK 3.000%, Cash 5.000%) | Digicel Group Holdings Ltd.<sup>(f)</sup> (PIK 3.000%, Cash 5.000%) |
| 656043 | 8.000 <sup>(a)(b)</sup> | 04/01/25 | 223055 |
| Intelsat Jackson Holdings SA<sup>(d)(e)</sup> | Intelsat Jackson Holdings SA<sup>(d)(e)</sup> | Intelsat Jackson Holdings SA<sup>(d)(e)</sup> | Intelsat Jackson Holdings SA<sup>(d)(e)</sup> |
| 708000 | 5.500 | 08/01/23 |  |
| 3000000 | 8.500 | 10/15/24 |  |
| Lorca Telecom Bondco SA | Lorca Telecom Bondco SA | Lorca Telecom Bondco SA | Lorca Telecom Bondco SA |
| 1525000 | 4.000 <sup>(a)(b)</sup> | 09/18/27 | 1326578 |
| Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. |
| $2870000 | 7.650 | 03/15/42 | 1925626 |
| Millicom International Cellular SA | Millicom International Cellular SA | Millicom International Cellular SA | Millicom International Cellular SA |
| 486000 | 5.125 <sup>(b)</sup> | 01/15/28 | 413799 |
| MTN Mauritius Investments Ltd. | MTN Mauritius Investments Ltd. | MTN Mauritius Investments Ltd. | MTN Mauritius Investments Ltd. |
| 420000 | 6.500 | 10/13/26 | 398816 |
| Nokia of America Corp. | Nokia of America Corp. | Nokia of America Corp. | Nokia of America Corp. |
| 3000000 | 6.450 | 03/15/29 | 2818740 |
| Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. |
| 1150000 | 8.750 | 03/15/32 | 1349157 |
| Telecom Argentina SA | Telecom Argentina SA | Telecom Argentina SA | Telecom Argentina SA |
| 158000 | 8.500 <sup>(a)</sup> | 08/06/25 | 147710 |
| Telecom Italia Capital SA | Telecom Italia Capital SA | Telecom Italia Capital SA | Telecom Italia Capital SA |
| 1800000 | 7.200 | 07/18/36 | 1412622 |
| 1000000 | 7.721 | 06/04/38 | 793270 |
| T-Mobile USA, Inc.<sup>(b)</sup> | T-Mobile USA, Inc.<sup>(b)</sup> | T-Mobile USA, Inc.<sup>(b)</sup> | T-Mobile USA, Inc.<sup>(b)</sup> |
| 7351000 | 3.875 | 04/15/30 | 6504606 |
| 1896000 | 4.500 | 04/15/50 | 1505007 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 2800000 | 3.150 <sup>(b)</sup> | 03/22/30 | 2373336 |
|  |  |  | 31787217 |
| **Telecommunications – 0.0%** | **Telecommunications – 0.0%** | **Telecommunications – 0.0%** | **Telecommunications – 0.0%** |
| Telefonica Celular Del Paraguay SA | Telefonica Celular Del Paraguay SA | Telefonica Celular Del Paraguay SA | Telefonica Celular Del Paraguay SA |
| 440000 | 5.875 | 04/15/27 | 397458 |
| **Toys/Games/Hobbies<sup>(b)</sup> – 0.2%** | **Toys/Games/Hobbies<sup>(b)</sup> – 0.2%** | **Toys/Games/Hobbies<sup>(b)</sup> – 0.2%** | **Toys/Games/Hobbies<sup>(b)</sup> – 0.2%** |
| Mattel, Inc. | Mattel, Inc. | Mattel, Inc. | Mattel, Inc. |
| 2475000 | 3.150 | 03/15/23 | 2456289 |
| 2185000 | 3.375 <sup>(a)</sup> | 04/01/26 | 2001198 |
|  |  |  | 4457487 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Transportation – 0.2%** | **Transportation – 0.2%** | **Transportation – 0.2%** | **Transportation – 0.2%** |
| Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
| $1900000 | 2.450 %<sup>(b)</sup> | 12/02/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507897 |
| Cargo Aircraft Management, Inc. | Cargo Aircraft Management, Inc. | Cargo Aircraft Management, Inc. | Cargo Aircraft Management, Inc. |
| 785000 | 4.750 <sup>(a)(b)</sup> | 02/01/28 | 701028 |
| MV24 Capital B.V. | MV24 Capital B.V. | MV24 Capital B.V. | MV24 Capital B.V. |
| 302226 | 6.748 <sup>(a)</sup> | 06/01/34 | 249204 |
| XPO Escrow Sub LLC | XPO Escrow Sub LLC | XPO Escrow Sub LLC | XPO Escrow Sub LLC |
| 1745000 | 7.500 | 11/15/27 | 1741615 |
|  |  |  | 4199744 |
| **Trucking & Leasing<sup>(a)(b)</sup> –0.1%** | **Trucking & Leasing<sup>(a)(b)</sup> –0.1%** | **Trucking & Leasing<sup>(a)(b)</sup> –0.1%** | **Trucking & Leasing<sup>(a)(b)</sup> –0.1%** |
| Fortress Transportation & Infrastructure Investors LLC | Fortress Transportation & Infrastructure Investors LLC | Fortress Transportation & Infrastructure Investors LLC | Fortress Transportation & Infrastructure Investors LLC |
| 2220000 | 5.500 | 05/01/28 | 1894970 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $1,162,774,791)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $1,162,774,791)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $1,162,774,791)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986189461 |
| **Shares** | **Description** | **Description** | **Value** |
| **Common Stocks – 39.4%** | **Common Stocks – 39.4%** | **Common Stocks – 39.4%** | **Common Stocks – 39.4%** |
| **Aerospace & Defense – 0.5%** | **Aerospace & Defense – 0.5%** | **Aerospace & Defense – 0.5%** | **Aerospace & Defense – 0.5%** |
| 49052 | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12089846 |
| **Banks – 3.9%** | **Banks – 3.9%** | **Banks – 3.9%** | **Banks – 3.9%** |
| 441300 | Bank of America Corp. | Bank of America Corp. | 15904452 |
| 426136 | BNP Paribas SA ADR | BNP Paribas SA ADR | 10073855 |
| 194779 | JPMorgan Chase & Co. | JPMorgan Chase & Co. | 24518781 |
| 78479 | M&T Bank Corp. | M&T Bank Corp. | 13213509 |
| 1525574 | Nordea Bank Abp ADR | Nordea Bank Abp ADR | 14523464 |
| 231324 | Truist Financial Corp. | Truist Financial Corp. | 10361002 |
|  |  |  | 88595063 |
| **Beverages – 0.8%** | **Beverages – 0.8%** | **Beverages – 0.8%** | **Beverages – 0.8%** |
| 185510 | Coca-Cola Europacific Partners | Coca-Cola Europacific Partners |  |
|  | PLC | PLC | 8728245 |
| 135661 | The Coca-Cola Co. | The Coca-Cola Co. | 8119311 |
|  |  |  | 16847556 |
| **Biotechnology – 0.7%** | **Biotechnology – 0.7%** | **Biotechnology – 0.7%** | **Biotechnology – 0.7%** |
| 27359 | Amgen, Inc. | Amgen, Inc. | 7396506 |
| 114027 | Gilead Sciences, Inc. | Gilead Sciences, Inc. | 8946558 |
|  |  |  | 16343064 |
| **Capital Markets – 0.9%** | **Capital Markets – 0.9%** | **Capital Markets – 0.9%** | **Capital Markets – 0.9%** |
| 12814 | BlackRock, Inc. | BlackRock, Inc. | 8276691 |
| 89849 | Morgan Stanley | Morgan Stanley | 7382892 |
| 58226 | Singapore Exchange Ltd. ADR | Singapore Exchange Ltd. ADR | 5185608 |
|  |  |  | 20845191 |
| **Chemicals – 0.9%** | **Chemicals – 0.9%** | **Chemicals – 0.9%** | **Chemicals – 0.9%** |
| 34632 | Air Products & Chemicals, Inc. | Air Products & Chemicals, Inc. | 8671853 |
| 37761 | Linde PLC | Linde PLC | 11228233 |
|  |  |  | 19900086 |

---

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

------

GOLDMAN SACHS INCOME BUILDER FUND

*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Commerical Services & Supplies – 0.6%** | **Commerical Services & Supplies – 0.6%** | **Commerical Services & Supplies – 0.6%** |
| 100536 | Republic Services, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13333084 |
| **Communications Equipment – 0.8%** | **Communications Equipment – 0.8%** | **Communications Equipment – 0.8%** |
| 294684 | Cisco Systems, Inc. | 13387494 |
| 35606 | Intelsat Emergence SA | 890150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152955 | Juniper Networks, Inc. | 4680423 |
|  |  | 18958067 |
| **Construction & Engineering – 0.3%** | **Construction & Engineering – 0.3%** | **Construction & Engineering – 0.3%** |
| 278862 | Vinci SA ADR | 6405460 |
| **Consumer Finance – 0.4%** | **Consumer Finance – 0.4%** | **Consumer Finance – 0.4%** |
| 52963 | American Express Co. | 7862357 |
| **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** |
| 106557 | International Paper Co. | 3581381 |
| **Diversified Telecommunication Services – 0.6%** | **Diversified Telecommunication Services – 0.6%** | **Diversified Telecommunication Services – 0.6%** |
| 795278 | AT&T, Inc. | 14497918 |
| **Electric Utilities – 0.9%** | **Electric Utilities – 0.9%** | **Electric Utilities – 0.9%** |
| 188055 | NextEra Energy, Inc. | 14574263 |
| 89077 | Xcel Energy, Inc. | 5799803 |
|  |  | 20374066 |
| **Electrical Equipment – 1.3%** | **Electrical Equipment – 1.3%** | **Electrical Equipment – 1.3%** |
| 96723 | Eaton Corp. PLC | 14515220 |
| 618227 | Schneider Electric SE ADR | 15634961 |
|  |  | 30150181 |
| **Electronic Equipment, Instruments & Components – 0.3%** | **Electronic Equipment, Instruments & Components – 0.3%** | **Electronic Equipment, Instruments & Components – 0.3%** |
| 53620 | TE Connectivity Ltd. | 6553973 |
| **Energy Equipment & Services – 0.1%** | **Energy Equipment & Services – 0.1%** | **Energy Equipment & Services – 0.1%** |
| 89078 | Noble Corp. PLC | 3210371 |
| **Entertainment – 0.2%** | **Entertainment – 0.2%** | **Entertainment – 0.2%** |
| 31832 | Electronic Arts, Inc. | 4009559 |
| **Equity Real Estate Investment Trusts (REITs) – 1.7%** | **Equity Real Estate Investment Trusts (REITs) – 1.7%** | **Equity Real Estate Investment Trusts (REITs) – 1.7%** |
| 48215 | Alexandria Real Estate |  |
|  | Equities, Inc. | 7005639 |
| 43720 | American Tower Corp. | 9058347 |
| 38342 | AvalonBay Communities, Inc. | 6714451 |
| 112993 | Healthpeak Properties, Inc. | 2681324 |
| 177602 | Hudson Pacific Properties, Inc. | 1960726 |
| 51256 | Regency Centers Corp. | 3101501 |
| 202598 | Ventas, Inc. | 7927660 |
|  |  | 38449648 |
| **Food & Staples Retailing – 1.0%** | **Food & Staples Retailing – 1.0%** | **Food & Staples Retailing – 1.0%** |
| 309782 | Koninklijke Ahold Delhaize |  |
|  | NV ADR | 8646015 |
| 91954 | Walmart, Inc. | 13087813 |
|  |  | 21733828 |
| **Food Products – 1.5%** | **Food Products – 1.5%** | **Food Products – 1.5%** |
| 74980 | Archer-Daniels-Midland Co. | 7271560 |
| 103846 | General Mills, Inc. | 8471757 |
| 104241 | Nestle SA ADR | 11332039 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Food Products – (continued)** | **Food Products – (continued)** | **Food Products – (continued)** |
| 166111 | The Kraft Heinz Co. | 6390290 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33465646 |
| **Health Care Equipment & Supplies – 1.2%** | **Health Care Equipment & Supplies – 1.2%** | **Health Care Equipment & Supplies – 1.2%** |
| 77301 | Abbott Laboratories | 7648161 |
| 148791 | Medtronic PLC | 12995406 |
| 51556 | Zimmer Biomet Holdings, Inc. | 5843872 |
|  |  | 26487439 |
| **Health Care Providers & Services – 1.1%** | **Health Care Providers & Services – 1.1%** | **Health Care Providers & Services – 1.1%** |
| 144673 | CVS Health Corp. | 13700533 |
| 20533 | UnitedHealth Group, Inc. | 11398895 |
|  |  | 25099428 |
| **Hotels, Restaurants & Leisure – 0.9%** | **Hotels, Restaurants & Leisure – 0.9%** | **Hotels, Restaurants & Leisure – 0.9%** |
| 46185 | McDonald's Corp. | 12592802 |
| 61663 | Yum! Brands, Inc. | 7291650 |
|  |  | 19884452 |
| **Household Products – 0.7%** | **Household Products – 0.7%** | **Household Products – 0.7%** |
| 591108 | Reckitt Benckiser Group PLC | 7844003 |
| 58372 | The Procter & Gamble Co. | 7860957 |
|  |  | 15704960 |
| **Industrial Conglomerates – 0.5%** | **Industrial Conglomerates – 0.5%** | **Industrial Conglomerates – 0.5%** |
| 54444 | Honeywell International, Inc. | 11107665 |
| **Insurance – 1.8%** | **Insurance – 1.8%** | **Insurance – 1.8%** |
| 56339 | Chubb Ltd. | 12106687 |
| 52563 | Marsh & McLennan Cos., Inc. | 8488399 |
| 173390 | MetLife, Inc. | 12693882 |
| 195287 | Zurich Insurance Group AG ADR | 8293839 |
|  |  | 41582807 |
| **IT Services – 1.2%** | **IT Services – 1.2%** | **IT Services – 1.2%** |
| 22939 | Accenture PLC Class A | 6512382 |
| 62990 | Cognizant Technology Solutions Corp. Class A | 3921128 |
| 81953 | Fidelity National Information Services, Inc. | 6801279 |
| 72812 | International Business Machines Corp. | 10069172 |
|  |  | 27303961 |
| **Machinery – 1.2%** | **Machinery – 1.2%** | **Machinery – 1.2%** |
| 33037 | Caterpillar, Inc. | 7151189 |
| 37656 | Cummins, Inc. | 9207269 |
| 50008 | Illinois Tool Works, Inc. | 10678208 |
|  |  | 27036666 |
| **Media – 0.3%** | **Media – 0.3%** | **Media – 0.3%** |
| 194739 | Bright Pattern Holding Co.<sup>(e)</sup> | 1947 |
| 157444 | Comcast Corp. Class A | 4997273 |

---

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

------

GOLDMAN SACHS INCOME BUILDER FUND

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Media – (continued)** | **Media – (continued)** | **Media – (continued)** |
| 83332 | The New York Times Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2413295 |
|  |  | 7412515 |
| **Metals & Mining – 0.4%** | **Metals & Mining – 0.4%** | **Metals & Mining – 0.4%** |
| 176982 | Rio Tinto PLC | 9441990 |
| **Multiline Retail – 0.3%** | **Multiline Retail – 0.3%** | **Multiline Retail – 0.3%** |
| 42418 | Target Corp. | 6967157 |
| **Multi-Utilities – 1.6%** | **Multi-Utilities – 1.6%** | **Multi-Utilities – 1.6%** |
| 99640 | Ameren Corp. | 8122653 |
| 121977 | CMS Energy Corp. | 6958788 |
| 109069 | Dominion Energy, Inc. | 7631558 |
| 118494 | National Grid PLC ADR | 6472142 |
| 53223 | Sempra Energy | 8033480 |
|  |  | 37218621 |
| **Oil, Gas & Consumable Fuels – 3.3%** | **Oil, Gas & Consumable Fuels – 3.3%** | **Oil, Gas & Consumable Fuels – 3.3%** |
| 2490 | Chesapeake Energy Corp. | 254652 |
| 139828 | ConocoPhillips | 17630913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185358 | Devon Energy Corp. | 14337441 |
| 127341 | Exxon Mobil Corp. | 14110656 |
| 40063 | Pioneer Natural Resources Co. | 10272554 |
| 298827 | Shell PLC ADR | 16623746 |
| 86915 | Summit Midstream Partners LP\* | 1664422 |
|  |  | 74894384 |
| **Personal Products – 0.4%** | **Personal Products – 0.4%** | **Personal Products – 0.4%** |
| 194889 | Unilever PLC | 8869398 |
| **Pharmaceuticals – 3.7%** | **Pharmaceuticals – 3.7%** | **Pharmaceuticals – 3.7%** |
| 146497 | AstraZeneca PLC ADR | 8615489 |
| 301184 | Bristol-Myers Squibb Co. | 23332724 |
| 48378 | Eli Lilly & Co. | 17517190 |
| 137095 | Johnson & Johnson | 23850417 |
| 262741 | Roche Holding AG | 10861713 |
|  |  | 84177533 |
| **Real Estate Management & Development – 0.4%** | **Real Estate Management & Development – 0.4%** | **Real Estate Management & Development – 0.4%** |
| 713764 | Vonovia SE | 7858542 |
| **Road & Rail – 0.3%** | **Road & Rail – 0.3%** | **Road & Rail – 0.3%** |
| 31109 | Norfolk Southern Corp. | 7095030 |
| **Semiconductors & Semiconductor Equipment – 1.2%** | **Semiconductors & Semiconductor Equipment – 1.2%** | **Semiconductors & Semiconductor Equipment – 1.2%** |
| 25171 | KLA Corp. | 7965363 |
| 129601 | Marvell Technology, Inc. | 5142568 |
| 40055 | Texas Instruments, Inc. | 6434034 |
| 111200 | Tokyo Electron Ltd. | 7323632 |
|  |  | 26865597 |
| **Software – 0.3%** | **Software – 0.3%** | **Software – 0.3%** |
| 194739 | Aspect Software, Inc.<sup>(e)</sup> | 1948 |
| 28632 | Microsoft Corp. | 6646346 |
|  |  | 6648294 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Specialty Retail – 0.6%** | **Specialty Retail – 0.6%** | **Specialty Retail – 0.6%** | **Specialty Retail – 0.6%** |
| 21424 | Advance Auto Parts, Inc. | Advance Auto Parts, Inc. | $4068846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121276 | Foot Locker, Inc. | Foot Locker, Inc. | 3844449 |
| 55489 | Ross Stores, Inc. | Ross Stores, Inc. | 5309743 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13223038 |
| **Technology Hardware, Storage & Peripherals – 0.1%** | **Technology Hardware, Storage & Peripherals – 0.1%** | **Technology Hardware, Storage & Peripherals – 0.1%** | **Technology Hardware, Storage & Peripherals – 0.1%** |
| 44428 | NetApp, Inc. | NetApp, Inc. | 3077528 |
| **Water Utilities – 0.3%** | **Water Utilities – 0.3%** | **Water Utilities – 0.3%** | **Water Utilities – 0.3%** |
| 46013 | American Water Works Co., Inc. | American Water Works Co., Inc. | 6687529 |
| **TOTAL COMMON STOCKS**<br> **(Cost $762,436,348)** | **TOTAL COMMON STOCKS**<br> **(Cost $762,436,348)** | **TOTAL COMMON STOCKS**<br> **(Cost $762,436,348)** | $891850879 |
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(c)(j)</sup> –7.1%** | **Bank Loans<sup>(c)(j)</sup> –7.1%** | **Bank Loans<sup>(c)(j)</sup> –7.1%** | **Bank Loans<sup>(c)(j)</sup> –7.1%** |
| **Advertising – 0.1%** | **Advertising – 0.1%** | **Advertising – 0.1%** | **Advertising – 0.1%** |
| CMG Media Corp (1M USD LIBOR + 3.500%) | CMG Media Corp (1M USD LIBOR + 3.500%) | CMG Media Corp (1M USD LIBOR + 3.500%) | CMG Media Corp (1M USD LIBOR + 3.500%) |
| $1167210 | 7.254% | 12/17/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087875 |
| **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** |
| ADS Tactical, Inc. (1M USD LIBOR + 5.750%) | ADS Tactical, Inc. (1M USD LIBOR + 5.750%) | ADS Tactical, Inc. (1M USD LIBOR + 5.750%) | ADS Tactical, Inc. (1M USD LIBOR + 5.750%) |
| 3907405 | 9.322 | 03/19/26 | 3516665 |
| **Auto Parts & Equipment – 0.1%** | **Auto Parts & Equipment – 0.1%** | **Auto Parts & Equipment – 0.1%** | **Auto Parts & Equipment – 0.1%** |
| Holley Purchaser, Inc. (1M USD LIBOR + 3.750%) | Holley Purchaser, Inc. (1M USD LIBOR + 3.750%) | Holley Purchaser, Inc. (1M USD LIBOR + 3.750%) | Holley Purchaser, Inc. (1M USD LIBOR + 3.750%) |
| 3138027 | 7.239 | 11/18/28 | 2815406 |
| **Automotive – 0.5%** | **Automotive – 0.5%** | **Automotive – 0.5%** | **Automotive – 0.5%** |
| First Brands Group LLC | First Brands Group LLC | First Brands Group LLC | First Brands Group LLC |
| (3M USD LIBOR + 8.500%) | (3M USD LIBOR + 8.500%) | (3M USD LIBOR + 8.500%) | (3M USD LIBOR + 8.500%) |
| 2900000 | 11.871 | 03/30/28 | 2576157 |
| (3M USD SOFR + 5.000%) | (3M USD SOFR + 5.000%) | (3M USD SOFR + 5.000%) | (3M USD SOFR + 5.000%) |
| 3308751 | 8.368 | 03/30/27 | 3125115 |
| Garrett LX I S.a.r.l.<sup>(e)</sup> (3M USD LIBOR + 3.250%) | Garrett LX I S.a.r.l.<sup>(e)</sup> (3M USD LIBOR + 3.250%) | Garrett LX I S.a.r.l.<sup>(e)</sup> (3M USD LIBOR + 3.250%) | Garrett LX I S.a.r.l.<sup>(e)</sup> (3M USD LIBOR + 3.250%) |
| 2772000 | 7.670 | 04/30/28 | 2688840 |
| OEConnection LLC (1M USD LIBOR + 4.000%) | OEConnection LLC (1M USD LIBOR + 4.000%) | OEConnection LLC (1M USD LIBOR + 4.000%) | OEConnection LLC (1M USD LIBOR + 4.000%) |
| 2531900 | 4.148 | 09/25/26 | 2405305 |
|  |  |  | 10795417 |
| **Building & Construction Materials – 0.2%** | **Building & Construction Materials – 0.2%** | **Building & Construction Materials – 0.2%** | **Building & Construction Materials – 0.2%** |
| Energize HoldCo LLC | Energize HoldCo LLC | Energize HoldCo LLC | Energize HoldCo LLC |
| (1M USD LIBOR + 3.750%) | (1M USD LIBOR + 3.750%) | (1M USD LIBOR + 3.750%) | (1M USD LIBOR + 3.750%) |
| 2313375 | 4.514 | 12/08/28 | 2178043 |
| (1M USD LIBOR + 6.750%) | (1M USD LIBOR + 6.750%) | (1M USD LIBOR + 6.750%) | (1M USD LIBOR + 6.750%) |
| 1250000 | 10.504 | 12/07/29 | 1164062 |
|  |  |  | 3342105 |
| **Building Materials – 0.1%** | **Building Materials – 0.1%** | **Building Materials – 0.1%** | **Building Materials – 0.1%** |
| Icebox Holdco III, Inc. | Icebox Holdco III, Inc. | Icebox Holdco III, Inc. | Icebox Holdco III, Inc. |
| (3M USD LIBOR + 3.750%) | (3M USD LIBOR + 3.750%) | (3M USD LIBOR + 3.750%) | (3M USD LIBOR + 3.750%) |
| 2215782 | 7.424 | 12/22/28 | 2048225 |

---

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

------

GOLDMAN SACHS INCOME BUILDER FUND

*October 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(c)(j)</sup> – (continued)** | **Bank Loans<sup>(c)(j)</sup> – (continued)** | **Bank Loans<sup>(c)(j)</sup> – (continued)** | **Bank Loans<sup>(c)(j)</sup> – (continued)** |
| **Building Materials – (continued)** | **Building Materials – (continued)** | **Building Materials – (continued)** | **Building Materials – (continued)** |
| (3M USD LIBOR + 6.750%) | (3M USD LIBOR + 6.750%) | (3M USD LIBOR + 6.750%) | (3M USD LIBOR + 6.750%) |
| $625000 | 7.250% | 12/21/29 | $550000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2598225 |
| **Chemicals – 0.4%** | **Chemicals – 0.4%** | **Chemicals – 0.4%** | **Chemicals – 0.4%** |
| Momentive Performance Materials, Inc. (1M USD LIBOR + 3.250%) | Momentive Performance Materials, Inc. (1M USD LIBOR + 3.250%) | Momentive Performance Materials, Inc. (1M USD LIBOR + 3.250%) | Momentive Performance Materials, Inc. (1M USD LIBOR + 3.250%) |
| 4641886 | 7.010 | 05/15/24 | 4576621 |
| Starfruit Finco B.V. (3M USD LIBOR + 2.750%) | Starfruit Finco B.V. (3M USD LIBOR + 2.750%) | Starfruit Finco B.V. (3M USD LIBOR + 2.750%) | Starfruit Finco B.V. (3M USD LIBOR + 2.750%) |
| 4652831 | 7.165 | 10/01/25 | 4376592 |
|  |  |  | 8953213 |
| **Commercial Services – 0.3%** | **Commercial Services – 0.3%** | **Commercial Services – 0.3%** | **Commercial Services – 0.3%** |
| Anticimex International AB | Anticimex International AB | Anticimex International AB | Anticimex International AB |
| (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) |
| 1988204 | 6.570 | 11/16/28 | 1923587 |
| (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) |
| 2965800 | 7.070 | 11/16/28 | 2866950 |
| Vaco Holdings LLC (1M TSFR + 5.000%) | Vaco Holdings LLC (1M TSFR + 5.000%) | Vaco Holdings LLC (1M TSFR + 5.000%) | Vaco Holdings LLC (1M TSFR + 5.000%) |
| 1265437 | 8.598 | 01/21/29 | 1224703 |
|  |  |  | 6015240 |
| **Computers – 0.2%** | **Computers – 0.2%** | **Computers – 0.2%** | **Computers – 0.2%** |
| Peraton Corp. (1M USD LIBOR + 7.750%) | Peraton Corp. (1M USD LIBOR + 7.750%) | Peraton Corp. (1M USD LIBOR + 7.750%) | Peraton Corp. (1M USD LIBOR + 7.750%) |
| 1747455 | 11.162 | 11/17/22 | 1655714 |
| Virtusa Corp. (1M USD LIBOR + 3.750%) | Virtusa Corp. (1M USD LIBOR + 3.750%) | Virtusa Corp. (1M USD LIBOR + 3.750%) | Virtusa Corp. (1M USD LIBOR + 3.750%) |
| 3738075 | 7.504 | 02/11/28 | 3583879 |
|  |  |  | 5239593 |
| **Consumer Cyclical Services – 0.1%** | **Consumer Cyclical Services – 0.1%** | **Consumer Cyclical Services – 0.1%** | **Consumer Cyclical Services – 0.1%** |
| The Hertz Corp. | The Hertz Corp. | The Hertz Corp. | The Hertz Corp. |
| (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) |
| 507443 | 4.000 | 06/30/28 | 488176 |
| (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) |
| 2658900 | 7.010 | 06/30/28 | 2557941 |
|  |  |  | 3046117 |
| **Diversified Financial Services – 0.1%** | **Diversified Financial Services – 0.1%** | **Diversified Financial Services – 0.1%** | **Diversified Financial Services – 0.1%** |
| Fiserv Investment Solutions, Inc. (3M USD LIBOR + 4.000%) | Fiserv Investment Solutions, Inc. (3M USD LIBOR + 4.000%) | Fiserv Investment Solutions, Inc. (3M USD LIBOR + 4.000%) | Fiserv Investment Solutions, Inc. (3M USD LIBOR + 4.000%) |
| 635375 | 6.961 | 02/18/27 | 595981 |
| Syncapay, Inc. (3M USD LIBOR + 6.500%) | Syncapay, Inc. (3M USD LIBOR + 6.500%) | Syncapay, Inc. (3M USD LIBOR + 6.500%) | Syncapay, Inc. (3M USD LIBOR + 6.500%) |
| 2055237 | 10.174 | 12/10/27 | 1972165 |
|  |  |  | 2568146 |
| **Energy-Alternate Sources – 0.1%** | **Energy-Alternate Sources – 0.1%** | **Energy-Alternate Sources – 0.1%** | **Energy-Alternate Sources – 0.1%** |
| TerraForm Power Operating, LLC (3M USD SOFR + 2.750%) | TerraForm Power Operating, LLC (3M USD SOFR + 2.750%) | TerraForm Power Operating, LLC (3M USD SOFR + 2.750%) | TerraForm Power Operating, LLC (3M USD SOFR + 2.750%) |
| 2144625 | 6.403 | 05/21/29 | 2126760 |
| **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** |
| Brown Group Holding LLC (1M USD SOFR + 2.500%) | Brown Group Holding LLC (1M USD SOFR + 2.500%) | Brown Group Holding LLC (1M USD SOFR + 2.500%) | Brown Group Holding LLC (1M USD SOFR + 2.500%) |
| 1200000 | 7.419 | 11/30/22 | 1187004 |
| KKR Apple Bidco LLC (1M USD LIBOR + 5.750%) | KKR Apple Bidco LLC (1M USD LIBOR + 5.750%) | KKR Apple Bidco LLC (1M USD LIBOR + 5.750%) | KKR Apple Bidco LLC (1M USD LIBOR + 5.750%) |
| 325000 | 9.504 | 11/30/22 | 309663 |
|  |  |  | 1496667 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(c)(j)</sup> – (continued)** | **Bank Loans<sup>(c)(j)</sup> – (continued)** | **Bank Loans<sup>(c)(j)</sup> – (continued)** | **Bank Loans<sup>(c)(j)</sup> – (continued)** |
| **Environmental – 0.2%** | **Environmental – 0.2%** | **Environmental – 0.2%** | **Environmental – 0.2%** |
| Packers Holdings LLC (1M USD LIBOR + 3.250%) | Packers Holdings LLC (1M USD LIBOR + 3.250%) | Packers Holdings LLC (1M USD LIBOR + 3.250%) | Packers Holdings LLC (1M USD LIBOR + 3.250%) |
| $4752687 | 6.564% | 03/09/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4343956 |
| **Food – 0.0%** | **Food – 0.0%** | **Food – 0.0%** | **Food – 0.0%** |
| Sigma Bidco B.V. (3M USD LIBOR) | Sigma Bidco B.V. (3M USD LIBOR) | Sigma Bidco B.V. (3M USD LIBOR) | Sigma Bidco B.V. (3M USD LIBOR) |
| 822852 | 6.826 | 07/02/25 | 696223 |
| **Food & Drug Retailing – 0.0%** | **Food & Drug Retailing – 0.0%** | **Food & Drug Retailing – 0.0%** | **Food & Drug Retailing – 0.0%** |
| B&G Foods, Inc. (1M USD LIBOR + 2.500%) | B&G Foods, Inc. (1M USD LIBOR + 2.500%) | B&G Foods, Inc. (1M USD LIBOR + 2.500%) | B&G Foods, Inc. (1M USD LIBOR + 2.500%) |
| 619375 | 6.254 | 10/10/26 | 582020 |
| **Hand/Machine Tools – 0.1%** | **Hand/Machine Tools – 0.1%** | **Hand/Machine Tools – 0.1%** | **Hand/Machine Tools – 0.1%** |
| Apex Tool Group LLC (1M USD SOFR + 5.250%) | Apex Tool Group LLC (1M USD SOFR + 5.250%) | Apex Tool Group LLC (1M USD SOFR + 5.250%) | Apex Tool Group LLC (1M USD SOFR + 5.250%) |
| 2643375 | 8.624 | 02/08/29 | 2274968 |
| **Health Care - Services – 0.1%** | **Health Care - Services – 0.1%** | **Health Care - Services – 0.1%** | **Health Care - Services – 0.1%** |
| ICON Luxembourg S.a.r.l. (3M USD LIBOR + 2.250%) | ICON Luxembourg S.a.r.l. (3M USD LIBOR + 2.250%) | ICON Luxembourg S.a.r.l. (3M USD LIBOR + 2.250%) | ICON Luxembourg S.a.r.l. (3M USD LIBOR + 2.250%) |
| 798586 | 5.938 | 07/03/28 | 789603 |
| Verscend Holding Corp. (1M USD LIBOR + 4.000%) | Verscend Holding Corp. (1M USD LIBOR + 4.000%) | Verscend Holding Corp. (1M USD LIBOR + 4.000%) | Verscend Holding Corp. (1M USD LIBOR + 4.000%) |
| 1347816 | 7.754 | 08/27/25 | 1329283 |
|  |  |  | 2118886 |
| **Healthcare Providers & Services – 0.3%** | **Healthcare Providers & Services – 0.3%** | **Healthcare Providers & Services – 0.3%** | **Healthcare Providers & Services – 0.3%** |
| Insulet Corp. (1M USD LIBOR + 3.250%) | Insulet Corp. (1M USD LIBOR + 3.250%) | Insulet Corp. (1M USD LIBOR + 3.250%) | Insulet Corp. (1M USD LIBOR + 3.250%) |
| 4616127 | 7.004 | 05/04/28 | 4506494 |
| PRA Health Sciences, Inc. (3M USD LIBOR + 2.250%) | PRA Health Sciences, Inc. (3M USD LIBOR + 2.250%) | PRA Health Sciences, Inc. (3M USD LIBOR + 2.250%) | PRA Health Sciences, Inc. (3M USD LIBOR + 2.250%) |
| 198969 | 5.938 | 07/03/28 | 196730 |
| RegionalCare Hospital Partners Holdings, Inc. (1M USD LIBOR + 3.750%) | RegionalCare Hospital Partners Holdings, Inc. (1M USD LIBOR + 3.750%) | RegionalCare Hospital Partners Holdings, Inc. (1M USD LIBOR + 3.750%) | RegionalCare Hospital Partners Holdings, Inc. (1M USD LIBOR + 3.750%) |
| 3200000 | 6.554 | 11/16/25 | 2820000 |
|  |  |  | 7523224 |
| **Home Construction – 0.2%** | **Home Construction – 0.2%** | **Home Construction – 0.2%** | **Home Construction – 0.2%** |
| Chamberlain Group Inc (1M USD LIBOR + 3.500%) | Chamberlain Group Inc (1M USD LIBOR + 3.500%) | Chamberlain Group Inc (1M USD LIBOR + 3.500%) | Chamberlain Group Inc (1M USD LIBOR + 3.500%) |
| 4391813 | 7.254 | 11/03/28 | 3979290 |
| **Industrial Services<sup>(e)</sup> – 0.1%** | **Industrial Services<sup>(e)</sup> – 0.1%** | **Industrial Services<sup>(e)</sup> – 0.1%** | **Industrial Services<sup>(e)</sup> – 0.1%** |
| LaserShip, Inc. (6M USD LIBOR + 4.500%) | LaserShip, Inc. (6M USD LIBOR + 4.500%) | LaserShip, Inc. (6M USD LIBOR + 4.500%) | LaserShip, Inc. (6M USD LIBOR + 4.500%) |
| 2425500 | 7.377 | 12/30/22 | 1904017 |
| **Leisure Time – 0.1%** | **Leisure Time – 0.1%** | **Leisure Time – 0.1%** | **Leisure Time – 0.1%** |
| Arcis Golf LLC (1M USD LIBOR + 4.250%) | Arcis Golf LLC (1M USD LIBOR + 4.250%) | Arcis Golf LLC (1M USD LIBOR + 4.250%) | Arcis Golf LLC (1M USD LIBOR + 4.250%) |
| 2014875 | 7.826 | 11/19/28 | 1994726 |
| **Machinery – 0.0%** | **Machinery – 0.0%** | **Machinery – 0.0%** | **Machinery – 0.0%** |
| Brown Group Holding LLC (1M USD LIBOR + 2.500%) | Brown Group Holding LLC (1M USD LIBOR + 2.500%) | Brown Group Holding LLC (1M USD LIBOR + 2.500%) | Brown Group Holding LLC (1M USD LIBOR + 2.500%) |
| 983584 | 6.254 | 06/07/28 | 954696 |
| **Machinery-Diversified – 0.3%** | **Machinery-Diversified – 0.3%** | **Machinery-Diversified – 0.3%** | **Machinery-Diversified – 0.3%** |
| Clark Equipment Company (3M USD SOFR + 2.500%) | Clark Equipment Company (3M USD SOFR + 2.500%) | Clark Equipment Company (3M USD SOFR + 2.500%) | Clark Equipment Company (3M USD SOFR + 2.500%) |
| 348250 | 6.153 | 04/20/29 | 341633 |
| Engineered Machinery Holdings, Inc. | Engineered Machinery Holdings, Inc. | Engineered Machinery Holdings, Inc. | Engineered Machinery Holdings, Inc. |
| (3M USD Euribor + 3.750%) | (3M USD Euribor + 3.750%) | (3M USD Euribor + 3.750%) | (3M USD Euribor + 3.750%) |
| 866250 | 4.943 | 05/21/28 | 779025 |
| (3M USD LIBOR + 3.750%) | (3M USD LIBOR + 3.750%) | (3M USD LIBOR + 3.750%) | (3M USD LIBOR + 3.750%) |
| $1857091 | 7.424 | 12/30/22 | 1794024 |
| Vertical US Newco Inc (6M USD LIBOR + 3.500%) | Vertical US Newco Inc (6M USD LIBOR + 3.500%) | Vertical US Newco Inc (6M USD LIBOR + 3.500%) | Vertical US Newco Inc (6M USD LIBOR + 3.500%) |
| 4676529 | 6.871 | 07/30/27 | 4433958 |
|  |  |  | 7348640 |

---

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

------

GOLDMAN SACHS INCOME BUILDER FUND

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(c)(j)</sup> – (continued)** | **Bank Loans<sup>(c)(j)</sup> – (continued)** | **Bank Loans<sup>(c)(j)</sup> – (continued)** | **Bank Loans<sup>(c)(j)</sup> – (continued)** |
| **Media – 0.4%** | **Media – 0.4%** | **Media – 0.4%** | **Media – 0.4%** |
| CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
| (1M USD LIBOR + 2.250%) | (1M USD LIBOR + 2.250%) | (1M USD LIBOR + 2.250%) | (1M USD LIBOR + 2.250%) |
| $1658918 | 5.662% | 07/17/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601901 |
| (1M USD LIBOR + 2.500%) | (1M USD LIBOR + 2.500%) | (1M USD LIBOR + 2.500%) | (1M USD LIBOR + 2.500%) |
| 3697323 | 5.912 | 04/15/27 | 3492640 |
| Cumulus Media New Holdings, Inc. (1M USD LIBOR + 3.750%) | Cumulus Media New Holdings, Inc. (1M USD LIBOR + 3.750%) | Cumulus Media New Holdings, Inc. (1M USD LIBOR + 3.750%) | Cumulus Media New Holdings, Inc. (1M USD LIBOR + 3.750%) |
| 602528 | 7.504 | 03/31/26 | 569991 |
| DirecTV Financing LLC (1M USD LIBOR + 5.000%) | DirecTV Financing LLC (1M USD LIBOR + 5.000%) | DirecTV Financing LLC (1M USD LIBOR + 5.000%) | DirecTV Financing LLC (1M USD LIBOR + 5.000%) |
| 2343250 | 8.754 | 08/02/27 | 2227845 |
| Syndigo LLC (6M USD LIBOR + 4.500%) | Syndigo LLC (6M USD LIBOR + 4.500%) | Syndigo LLC (6M USD LIBOR + 4.500%) | Syndigo LLC (6M USD LIBOR + 4.500%) |
| 2043875 | 5.250 | 12/15/27 | 1844597 |
|  |  |  | 9736974 |
| **Media - Broadcasting & Radio – 0.2%** | **Media - Broadcasting & Radio – 0.2%** | **Media - Broadcasting & Radio – 0.2%** | **Media - Broadcasting & Radio – 0.2%** |
| Getty Images, Inc. (1M USD LIBOR + 4.500%) | Getty Images, Inc. (1M USD LIBOR + 4.500%) | Getty Images, Inc. (1M USD LIBOR + 4.500%) | Getty Images, Inc. (1M USD LIBOR + 4.500%) |
| 2765579 | 7.000 | 02/19/26 | 2744837 |
| Grinding Media, Inc. (3M USD LIBOR + 4.000%) | Grinding Media, Inc. (3M USD LIBOR + 4.000%) | Grinding Media, Inc. (3M USD LIBOR + 4.000%) | Grinding Media, Inc. (3M USD LIBOR + 4.000%) |
| 2648250 | 4.750 | 10/12/28 | 2264254 |
|  |  |  | 5009091 |
| **Packaging – 0.3%** | **Packaging – 0.3%** | **Packaging – 0.3%** | **Packaging – 0.3%** |
| LABL, Inc. (1M USD LIBOR + 5.000%) | LABL, Inc. (1M USD LIBOR + 5.000%) | LABL, Inc. (1M USD LIBOR + 5.000%) | LABL, Inc. (1M USD LIBOR + 5.000%) |
| 1885750 | 8.754 | 11/30/22 | 1736191 |
| Pretium PKG Holdings, Inc. (3M USD LIBOR + 4.000%) | Pretium PKG Holdings, Inc. (3M USD LIBOR + 4.000%) | Pretium PKG Holdings, Inc. (3M USD LIBOR + 4.000%) | Pretium PKG Holdings, Inc. (3M USD LIBOR + 4.000%) |
| 1191000 | 7.168 | 12/08/22 | 1039148 |
| Reynolds Group Holdings, Inc. (1M USD LIBOR + 3.250%) | Reynolds Group Holdings, Inc. (1M USD LIBOR + 3.250%) | Reynolds Group Holdings, Inc. (1M USD LIBOR + 3.250%) | Reynolds Group Holdings, Inc. (1M USD LIBOR + 3.250%) |
| 1056188 | 3.343 | 02/05/26 | 1025632 |
| Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. |
| (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) |
| 1820739 | 7.674 | 09/15/28 | 1723202 |
| (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) |
| 259383 | 7.674 | 09/15/28 | 153643 |
|  |  |  | 5677816 |
| **Pharmaceuticals – 0.3%** | **Pharmaceuticals – 0.3%** | **Pharmaceuticals – 0.3%** | **Pharmaceuticals – 0.3%** |
| Gainwell Acquisition Corp. (3M USD LIBOR + 4.000%) | Gainwell Acquisition Corp. (3M USD LIBOR + 4.000%) | Gainwell Acquisition Corp. (3M USD LIBOR + 4.000%) | Gainwell Acquisition Corp. (3M USD LIBOR + 4.000%) |
| 6288000 | 7.674 | 12/30/22 | 5963099 |
| **Pipelines – 0.1%** | **Pipelines – 0.1%** | **Pipelines – 0.1%** | **Pipelines – 0.1%** |
| CQP Holdco LP (3M USD LIBOR + 3.750%) | CQP Holdco LP (3M USD LIBOR + 3.750%) | CQP Holdco LP (3M USD LIBOR + 3.750%) | CQP Holdco LP (3M USD LIBOR + 3.750%) |
| 3308249 | 7.424 | 06/05/28 | 3261537 |
| **Retail – 0.2%** | **Retail – 0.2%** | **Retail – 0.2%** | **Retail – 0.2%** |
| New Era Cap Co., Inc. (3M USD LIBOR + 6.000%) | New Era Cap Co., Inc. (3M USD LIBOR + 6.000%) | New Era Cap Co., Inc. (3M USD LIBOR + 6.000%) | New Era Cap Co., Inc. (3M USD LIBOR + 6.000%) |
| 1974375 | 9.941 | 07/13/27 | 1836168 |
| **RC Buyer, Inc.** | **RC Buyer, Inc.** | **RC Buyer, Inc.** | **RC Buyer, Inc.** |
| (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) |
| 1925625 | 7.174 | 07/28/28 | 1798534 |
| (3M USD LIBOR + 6.500%) | (3M USD LIBOR + 6.500%) | (3M USD LIBOR + 6.500%) | (3M USD LIBOR + 6.500%) |
| 800000 | 10.174 <sup>(e)</sup> | 07/30/29 | 696000 |
|  |  |  | 4330702 |
| **Retailers – 0.1%** | **Retailers – 0.1%** | **Retailers – 0.1%** | **Retailers – 0.1%** |
| TruGreen LP (3M USD LIBOR + 8.500%) | TruGreen LP (3M USD LIBOR + 8.500%) | TruGreen LP (3M USD LIBOR + 8.500%) | TruGreen LP (3M USD LIBOR + 8.500%) |
| 2650000 | 13.431 | 11/02/28 | 2226000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(c)(j)</sup> – (continued)** | **Bank Loans<sup>(c)(j)</sup> – (continued)** | **Bank Loans<sup>(c)(j)</sup> – (continued)** | **Bank Loans<sup>(c)(j)</sup> – (continued)** |
| **Services Cyclical - Business Services – 0.1%** | **Services Cyclical - Business Services – 0.1%** | **Services Cyclical - Business Services – 0.1%** | **Services Cyclical - Business Services – 0.1%** |
| Travelport Finance (Luxembourg) S.a.r.l. (3M USD LIBOR + 1.500%) | Travelport Finance (Luxembourg) S.a.r.l. (3M USD LIBOR + 1.500%) | Travelport Finance (Luxembourg) S.a.r.l. (3M USD LIBOR + 1.500%) | Travelport Finance (Luxembourg) S.a.r.l. (3M USD LIBOR + 1.500%) |
| $1753611 | 5.174% | 02/28/25 | $1731253 |
| **Services Cyclical - Consumer Services – 0.1%** | **Services Cyclical - Consumer Services – 0.1%** | **Services Cyclical - Consumer Services – 0.1%** | **Services Cyclical - Consumer Services – 0.1%** |
| Asurion LLC (1M USD LIBOR + 3.250%) | Asurion LLC (1M USD LIBOR + 3.250%) | Asurion LLC (1M USD LIBOR + 3.250%) | Asurion LLC (1M USD LIBOR + 3.250%) |
| 3266947 | 7.004 | 12/23/26 | 2898403 |
| **Software – 0.8%** | **Software – 0.8%** | **Software – 0.8%** | **Software – 0.8%** |
| Athenahealth, Inc. (1M USD SOFR + 3.500%) | Athenahealth, Inc. (1M USD SOFR + 3.500%) | Athenahealth, Inc. (1M USD SOFR + 3.500%) | Athenahealth, Inc. (1M USD SOFR + 3.500%) |
| 2302924 | 6.967 | 11/21/22 | 2099507 |
| Banff Merger Sub, Inc. (1M USD LIBOR + 3.750%) | Banff Merger Sub, Inc. (1M USD LIBOR + 3.750%) | Banff Merger Sub, Inc. (1M USD LIBOR + 3.750%) | Banff Merger Sub, Inc. (1M USD LIBOR + 3.750%) |
| 4292307 | 7.504 | 10/02/25 | 4119542 |
| Ceridian HCM Holding, Inc. (1M USD LIBOR + 2.500%) | Ceridian HCM Holding, Inc. (1M USD LIBOR + 2.500%) | Ceridian HCM Holding, Inc. (1M USD LIBOR + 2.500%) | Ceridian HCM Holding, Inc. (1M USD LIBOR + 2.500%) |
| 2880000 | 6.254 | 04/30/25 | 2777760 |
| Epicor Software Corp. | Epicor Software Corp. | Epicor Software Corp. | Epicor Software Corp. |
| (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) |
| 4018000 | 4.000 | 07/30/27 | 3821118 |
| (1M USD LIBOR + 7.750%) | (1M USD LIBOR + 7.750%) | (1M USD LIBOR + 7.750%) | (1M USD LIBOR + 7.750%) |
| 1275000 | 11.504 | 11/30/22 | 1246708 |
| The Dun & Bradstreet Corp. (1M USD LIBOR + 3.250%) | The Dun & Bradstreet Corp. (1M USD LIBOR + 3.250%) | The Dun & Bradstreet Corp. (1M USD LIBOR + 3.250%) | The Dun & Bradstreet Corp. (1M USD LIBOR + 3.250%) |
| 3370936 | 3.378 | 02/06/26 | 3313630 |
| The Ultimate Software Group, Inc. (1M USD LIBOR + 3.750%) | The Ultimate Software Group, Inc. (1M USD LIBOR + 3.750%) | The Ultimate Software Group, Inc. (1M USD LIBOR + 3.750%) | The Ultimate Software Group, Inc. (1M USD LIBOR + 3.750%) |
| 1600500 | 7.504 | 11/30/22 | 1554117 |
|  |  |  | 18932382 |
| **Technology - Software/Services – 0.4%** | **Technology - Software/Services – 0.4%** | **Technology - Software/Services – 0.4%** | **Technology - Software/Services – 0.4%** |
| AppLovin Corp. (1M USD LIBOR + 3.250%) | AppLovin Corp. (1M USD LIBOR + 3.250%) | AppLovin Corp. (1M USD LIBOR + 3.250%) | AppLovin Corp. (1M USD LIBOR + 3.250%) |
| 834821 | 7.004 | 08/15/25 | 815253 |
| DCert Buyer, Inc. | DCert Buyer, Inc. | DCert Buyer, Inc. | DCert Buyer, Inc. |
| (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) |
| 4586884 | 6.903 | 10/16/26 | 4409785 |
| (1M USD LIBOR + 7.000%) | (1M USD LIBOR + 7.000%) | (1M USD LIBOR + 7.000%) | (1M USD LIBOR + 7.000%) |
| 2700000 | 10.501 | 02/19/29 | 2508300 |
| Loyalty Ventures Inc (1M USD LIBOR + 4.500%) | Loyalty Ventures Inc (1M USD LIBOR + 4.500%) | Loyalty Ventures Inc (1M USD LIBOR + 4.500%) | Loyalty Ventures Inc (1M USD LIBOR + 4.500%) |
| 2500938 | 8.254 | 11/03/27 | 775291 |
|  |  |  | 8508629 |
| **Telecommunication Services – 0.1%** | **Telecommunication Services – 0.1%** | **Telecommunication Services – 0.1%** | **Telecommunication Services – 0.1%** |
| Level 3 Financing, Inc. (1M USD LIBOR + 1.750%) | Level 3 Financing, Inc. (1M USD LIBOR + 1.750%) | Level 3 Financing, Inc. (1M USD LIBOR + 1.750%) | Level 3 Financing, Inc. (1M USD LIBOR + 1.750%) |
| 1568485 | 5.504 | 03/01/27 | 1488586 |
| **Telecommunications – 0.1%** | **Telecommunications – 0.1%** | **Telecommunications – 0.1%** | **Telecommunications – 0.1%** |
| Intelsat Jackson Holdings S.A. (6M USD SOFR + 4.250%) | Intelsat Jackson Holdings S.A. (6M USD SOFR + 4.250%) | Intelsat Jackson Holdings S.A. (6M USD SOFR + 4.250%) | Intelsat Jackson Holdings S.A. (6M USD SOFR + 4.250%) |
| 3124480 | 7.445 | 02/01/29 | 3005375 |
| **TOTAL BANK LOANS**<br> **(Cost $170,792,976)** | **TOTAL BANK LOANS**<br> **(Cost $170,792,976)** | **TOTAL BANK LOANS**<br> **(Cost $170,792,976)** | $160091922 |
|  | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| **Preferred Stocks<sup>(b)</sup> – 0.4%** | **Preferred Stocks<sup>(b)</sup> – 0.4%** | **Preferred Stocks<sup>(b)</sup> – 0.4%** | **Preferred Stocks<sup>(b)</sup> – 0.4%** |
| **Capital Markets<sup>(c)</sup> – 0.2%** | **Capital Markets<sup>(c)</sup> – 0.2%** | **Capital Markets<sup>(c)</sup> – 0.2%** | **Capital Markets<sup>(c)</sup> – 0.2%** |
| Morgan Stanley, Inc. (3M USD LIBOR + 3.708%) | Morgan Stanley, Inc. (3M USD LIBOR + 3.708%) | Morgan Stanley, Inc. (3M USD LIBOR + 3.708%) | Morgan Stanley, Inc. (3M USD LIBOR + 3.708%) |
| 183597 | 6.375% | 6.375% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4459571 |

---

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

------

GOLDMAN SACHS INCOME BUILDER FUND

*October 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** |  | **Value** |
| **Preferred Stocks<sup>(b)</sup> – (continued)** | **Preferred Stocks<sup>(b)</sup> – (continued)** | **Preferred Stocks<sup>(b)</sup> – (continued)** |  |
| **Diversified Telecommunication Services – 0.0%** | **Diversified Telecommunication Services – 0.0%** | **Diversified Telecommunication Services – 0.0%** | **Diversified Telecommunication Services – 0.0%** |
| Qwest Corp. | Qwest Corp. | Qwest Corp. |  |
| 43276 | 6.500% |  | $742184 |
| **Insurance<sup>(c)</sup> – 0.2%** | **Insurance<sup>(c)</sup> – 0.2%** | **Insurance<sup>(c)</sup> – 0.2%** |  |
| Delphi Financial Group, Inc. (3M USD LIBOR + 3.190%) | Delphi Financial Group, Inc. (3M USD LIBOR + 3.190%) | Delphi Financial Group, Inc. (3M USD LIBOR + 3.190%) | Delphi Financial Group, Inc. (3M USD LIBOR + 3.190%) |
| 143849 | 6.095 |  | 3164678 |
| **TOTAL PREFERRED STOCKS**<br> **(Cost $8,780,987)** | **TOTAL PREFERRED STOCKS**<br> **(Cost $8,780,987)** | **TOTAL PREFERRED STOCKS**<br> **(Cost $8,780,987)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8366433 |
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Sovereign Debt Obligations – 0.1%** | **Sovereign Debt Obligations – 0.1%** | **Sovereign Debt Obligations – 0.1%** |  |
| **United States Dollar – 0.1%** | **United States Dollar – 0.1%** | **United States Dollar – 0.1%** |  |
| Ivory Coast Government International Bond | Ivory Coast Government International Bond | Ivory Coast Government International Bond |  |
| $450000 | 6.375 %<sup>(a)</sup> | 03/03/28 | $407334 |
| National Bank of Uzbekistan | National Bank of Uzbekistan | National Bank of Uzbekistan |  |
| 200000 | 4.850 | 10/21/25 | 174600 |
| Oman Government International Bond | Oman Government International Bond | Oman Government International Bond |  |
| 280000 | 5.625 | 01/17/28 | 266000 |
| 200000 | 6.250 <sup>(a)</sup> | 01/25/31 | 190500 |
| Republic of Ecuador | Republic of Ecuador | Republic of Ecuador |  |
| 57283 | 0.000 <sup>(a)(g)</sup> | 07/31/30 | 17607 |
| Republic of Nigeria | Republic of Nigeria | Republic of Nigeria |  |
| 690000 | 6.500 | 11/28/27 | 488175 |
| Republic of South Africa | Republic of South Africa | Republic of South Africa |  |
| 570000 | 5.750 | 09/30/49 | 377625 |
| Republic of Turkey | Republic of Turkey | Republic of Turkey |  |
| 260000 | 6.125 | 10/24/28 | 216125 |
| Ukraine Government Bond | Ukraine Government Bond | Ukraine Government Bond |  |
| 220000 | 7.750 <sup>(d)</sup> | 09/01/23 | 46104 |
|  |  |  | 2184070 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $2,687,656)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $2,687,656)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $2,687,656)** | $2184070 |
| **Mortgage-Backed Obligations<sup>(c)</sup> –0.0%** | **Mortgage-Backed Obligations<sup>(c)</sup> –0.0%** | **Mortgage-Backed Obligations<sup>(c)</sup> –0.0%** |  |
| **Collateralized Mortgage Obligations – 0.0%** | **Collateralized Mortgage Obligations – 0.0%** | **Collateralized Mortgage Obligations – 0.0%** |  |
| **Sequential Floating Rate – 0.0%** | **Sequential Floating Rate – 0.0%** | **Sequential Floating Rate – 0.0%** |  |
| Merrill Lynch Alternative Note Asset Trust Series 2007-OAR3, Class A1 (1M USD LIBOR + 0.190%) | Merrill Lynch Alternative Note Asset Trust Series 2007-OAR3, Class A1 (1M USD LIBOR + 0.190%) | Merrill Lynch Alternative Note Asset Trust Series 2007-OAR3, Class A1 (1M USD LIBOR + 0.190%) |  |
| $132025 | 3.776% | 07/25/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108403 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | 108403 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $51,160)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $51,160)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $51,160)** | $108403 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Units** | **Expiration**<br> **Date** |  | **Value** |
| **Warrants<sup>(d)</sup> – 0.0%** | **Warrants<sup>(d)</sup> – 0.0%** | **Warrants<sup>(d)</sup> – 0.0%** |  |
| Noble Corp. | 02/05/28 |  | $70066 |
| 5288 |  |  |  |
| **TOTAL WARRANTS**<br> **(Cost $13,220)** | **TOTAL WARRANTS**<br> **(Cost $13,220)** | **TOTAL WARRANTS**<br> **(Cost $13,220)** | $70066 |
| **Rights<sup>(d)</sup> – 0.0%** | **Rights<sup>(d)</sup> – 0.0%** | **Rights<sup>(d)</sup> – 0.0%** |  |
| Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA |  |
| 3728 | 12/05/25 |  | $15688 |
| 3728 | 12/05/25 |  | 14289 |
| **TOTAL RIGHTS**<br> **(Cost $—)** | **TOTAL RIGHTS**<br> **(Cost $—)** | **TOTAL RIGHTS**<br> **(Cost $—)** | $29977 |
| **Shares** | **Dividend**<br> **Rate** |  | **Value** |
| **Investment Companies<sup>(k)</sup> – 6.7%** | **Investment Companies<sup>(k)</sup> – 6.7%** | **Investment Companies<sup>(k)</sup> – 6.7%** |  |
| Goldman Sachs Financial Square Government Fund - Class R6 | Goldman Sachs Financial Square Government Fund - Class R6 | Goldman Sachs Financial Square Government Fund - Class R6 | Goldman Sachs Financial Square Government Fund - Class R6 |
| 64559688 | 3.066% |  | $64559688 |
| Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| 48124563 | 3.066 |  | 48124563 |
| Goldman Sachs MLP Energy Infrastructure Fund - Class R6 | Goldman Sachs MLP Energy Infrastructure Fund - Class R6 | Goldman Sachs MLP Energy Infrastructure Fund - Class R6 | Goldman Sachs MLP Energy Infrastructure Fund - Class R6 |
| 1313012 | 4.059 |  | 39600428 |
| **TOTAL INVESTMENT COMPANIES**<br> **(Cost $135,797,824)** | **TOTAL INVESTMENT COMPANIES**<br> **(Cost $135,797,824)** | **TOTAL INVESTMENT COMPANIES**<br> **(Cost $135,797,824)** | $152284679 |
| **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT – 97.2%**<br> **(Cost $2,243,334,962)** | **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT – 97.2%**<br> **(Cost $2,243,334,962)** | **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT – 97.2%**<br> **(Cost $2,243,334,962)** | $2201175890 |
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments<sup>(g)</sup> – 0.1%** | **Short-term Investments<sup>(g)</sup> – 0.1%** | **Short-term Investments<sup>(g)</sup> – 0.1%** |  |
| **Commercial Paper – 0.1%** | **Commercial Paper – 0.1%** | **Commercial Paper – 0.1%** |  |
| Entergy Corp. | Entergy Corp. | Entergy Corp. |  |
| $3275000 | 0.000% | 12/05/22 | $3262344 |
| **(Cost $3,262,318)** | **(Cost $3,262,318)** | **(Cost $3,262,318)** |  |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT – 97.3%**<br> **(Cost $2,246,597,280)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT – 97.3%**<br> **(Cost $2,246,597,280)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT – 97.3%**<br> **(Cost $2,246,597,280)** | $2204438234 |

---

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

------

GOLDMAN SACHS INCOME BUILDER FUND

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest**<br> **Rate** | **Maturity<br>Date** | **Value** |
| **Securities Lending Reinvestment Vehicle<sup>(k)</sup> –0.1%** | **Securities Lending Reinvestment Vehicle<sup>(k)</sup> –0.1%** | **Securities Lending Reinvestment Vehicle<sup>(k)</sup> –0.1%** | **Securities Lending Reinvestment Vehicle<sup>(k)</sup> –0.1%** |
| Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares |
| 1879100 | 3.066% | 3.066% | $1879100 |
| **(Cost $1,879,100)** | **(Cost $1,879,100)** |  |  |
| **TOTAL INVESTMENTS – 97.4%**<br> **(Cost $2,248,476,380)** | **TOTAL INVESTMENTS – 97.4%**<br> **(Cost $2,248,476,380)** |  | $2206317334 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 2.6%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 2.6%** |  | 58345087 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** |  | $2264662421 |

---

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) Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final
maturity dates.

(c) 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 October 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(d) Security is currently in default and/or non-income producing.
Significant unobservable inputs were used in the valuation of this

(e) portfolio security; i.e., Level 3.

(f) Pay-in-kind securities.

(g) Issued with a zero coupon. Income is recognized through the accretion of discount.

(h) Security with "Put" features and resetting interest rates. Maturity dates disclosed are the puttable
dates. Interest rate disclosed is that which is in effect on October 31, 2022.

(i) Guaranteed by a foreign government until maturity.

(j) Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The
degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan
positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on October 31, 2022. Bank Loans typically have rates of
interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate ("LIBOR"), and secondarily the
prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders.

(k) Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At October 31, 2022, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Principal<br>Amount** | **Current<br>Value** | **Unrealized<br> Gain (Loss)** |
|  Athenahealth, Inc., due 12/30/22 | $391304 | $356740 | $(21617) |
|  Trident TPI Holdings, Inc., due 09/17/28 | 97044 | 91845 | (5199) |
|  **TOTAL** | $488348 | $448585 | $(26816) |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At October 31, 2022, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency** <br> **Sold** | **Settlement <br>Date** | **Unrealized <br>Loss** |
|  MS & Co. Int. PLC | USD 22,949,052 | EUR 23,117,811 | 01/06/23 | $(31250) |

---

FUTURES CONTRACTS — At October 31, 2022, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of <br>Contracts** | **Expiration <br>Date** | **Notional <br>Amount** | **Unrealized**<br> **Appreciation/<br> (Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  2 Year U.S. Treasury Notes | 349 | 12/30/22 | $71329601 | $(1501776) |
|  20 Year U.S. Treasury Bonds | 161 | 12/20/22 | 19400500 | (2568875) |

---

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

------

GOLDMAN SACHS INCOME BUILDER FUND

*October 31, 2022* 

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of <br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  Euro Stoxx 50 Index | 1365 | 12/16/22 | $5894959 | $150609 |
|  S&P 500 E-Mini Index | 173 | 12/16/22 | 33587950 | (1726729) |
|  Ultra Long U.S. Treasury Bonds | 522 | 12/20/22 | 66636563 | (10172746) |
|  **Total** |  |  |  | $(15819517) |
|  **Short position contracts:** |  |  |  |  |
|  10 Year German Euro-Bund | (33) | 12/08/22 | (4514839) | 224001 |
|  10 Year U.S. Treasury Notes | (827) | 12/20/22 | (33360375) | 5473230 |
|  5 Year German Euro-Bobl | (69) | 12/08/22 | (8160205) | 219169 |
|  5 Year U.S. Treasury Notes | (7) | 12/30/22 | (746156) | (3457) |
|  **Total** |  |  |  | $5912943 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(9906574) |

---

SWAP CONTRACTS — At October 31, 2022, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Payments<br>Received<br>by Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)<sup>(a)</sup>** | **Market**<br> **Value** | **Upfront<br>Premium<br>(Received)**<br> **Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3.500%<sup>(b)</sup>  | 3M LIBOR <sup>(b)</sup> | 12/21/23 | $100 | $1330 | $801 | $529 |
| 3.250<sup>(c)</sup>  | 3M LIBOR <sup>(c)</sup> | 12/21/24 | 3030 | 75208 | 48095 | 27113 |
|  3M LIBOR<sup>(c)</sup>  | 3.000 %<sup>(c)</sup> | 12/21/25 | 2470 | (87873) | (63322) | (24551) |
| 1.500<sup>(c)</sup>  | 6M EURO <sup>(d)</sup> | 12/21/25 | 270 | 11264 | 8744 | 2520 |
|  3M LIBOR<sup>(c)</sup>  | 2.750 <sup>(c)</sup> | 12/21/27 | $81520 | (4561125) | (2588430) | (1972695) |
| 1.500<sup>(c)</sup>  | 6M EURO <sup>(d)</sup> | 12/21/27 | 150 | 10168 | 7485 | 2683 |
| 2.500<sup>(c)</sup>  | 12M SOFR <sup>(c)</sup> | 12/21/29 | $12420 | 1032260 | 634125 | 398135 |
|  3M LIBOR<sup>(c)</sup>  | 2.500 <sup>(c)</sup> | 12/21/32 | 87510 | (9335523) | (5460065) | (3875458) |
|  3M LIBOR<sup>(c)</sup>  | 2.750 <sup>(c)</sup> | 12/21/42 | 220 | (28730) | (12586) | (16144) |
|  3M LIBOR<sup>(c)</sup>  | 2.500 <sup>(c)</sup> | 12/21/52 | 5380 | (890334) | (426284) | (464050) |
|  **TOTAL** |  |  |  | $(13773355) | $(7851437) | $(5921918) |

---

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows
occur subsequent to October 31, 2022.

(b) Payments made at maturity.

(c) Payments made annually.

(d) Payments made semi-annually.

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

------

GOLDMAN SACHS INCOME BUILDER FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate<br>Received/(Paid)**<br> **by the Fund<sup>(a)</sup>**  | **Credit<br>Spread at<br>October 31,<br>2022<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Purchased:** |  |  |  |  |  |  |  |
|  Transocean, Inc., 8.000%, 02/01/2027 | (1.000)% | 3.261% | 12/20/22 | $550 | $1065 | $5970 | $(4905) |

---

(a) Payments made semi-annually.

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

WRITTEN OPTIONS CONTRACTS — At October 31, 2022, the Fund had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON EQUITIES

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Excercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market<br>Value** | **Premiums<br>Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Written option contracts Calls** | **Written option contracts Calls** |  |  |  |  |  |  |  |
| SPX Index | UBS AG (London) | $4061.710 | 11/30/2022 | (19364) | $(7865095244) | $(639559) | $(702085) | $62526 |
| Euro Stoxx Index | MS & Co. Int. PLC | 3765.860 | 11/30/2022 | (10739) | (4044157054) | (295638) | (303299) | 7661 |
| **Total written option contracts** | **Total written option contracts** |  |  | (30103) | $(11909252298) | $(935197) | $(1005384) | $70187 |
| **TOTAL** | **TOTAL** |  |  | (30103) | $(11909252298) | $(935197) | $(1005384) | $70187 |

---

---

| |
|:---|
|  **Currency Abbreviations:** |
|  EUR —Euro |
|  GBP —British Pound |
|  USD —U.S. Dollar |
|  **Investment Abbreviations:** |
|  ADR —American Depositary Receipt |
|  CMT —Constant Maturity Treasury Indexes |
|  LIBOR —London Interbank Offered Rate |
|  LLC —Limited Liability Company |
|  LP —Limited Partnership |
|  MLP —Master Limited Partnership |
|  MTN —Medium Term Note |
|  PIK —Payment in kind |
|  PLC —Public Limited Company |
|  REIT —Real Estate Investment Trust |
|  SOFR —Secured Overnight Funding Rate |
|  TSFR —Term Secured Overnight Financing Rate |
|  WR —Withdrawn Rating |
|  **Abbreviations:** |
|  EURO —Euro Offered Rate |
|  MS & Co. Int. PLC —Morgan Stanley & Co. International PLC |
|  SOFR —Secured Overnight Funding Rate |

---

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

------

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

## Schedule of Investments
*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 96.1%** | **Common Stocks – 96.1%** | **Common Stocks – 96.1%** |
| **Air Freight & Logistics – 0.3%** | **Air Freight & Logistics – 0.3%** | **Air Freight & Logistics – 0.3%** |
| 13245 | Forward Air Corp. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402248 |
| **Automobiles – 0.4%** | **Automobiles – 0.4%** | **Automobiles – 0.4%** |
| 22050 | Thor Industries, Inc. | 1796414 |
| **Biotechnology – 1.3%** | **Biotechnology – 1.3%** | **Biotechnology – 1.3%** |
| 22156 | Amgen, Inc. | 5989875 |
| **Building Products – 1.9%** | **Building Products – 1.9%** | **Building Products – 1.9%** |
| 46035 | A.O. Smith Corp. | 2521797 |
| 10265 | Lennox International, Inc. | 2397596 |
| 58145 | Masco Corp. | 2690369 |
| 22830 | UFP Industries, Inc. | 1626181 |
|  |  | 9235943 |
| **Capital Markets – 5.4%** | **Capital Markets – 5.4%** | **Capital Markets – 5.4%** |
| 14066 | Ameriprise Financial, Inc. | 4348082 |
| 8489 | BlackRock, Inc. | 5483130 |
| 16182 | Evercore, Inc. Class A | 1700728 |
| 7790 | FactSet Research Systems, Inc. | 3314567 |
| 17295 | Moody's Corp. | 4580927 |
| 42790 | SEI Investments Co. | 2323497 |
| 34386 | T. Rowe Price Group, Inc. | 3650418 |
|  |  | 25401349 |
| **Chemicals – 1.0%** | **Chemicals – 1.0%** | **Chemicals – 1.0%** |
| 20209 | The Sherwin-Williams Co. | 4547631 |
| **Commerical Services & Supplies – 0.8%** | **Commerical Services & Supplies – 0.8%** | **Commerical Services & Supplies – 0.8%** |
| 93047 | Rollins, Inc. | 3915418 |
| **Communications Equipment – 2.2%** | **Communications Equipment – 2.2%** | **Communications Equipment – 2.2%** |
| 131241 | Cisco Systems, Inc. | 5962279 |
| 18893 | Motorola Solutions, Inc. | 4717771 |
|  |  | 10680050 |
| **Consumer Finance – 0.9%** | **Consumer Finance – 0.9%** | **Consumer Finance – 0.9%** |
| 39320 | Discover Financial Services | 4107367 |
| **Distributors – 0.6%** | **Distributors – 0.6%** | **Distributors – 0.6%** |
| 9785 | Pool Corp. | 2976891 |
| **Electric Utilities – 1.5%** | **Electric Utilities – 1.5%** | **Electric Utilities – 1.5%** |
| 90357 | NextEra Energy, Inc. | 7002667 |
| **Electronic Equipment, Instruments & Components – 3.3%** | **Electronic Equipment, Instruments & Components – 3.3%** | **Electronic Equipment, Instruments & Components – 3.3%** |
| 64071 | Amphenol Corp. Class A | 4858504 |
| 127666 | Corning, Inc. | 4107015 |
| 9495 | Littelfuse, Inc. | 2091274 |
| 37635 | TE Connectivity Ltd. | 4600126 |
|  |  | 15656919 |
| **Entertainment – 1.9%** | **Entertainment – 1.9%** | **Entertainment – 1.9%** |
| 123712 | Activision Blizzard, Inc. | 9006234 |
| **Equity Real Estate Investment Trusts (REITs) – 2.4%** | **Equity Real Estate Investment Trusts (REITs) – 2.4%** | **Equity Real Estate Investment Trusts (REITs) – 2.4%** |
| 22544 | American Tower Corp. | 4670891 |
| 19485 | Extra Space Storage, Inc. | 3457419 |
| 61071 | Iron Mountain, Inc. | 3057825 |
|  |  | 11186135 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Food & Staples Retailing – 2.2%** | **Food & Staples Retailing – 2.2%** | **Food & Staples Retailing – 2.2%** |
| 12089 | Costco Wholesale Corp. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6062634 |
| 96087 | The Kroger Co. | 4543954 |
|  |  | 10606588 |
| **Food Products – 2.3%** | **Food Products – 2.3%** | **Food Products – 2.3%** |
| 88846 | Hormel Foods Corp. | 4126897 |
| 26395 | Ingredion, Inc. | 2352322 |
| 62220 | Tyson Foods, Inc. Class A | 4252737 |
|  |  | 10731956 |
| **Health Care Equipment & Supplies – 2.3%** | **Health Care Equipment & Supplies – 2.3%** | **Health Care Equipment & Supplies – 2.3%** |
| 64050 | Medtronic PLC | 5594127 |
| 23888 | Stryker Corp. | 5476085 |
|  |  | 11070212 |
| **Health Care Providers & Services – 7.3%** | **Health Care Providers & Services – 7.3%** | **Health Care Providers & Services – 7.3%** |
| 29889 | AmerisourceBergen Corp. | 4699149 |
| 59996 | CVS Health Corp. | 5681621 |
| 11232 | Elevance Health, Inc. | 6141321 |
| 9831 | Humana, Inc. | 5486484 |
| 28015 | Quest Diagnostics, Inc. | 4024355 |
| 22456 | The Ensign Group, Inc. | 2016100 |
| 11609 | UnitedHealth Group, Inc. | 6444736 |
|  |  | 34493766 |
| **Hotels, Restaurants & Leisure – 1.0%** | **Hotels, Restaurants & Leisure – 1.0%** | **Hotels, Restaurants & Leisure – 1.0%** |
| 56709 | Starbucks Corp. | 4910432 |
| **Household Products – 0.3%** | **Household Products – 0.3%** | **Household Products – 0.3%** |
| 7870 | WD-40 Co. | 1260459 |
| **Insurance – 3.6%** | **Insurance – 3.6%** | **Insurance – 3.6%** |
| 21715 | American Financial Group, Inc. | 3151064 |
| 15634 | Aon PLC Class A | 4400815 |
| 13545 | Primerica, Inc. | 1959961 |
| 44430 | Principal Financial Group, Inc. | 3915616 |
| 30033 | The Allstate Corp. | 3791666 |
|  |  | 17219122 |
| **IT Services – 7.3%** | **IT Services – 7.3%** | **IT Services – 7.3%** |
| 20689 | Accenture PLC Class A | 5873607 |
| 21105 | Automatic Data Processing, Inc. | 5101078 |
| 25127 | Broadridge Financial Solutions, Inc. | 3770558 |
| 36703 | Global Payments, Inc. | 4193685 |
| 17059 | Jack Henry & Associates, Inc. | 3395765 |
| 18578 | Mastercard, Inc. Class A | 6096928 |
| 30000 | Visa, Inc. Class A | 6214800 |
|  |  | 34646421 |
| **Life Sciences Tools & Services – 2.2%** | **Life Sciences Tools & Services – 2.2%** | **Life Sciences Tools & Services – 2.2%** |
| 36104 | Agilent Technologies, Inc. | 4994988 |
| 22244 | Danaher Corp. | 5598148 |
|  |  | 10593136 |
| **Machinery – 1.6%** | **Machinery – 1.6%** | **Machinery – 1.6%** |
| 44788 | Graco, Inc. | 3116349 |
| 23820 | Mueller Industries, Inc. | 1492085 |

---

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

------

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Machinery – (continued)** | **Machinery – (continued)** | **Machinery – (continued)** | **Machinery – (continued)** |
| 28040 | The Toro Co. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2956257 |
|  |  |  | 7564691 |
| **Media – 3.7%** | **Media – 3.7%** |  |  |
| 356879 | Comcast Corp. Class A |  | 11327339 |
| 214353 | The Interpublic Group of Cos., Inc. |  | 6385576 |
|  |  |  | 17712915 |
| **Metals & Mining – 1.4%** | **Metals & Mining – 1.4%** | **Metals & Mining – 1.4%** | **Metals & Mining – 1.4%** |
| 14845 | Reliance Steel & Aluminum Co. |  | 2990971 |
| 37904 | Steel Dynamics, Inc. |  | 3564871 |
|  |  |  | 6555842 |
| **Multiline Retail – 0.5%** | **Multiline Retail – 0.5%** | **Multiline Retail – 0.5%** | **Multiline Retail – 0.5%** |
| 6555 | Dillard's, Inc. Class A |  | 2155218 |
| **Oil, Gas & Consumable Fuels – 13.9%** | **Oil, Gas & Consumable Fuels – 13.9%** | **Oil, Gas & Consumable Fuels – 13.9%** | **Oil, Gas & Consumable Fuels – 13.9%** |
| 22720 | Cheniere Energy Partners LP |  | 1366154 |
| 13269 | Cheniere Energy, Inc. |  | 2340784 |
| 2818 | Chevron Corp. |  | 509776 |
| 3908 | ConocoPhillips |  | 492760 |
| 87497 | Crestwood Equity Partners LP |  | 2686158 |
| 147682 | DCP Midstream LP |  | 5870359 |
| 3181 | Diamondback Energy, Inc. |  | 499767 |
| 22476 | DTE Midstream, Inc.\* |  | 1341817 |
| 660707 | Energy Transfer LP |  | 8437228 |
| 230837 | EnLink Midstream LLC |  | 2742344 |
| 179945 | Enterprise Products Partners LP |  | 4543611 |
| 3636 | EOG Resources, Inc. |  | 496387 |
| 4545 | Exxon Mobil Corp. |  | 503631 |
| 92879 | Genesis Energy LP |  | 1067180 |
| 22966 | Hess Midstream LP Class A |  | 664636 |
| 17302 | Holly Energy Partners LP |  | 325970 |
| 17838 | Kinder Morgan, Inc. |  | 323225 |
| 82702 | Magellan Midstream Partners LP |  | 4461773 |
| 21538 | Marathon Oil Corp. |  | 655832 |
| 188306 | MPLX LP |  | 6315783 |
| 41651 | NuStar Energy LP |  | 670581 |
| 22993 | ONEOK, Inc. |  | 1363945 |
| 6361 | Ovintiv, Inc. |  | 322185 |
| 22720 | PBF Logistics LP |  | 484390 |
| 358526 | Plains All American Pipeline LP |  | 4291556 |
| 66615 | Plains GP Holdings LP Class A |  | 835352 |
| 15722 | Sunoco LP |  | 690353 |
| 33535 | Targa Resources Corp. |  | 2292788 |
| 25901 | TC Energy Corp. |  | 1137572 |
| 57526 | Tellurian, Inc.\* |  | 155320 |
| 40624 | The Williams Cos., Inc. |  | 1329624 |
| 232202 | Western Midstream Partners LP |  | 6666519 |
|  |  |  | 65885360 |
| **Personal Products – 1.0%** | **Personal Products – 1.0%** | **Personal Products – 1.0%** | **Personal Products – 1.0%** |
| 23429 | The Estee Lauder Cos., Inc. Class A |  | 4697280 |
| **Pharmaceuticals – 0.5%** | **Pharmaceuticals – 0.5%** | **Pharmaceuticals – 0.5%** | **Pharmaceuticals – 0.5%** |
| 54880 | Perrigo Co. PLC |  | 2210566 |
| **Professional Services – 0.5%** | **Professional Services – 0.5%** | **Professional Services – 0.5%** | **Professional Services – 0.5%** |
| 30425 | Robert Half International, Inc. |  | 2326295 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Semiconductors & Semiconductor Equipment – 4.7%** | **Semiconductors & Semiconductor Equipment – 4.7%** | **Semiconductors & Semiconductor Equipment – 4.7%** |
| 59970 | Applied Materials, Inc. | $5294751 |
| 15292 | KLA Corp. | 4839154 |
| 24552 | Power Integrations, Inc. | 1637864 |
| 45579 | QUALCOMM, Inc. | 5362825 |
| 33589 | Texas Instruments, Inc. | 5395401 |
|  |  | 22529995 |
| **Software – 5.0%** | **Software – 5.0%** | **Software – 5.0%** |
| 22990 | InterDigital, Inc. | 1146511 |
| 12663 | Intuit, Inc. | 5413433 |
| 24016 | Microsoft Corp. | 5574834 |
| 83551 | Oracle Corp. | 6522827 |
| 11689 | Roper Technologies, Inc. | 4845558 |
|  |  | 23503163 |
| **Specialty Retail – 4.9%** | **Specialty Retail – 4.9%** | **Specialty Retail – 4.9%** |
| 50864 | Best Buy Co., Inc. | 3479606 |
| 23555 | Dick's Sporting Goods, Inc. | 2679617 |
| 25817 | Lowe's Cos., Inc. | 5033024 |
| 19146 | The Home Depot, Inc. | 5669705 |
| 18295 | Tractor Supply Co. | 4020692 |
| 20182 | Williams-Sonoma, Inc. | 2499137 |
|  |  | 23381781 |
| **Technology Hardware, Storage & Peripherals – 0.9%** | **Technology Hardware, Storage & Peripherals – 0.9%** | **Technology Hardware, Storage & Peripherals – 0.9%** |
| 151626 | HP, Inc. | 4187910 |
| **Textiles, Apparel & Luxury Goods – 2.1%** | **Textiles, Apparel & Luxury Goods – 2.1%** | **Textiles, Apparel & Luxury Goods – 2.1%** |
| 24140 | Columbia Sportswear Co. | 1798430 |
| 59020 | NIKE, Inc. Class B | 5469974 |
| 103742 | VF Corp. | 2930711 |
|  |  | 10199115 |
| **Trading Companies & Distributors – 1.8%** | **Trading Companies & Distributors – 1.8%** | **Trading Companies & Distributors – 1.8%** |
| 81788 | Fastenal Co. | 3952814 |
| 21773 | MSC Industrial Direct Co., Inc. Class A | 1806724 |
| 10367 | Watsco, Inc. | 2809042 |
|  |  | 8568580 |
| **Water Utilities – 1.2%** | **Water Utilities – 1.2%** | **Water Utilities – 1.2%** |
| 38433 | American Water Works Co., Inc. | 5585852 |
| **TOTAL COMMON STOCKS**<br> **(Cost $336,697,398)** | **TOTAL COMMON STOCKS**<br> **(Cost $336,697,398)** | $455501796 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Companies<sup>(a)</sup> –3.1%** | **Investment Companies<sup>(a)</sup> –3.1%** | **Investment Companies<sup>(a)</sup> –3.1%** |
| **Goldman Sachs Financial Square Government Fund - Class R6** | **Goldman Sachs Financial Square Government Fund - Class R6** | **Goldman Sachs Financial Square Government Fund - Class R6** |
| 13920095 | 3.066% | $13920095 |

---

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

------

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

## Schedule of Investments (continued)
*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Companies<sup>(a)</sup> – (continued)** | **Investment Companies<sup>(a)</sup> – (continued)** |  |
| Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares |
| 1006206 | 3.066% | $1006206 |
| **TOTAL INVESTMENT COMPANIES**<br> **(Cost $14,926,301)** | **TOTAL INVESTMENT COMPANIES**<br> **(Cost $14,926,301)** | $14926301 |
| **TOTAL INVESTMENTS – 99.2%**<br> **(Cost $351,623,699)** | **TOTAL INVESTMENTS – 99.2%**<br> **(Cost $351,623,699)** | $470428097 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.8%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.8%** | 3571723 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $473999820 |

---

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.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At October 31, 2022, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** | **Long position contracts:** | **Long position contracts:** | **Long position contracts:** |  |
|  S&P 500 E-Mini Index | 75 | 12/16/22 | $14561250 | $(525607) |

---

---

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

---

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

------

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

## Statements of Assets and Liabilities
*October 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Income Builder<br>Fund** | **Rising Dividend<br>Growth Fund** |
|  Assets: |  |  |
| Investments in unaffiliated issuers, at value (cost $2,110,799,456 and $336,697,398, respectively)<sup>(a)</sup> | $2052153555 | $455501796 |
| Investments in affiliated issuers, at value (cost $135,797,824 and $14,926,301, respectively) | 152284679 | 14926301 |
| Investments in securities lending reinvestment vehicle — affiliated issuer, at value (cost $1,879,100 and $0, respectively) | 1879100 |  |
| Cash | 31107853 | 628870 |
| Foreign currencies, at value (cost $2,718,798 and $0, respectively) | 2266145 |  |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 17933671 | 742725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(b)</sup>  | 16502092 | 825000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 2564454 | 62069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 1770990 | 6620456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 1293532 | 62144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from broker | 781399 | 110100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 96292 | 86739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 10645 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold on an extended-settlement basis |  | 44518 |
| Other assets | 108146 | 33973 |
| **Total assets** | 2280752553 | 479644839 |
|  **Liabilities:** |  |  |
| Written option contracts, at value (premium received $1,005,384 and $0, respectively) | 935197 |  |
| Variation margin on futures contracts | 822701 | 105993 |
| Variation margin on swaps contracts | 453137 |  |
| Unrealized loss on forward foreign currency exchange contracts | 31250 |  |
| Unrealized loss on unfunded loan commitment | 26816 |  |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 6021839 | 474156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 4196026 | 4381450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 1879100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 782324 | 253781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 466379 | 130805 |
| Accrued expenses | 475363 | 298834 |
| **Total liabilities** | 16090132 | 5645019 |
|  **Net Assets:** |  |  |
| Paid-in capital | 2353156364 | 323139050 |
| Total distributable earnings (loss) | (88493943) | 150860770 |
| **NET ASSETS** | $2264662421 | $473999820 |
| Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $524001523 | $240084806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 243523490 | 41109830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 993214087 | 108366594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 421141656 | 64950457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 39186610 | 2738272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 1345669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 43595055 | 15404192 |
| Total Net Assets | $2264662421 | $473999820 |
| Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 23249378 | 20218692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 11022693 | 3386544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 42921531 | 8540622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 18263130 | 5129269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 1693978 | 215900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 113968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 1884111 | 1213862 |
| Net asset value, offering and redemption price per share:<sup>(c)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 22.09 | 12.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 23.14 | 12.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 23.06 | 12.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 23.13 | 12.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 11.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 23.14 | 12.69 |

---

(a) Includes loaned securities having market value of $1,823,058 and $0, respectively.

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Futures** | **Swaps** | **Forwards** |
|  Income Builder | $6362507 | $9479585 | $660000 |
|  Rising Dividend Growth | 825000 |  |  |

---

(c) Maximum public offering price per share for Class A Shares of the Income Builder and the Rising Dividend
Growth Funds is $23.85 and $12.56, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the
shares.

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

------

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

## Statements of Operations
*For the Fiscal Year Ended October 31, 2022*

---

| | | |
|:---|:---|:---|
|  | **Income Builder**<br> **Fund** | **Rising Dividend**<br> **Growth Fund** |
|  Investment Income: |  |  |
| Interest (net of foreign withholding taxes of $2,305 and $0, respectively) | $68807200 | $4097 |
| Dividends — unaffiliated issuers (net of tax withholding of $647,085 and $7,590, respectively) | 25963955 | 7913598 |
| Dividends — affiliated issuers | 3985433 | 113452 |
| Securities lending income — unaffiliated issuers | 67817 |  |
| Securities lending income — affiliated issuers |  | 4308 |
| **Total investment income** | 98824405 | 8035455 |
|  Expenses: |  |  |
|  Management fees | 11923399 | 3788442 |
|  Distribution and Service (12b-1) fees<sup>(a)</sup>  | 3590496 | 1035217 |
|  Transfer Agency fees<sup>(a)</sup>  | 1912814 | 641919 |
|  Service fees — Class C | 758584 | 138655 |
|  Printing and mailing costs | 356507 | 113667 |
|  Custody, accounting and administrative services | 313516 | 104664 |
|  Registration fees | 185430 | 130713 |
|  Professional fees | 150385 | 174259 |
|  Trustee fees | 31292 | 27766 |
|  Other | 59001 | 27575 |
|  **Total expenses** | 19281424 | 6182877 |
|  Less — expense reductions | (3216125) | (1151079) |
|  **Net expenses** | 16065299 | 5031798 |
|  **NET INVESTMENT INCOME** | 82759106 | 3003657 |
|  Realized and unrealized gain (loss): |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 1272004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55199244  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | (643391) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (25708089) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1296053)  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 751180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (3964123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 5427522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (482244) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29  |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (301434171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (81959894)  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | 5459971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitment | (27039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (12517019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (956973)  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 30645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (5530617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (690102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | (314760) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)  |
|  **Net realized and unrealized loss** | (338370233) | (29013649) |
|  **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(255611127) | $(26009992) |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Class R** | **Class A** | **Class C** | **Institutional** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Income Builder | $1314743 | $2275753 | $— | $631077 | $364120 | $420224 | $473982 | $8551 | $— | $14860 |
|  Rising Dividend Growth | 611836 | 415966 | 7415 | 391575 | 88739 | 47682 | 106188 | 936 | 2373 | 4426 |

---

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

------

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

## Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Income Builder Fund** | **Income Builder Fund** | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** |
|  | **For the Fiscal<br>Year Ended<br>October 31, 2022** | **For the Fiscal<br>Year Ended<br>October 31, 2021** | **For the Fiscal<br>Year Ended<br>October 31, 2022** | **For the Fiscal<br>Year Ended<br>October 31, 2021** |
|  **From operations:** |  |  |  |  |
|  Net investment income | $82759106 | $65544332 | $3003657 | $2174653 |
|  Net realized gain (loss) | (23347141) | 97686210 | 53903220 | 65240557 |
|  Net change in unrealized gain (loss) | (315023092) | 175868243 | (82916869) | 125038384 |
|  **Net increase (decrease) in net assets resulting from operations** | (255611127) | 339098785 | (26009992) | 192453594 |
|  **Distributions to shareholders:** |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (36416172) | (13460914) | (25245822) | (7247645) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (21214363) | (9402892) | (6463871) | (3375426) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (75761099) | (31390661) | (12453807) | (3851415) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (27348280) | (10372177) | (6686489) | (2548791) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (1984051) | (682902) | (309412) | (83317) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares |  |  | (142980) | (45180) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (3694936) | (999603) | (1434686) | (366629) |
|  **Total distributions to shareholders** | (166418901) | (66309149) | (52737067) | (17518403) |
|  **From share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 853572148 | 785436537 | 72641961 | 105355066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions | 148737943 | 58761283 | 49946435 | 16498250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (684727771) | (464970124) | (122640082) | (193071374) |
|  **Net increase (decrease) in net assets resulting from share transactions** | 317582320 | 379227696 | (51686) | (71218058) |
|  **TOTAL INCREASE (DECREASE)** | (104447708) | 652017332 | (78798745) | 103717133 |
|  **Net assets:** |  |  |  |  |
|  Beginning of year | 2369110129 | 1717092797 | 552798565 | 449081432 |
|  End of year | $2264662421 | $2369110129 | $473999820 | $552798565 |

---

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

------

GOLDMAN SACHS INCOME BUILDER FUND

## Financial Highlights (continued)
*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Income Builder Fund** | **Goldman Sachs Income Builder Fund** | **Goldman Sachs Income Builder Fund** | **Goldman Sachs Income Builder Fund** | **Goldman Sachs Income Builder Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $26.97 | $23.40 | $23.67 | $21.67 | $22.72 |
|  Net investment income <sup>(a)</sup>  | 0.83 | 0.81 | 0.73 | 0.82 | 0.80 |
|  Net realized and unrealized gain (loss) | (3.47) | 3.58 | (0.21) | 2.02 | (1.02) |
|  Total from investment operations | (2.64) | 4.39 | 0.52 | 2.84 | (0.22) |
|  Distributions to shareholders from net investment income | (0.86) | (0.82) | (0.76) | (0.84) | (0.80) |
|  Distributions to shareholders from net realized gains | (0.93) |  |  |  |  |
|  Distributions to shareholders from return of capital |  |  | (0.03) |  | (0.03) |
|  Total distributions | (1.79) | (0.82) | (0.79) | (0.84) | (0.83) |
|  Net asset value, end of year | $22.54 | $26.97 | $23.40 | $23.67 | $21.67 |
|  **Total return<sup>(b)</sup>**  | (10.34)% | 18.90% | 2.29% | 13.34% | (1.03)% |
|  Net assets, end of year (in 000s) | $524002 | $505134 | $328039 | $314951 | $309719 |
|  Ratio of net expenses to average net assets | 0.79% | 0.79% | 0.92% | 0.95% | 0.97% |
|  Ratio of total expenses to average net assets | 0.92% | 0.92% | 0.98% | 1.00% | 1.02% |
|  Ratio of net investment income to average net assets | 3.42% | 3.07% | 3.15% | 3.63% | 3.54% |
|  Portfolio turnover rate<sup>(c)</sup>  | 25% | 47% | 46% | 47% | 42% |

---

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

(b) 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.

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

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

------

GOLDMAN SACHS INCOME BUILDER FUND

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Income Builder Fund** | **Goldman Sachs Income Builder Fund** | **Goldman Sachs Income Builder Fund** | **Goldman Sachs Income Builder Fund** | **Goldman Sachs Income Builder Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $26.47 | $22.98 | $23.26 | $21.31 | $22.35 |
|  Net investment income<sup>(a)</sup>  | 0.64 | 0.60 | 0.55 | 0.64 | 0.62 |
|  Net realized and unrealized gain (loss) | (3.41) | 3.51 | (0.21) | 1.98 | (1.00) |
|  Total from investment operations | (2.77) | 4.11 | 0.34 | 2.62 | (0.38) |
|  Distributions to shareholders from net investment income | (0.68) | (0.62) | (0.60) | (0.67) | (0.64) |
|  Distributions to shareholders from net realized gains | (0.93) |  |  |  |  |
|  Distributions to shareholders from return of capital |  |  | (0.02) |  | (0.02) |
|  Total distributions | (1.61) | (0.62) | (0.62) | (0.67) | (0.66) |
|  Net asset value, end of year | $22.09 | $26.47 | $22.98 | $23.26 | $21.31 |
|  **Total return<sup>(b)</sup>**  | (10.99)% | 18.01% | 1.57% | 12.44% | (1.74)% |
|  Net assets, end of year (in 000s) | $243523 | $368881 | $380590 | $463483 | $475897 |
|  Ratio of net expenses to average net assets | 1.54% | 1.54% | 1.67% | 1.70% | 1.72% |
|  Ratio of total expenses to average net assets | 1.67% | 1.67% | 1.73% | 1.75% | 1.77% |
|  Ratio of net investment income to average net assets | 2.64% | 2.32% | 2.41% | 2.88% | 2.79% |
|  Portfolio turnover rate<sup>(c)</sup>  | 25% | 47% | 46% | 47% | 42% |

---

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

(b) 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.

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

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

------

GOLDMAN SACHS INCOME BUILDER FUND

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Income Builder Fund** | **Goldman Sachs Income Builder Fund** | **Goldman Sachs Income Builder Fund** | **Goldman Sachs Income Builder Fund** | **Goldman Sachs Income Builder Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $27.64 | $23.96 | $24.21 | $22.15 | $23.20 |
|  Net investment income<sup>(a)</sup>  | 0.94 | 0.91 | 0.84 | 0.93 | 0.90 |
|  Net realized and unrealized gain (loss) | (3.57) | 3.67 | (0.21) | 2.06 | (1.03) |
|  Total from investment operations | (2.63) | 4.58 | 0.63 | 2.99 | (0.13) |
|  Distributions to shareholders from net investment income | (0.94) | (0.90) | (0.85) | (0.93) | (0.89) |
|  Distributions to shareholders from net realized gains | (0.93) |  |  |  |  |
|  Distributions to shareholders from return of capital |  |  | (0.03) |  | (0.03) |
|  Total distributions | (1.87) | (0.90) | (0.88) | (0.93) | (0.92) |
|  Net asset value, end of year | $23.14 | $27.64 | $23.96 | $24.21 | $22.15 |
|  **Total return<sup>(b)</sup>**  | (10.02)% | 19.29% | 2.68% | 13.76% | (0.63)% |
|  Net assets, end of year (in 000s) | $993214 | $1061582 | $669848 | $609414 | $680661 |
|  Ratio of net expenses to average net assets | 0.46% | 0.46% | 0.56% | 0.57% | 0.58% |
|  Ratio of total expenses to average net assets | 0.59% | 0.59% | 0.62% | 0.61% | 0.63% |
|  Ratio of net investment income to average net assets | 3.75% | 3.40% | 3.52% | 4.03% | 3.93% |
|  Portfolio turnover rate<sup>(c)</sup>  | 25% | 47% | 46% | 47% | 42% |

---

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

(b) 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.

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

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

------

GOLDMAN SACHS INCOME BUILDER FUND

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Income Builder Fund** | **Goldman Sachs Income Builder Fund** | **Goldman Sachs Income Builder Fund** | **Goldman Sachs Income Builder Fund** | **Goldman Sachs Income Builder Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $27.55 | $23.89 | $24.14 | $22.09 | $23.14 |
|  Net investment income<sup>(a)</sup>  | 0.91 | 0.89 | 0.81 | 0.89 | 0.87 |
|  Net realized and unrealized gain (loss) | (3.55) | 3.65 | (0.21) | 2.05 | (1.03) |
|  Total from investment operations | (2.64) | 4.54 | 0.60 | 2.94 | (0.16) |
|  Distributions to shareholders from net investment income | (0.92) | (0.88) | (0.82) | (0.89) | (0.86) |
|  Distributions to shareholders from net realized gains | (0.93) |  |  |  |  |
|  Distributions to shareholders from return of capital |  |  | (0.03) |  | (0.03) |
|  Total distributions | (1.85) | (0.88) | (0.85) | (0.89) | (0.89) |
|  Net asset value, end of year | $23.06 | $27.55 | $23.89 | $24.14 | $22.09 |
|  **Total return<sup>(b)</sup>**  | (10.09)% | 19.22% | 2.53% | 13.59% | (0.77)% |
|  Net assets value, end of year (in 000s) | $421142 | $355534 | $256919 | $263228 | $239226 |
|  Ratio of net expenses to average net assets | 0.54% | 0.54% | 0.67% | 0.70% | 0.72% |
|  Ratio of total expenses to average net assets | 0.67% | 0.67% | 0.73% | 0.75% | 0.77% |
|  Ratio of net investment income to average net assets | 3.68% | 3.32% | 3.40% | 3.87% | 3.79% |
|  Portfolio turnover rate<sup>(c)</sup>  | 25% | 47% | 46% | 47% | 42% |

---

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

(b) 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.

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

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

------

GOLDMAN SACHS INCOME BUILDER FUND

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Income Builder Fund** | **Goldman Sachs Income Builder Fund** | **Goldman Sachs Income Builder Fund** | **Goldman Sachs Income Builder Fund** | **Goldman Sachs Income Builder Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $27.64 | $23.95 | $24.21 | $22.15 | $23.20 |
|  Net investment income<sup>(a)</sup>  | 0.94 | 0.92 | 0.83 | 0.93 | 0.85 |
|  Net realized and unrealized gain (loss) | (3.58) | 3.67 | (0.21) | 2.06 | (0.98) |
|  Total from investment operations | (2.64) | 4.59 | 0.62 | 2.99 | (0.13) |
|  Distributions to shareholders from net investment income | (0.94) | (0.90) | (0.85) | (0.93) | (0.89) |
|  Distributions to shareholders from net realized gains | (0.93) |  |  |  |  |
|  Distributions to shareholders from return of capital |  |  | (0.03) |  | (0.03) |
|  Total distributions | (1.87) | (0.90) | (0.88) | (0.93) | (0.92) |
|  Net asset value, end of year | $23.13 | $27.64 | $23.95 | $24.21 | $22.15 |
|  **Total return<sup>(b)</sup>**  | (10.05)% | 19.35% | 2.70% | 13.72% | (0.62)% |
|  Net assets, end of year (in 000s) | $39187 | $25215 | $65293 | $10486 | $130 |
|  Ratio of net expenses to average net assets | 0.45% | 0.46% | 0.54% | 0.56% | 0.57% |
|  Ratio of total expenses to average net assets | 0.58% | 0.58% | 0.61% | 0.61% | 0.61% |
|  Ratio of net investment income to average net assets | 3.76% | 3.44% | 3.51% | 3.96% | 3.72% |
|  Portfolio turnover rate<sup>(c)</sup>  | 25% | 47% | 46% | 47% | 42% |

---

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

(b) 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.

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

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

------

GOLDMAN SACHS INCOME BUILDER FUND

*Selected Share Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Income Builder Fund** | **Goldman Sachs Income Builder Fund** | **Goldman Sachs Income Builder Fund** | **Goldman Sachs Income Builder Fund** | **Goldman Sachs Income Builder Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |  |
|  | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $27.64 | $23.96 | $24.21 | $22.15 | $22.95 |
|  Net investment income<sup>(b)</sup>  | 0.94 | 0.91 | 0.84 | 0.94 | 0.45 |
|  Net realized and unrealized gain (loss) | (3.57) | 3.68 | (0.21) | 2.05 | (0.71) |
|  Total from investment operations | (2.63) | 4.59 | 0.63 | 2.99 | (0.26) |
|  Distributions to shareholders from net investment income | (0.94) | (0.91) | (0.85) | (0.93) | (0.51) |
|  Distributions to shareholders from net realized gains | (0.93) |  |  |  |  |
|  Distributions to shareholders from return of capital |  |  | (0.03) |  | (0.03) |
|  Total distributions | (1.87) | (0.91) | (0.88) | (0.93) | (0.54) |
|  Net asset value, end of period | $23.14 | $27.64 | $23.96 | $24.21 | $22.15 |
|  **Total return<sup>(c)</sup>**  | (10.05)% | 19.31% | 2.70% | 13.77% | (1.18)% |
|  Net assets, end of period (in 000s) | $43595 | $52764 | $16404 | $13919 | $16122 |
|  Ratio of net expenses to average net assets | 0.45% | 0.45% | 0.55% | 0.56% | 0.58%<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 0.58% | 0.58% | 0.61% | 0.61% | 0.58%<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 3.75% | 3.38% | 3.51% | 4.04% | 3.60%<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup>  | 25% | 47% | 46% | 47% | 42% |

---

(a) Commenced operations on April 16, 2018.

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

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

(d) Annualized.

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

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

------

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

## Financial Highlights
*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Rising Dividend Growth Fund** | **Goldman Sachs Rising Dividend Growth Fund** | **Goldman Sachs Rising Dividend Growth Fund** | **Goldman Sachs Rising Dividend Growth Fund** | **Goldman Sachs Rising Dividend Growth Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $13.87 | $9.81 | $11.18 | $19.56 | $22.54 |
|  Net investment income <sup>(a)</sup>  | 0.07 | 0.05 | 0.08 | 0.10 | 0.09 |
|  Net realized and unrealized gain (loss) | (0.71) | 4.44 | (0.23) | 0.78 | 1.25 |
|  Total from investment operations | (0.64) | 4.49 | (0.15) | 0.88 | 1.34 |
|  Distributions to shareholders from net investment income | (0.19) | (0.39) | (0.24) | (0.22) | (0.28) |
|  Distributions to shareholders from net realized gains | (1.17) | (0.04) | (0.98) | (9.04) | (4.04) |
|  Total distributions | (1.36) | (0.43) | (1.22) | (9.26) | (4.32) |
|  Net asset value, end of year | $11.87 | $13.87 | $9.81 | $11.18 | $19.56 |
|  **Total return<sup>(b)</sup>**  | (4.99)% | 46.88% | (1.80)% | 10.41% | 6.27% |
|  Net assets, end of year (in 000s) | $240085 | $255730 | $167765 | $208416 | $297772 |
|  Ratio of net expenses to average net assets | 1.03% | 1.03% | 1.09% | 1.15% | 1.17% |
|  Ratio of total expenses to average net assets | 1.28% | 1.27% | 1.29% | 1.27% | 1.20% |
|  Ratio of net investment income to average net assets | 0.55% | 0.42% | 0.81% | 0.86% | 0.42% |
|  Portfolio turnover rate<sup>(c)</sup>  | 50% | 38% | 43% | 45% | 101% |

---

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

(b) 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.

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

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

------

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

## Financial Highlights (continued)
*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Rising Dividend Growth Fund** | **Goldman Sachs Rising Dividend Growth Fund** | **Goldman Sachs Rising Dividend Growth Fund** | **Goldman Sachs Rising Dividend Growth Fund** | **Goldman Sachs Rising Dividend Growth Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $14.13 | $9.99 | $11.36 | $19.71 | $22.69 |
|  Net investment income (loss)<sup>(a)</sup>  | (0.02) | (0.03) | — <sup>(b)</sup> | 0.01 | (0.07) |
|  Net realized and unrealized gain (loss) | (0.72) | 4.52 | (0.23) | 0.80 | 1.26 |
|  Total from investment operations | (0.74) | 4.49 | (0.23) | 0.81 | 1.19 |
|  Distributions to shareholders from net investment income | (0.08) | (0.31) | (0.16) | (0.12) | (0.13) |
|  Distributions to shareholders from net realized gains | (1.17) | (0.04) | (0.98) | (9.04) | (4.04) |
|  Total distributions | (1.25) | (0.35) | (1.14) | (9.16) | (4.17) |
|  Net asset value, end of year | $12.14 | $14.13 | $9.99 | $11.36 | $19.71 |
|  **Total return<sup>(c)</sup>**  | (5.65)% | 45.74% | (2.50)% | 9.55% | 5.49% |
|  Net assets, end of year (in 000s) | $41110 | $75965 | $108840 | $194302 | $348220 |
|  Ratio of net expenses to average net assets | 1.78% | 1.78% | 1.84% | 1.90% | 1.92% |
|  Ratio of total expenses to average net assets | 2.02% | 2.03% | 2.03% | 2.02% | 1.95% |
|  Ratio of net investment income (loss) to average net assets | (0.15)% | (0.23)% | 0.03% | 0.12% | (0.33)% |
|  Portfolio turnover rate<sup>(d)</sup>  | 50% | 38% | 43% | 45% | 101% |

---

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

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

------

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Rising Dividend Growth Fund** | **Goldman Sachs Rising Dividend Growth Fund** | **Goldman Sachs Rising Dividend Growth Fund** | **Goldman Sachs Rising Dividend Growth Fund** | **Goldman Sachs Rising Dividend Growth Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $14.72 | $10.38 | $11.76 | $20.08 | $23.02 |
|  Net investment income<sup>(a)</sup>  | 0.11 | 0.10 | 0.12 | 0.15 | 0.18 |
|  Net realized and unrealized gain (loss) | (0.74) | 4.70 | (0.24) | 0.83 | 1.28 |
|  Total from investment operations | (0.63) | 4.80 | (0.12) | 0.98 | 1.46 |
|  Distributions to shareholders from net investment income | (0.23) | (0.42) | (0.28) | (0.26) | (0.36) |
|  Distributions to shareholders from net realized gains | (1.17) | (0.04) | (0.98) | (9.04) | (4.04) |
|  Total distributions | (1.40) | (0.46) | (1.26) | (9.30) | (4.40) |
|  Net asset value, end of year | $12.69 | $14.72 | $10.38 | $11.76 | $20.08 |
|  **Total return<sup>(b)</sup>**  | (4.62)% | 47.16% | (1.47)% | 10.85% | 6.75% |
|  Net assets, end of year (in 000s) | $108367 | $130706 | $97358 | $191509 | $425555 |
|  Ratio of net expenses to average net assets | 0.72% | 0.72% | 0.78% | 0.80% | 0.78% |
|  Ratio of total expenses to average net assets | 0.90% | 0.90% | 0.90% | 0.88% | 0.81% |
|  Ratio of net investment income to average net assets | 0.87% | 0.75% | 1.10% | 1.25% | 0.83% |
|  Portfolio turnover rate<sup>(c)</sup>  | 50% | 38% | 43% | 45% | 101% |

---

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

(b) 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.

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

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

------

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Rising Dividend Growth Fund** | **Goldman Sachs Rising Dividend Growth Fund** | **Goldman Sachs Rising Dividend Growth Fund** | **Goldman Sachs Rising Dividend Growth Fund** | **Goldman Sachs Rising Dividend Growth Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $14.69 | $10.36 | $11.75 | $20.07 | $23.01 |
|  Net investment income<sup>(a)</sup>  | 0.11 | 0.09 | 0.11 | 0.14 | 0.14 |
|  Net realized and unrealized gain (loss) | (0.75) | 4.69 | (0.25) | 0.83 | 1.29 |
|  Total from investment operations | (0.64) | 4.78 | (0.14) | 0.97 | 1.43 |
|  Distributions to shareholders from net investment income | (0.22) | (0.41) | (0.27) | (0.25) | (0.33) |
|  Distributions to shareholders from net realized gains | (1.17) | (0.04) | (0.98) | (9.04) | (4.04) |
|  Total distributions | (1.39) | (0.45) | (1.25) | (9.29) | (4.37) |
|  Net asset value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;12.66 | $&nbsp;&nbsp;&nbsp;&nbsp;14.69 | $&nbsp;&nbsp;&nbsp;&nbsp;10.36 | $&nbsp;&nbsp;&nbsp;&nbsp;11.75 | $&nbsp;&nbsp;&nbsp;&nbsp;20.07 |
|  **Total return<sup>(b)</sup>**  | (4.70)% | 47.09% | (1.55)% | 10.73% | 6.56% |
|  Net assets value, end of year (in 000s) | $64950 | $71231 | $64328 | $105498 | $227158 |
|  Ratio of net expenses to average net assets | 0.78% | 0.78% | 0.84% | 0.90% | 0.92% |
|  Ratio of total expenses to average net assets | 1.02% | 1.02% | 1.03% | 1.02% | 0.95% |
|  Ratio of net investment income to average net assets | 0.81% | 0.71% | 1.04% | 1.13% | 0.68% |
|  Portfolio turnover rate<sup>(c)</sup>  | 50% | 38% | 43% | 45% | 101% |

---

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

(b) 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.

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

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

------

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

*Selected Share Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Rising Dividend Growth Fund** | **Goldman Sachs Rising Dividend Growth Fund** | **Goldman Sachs Rising Dividend Growth Fund** | **Goldman Sachs Rising Dividend Growth Fund** | **Goldman Sachs Rising Dividend Growth Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | | | | | **Period Ended**<br> **October 31, 2018<sup>(a)</sup>** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended**<br> **October 31, 2018<sup>(a)</sup>** |
|  | **2022** | **2021** | **2020** | **2019** | **Period Ended**<br> **October 31, 2018<sup>(a)</sup>** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $14.71 | $10.37 | $11.76 | $20.08 | $20.18 |
|  Net investment income<sup>(b)</sup>  | 0.11 | 0.10 | 0.12 | 0.14 | 0.02 |
|  Net realized and unrealized gain (loss) | (0.74) | 4.70 | (0.25) | 0.85 | 0.29 |
|  Total from investment operations | (0.63) | 4.80 | (0.13) | 0.99 | 0.31 |
|  Distributions to shareholders from net investment income | (0.23) | (0.42) | (0.28) | (0.27) | (0.28) |
|  Distributions to shareholders from net realized gains | (1.17) | (0.04) | (0.98) | (9.04) | (0.13) |
|  Total distributions | (1.40) | (0.46) | (1.26) | (9.31) | (0.41) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;12.68 | $&nbsp;&nbsp;&nbsp;&nbsp;14.71 | $&nbsp;&nbsp;&nbsp;&nbsp;10.37 | $&nbsp;&nbsp;&nbsp;&nbsp;11.76 | $&nbsp;&nbsp;&nbsp;&nbsp;20.08 |
|  **Total return<sup>(c)</sup>**  | (4.62)% | 47.22% | (1.47)% | 10.78% | 1.54% |
|  Net assets, end of period (in 000s) | $2738 | $3063 | $1868 | $2240 | $10 |
|  Ratio of net expenses to average net assets | 0.71% | 0.71% | 0.76% | 0.80% | 0.77%<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 0.89% | 0.89% | 0.90% | 0.89% | 0.80%<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 0.87% | 0.75% | 1.11% | 1.19% | 0.16%<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup>  | 50% | 38% | 43% | 45% | 101% |

---

(a) Commenced operations on February 28, 2018.

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

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

(d) Annualized.

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

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

------

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Rising Dividend Growth Fund** | **Goldman Sachs Rising Dividend Growth Fund** | **Goldman Sachs Rising Dividend Growth Fund** | **Goldman Sachs Rising Dividend Growth Fund** | **Goldman Sachs Rising Dividend Growth Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $13.79 | $9.76 | $11.13 | $19.51 | $22.49 |
|  Net investment income<sup>(a)</sup>  | 0.04 | 0.02 | 0.06 | 0.07 | 0.04 |
|  Net realized and unrealized gain (loss) | (0.69) | 4.42 | (0.24) | 0.78 | 1.25 |
|  Total from investment operations | (0.65) | 4.44 | (0.18) | 0.85 | 1.29 |
|  Distributions to shareholders from net investment income | (0.16) | (0.37) | (0.21) | (0.19) | (0.23) |
|  Distributions to shareholders from net realized gains | (1.17) | (0.04) | (0.98) | (9.04) | (4.04) |
|  Total distributions | (1.33) | (0.41) | (1.19) | (9.23) | (4.27) |
|  Net asset value, end of year | $11.81 | $13.79 | $9.76 | $11.13 | $19.51 |
|  **Total return<sup>(b)</sup>**  | (5.10)% | 46.38% | (2.01)% | 10.08% | 6.07% |
|  Net assets, end of year (in 000s) | $1346 | $1357 | $1131 | $2575 | $3484 |
|  Ratio of net expenses to average net assets | 1.28% | 1.28% | 1.35% | 1.40% | 1.42% |
|  Ratio of total expenses to average net assets | 1.52% | 1.52% | 1.53% | 1.52% | 1.45% |
|  Ratio of net investment income to average net assets | 0.31% | 0.19% | 0.57% | 0.61% | 0.18% |
|  Portfolio turnover rate<sup>(c)</sup>  | 50% | 38% | 43% | 45% | 101% |

---

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

(b) 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.

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

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

------

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

*Selected Share Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Rising Dividend Growth Fund** | **Goldman Sachs Rising Dividend Growth Fund** | **Goldman Sachs Rising Dividend Growth Fund** | **Goldman Sachs Rising Dividend Growth Fund** | **Goldman Sachs Rising Dividend Growth Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** |
|  | **2022** | **2021** | **2020** | **2019** | **October 31, 2018<sup>(a)</sup>** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $14.72 | $10.38 | $11.76 | $20.08 | $20.21 |
|  Net investment income (loss)<sup>(b)</sup>  | 0.11 | 0.09 | 0.12 | 0.15 | (0.04) |
|  Net realized and unrealized gain (loss) | (0.74) | 4.71 | (0.24) | 0.84 | 0.25 |
|  Total from investment operations | (0.63) | 4.80 | (0.12) | 0.99 | 0.21 |
|  Distributions to shareholders from net investment income | (0.23) | (0.42) | (0.28) | (0.27) | (0.21) |
|  Distributions to shareholders from net realized gains | (1.17) | (0.04) | (0.98) | (9.04) | (0.13) |
|  Total distributions | (1.40) | (0.46) | (1.26) | (9.31) | (0.34) |
|  Net asset value, end of period | $12.69 | $14.72 | $10.38 | $11.76 | $20.08 |
|  Total return<sup>(c)</sup>  | (4.62)% | 47.17% | (1.46)% | 10.86% | 1.03% |
|  Net assets, end of period (in 000s) | $15404 | $14747 | $7791 | $21171 | $41067 |
|  Ratio of net expenses to average net assets | 0.71% | 0.71% | 0.77% | 0.79% | 0.77%<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 0.90% | 0.89% | 0.89% | 0.87% | 0.81%<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 0.87% | 0.70% | 1.10% | 1.24% | (0.37)%<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup>  | 50% | 38% | 43% | 45% | 101% |

---

(a) Commenced operations on April 16, 2018.

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

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

(d) Annualized.

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

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

------

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

## Notes to Financial Statements
*October 31, 2022* 

 **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/**<br> **Non-diversified** |
| Income Builder | A, C, Institutional, Investor, R6 and P | Diversified |
| Rising Dividend Growth | A, C, Institutional, Investor, R6, R and P | Diversified |

---

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with contingent deferred sales charge ("CDSC") of 1.00% which is imposed on redemptions made within 12 months of purchase. Institutional, Investor, Class R6, Class R and Class P Shares.

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. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Fund's valuation policy is to value investments at fair value.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**59** 

------

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

## Notes to Financial Statements (continued)
*October 31, 2022* 

 **2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Income Distributions**<br> **Declared/Paid** | **Capital Gains Distributions**<br> **Declared/Paid** |
| Income Builder | Monthly | Annually |
| Rising Dividend Growth | Quarterly | Annually |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the 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 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;

**60** 

------

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

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

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

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the "Valuation Designee"). GSAM has 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.

&nbsp;&nbsp;&nbsp;&nbsp;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 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 the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Underlying Funds (including Money Market Funds) — Underlying funds ("Underlying Funds") include other investment companies and exchange-traded funds ("ETFs"). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds' shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's shareholder report.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. 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.

**61** 

------

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

*October 31, 2022* 

 **3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Bank Loans — Bank loans ("Loans") are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions ("Lenders"). A Fund's investments in Loans are in the form of either participations in Loans ("Participations") or assignments of all or a portion of Loans from third parties ("Assignments"). With respect to Participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, assignments result in a Fund having a direct contractual relationship with the borrower, and the Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

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

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

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

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

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

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

**62** 

------

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

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.

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

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

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

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

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

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

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

A *credit default swap* is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund's investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**63** 

------

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

*October 31, 2022* 

 **3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;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 the Valuation Procedures. 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.

**64** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of October 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **INCOME BUILDER** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $986189461 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 154803065 | 5288857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 2184070 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations |  | 108403 |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 12509240 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 203957759 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 675379985 |  | 3895 |
|  Preferred Stocks |  | 8366433 |  |
|  Securities Lending Reinvestment Vehicle | 1879100 |  |  |
|  Warrants |  | 70066 |  |
|  Rights |  | 29977 |  |
|  Investment Companies | 152284679 |  |  |
|  Short-term Investments |  | 3262344 |  |
|  **Total** | $1046010763 | $1155013819 | $5292752 |
|  **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Loan Committments | $— | $(26816) | $— |
| **Derivative Type** |  |  |  |
|  **Assets<sup>(b)</sup>** |  |  |  |
|  Futures Contracts | $6067009 | $— | $— |
|  Interest Rate Swap Contracts |  | 430980 |  |
|  **Total** | $6067009 | $430980 | $— |
|  **Liabilities** |  |  |  |
|  Credit Default Swap Contracts<sup>(b)</sup> | $— | $(4905) | $— |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup> |  | (31250) |  |
|  Futures Contracts<sup>(b)</sup> | (15973583) |  |  |
|  Interest Rate Swap Contracts<sup>(b)</sup> |  | (6352898) |  |
|  Written Option Contracts |  | (935197) |  |
|  **Total** | $(15973583) | $(7324250) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65** 

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

*October 31, 2022* 

 **3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **RISING DIVIDEND GROWTH** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $13678300 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 441823496 |  |  |
|  Investment Companies | 14926301 |  |  |
|  **Total** | $470428097 | $— | $— |
| **Derivative Type** |  |  |  |
|  **Liabilities<sup>(b)</sup>** |  |  |  |
|  Futures Contracts | $(525607) | $— | $— |

---

(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.

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

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

 **4. INVESTMENTS IN DERIVATIVES**

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of October 31, 2022. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

**INCOME BUILDER** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk** | **Statements of Assets**<br> **and Liabilities** | **Assets** | **Statements of Assets**<br> **and Liabilities** | **Liabilities** |
|  Credit |  | $— | Variation margin on swap contracts | $(4905)<sup>(a)</sup> |
|  Currency |  |  | Payable for unrealized loss on forward<br> foreign currency exchange contracts | (31250) |
|  Equity | Variation margin on futures contracts | 150609 <sup>(a)</sup> | Variation margin on futures contracts;<br> Written option contracts, at value | (2661926)<sup>(a)</sup> |
|  Interest rate | Variation margin on swap contracts;<br> Variation margin on futures contracts | 6347380 <sup>(a)</sup> | Variation margin on swap contracts;<br> Variation margin on futures contracts | (20599752)<sup>(a)</sup> |
|  **Total** |  | $6497989 |  | $(23297833) |
| **RISING DIVIDEND GROWTH** | **RISING DIVIDEND GROWTH** |  |  |  |
| **Risk** | **Statements of Assets**<br> **and Liabilities** | **Assets** | **Statements of Assets**<br> **and Liabilities** | **Liabilities** |
|  Equity | **—** | $— | Variation margin on futures contracts | $(525607)<sup>(a)</sup> |

---

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

**66** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **4. INVESTMENTS IN DERIVATIVES (continued)**

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended October 31, 2022. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

**INCOME BUILDER** 

---

| | | | |
|:---|:---|:---|:---|
| **Risk** | **Statement of Operations** | **Net Realized Gain (Loss)** | **Net Change in**<br> **Unrealized**<br> **Gain (Loss)** |
|  Credit | Net realized gain (loss) from swap contracts/ Net change in unrealized gain on swap contracts | $(50047) | $(18648) |
|  Currency | Net realized gain from forward foreign currency exchange contracts/Net unrealized gain on forward foreign currency exchange contracts | 5427522 | (690102) |
|  Equity | Net realized gain from futures, swap contracts and written options/Net unrealized gain on futures, swap contracts and written options | (1630722) | (3679310) |
|  Interest rate  | Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain on futures contracts and swap contracts | (27240263) | (14319033) |
|  **Total** |  | $(23493510) | $(18707093) |
| **RISING DIVIDEND GROWTH** | **RISING DIVIDEND GROWTH** |  |  |
| **Risk** | **Statement of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  Equity | Net realized gain (loss) from futures contracts/Net unrealized gain(loss) on futures contracts | $(1296053) | $(956973) |

---

For the fiscal year ended October 31, 2022, the relevant values for each derivative type was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** |
|  | **Futures** | **Forward** | **Swap** | **Written** |
|  | **contracts** | **contracts** | **Agreements** | **Options** |
|  Income Builder | 4055 | $28921960 | $80730722 | 31065 |
|  Rising Dividend Growth | 71 |  |  |  |

---

(a) Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward
contracts, swaptions, swap agreements, purchased and written swaptions, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that the
Fund held such derivatives during the fiscal year ended October 31, 2022.

 **5. AGREEMENTS AND AFFILIATED TRANSACTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**67** 

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

*October 31, 2022* 

 **5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

For the fiscal year ended October 31, 2022, contractual and effective net management fees with GSAM were at the following rates:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | | **Effective Net**<br> **Management**<br> **Rate<sup>^</sup>**  | **Effective Net**<br> **Management**<br> **Rate<sup>^</sup>**  |
| | | | | | | | **Effective Net**<br> **Management**<br> **Rate<sup>^</sup>**  | **Effective Net**<br> **Management**<br> **Rate<sup>^</sup>**  |
| <br>**Fund** | **First**<br>**$1 billion** | <br> **Next**<br>**$1 billion** | **Next**<br>**$3 billion** | <br> **Next**<br>**$3 billion** | **Over**<br>**$8 billion** |<br>**Effective Rate** | **Effective Net**<br> **Management**<br> **Rate<sup>^</sup>**  | **Effective Net**<br> **Management**<br> **Rate<sup>^</sup>**  |
|  Income Builder | 0.54% | 0.49% | 0.46% | 0.45% | 0.44% | 0.51% | 0.41 | \*% |
|  Rising Dividend Growth | 0.75 | 0.68 | 0.64 | 0.63 | 0.62 | 0.75 | 0.67 | \*\* |

---

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

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

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

Certain Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, Class R6 Shares of the Goldman Sachs Emerging Markets Equity Fund, Goldman Sachs High Yield Fund, and Goldman Sachs MLP Energy Infrastructure Fund, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by each applicable Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which each Fund invests. For the fiscal year ended October 31, 2022, the management fee waived by GSAM for each Fund was as follows:

---

| | |
|:---|:---|
| **Fund** | **Management**<br> **Fee Waived** |
|  Income Builder | $643393 |
|  Rising Dividend Growth | 18223 |

---

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

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

---

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

---

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

**68** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;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 October 31, 2022, Goldman Sachs retained the following amounts:

---

| | |
|:---|:---|
|  | **Front End**<br>**Sales Charge**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund**<br>| <br> **Class A** |
|  Income Builder | $89455 |
|  Rising Dividend Growth | 21044 |

---

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

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

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

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

For the fiscal year ended October 31, 2022, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Other** | **Total** |
|  | **Management** | **Transfer Agency** | **Expense** | **Expense** |
| **Fund** | **Fee Waiver** | **Waivers/Credits** | **Reimbursements** | **Reductions** |
|  Income Builder | $2213975 | $— | $1002150 | $3216125 |
|  Rising Dividend Growth | 422324 | 220828 | 507927 | 1151079 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**69** 

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

*October 31, 2022* 

 **5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of October 31, 2022, the Funds participated in a $1,250,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended October 31, 2022, the Funds did not have any borrowings under the facility. Prior to April 22, 2022, the facility was $1,000,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — For the fiscal year ended October 31, 2022, Goldman Sachs earned $35,687 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Income Builder Fund.

The table below shows the transactions in and earnings from investments in the Underlying Funds for the fiscal year ended October 31, 2022:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Underlying Fund** | **Beginning**<br> **Value as of**<br> **October 31,**<br> **2021** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Realized**<br> **Gain<br>(Loss)** | **Change In<br>Unrealized**<br> **Gain (Loss)** | **Ending**<br> **Value as of**<br> **October 31,**<br> **2022** | **Shares as of**<br> **October 31,**<br> **2022** | **Dividend<br>Income** |
|  Income Builder | Goldman Sachs Emerging Markets Equity Fund — Class R6 | $77765 | $708 | $(59724) | $12752 | $(31501) | $— |  | $708 |
|  | Goldman Sachs Financial Square Government Fund — Class R6 Shares | 45473604 | 457489109 | (438403025) |  |  | 64559688 | 64559688 | 667955 |
|  | Goldman Sachs Financial Square Government Fund — Institutional Shares | 23234246 | 406479864 | (381589547) |  |  | 48124563 | 48124563 | 787480 |
|  | Goldman Sachs High Yield Fund — Class R6 | 59776 | 1676 | (54766) | (5937) | (749) |  |  | 1676 |
|  | Goldman Sachs MLP Energy Infrastructure Fund — Class R6 | 34067573 | 25527614 | (24838274) | (648706) | 5492221 | 39600428 | 1313012 | 2527614 |
|  Rising Dividend Growth | Goldman Sachs Financial Square Government Fund — Class R6 Shares | 8225405 | 94125242 | (88430552) |  |  | 13920095 | 13920095 | 109022 |
|  | Goldman Sachs Financial Square Government Fund — Institutional Shares | 83592 | 11508975 | (10586361) |  |  | 1006206 | 1006206 | 4430 |

---

**70** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. PORTFOLIO SECURITIES TRANSACTIONS**

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended October 31, 2022, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases (Excluding**<br> **U.S. Government and**<br> **Agency Obligations)** | **Sales and<br>Maturities of (Excluding**<br> **U.S. Government and**<br> **Agency Obligations)** |
|  Income Builder | $659529770 | $530490206 |
|  Rising Dividend Growth | 243090349 | 297562501 |

---

 **7. SECURITIES LENDING**

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

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

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

The Funds' master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction's bankruptcy or insolvency laws. The Funds' loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds' overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of October 31, 2022, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

**71** 

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

*October 31, 2022* 

 **7. SECURITIES LENDING (continued)**

The Income Builder Fund and BNYM received compensation relating to the lending of the Fund's securities. The amounts earned, if any, by the Funds for the fiscal year ended October 31, 2022, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds's investment in the Government Money Market Fund for the fiscal year ended October 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Beginning**<br> **Value as of<br>October 31, 2021** | **Purchases**<br> **at cost** | **Proceeds**<br> **from Sales** | **Ending<br>Value as of<br>October 31, 2022** | **Shares as of<br>October 31, 2022** |
|  Income Builder | $– $| 178866784 | $(176987684) | $1879100 | 1879100 |

---

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. TAX INFORMATION**<br>

The tax character of distributions paid during the for the fiscal year ended October 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Income Builder<br>Fund** | **Rising Dividend**<br> **Growth Fund** |
|  Distributions paid from: |  |  |
|  Ordinary income | $106584214 | $14689338 |
|  Net long-term capital gains | 59834687 | 38047729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $166418901 | $52737067 |

---

The tax character of distributions paid during the fiscal year ended October 31, 2021 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Income Builder<br>Fund** | **Rising Dividend**<br> **Growth Fund** |
|  Distributions paid from: |  |  |
|  Ordinary income | $66309149 | $11466021 |
|  Net long-term capital gains |  | 6052382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $66309149 | $17518403 |

---

As of October 31, 2022, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **Income Builder<br>Fund** | **Rising Dividend<br>Growth Fund** |
|  Undistributed ordinary income — net | $5771940 | $17203933 |
|  Undistributed long-term capital gains |  | 38082701 |
|  Total Undistributed Earnings | $5771940 | $55286634 |
|  Capital loss carryforwards: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | (26319387) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (15373434) |  |
|  Total capital loss carryforwards | (41692821) |  |
|  Timing differences (Open MBS Amortization - Pre-Election/Dividends Payable/Defaulted Bonds/Late Year Ordinary Loss Deferral) | $(8448) | $(5928096) |
|  Unrealized gains (loss) — net | (52564614) | 101502232 |
|  Total accumulated earnings (loss) net | $(88493943) | $150860770 |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; **8. TAX INFORMATION (continued)**<br>

As of October 31, 2022, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
| | **Income<br>Builder Fund** | **Rising Dividend<br>Growth Fund** |
|  Tax Cost | $2242604237 | $368400258 |
|  Gross unrealized gain | 188379244 | 115226850 |
|  Gross unrealized loss | (240943858) | (13724618) |
|  Net unrealized gain (loss) | $(52564614) | $101502232 |

---

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, swap transactions, material modification of debt securities, and market discount accretion and premium amortization and differences in the tax treatment of partnership investments.

The Income Builder Fund reclassed $22,320 from paid-in capital to distributable earnings for the year ending October 31, 2022. 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 differences in the tax treatment of partnership investments.

The Rising Dividend Growth Fund reclassed $5,021 from paid-in capital to distributable earnings for the year ending October 31, 2022. 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 differences in the tax treatment of partnership investments.

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

&nbsp;&nbsp;&nbsp;&nbsp; **9. OTHER RISKS**<br>

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

Derivatives Risk — The Funds' use of derivatives and other similar instruments (together, referred to in this paragraph as "derivatives") may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Changes in the value of a derivative may also create margin delivery or settlement payment obligations for the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, 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. The use of derivatives is also subject to operational and legal risks. Operational risks refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error. Legal risks refer to the risks of loss resulting from insufficient documentation, or legality or enforceability of a contract. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Dividend-Paying Investments Risk — A Fund's investments in dividend-paying securities could cause a Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Fund's investment criteria may not be widely available and/or may be highly concentrated in

**73** 

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

*October 31, 2022* 

&nbsp;&nbsp;&nbsp;&nbsp; **9. OTHER RISKS (continued)**<br>

only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Fund to produce current income.

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

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. Such market rates are generally the Secured Overnight Financing Rate, London Interbank Offered Rate ("LIBOR"), the Prime Rate of a designated U.S. bank, the Federal Funds Rate, or another base lending rate used by commercial lenders. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit a Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent a Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, a Fund may benefit from a lag due to an obligation's interest rate payment not being immediately impacted by a decline in interest rates.

At the end of 2021, certain LIBORs were discontinued, but the most widely used LIBORs may continue to be provided on a representative basis until June 2023. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund's investments resulting from a substitute reference rate may also adversely affect a Fund's performance and/or NAV.

Foreign Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

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

**74** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; **9. OTHER RISKS (continued)**<br>

regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund's ability to recover its assets if a Foreign Custodian enters bankruptcy.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. The Fund may face a heightened level of interest rate risk in connection with the type and extent of certain monetary policy changes made by the Federal Reserve, such as target interest rate changes. 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. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. 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. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

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

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

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

**75** 

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

*October 31, 2022* 

&nbsp;&nbsp;&nbsp;&nbsp; **9. OTHER RISKS (continued)**<br>

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

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

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

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

Short Position Risk — A Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that a Fund may purchase for investment. Taking short positions involves leverage of a Fund's assets and presents various risks, including counterparty risk. If the value of the underlying instrument or market in which a Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited. To the extent that a Fund uses the proceeds it receives from a short position to take additional long positions, the risks associated with the short position, including leverage risks, may be heightened, because doing so increases the exposure of a Fund to the markets and therefore could magnify changes to a Fund's NAV.

&nbsp;&nbsp;&nbsp;&nbsp; **10. INDEMNIFICATIONS**<br>

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.

**76** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; **11. SUBSEQUENT EVENTS**<br>

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.

**77** 

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

*October 31, 2022* 

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. SUMMARY OF SHARE TRANSACTIONS**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** |
|  | **For the Fiscal Year Ended**<br> **October 31, 2022** | **For the Fiscal Year Ended**<br> **October 31, 2022** | **For the Fiscal Year Ended**<br> **October 31, 2021** | **For the Fiscal Year Ended**<br> **October 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 8720499 | $213503751 | 6867523 | $180553524 |
|  Reinvestment of distributions | 1276003 | 31882754 | 449961 | 11836775 |
|  Shares redeemed | (5473237) | (132444278) | (2608400) | (68285982) |
|  | 4523265 | 112942227 | 4709084 | 124104317 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 1494808 | 35983206 | 1847515 | 47544663 |
|  Reinvestment of distributions | 833098 | 20663588 | 355353 | 9151437 |
|  Shares redeemed | (5238908) | (125114914) | (4830410) | (124413665) |
|  | (2911002) | (68468120) | (2627542) | (67717565) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 14068457 | 353398047 | 14503053 | 386338647 |
|  Reinvestment of distributions | 2466261 | 63277599 | 956216 | 25771275 |
|  Shares redeemed | (12016424) | (296810163) | (5011669) | (134495439) |
|  | 4518294 | 119865483 | 10447600 | 277614483 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 8839175 | 218505428 | 4665028 | 124550077 |
|  Reinvestment of distributions | 1073626 | 27346707 | 386405 | 10371807 |
|  Shares redeemed | (4552534) | (110881045) | (2904236) | (77247188) |
|  | 5360267 | 134971090 | 2147197 | 57674696 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 930031 | 22173659 | 383900 | 10356613 |
|  Reinvestment of distributions | 73497 | 1872359 | 23368 | 630386 |
|  Shares redeemed | (221952) | (5447227) | (2221047) | (57015947) |
|  | 781576 | 18598791 | (1813779) | (46028948) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 391969 | 10008057 | 1318947 | 36093013 |
|  Reinvestment of distributions | 143522 | 3694936 | 36867 | 999603 |
|  Shares redeemed | (560249) | (14030144) | (131552) | (3511903) |
|  | (24758) | (327151) | 1224262 | 33580713 |
|  **NET INCREASE** | 12247642 | $317582320 | 14086822 | $379227696 |

---

**78** 

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. SUMMARY OF SHARE TRANSACTIONS (continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** |
|  | **For the Fiscal Year Ended**<br> **October 31, 2022** | **For the Fiscal Year Ended**<br> **October 31, 2022** | **For the Fiscal Year Ended**<br> **October 31, 2021** | **For the Fiscal Year Ended**<br> **October 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 2937971 | $35875163 | 4781865 | $60067261 |
|  Reinvestment of distributions | 1826238 | 22901532 | 558204 | 6434401 |
|  Shares redeemed | (2989638) | (36981705) | (4006108) | (49070420) |
|  | 1774571 | 21794990 | 1333961 | 17431242 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 276492 | 3497371 | 236781 | 2999106 |
|  Reinvestment of distributions | 499266 | 6425383 | 291322 | 3343818 |
|  Shares redeemed | (2766771) | (34539849) | (6041952) | (76504065) |
|  | (1991013) | (24617095) | (5513849) | (70161141) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 1383655 | 18284385 | 2168184 | 29309851 |
|  Reinvestment of distributions | 900683 | 12052097 | 300766 | 3677997 |
|  Shares redeemed | (2624180) | (34207448) | (2971856) | (37608612) |
|  | (339842) | (3870966) | (502906) | (4620764) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 894407 | 11513896 | 567806 | 7461953 |
|  Reinvestment of distributions | 500575 | 6684367 | 209775 | 2548105 |
|  Shares redeemed | (1114071) | (14682448) | (2139015) | (27496297) |
|  | 280911 | 3515815 | (1361434) | (17486239) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 61549 | 840687 | 61468 | 824734 |
|  Reinvestment of distributions | 23149 | 309412 | 6813 | 83317 |
|  Shares redeemed | (76950) | (982601) | (40210) | (532863) |
|  | 7748 | 167498 | 28071 | 375188 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 47137 | 570139 | 15617 | 197582 |
|  Reinvestment of distributions | 11151 | 138958 | 3863 | 43983 |
|  Shares redeemed | (42663) | (503372) | (37028) | (465104) |
|  | 15625 | 205725 | (17548) | (223539) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 160746 | 2060320 | 330890 | 4494579 |
|  Reinvestment of distributions | 107355 | 1434686 | 29967 | 366629 |
|  Shares redeemed | (56060) | (742659) | (109846) | (1394013) |
|  | 212041 | 2752347 | 251011 | 3467195 |
|  **NET DECREASE** | (39959) | $(51686) | (5782694) | $(71218058) |

---

**79** 

------

## Report of Independent Registered Public

## Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Income Builder Fund and Goldman Sachs Rising Dividend Growth Fund

**Opinions on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Income Builder Fund and Goldman Sachs Rising Dividend Growth Fund (two of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the "Funds") as of October 31, 2022, the related statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, 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 October 31, 2022, 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 October 31, 2022 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 October 31, 2022 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

December 22, 2022

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

**80** 

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

&nbsp;&nbsp;&nbsp; **Fund Expenses — Six Month Period Ended October 31, 2022 (Unaudited)**<br>

As a shareholder of Shares of a undefined, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares for certain Funds), contingent deferred sales charges on redemptions (generally 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 undefined expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of the undefined 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 May 01, 2022 through October 31, 2022, which represents a period of 184 days of a 365-day year. This projection assumes that annualized expense ratios were in effect during the period.

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

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

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** |
| &nbsp;&nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beginning** <br> **Account**<br> **Value**<br> **5/1/22** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account** <br> **Value**<br> **10/31/22** |  | **Expenses**<br> **Paid for the**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6 months ended** <br> **10/31/22\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beginning** <br> **Account**<br> **Value**<br> **5/1/22** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account** <br> **Value**<br> **10/31/22** |  | **Expenses**<br> **Paid for the**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6 months ended** <br> **10/31/22\*** |
| &nbsp;&nbsp;&nbsp; **<u>Class A</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $952.10 |  | $3.85 | $1000.00 | $1001.60 |  | $5.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1021.30 | <sup>+</sup> | 3.99 | 1000.00 | 1020.00 | <sup>+</sup> | 5.24 |
| &nbsp;&nbsp;&nbsp; **<u>Class C</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 948.80 |  | 7.53 | 1000.00 | 998.50 |  | 8.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1017.50 | <sup>+</sup> | 7.79 | 1000.00 | 1016.20 | <sup>+</sup> | 9.05 |
| &nbsp;&nbsp;&nbsp; **<u>Institutional</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 954.10 |  | 2.23 | 1000.00 | 1003.90 |  | 3.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1022.90 | <sup>+</sup> | 2.31 | 1000.00 | 1021.60 | <sup>+</sup> | 3.67 |
| &nbsp;&nbsp;&nbsp; **<u>Investor</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 953.90 |  | 2.62 | 1000.00 | 1002.80 |  | 3.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1022.50 | <sup>+</sup> | 2.71 | 1000.00 | 1021.30 | <sup>+</sup> | 3.97 |
| &nbsp;&nbsp;&nbsp; **<u>Class R6</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 954.10 |  | 2.18 | 1000.00 | 1003.10 |  | 3.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1023.00 | <sup>+</sup> | 2.26 | 1000.00 | 1021.60 | <sup>+</sup> | 3.62 |
| &nbsp;&nbsp;&nbsp; **<u>Class R</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual |  |  |  |  | 1000.00 | 1001.20 |  | 6.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return |  |  | <sup>+</sup> |  | 1000.00 | 1018.80 | <sup>+</sup> | 6.51 |
| &nbsp;&nbsp;&nbsp; **<u>Class P</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 953.70 |  | 2.18 | 1000.00 | 1003.90 |  | 3.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1023.00 | <sup>+</sup> | 2.25 | 1000.00 | 1021.60 | <sup>+</sup> | 3.62 |

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\* 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 October 31, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows: 

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| | |
|:---|:---|
| + | Hypothetical expenses are based on each Fund's actual annualized net expense ratios (excluding proxy fee which is not annualized) and an assumed rate of return of 5% per year before expenses.  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Institutional** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Income Builder | 0.78% | 1.53% | 0.45% | 0.53% | 0.44% | —% | 0.44% |
|  Rising Dividend Growth | 1.03 | 1.78 | 0.72 | 0.78 | 0.71 | 1.28 | 0.71 |

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**81** 

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

<u>Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory Agreements (Unaudited)</u>

**Background** 

The Goldman Sachs Income Builder Fund and Goldman Sachs Rising Dividend Growth 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, 2023 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 14-15, 2022 (the "Annual Meeting").

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

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

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

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

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

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

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

**82** 

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

<u>Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory Agreements (Unaudited) (continued)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(j) a summary of the "fall-out" benefits derived by the Investment
Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser's affiliates from the Fund for transfer agency, securities lending (with respect to the Rising Dividend Growth Fund),
portfolio trading, distribution and other services;

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

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

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

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

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

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

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management 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 Agreements** 

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 developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, 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 capabilities. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**83** 

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

<u>Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory Agreements (Unaudited) (continued)</u>

**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, 2021, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2022. The information on each Fund's investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed each Fund's investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.

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

The Trustees observed that the Rising Dividend Growth 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-year period, and in the fourth quartile for the five- and ten-year periods, and had underperformed the Fund's benchmark index one-, three-, five-, and ten-year periods ended March 31, 2022. They noted that the Investment Adviser's Quantitative Investment Strategies Team manages a portion of the Fund's portfolio (the "10/10 Strategy") and that they had approved the re-assignment of the portion of the Fund's portfolio that invests in energy infrastructure companies (the "Energy Infrastructure Strategy") from the Fund's former sub-adviser to the Investment Adviser's Energy and Infrastructure Team in 2020. The Trustees observed that the Investment Adviser's Multi-Asset Solutions Group manages allocations between the "10/10 Strategy" and the Energy Infrastructure Strategy. They noted that the Rising Dividend Growth Fund's peer group (Large Growth) and benchmark (the S&P 500 Index) were broad-based, whereas the Fund focused on dividend-paying stocks. The Trustees recalled that the Rising Dividend Growth Fund's predecessor had commenced operations in March 2004 and had been reorganized into the Fund as a series of the Trust in February 2012. The Trustees observed that the Income Builder 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-, and five-year periods and underperformed for the ten-year period ended March 31, 2022. They noted that the Income Builder Fund had experienced certain portfolio management changes in early 2022.

**Costs of Services Provided and Competitive Information** 

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

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

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

In addition, the Trustees noted that shareholders are able to redeem their 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.

**84** 

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

<u>Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory Agreements (Unaudited) (continued)</u>

**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 2021 and 2020, 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:

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| | | |
|:---|:---|:---|
| **Average Daily Net Assets** | **Income Builder<br>Fund** | **Rising Dividend<br>Growth Fund** |
|  First $1 billion | 0.54% | 0.75% |
|  Next $1 billion | 0.49 | 0.68 |
|  Next $3 billion | 0.46 | 0.64 |
|  Next $3 billion | 0.45 | 0.63 |
|  Over $8 billion | 0.44 | 0.62 |

---

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 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 Rising Dividend Growth 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 Income Builder Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.

**Other Benefits to the Investment Advisers and Their 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 Goldman Sachs Agency Lending ("GSAL"), an affiliate of the Investment Adviser, as securities lending agent for the Rising Dividend Growth Fund (and 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; (k) the investment in exchange-traded funds ("ETFs") managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**85** 

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

<u>Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory Agreements (Unaudited) (continued)</u>

Investment Adviser's ETF advisory business; and (l) the possibility that the working relationship between the Investment Adviser and the Funds' third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

**Other Benefits to the Funds and Their Shareholders** 

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

**Conclusion** 

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser's costs and each Fund's current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser's continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2023.

**86** 

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

**Trustees and Officers (Unaudited)** 

**Independent Trustees** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>** | **Position(s) Held**<br> **with the Trust** | **Term of**<br> **Office and Length of**<br> **Time Served<sup>2</sup>** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Portfolios in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee<sup>3</sup>** | **Other**<br> **Directorships**<br> **Held by Trustee<sup>4</sup>** |
| **Jessica Palmer**<br> **Age: 73** | **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).**<br>**Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.**<br>| **103** | **None** |
| **Dwight L. Bush**<br> **Age: 65** | **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).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.**<br>| **103** |  |
| **Kathryn A. Cassidy**<br> **Age: 68** | **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).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.**<br>| **103** |  |
| **John G. Chou**<br> **Age: 65** | **Trustee** | **Since 2022** | **Mr. Chou is Executive Vice President and Special Advisor to the Chairman and CEO of AmerisourceBergen Corporation (a pharmaceutical and healthcare company) (2021- Present); and formerly held various executive management positions with AmerisourceBergen Corporation, including Executive Vice President and Chief Legal Officer (2019-2021); Executive Vice President and Chief Legal & Business Officer (2017-2019); and Executive Vice President and General Counsel (2011-2017).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.**<br>| **103** |  |
| **Diana M. Daniels**<br> **Age: 73** | **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).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.**<br>| **103** |  |
| **Joaquin Delgado**<br> **Age: 62** | **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).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.**<br>| **103** | **Hexion Inc. (a specialty chemical manufacturer); Stepan Company (a specialty chemical manufacturer)** |
| **Eileen H. Dowling**<br> **Age: 59** | **Trustee** | **Since 2021** | **Ms. Dowling is retired. Formerly, she was Senior Advisor (April 2021-September 2021); and Managing Director (2013-2021), BlackRock, Inc. (a financial services firm).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.**<br>| **103** |  |

---

**. 87** 

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

**Trustees and Officers (Unaudited) (continued)** 

**Independent Trustees** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>** | **Position(s) Held**<br> **with the Trust** | **Term of**<br> **Office and Length of**<br> **Time Served<sup>2</sup>** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Portfolios in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee<sup>3</sup>** | **Other**<br> **Directorships**<br> **Held by Trustee<sup>4</sup>** |
| **Gregory G. Weaver**<br> **Age: 71** | **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).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.**<br>| **103** | **Verizon Communications Inc.** |
| **Paul C. Wirth**<br> **Age: 64** | **Trustee** | **Since 2022** | **Mr. Wirth is retired. Formerly, he was Deputy Chief Financial Officer and Principal Accounting Officer (2011-2020); Finance Director and Principal Accounting Officer (2010-2011); and Managing Director, Global Controller, and Chief Accounting Officer (2005-2010) of Morgan Stanley.**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.**<br>| **103** |  |

---

**88** 

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

**Trustees and Officers (Unaudited) (continued)** 

**Interested Trustee\*** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>** | **Position(s) Held**<br> **with the Trust** | **Term of**<br> **Office and Length of**<br> **Time Served<sup>2</sup>** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Portfolios in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee<sup>3</sup>** | **Other**<br> **Directorships**<br> **Held by Trustee<sup>4</sup>** |
| **James A. McNamara**<br> **Age: 60** | **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).**<br>**President and Trustee — Goldman Sachs Trust II; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.**<br>| **172** |  |

---

*\** *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.* 

*<sup>1</sup>* *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 October 31, 2022.* 

*<sup>2</sup>* *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 each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 75th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, 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.* 

*<sup>3</sup>* *The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of October 31, 2022, Goldman Sachs Trust consisted of 88 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (12 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (16 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 46 portfolios (29 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios (1 of which offered shares to the public); and 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.* 

*<sup>4</sup>* *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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**89** 

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

**Trustees and Officers (Unaudited) (continued)** 

**Officers of the Trust\*** 

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address and Age<sup>1</sup>**<br>| **Position(s) Held with the Trust**<br>| **Term of**<br> **Office and**<br> **Length of**<br> **Time Served<sup>2</sup>**<br>| **Principal Occupation(s) During Past 5 Years**<br>|
| **James A. McNamara**<br> **200 West Street**<br> **New York, NY 10282**<br> **Age: 60** | **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).**<br>**President and Trustee — Goldman Sachs Trust II; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.**<br>|
| **Joseph F. DiMaria**<br> **30 Hudson Street**<br> **Jersey City, NJ 07302**<br> **Age: 54** | **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).**<br>**Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.**<br>|
| **Caroline L. Kraus**<br> **200 West Street**<br> **New York, NY 10282**<br> **Age: 45** | **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).**<br>**Secretary — Goldman Sachs Trust II; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); 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 and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.**<br>|

---

*\** *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.* 

*<sup>1</sup>* *Information is provided as of October 31, 2022.* 

*<sup>2</sup>* *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 Trust – Dividend Focus Funds - Tax Information (Unaudited)** 

For the year ended October 31, 2022, 20.32% and 44.32% of the dividends paid from net investment company taxable income by the Income Builder and Rising Dividend Growth Funds, respectively, qualify for the dividends received deduction available to corporations.

For the year ended October 31, 2022, 24.41% and 88.81% of the dividends paid from net investment company taxable income by the Income Builder and Rising Dividend Growth Funds, respectively, 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 Income Builder and Rising Dividend Growth Funds designate $59,834,687 and $38,047,729, respectively, or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended October 31, 2022.

During the fiscal year ended October 31, 2022, the Income Builder and Rising Dividend Growth Funds designate $22,105,774 and 7,925,423, respectively, as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

For the year ended October 31, 2022, 0.80% and 2.08% of the dividends paid from net investment company taxable income by the Income Builder and Rising Dividend Growth Funds, respectively, qualify as section 199A dividends.

For the fiscal year ended October 31, 2022, the Income Builder Fund designates 55.79% of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.

**90** 

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FUNDS PROFILE

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

Today, the **Asset Management Division** of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.19 trillion in assets under supervision as of September 30, 2022, Goldman Sachs Asset Management ("GSAM") has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

**Money Market** 

Financial Square Funds<sup>SM</sup>

∎ Financial Square Treasury Solutions Fund<sup>1</sup>

∎ Financial Square Government Fund<sup>1</sup>

∎ Financial Square Money Market Fund<sup>2</sup>

∎ Financial Square Prime Obligations Fund<sup>2</sup>

∎ Financial Square Treasury Instruments Fun<sup>d1</sup>

∎ Financial Square Treasury Obligations Fund<sup>1</sup>

∎ Financial Square Federal Instruments Fund<sup>1</sup>

Investor Funds<sup>SM</sup>

∎ Investor Money Market Fund<sup>3</sup>

∎ Investor Tax-Exempt Money Market Fund<sup>3</sup>

**Fixed Income** 

Short Duration and Government

∎ Enhanced Income 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 Fund

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

**Fundamental Equity** 

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund<sup>4</sup>

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund<sup>5</sup>

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

**Tax-Advantaged Equity** 

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

**Equity Insights** 

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

**Fundamental Equity International** 

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ Emerging Markets Equity ex. China Fund

∎ ESG Emerging Markets Equity Fund

**Alternative** 

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

**Total Portfolio Solutions** 

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

<sup>1</sup> **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.** 

<sup>2</sup> **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.** 

<sup>3</sup> **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.** 

<sup>4</sup> Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.

<sup>5</sup> Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth Fund. Financial Square Funds SM and Investor Funds SM are registered service marks of Goldman Sachs & Co. LLC.

**<sup>\*</sup>** **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.** 

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![LOGO](g389476page096.jpg)

TRUSTEES OFFICERS Jessica Palmer, Chair James A. McNamara, President Dwight L. Bush Joseph F. DiMaria, Principal Financial Officer, Principal Kathryn A. Cassidy Accounting Officer and Treasurer John G.Chou Caroline L. Kraus, Secretary Diana M. Daniels Joaquin Delgado Eileen H. Dowling James A. McNamara Gregory G. Weaver Paul C. Wirth GOLDMAN SACHS & CO. LLC GOLDMAN SACHS ASSET MANAGEMENT, L.P. Distributor and Transfer Agent Investment Adviser Visit at www.GSAMFUNDS.com to obtain the most recent month-end returns. Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282 The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management's predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission ("SEC") web site at http://www.sec.gov. The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC's web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders). Goldman Sachs & Co. LLC ("Goldman Sachs") does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances. Economic and market forecasts presented herein reflect a series of assumptions and judgments 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. Fund holdings and allocations shown are as of October 31, 2022 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC© 2022 Goldman Sachs. All rights reserved. 301206-OTU-1717665 DIVFOAR-22

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| | |
|:---|:---|
| **Annual Report** | &nbsp;&nbsp; **October 31, 2022** |
|  | Domestic Equity Insights Funds |
|  | &nbsp;&nbsp; Large Cap Growth Insights |
|  | &nbsp;&nbsp; Large Cap Value Insights |
|  | &nbsp;&nbsp; Small Cap Equity Insights |
|  | &nbsp;&nbsp; Small Cap Growth Insights |
|  | &nbsp;&nbsp; Small Cap Value Insights |
|  | &nbsp;&nbsp; U.S. Equity Insights |

---

![LOGO](g385371gsamhorizwhite.jpg)

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## Goldman Sachs Domestic Equity Insights Funds
∎ **LARGE CAP GROWTH INSIGHTS** 

∎ **LARGE CAP VALUE INSIGHTS** 

∎ **SMALL CAP EQUITY INSIGHTS** 

∎ **SMALL CAP GROWTH INSIGHTS** 

∎ **SMALL CAP VALUE INSIGHTS** 

∎ **U.S. EQUITY INSIGHTS** 

---

| | |
|:---|:---|
|  **TABLE OF CONTENTS** |  |
|  [Investment Process](#ifc385371_1) | 1 |
|  [Market Review](#ifc385371_2) | 2 |
|  [Portfolio Management Discussion and Performance Summaries](#ifc385371_3) | 4 |
|  [Index Definitions](#ifc385371_4) | 28 |
|  [Schedules of Investments](#ifc385371_5) | 29 |
|  [Financial Statements](#ifc385371_6) | 58 |
|  [Financial Highlights](#ifc385371_7) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Large Cap Growth Insights](#ifc385371_8) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Large Cap Value Insights](#ifc385371_9) | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Small Cap Equity Insights](#ifc385371_10) | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Small Cap Growth Insights](#ifc385371_11) | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Small Cap Value Insights](#ifc385371_12) | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [U.S. Equity Insights](#ifc385371_13) | 103 |
|  [Notes to Financial Statements](#ifc385371_14) | 111 |
|  [Report of Independent Registered Public Accounting Firm](#ifc385371_15) | 132 |
|  [Other Information](#ifc385371_16) | 133 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**NOT FDIC-INSURED** | **May Lose Value** | **No Bank Guarantee** |

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Enhancements Made to Proprietary Quantitative Model during the 12-Month Period Ended October 31, 2022

We continuously look for ways to improve our investment process. Accordingly, we introduced a number of enhancements to our proprietary quantitative model during the 12-month period ended October 31, 2022 (the "Reporting Period").

During the last months of 2021, we introduced a new signal within our High Quality Business Models investment theme. The signal focuses on the number of job postings by a company, as we believe companies that are looking to expand their workforce are better positioned for growth in the long term. Additionally, we introduced two new signals within our Market Themes & Trends investment theme. The first signal helps expand our library of economic linkages signals by identifying relationships between companies posting similar jobs in the same geographical regions. The second signal focuses on macro market environments and assesses similarities between market events from the past and the current environment. This signal evaluates the historical performance of the stock in similar market conditions to predict future stock returns. Finally, we introduced a new signal within our Sentiment Analysis investment theme. The signal uses short sales transaction data to help identify potential sustained stock sell-offs, expanding upon our existing factors that leverage short sales and short interest data.

During the first half of 2022, we enhanced a signal within our Market Themes & Trends investment theme. We believe patterns exist in the market, and thus, the past can provide an indication of market cycles and their effect on future market states. We enhanced this signal to give it more predictive power in terms of identifying and assessing similarities in returns between current and previous market environments.

**1** 

------

MARKET REVIEW

Market Review

U.S. equity markets declined during the 12-month period ended October 31, 2022 (the "Reporting Period"), with elevated inflation, tighter monetary policy from the Federal Reserve (the "Fed"), recession fears, geopolitical conflict and supply-chain issues creating a challenging backdrop for investors.

When the Reporting Period began in November 2021, the S&P 500<sup>®</sup> Index (with dividends reinvested) (the "S&P 500 Index") returned -0.69%. Retail earnings upside surprises and hints of easing supply-chain constraints supported the U.S. equity market's upward trajectory early in the month. Congress passed a $1 trillion infrastructure bill, and President Joe Biden signed the bill into law. The Federal Reserve (the "Fed") Chair Jerome Powell was appointed for a second term days before the Thanksgiving holiday, bringing clarity to the central bank's path forward. However, renewed concerns over COVID-19 developments brought U.S. equities under pressure late in the month, as the emergence of the highly contagious Omicron variant triggered a sell-off among global risk assets. Persistently high inflation weighed on market sentiment as well.

The S&P 500 Index gained 4.48% in December 2021. Despite record COVID-19 cases in many areas of the U.S., studies showed the variant was accompanied by milder symptoms than previous variants, propelling U.S. equities higher. Supply-chain issues and high inflation continued to put pressure on corporate earnings, though investors seemed to believe the impact had reached its peak. Positively seasonality and the so-called "Santa Rally" also lifted the S&P 500 Index toward the end of the month.

In the first quarter of 2022, the S&P 500 Index returned -4.95%, marking the Index's first quarterly decline since the first quarter of 2020. The dramatic repricing of the Fed's interest rate hike path and expectations for a more aggressive balance sheet run-off phase were accelerated due to concerns about elevated and persistent inflation pressures. Tensions arising from geopolitical conflict also brought about concern, as commodity prices became volatile, the global supply chain came into question again, and Russia invaded Ukraine. Dampened corporate earnings momentum also played into the U.S. equity market's decline in the first quarter.

The S&P 500 Index returned -16.10% in the second quarter of 2022. Inflation, the Fed's policy response and recession worries remained at the core of the narrative during the quarter, resulting in a broad risk-off, or heightened investor risk aversion, atmosphere. At the end of the quarter, investors were looking ahead to the second quarter corporate earnings season with some caution, as input price pressures and consumption trends factored into analysts' arguments for downward revisions to earnings estimates.

In the third quarter of 2022, the S&P 500 Index returned -4.88%, marking its third consecutive quarterly decline and its longest losing streak since 2008. Year-to-date through September 30, 2022, the S&P 500 Index had its third-worst performance since the 1950s. The noticeable tightening of financial conditions, guided by expectations for a more aggressive interest rate hike cycle, was the major story for the quarter. The Fed's hawkish policy was supported by higher than consensus expected core Consumer Price Index data and a still-tight labor market that showed only moderate signs of cooling. (Hawkish tends to suggest higher interest rates; opposite of dovish. Core Consumer Price Index ("CPI") data excludes food and energy prices.) Geopolitical tensions also remained high due to the possible weaponization of energy flows. There also appeared to be significant concern among investors that corporate earnings could suffer given the combination of margin pressures, demand destruction, higher labor costs, slower economic activity and a stronger U.S. dollar eroding overseas sales.

The S&P 500 Index increased 8.10% in October 2022, posting the second-best monthly performance year to date. The U.S. equity market recovery can predominantly be credited to a shift in the Fed narrative, depressed investor sentiment and positioning, and solid third quarter earnings. Despite the September CPI data coming in higher than consensus expected, Fed officials began to contend that inflation would likely decline in the upcoming months should demand weaken and supply-chain issues soften as policymakers anticipated. Also, with more than half of S&P 500 Index companies having reported third quarter earnings results through the end of the month, those results exceeded market expectations in the vast majority of cases.

For the Reporting Period overall, energy was by far the best performing sector in the S&P 500 Index, followed at some distance by consumer staples, utilities and health care, the only sectors to post positive absolute returns. The weakest performing sectors in the S&P 500 Index during the Reporting Period were communication services, consumer discretionary, real estate and information technology.

**2** 

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MARKET REVIEW

Within the U.S. equity market, all capitalization segments posted double-digit negative absolute returns for the Reporting Period overall. Large-cap stocks, as measured by the Russell 1000<sup>®</sup> Index, were least weak, followed closely behind by mid-cap stocks, as measured by the Russell Midcap<sup>®</sup> Index, and then small-cap stocks, as measured by the Russell 2000<sup>®</sup> Index. From a style perspective, value-oriented stocks notably outpaced growth-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.)

Looking Ahead

At the end of the Reporting Period, we continued to believe that less expensive stocks should outpace more expensive stocks. In addition, we expected stocks with good momentum to outperform those with poor momentum. We plan to focus on seeking companies about which fundamental research analysts are becoming more positive as well as profitable companies with sustainable earnings and a track record of using their capital to enhance shareholder value. As such, we anticipate remaining fully invested, with long-term performance likely to be the result of stock selection rather than sector or capitalization allocations.

We stand behind our investment philosophy that sound economic investment principles, coupled with a disciplined quantitative approach, can provide strong, uncorrelated returns over the long term. Our research agenda is robust, and we continue to enhance our existing models, add new proprietary forecasting signals and improve our trading execution as we seek to provide the most value to our shareholders.

**3** 

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PORTFOLIO RESULTS

## Goldman Sachs Large Cap Growth Insights Fund
**Investment Objective** 

The Fund seeks long-term growth of capital, with dividend income as a secondary consideration.

Portfolio Management Discussion and Analysis

**Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Large Cap Growth Insights Fund's (the "Fund") performance and positioning for the 12-month period ended October 31, 2022 (the "Reporting Period").** 

---

| | |
|:---|:---|
| **Q** | **How did the Fund perform during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | 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 -24.27%, -24.84%, -24.00%, -24.36%, -24.10%, -23.97%, -24.46% and -24.00%, respectively. These returns compare to the -24.60% average annual total return of the Fund's benchmark, the Russell 1000<sup>®</sup> Growth Index (with dividends reinvested) (the "Index"), during the same period. |

---

---

| | |
|:---|:---|
| **Q** | **What key factors were most responsible for the Fund's performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | The Fund uses a quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally based stock selection, careful portfolio construction and efficient implementation. The Fund's investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes, including Fundamental Mispricings, High Quality Business Models, Sentiment Analysis and Market Themes & Trends. |

---

During the Reporting Period, most share classes of the Fund outperformed the Index, with two of our quantitative model's four investment themes adding to returns. Stock selection driven by these investment themes also contributed positively.

---

| | |
|:---|:---|
| **Q** | **What impact did the Fund's investment themes have on performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | In keeping with our investment approach, we use our quantitative model and four investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model's investment themes tends to have a low correlation with the model's other themes, demonstrating the diversification benefit of the Fund's theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit. |

---

During the Reporting Period, two of our investment themes — High Quality Business Models and Market Themes & Trends — bolstered the Fund's relative performance. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives. Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment. <br>

Our Sentiment Analysis investment theme and, to a lesser extent, our Fundamental Mispricings investment theme detracted from relative returns during the Reporting Period. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. Fundamental Mispricings seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run. <br>

---

| | |
|:---|:---|
| **Q** | **How did the Fund's sector and industry allocations affect relative performance?** |

---

---

| | |
|:---|:---|
| **A** | In constructing the Fund's portfolio, our quantitative model focuses on stock selection rather than on making sector or industry bets. Consequently, the Fund is similar to the Index in terms of its sector and industry allocations and style.  |

---

**4** 

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PORTFOLIO RESULTS

Relative performance is primarily driven by stock selection, not by sector or industry allocations.

---

| | |
|:---|:---|
| **Q** | **Did stock selection help or hurt Fund performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund's investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Fundamental Mispricings characteristics than the Index. |

---

During the Reporting Period, the Fund was helped by stock picks in the consumer discretionary, health care and communication services sectors. Investments in the consumer staples, industrials and energy sectors detracted from relative returns.

---

| | |
|:---|:---|
| **Q** | **Which individual stock positions contributed most to the Fund's relative returns during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | Regarding individual stock positions, the Fund benefited from underweight positions versus the Index in streaming entertainment service company Netflix and diversified software company Adobe. An overweight position in technology holding company Alphabet also contributed positively to relative performance. The Fund's underweight position in Netflix was based on our High Quality Business Models, Sentiment Analysis and Market Themes & Trends investment themes. The underweight in Adobe was largely the result of our High Quality Business Models and Sentiment Analysis investment themes. Our High Quality Business Models investment theme drove the Fund's overweight in Alphabet. |

---

---

| | |
|:---|:---|
| **Q** | **Which individual stock positions detracted most from the Fund's results during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund was hindered by its overweight positions compared to the Index in EPAM Systems, a digital transformation services and product engineering company, and PayPal Holdings, a payment transactions services provider. Its underweight position in pharmaceutical company Eli Lilly and Company also detracted from relative returns. The overweight in EPAM Systems was driven by our Sentiment Analysis, High Quality Business Models and Market Themes & Trends investment themes. The Fund's overweight in PayPal Holdings was mainly because of our Sentiment Analysis and High Quality Business Models investment themes. The Fund was underweight in Eli Lilly and Company due mainly to our Sentiment Analysis and High Quality Business Models investment themes. |

---

---

| | |
|:---|:---|
| **Q** | **How did the Fund use derivatives and similar instruments during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, we used futures contracts to equitize the Fund's cash holdings. In other words, we put the Fund's cash holdings to work by using them as collateral for the purchase of futures contracts. The use of these derivatives did not have a material impact on Fund results during the Reporting Period. |

---

---

| | |
|:---|:---|
| **Q** | **What was the Fund's sector positioning relative to the Index at the end of the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | At the end of the Reporting Period, the Fund was overweight the real estate, health care and materials sectors relative to the Index. The Fund was relatively neutral versus the Index in the information technology, financials, consumer discretionary and energy sectors. At the end of the Reporting Period, the Fund had no exposure to the utilities sector. |

---

**5** 

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FUND BASICS

## Large Cap Growth Insights Fund
*as of October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS AS OF 10/31/22<sup>1</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1</sup>** |
| **Holding** | **% of Net Assets** | **Line of Business** |
| Apple, Inc. | 12.0% | Technology Hardware, Storage & Peripherals |
| Microsoft Corp. | 8.6 | Software |
| Amazon.com, Inc. | 5.0 | Internet & Direct Marketing Retail |
| Alphabet, Inc., Class C | 4.2 | Interactive Media & Services |
| Tesla, Inc. | 3.2 | Automobiles |
| Broadcom, Inc. | 2.0 | Semiconductors & Semiconductor Equipment |
| Adobe, Inc. | 1.9 | Software |
| Intuit, Inc. | 1.7 | Software |
| ServiceNow, Inc. | 1.6 | Software |
| Lockheed Martin Corp. | 1.6 | Aerospace & Defense |

---

<sup>1</sup> The top 10 holdings may not be representative of the Fund's future investments.

---

| |
|:---|
| **FUND VS. BENCHMARK SECTOR ALLOCATIONS<sup>2</sup>** |
| **As of October 31, 2022** |

---

![LOGO](g385371g20q85.jpg)

------

<sup>2</sup> The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund's overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard ("GICS"); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.2% of the Fund's net assets as of October 31, 2022. The graph depicts the Fund's investments but may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

------

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

**6** 

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GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS

## Performance Summary
*October 31, 2022* 

The following graph shows the value, as of October 31, 2022, of a $1,000,000 investment made on November 1, 2012 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund's benchmark, the Russell 1000<sup>®</sup> 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.

**Large Cap Growth Insights Fund's 10 Year Performance**

**Performance of a $1,000,000 investment including any applicable sales charges, with distributions reinvested, from Novermber 1, 2012 through October 31, 2022.**![LOGO](g385371g72u71.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return through October 31, 2022**\* | **One Year** | **Five Years** | **Ten Years** | **Since Inception** |
|  **Class A** |  |  |  |  |
|  Excluding sales charges | -24.27% | 9.76% | 13.56% |  |
|  Including sales charges | -28.44% | 8.53% | 12.92% |  |
|  **Class C** |  |  |  |  |
|  Excluding contingent deferred sales charges | -24.84% | 8.95% | 12.72% |  |
|  Including contingent deferred sales charges | -25.59% | 8.95% | 12.72% |  |
|  **Institutional** | -24.00% | 10.17% | 14.00% |  |
|  **Service** | -24.36% | 9.63% | 13.43% |  |
|  **Investor** | -24.10% | 10.03% | 13.84% |  |
|  **Class R6 (Commenced July 31, 2015)** | -23.97% | 10.19% | N/A | 11.26% |
|  **Class R** | -24.46% | 9.49% | 13.27% |  |
|  **Class P (Commenced April 16, 2018)** | -24.00% | N/A | N/A | 9.59% |

---

\* 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 R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

**7** 

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PORTFOLIO RESULTS

## Goldman Sachs Large Cap Value Insights Fund
**Investment Objective** 

The Fund sees long-term growth of capital and dividend income.

Portfolio Management Discussion and Analysis

**Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Large Cap Value Insights Fund's (the "Fund") performance and positioning for the 12-month period ended October 31, 2022 (the "Reporting Period").** 

---

| | |
|:---|:---|
| **Q** | **How did the Fund perform during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | 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 -5.42%, -6.14%, -5.08%, -5.55%, -5.17%, -5.07%, -5.66% and -5.07%, respectively. These returns compare to the -7.00% average annual total return of the Fund's benchmark, the Russell 1000<sup>®</sup> Value Index (with dividends reinvested) (the "Index"), during the same period. |

---

---

| | |
|:---|:---|
| **Q** | **What key factors were most responsible for the Fund's performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | The Fund uses a quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally based stock selection, careful portfolio construction and efficient implementation. The Fund's investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes, including Fundamental Mispricings, High Quality Business Models, Sentiment Analysis and Market Themes & Trends. |

---

During the Reporting Period, the Fund outperformed the Index, with all four of our quantitative model's investment themes adding to performance. Stock selection driven by our investment themes also increased relative returns.

---

| | |
|:---|:---|
| **Q** | **What impact did the Fund's investment themes have on performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | In keeping with our investment approach, we use our quantitative model and four investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model's investment themes tends to have a low correlation with the model's other themes, demonstrating the diversification benefit of the Fund's theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit. |

---

During the Reporting Period, all four of our investment themes contributed positively to relative results. Our best performing theme was High Quality Business Models, followed by Fundamental Mispricings, Market Themes & Trends and Sentiment Analysis. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives. Fundamental Mispricings seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run. Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. <br>

---

| | |
|:---|:---|
| **Q** | **How did the Fund's sector and industry allocations affect relative performance?** |

---

---

| | |
|:---|:---|
| **A** | In constructing the Fund's portfolio, our quantitative model focuses on stock selection rather than on making sector or industry bets. Consequently, the Fund is similar to the Index in terms of its sector and industry allocations and style. Relative performance is primarily driven by stock selection, not by sector or industry allocations. |

---

**8** 

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PORTFOLIO RESULTS

---

| | |
|:---|:---|
| **Q** | **Did stock selection help or hurt Fund performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund's investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Fundamental Mispricings characteristics than the Index. |

---

During the Reporting Period, stock selection in the health care, information technology and materials sectors added to relative performance. The Fund was hindered by its holdings in the energy, consumer staples and real estate sectors.

---

| | |
|:---|:---|
| **Q** | **Which individual stock positions contributed most to the Fund's relative returns during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | In terms of individual stock positions, overweight positions compared to the Index in biopharmaceutical company Gilead Sciences and managed care company Molina Healthcare boosted the Fund's relative performance. An underweight in telecommunications conglomerate Comcast was also advantageous. The Fund's overweight in Gilead Sciences was mainly because of our Sentiment Analysis and Fundamental Mispricings investment themes. The overweight in Molina Healthcare was based mostly on our Sentiment Analysis investment theme. Our High Quality Business Models and Sentiment Analysis investment themes led to the Fund's underweight in Comcast. |

---

---

| | |
|:---|:---|
| **Q** | **Which individual stock positions detracted most from the Fund's results during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, underweight positions versus the Index in Chevron and ExxonMobil, each a multinational oil and gas company, detracted from its relative returns. The Fund was also hurt by an overweight in technology conglomerate Meta Platforms. The underweights in Chevron and ExxonMobil were largely due to our Sentiment Analysis, Fundamental Mispricings and Market Themes & Trends investment themes. The Fund's overweight in Meta Platforms was driven by our Sentiment Analysis and Fundamental Mispricings investment themes. |

---

---

| | |
|:---|:---|
| **Q** | **How did the Fund use derivatives and similar instruments during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, we used futures contracts to equitize the Fund's cash holdings. In other words, we put the Fund's cash holdings to work by using them as collateral for the purchase of futures contracts. The use of these derivatives did not have a material impact on Fund results during the Reporting Period. |

---

---

| | |
|:---|:---|
| **Q** | **What was the Fund's sector positioning relative to the Index at the end of the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | At the end of the Reporting Period, the Fund was overweight the health care, real estate, information technology and financials sectors relative to the Index. Compared to the Index, the Fund was underweight the utilities, communication services, consumer staples and energy sectors. The Fund was relatively neutral versus the Index in the consumer discretionary, materials and industrials sectors at the end of the Reporting Period. |

---

**9** 

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FUND BASICS

## Large Cap Value Insights Fund
*as of October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS AS OF 10/31/22<sup>1</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1</sup>** |
| **Holding** | **% of Net Assets** | **Line of Business** |
| Berkshire Hathaway, Inc., Class B | 4.0% | Diversified Financial Services |
| Pfizer, Inc. | 2.5 | Pharmaceuticals |
| Cisco Systems, Inc. | 2.1 | Communications Equipment |
| Thermo Fisher Scientific, Inc. | 1.8 | Life Sciences Tools & Services |
| Linde PLC | 1.7 | Chemicals |
| Gilead Sciences, Inc. | 1.6 | Biotechnology |
| Medtronic PLC | 1.6 | Health Care Equipment & Supplies |
| Elevance Health, Inc. | 1.6 | Health Care Providers & Services |
| Chubb Ltd. | 1.6 | Insurance |
| Cigna Corp. | 1.6 | Health Care Providers & Services |

---

<sup>1</sup> The top 10 holdings may not be representative of the Fund's future investments. The top 10 holdings exclude investments in money market funds.

---

| |
|:---|
| **FUND VS. BENCHMARK SECTOR ALLOCATIONS<sup>2</sup>** |
| **As of October 31, 2022** |

---

![LOGO](g385371g39k66.jpg)

------

<sup>2</sup> The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund's overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard ("GICS"); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.1% of the Fund's net assets as of October 31, 2022. The graph depicts the Fund's investments but may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

------

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

**10** 

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GOLDMAN SACHS LARGE CAP VALUE INSIGHTS

## Performance Summary
*October 31, 2022* 

The following graph shows the value, as of October 31, 2022, of a $1,000,000 investment made on November 1, 2012 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund's benchmark, the Russell 1000<sup>®</sup> 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 Insights Fund's 10 Year Performance**

**Performance of a $1,000,000 investment, including any applicable sales charges, with distributions reinvested, from November 1, 2012 through October 31, 2022.**![LOGO](g385371g64u49.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return through October 31, 2022**\* | **One Year** | **Five Years** | **Ten Years** | **Since Inception** |
|  **Class A** |  |  |  |  |
|  Excluding sales charges | -5.42% | 6.24% | 10.24% |  |
|  Including sales charges | -10.62% | 5.05% | 9.61% |  |
|  **Class C** |  |  |  |  |
|  Excluding contingent deferred sales charges | -6.14% | 5.45% | 9.41% |  |
|  Including contingent deferred sales charges | -7.08% | 5.45% | 9.41% |  |
|  **Institutional** | -5.08% | 6.64% | 10.66% |  |
|  **Service** | -5.55% | 6.11% | 10.11% |  |
|  **Investor** | -5.17% | 6.51% | 10.51% |  |
|  **Class R6 (Commenced July 31, 2015)** | -5.07% | 6.65% | N/A | 8.03% |
|  **Class R** | -5.66% | 5.98% | 9.96% |  |
|  **Class P (Commenced April 16, 2018)** | -5.07% | N/A | N/A | 6.19% |

---

\* 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 R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

**11** 

------

PORTFOLIO RESULTS

## Goldman Sachs Small Cap Equity Insights Fund
**Investment Objective** 

The Fund sees long-term growth of capital.

Portfolio Management Discussion and Analysis

**Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Small Cap Equity Insights Fund's (the "Fund") performance and positioning for the 12-month period ended October 31, 2022 (the "Reporting Period").** 

---

| | |
|:---|:---|
| **Q** | **How did the Fund perform during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | 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 -17.64%, -18.24%, -17.31%, -17.73%, -17.42%, -17.30%, -17.83% and -17.31%, respectively. These returns compare to the -18.54% average annual total return of the Fund's benchmark, the Russell 2000<sup>®</sup> Index (with dividends reinvested) (the "Index"), during the same period.  |

---

---

| | |
|:---|:---|
| **Q** | **What key factors were most responsible for the Fund's performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | The Fund uses a quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally based stock selection, careful portfolio construction and efficient implementation. The Fund's investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes, including Fundamental Mispricings, High Quality Business Models, Sentiment Analysis and Market Themes & Trends.  |

---

During the Reporting Period, the Fund outperformed the Index, with all four of our quantitative model's investment themes contributing positively. Stock selection driven by these investment themes also helped the Fund's relative performance.

---

| | |
|:---|:---|
| **Q** | **What impact did the Fund's investment themes have on performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | In keeping with our investment approach, we use our quantitative model and four investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model's investment themes tends to have a low correlation with the model's other themes, demonstrating the diversification benefit of the Fund's theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit.  |

---

During the Reporting Period, all four of our investment themes — High Quality Business Models, Fundamental Mispricings, Market Themes & Trends and Sentiment Analysis — added to relative performance. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives. Fundamental Mispricings seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run. Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. <br>

---

| | |
|:---|:---|
| **Q** | **How did the Fund's sector and industry allocations affect relative performance?** |

---

---

| | |
|:---|:---|
| **A** | In constructing the Fund's portfolio, our quantitative model focuses on stock selection rather than on making sector or industry bets. Consequently, the Fund is similar to the Index in terms of its sector and industry allocations and style.  |

---

**12** 

------

PORTFOLIO RESULTS

Relative performance is primarily driven by stock selection, not by sector or industry allocations.

---

| | |
|:---|:---|
| **Q** | **Did stock selection help or hurt Fund performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund's investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Fundamental Mispricings characteristics than the Index.  |

---

During the Reporting Period, stock picks in the information technology, consumer discretionary and financials sectors bolstered the Fund's relative returns. Investments in the utilities sector had a negative effect on performance.

---

| | |
|:---|:---|
| **Q** | **Which individual stock positions contributed most to the Fund's relative returns during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | In terms of individual stock positions, the Fund benefited from overweight positions relative to the Index in Murphy USA, which operates a chain of retail gas stations; Range Resources, a natural gas exploration and production company; and American Equity Investment Life Insurance, a leading issuer of general account annuities. The overweight in Murphy USA was largely driven by our High Quality Business Models and Market Themes & Trends investment themes. Our Market Themes & Trends and High Quality Business Models investment themes led to the Fund's overweight in Range Resources. The overweight in American Equity Investment Life Insurance was primarily because of our Fundamental Mispricings investment theme.  |

---

---

| | |
|:---|:---|
| **Q** | **Which individual stock positions detracted most from the Fund's results during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund was hurt by its overweight positions versus the Index in Goosehead Insurance, which provides personal lines insurance agency services; Codexis, a protein engineering company that develops enzymes for pharmaceutical, food and medical applications; and The Joint, which develops, owns, operates, supports and manages chiropractic clinics. The Fund was overweight Goosehead Insurance due mainly to our Fundamental Mispricings investment theme and, to a lesser extent, our Market Themes & Trends investment theme. The overweights in Codexis and The Joint were mostly because of our Sentiment Analysis and High Quality Business Models investment themes.  |

---

---

| | |
|:---|:---|
| **Q** | **How did the Fund use derivatives and similar instruments during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, we used futures contracts to equitize the Fund's cash holdings. In other words, we put the Fund's cash holdings to work by using them as collateral for the purchase of futures contracts. The use of these derivatives did not have a material impact on Fund results during the Reporting Period.  |

---

---

| | |
|:---|:---|
| **Q** | **What was the Fund's sector positioning relative to the Index at the end of the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | At the end of the Reporting Period, the Fund was overweight the information technology sector relative to the Index. Compared to the Index, the Fund was underweight the utilities and industrials sectors. The Fund was relatively neutral versus the Index in the real estate, health care, consumer discretionary, materials, energy and consumer staples sectors at the end of the Reporting Period.  |

---

**13** 

------

FUND BASICS

## Small Cap Equity Insights Fund
*as of October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **TOP 10 HOLDINGS AS OF 10/31/22<sup>1</sup>** | **TOP 10 HOLDINGS AS OF 10/31/22<sup>1</sup>** | **TOP 10 HOLDINGS AS OF 10/31/22<sup>1</sup>** |
| **Holding** | **% of Net Assets** | **Line of Business** |
| Murphy USA, Inc. | 0.9% | Specialty Retail |
| Shockwave Medical, Inc. | 0.8 | Health Care Equipment & Supplies |
| STAG Industrial, Inc. REIT | 0.8 | Equity Real Estate Investment Trusts (REITs) |
| FirstCash Holdings, Inc. | 0.7 | Consumer Finance |
| Magnolia Oil & Gas Corp., Class A | 0.7 | Oil, Gas & Consumable Fuels |
| Inspire Medical Systems, Inc. | 0.7 | Health Care Equipment & Supplies |
| AMN Healthcare Services, Inc. | 0.7 | Health Care Providers & Services |
| Mueller Industries, Inc. | 0.7 | Machinery |
| Hancock Whitney Corp. | 0.7 | Banks |
| Medpace Holdings, Inc. | 0.7 | Life Sciences Tools & Services |

---

<sup>1</sup> The top 10 holdings may not be representative of the Fund's future investments. The top 10 holdings exclude investments in money market funds.

---

| |
|:---|
| **FUND VS. BENCHMARK SECTOR ALLOCATIONS<sup>2</sup>** |
| **As of October 31, 2022** |

---

![LOGO](g385371g07r63.jpg)

------

<sup>2</sup> The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund's overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard ("GICS"); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.1% of the Fund's net assets as of October 31, 2022. The graph depicts the Fund's investments but may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

------

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

**14** 

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS

## Performance Summary
*October 31, 2022* 

The following graph shows the value, as of October 31, 2022, of a $1,000,000 investment made on November 1, 2012 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund's benchmark, the Russell 2000<sup>®</sup> 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 Equity Insights Fund's 10 Year Performance**

**Performance of a $1,000,000 investment, including any applicable sales charges, with distributions reinvested, from November 1, 2012 through October 31, 2022.**![LOGO](g385371g52l69.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return through October 31, 2022**\* | **One Year** | **Five Years** | **Ten Years** | **Since Inception** |
|  **Class A** |  |  |  |  |
|  Excluding sales charges | -17.64% | 4.60% | 9.29% |  |
|  Including sales charges | -22.17% | 3.42% | 8.68% |  |
|  **Class C** |  |  |  |  |
|  Excluding contingent deferred sales charges | -18.24% | 3.82% | 8.48% |  |
|  Including contingent deferred sales charges | -19.06% | 3.82% | 8.48% |  |
|  **Institutional** | -17.31% | 4.99% | 9.72% |  |
|  **Service** | -17.73% | 4.48% | 9.18% |  |
|  **Investor** | -17.42% | 4.86% | 9.57% |  |
|  **Class R6 (Commenced July 31, 2015)** | -17.30% | 5.02% | N/A | 7.10% |
|  **Class R** | -17.83% | 4.34% | 9.03% |  |
|  **Class P (Commenced April 16, 2018)** | -17.31% | N/A | N/A | 4.17% |

---

\* 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 R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

**15** 

------

PORTFOLIO RESULTS

## Goldman Sachs Small Cap Growth Insights Fund
**Investment Objective** 

The Fund sees long-term growth of capital.

Portfolio Management Discussion and Analysis

**Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Small Cap Growth Insights Fund's (the "Fund") performance and positioning for the 12-month period ended October 31, 2022 (the "Reporting Period").** 

---

| | |
|:---|:---|
| **Q** | **How did the Fund perform during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | 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 -25.73%, -26.49%, -25.48%, -25.59%, -25.45%, -25.92% and -25.49%, respectively. These returns compare to the -26.02% average annual total return of the Fund's benchmark, the Russell 2000<sup>®</sup> Growth Index (with dividends reinvested) (the "Index"), during the same period. |

---

---

| | |
|:---|:---|
| **Q** | **What key factors were most responsible for the Fund's performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | The Fund uses a quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally based stock selection, careful portfolio construction and efficient implementation. The Fund's investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes, including Fundamental Mispricings, High Quality Business Models, Sentiment Analysis and Market Themes & Trends. |

---

During the Reporting Period, most share classes of the Fund outperformed the Index, with all four of our quantitative model's investment themes adding to results. Stock selection driven by these investment themes also contributed positively.

---

| | |
|:---|:---|
| **Q** | **What impact did the Fund's investment themes have on performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | In keeping with our investment approach, we use our quantitative model and four investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model's investment themes tends to have a low correlation with the model's other themes, demonstrating the diversification benefit of the Fund's theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit. |

---

During the Reporting Period, all four of our investment themes added to the Fund's relative performance. High Quality Business Models contributed the most positively to returns, followed by Fundamental Mispricings, Sentiment Analysis and Market Themes & Trends. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives. Fundamental Mispricings seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment.

---

| | |
|:---|:---|
| **Q** | **How did the Fund's sector and industry allocations affect relative performance?** |

---

---

| | |
|:---|:---|
| **A** | In constructing the Fund's portfolio, our quantitative model focuses on stock selection rather than on making sector or industry bets. Consequently, the Fund is similar to the Index in terms of its sector and industry allocations and style. Relative performance is primarily driven by stock selection, not by sector or industry allocations. |

---

**16** 

------

PORTFOLIO RESULTS

---

| | |
|:---|:---|
| **Q** | **Did stock selection help or hurt Fund performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund's investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Fundamental Mispricings characteristics than the Index. |

---

During the Reporting Period, stock selection in the financials, real estate and consumer discretionary sectors bolstered relative performance. The Fund was hurt by holdings in the materials, consumer staples and health care sectors.

---

| | |
|:---|:---|
| **Q** | **Which individual stock positions contributed most to the Fund's relative returns during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | In terms of individual stock positions, the Fund was aided by overweight positions versus the Index in Murphy USA, which operates a chain of retail gas stations; Matador Resources, an independent energy exploration and production company; and Clearfield, which manufacturers and distributes passive connectivity products. The Fund was overweight Murphy USA mainly because of our High Quality Business Models investment theme and, to a lesser degree, our Market Themes & Trends and Sentiment Analysis investment themes. The overweight in Matador Resources was based largely on our Market Themes & Trends and High Quality Business Models investment themes. The Fund's overweight in Clearfield was driven by our Sentiment Analysis, Market Themes & Trends and High Quality Business Models investment themes. |

---

---

| | |
|:---|:---|
| **Q** | **Which individual stock positions detracted most from the Fund's results during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund was hampered by overweight positions compared to the Index in Codexis, a protein engineering company that develops enzymes for pharmaceutical, food and medical applications; Crocs, a footwear maker; and The Joint, which develops, owns, operates, supports and manages chiropractic clinics. The overweight in Codexis was primarily the result of our Sentiment Analysis investment theme and, to a lesser extent, our High Quality Business Models and Market Themes & Trends investment themes. Our High Quality Business Models and Sentiment Analysis investment themes led to the Fund's overweight positions in Crocs and The Joint. |

---

---

| | |
|:---|:---|
| **Q** | **How did the Fund use derivatives and similar instruments during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, we used futures contracts to equitize the Fund's cash holdings. In other words, we put the Fund's cash holdings to work by using them as collateral for the purchase of futures contracts. The use of these derivatives did not have a material impact on Fund results during the Reporting Period. |

---

---

| | |
|:---|:---|
| **Q** | **What was the Fund's sector positioning relative to the Index at the end of the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | At the end of the Reporting Period, the Fund was underweight the industrials and materials sectors relative to the Index. Compared to the Index, it was not overweight any sectors. The Fund was relatively neutral versus the Index in the consumer discretionary, utilities, consumer staples, communication services, energy, financials, health care, real estate and information technology sectors at the end of the Reporting Period. |

---

**17** 

------

FUND BASICS

## Small Cap Growth Insights Fund
*as of October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS AS OF 10/31/22<sup>1</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1</sup>** |
| **Holding** | **% of Net Assets** | **Line of Business** |
| Shockwave Medical, Inc. | 1.4% | Health Care Equipment & Supplies |
| Murphy USA, Inc. | 1.2 | Specialty Retail |
| ExlService Holdings, Inc. | 1.2 | IT Services |
| AMN Healthcare Services, Inc. | 1.1 | Health Care Providers & Services |
| Magnolia Oil & Gas Corp., Class A | 1 | Oil, Gas & Consumable Fuels |
| Inspire Medical Systems, Inc. | 1 | Health Care Equipment & Supplies |
| Fabrinet | 0.9 | Electronic Equipment, Instruments & Components |
| Axonics, Inc. | 0.9 | Health Care Equipment & Supplies |
| Medpace Holdings, Inc. | 0.9 | Life Sciences Tools & Services |
| Maximus, Inc. | 0.9 | IT Services |

---

<sup>1</sup> The top 10 holdings may not be representative of the Fund's future investments. The top 10 holdings exclude investments in money market funds.

---

| |
|:---|
| **FUND VS. BENCHMARK SECTOR ALLOCATIONS<sup>2</sup>** |
| **As of October 31, 2022** |

---

![LOGO](g385371g43j65.jpg)

------

<sup>2</sup> The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund's overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard ("GICS"); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.1% of the Fund's net assets as of October 31, 2022. The graph depicts the Fund's investments but may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

------

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

**18** 

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS

## Performance Summary
*October 31, 2022* 

The following graph shows the value, as of October 31, 2022, of a $1,000,000 investment made on November 1, 2012 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund's benchmark, the Russell 2000<sup>®</sup> 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 Insights Fund's 10 Year Performance**

**Performance of a $1,000,000 investment, including any applicable sales charges, with distributions reinvested, from November 1, 2012 through October 31, 2022.**![LOGO](g385371g59m94.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return through October 31, 2022**\* | **One Year** | **Five Years** | **Ten Years** | **Since Inception** |
|  **Class A** |  |  |  |  |
|  Excluding sales charges | -25.73% | 3.23% | 8.85% |  |
|  Including sales charges | -29.82% | 2.07% | 8.24% |  |
|  **Class C** |  |  |  |  |
|  Excluding contingent deferred sales charges | -26.49% | 2.41% | 8.01% |  |
|  Including contingent deferred sales charges | -27.23% | 2.41% | 8.01% |  |
|  **Institutional** | -25.48% | 3.62% | 9.26% |  |
|  **Investor** | -25.59% | 3.48% | 9.11% |  |
|  **Class R6 (Commenced July 31, 2015)** | -25.45% | 3.63% | N/A | 5.68% |
|  **Class R** | -25.92% | 2.98% | 8.57% |  |
|  **Class P (Commenced April 16, 2018)** | -25.49% | N/A | N/A | 2.23% |

---

\* 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 R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

**19** 

------

PORTFOLIO RESULTS

## Goldman Sachs Small Cap Value Insights Fund
**Investment Objective** 

The Fund sees long-term growth of capital.

Portfolio Management Discussion and Analysis

**Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Small Cap Value Insights Fund's (the "Fund") performance and positioning for the 12-month period ended October 31, 2022 (the "Reporting Period").** 

---

| | |
|:---|:---|
| **Q** | **How did the Fund perform during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | 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 -9.67%, -10.33%, -9.32%, -9.44%, -9.31%, -9.88% and -9.32%, respectively. These returns compare to the -10.73% average annual total return of the Fund's benchmark, the Russell 2000<sup>®</sup> Value Index (with dividends reinvested) (the "Index"), during the same period. |

---

---

| | |
|:---|:---|
| **Q** | **What key factors were most responsible for the Fund's performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | The Fund uses a quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally based stock selection, careful portfolio construction and efficient implementation. The Fund's investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes, including Fundamental Mispricings, High Quality Business Models, Sentiment Analysis and Market Themes & Trends. |

---

During the Reporting Period, the Fund outperformed the Index, with all four of our quantitative model's investment themes adding to relative results. Stock selection driven by these investment themes further increased relative performance.

---

| | |
|:---|:---|
| **Q** | **What impact did the Fund's investment themes have on performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | In keeping with our investment approach, we use our quantitative model and four investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model's investment themes tends to have a low correlation with the model's other themes, demonstrating the diversification benefit of the Fund's theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit. |

---

During the Reporting Period, all four of our investment themes — Fundamental Mispricings, Sentiment Analysis, High Quality Business Models and Market Themes & Trends — contributed positively to the Fund's relative performance. Fundamental Mispricings seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives. Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment.

---

| | |
|:---|:---|
| **Q** | **How did the Fund's sector and industry allocations affect relative performance?** |

---

---

| | |
|:---|:---|
| **A** | In constructing the Fund's portfolio, our quantitative model focuses on stock selection rather than on making sector or industry bets. Consequently, the Fund is similar to the Index in terms of its sector and industry allocations and style. Relative performance is primarily driven by stock selection, not by sector or industry allocations. |

---

**20** 

------

PORTFOLIO RESULTS

---

| | |
|:---|:---|
| **Q** | **Did stock selection help or hurt Fund performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund's investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Fundamental Mispricings characteristics than the Index. |

---

During the Reporting Period, the Fund was helped by stock picks in the consumer discretionary, health care and industrials sectors. Investments in the utilities and real estate sectors detracted from relative returns.

---

| | |
|:---|:---|
| **Q** | **Which individual stock positions contributed most to the Fund's relative returns during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | In terms of individual positions, the Fund benefited from overweight positions versus the Index in Antero Resources, a hydrocarbon exploration company; Warrior Met Coal, a producer and exporter of metallurgical coal for the global steel industry; and Range Resources, a natural gas exploration and production company. The overweight position in Antero Resources was due primarily to our Sentiment Analysis and Market Themes & Trends investment themes. Our High Quality Business Models and Market Themes & Trends investment themes led to the Fund's overweight position in Warrior Met Coal. The Fund was overweight Range Resources based largely on our Market Themes & Trends and High Quality Business Models investment themes. |

---

---

| | |
|:---|:---|
| **Q** | **Which individual stock positions detracted most from the Fund's results during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund was hurt by overweight positions compared to the Index in Goosehead Insurance, which provides personal lines insurance agency services, and Bermuda-based Argo Group International Holding, a U.S.-focused underwriter of specialty insurance products. An underweight in Chesapeake Energy, an oil and natural gas exploration and production company, also detracted from relative performance. The overweight in Goosehead Insurance was mainly because of our Fundamental Mispricings investment theme and, to a lesser extent, our Market Themes & Trends investment theme. The Fund's overweight in Argo Group International Holding was mostly due to our Fundamental Mispricings investment theme. Our High Quality Business Models and Sentiment Analysis investment themes drove the Fund's underweight in Chesapeake Energy. |

---

---

| | |
|:---|:---|
| **Q** | **How did the Fund use derivatives and similar instruments during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, we used futures contracts to equitize the Fund's cash holdings. In other words, we put the Fund's cash holdings to work by using them as collateral for the purchase of futures contracts. The use of these derivatives did not have a material impact on Fund results during the Reporting Period. |

---

---

| | |
|:---|:---|
| **Q** | **What was the Fund's sector positioning relative to the Index at the end of the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | At the end of the Reporting Period, the Fund was overweight the information technology and real estate sectors relative to the Index. Compared to the Index, the Fund was underweight the utilities and consumer discretionary sectors. The Fund was relatively neutral versus the Index in the materials, health care, industrials, financials, consumer staples and energy sectors at the end of the Reporting Period. |

---

**21** 

------

FUND BASICS

## Small Cap Value Insights Fund
*as of October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS AS OF 10/31/22<sup>1</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1</sup>** |
| **Holding** | **% of Net Assets** | **Line of Business** |
| SouthState Corp. | 1.1% | Banks |
| STAG Industrial, Inc. REIT | 1 | Equity Real Estate Investment Trusts (REITs) |
| Hancock Whitney Corp. | 1 | Banks |
| American Equity Investment Life Holding Co. | 0.9 | Insurance |
| Associated Banc-Corp. | 0.9 | Banks |
| Cadence Bank | 0.9 | Banks |
| ONE Gas, Inc. | 0.9 | Gas Utilities |
| Civitas Resources, Inc. | 0.9 | Oil, Gas & Consumable Fuels |
| International Bancshares Corp. | 0.9 | Banks |
| Ryman Hospitality Properties, Inc. REIT | 0.8 | Equity Real Estate Investment Trusts (REITs) |

---

<sup>1</sup> The top 10 holdings may not be representative of the Fund's future investments. The top 10 holdings exclude investments in money market funds.

---

| |
|:---|
| **FUND VS. BENCHMARK SECTOR ALLOCATIONS<sup>2</sup>** |
| **As of October 31, 2022** |

---

![LOGO](g385371g83s66.jpg)

------

<sup>2</sup> The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund's overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard ("GICS"); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.5% of the Fund's net assets as of October 31, 2022. The graph depicts the Fund's investments but may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

------

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

**22** 

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS

## Performance Summary
*October 31, 2022* 

The following graph shows the value, as of October 31, 2022, of a $1,000,000 investment made on November 1, 2012 in Institutional Shares. For comparative purposes, the performance of the Fund's benchmark, the Russell 2000<sup>®</sup> 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 Insights Fund's 10 Year Performance**

**Performance of a $1,000,000 investment, including any applicable sales charges, with distributions reinvested, from Novermber 1, 2012 through October 31, 2022.**![LOGO](g385371g23a39.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return through October 31, 2022**\* | **One Year** | **Five Years** | **Ten Years** | **Since Inception** |
|  **Class A** |  |  |  |  |
|  Excluding sales charges | -9.67% | 5.77% | 9.37% |  |
|  Including sales charges | -14.64% | 4.58% | 8.76% |  |
|  **Class C** |  |  |  |  |
|  Excluding contingent deferred sales charges | -10.33% | 4.99% | 8.56% |  |
|  Including contingent deferred sales charges | -11.23% | 4.99% | 8.56% |  |
|  **Institutional** | -9.32% | 6.17% | 9.80% |  |
|  **Investor** | -9.44% | 6.03% | 9.65% |  |
|  **Class R6 (Commenced July 31, 2015)** | -9.31% | 6.18% | N/A | 8.37% |
|  **Class R** | -9.88% | 5.50% | 9.10% |  |
|  **Class P (Commenced April 16, 2018)** | -9.32% | N/A | N/A | 5.68% |

---

\* 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 R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

**23** 

------

PORTFOLIO RESULTS

## Goldman Sachs U.S. Equity Insights Fund
**Investment Objective** 

The Fund sees long-term growth of capital and dividend income.

Portfolio Management Discussion and Analysis

**Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs U.S. Equity Insights Fund's (the "Fund") performance and positioning for the 12-month period ended October 31, 2022 (the "Reporting Period").** 

---

| | |
|:---|:---|
| **Q** | **How did the Fund perform during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | 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 -14.87%, -15.50%, -14.55%, -14.98%, -14.65%, -14.54%, -15.08% and -14.54%, respectively. These returns compare to the -14.61% average annual total return of the Fund's benchmark, the S&P 500<sup>®</sup> Index (with dividends reinvested) (the "Index"), during the same period. |

---

---

| | |
|:---|:---|
| **Q** | **What key factors were most responsible for the Fund's performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | The Fund uses a quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally based stock selection, careful portfolio construction and efficient implementation. The Fund's investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes, including Fundamental Mispricings, High Quality Business Models, Sentiment Analysis and Market Themes & Trends. |

---

During the Reporting Period, the Fund generated mixed results versus the Index, with some share classes underperforming and others outperforming. Within our stock selection strategy, certain individual investments detracted from relative returns.

---

| | |
|:---|:---|
| **Q** | **What impact did the Fund's investment themes have on performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | In keeping with our investment approach, we use our quantitative model and four investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model's investment themes tends to have a low correlation with the model's other themes, demonstrating the diversification benefit of the Fund's theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit. |

---

During the Reporting Period, three of our four investment themes added to the Fund's relative returns. High Quality Business Models was our best performing investment theme, followed by Fundamental Mispricings and Market Themes & Trends. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives. Fundamental Mispricings seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run. Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment. <br>

Our Sentiment Analysis investment theme detracted from relative performance during the Reporting Period. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment.

---

| | |
|:---|:---|
| **Q** | **How did the Fund's sector and industry allocations affect relative performance?** |

---

---

| | |
|:---|:---|
| **A** | In constructing the Fund's portfolio, our quantitative model focuses on stock selection rather than on making sector or industry bets. Consequently, the Fund is similar to the Index in terms of its sector and industry allocations and style.  |

---

**24** 

------

PORTFOLIO RESULTS

Relative performance is primarily driven by stock selection, not by sector or industry allocations.

---

| | |
|:---|:---|
| **Q** | **Did stock selection help or hurt Fund performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund's investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Fundamental Mispricings characteristics than the Index. |

---

During the Reporting Period, certain individual stock positions, especially in the energy, consumer staples and information technology sectors, detracted from the Fund's relative returns. Investments in the health care, materials and consumer discretionary sectors enhanced relative performance.

---

| | |
|:---|:---|
| **Q** | **Which individual stock positions detracted most from the Fund's results during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | In terms of individual stock positions, the Fund was hurt by its overweight position versus the Index in payment transactions services provider PayPal Holdings. Underweight positions in multinational oil and gas companies ExxonMobil and Chevron also detracted from the Fund's relative returns. The Fund was overweight in PayPal Holdings largely because of our Sentiment Analysis investment theme and, to a lesser degree, our High Quality Business Models investment theme. Our Sentiment Analysis and Market Themes & Trends investment themes were largely responsible for the Fund's underweight in ExxonMobil. The underweight in Chevron was mainly the result of our Sentiment Analysis, Fundamental Mispricings and Market Themes & Trends investment themes. |

---

---

| | |
|:---|:---|
| **Q** | **Which individual stock positions contributed most to the Fund's relative returns during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | The Fund benefited during the Reporting Period from underweight positions relative to the Index in diversified software company Adobe and streaming entertainment service company Netflix. An overweight in technology holding company Alphabet also contributed positively to relative performance. The underweight in Adobe and the overweight in Alphabet were due mainly to our High Quality Business Models and Sentiment Analysis investment themes. Our High Quality Business Models investment theme led to the Fund's underweight in Netflix. |

---

---

| | |
|:---|:---|
| **Q** | **How did the Fund use derivatives and similar instruments during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, we used futures contracts to equitize the Fund's cash holdings. In other words, we put the Fund's cash holdings to work by using them as collateral for the purchase of futures contracts. The use of these derivatives did not have a material impact on Fund results during the Reporting Period. |

---

---

| | |
|:---|:---|
| **Q** | **What was the Fund's sector positioning relative to the Index at the end of the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | At the end of the Reporting Period, the Fund was overweight the health care, real estate, materials and financials sectors relative to the Index. Compared to the Index, the Fund was underweight the communication services, utilities, consumer staples and energy sectors. The Fund was relatively neutral versus the Index in the information technology, consumer discretionary and industrials sectors at the end of the Reporting Period. |

---

**25** 

------

FUND BASICS

## U.S. Equity Insights Fund
*as of October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS AS OF 10/31/22<sup>1</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1</sup>** |
| **Holding** | **% of Net Assets** | **Line of Business** |
| Apple, Inc. | 6.0% | Technology Hardware, Storage & Peripherals |
| Microsoft Corp. | 4.3 | Software |
| Berkshire Hathaway, Inc., Class B | 2.7 | Diversified Financial Services |
| Amazon.com, Inc. | 2.7 | Internet & Direct Marketing Retail |
| Alphabet, Inc., Class C | 2.3 | Interactive Media & Services |
| Pfizer, Inc. | 1.8 | Pharmaceuticals |
| Tesla, Inc. | 1.8 | Automobiles |
| Cisco Systems, Inc. | 1.6 | Communications Equipment |
| Broadcom, Inc. | 1.6 | Semiconductors & Semiconductor Equipment |
| Elevance Health, Inc. | 1.5 | Health Care Providers & Services |

---

<sup>1</sup> The top 10 holdings may not be representative of the Fund's future investments.

---

| |
|:---|
| **FUND VS. BENCHMARK SECTOR ALLOCATIONS<sup>2</sup>** |
| **As of October 31, 2022** |

---

![LOGO](g385371g91n35.jpg)

------

<sup>2</sup> 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). Investment in the securities lending reinvestment vehicle SOI represented 0.2% of the Fund's net assets as of October 31, 2022. The graph depicts the Fund's investments but may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

------

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

**26** 

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS

## Performance Summary
*October 31, 2022* 

The following graph shows the value, as of October 31, 2022, of a $1,000,000 investment made on November 1, 2012 in Institutional Shares. For comparative purposes, the performance of the Fund's benchmark, the Standard and Poor's 500 Index (with dividends reinvested) ("S&P 500<sup>®</sup> 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.

**U.S. Equity Insights Fund's 10 Year Performance**

**Performance of a $1,000,000 investment, including any applicable sales charges, with distributions reinvested, from November 1, 2012 through October 31, 2022.**![LOGO](g385371g59m93.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return through October 31, 2022**\* | **One Year** | **Five Years** | **Ten Years** | **Since Inception** |
|  **Class A** |  |  |  |  |
|  Excluding sales charges | -14.87% | 8.65% | 12.11% |  |
|  Including sales charges | -19.55% | 7.43% | 11.48% |  |
|  **Class C** |  |  |  |  |
|  Excluding contingent deferred sales charges | -15.50% | 7.85% | 11.28% |  |
|  Including contingent deferred sales charges | -16.35% | 7.85% | 11.28% |  |
|  **Institutional** | -14.55% | 9.06% | 12.55% |  |
|  **Service** | -14.98% | 8.52% | 11.99% |  |
|  **Investor** | -14.65% | 8.92% | 12.39% |  |
|  **Class R6 (Commenced July 31, 2015)** | -14.54% | 9.07% | N/A | 9.96% |
|  **Class R** | -15.08% | 8.38% | 11.84% |  |
|  **Class P (Commenced April 16, 2018)** | -14.54% | N/A | N/A | 8.63% |

---

\* 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 R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

**27** 

------

FUND BASICS

## Index Definitions
**Russell Midcap<sup>®</sup> Index** measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap<sup>®</sup> Index is a subset of the Russell 1000<sup>®</sup> Index. The Russell Midcap<sup>®</sup> Index includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap<sup>®</sup> Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap<sup>®</sup> Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.

**Russell 1000<sup>®</sup> Index** measures the performance of the large-cap segment of the U.S. equity universe. The Russell 1000<sup>®</sup> Index is a subset of the Russell 3000<sup>®</sup> Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000<sup>®</sup> Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.

**Russell 2000<sup>®</sup> Index** measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000<sup>®</sup> Index is a subset of the Russell 3000<sup>®</sup> Index representing approximately 10% of the total market capitalization of that index. The Russell 2000<sup>®</sup> Index includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000<sup>®</sup> Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.

**S&P 500<sup>®</sup> 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<sup>®</sup> Index components and their weightings are determined by S&P Dow Jones Indices.

**The Russell 1000<sup>®</sup> Growth Index** (with dividends reinvested) is an unmanaged market capitalization weighted index of the 1000 largest U.S. companies with higher price-to-book ratios and higher forecasted growth values. The figures for the Russell 1000<sup>®</sup> Growth Index do not include any deduction for fees, expenses or taxes.

**The Russell 1000<sup>®</sup> Value Index** (with dividends reinvested) is an unmanaged market capitalization weighted index of the 1000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The figures for the Russell 1000<sup>®</sup> Value Index do not include any deduction for fees, expenses or taxes.

**The Russell 2000<sup>®</sup> Growth Index** (with dividends reinvested) is an unmanaged index of common stock prices that measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000<sup>®</sup>

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 2000<sup>®</sup> Value Index** (with dividends reinvested) is an unmanaged index of common stock prices that measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000<sup>®</sup> Value Index figures do not reflect any deduction for fees, expenses or taxes.

It is not possible to invest directly in an unmanaged index.

**28** 

------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

## Schedule of Investments
*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – 98.6%** | **Common Stocks – 98.6%** | **Common Stocks – 98.6%** |
| **Aerospace & Defense – 1.6%** | **Aerospace & Defense – 1.6%** | **Aerospace & Defense – 1.6%** |
| 32371 | Lockheed Martin Corp. | $15754318 |
| **Airlines – 0.1%** | **Airlines – 0.1%** | **Airlines – 0.1%** |
| 20521 | Delta Air Lines, Inc.\* | 696278 |
| **Automobiles – 3.7%** | **Automobiles – 3.7%** | **Automobiles – 3.7%** |
| 121840 | General Motors Co. | 4782220 |
| 139881 | Tesla, Inc.\* | 31828523 |
|  |  | 36610743 |
| **Banks – 0.1%** | **Banks – 0.1%** | **Banks – 0.1%** |
| 6149 | BOK Financial Corp. | 677558 |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| 3311 | PepsiCo, Inc. | 601211 |
| **Biotechnology – 5.2%** | **Biotechnology – 5.2%** | **Biotechnology – 5.2%** |
| 100751 | AbbVie, Inc. | 14749946 |
| 357606 | Exelixis, Inc.\* | 5929108 |
| 65803 | Horizon Therapeutics PLC\* | 4100843 |
| 152217 | Incyte Corp.\* | 11315812 |
| 48152 | Vertex Pharmaceuticals, Inc.\* | 15023424 |
|  |  | 51119133 |
| **Capital Markets – 2.2%** | **Capital Markets – 2.2%** | **Capital Markets – 2.2%** |
| 19894 | Ameriprise Financial, Inc. | 6149633 |
| 17832 | CME Group, Inc. | 3090286 |
| 31410 | MarketAxess Holdings, Inc. | 7665296 |
| 79424 | Stifel Financial Corp. | 4913963 |
|  |  | 21819178 |
| **Chemicals – 3.2%** | **Chemicals – 3.2%** | **Chemicals – 3.2%** |
| 97433 | CF Industries Holdings, Inc. | 10353231 |
| 192479 | Mosaic Co. (The) | 10345746 |
| 50829 | Sherwin-Williams Co. (The) | 11438050 |
|  |  | 32137027 |
| **Communications Equipment – 1.0%** | **Communications Equipment – 1.0%** | **Communications Equipment – 1.0%** |
| 78918 | Arista Networks, Inc.\* | 9538029 |
| **Construction Materials – 0.2%** | **Construction Materials – 0.2%** | **Construction Materials – 0.2%** |
| 18150 | Eagle Materials, Inc. | 2219926 |
| **Consumer Finance – 0.1%** | **Consumer Finance – 0.1%** | **Consumer Finance – 0.1%** |
| 42114 | Synchrony Financial | 1497574 |
| **Distributors – 1.3%** | **Distributors – 1.3%** | **Distributors – 1.3%** |
| 99189 | LKQ Corp. | 5518876 |
| 25694 | Pool Corp. | 7816886 |
|  |  | 13335762 |
| **Diversified Financial Services – 0.2%** | **Diversified Financial Services – 0.2%** | **Diversified Financial Services – 0.2%** |
| 5602 | Berkshire Hathaway, Inc., Class B\* | 1653094 |
| 19774 | Equitable Holdings, Inc. | 605480 |
|  |  | 2258574 |
| **Electrical Equipment – 0.3%** | **Electrical Equipment – 0.3%** | **Electrical Equipment – 0.3%** |
| 20764 | AMETEK, Inc. | 2692260 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Electronic Equipment, Instruments & Components – 0.6%** | **Electronic Equipment, Instruments & Components – 0.6%** | **Electronic Equipment, Instruments & Components – 0.6%** |
| 14669 | Teledyne Technologies, Inc.\* | 5837969 |
| **Energy Equipment & Services – 0.2%** | **Energy Equipment & Services – 0.2%** | **Energy Equipment & Services – 0.2%** |
| 58158 | Halliburton Co. | 2118114 |
| **Equity Real Estate Investment Trusts (REITs) – 4.5%** | **Equity Real Estate Investment Trusts (REITs) – 4.5%** | **Equity Real Estate Investment Trusts (REITs) – 4.5%** |
| 79247 | Camden Property Trust REIT | 9156991 |
| 39287 | CubeSmart REIT | 1644947 |
| 111248 | Host Hotels & Resorts, Inc. REIT | 2100362 |
| 62211 | Mid-America Apartment Communities, Inc. REIT | 9795122 |
| 149766 | National Storage Affiliates Trust REIT | 6389017 |
| 85213 | Park Hotels & Resorts, Inc. REIT | 1114586 |
| 37795 | Public Storage REIT | 11707001 |
| 11584 | SBA Communications Corp. REIT | 3126522 |
|  |  | 45034548 |
| **Food & Staples Retailing – 1.1%** | **Food & Staples Retailing – 1.1%** | **Food & Staples Retailing – 1.1%** |
| 734 | Casey's General Stores, Inc. | 170809 |
| 21957 | Costco Wholesale Corp. | 11011436 |
|  |  | 11182245 |
| **Food Products – 1.5%** | **Food Products – 1.5%** | **Food Products – 1.5%** |
| 45711 | Lamb Weston Holdings, Inc. | 3941203 |
| 171869 | Mondelez International, Inc., Class A | 10566506 |
|  |  | 14507709 |
| **Health Care Equipment & Supplies – 1.3%** | **Health Care Equipment & Supplies – 1.3%** | **Health Care Equipment & Supplies – 1.3%** |
| 52181 | Intuitive Surgical, Inc.\* | 12861051 |
| **Health Care Providers & Services – 6.4%** | **Health Care Providers & Services – 6.4%** | **Health Care Providers & Services – 6.4%** |
| 126592 | Centene Corp.\* | 10776777 |
| 4453 | Cigna Corp. | 1438586 |
| 24131 | Elevance Health, Inc. | 13194107 |
| 24807 | Humana, Inc. | 13844290 |
| 24513 | Molina Healthcare, Inc.\* | 8796735 |
| 28031 | UnitedHealth Group, Inc. | 15561410 |
|  |  | 63611905 |
| **Hotels, Restaurants & Leisure – 2.6%** | **Hotels, Restaurants & Leisure – 2.6%** | **Hotels, Restaurants & Leisure – 2.6%** |
| 4252 | Darden Restaurants, Inc. | 608631 |
| 10907 | Hilton Worldwide Holdings, Inc. | 1475281 |
| 82180 | Marriott International, Inc., Class A | 13157840 |
| 146110 | Wyndham Hotels & Resorts, Inc. | 11094132 |
|  |  | 26335884 |
| **Insurance – 0.5%** | **Insurance – 0.5%** | **Insurance – 0.5%** |
| 11638 | American Financial Group, Inc. | 1688790 |
| 71245 | Lincoln National Corp. | 3837968 |
|  |  | 5526758 |
| **Interactive Media & Services – 4.5%** | **Interactive Media & Services – 4.5%** | **Interactive Media & Services – 4.5%** |
| 441581 | Alphabet, Inc., Class C\* | 41800058 |
| 70641 | Match Group, Inc.\* | 3051691 |
|  |  | 44851749 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **29** |

---

------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

## Schedule of Investments (continued)
*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Internet & Direct Marketing Retail – 5.0%** | **Internet & Direct Marketing Retail – 5.0%** | **Internet & Direct Marketing Retail – 5.0%** |
| 480081 | Amazon.com, Inc.\* | $49179498 |
| **IT Services – 4.6%** | **IT Services – 4.6%** | **IT Services – 4.6%** |
| 43092 | Accenture PLC, Class A | 12233819 |
| 21389 | Euronet Worldwide, Inc.\* | 1796890 |
| 14757 | Gartner, Inc.\* | 4455434 |
| 32991 | Mastercard, Inc., Class A | 10826986 |
| 1705 | MongoDB, Inc.\* | 312066 |
| 24508 | Snowflake, Inc., Class A\* | 3928632 |
| 29257 | Toast, Inc., Class A\* | 646287 |
| 15599 | VeriSign, Inc.\* | 3126976 |
| 39906 | Visa, Inc., Class A | 8266927 |
|  |  | 45594017 |
| **Life Sciences Tools & Services – 2.4%** | **Life Sciences Tools & Services – 2.4%** | **Life Sciences Tools & Services – 2.4%** |
| 3984 | Agilent Technologies, Inc. | 551186 |
| 505201 | Avantor, Inc.\* | 10189904 |
| 17264 | IQVIA Holdings, Inc.\* | 3619743 |
| 6462 | Mettler-Toledo International, Inc.\* | 8173978 |
| 27205 | Syneos Health, Inc.\* | 1370588 |
|  |  | 23905399 |
| **Media – 0.7%** | **Media – 0.7%** | **Media – 0.7%** |
| 15017 | Charter Communications, Inc., Class A\* | 5520549 |
| 22402 | News Corp., Class A | 377922 |
| 29237 | Trade Desk, Inc. (The), Class A\* | 1556578 |
|  |  | 7455049 |
| **Oil, Gas & Consumable Fuels – 0.6%** | **Oil, Gas & Consumable Fuels – 0.6%** | **Oil, Gas & Consumable Fuels – 0.6%** |
| 25332 | Antero Resources Corp.\* | 928671 |
| 8531 | Devon Energy Corp. | 659873 |
| 17215 | Pioneer Natural Resources Co. | 4414098 |
|  |  | 6002642 |
| **Pharmaceuticals – 0.3%** | **Pharmaceuticals – 0.3%** | **Pharmaceuticals – 0.3%** |
| 7597 | Eli Lilly & Co. | 2750798 |
| **Road & Rail – 2.2%** | **Road & Rail – 2.2%** | **Road & Rail – 2.2%** |
| 153976 | CSX Corp. | 4474543 |
| 41251 | Knight-Swift Transportation Holdings, Inc. | 1981285 |
| 75788 | Union Pacific Corp. | 14940846 |
|  |  | 21396674 |
| **Semiconductors & Semiconductor Equipment – 5.4%** | **Semiconductors & Semiconductor Equipment – 5.4%** | **Semiconductors & Semiconductor Equipment – 5.4%** |
| 83745 | Applied Materials, Inc. | 7393846 |
| 43109 | Broadcom, Inc. | 20266403 |
| 2659 | KLA Corp. | 841441 |
| 17500 | Lam Research Corp. | 7083650 |
| 23069 | Monolithic Power Systems, Inc. | 7830772 |
| 67797 | NVIDIA Corp. | 9150561 |
| 14461 | ON Semiconductor Corp.\* | 888339 |
|  |  | 53455012 |
| **Software – 18.4%** | **Software – 18.4%** | **Software – 18.4%** |
| 58425 | Adobe, Inc.\* | 18608362 |
| 26522 | Crowdstrike Holdings, Inc., Class A\* | 4275346 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Software – (continued)** | **Software – (continued)** | **Software – (continued)** |
| 211169 | Fortinet, Inc.\* | 12070420 |
| 40157 | Intuit, Inc. | 17167118 |
| 367887 | Microsoft Corp. | 85397609 |
| 50945 | NCR Corp.\* | 1083091 |
| 74007 | Palo Alto Networks, Inc.\* | 12698861 |
| 32689 | Paycom Software, Inc.\* | 11310394 |
| 37620 | ServiceNow, Inc.\* | 15828239 |
| 24028 | Zscaler, Inc.\* | 3702715 |
|  |  | 182142155 |
| **Specialty Retail – 2.3%** | **Specialty Retail – 2.3%** | **Specialty Retail – 2.3%** |
| 1148 | AutoNation, Inc.\* | 122044 |
| 5396 | AutoZone, Inc.\* | 13667420 |
| 20842 | Ulta Beauty, Inc.\* | 8740510 |
|  |  | 22529974 |
| **Technology Hardware, Storage & Peripherals – 12.8%** | **Technology Hardware, Storage & Peripherals – 12.8%** | **Technology Hardware, Storage & Peripherals – 12.8%** |
| 772266 | Apple, Inc. | 118419269 |
| 64459 | NetApp, Inc. | 4465075 |
| 121455 | Pure Storage, Inc., Class A\* | 3748101 |
|  |  | 126632445 |
| **Thrifts & Mortgage Finance – 0.4%** | **Thrifts & Mortgage Finance – 0.4%** | **Thrifts & Mortgage Finance – 0.4%** |
| 421278 | New York Community Bancorp, Inc.<sup>(a)</sup> | 3922098 |
| **Tobacco – 0.1%** | **Tobacco – 0.1%** | **Tobacco – 0.1%** |
| 14263 | Altria Group, Inc. | 659949 |
| **Trading Companies & Distributors – 0.9%** | **Trading Companies & Distributors – 0.9%** | **Trading Companies & Distributors – 0.9%** |
| 185728 | Fastenal Co. | 8976234 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |
| **(Cost $705,347,523)** | **(Cost $705,347,523)** | $977427447 |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE** |
| **(Cost $705,347,523)** | **(Cost $705,347,523)** | $977427447 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Securities Lending Reinvestment Vehicle – 0.2%<sup>(b)</sup>** | **Securities Lending Reinvestment Vehicle – 0.2%<sup>(b)</sup>** | **Securities Lending Reinvestment Vehicle – 0.2%<sup>(b)</sup>** |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |
| 2352200 | 3.066% | $2352200 |
| **(Cost $2,352,200)** | **(Cost $2,352,200)** | **(Cost $2,352,200)** |
| **TOTAL INVESTMENTS – 98.8%** | **TOTAL INVESTMENTS – 98.8%** | **TOTAL INVESTMENTS – 98.8%** |
| **(Cost $707,699,723)** | **(Cost $707,699,723)** | $979779647 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2%** | 11164318 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $990943965 |

---

---

| | |
|:---|:---|
| **30** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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:** | **Investment Abbreviations:** |
|  PLC | —Public Limited Company |
|  REIT | —Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **31** |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

## Schedule of Investments
*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 99.0%** | **Common Stocks – 99.0%** | **Common Stocks – 99.0%** |
| **Aerospace & Defense – 1.8%** | **Aerospace & Defense – 1.8%** | **Aerospace & Defense – 1.8%** |
| 8944 | General Dynamics Corp. | $2234211 |
| 53110 | Howmet Aerospace, Inc. | 1888061 |
| 906 | Lockheed Martin Corp. | 440932 |
| 32269 | Textron, Inc. | 2208490 |
|  |  | 6771694 |
| **Airlines – 0.1%** | **Airlines – 0.1%** | **Airlines – 0.1%** |
| 2285 | Southwest Airlines Co.\* | 83060 |
| 3296 | United Airlines Holdings, Inc.\* | 141991 |
|  |  | 225051 |
| **Automobiles – 1.4%** | **Automobiles – 1.4%** | **Automobiles – 1.4%** |
| 134663 | General Motors Co. | 5285523 |
| **Banks – 3.5%** | **Banks – 3.5%** | **Banks – 3.5%** |
| 31769 | Bank of America Corp. | 1144955 |
| 30872 | BOK Financial Corp. | 3401786 |
| 53907 | Citigroup, Inc. | 2472175 |
| 32639 | East West Bancorp, Inc. | 2335973 |
| 27014 | JPMorgan Chase & Co. | 3400522 |
| 13592 | PacWest Bancorp | 337897 |
|  |  | 13093308 |
| **Biotechnology – 3.6%** | **Biotechnology – 3.6%** | **Biotechnology – 3.6%** |
| 6931 | Biogen, Inc.\* | 1964523 |
| 5240 | BioMarin Pharmaceutical, Inc.\* | 453941 |
| 77236 | Gilead Sciences, Inc. | 6059937 |
| 6558 | Moderna, Inc.\* | 985864 |
| 11946 | Vertex Pharmaceuticals, Inc.\* | 3727152 |
|  |  | 13191417 |
| **Building Products – 0.9%** | **Building Products – 0.9%** | **Building Products – 0.9%** |
| 22708 | Carrier Global Corp. | 902870 |
| 9824 | Lennox International, Inc. | 2294592 |
|  |  | 3197462 |
| **Capital Markets – 4.6%** | **Capital Markets – 4.6%** | **Capital Markets – 4.6%** |
| 104343 | Bank of New York Mellon Corp. (The) | 4393884 |
| 27561 | CME Group, Inc. | 4776321 |
| 25177 | Intercontinental Exchange, Inc. | 2406166 |
| 5452 | Morgan Stanley | 447991 |
| 11955 | Raymond James Financial, Inc. | 1412363 |
| 61248 | Stifel Financial Corp. | 3789414 |
|  |  | 17226139 |
| **Chemicals – 3.5%** | **Chemicals – 3.5%** | **Chemicals – 3.5%** |
| 37550 | Corteva, Inc. | 2453517 |
| 3879 | International Flavors & Fragrances, Inc. | 378629 |
| 20788 | Linde PLC (United Kingdom) | 6181312 |
| 76170 | Mosaic Co. (The) | 4094138 |
|  |  | 13107596 |
| **Commercial Services & Supplies – 1.1%** | **Commercial Services & Supplies – 1.1%** | **Commercial Services & Supplies – 1.1%** |
| 29915 | Republic Services, Inc. | 3967327 |
| **Communications Equipment – 2.1%** | **Communications Equipment – 2.1%** | **Communications Equipment – 2.1%** |
| 170195 | Cisco Systems, Inc. | 7731959 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Construction Materials – 0.6%** | **Construction Materials – 0.6%** | **Construction Materials – 0.6%** |
| 7101 | Martin Marietta Materials, Inc. | 2385794 |
| **Consumer Finance – 3.2%** | **Consumer Finance – 3.2%** | **Consumer Finance – 3.2%** |
| 44629 | Capital One Financial Corp. | 4731566 |
| 25426 | Discover Financial Services | 2656000 |
| 123753 | Synchrony Financial | 4400657 |
|  |  | 11788223 |
| **Distributors – 1.2%** | **Distributors – 1.2%** | **Distributors – 1.2%** |
| 77061 | LKQ Corp. | 4287674 |
| **Diversified Financial Services – 4.9%** | **Diversified Financial Services – 4.9%** | **Diversified Financial Services – 4.9%** |
| 49598 | Berkshire Hathaway, Inc., Class B\* | 14635874 |
| 110639 | Equitable Holdings, Inc. | 3387766 |
|  |  | 18023640 |
| **Diversified Telecommunication Services – 0.9%** | **Diversified Telecommunication Services – 0.9%** | **Diversified Telecommunication Services – 0.9%** |
| 91141 | Verizon Communications, Inc. | 3405939 |
| **Electric Utilities – 1.5%** | **Electric Utilities – 1.5%** | **Electric Utilities – 1.5%** |
| 22646 | Exelon Corp. | 873909 |
| 58754 | NextEra Energy, Inc. | 4553435 |
|  |  | 5427344 |
| **Electrical Equipment – 1.8%** | **Electrical Equipment – 1.8%** | **Electrical Equipment – 1.8%** |
| 2386 | Acuity Brands, Inc. | 437998 |
| 34318 | AMETEK, Inc. | 4449672 |
| 3812 | Emerson Electric Co. | 330119 |
| 41605 | nVent Electric PLC | 1518583 |
|  |  | 6736372 |
| **Electronic Equipment, Instruments & Components – 1.2%** | **Electronic Equipment, Instruments & Components – 1.2%** | **Electronic Equipment, Instruments & Components – 1.2%** |
| 11157 | Teledyne Technologies, Inc.\* | 4440263 |
| **Energy Equipment & Services – 1.2%** | **Energy Equipment & Services – 1.2%** | **Energy Equipment & Services – 1.2%** |
| 53917 | Baker Hughes Co. | 1491344 |
| 15277 | Halliburton Co. | 556389 |
| 46704 | Schlumberger NV | 2430009 |
|  |  | 4477742 |
| **Entertainment – 0.2%** | **Entertainment – 0.2%** | **Entertainment – 0.2%** |
| 2071 | Netflix, Inc.\* | 604483 |
| **Equity Real Estate Investment Trusts (REITs) – 7.5%** | **Equity Real Estate Investment Trusts (REITs) – 7.5%** | **Equity Real Estate Investment Trusts (REITs) – 7.5%** |
| 30381 | Camden Property Trust REIT | 3510524 |
| 89049 | CubeSmart REIT | 3728482 |
| 8975 | Equity Residential REIT | 565604 |
| 201759 | Host Hotels & Resorts, Inc. REIT | 3809210 |
| 31233 | Life Storage, Inc. REIT | 3454682 |
| 26028 | Mid-America Apartment Communities, Inc. REIT | 4098109 |
| 74122 | National Storage Affiliates Trust REIT | 3162044 |
| 132284 | Park Hotels & Resorts, Inc. REIT | 1730275 |
| 2076 | Public Storage REIT | 643041 |
| 12183 | SBA Communications Corp. REIT | 3288192 |
|  |  | 27990163 |

---

---

| | |
|:---|:---|
| **32** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Food & Staples Retailing – 0.9%** | **Food & Staples Retailing – 0.9%** | **Food & Staples Retailing – 0.9%** |
| 12084 | Casey's General Stores, Inc. | $2812068 |
| 8567 | Kroger Co. (The) | 405133 |
| 1758 | Walmart, Inc. | 250216 |
|  |  | 3467417 |
| **Food Products – 1.9%** | **Food Products – 1.9%** | **Food Products – 1.9%** |
| 39014 | Conagra Brands, Inc. | 1431814 |
| 90437 | Mondelez International, Inc., Class A | 5560067 |
|  |  | 6991881 |
| **Health Care Equipment & Supplies – 3.0%** | **Health Care Equipment & Supplies – 3.0%** | **Health Care Equipment & Supplies – 3.0%** |
| 118198 | Boston Scientific Corp.\* | 5095516 |
| 68498 | Medtronic PLC | 5982615 |
|  |  | 11078131 |
| **Health Care Providers & Services – 6.4%** | **Health Care Providers & Services – 6.4%** | **Health Care Providers & Services – 6.4%** |
| 57570 | Centene Corp.\* | 4900934 |
| 17920 | Cigna Corp. | 5789235 |
| 10924 | Elevance Health, Inc. | 5972915 |
| 5565 | HCA Healthcare, Inc. | 1210221 |
| 4344 | Humana, Inc. | 2424300 |
| 29663 | Universal Health Services, Inc., Class B | 3437052 |
|  |  | 23734657 |
| **Hotels, Restaurants & Leisure – 0.7%** | **Hotels, Restaurants & Leisure – 0.7%** | **Hotels, Restaurants & Leisure – 0.7%** |
| 9825 | Boyd Gaming Corp. | 567492 |
| 23511 | Hyatt Hotels Corp., Class A\* | 2214971 |
|  |  | 2782463 |
| **Household Durables – 0.6%** | **Household Durables – 0.6%** | **Household Durables – 0.6%** |
| 18596 | Garmin Ltd. | 1637192 |
| 3931 | Whirlpool Corp. | 543421 |
|  |  | 2180613 |
| **Household Products – 0.0%** | **Household Products – 0.0%** | **Household Products – 0.0%** |
| 573 | Kimberly-Clark Corp. | 71316 |
| **Independent Power and Renewable Electricity Producers – 0.1%** | **Independent Power and Renewable Electricity Producers – 0.1%** | **Independent Power and Renewable Electricity Producers – 0.1%** |
| 14503 | Brookfield Renewable Corp., Class A | 450028 |
| **Insurance – 4.3%** | **Insurance – 4.3%** | **Insurance – 4.3%** |
| 27259 | American Financial Group, Inc. | 3955553 |
| 27558 | Chubb Ltd. | 5921939 |
| 7727 | CNA Financial Corp. | 322216 |
| 35239 | Lincoln National Corp. | 1898325 |
| 32610 | Loews Corp. | 1859422 |
| 9547 | MetLife, Inc. | 698936 |
| 6474 | Travelers Cos., Inc. (The) | 1194194 |
|  |  | 15850585 |
| **Interactive Media & Services – 1.6%** | **Interactive Media & Services – 1.6%** | **Interactive Media & Services – 1.6%** |
| 48541 | Meta Platforms, Inc., Class A\* | 4522080 |
| 54055 | Pinterest, Inc., Class A\* | 1329753 |
|  |  | 5851833 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **IT Services – 1.4%** | **IT Services – 1.4%** | **IT Services – 1.4%** |
| 3722 | Cognizant Technology Solutions Corp., Class A | 231695 |
| 8876 | Fidelity National Information Services, Inc. | 736619 |
| 21477 | VeriSign, Inc.\* | 4305279 |
|  |  | 5273593 |
| **Life Sciences Tools & Services – 1.9%** | **Life Sciences Tools & Services – 1.9%** | **Life Sciences Tools & Services – 1.9%** |
| 8016 | QIAGEN NV\* | 349177 |
| 6051 | Syneos Health, Inc.\* | 304849 |
| 12633 | Thermo Fisher Scientific, Inc. | 6492983 |
|  |  | 7147009 |
| **Machinery – 1.9%** | **Machinery – 1.9%** | **Machinery – 1.9%** |
| 51025 | Otis Worldwide Corp. | 3604406 |
| 12427 | PACCAR, Inc. | 1203306 |
| 7591 | Parker-Hannifin Corp. | 2206097 |
| 984 | Pentair PLC | 42263 |
|  |  | 7056072 |
| **Media – 1.6%** | **Media – 1.6%** | **Media – 1.6%** |
| 2394 | Charter Communications, Inc., Class A\* | 880082 |
| 43910 | Interpublic Group of Cos., Inc. (The) | 1308079 |
| 231299 | News Corp., Class A | 3902014 |
|  |  | 6090175 |
| **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** |
| 4086 | Steel Dynamics, Inc. | 384288 |
| **Multiline Retail – 0.3%** | **Multiline Retail – 0.3%** | **Multiline Retail – 0.3%** |
| 50691 | Macy's, Inc. | 1056907 |
| **Multi-Utilities – 0.9%** | **Multi-Utilities – 0.9%** | **Multi-Utilities – 0.9%** |
| 60598 | CMS Energy Corp. | 3457116 |
| **Oil, Gas & Consumable Fuels – 6.1%** | **Oil, Gas & Consumable Fuels – 6.1%** | **Oil, Gas & Consumable Fuels – 6.1%** |
| 14184 | Antero Resources Corp.\* | 519986 |
| 19185 | APA Corp. | 872150 |
| 17341 | Chevron Corp. | 3136987 |
| 11566 | ConocoPhillips | 1458357 |
| 22576 | Devon Energy Corp. | 1746254 |
| 47580 | Exxon Mobil Corp. | 5272340 |
| 89503 | Kinder Morgan, Inc. | 1621794 |
| 73097 | Marathon Oil Corp. | 2225804 |
| 13407 | Marathon Petroleum Corp. | 1523303 |
| 3342 | Ovintiv, Inc. | 169272 |
| 8957 | Pioneer Natural Resources Co. | 2296664 |
| 14500 | Valero Energy Corp. | 1820475 |
|  |  | 22663386 |
| **Pharmaceuticals – 5.1%** | **Pharmaceuticals – 5.1%** | **Pharmaceuticals – 5.1%** |
| 17030 | Bristol-Myers Squibb Co. | 1319314 |
| 12456 | Jazz Pharmaceuticals PLC\* | 1791048 |
| 31190 | Johnson & Johnson | 5426125 |
| 196066 | Pfizer, Inc. | 9126872 |
| 28380 | Royalty Pharma PLC, Class A | 1201042 |
|  |  | 18864401 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **33** |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

## Schedule of Investments (continued)
*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Road & Rail – 2.6%** | **Road & Rail – 2.6%** | **Road & Rail – 2.6%** |
| 161150 | CSX Corp. | $4683019 |
| 71667 | Knight-Swift Transportation Holdings, Inc. | 3442166 |
| 16704 | Ryder System, Inc. | 1344839 |
|  |  | 9470024 |
| **Semiconductors & Semiconductor Equipment – 1.0%** | **Semiconductors & Semiconductor Equipment – 1.0%** | **Semiconductors & Semiconductor Equipment – 1.0%** |
| 7992 | Broadcom, Inc. | 3757199 |
| **Software – 3.9%** | **Software – 3.9%** | **Software – 3.9%** |
| 2214 | Adobe, Inc.\* | 705159 |
| 8686 | Intuit, Inc. | 3713265 |
| 86308 | NCR Corp.\* | 1834908 |
| 13280 | Palo Alto Networks, Inc.\* | 2278715 |
| 1592 | Paycom Software, Inc.\* | 550832 |
| 7385 | Roper Technologies, Inc. | 3061378 |
| 4539 | Salesforce, Inc.\* | 737996 |
| 3525 | ServiceNow, Inc.\* | 1483109 |
|  |  | 14365362 |
| **Specialty Retail – 1.3%** | **Specialty Retail – 1.3%** | **Specialty Retail – 1.3%** |
| 5806 | AutoNation, Inc.\* | 617236 |
| 1646 | AutoZone, Inc.\* | 4169120 |
| 2790 | GameStop Corp., Class A\*<sup>(a)</sup> | 78985 |
|  |  | 4865341 |
| **Technology Hardware, Storage & Peripherals – 0.8%** | **Technology Hardware, Storage & Peripherals – 0.8%** | **Technology Hardware, Storage & Peripherals – 0.8%** |
| 199885 | Hewlett Packard Enterprise Co. | 2852359 |
| **Thrifts & Mortgage Finance – 1.0%** | **Thrifts & Mortgage Finance – 1.0%** | **Thrifts & Mortgage Finance – 1.0%** |
| 384110 | New York Community Bancorp, Inc.<sup>(a)</sup> | 3576064 |
| **Tobacco – 2.8%** | **Tobacco – 2.8%** | **Tobacco – 2.8%** |
| 117288 | Altria Group, Inc. | 5426916 |
| 53885 | Philip Morris International, Inc. | 4949337 |
|  |  | 10376253 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |  |
| **(Cost $354,743,474)** | **(Cost $354,743,474)** | $367079586 |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE** |
| **(Cost $354,743,474)** | **(Cost $354,743,474)** | $367079586 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Securities Lending Reinvestment Vehicle – 1.1%<sup>(b)</sup>** | **Securities Lending Reinvestment Vehicle – 1.1%<sup>(b)</sup>** | **Securities Lending Reinvestment Vehicle – 1.1%<sup>(b)</sup>** |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |
| 3903738 | 3.066% | $3903738 |
| **(Cost $3,903,738)** | **(Cost $3,903,738)** |  |
| **TOTAL INVESTMENTS – 100.1%** | **TOTAL INVESTMENTS – 100.1%** | **TOTAL INVESTMENTS – 100.1%** |
| **(Cost $358,647,212)** | **(Cost $358,647,212)** | $370983324 |
| **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (0.1)%** | **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (0.1)%** | (114484) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $370868840 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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:** | **Investment Abbreviations:** |
|  PLC | —Public Limited Company |
|  REIT | —Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| **34** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

## Schedule of Investments
*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 97.3%** | **Common Stocks – 97.3%** | **Common Stocks – 97.3%** |
| **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** |
| 5075 | AAR Corp.\* | $224924 |
| 28280 | Kratos Defense & Security Solutions, Inc.\* | 313342 |
| 16975 | National Presto Industries, Inc. | 1196568 |
| 13078 | Parsons Corp.\* | 613097 |
| 3986 | Triumph Group, Inc.\* | 36073 |
| 10782 | V2X, Inc.\* | 441954 |
|  |  | 2825958 |
| **Airlines – 0.1%** | **Airlines – 0.1%** | **Airlines – 0.1%** |
| 25954 | Frontier Group Holdings, Inc.\* | 340257 |
| **Auto Components – 0.3%** | **Auto Components – 0.3%** | **Auto Components – 0.3%** |
| 32174 | Goodyear Tire & Rubber Co. (The)\* | 408610 |
| 30490 | Holley, Inc.\* | 121350 |
| 6298 | LCI Industries | 668281 |
| 17897 | Luminar Technologies, Inc.\*<sup>(a)</sup> | 144787 |
|  |  | 1343028 |
| **Banks – 8.5%** | **Banks – 8.5%** | **Banks – 8.5%** |
| 17709 | 1st Source Corp. | 1029956 |
| 37307 | Amalgamated Financial Corp. | 857688 |
| 13268 | Ameris Bancorp | 683435 |
| 107346 | Associated Banc-Corp. | 2613875 |
| 23950 | BayCom Corp. | 460559 |
| 3972 | Business First Bancshares, Inc. | 98426 |
| 61345 | Cadence Bank | 1696189 |
| 2343 | Capital Bancorp, Inc. | 57825 |
| 6819 | Capital City Bank Group, Inc. | 241529 |
| 87619 | Central Pacific Financial Corp. | 1797942 |
| 87400 | Columbia Banking System, Inc. | 2925278 |
| 23702 | Community Bank System, Inc. | 1479716 |
| 18464 | CrossFirst Bankshares, Inc.\* | 256834 |
| 1821 | Esquire Financial Holdings, Inc. | 82273 |
| 6945 | First Bancorp, Inc. (The) | 212239 |
| 47307 | First Financial Bankshares, Inc. | 1820846 |
| 3260 | FVCBankcorp, Inc.\* | 66243 |
| 4602 | Great Southern Bancorp, Inc. | 285232 |
| 16739 | Guaranty Bancshares, Inc. | 619845 |
| 56110 | Hancock Whitney Corp. | 3134866 |
| 79758 | Hanmi Financial Corp. | 2135919 |
| 7825 | HomeTrust Bancshares, Inc. | 188035 |
| 160079 | Hope Bancorp, Inc. | 2172272 |
| 16362 | Independent Bank Corp. | 378453 |
| 59682 | International Bancshares Corp. | 2960227 |
| 5949 | Macatawa Bank Corp. | 63833 |
| 11517 | Metrocity Bankshares, Inc. | 256253 |
| 25680 | Northeast Bank | 1081128 |
| 7790 | Origin Bancorp, Inc. | 321961 |
| 29577 | PCB Bancorp | 547175 |
| 16683 | Renasant Corp. | 673493 |
| 4378 | Sandy Spring Bancorp, Inc. | 155156 |
| 4619 | Sierra Bancorp | 101849 |
| 2245 | Silvergate Capital Corp., Class A\* | 127426 |
| 2932 | South Plains Financial, Inc. | 91684 |
| 6729 | Southern First Bancshares, Inc.\* | 300652 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| 20766 | SouthState Corp. | 1877869 |
| 16932 | Towne Bank | 557740 |
| 62383 | Trustmark Corp. | 2281346 |
| 7118 | UMB Financial Corp. | 592360 |
| 22373 | Veritex Holdings, Inc. | 706539 |
| 3944 | Washington Trust Bancorp, Inc. | 191284 |
|  |  | 38183450 |
| **Beverages – 1.1%** | **Beverages – 1.1%** | **Beverages – 1.1%** |
| 635 | Celsius Holdings, Inc.\* | 57836 |
| 4925 | Coca-Cola Consolidated, Inc. | 2398524 |
| 168848 | Primo Water Corp. | 2463492 |
|  |  | 4919852 |
| **Biotechnology – 7.4%** | **Biotechnology – 7.4%** | **Biotechnology – 7.4%** |
| 22206 | 2seventy bio, Inc.\* | 352631 |
| 53085 | ACADIA Pharmaceuticals, Inc.\* | 850953 |
| 62743 | Affimed NV (Germany)\* | 110428 |
| 1743 | Akero Therapeutics, Inc.\* | 73659 |
| 60754 | Alector, Inc.\* | 558937 |
| 127420 | Alkermes PLC\* | 2892434 |
| 21264 | ALX Oncology Holdings, Inc.\* | 258145 |
| 123364 | Amicus Therapeutics, Inc.\* | 1233640 |
| 27159 | Anavex Life Sciences Corp.\* | 330525 |
| 22829 | Apellis Pharmaceuticals, Inc.\* | 1380926 |
| 12181 | Arcus Biosciences, Inc.\* | 310372 |
| 8059 | Arcutis Biotherapeutics, Inc.\* | 142483 |
| 23887 | Arrowhead Pharmaceuticals, Inc.\* | 831507 |
| 23533 | Atara Biotherapeutics, Inc.\* | 109664 |
| 76303 | Aurinia Pharmaceuticals, Inc. (Canada)\*<sup>(a)</sup> | 620343 |
| 19625 | Avidity Biosciences, Inc.\* | 280245 |
| 5878 | Beam Therapeutics, Inc.\* | 258985 |
| 50838 | BioCryst Pharmaceuticals, Inc.\* | 678687 |
| 256 | Biohaven Ltd.\* | 4242 |
| 24462 | Bridgebio Pharma, Inc.\* | 255139 |
| 42745 | Catalyst Pharmaceuticals, Inc.\* | 592873 |
| 3564 | Celldex Therapeutics, Inc.\* | 125203 |
| 20186 | Cullinan Oncology, Inc.\* | 265244 |
| 3943 | Cytokinetics, Inc.\* | 172151 |
| 18577 | Day One Biopharmaceuticals, Inc.\* | 392718 |
| 12256 | Deciphera Pharmaceuticals, Inc.\* | 198792 |
| 49983 | Denali Therapeutics, Inc.\* | 1433512 |
| 17785 | Design Therapeutics, Inc.\*<sup>(a)</sup> | 277802 |
| 17153 | Eagle Pharmaceuticals, Inc.\* | 539805 |
| 33879 | Editas Medicine, Inc.\* | 425181 |
| 11879 | Enanta Pharmaceuticals, Inc.\* | 535862 |
| 43911 | Erasca, Inc.\*<sup>(a)</sup> | 358753 |
| 29421 | Fate Therapeutics, Inc.\* | 615487 |
| 45602 | Generation Bio Co.\* | 233482 |
| 69267 | Gossamer Bio, Inc.\* | 768864 |
| 75514 | Heron Therapeutics, Inc.\* | 290729 |
| 21212 | IGM Biosciences, Inc.\*<sup>(a)</sup> | 424240 |
| 14908 | ImmunoGen, Inc.\* | 88554 |
| 62993 | Insmed, Inc.\* | 1091039 |
| 8096 | Instil Bio, Inc.\* | 26717 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **35** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

## Schedule of Investments (continued)
*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Biotechnology – (continued)** | **Biotechnology – (continued)** | **Biotechnology – (continued)** |
| 21773 | Intercept Pharmaceuticals, Inc.\* | 301992 |
| 76757 | Iovance Biotherapeutics, Inc.\* | 716910 |
| 8236 | iTeos Therapeutics, Inc.\* | 160437 |
| 14941 | IVERIC bio, Inc.\* | 357389 |
| 57583 | KalVista Pharmaceuticals, Inc.\* | 291946 |
| 3568 | Karuna Therapeutics, Inc.\* | 782605 |
| 14963 | Keros Therapeutics, Inc.\* | 753237 |
| 12028 | Kezar Life Sciences, Inc.\* | 90390 |
| 23171 | Kiniksa Pharmaceuticals Ltd., Class A\* | 264613 |
| 41133 | Kodiak Sciences, Inc.\* | 295335 |
| 43876 | Kura Oncology, Inc.\* | 680956 |
| 773 | Madrigal Pharmaceuticals, Inc.\* | 54744 |
| 7929 | MeiraGTx Holdings PLC\* | 57644 |
| 10559 | Mersana Therapeutics, Inc.\* | 82994 |
| 7534 | Mirum Pharmaceuticals, Inc.\* | 169892 |
| 5700 | Monte Rosa Therapeutics, Inc.\* | 52440 |
| 5840 | Morphic Holding, Inc.\* | 163578 |
| 44575 | Nurix Therapeutics, Inc.\* | 567440 |
| 138137 | Organogenesis Holdings, Inc.\* | 453089 |
| 41462 | PMV Pharmaceuticals, Inc.\* | 510397 |
| 69755 | Praxis Precision Medicines, Inc.\* | 137417 |
| 6009 | Prometheus Biosciences, Inc.\* | 315593 |
| 26163 | Protagonist Therapeutics, Inc.\* | 211920 |
| 31678 | PTC Therapeutics, Inc.\* | 1198062 |
| 7859 | Rallybio Corp.\*<sup>(a)</sup> | 75132 |
| 6609 | RAPT Therapeutics, Inc.\* | 144208 |
| 13683 | Sage Therapeutics, Inc.\* | 515302 |
| 60141 | Sana Biotechnology, Inc.\*<sup>(a)</sup> | 348818 |
| 8841 | SpringWorks Therapeutics, Inc.\* | 212272 |
| 114808 | Sutro Biopharma, Inc.\* | 841543 |
| 3209 | Travere Therapeutics, Inc.\* | 69571 |
| 169624 | Vanda Pharmaceuticals, Inc.\* | 1775963 |
| 3211 | Vaxcyte, Inc.\* | 140032 |
| 16481 | Vir Biotechnology, Inc.\* | 362252 |
|  |  | 33547066 |
| **Building Products – 0.7%** | **Building Products – 0.7%** | **Building Products – 0.7%** |
| 1852 | CSW Industrials, Inc. | 238760 |
| 10313 | Janus International Group, Inc.\* | 99314 |
| 11546 | UFP Industries, Inc. | 822422 |
| 80197 | Zurn Elkay Water Solutions Corp. | 1883827 |
|  |  | 3044323 |
| **Capital Markets – 1.1%** | **Capital Markets – 1.1%** | **Capital Markets – 1.1%** |
| 27218 | Focus Financial Partners, Inc., Class A\* | 946914 |
| 51707 | Oppenheimer Holdings, Inc., Class A | 1779755 |
| 17040 | PJT Partners, Inc., Class A | 1267776 |
| 41159 | Victory Capital Holdings, Inc., Class A | 1190318 |
|  |  | 5184763 |
| **Chemicals – 1.9%** | **Chemicals – 1.9%** | **Chemicals – 1.9%** |
| 14059 | American Vanguard Corp. | 327153 |
| 10898 | Aspen Aerogels, Inc.\* | 138187 |
| 73370 | Diversey Holdings Ltd.\* | 396198 |
| 3653 | FutureFuel Corp. | 24986 |
| 22834 | Innospec, Inc. | 2283172 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Chemicals – (continued)** | **Chemicals – (continued)** | **Chemicals – (continued)** |
| 25547 | Intrepid Potash, Inc.\* | 1156002 |
| 70663 | LSB Industries, Inc.\* | 1245789 |
| 42934 | Minerals Technologies, Inc. | 2361799 |
| 67965 | Tronox Holdings PLC, Class A | 815580 |
|  |  | 8748866 |
| **Commercial Services & Supplies – 1.0%** | **Commercial Services & Supplies – 1.0%** | **Commercial Services & Supplies – 1.0%** |
| 36467 | BrightView Holdings, Inc.\* | 325286 |
| 73219 | Ennis, Inc. | 1651821 |
| 75257 | Heritage-Crystal Clean, Inc.\* | 2067310 |
| 22957 | Pitney Bowes, Inc. | 71396 |
| 2846 | UniFirst Corp. | 523692 |
|  |  | 4639505 |
| **Communications Equipment – 0.6%** | **Communications Equipment – 0.6%** | **Communications Equipment – 0.6%** |
| 14185 | Clearfield, Inc.\* | 1723052 |
| 29857 | NetScout Systems, Inc.\* | 1072463 |
|  |  | 2795515 |
| **Construction & Engineering – 1.5%** | **Construction & Engineering – 1.5%** | **Construction & Engineering – 1.5%** |
| 12977 | Arcosa, Inc. | 833123 |
| 7639 | Comfort Systems USA, Inc. | 941736 |
| 10387 | Dycom Industries, Inc.\* | 1227536 |
| 2604 | EMCOR Group, Inc. | 367424 |
| 57263 | Fluor Corp.\* | 1732778 |
| 61104 | Primoris Services Corp. | 1233690 |
| 39144 | Tutor Perini Corp.\* | 290449 |
|  |  | 6626736 |
| **Construction Materials – 0.6%** | **Construction Materials – 0.6%** | **Construction Materials – 0.6%** |
| 104620 | Summit Materials, Inc., Class A\* | 2756737 |
| 412 | United States Lime & Minerals, Inc. | 51974 |
|  |  | 2808711 |
| **Consumer Finance – 1.3%** | **Consumer Finance – 1.3%** | **Consumer Finance – 1.3%** |
| 9455 | Bread Financial Holdings, Inc. | 341420 |
| 90749 | EZCORP, Inc., Class A\* | 876635 |
| 34068 | FirstCash Holdings, Inc. | 3353995 |
| 24233 | LendingClub Corp.\* | 257839 |
| 4836 | Nelnet, Inc., Class A | 430839 |
| 23400 | Regional Management Corp. | 794664 |
|  |  | 6055392 |
| **Diversified Consumer Services – 0.3%** | **Diversified Consumer Services – 0.3%** | **Diversified Consumer Services – 0.3%** |
| 9802 | Duolingo, Inc.\* | 802195 |
| 2923 | European Wax Center, Inc., Class A | 42033 |
| 11149 | Stride, Inc.\* | 373603 |
|  |  | 1217831 |
| **Diversified Financial Services – 0.4%** | **Diversified Financial Services – 0.4%** | **Diversified Financial Services – 0.4%** |
| 15117 | A-Mark Precious Metals, Inc. | 459708 |
| 87123 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 1366960 |
|  |  | 1826668 |

---

---

| | |
|:---|:---|
| **36** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Diversified Telecommunication Services – 0.3%** | **Diversified Telecommunication Services – 0.3%** | **Diversified Telecommunication Services – 0.3%** |
| 364547 | Globalstar, Inc.\* | $791067 |
| 9191 | Iridium Communications, Inc.\* | 473612 |
|  |  | 1264679 |
| **Electrical Equipment – 2.1%** | **Electrical Equipment – 2.1%** | **Electrical Equipment – 2.1%** |
| 15866 | Array Technologies, Inc.\* | 287175 |
| 31560 | Atkore, Inc.\* | 3007668 |
| 22315 | Encore Wire Corp. | 3070321 |
| 8756 | Enovix Corp.\* | 165226 |
| 36615 | FTC Solar, Inc.\*<sup>(a)</sup> | 75793 |
| 13349 | FuelCell Energy, Inc.\*<sup>(a)</sup> | 41649 |
| 22942 | Powell Industries, Inc. | 565979 |
| 39805 | Shoals Technologies Group, Inc., Class A\* | 919893 |
| 66023 | Stem, Inc.\* | 897913 |
| 9406 | Thermon Group Holdings, Inc.\* | 167050 |
| 15276 | TPI Composites, Inc.\* | 152149 |
|  |  | 9350816 |
| **Electronic Equipment, Instruments & Components – 2.1%** | **Electronic Equipment, Instruments & Components – 2.1%** | **Electronic Equipment, Instruments & Components – 2.1%** |
| 4667 | Badger Meter, Inc. | 524944 |
| 14411 | Belden, Inc. | 1003438 |
| 20180 | Benchmark Electronics, Inc. | 572910 |
| 30600 | ePlus, Inc.\* | 1490832 |
| 19202 | Fabrinet (Thailand)\* | 2196709 |
| 682 | Insight Enterprises, Inc.\* | 64456 |
| 12743 | PC Connection, Inc. | 677163 |
| 14651 | TTM Technologies, Inc.\* | 224307 |
| 65846 | Vishay Intertechnology, Inc. | 1376840 |
| 43659 | Vishay Precision Group, Inc.\* | 1473491 |
|  |  | 9605090 |
| **Energy Equipment & Services – 1.5%** | **Energy Equipment & Services – 1.5%** | **Energy Equipment & Services – 1.5%** |
| 5797 | Cactus, Inc., Class A | 299821 |
| 103282 | Liberty Energy, Inc.\* | 1746499 |
| 2073 | Nabors Industries Ltd.\* | 360764 |
| 108312 | NexTier Oilfield Solutions, Inc.\* | 1091785 |
| 86292 | Oil States International, Inc.\* | 558309 |
| 14796 | Patterson-UTI Energy, Inc. | 261149 |
| 4882 | ProPetro Holding Corp.\* | 57803 |
| 139144 | RPC, Inc. | 1548673 |
| 15504 | Select Energy Services, Inc., Class A\* | 149614 |
| 12213 | TETRA Technologies, Inc.\* | 60332 |
| 32831 | US Silica Holdings, Inc.\* | 472438 |
|  |  | 6607187 |
| **Equity Real Estate Investment Trusts (REITs) – 6.4%** | **Equity Real Estate Investment Trusts (REITs) – 6.4%** | **Equity Real Estate Investment Trusts (REITs) – 6.4%** |
| 14756 | Alexander & Baldwin, Inc. REIT | 287447 |
| 85122 | Braemar Hotels & Resorts, Inc. REIT | 419651 |
| 68672 | Brandywine Realty Trust REIT | 450488 |
| 4376 | Centerspace REIT | 303257 |
| 182012 | Chatham Lodging Trust REIT\* | 2360696 |
| 14046 | City Office REIT, Inc. REIT | 149168 |
| 17840 | Community Healthcare Trust, Inc. REIT | 617264 |
| 266828 | DiamondRock Hospitality Co. REIT | 2492174 |
| 12396 | Equity Commonwealth REIT | 324279 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Equity Real Estate Investment Trusts (REITs) – (continued)** | **Equity Real Estate Investment Trusts (REITs) – (continued)** | **Equity Real Estate Investment Trusts (REITs) – (continued)** |
| 2414 | Four Corners Property Trust, Inc. REIT | 61847 |
| 177012 | Global Medical REIT, Inc. REIT | 1617890 |
| 42757 | Hersha Hospitality Trust, Class A REIT | 391227 |
| 125340 | Independence Realty Trust, Inc. REIT | 2100698 |
| 61756 | Macerich Co. (The) REIT | 687344 |
| 53748 | NexPoint Residential Trust, Inc. REIT | 2450909 |
| 2543 | One Liberty Properties, Inc. REIT | 57319 |
| 159690 | Outfront Media, Inc. REIT | 2882404 |
| 216079 | RLJ Lodging Trust REIT | 2629681 |
| 16356 | Ryman Hospitality Properties, Inc. REIT | 1454376 |
| 138508 | Service Properties Trust REIT | 1123300 |
| 108420 | STAG Industrial, Inc. REIT | 3424988 |
| 6522 | Tanger Factory Outlet Centers, Inc. REIT | 117461 |
| 21173 | Terreno Realty Corp. REIT | 1209825 |
| 127360 | Uniti Group, Inc. REIT | 988314 |
| 4642 | Universal Health Realty Income Trust REIT | 225926 |
|  |  | 28827933 |
| **Food & Staples Retailing – 0.4%** | **Food & Staples Retailing – 0.4%** | **Food & Staples Retailing – 0.4%** |
| 36009 | Chefs' Warehouse, Inc. (The)\* | 1319010 |
| 6538 | Ingles Markets, Inc., Class A | 616991 |
|  |  | 1936001 |
| **Food Products – 1.3%** | **Food Products – 1.3%** | **Food Products – 1.3%** |
| 6660 | B&G Foods, Inc.<sup>(a)</sup> | 109091 |
| 47273 | Cal-Maine Foods, Inc. | 2671397 |
| 10675 | Fresh Del Monte Produce, Inc. | 278404 |
| 27202 | John B. Sanfilippo & Son, Inc. | 2268919 |
| 8766 | Tootsie Roll Industries, Inc. | 354059 |
| 5205 | TreeHouse Foods, Inc.\* | 261499 |
|  |  | 5943369 |
| **Gas Utilities – 0.7%** | **Gas Utilities – 0.7%** | **Gas Utilities – 0.7%** |
| 39479 | ONE Gas, Inc. | 3058833 |
| **Health Care Equipment & Supplies – 4.9%** | **Health Care Equipment & Supplies – 4.9%** | **Health Care Equipment & Supplies – 4.9%** |
| 23274 | AngioDynamics, Inc.\* | 327931 |
| 33339 | Artivion, Inc.\* | 372063 |
| 16404 | AtriCure, Inc.\* | 690937 |
| 37394 | Avanos Medical, Inc.\* | 828277 |
| 38558 | Axonics, Inc.\* | 2820132 |
| 6675 | Cardiovascular Systems, Inc.\* | 96387 |
| 110270 | Cerus Corp.\* | 403588 |
| 5233 | CONMED Corp. | 417227 |
| 95724 | Figs, Inc., Class A\* | 706443 |
| 866 | Glaukos Corp.\* | 48557 |
| 16458 | Inspire Medical Systems, Inc.\* | 3208487 |
| 4194 | Integer Holdings Corp.\* | 261412 |
| 3087 | iRadimed Corp. | 89678 |
| 3704 | iRhythm Technologies, Inc.\* | 472223 |
| 8281 | Lantheus Holdings, Inc.\* | 612711 |
| 17645 | LeMaitre Vascular, Inc. | 765793 |
| 21143 | LivaNova PLC\* | 995835 |
| 16933 | Nevro Corp.\* | 649211 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **37** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Health Care Equipment & Supplies – (continued)** | **Health Care Equipment & Supplies – (continued)** | **Health Care Equipment & Supplies – (continued)** |
| 33736 | NuVasive, Inc.\* | 1488770 |
| 4353 | Orthofix Medical, Inc.\* | 69909 |
| 22995 | Pulmonx Corp.\* | 307213 |
| 12608 | Shockwave Medical, Inc.\* | 3696035 |
| 8103 | Silk Road Medical, Inc.\* | 357180 |
| 31827 | Surmodics, Inc.\* | 1086574 |
| 12086 | TransMedics Group, Inc.\* | 582787 |
| 7123 | Utah Medical Products, Inc. | 637865 |
|  |  | 21993225 |
| **Health Care Providers & Services – 2.0%** | **Health Care Providers & Services – 2.0%** | **Health Care Providers & Services – 2.0%** |
| 2766 | Addus HomeCare Corp.\* | 283294 |
| 21392 | AirSculpt Technologies, Inc. | 145038 |
| 29998 | Alignment Healthcare, Inc.\* | 397174 |
| 25124 | AMN Healthcare Services, Inc.\* | 3153062 |
| 25819 | Aveanna Healthcare Holdings, Inc.\* | 35888 |
| 80985 | Brookdale Senior Living, Inc.\* | 362003 |
| 128824 | Cano Health, Inc.\* | 461190 |
| 8185 | Castle Biosciences, Inc.\* | 208881 |
| 68204 | Community Health Systems, Inc.\* | 195745 |
| 1712 | CorVel Corp.\* | 281128 |
| 16126 | Invitae Corp.\*<sup>(a)</sup> | 41605 |
| 5712 | Joint Corp. (The)\* | 94362 |
| 16777 | National HealthCare Corp. | 1022055 |
| 90607 | OPKO Health, Inc.\* | 172153 |
| 50369 | Select Medical Holdings Corp. | 1293476 |
| 32510 | Surgery Partners, Inc.\* | 883947 |
|  |  | 9031001 |
| **Health Care Technology – 0.3%** | **Health Care Technology – 0.3%** | **Health Care Technology – 0.3%** |
| 3156 | Evolent Health, Inc., Class A\* | 100392 |
| 58036 | Schrodinger, Inc.\* | 1391123 |
|  |  | 1491515 |
| **Hotels, Restaurants & Leisure – 3.8%** | **Hotels, Restaurants & Leisure – 3.8%** | **Hotels, Restaurants & Leisure – 3.8%** |
| 2010 | BJ's Restaurants, Inc.\* | 66028 |
| 123337 | Bloomin' Brands, Inc. | 2961321 |
| 33218 | Chuy's Holdings, Inc.\* | 973287 |
| 45651 | Dave & Buster's Entertainment, Inc.\* | 1819192 |
| 27266 | Denny's Corp.\* | 308924 |
| 2343 | Dine Brands Global, Inc. | 168907 |
| 4331 | Everi Holdings, Inc.\* | 82202 |
| 92974 | First Watch Restaurant Group, Inc.\* | 1585207 |
| 14463 | Hilton Grand Vacations, Inc.\* | 567528 |
| 28359 | International Game Technology PLC | 568598 |
| 12304 | Kura Sushi USA, Inc., Class A\* | 972385 |
| 22040 | Portillo's, Inc., Class A\* | 472538 |
| 61483 | Red Rock Resorts, Inc., Class A | 2560767 |
| 19202 | Ruth's Hospitality Group, Inc. | 399018 |
| 2930 | Shake Shack, Inc., Class A\* | 162820 |
| 26122 | Texas Roadhouse, Inc. | 2584772 |
| 5812 | Wingstop, Inc. | 920563 |
| 10148 | Xponential Fitness, Inc., Class A\* | 196364 |
|  |  | 17370421 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Household Durables – 1.9%** | **Household Durables – 1.9%** | **Household Durables – 1.9%** |
| 4921 | Cavco Industries, Inc.\* | 1115443 |
| 28339 | Dream Finders Homes, Inc., Class A\*<sup>(a)</sup> | 314563 |
| 30451 | Installed Building Products, Inc. | 2618786 |
| 1055 | iRobot Corp.\* | 59608 |
| 12623 | LGI Homes, Inc.\* | 1161947 |
| 38935 | M/I Homes, Inc.\* | 1615413 |
| 28652 | Skyline Champion Corp.\* | 1667833 |
|  |  | 8553593 |
| **Household Products – 0.2%** | **Household Products – 0.2%** | **Household Products – 0.2%** |
| 5813 | WD-40 Co. | 931010 |
| **Independent Power and Renewable Electricity Producers – 0.1%** | **Independent Power and Renewable Electricity Producers – 0.1%** | **Independent Power and Renewable Electricity Producers – 0.1%** |
| 19954 | Montauk Renewables, Inc.\* | 298711 |
| **Insurance – 4.7%** | **Insurance – 4.7%** | **Insurance – 4.7%** |
| 67009 | American Equity Investment Life Holding Co. | 2886748 |
| 49381 | AMERISAFE, Inc. | 2884344 |
| 70538 | Argo Group International Holdings Ltd. | 1754280 |
| 130549 | CNO Financial Group, Inc. | 2879911 |
| 65254 | Employers Holdings, Inc. | 2845727 |
| 205913 | Genworth Financial, Inc., Class A\* | 961614 |
| 55507 | Goosehead Insurance, Inc., Class A\* | 2304095 |
| 973 | Kinsale Capital Group, Inc. | 306660 |
| 1889 | National Western Life Group, Inc., Class A | 374060 |
| 11828 | Palomar Holdings, Inc.\* | 1052219 |
| 45266 | ProAssurance Corp. | 1005358 |
| 50232 | Stewart Information Services Corp. | 1957039 |
|  |  | 21212055 |
| **Interactive Media & Services – 0.7%** | **Interactive Media & Services – 0.7%** | **Interactive Media & Services – 0.7%** |
| 7357 | Bumble, Inc., Class A\* | 186868 |
| 57511 | Cargurus, Inc.\* | 837360 |
| 40191 | DHI Group, Inc.\* | 257222 |
| 102691 | Vimeo, Inc.\* | 390226 |
| 90383 | ZipRecruiter, Inc., Class A\* | 1515723 |
|  |  | 3187399 |
| **Internet & Direct Marketing Retail – 0.4%** | **Internet & Direct Marketing Retail – 0.4%** | **Internet & Direct Marketing Retail – 0.4%** |
| 57832 | aka Brands Holding Corp.\*<sup>(a)</sup> | 117977 |
| 71967 | CarParts.com, Inc.\* | 336806 |
| 13981 | PetMed Express, Inc. | 298075 |
| 17797 | Qurate Retail, Inc.Series A | 41645 |
| 242981 | RealReal, Inc. (The)\* | 410638 |
| 7610 | Revolve Group, Inc.\* | 182640 |
| 8518 | Xometry, Inc., Class A\*<sup>(a)</sup> | 511591 |
|  |  | 1899372 |
| **IT Services – 2.7%** | **IT Services – 2.7%** | **IT Services – 2.7%** |
| 2328 | BigCommerce Holdings, Inc.Series 1\* | 34594 |
| 23336 | Cass Information Systems, Inc. | 998314 |
| 47423 | EVERTEC, Inc. (Puerto Rico) | 1698218 |
| 12594 | ExlService Holdings, Inc.\* | 2290219 |
| 11999 | Flywire Corp.\* | 263378 |
| 23403 | Hackett Group, Inc. (The) | 511122 |
| 33324 | I3 Verticals, Inc., Class A\* | 725130 |
| 48613 | Maximus, Inc. | 2997964 |

---

---

| | |
|:---|:---|
| **38** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **IT Services – (continued)** | **IT Services – (continued)** | **IT Services – (continued)** |
| 13996 | Perficient, Inc.\* | 937312 |
| 73848 | Sabre Corp.\* | 429057 |
| 68081 | StoneCo Ltd., Class A (Brazil)\* | 714850 |
| 76147 | Unisys Corp.\* | 647249 |
|  |  | 12247407 |
| **Leisure Products – 0.4%** | **Leisure Products – 0.4%** | **Leisure Products – 0.4%** |
| 5001 | Clarus Corp. | 60562 |
| 27256 | Latham Group, Inc.\* | 120472 |
| 27565 | Malibu Boats, Inc., Class A\* | 1458188 |
| 1232 | MasterCraft Boat Holdings, Inc.\* | 26808 |
|  |  | 1666030 |
| **Life Sciences Tools & Services – 1.1%** | **Life Sciences Tools & Services – 1.1%** | **Life Sciences Tools & Services – 1.1%** |
| 100342 | Adaptive Biotechnologies Corp.\* | 780661 |
| 87264 | Codexis, Inc.\* | 490424 |
| 4356 | CryoPort, Inc.\* | 120922 |
| 4416 | Inotiv, Inc.\* | 91764 |
| 14064 | Medpace Holdings, Inc.\* | 3121927 |
| 33741 | NanoString Technologies, Inc.\* | 352931 |
|  |  | 4958629 |
| **Machinery – 2.8%** | **Machinery – 2.8%** | **Machinery – 2.8%** |
| 5993 | Chart Industries, Inc.\* | 1335720 |
| 38772 | Columbus McKinnon Corp. | 1105777 |
| 14346 | Douglas Dynamics, Inc. | 487047 |
| 10105 | Enerpac Tool Group Corp. | 256768 |
| 2610 | Evoqua Water Technologies Corp.\* | 102260 |
| 15039 | Franklin Electric Co., Inc. | 1232296 |
| 61413 | Kennametal, Inc. | 1640341 |
| 1128 | Lindsay Corp. | 190970 |
| 4470 | Miller Industries, Inc. | 113672 |
| 50288 | Mueller Industries, Inc. | 3150040 |
| 5167 | Terex Corp. | 209470 |
| 99787 | Titan International, Inc.\* | 1492814 |
| 51798 | Wabash National Corp. | 1121427 |
|  |  | 12438602 |
| **Marine – 0.9%** | **Marine – 0.9%** | **Marine – 0.9%** |
| 170977 | Costamare, Inc. (Monaco) | 1614023 |
| 13941 | Eagle Bulk Shipping, Inc. | 674466 |
| 66050 | Golden Ocean Group Ltd. (Norway)<sup>(a)</sup> | 550196 |
| 413126 | Safe Bulkers, Inc. (Greece) | 1045209 |
|  |  | 3883894 |
| **Media – 1.7%** | **Media – 1.7%** | **Media – 1.7%** |
| 113287 | Clear Channel Outdoor Holdings, Inc.\* | 162000 |
| 1248 | Daily Journal Corp.\* | 334776 |
| 96765 | EW Scripps Co. (The), Class A\* | 1373095 |
| 76361 | Gray Television, Inc. | 1080508 |
| 2169 | John Wiley & Sons, Inc., Class A | 91510 |
| 39915 | Scholastic Corp. | 1522358 |
| 53155 | Sinclair Broadcast Group, Inc., Class A | 946691 |
| 28634 | TechTarget, Inc.\* | 1848325 |
| 24713 | Thryv Holdings, Inc.\* | 505628 |
|  |  | 7864891 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Metals & Mining – 1.7%** | **Metals & Mining – 1.7%** | **Metals & Mining – 1.7%** |
| 11174 | Alpha Metallurgical Resources, Inc. | 1886730 |
| 56374 | Century Aluminum Co.\* | 406457 |
| 23096 | Piedmont Lithium, Inc.\*<sup>(a)</sup> | 1437033 |
| 7888 | Ryerson Holding Corp. | 264642 |
| 18905 | SunCoke Energy, Inc. | 137250 |
| 24413 | TimkenSteel Corp.\* | 425763 |
| 82256 | Warrior Met Coal, Inc. | 3054988 |
|  |  | 7612863 |
| **Mortgage Real Estate Investment Trusts (REITs) – 1.0%** | **Mortgage Real Estate Investment Trusts (REITs) – 1.0%** | **Mortgage Real Estate Investment Trusts (REITs) – 1.0%** |
| 6733 | ARMOUR Residential REIT, Inc. REIT | 35819 |
| 79120 | BrightSpire Capital, Inc. REIT | 607642 |
| 237333 | Chimera Investment Corp. REIT | 1601998 |
| 6631 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 180231 |
| 15135 | Ladder Capital Corp. REIT | 161490 |
| 56251 | Nexpoint Real Estate Finance, Inc. REIT | 988330 |
| 108737 | TPG RE Finance Trust, Inc. REIT | 921002 |
|  |  | 4496512 |
| **Multiline Retail – 0.0%** | **Multiline Retail – 0.0%** | **Multiline Retail – 0.0%** |
| 6806 | Big Lots, Inc. | 128429 |
| **Oil, Gas & Consumable Fuels – 5.5%** | **Oil, Gas & Consumable Fuels – 5.5%** | **Oil, Gas & Consumable Fuels – 5.5%** |
| 2184 | Ardmore Shipping Corp. (Ireland)\* | 29550 |
| 27588 | Brigham Minerals, Inc., Class A | 855228 |
| 23139 | Callon Petroleum Co.\* | 1017190 |
| 11077 | Chord Energy Corp. | 1695778 |
| 30661 | Civitas Resources, Inc. | 2143510 |
| 96650 | Comstock Resources, Inc.\* | 1815087 |
| 29509 | CVR Energy, Inc. | 1152622 |
| 24722 | Delek US Holdings, Inc. | 733255 |
| 15285 | Earthstone Energy, Inc., Class A\* | 247006 |
| 12294 | Golar LNG Ltd. (Cameroon)\* | 342019 |
| 85911 | Kosmos Energy Ltd. (Ghana)\* | 557562 |
| 17943 | Laredo Petroleum, Inc.\* | 1160015 |
| 126525 | Magnolia Oil & Gas Corp., Class A | 3249162 |
| 15953 | Matador Resources Co. | 1060077 |
| 5950 | Murphy Oil Corp. | 288634 |
| 20560 | PBF Energy, Inc., Class A\* | 909780 |
| 1762 | REX American Resources Corp.\* | 52842 |
| 34331 | SandRidge Energy, Inc.\* | 648513 |
| 39312 | Scorpio Tankers, Inc. (Monaco) | 1884617 |
| 52158 | SM Energy Co. | 2346067 |
| 33950 | Talos Energy, Inc.\* | 722456 |
| 33592 | Teekay Tankers Ltd., Class A (Bermuda)\* | 1057812 |
| 87958 | W&T Offshore, Inc.\* | 667601 |
|  |  | 24636383 |
| **Paper & Forest Products – 0.2%** | **Paper & Forest Products – 0.2%** | **Paper & Forest Products – 0.2%** |
| 20057 | Sylvamo Corp. | 966146 |
| **Personal Products – 0.3%** | **Personal Products – 0.3%** | **Personal Products – 0.3%** |
| 18235 | BellRing Brands, Inc.\* | 441652 |
| 36946 | Herbalife Nutrition Ltd.\* | 785472 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **39** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Personal Products – (continued)** | **Personal Products – (continued)** | **Personal Products – (continued)** |
| 3121 | Veru, Inc.\* | 38201 |
|  |  | 1265325 |
| **Pharmaceuticals – 1.3%** | **Pharmaceuticals – 1.3%** | **Pharmaceuticals – 1.3%** |
| 10878 | Aclaris Therapeutics, Inc.\* | 169806 |
| 129335 | Amneal Pharmaceuticals, Inc.\* | 284537 |
| 36969 | Arvinas, Inc.\* | 1837729 |
| 13123 | Atea Pharmaceuticals, Inc.\* | 78738 |
| 2266 | Axsome Therapeutics, Inc.\* | 102310 |
| 8589 | Cassava Sciences, Inc.\*<sup>(a)</sup> | 312983 |
| 13650 | Edgewise Therapeutics, Inc.\* | 129811 |
| 37960 | Esperion Therapeutics, Inc.\* | 308615 |
| 8791 | Harmony Biosciences Holdings, Inc.\* | 457132 |
| 8253 | Intra-Cellular Therapies, Inc.\* | 376915 |
| 7377 | NGM Biopharmaceuticals, Inc.\* | 39393 |
| 86676 | Phibro Animal Health Corp., Class A | 1273270 |
| 19801 | SIGA Technologies, Inc. | 181971 |
| 9789 | Ventyx Biosciences, Inc.\* | 316870 |
|  |  | 5870080 |
| **Professional Services – 1.0%** | **Professional Services – 1.0%** | **Professional Services – 1.0%** |
| 14589 | CBIZ, Inc.\* | 724198 |
| 31169 | Exponent, Inc. | 2969159 |
| 7459 | Forrester Research, Inc.\* | 315665 |
| 6571 | Franklin Covey Co.\* | 332493 |
| 5594 | Red Violet, Inc.\* | 97559 |
|  |  | 4439074 |
| **Real Estate Management & Development – 0.6%** | **Real Estate Management & Development – 0.6%** | **Real Estate Management & Development – 0.6%** |
| 50589 | Newmark Group, Inc., Class A | 414324 |
| 65295 | St. Joe Co. (The) | 2319931 |
|  |  | 2734255 |
| **Road & Rail – 0.5%** | **Road & Rail – 0.5%** | **Road & Rail – 0.5%** |
| 2350 | ArcBest Corp. | 186661 |
| 87337 | Marten Transport Ltd. | 1639315 |
| 1714 | Saia, Inc.\* | 340846 |
|  |  | 2166822 |
| **Semiconductors & Semiconductor Equipment – 2.2%** | **Semiconductors & Semiconductor Equipment – 2.2%** | **Semiconductors & Semiconductor Equipment – 2.2%** |
| 3011 | Ambarella, Inc.\* | 164792 |
| 34885 | Axcelis Technologies, Inc.\* | 2023330 |
| 17936 | Cohu, Inc.\* | 590453 |
| 23281 | Diodes, Inc.\* | 1668549 |
| 23111 | FormFactor, Inc.\* | 467073 |
| 58654 | MaxLinear, Inc.\* | 1811236 |
| 9959 | Power Integrations, Inc. | 664365 |
| 35400 | Semtech Corp.\* | 980226 |
| 2929 | SiTime Corp.\* | 263054 |
| 13968 | Synaptics, Inc.\* | 1237565 |
| 7912 | Ultra Clean Holdings, Inc.\* | 246142 |
|  |  | 10116785 |
| **Software – 6.1%** | **Software – 6.1%** | **Software – 6.1%** |
| 61492 | A10 Networks, Inc. | 1033066 |
| 56675 | ACI Worldwide, Inc.\* | 1378903 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Software – (continued)** | **Software – (continued)** | **Software – (continued)** |
| 37265 | Alarm.com Holdings, Inc.\* | 2192673 |
| 20291 | Altair Engineering, Inc., Class A\* | 995274 |
| 45312 | American Software, Inc., Class A | 776195 |
| 41018 | Amplitude, Inc., Class A\* | 689102 |
| 37437 | Asana, Inc., Class A\* | 771202 |
| 170358 | Cleanspark, Inc.\*<sup>(a)</sup> | 592846 |
| 104647 | Clear Secure, Inc., Class A\* | 2827562 |
| 44502 | CommVault Systems, Inc.\* | 2709727 |
| 17658 | Consensus Cloud Solutions, Inc.\* | 991320 |
| 52141 | Duck Creek Technologies, Inc.\* | 622563 |
| 34583 | E2open Parent Holdings, Inc.\* | 201619 |
| 15057 | Ebix, Inc. | 297978 |
| 25597 | EngageSmart, Inc.\* | 502725 |
| 26495 | Envestnet, Inc.\* | 1306468 |
| 48182 | Instructure Holdings, Inc.\* | 1138059 |
| 4202 | Marathon Digital Holdings, Inc.\*<sup>(a)</sup> | 55088 |
| 958 | MicroStrategy, Inc., Class A\*<sup>(a)</sup> | 256275 |
| 2295 | Model N, Inc.\* | 87210 |
| 5014 | PROS Holdings, Inc.\* | 125099 |
| 48370 | Q2 Holdings, Inc.\* | 1501405 |
| 8975 | Qualys, Inc.\* | 1279476 |
| 36773 | Rapid7, Inc.\* | 1664714 |
| 9339 | Sapiens International Corp. NV (Israel) | 183698 |
| 2313 | Sprout Social, Inc., Class A\* | 139543 |
| 14187 | SPS Commerce, Inc.\* | 1794939 |
| 22875 | Telos Corp.\* | 242475 |
| 7434 | Tenable Holdings, Inc.\* | 302118 |
| 6548 | Varonis Systems, Inc.\* | 175290 |
| 59986 | Yext, Inc.\* | 319125 |
| 65822 | Zuora, Inc., Class A\* | 506171 |
|  |  | 27659908 |
| **Specialty Retail – 2.5%** | **Specialty Retail – 2.5%** | **Specialty Retail – 2.5%** |
| 6551 | Aaron's Co., Inc. (The) | 68261 |
| 32068 | Arko Corp. | 328697 |
| 9345 | Asbury Automotive Group, Inc.\* | 1474174 |
| 16911 | Boot Barn Holdings, Inc.\* | 960545 |
| 36496 | Buckle, Inc. (The) | 1435388 |
| 5515 | Build-A-Bear Workshop, Inc. | 97009 |
| 10438 | Children's Place, Inc. (The)\* | 422530 |
| 18102 | Designer Brands, Inc., Class A | 275693 |
| 2240 | Group 1 Automotive, Inc. | 387520 |
| 13345 | MarineMax, Inc.\* | 431177 |
| 12662 | Murphy USA, Inc. | 3982326 |
| 27192 | Sally Beauty Holdings, Inc.\* | 345610 |
| 19593 | Sonic Automotive, Inc., Class A | 915973 |
| 40567 | Volta, Inc.\*<sup>(a)</sup> | 45029 |
|  |  | 11169932 |
| **Technology Hardware, Storage & Peripherals – 0.2%** | **Technology Hardware, Storage & Peripherals – 0.2%** | **Technology Hardware, Storage & Peripherals – 0.2%** |
| 15235 | Super Micro Computer, Inc.\* | 1060204 |
| **Thrifts & Mortgage Finance – 1.4%** | **Thrifts & Mortgage Finance – 1.4%** | **Thrifts & Mortgage Finance – 1.4%** |
| 35189 | Axos Financial, Inc.\* | 1370963 |
| 201836 | Capitol Federal Financial, Inc. | 1651019 |
| 3912 | Home Bancorp, Inc. | 167238 |

---

---

| | |
|:---|:---|
| **40** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Thrifts & Mortgage Finance – (continued)** | **Thrifts & Mortgage Finance – (continued)** | **Thrifts & Mortgage Finance – (continued)** |
| 54279 | Merchants Bancorp | $1299982 |
| 53010 | TrustCo Bank Corp. | 1978333 |
|  |  | 6467535 |
| **Trading Companies & Distributors – 1.9%** | **Trading Companies & Distributors – 1.9%** | **Trading Companies & Distributors – 1.9%** |
| 13668 | Applied Industrial Technologies, Inc. | 1700026 |
| 1973 | DXP Enterprises, Inc.\* | 56448 |
| 72215 | H&E Equipment Services, Inc. | 2726838 |
| 3070 | Herc Holdings, Inc. | 361063 |
| 18171 | Hudson Technologies, Inc.\* | 167355 |
| 113739 | MRC Global, Inc.\* | 1140802 |
| 62447 | NOW, Inc.\* | 794950 |
| 41809 | Titan Machinery, Inc.\* | 1437394 |
| 2224 | Veritiv Corp.\* | 258562 |
|  |  | 8643438 |
| **Water Utilities – 0.1%** | **Water Utilities – 0.1%** | **Water Utilities – 0.1%** |
| 2432 | American States Water Co. | 219999 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |  |
| **(Cost $429,032,219)** | **(Cost $429,032,219)** | $439383274 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company – 1.0%<sup>(b)</sup>** | **Investment Company – 1.0%<sup>(b)</sup>** | **Investment Company – 1.0%<sup>(b)</sup>** |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |
| 4438548 | 3.066% | $4438548 |
| **(Cost $4,438,548)** | **(Cost $4,438,548)** | **(Cost $4,438,548)** |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE** |
| **(Cost $433,470,767)** | **(Cost $433,470,767)** | $443821822 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Securities Lending Reinvestment Vehicle – 1.1%<sup>(b)</sup>** | **Securities Lending Reinvestment Vehicle – 1.1%<sup>(b)</sup>** | **Securities Lending Reinvestment Vehicle – 1.1%<sup>(b)</sup>** |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |
| 4780349 | 3.066% | $4780349 |
| **(Cost $4,780,349)** | **(Cost $4,780,349)** |  |
| **TOTAL INVESTMENTS – 99.4%** | **TOTAL INVESTMENTS – 99.4%** | **TOTAL INVESTMENTS – 99.4%** |
| **(Cost $438,251,116)** | **(Cost $438,251,116)** | $448602171 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.6%** | 3150862 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $451753033 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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:** | **Investment Abbreviations:** |
|  PLC | —Public Limited Company |
|  REIT | —Real Estate Investment Trust |

---

**ADDITIONAL INVESTMENT INFORMATION**

FUTURES CONTRACTS — At October 31, 2022, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  E-Mini Russell 2000 Index | 84 | 12/16/22 | $7627508 | $155092 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **41** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

## Schedule of Investments
*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 98.7%** | **Common Stocks – 98.7%** | **Common Stocks – 98.7%** |
| **Airlines – 0.1%** | **Airlines – 0.1%** | **Airlines – 0.1%** |
| 10486 | Frontier Group Holdings, Inc.\* | $137472 |
| 10638 | Joby Aviation, Inc.\* | 51275 |
|  |  | 188747 |
| **Auto Components – 0.7%** | **Auto Components – 0.7%** | **Auto Components – 0.7%** |
| 2186 | Dorman Products, Inc.\* | 178421 |
| 17420 | Holley, Inc.\* | 69332 |
| 4972 | LCI Industries | 527579 |
| 18965 | Luminar Technologies, Inc.\*<sup>(a)</sup> | 153427 |
|  |  | 928759 |
| **Automobiles – 0.1%** | **Automobiles – 0.1%** | **Automobiles – 0.1%** |
| 9880 | Fisker, Inc.\*<sup>(a)</sup> | 80522 |
| **Banks – 1.2%** | **Banks – 1.2%** | **Banks – 1.2%** |
| 5366 | Esquire Financial Holdings, Inc. | 242436 |
| 29257 | First Financial Bankshares, Inc. | 1126102 |
| 833 | Metrocity Bankshares, Inc. | 18534 |
| 1561 | Silvergate Capital Corp., Class A\* | 88602 |
|  |  | 1475674 |
| **Beverages – 1.0%** | **Beverages – 1.0%** | **Beverages – 1.0%** |
| 4198 | Celsius Holdings, Inc.\* | 382354 |
| 1677 | Coca-Cola Consolidated, Inc. | 816716 |
| 997 | National Beverage Corp. | 47278 |
| 1143 | Primo Water Corp. | 16676 |
|  |  | 1263024 |
| **Biotechnology – 8.1%** | **Biotechnology – 8.1%** | **Biotechnology – 8.1%** |
| 26568 | ACADIA Pharmaceuticals, Inc.\* | 425885 |
| 15530 | Affimed NV (Germany)\* | 27333 |
| 29966 | Alector, Inc.\* | 275687 |
| 46152 | Alkermes PLC\* | 1047650 |
| 66290 | Amicus Therapeutics, Inc.\* | 662900 |
| 12675 | Anavex Life Sciences Corp.\* | 154255 |
| 10851 | Apellis Pharmaceuticals, Inc.\* | 656377 |
| 4703 | Arcutis Biotherapeutics, Inc.\* | 83149 |
| 12266 | Arrowhead Pharmaceuticals, Inc.\* | 426979 |
| 23959 | Aurinia Pharmaceuticals, Inc. (Canada)\* | 194787 |
| 5328 | Beam Therapeutics, Inc.\* | 234752 |
| 17818 | BioCryst Pharmaceuticals, Inc.\* | 237870 |
| 459 | Biohaven Ltd.\* | 7606 |
| 232 | Blueprint Medicines Corp.\* | 12027 |
| 7024 | Bridgebio Pharma, Inc.\* | 73260 |
| 19228 | Catalyst Pharmaceuticals, Inc.\* | 266692 |
| 3340 | Cytokinetics, Inc.\* | 145824 |
| 20917 | Denali Therapeutics, Inc.\* | 599900 |
| 9443 | Eagle Pharmaceuticals, Inc.\* | 297171 |
| 15051 | Fate Therapeutics, Inc.\* | 314867 |
| 34062 | Gossamer Bio, Inc.\* | 378088 |
| 30253 | Heron Therapeutics, Inc.\* | 116474 |
| 7695 | IGM Biosciences, Inc.\* | 153900 |
| 2674 | Inhibrx, Inc.\* | 86049 |
| 30547 | Insmed, Inc.\* | 529074 |
| 9173 | Intercept Pharmaceuticals, Inc.\* | 127230 |
| 6968 | Ironwood Pharmaceuticals, Inc.\* | 76230 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Biotechnology – (continued)** | **Biotechnology – (continued)** | **Biotechnology – (continued)** |
| 10655 | IVERIC bio, Inc.\* | 254868 |
| 15562 | KalVista Pharmaceuticals, Inc.\* | 78899 |
| 2859 | Karuna Therapeutics, Inc.\* | 627093 |
| 5408 | Keros Therapeutics, Inc.\* | 272239 |
| 11885 | Kiniksa Pharmaceuticals Ltd., Class A\* | 135727 |
| 1925 | Madrigal Pharmaceuticals, Inc.\* | 136328 |
| 4108 | Mirum Pharmaceuticals, Inc.\* | 92635 |
| 4502 | Morphic Holding, Inc.\* | 126101 |
| 50883 | Organogenesis Holdings, Inc.\* | 166896 |
| 20282 | Praxis Precision Medicines, Inc.\* | 39956 |
| 11610 | Precigen, Inc.\* | 18808 |
| 2277 | Prometheus Biosciences, Inc.\* | 119588 |
| 10601 | PTC Therapeutics, Inc.\* | 400930 |
| 1827 | RAPT Therapeutics, Inc.\* | 39865 |
| 3978 | Sutro Biopharma, Inc.\* | 29159 |
| 10279 | TG Therapeutics, Inc.\* | 59824 |
| 3277 | Vaxcyte, Inc.\* | 142910 |
|  |  | 10353842 |
| **Building Products – 1.5%** | **Building Products – 1.5%** | **Building Products – 1.5%** |
| 4816 | CSW Industrials, Inc. | 620879 |
| 13543 | Janus International Group, Inc.\* | 130419 |
| 6727 | UFP Industries, Inc. | 479164 |
| 27157 | Zurn Elkay Water Solutions Corp. | 637918 |
|  |  | 1868380 |
| **Capital Markets – 1.1%** | **Capital Markets – 1.1%** | **Capital Markets – 1.1%** |
| 19025 | Focus Financial Partners, Inc., Class A\* | 661880 |
| 1145 | Hamilton Lane, Inc., Class A | 68494 |
| 728 | Houlihan Lokey, Inc. | 65025 |
| 7503 | PJT Partners, Inc., Class A | 558223 |
| 924 | Victory Capital Holdings, Inc., Class A | 26722 |
|  |  | 1380344 |
| **Chemicals – 1.3%** | **Chemicals – 1.3%** | **Chemicals – 1.3%** |
| 7392 | American Vanguard Corp. | 172012 |
| 12864 | Aspen Aerogels, Inc.\* | 163116 |
| 47910 | Diversey Holdings Ltd.\* | 258714 |
| 1799 | Innospec, Inc. | 179882 |
| 2869 | Intrepid Potash, Inc.\* | 129822 |
| 11500 | Livent Corp.\* | 363055 |
| 23529 | LSB Industries, Inc.\* | 414816 |
|  |  | 1681417 |
| **Commercial Services & Supplies – 0.4%** | **Commercial Services & Supplies – 0.4%** | **Commercial Services & Supplies – 0.4%** |
| 3677 | Aris Water Solution, Inc., Class A | 62619 |
| 4861 | Brink's Co. (The) | 289861 |
| 848 | Heritage-Crystal Clean, Inc.\* | 23295 |
| 24072 | Pitney Bowes, Inc. | 74864 |
|  |  | 450639 |
| **Communications Equipment – 0.8%** | **Communications Equipment – 0.8%** | **Communications Equipment – 0.8%** |
| 494 | Calix, Inc.\* | 36378 |
| 5524 | Clearfield, Inc.\* | 671000 |
| 11232 | Extreme Networks, Inc.\* | 201502 |

---

---

| | |
|:---|:---|
| **42** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Communications Equipment – (continued)** | **Communications Equipment – (continued)** | **Communications Equipment – (continued)** |
| 11929 | Viavi Solutions, Inc.\* | 180128 |
|  |  | 1089008 |
| **Construction & Engineering – 1.7%** | **Construction & Engineering – 1.7%** | **Construction & Engineering – 1.7%** |
| 5640 | Comfort Systems USA, Inc. | 695299 |
| 2840 | Construction Partners, Inc., Class A\* | 88438 |
| 5651 | Dycom Industries, Inc.\* | 667835 |
| 21821 | Fluor Corp.\* | 660303 |
| 911 | MYR Group, Inc.\* | 79722 |
| 89 | NV5 Global, Inc.\* | 12901 |
|  |  | 2204498 |
| **Construction Materials – 0.1%** | **Construction Materials – 0.1%** | **Construction Materials – 0.1%** |
| 6400 | Summit Materials, Inc., Class A\* | 168640 |
| **Consumer Finance – 0.1%** | **Consumer Finance – 0.1%** | **Consumer Finance – 0.1%** |
| 3213 | Regional Management Corp. | 109114 |
| **Diversified Consumer Services – 0.5%** | **Diversified Consumer Services – 0.5%** | **Diversified Consumer Services – 0.5%** |
| 4554 | Duolingo, Inc.\* | 372699 |
| 9811 | Stride, Inc.\* | 328767 |
|  |  | 701466 |
| **Diversified Financial Services – 0.1%** | **Diversified Financial Services – 0.1%** | **Diversified Financial Services – 0.1%** |
| 4859 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 76238 |
| **Diversified Telecommunication Services – 0.6%** | **Diversified Telecommunication Services – 0.6%** | **Diversified Telecommunication Services – 0.6%** |
| 120765 | Globalstar, Inc.\* | 262060 |
| 10811 | Iridium Communications, Inc.\* | 557091 |
|  |  | 819151 |
| **Electrical Equipment – 2.6%** | **Electrical Equipment – 2.6%** | **Electrical Equipment – 2.6%** |
| 13091 | Array Technologies, Inc.\* | 236947 |
| 11671 | Atkore, Inc.\* | 1112246 |
| 6876 | Bloom Energy Corp., Class A\* | 128650 |
| 5828 | Encore Wire Corp. | 801875 |
| 3799 | Enovix Corp.\* | 71687 |
| 27227 | FTC Solar, Inc.\*<sup>(a)</sup> | 56360 |
| 11166 | FuelCell Energy, Inc.\* | 34838 |
| 10504 | GrafTech International Ltd. | 53465 |
| 20465 | Shoals Technologies Group, Inc., Class A\* | 472946 |
| 25981 | Stem, Inc.\* | 353342 |
| 7165 | TPI Composites, Inc.\* | 71363 |
|  |  | 3393719 |
| **Electronic Equipment, Instruments & Components – 2.0%** | **Electronic Equipment, Instruments & Components – 2.0%** | **Electronic Equipment, Instruments & Components – 2.0%** |
| 4877 | Badger Meter, Inc. | 548565 |
| 496 | CTS Corp. | 19602 |
| 10185 | ePlus, Inc.\* | 496213 |
| 10233 | Fabrinet (Thailand)\* | 1170655 |
| 3575 | Identiv, Inc.\* | 43079 |
| 3220 | Lightwave Logic, Inc.\*<sup>(a)</sup> | 27273 |
| 2004 | Napco Security Technologies, Inc.\* | 56954 |
| 1620 | Novanta, Inc.\* | 229068 |
|  |  | 2591409 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Energy Equipment & Services – 2.1%** | **Energy Equipment & Services – 2.1%** | **Energy Equipment & Services – 2.1%** |
| 8849 | Cactus, Inc., Class A | 457670 |
| 2474 | ChampionX Corp. | 70806 |
| 39257 | Liberty Energy, Inc.\* | 663836 |
| 798 | Nabors Industries Ltd.\* | 138876 |
| 46714 | NexTier Oilfield Solutions, Inc.\* | 470877 |
| 2483 | Patterson-UTI Energy, Inc. | 43825 |
| 62898 | RPC, Inc. | 700055 |
| 24707 | TETRA Technologies, Inc.\* | 122053 |
| 535 | Valaris Ltd.\* | 35807 |
|  |  | 2703805 |
| **Equity Real Estate Investment Trusts (REITs) – 2.6%** | **Equity Real Estate Investment Trusts (REITs) – 2.6%** | **Equity Real Estate Investment Trusts (REITs) – 2.6%** |
| 35106 | Chatham Lodging Trust REIT\* | 455325 |
| 5128 | Community Healthcare Trust, Inc. REIT | 177429 |
| 5102 | DiamondRock Hospitality Co. REIT | 47653 |
| 12360 | Hersha Hospitality Trust, Class A REIT | 113094 |
| 16891 | NexPoint Residential Trust, Inc. REIT | 770230 |
| 60219 | Outfront Media, Inc. REIT | 1086953 |
| 13842 | RLJ Lodging Trust REIT | 168457 |
| 4565 | Service Properties Trust REIT | 37022 |
| 7629 | Tanger Factory Outlet Centers, Inc. REIT | 137398 |
| 7708 | Universal Health Realty Income Trust REIT | 375148 |
|  |  | 3368709 |
| **Food & Staples Retailing – 0.3%** | **Food & Staples Retailing – 0.3%** | **Food & Staples Retailing – 0.3%** |
| 7162 | Chefs' Warehouse, Inc. (The)\* | 262344 |
| 6528 | Natural Grocers by Vitamin Cottage, Inc. | 75072 |
| 320 | Sprouts Farmers Market, Inc.\* | 9440 |
|  |  | 346856 |
| **Food Products – 1.5%** | **Food Products – 1.5%** | **Food Products – 1.5%** |
| 2145 | Beyond Meat, Inc.\*<sup>(a)</sup> | 33676 |
| 16619 | Cal-Maine Foods, Inc. | 939140 |
| 8398 | John B. Sanfilippo & Son, Inc. | 700477 |
| 3228 | Tootsie Roll Industries, Inc. | 130379 |
| 6522 | Utz Brands, Inc. | 105722 |
|  |  | 1909394 |
| **Gas Utilities – 0.5%** | **Gas Utilities – 0.5%** | **Gas Utilities – 0.5%** |
| 8529 | ONE Gas, Inc. | 660827 |
| **Health Care Equipment & Supplies – 7.7%** | **Health Care Equipment & Supplies – 7.7%** | **Health Care Equipment & Supplies – 7.7%** |
| 16427 | Artivion, Inc.\* | 183325 |
| 1690 | AtriCure, Inc.\* | 71183 |
| 15715 | Axonics, Inc.\* | 1149395 |
| 73215 | Cerus Corp.\* | 267967 |
| 5187 | CONMED Corp. | 413560 |
| 1600 | Embecta Corp. | 49472 |
| 35640 | Figs, Inc., Class A\* | 263023 |
| 1878 | Glaukos Corp.\* | 105299 |
| 720 | Inari Medical, Inc.\* | 55390 |
| 6643 | Inspire Medical Systems, Inc.\* | 1295053 |
| 6387 | iRadimed Corp. | 185542 |
| 3088 | iRhythm Technologies, Inc.\* | 393689 |
| 5852 | Lantheus Holdings, Inc.\* | 432989 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **43** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

## Schedule of Investments (continued)
*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Health Care Equipment & Supplies – (continued)** | **Health Care Equipment & Supplies – (continued)** | **Health Care Equipment & Supplies – (continued)** |
| 5947 | LeMaitre Vascular, Inc. | 258100 |
| 6956 | LivaNova PLC\* | 327628 |
| 6770 | Nevro Corp.\* | 259562 |
| 13503 | NuVasive, Inc.\* | 595887 |
| 2911 | Outset Medical, Inc.\* | 45237 |
| 14867 | Pulmonx Corp.\* | 198623 |
| 5944 | Shockwave Medical, Inc.\* | 1742484 |
| 5644 | Silk Road Medical, Inc.\* | 248788 |
| 15353 | Surmodics, Inc.\* | 524151 |
| 6732 | TransMedics Group, Inc.\* | 324617 |
| 4507 | Utah Medical Products, Inc. | 403602 |
| 27066 | ViewRay, Inc.\* | 116113 |
|  |  | 9910679 |
| **Health Care Providers & Services – 3.2%** | **Health Care Providers & Services – 3.2%** | **Health Care Providers & Services – 3.2%** |
| 26955 | AirSculpt Technologies, Inc. | 182755 |
| 13827 | Alignment Healthcare, Inc.\* | 183069 |
| 11228 | AMN Healthcare Services, Inc.\* | 1409114 |
| 48602 | Cano Health, Inc.\* | 173995 |
| 2590 | CorVel Corp.\* | 425304 |
| 3802 | Ensign Group, Inc. (The) | 341344 |
| 1706 | Joint Corp. (The)\* | 28183 |
| 7640 | Option Care Health, Inc.\* | 231186 |
| 9497 | Pennant Group, Inc. (The)\* | 116908 |
| 4009 | Progyny, Inc.\* | 178280 |
| 6604 | R1 RCM, Inc.\* | 116627 |
| 6835 | RadNet, Inc.\* | 130685 |
| 10604 | Select Medical Holdings Corp. | 272311 |
| 11793 | Surgery Partners, Inc.\* | 320652 |
|  |  | 4110413 |
| **Health Care Technology – 0.6%** | **Health Care Technology – 0.6%** | **Health Care Technology – 0.6%** |
| 8190 | Evolent Health, Inc., Class A\* | 260524 |
| 20345 | Schrodinger, Inc.\* | 487670 |
|  |  | 748194 |
| **Hotels, Restaurants & Leisure – 4.9%** | **Hotels, Restaurants & Leisure – 4.9%** | **Hotels, Restaurants & Leisure – 4.9%** |
| 200 | Biglari Holdings, Inc., Class B\* | 27590 |
| 41536 | Bloomin' Brands, Inc. | 997279 |
| 9109 | Chuy's Holdings, Inc.\* | 266894 |
| 1067 | Cracker Barrel Old Country Store, Inc. | 121873 |
| 19594 | Dave & Buster's Entertainment, Inc.\* | 780821 |
| 8656 | Denny's Corp.\* | 98073 |
| 993 | Dine Brands Global, Inc. | 71585 |
| 27462 | First Watch Restaurant Group, Inc.\* | 468227 |
| 4465 | Hilton Grand Vacations, Inc.\* | 175207 |
| 5105 | Kura Sushi USA, Inc., Class A\* | 403448 |
| 2742 | Noodles & Co.\* | 15958 |
| 16899 | ONE Group Hospitality, Inc. (The)\* | 126405 |
| 8619 | Portillo's, Inc., Class A\* | 184791 |
| 12825 | Red Rock Resorts, Inc., Class A | 534161 |
| 15394 | Ruth's Hospitality Group, Inc. | 319887 |
| 2847 | Shake Shack, Inc., Class A\* | 158208 |
| 11158 | Texas Roadhouse, Inc. | 1104084 |
| 3122 | Wingstop, Inc. | 494494 |
|  |  | 6348985 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Household Durables – 1.9%** | **Household Durables – 1.9%** | **Household Durables – 1.9%** |
| 2361 | Cavco Industries, Inc.\* | 535168 |
| 18098 | Dream Finders Homes, Inc., Class A\*<sup>(a)</sup> | 200888 |
| 10168 | Installed Building Products, Inc. | 874448 |
| 1473 | iRobot Corp.\* | 83224 |
| 483 | M/I Homes, Inc.\* | 20040 |
| 12542 | Skyline Champion Corp.\* | 730070 |
|  |  | 2443838 |
| **Household Products – 0.4%** | **Household Products – 0.4%** | **Household Products – 0.4%** |
| 2811 | WD-40 Co. | 450210 |
| **Independent Power and Renewable Electricity Producers – 0.1%** | **Independent Power and Renewable Electricity Producers – 0.1%** | **Independent Power and Renewable Electricity Producers – 0.1%** |
| 7752 | Montauk Renewables, Inc.\* | 116047 |
| **Insurance – 2.8%** | **Insurance – 2.8%** | **Insurance – 2.8%** |
| 1439 | American Equity Investment Life Holding Co. | 61992 |
| 234 | AMERISAFE, Inc. | 13668 |
| 502 | BRP Group, Inc., Class A\* | 14232 |
| 31447 | CNO Financial Group, Inc. | 693721 |
| 9942 | Employers Holdings, Inc. | 433570 |
| 21549 | Goosehead Insurance, Inc., Class A\* | 894499 |
| 1504 | Kinsale Capital Group, Inc. | 474016 |
| 6007 | Palomar Holdings, Inc.\* | 534383 |
| 12940 | Stewart Information Services Corp. | 504142 |
|  |  | 3624223 |
| **Interactive Media & Services – 1.0%** | **Interactive Media & Services – 1.0%** | **Interactive Media & Services – 1.0%** |
| 23644 | Cargurus, Inc.\* | 344256 |
| 23818 | DHI Group, Inc.\* | 152435 |
| 47021 | Vimeo, Inc.\* | 178680 |
| 37297 | ZipRecruiter, Inc., Class A\* | 625471 |
|  |  | 1300842 |
| **Internet & Direct Marketing Retail – 0.5%** | **Internet & Direct Marketing Retail – 0.5%** | **Internet & Direct Marketing Retail – 0.5%** |
| 33416 | CarParts.com, Inc.\* | 156387 |
| 4949 | PetMed Express, Inc. | 105513 |
| 12256 | RealReal, Inc. (The)\* | 20713 |
| 6796 | Rent the Runway, Inc., Class A\* | 13252 |
| 2839 | Revolve Group, Inc.\* | 68136 |
| 4106 | Xometry, Inc., Class A\*<sup>(a)</sup> | 246606 |
|  |  | 610607 |
| **IT Services – 4.3%** | **IT Services – 4.3%** | **IT Services – 4.3%** |
| 5449 | BigCommerce Holdings, Inc.Series 1\* | 80972 |
| 500 | Cass Information Systems, Inc. | 21390 |
| 10728 | Cyxtera Technologies, Inc.\* | 25962 |
| 546 | DigitalOcean Holdings, Inc.\* | 19612 |
| 26577 | EVERTEC, Inc. (Puerto Rico) | 951722 |
| 8118 | ExlService Holdings, Inc.\* | 1476258 |
| 7141 | Flywire Corp.\* | 156745 |
| 17562 | Hackett Group, Inc. (The) | 383554 |
| 23159 | I3 Verticals, Inc., Class A\* | 503940 |
| 18286 | Maximus, Inc. | 1127698 |
| 5716 | Perficient, Inc.\* | 382801 |
| 12327 | StoneCo Ltd., Class A (Brazil)\* | 129433 |
| 2222 | Tucows, Inc., Class A\* | 99879 |

---

---

| | |
|:---|:---|
| **44** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **IT Services – (continued)** | **IT Services – (continued)** | **IT Services – (continued)** |
| 23268 | Unisys Corp.\* | 197778 |
|  |  | 5557744 |
| **Leisure Products – 0.6%** | **Leisure Products – 0.6%** | **Leisure Products – 0.6%** |
| 16119 | Latham Group, Inc.\* | 71246 |
| 12964 | Malibu Boats, Inc., Class A\* | 685795 |
| 2826 | MasterCraft Boat Holdings, Inc.\* | 61494 |
|  |  | 818535 |
| **Life Sciences Tools & Services – 1.2%** | **Life Sciences Tools & Services – 1.2%** | **Life Sciences Tools & Services – 1.2%** |
| 3894 | Adaptive Biotechnologies Corp.\* | 30295 |
| 45248 | Codexis, Inc.\* | 254294 |
| 5097 | Medpace Holdings, Inc.\* | 1131432 |
| 11245 | NanoString Technologies, Inc.\* | 117623 |
|  |  | 1533644 |
| **Machinery – 4.4%** | **Machinery – 4.4%** | **Machinery – 4.4%** |
| 4786 | Chart Industries, Inc.\* | 1066704 |
| 23330 | Douglas Dynamics, Inc. | 792053 |
| 13266 | Enerpac Tool Group Corp. | 337089 |
| 6689 | Evoqua Water Technologies Corp.\* | 262075 |
| 6786 | Franklin Electric Co., Inc. | 556045 |
| 7622 | Lightning eMotors, Inc.\* | 11738 |
| 1650 | Lindsay Corp. | 279345 |
| 14487 | Mueller Industries, Inc. | 907466 |
| 21158 | Mueller Water Products, Inc., Class A | 247548 |
| 11993 | Nikola Corp.\*<sup>(a)</sup> | 45453 |
| 1749 | Omega Flex, Inc. | 165106 |
| 40471 | Titan International, Inc.\* | 605446 |
| 19252 | Wabash National Corp. | 416806 |
|  |  | 5692874 |
| **Marine – 0.2%** | **Marine – 0.2%** | **Marine – 0.2%** |
| 2337 | Costamare, Inc. (Monaco) | 22061 |
| 105961 | Safe Bulkers, Inc. (Greece) | 268082 |
|  |  | 290143 |
| **Media – 1.5%** | **Media – 1.5%** | **Media – 1.5%** |
| 1939 | Daily Journal Corp.\* | 520137 |
| 10928 | Gray Television, Inc. | 154631 |
| 5105 | John Wiley & Sons, Inc., Class A | 215380 |
| 17534 | Sinclair Broadcast Group, Inc., Class A | 312281 |
| 11179 | TechTarget, Inc.\* | 721604 |
|  |  | 1924033 |
| **Metals & Mining – 1.2%** | **Metals & Mining – 1.2%** | **Metals & Mining – 1.2%** |
| 3707 | Alpha Metallurgical Resources, Inc. | 625927 |
| 20391 | Century Aluminum Co.\* | 147019 |
| 5190 | Piedmont Lithium, Inc.\*<sup>(a)</sup> | 322922 |
| 12947 | Warrior Met Coal, Inc. | 480851 |
|  |  | 1576719 |
| **Mortgage Real Estate Investment Trusts (REITs) – 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) – 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) – 0.1%** |
| 4168 | Nexpoint Real Estate Finance, Inc. REIT | 73232 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Multiline Retail – 0.1%** | **Multiline Retail – 0.1%** | **Multiline Retail – 0.1%** |
| 219 | Dillard's, Inc., Class A | 72005 |
| **Oil, Gas & Consumable Fuels – 5.9%** | **Oil, Gas & Consumable Fuels – 5.9%** | **Oil, Gas & Consumable Fuels – 5.9%** |
| 18595 | Brigham Minerals, Inc., Class A | 576445 |
| 8007 | Callon Petroleum Co.\* | 351988 |
| 1674 | Chord Energy Corp. | 256273 |
| 330 | Civitas Resources, Inc. | 23070 |
| 33244 | Comstock Resources, Inc.\* | 624322 |
| 867 | CONSOL Energy, Inc. | 54638 |
| 8317 | CVR Energy, Inc. | 324862 |
| 5490 | Delek US Holdings, Inc. | 162833 |
| 8636 | Earthstone Energy, Inc., Class A\* | 139558 |
| 4834 | Energy Fuels, Inc.\* | 34805 |
| 58610 | Kosmos Energy Ltd. (Ghana)\* | 380379 |
| 6157 | Laredo Petroleum, Inc.\* | 398050 |
| 50463 | Magnolia Oil & Gas Corp., Class A | 1295890 |
| 13114 | Matador Resources Co. | 871425 |
| 979 | PBF Energy, Inc., Class A\* | 43321 |
| 12350 | SandRidge Energy, Inc.\* | 233292 |
| 2297 | Scorpio Tankers, Inc. (Monaco) | 110118 |
| 23238 | SM Energy Co. | 1045245 |
| 16935 | Talos Energy, Inc.\* | 360377 |
| 1900 | Teekay Tankers Ltd., Class A (Bermuda)\* | 59831 |
| 24939 | W&T Offshore, Inc.\* | 189287 |
|  |  | 7536009 |
| **Paper & Forest Products – 0.5%** | **Paper & Forest Products – 0.5%** | **Paper & Forest Products – 0.5%** |
| 12382 | Sylvamo Corp. | 596441 |
| **Personal Products – 0.5%** | **Personal Products – 0.5%** | **Personal Products – 0.5%** |
| 2335 | Beauty Health Co. (The)\* | 26689 |
| 12012 | BellRing Brands, Inc.\* | 290931 |
| 11023 | Herbalife Nutrition Ltd.\* | 234349 |
| 2776 | Thorne HealthTech, Inc.\* | 13491 |
| 4856 | Veru, Inc.\* | 59437 |
|  |  | 624897 |
| **Pharmaceuticals – 2.2%** | **Pharmaceuticals – 2.2%** | **Pharmaceuticals – 2.2%** |
| 9570 | Aclaris Therapeutics, Inc.\* | 149388 |
| 44930 | Amneal Pharmaceuticals, Inc.\* | 98846 |
| 14326 | Arvinas, Inc.\* | 712146 |
| 3576 | Axsome Therapeutics, Inc.\* | 161456 |
| 4813 | Cassava Sciences, Inc.\*<sup>(a)</sup> | 175386 |
| 2034 | Edgewise Therapeutics, Inc.\* | 19343 |
| 14521 | Esperion Therapeutics, Inc.\* | 118056 |
| 6447 | Harmony Biosciences Holdings, Inc.\* | 335244 |
| 8502 | Intra-Cellular Therapies, Inc.\* | 388286 |
| 5219 | Phathom Pharmaceuticals, Inc.\* | 55321 |
| 27225 | Phibro Animal Health Corp., Class A | 399935 |
| 6787 | SIGA Technologies, Inc. | 62373 |
| 5130 | Ventyx Biosciences, Inc.\* | 166058 |
|  |  | 2841838 |
| **Professional Services – 2.1%** | **Professional Services – 2.1%** | **Professional Services – 2.1%** |
| 7559 | CBIZ, Inc.\* | 375229 |
| 10923 | Exponent, Inc. | 1040525 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **45** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Professional Services – (continued)** | **Professional Services – (continued)** | **Professional Services – (continued)** |
| 5039 | Forrester Research, Inc.\* | $213250 |
| 14068 | Franklin Covey Co.\* | 711841 |
| 1136 | Insperity, Inc. | 134071 |
| 9165 | Red Violet, Inc.\* | 159837 |
|  |  | 2634753 |
| **Real Estate Management & Development – 0.6%** | **Real Estate Management & Development – 0.6%** | **Real Estate Management & Development – 0.6%** |
| 22149 | St. Joe Co. (The) | 786954 |
| **Road & Rail – 0.9%** | **Road & Rail – 0.9%** | **Road & Rail – 0.9%** |
| 28962 | Marten Transport Ltd. | 543617 |
| 4091 | PAM Transportation Services, Inc.\* | 113934 |
| 2117 | Saia, Inc.\* | 420987 |
| 3232 | Universal Logistics Holdings, Inc. | 103424 |
|  |  | 1181962 |
| **Semiconductors & Semiconductor Equipment – 3.5%** | **Semiconductors & Semiconductor Equipment – 3.5%** | **Semiconductors & Semiconductor Equipment – 3.5%** |
| 4172 | Ambarella, Inc.\* | 228334 |
| 13530 | Axcelis Technologies, Inc.\* | 784740 |
| 6460 | Diodes, Inc.\* | 462988 |
| 18368 | FormFactor, Inc.\* | 371217 |
| 664 | Impinj, Inc.\* | 76114 |
| 24157 | MaxLinear, Inc.\* | 745968 |
| 867 | Onto Innovation, Inc.\* | 57950 |
| 9050 | Power Integrations, Inc. | 603726 |
| 16899 | Rockley Photonics Holdings Ltd.\* | 8620 |
| 13598 | Semtech Corp.\* | 376529 |
| 2210 | SiTime Corp.\* | 198480 |
| 6487 | Synaptics, Inc.\* | 574748 |
|  |  | 4489414 |
| **Software – 9.3%** | **Software – 9.3%** | **Software – 9.3%** |
| 23462 | A10 Networks, Inc. | 394162 |
| 37663 | ACI Worldwide, Inc.\* | 916341 |
| 15063 | Alarm.com Holdings, Inc.\* | 886307 |
| 12777 | Altair Engineering, Inc., Class A\* | 626712 |
| 18117 | American Software, Inc., Class A | 310344 |
| 17779 | Amplitude, Inc., Class A\* | 298687 |
| 418 | Appfolio, Inc., Class A\* | 52405 |
| 21244 | Asana, Inc., Class A\* | 437626 |
| 5767 | Cleanspark, Inc.\* | 20069 |
| 37141 | Clear Secure, Inc., Class A\* | 1003550 |
| 15756 | CommVault Systems, Inc.\* | 959383 |
| 2135 | Consensus Cloud Solutions, Inc.\* | 119859 |
| 1213 | Domo, Inc., Class B\* | 21434 |
| 20391 | Duck Creek Technologies, Inc.\* | 243468 |
| 9518 | EngageSmart, Inc.\* | 186933 |
| 12259 | Envestnet, Inc.\* | 604491 |
| 360 | MicroStrategy, Inc., Class A\*<sup>(a)</sup> | 96304 |
| 3559 | Model N, Inc.\* | 135242 |
| 5422 | PagerDuty, Inc.\* | 135225 |
| 22874 | Q2 Holdings, Inc.\* | 710009 |
| 3932 | Qualys, Inc.\* | 560546 |
| 14959 | Rapid7, Inc.\* | 677194 |
| 1274 | Sapiens International Corp. NV (Israel) | 25059 |
| 4248 | Sprout Social, Inc., Class A\* | 256282 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Software – (continued)** | **Software – (continued)** | **Software – (continued)** |
| 8867 | SPS Commerce, Inc.\* | 1121853 |
| 8588 | Telos Corp.\* | 91033 |
| 8089 | Tenable Holdings, Inc.\* | 328737 |
| 8628 | Varonis Systems, Inc.\* | 230971 |
| 38915 | Yext, Inc.\* | 207028 |
| 38876 | Zuora, Inc., Class A\* | 298956 |
|  |  | 11956210 |
| **Specialty Retail – 2.5%** | **Specialty Retail – 2.5%** | **Specialty Retail – 2.5%** |
| 43984 | Arko Corp. | 450836 |
| 6015 | Boot Barn Holdings, Inc.\* | 341652 |
| 14291 | Buckle, Inc. (The) | 562065 |
| 1568 | Camping World Holdings, Inc., Class A<sup>(a)</sup> | 43638 |
| 4830 | Designer Brands, Inc., Class A | 73561 |
| 4942 | Murphy USA, Inc. | 1554308 |
| 11923 | Sally Beauty Holdings, Inc.\* | 151541 |
| 4811 | Warby Parker, Inc., Class A\* | 77217 |
|  |  | 3254818 |
| **Technology Hardware, Storage & Peripherals – 0.5%** | **Technology Hardware, Storage & Peripherals – 0.5%** | **Technology Hardware, Storage & Peripherals – 0.5%** |
| 10038 | Super Micro Computer, Inc.\* | 698544 |
| **Textiles, Apparel & Luxury Goods – 0.1%** | **Textiles, Apparel & Luxury Goods – 0.1%** | **Textiles, Apparel & Luxury Goods – 0.1%** |
| 924 | Crocs, Inc.\* | 65373 |
| **Thrifts & Mortgage Finance – 0.1%** | **Thrifts & Mortgage Finance – 0.1%** | **Thrifts & Mortgage Finance – 0.1%** |
| 2193 | Luther Burbank Corp. | 27697 |
| 2840 | TrustCo Bank Corp. | 105989 |
|  |  | 133686 |
| **Trading Companies & Distributors – 2.1%** | **Trading Companies & Distributors – 2.1%** | **Trading Companies & Distributors – 2.1%** |
| 7105 | Applied Industrial Technologies, Inc. | 883720 |
| 1712 | GMS, Inc.\* | 80806 |
| 26164 | H&E Equipment Services, Inc. | 987953 |
| 17795 | Hudson Technologies, Inc.\* | 163892 |
| 43367 | MRC Global, Inc.\* | 434971 |
| 793 | Veritiv Corp.\* | 92194 |
|  |  | 2643536 |
| **Water Utilities – 0.2%** | **Water Utilities – 0.2%** | **Water Utilities – 0.2%** |
| 2441 | Middlesex Water Co. | 218396 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |  |
| **(Cost $121,296,256)** | **(Cost $121,296,256)** | $126679980 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company – 0.3%<sup>(b)</sup>** | **Investment Company – 0.3%<sup>(b)</sup>** | **Investment Company – 0.3%<sup>(b)</sup>** |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |
| 391747 | 3.066% | $391747 |
| **(Cost $391,747)** | **(Cost $391,747)** | **(Cost $391,747)** |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE** |
| **(Cost $121,688,003)** | **(Cost $121,688,003)** | $127071727 |

---

---

| | |
|:---|:---|
| **46** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Securities Lending Reinvestment Vehicle – 1.1%<sup>(b)</sup>** | **Securities Lending Reinvestment Vehicle – 1.1%<sup>(b)</sup>** | **Securities Lending Reinvestment Vehicle – 1.1%<sup>(b)</sup>** |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |
| 1362893 | 3.066% | $1362893 |
| **(Cost $1,362,893)** | **(Cost $1,362,893)** |  |
| **TOTAL INVESTMENTS – 100.1%** | **TOTAL INVESTMENTS – 100.1%** | **TOTAL INVESTMENTS – 100.1%** |
| **(Cost $123,050,896)** | **(Cost $123,050,896)** | $128434620 |
| **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (0.1)%** | **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (0.1)%** | (44787) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $128389833 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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:** | **Investment Abbreviations:** |
|  PLC | —Public Limited Company |
|  REIT | —Real Estate Investment Trust |

---

**ADDITIONAL INVESTMENT INFORMATION**

FUTURES CONTRACTS — At October 31, 2022, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  E-Mini Russell 2000 Index | 14 | 12/16/22 | $1218207 | $78893 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **47** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

## Schedule of Investments
*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 97.2%** | **Common Stocks – 97.2%** | **Common Stocks – 97.2%** |
| **Aerospace & Defense – 1.6%** | **Aerospace & Defense – 1.6%** | **Aerospace & Defense – 1.6%** |
| 54541 | AAR Corp.\* | $2417257 |
| 5065 | Ducommun, Inc.\* | 239119 |
| 199023 | Kratos Defense & Security Solutions, Inc.\* | 2205175 |
| 44865 | National Presto Industries, Inc. | 3162534 |
| 143977 | Parsons Corp.\* | 6749642 |
| 73321 | Triumph Group, Inc.\* | 663555 |
| 67859 | V2X, Inc.\* | 2781540 |
|  |  | 18218822 |
| **Auto Components – 0.6%** | **Auto Components – 0.6%** | **Auto Components – 0.6%** |
| 67262 | Adient PLC\* | 2352825 |
| 36640 | Dana, Inc. | 584774 |
| 316493 | Goodyear Tire & Rubber Co. (The)\* | 4019461 |
| 3360 | Patrick Industries, Inc. | 153586 |
|  |  | 7110646 |
| **Banks – 16.3%** | **Banks – 16.3%** | **Banks – 16.3%** |
| 75009 | 1st Source Corp. | 4362523 |
| 152187 | Amalgamated Financial Corp. | 3498779 |
| 118011 | Ameris Bancorp | 6078747 |
| 420926 | Associated Banc-Corp. | 10249548 |
| 53343 | Atlantic Union Bankshares Corp. | 1842467 |
| 4153 | Bankwell Financial Group, Inc. | 127248 |
| 65001 | BayCom Corp. | 1249969 |
| 22019 | BCB Bancorp, Inc. | 432673 |
| 8327 | Berkshire Hills Bancorp, Inc. | 243565 |
| 39069 | Business First Bancshares, Inc. | 968130 |
| 370122 | Cadence Bank | 10233873 |
| 26315 | Capital Bancorp, Inc. | 649454 |
| 28213 | Capital City Bank Group, Inc. | 999304 |
| 39060 | Capstar Financial Holdings, Inc. | 690581 |
| 26696 | Cathay General Bancorp | 1217338 |
| 248609 | Central Pacific Financial Corp. | 5101457 |
| 2884 | Civista Bancshares, Inc. | 68351 |
| 263139 | Columbia Banking System, Inc. | 8807262 |
| 133733 | Community Bank System, Inc. | 8348951 |
| 84531 | CrossFirst Bankshares, Inc.\* | 1175826 |
| 49130 | Customers Bancorp, Inc.\* | 1655190 |
| 29574 | Enterprise Financial Services Corp. | 1581322 |
| 10463 | Financial Institutions, Inc. | 249333 |
| 59709 | First BanCorp. (Puerto Rico) | 942805 |
| 39800 | First BankCorp | 1773886 |
| 252152 | First Commonwealth Financial Corp. | 3615860 |
| 12088 | First Foundation, Inc. | 192924 |
| 3913 | FVCBankcorp, Inc.\* | 79512 |
| 51492 | Great Southern Bancorp, Inc. | 3191474 |
| 198071 | Hancock Whitney Corp. | 11066227 |
| 293408 | Hanmi Financial Corp. | 7857466 |
| 14755 | HomeStreet, Inc. | 383040 |
| 49053 | HomeTrust Bancshares, Inc. | 1178744 |
| 501394 | Hope Bancorp, Inc. | 6803917 |
| 152109 | Independent Bank Corp. | 3518281 |
| 195320 | International Bancshares Corp. | 9687872 |
| 10686 | Macatawa Bank Corp. | 114661 |
| 8950 | Metrocity Bankshares, Inc. | 199137 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| 14236 | Metropolitan Bank Holding Corp.\* | 939576 |
| 48137 | Northeast Bank | 2026568 |
| 101235 | Origin Bancorp, Inc. | 4184043 |
| 38022 | PCB Bancorp | 703407 |
| 43788 | Renasant Corp. | 1767722 |
| 6368 | Republic Bancorp, Inc., Class A | 295157 |
| 33950 | Sandy Spring Bancorp, Inc. | 1203188 |
| 19712 | Seacoast Banking Corp. of Florida | 609101 |
| 56544 | Sierra Bancorp | 1246795 |
| 34164 | South Plains Financial, Inc. | 1068308 |
| 9849 | Southern First Bancshares, Inc.\* | 440053 |
| 35854 | Southside Bancshares, Inc. | 1227641 |
| 135968 | SouthState Corp. | 12295586 |
| 193728 | Towne Bank | 6381400 |
| 242505 | Trustmark Corp. | 8868408 |
| 103575 | UMB Financial Corp. | 8619512 |
| 155710 | United Community Banks, Inc. | 5994835 |
| 16548 | Unity Bancorp, Inc. | 474266 |
| 169867 | Veritex Holdings, Inc. | 5364400 |
| 38980 | Washington Trust Bancorp, Inc. | 1890530 |
|  |  | 186038193 |
| **Beverages – 0.7%** | **Beverages – 0.7%** | **Beverages – 0.7%** |
| 546334 | Primo Water Corp. | 7971013 |
| **Biotechnology – 6.4%** | **Biotechnology – 6.4%** | **Biotechnology – 6.4%** |
| 139740 | 2seventy bio, Inc.\* | 2219071 |
| 24195 | 4D Molecular Therapeutics, Inc.\* | 209529 |
| 14930 | Agios Pharmaceuticals, Inc.\* | 411172 |
| 15367 | Akero Therapeutics, Inc.\* | 649409 |
| 231278 | Alkermes PLC\* | 5250011 |
| 5762 | Allogene Therapeutics, Inc.\* | 59349 |
| 25486 | Allovir, Inc.\*<sup>(a)</sup> | 176618 |
| 63843 | ALX Oncology Holdings, Inc.\* | 775054 |
| 83591 | Arcus Biosciences, Inc.\* | 2129899 |
| 111773 | Atara Biotherapeutics, Inc.\* | 520862 |
| 64807 | Aurinia Pharmaceuticals, Inc. (Canada)\*<sup>(a)</sup> | 526881 |
| 79869 | Avidity Biosciences, Inc.\* | 1140529 |
| 90928 | BioCryst Pharmaceuticals, Inc.\* | 1213889 |
| 28714 | Bluebird Bio, Inc.\* | 180037 |
| 32778 | Bridgebio Pharma, Inc.\* | 341875 |
| 35100 | C4 Therapeutics, Inc.\* | 337662 |
| 41469 | Celldex Therapeutics, Inc.\* | 1456806 |
| 9913 | Chinook Therapeutics, Inc.\* | 215608 |
| 97983 | Cogent Biosciences, Inc.\* | 1337468 |
| 12929 | Crinetics Pharmaceuticals, Inc.\* | 238669 |
| 119184 | CTI BioPharma Corp.\*<sup>(a)</sup> | 584002 |
| 106794 | Cullinan Oncology, Inc.\* | 1403273 |
| 69527 | Day One Biopharmaceuticals, Inc.\* | 1469801 |
| 23465 | Deciphera Pharmaceuticals, Inc.\* | 380602 |
| 21351 | Denali Therapeutics, Inc.\* | 612347 |
| 103890 | Design Therapeutics, Inc.\*<sup>(a)</sup> | 1622762 |
| 130851 | Editas Medicine, Inc.\* | 1642180 |
| 57530 | Enanta Pharmaceuticals, Inc.\* | 2595178 |
| 128574 | Erasca, Inc.\*<sup>(a)</sup> | 1050450 |

---

---

| | |
|:---|:---|
| **48** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Biotechnology – (continued)** | **Biotechnology – (continued)** | **Biotechnology – (continued)** |
| 187523 | Generation Bio Co.\* | 960118 |
| 25734 | Gossamer Bio, Inc.\* | 285647 |
| 11559 | IGM Biosciences, Inc.\*<sup>(a)</sup> | 231180 |
| 35215 | Insmed, Inc.\* | 609924 |
| 137620 | Instil Bio, Inc.\* | 454146 |
| 295886 | Iovance Biotherapeutics, Inc.\* | 2763575 |
| 76013 | iTeos Therapeutics, Inc.\* | 1480733 |
| 166147 | KalVista Pharmaceuticals, Inc.\* | 842365 |
| 114081 | Kezar Life Sciences, Inc.\* | 857319 |
| 17384 | Kinnate Biopharma, Inc.\* | 146547 |
| 173967 | Kodiak Sciences, Inc.\* | 1249083 |
| 118022 | Kronos Bio, Inc.\* | 349345 |
| 199892 | Kura Oncology, Inc.\* | 3102324 |
| 13724 | Kymera Therapeutics, Inc.\* | 416386 |
| 5336 | Ligand Pharmaceuticals, Inc.\* | 467700 |
| 154885 | MacroGenics, Inc.\* | 793011 |
| 61641 | MeiraGTx Holdings PLC\* | 448130 |
| 66455 | Mersana Therapeutics, Inc.\* | 522336 |
| 170690 | Nurix Therapeutics, Inc.\* | 2172884 |
| 6903 | Nuvalent, Inc., Class A\* | 246506 |
| 163923 | PMV Pharmaceuticals, Inc.\* | 2017892 |
| 260912 | Praxis Precision Medicines, Inc.\* | 513997 |
| 92371 | Protagonist Therapeutics, Inc.\* | 748205 |
| 46970 | PTC Therapeutics, Inc.\* | 1776405 |
| 6493 | RAPT Therapeutics, Inc.\* | 141677 |
| 98114 | Sage Therapeutics, Inc.\* | 3694973 |
| 291351 | Sana Biotechnology, Inc.\*<sup>(a)</sup> | 1689836 |
| 263953 | Sangamo Therapeutics, Inc.\* | 1158754 |
| 37177 | SpringWorks Therapeutics, Inc.\* | 892620 |
| 23304 | Stoke Therapeutics, Inc.\* | 346064 |
| 454266 | Sutro Biopharma, Inc.\* | 3329770 |
| 12199 | Syndax Pharmaceuticals, Inc.\* | 280089 |
| 37133 | Tango Therapeutics, Inc.\* | 298549 |
| 506748 | Vanda Pharmaceuticals, Inc.\* | 5305652 |
| 85483 | Vir Biotechnology, Inc.\* | 1878916 |
|  |  | 73223651 |
| **Building Products – 0.0%** | **Building Products – 0.0%** | **Building Products – 0.0%** |
| 24638 | Zurn Elkay Water Solutions Corp. | 578747 |
| **Capital Markets – 0.8%** | **Capital Markets – 0.8%** | **Capital Markets – 0.8%** |
| 19956 | AssetMark Financial Holdings, Inc.\* | 413289 |
| 5480 | Focus Financial Partners, Inc., Class A\* | 190649 |
| 144973 | Oppenheimer Holdings, Inc., Class A | 4989970 |
| 136254 | Victory Capital Holdings, Inc., Class A | 3940466 |
|  |  | 9534374 |
| **Chemicals – 1.6%** | **Chemicals – 1.6%** | **Chemicals – 1.6%** |
| 193763 | FutureFuel Corp. | 1325339 |
| 9373 | Innospec, Inc. | 937206 |
| 77013 | Intrepid Potash, Inc.\* | 3484838 |
| 80682 | LSB Industries, Inc.\* | 1422424 |
| 131012 | Minerals Technologies, Inc. | 7206970 |
| 13806 | Stepan Co. | 1441899 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Chemicals – (continued)** | **Chemicals – (continued)** | **Chemicals – (continued)** |
| 225290 | Tronox Holdings PLC, Class A | 2703480 |
|  |  | 18522156 |
| **Commercial Services & Supplies – 1.3%** | **Commercial Services & Supplies – 1.3%** | **Commercial Services & Supplies – 1.3%** |
| 149605 | BrightView Holdings, Inc.\* | 1334477 |
| 188792 | Ennis, Inc. | 4259147 |
| 184520 | Heritage-Crystal Clean, Inc.\* | 5068764 |
| 54037 | Matthews International Corp., Class A | 1452515 |
| 16034 | UniFirst Corp. | 2950416 |
|  |  | 15065319 |
| **Communications Equipment – 0.9%** | **Communications Equipment – 0.9%** | **Communications Equipment – 0.9%** |
| 10038 | Clearfield, Inc.\* | 1219316 |
| 244986 | NetScout Systems, Inc.\* | 8799897 |
|  |  | 10019213 |
| **Construction & Engineering – 1.4%** | **Construction & Engineering – 1.4%** | **Construction & Engineering – 1.4%** |
| 120261 | Arcosa, Inc. | 7720756 |
| 55230 | Fluor Corp.\* | 1671260 |
| 279489 | Primoris Services Corp. | 5642883 |
| 164202 | Tutor Perini Corp.\* | 1218379 |
|  |  | 16253278 |
| **Construction Materials – 0.8%** | **Construction Materials – 0.8%** | **Construction Materials – 0.8%** |
| 327394 | Summit Materials, Inc., Class A\* | 8626832 |
| **Consumer Finance – 2.0%** | **Consumer Finance – 2.0%** | **Consumer Finance – 2.0%** |
| 113014 | Bread Financial Holdings, Inc. | 4080936 |
| 365237 | EZCORP, Inc., Class A\* | 3528189 |
| 66203 | FirstCash Holdings, Inc. | 6517685 |
| 190927 | LendingClub Corp.\* | 2031463 |
| 36917 | Nelnet, Inc., Class A | 3288936 |
| 96108 | Oportun Financial Corp.\* | 528594 |
| 12184 | PROG Holdings, Inc.\* | 201280 |
| 65468 | Regional Management Corp. | 2223293 |
|  |  | 22400376 |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| 56522 | Pactiv Evergreen, Inc. | 616655 |
| **Diversified Consumer Services – 0.4%** | **Diversified Consumer Services – 0.4%** | **Diversified Consumer Services – 0.4%** |
| 6364 | Duolingo, Inc.\* | 520830 |
| 5987 | Graham Holdings Co., Class B | 3735109 |
|  |  | 4255939 |
| **Diversified Financial Services – 0.6%** | **Diversified Financial Services – 0.6%** | **Diversified Financial Services – 0.6%** |
| 101482 | A-Mark Precious Metals, Inc. | 3086067 |
| 234914 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 3685801 |
| 11898 | Cannae Holdings, Inc.\* | 275558 |
|  |  | 7047426 |
| **Diversified Telecommunication Services – 0.1%** | **Diversified Telecommunication Services – 0.1%** | **Diversified Telecommunication Services – 0.1%** |
| 24793 | Consolidated Communications Holdings, Inc.\* | 128180 |
| 102866 | Globalstar, Inc.\* | 223219 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **49** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

## Schedule of Investments (continued)
*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Diversified Telecommunication Services – (continued)** | **Diversified Telecommunication Services – (continued)** | **Diversified Telecommunication Services – (continued)** |
| 46410 | Liberty Latin America Ltd., Class C (Chile)\* | 361534 |
|  |  | 712933 |
| **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** |
| 3623 | MGE Energy, Inc. | 246690 |
| 2787 | Otter Tail Corp. | 187899 |
| 20669 | Portland General Electric Co. | 928865 |
|  |  | 1363454 |
| **Electrical Equipment – 1.5%** | **Electrical Equipment – 1.5%** | **Electrical Equipment – 1.5%** |
| 38932 | Atkore, Inc.\* | 3710220 |
| 2472 | AZZ, Inc. | 99374 |
| 67674 | Encore Wire Corp. | 9311266 |
| 50512 | Powell Industries, Inc. | 1246131 |
| 21500 | Stem, Inc.\* | 292400 |
| 117819 | Thermon Group Holdings, Inc.\* | 2092465 |
|  |  | 16751856 |
| **Electronic Equipment, Instruments & Components – 2.7%** | **Electronic Equipment, Instruments & Components – 2.7%** | **Electronic Equipment, Instruments & Components – 2.7%** |
| 25688 | Belden, Inc. | 1788655 |
| 152051 | Benchmark Electronics, Inc. | 4316728 |
| 72739 | ePlus, Inc.\* | 3543844 |
| 64329 | Evolv Technologies Holdings, Inc.\* | 188484 |
| 33710 | Methode Electronics, Inc. | 1389863 |
| 36507 | OSI Systems, Inc.\* | 3000145 |
| 77675 | PC Connection, Inc. | 4127649 |
| 3624 | ScanSource, Inc.\* | 112272 |
| 178174 | TTM Technologies, Inc.\* | 2727844 |
| 357960 | Vishay Intertechnology, Inc. | 7484944 |
| 67813 | Vishay Precision Group, Inc.\* | 2288689 |
|  |  | 30969117 |
| **Energy Equipment & Services – 1.3%** | **Energy Equipment & Services – 1.3%** | **Energy Equipment & Services – 1.3%** |
| 6352 | Dril-Quip, Inc.\* | 158038 |
| 263744 | Helix Energy Solutions Group, Inc.\* | 1846208 |
| 54370 | Helmerich & Payne, Inc. | 2691859 |
| 36061 | Liberty Energy, Inc.\* | 609792 |
| 52247 | NexTier Oilfield Solutions, Inc.\* | 526650 |
| 347956 | Oil States International, Inc.\* | 2251275 |
| 10105 | Patterson-UTI Energy, Inc. | 178353 |
| 68166 | ProPetro Holding Corp.\* | 807085 |
| 205861 | RPC, Inc. | 2291233 |
| 101796 | Select Energy Services, Inc., Class A\* | 982331 |
| 147023 | US Silica Holdings, Inc.\* | 2115661 |
|  |  | 14458485 |
| **Entertainment – 0.0%** | **Entertainment – 0.0%** | **Entertainment – 0.0%** |
| 22388 | Lions Gate Entertainment Corp., Class A\* | 180447 |
| **Equity Real Estate Investment Trusts (REITs) – 11.7%** | **Equity Real Estate Investment Trusts (REITs) – 11.7%** | **Equity Real Estate Investment Trusts (REITs) – 11.7%** |
| 253670 | Alexander & Baldwin, Inc. REIT | 4941492 |
| 97649 | American Assets Trust, Inc. REIT | 2683394 |
| 22470 | Apartment Investment and Management Co., Class A REIT | 178412 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Equity Real Estate Investment Trusts (REITs) – (continued)** | **Equity Real Estate Investment Trusts (REITs) – (continued)** | **Equity Real Estate Investment Trusts (REITs) – (continued)** |
| 207667 | Apple Hospitality REIT, Inc. REIT | 3555259 |
| 70105 | Armada Hoffler Properties, Inc. REIT | 819527 |
| 26508 | Ashford Hospitality Trust, Inc. REIT\* | 215245 |
| 270827 | Braemar Hotels & Resorts, Inc. REIT | 1335177 |
| 602430 | Brandywine Realty Trust REIT | 3951941 |
| 25727 | Centerspace REIT | 1782881 |
| 486873 | Chatham Lodging Trust REIT\* | 6314743 |
| 288565 | City Office REIT, Inc. REIT | 3064560 |
| 16448 | Community Healthcare Trust, Inc. REIT | 569101 |
| 834079 | DiamondRock Hospitality Co. REIT | 7790298 |
| 262011 | Diversified Healthcare Trust REIT | 356335 |
| 245927 | Equity Commonwealth REIT | 6433450 |
| 42046 | Essential Properties Realty Trust, Inc. REIT | 904830 |
| 113880 | Four Corners Property Trust, Inc. REIT | 2917606 |
| 567049 | Global Medical REIT, Inc. REIT | 5182828 |
| 94538 | Hersha Hospitality Trust, Class A REIT | 865023 |
| 560070 | Independence Realty Trust, Inc. REIT | 9386773 |
| 50266 | Industrial Logistics Properties Trust REIT | 235245 |
| 33854 | iStar, Inc. REIT | 354790 |
| 142732 | LXP Industrial Trust REIT | 1381646 |
| 263178 | Macerich Co. (The) REIT | 2929171 |
| 123879 | NexPoint Residential Trust, Inc. REIT | 5648882 |
| 33731 | Office Properties Income Trust REIT | 516084 |
| 14408 | One Liberty Properties, Inc. REIT | 324756 |
| 321531 | Outfront Media, Inc. REIT | 5803635 |
| 115501 | Pebblebrook Hotel Trust REIT | 1852636 |
| 622884 | RLJ Lodging Trust REIT | 7580498 |
| 373941 | RPT Realty REIT | 3477651 |
| 106460 | Ryman Hospitality Properties, Inc. REIT | 9466423 |
| 485389 | Service Properties Trust REIT | 3936505 |
| 118447 | SITE Centers Corp. REIT | 1466374 |
| 354706 | STAG Industrial, Inc. REIT | 11205162 |
| 43834 | Sunstone Hotel Investors, Inc. REIT | 488749 |
| 117605 | Terreno Realty Corp. REIT | 6719950 |
| 676888 | Uniti Group, Inc. REIT | 5252651 |
| 17024 | Urban Edge Properties REIT | 240379 |
| 74358 | Xenia Hotels & Resorts, Inc. REIT | 1270035 |
|  |  | 133400097 |
| **Food & Staples Retailing – 0.6%** | **Food & Staples Retailing – 0.6%** | **Food & Staples Retailing – 0.6%** |
| 45267 | Chefs' Warehouse, Inc. (The)\* | 1658130 |
| 43368 | Ingles Markets, Inc., Class A | 4092638 |
| 47638 | Natural Grocers by Vitamin Cottage, Inc. | 547837 |
| 6395 | Weis Markets, Inc. | 599020 |
|  |  | 6897625 |
| **Food Products – 1.0%** | **Food Products – 1.0%** | **Food Products – 1.0%** |
| 42495 | Alico, Inc. | 1301197 |
| 105107 | B&G Foods, Inc.<sup>(a)</sup> | 1721653 |

---

---

| | |
|:---|:---|
| **50** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Food Products – (continued)** | **Food Products – (continued)** | **Food Products – (continued)** |
| 14998 | Cal-Maine Foods, Inc. | 847537 |
| 45807 | Fresh Del Monte Produce, Inc. | 1194646 |
| 44540 | John B. Sanfilippo & Son, Inc. | 3715081 |
| 12110 | Seneca Foods Corp., Class A\* | 764262 |
| 17823 | Tootsie Roll Industries, Inc. | 719871 |
| 32337 | TreeHouse Foods, Inc.\* | 1624611 |
|  |  | 11888858 |
| **Gas Utilities – 0.9%** | **Gas Utilities – 0.9%** | **Gas Utilities – 0.9%** |
| 125914 | ONE Gas, Inc. | 9755817 |
| 14867 | Spire, Inc. | 1037865 |
|  |  | 10793682 |
| **Health Care Equipment & Supplies – 2.0%** | **Health Care Equipment & Supplies – 2.0%** | **Health Care Equipment & Supplies – 2.0%** |
| 117710 | AngioDynamics, Inc.\* | 1658534 |
| 10504 | AtriCure, Inc.\* | 442428 |
| 227065 | Avanos Medical, Inc.\* | 5029490 |
| 55056 | Axonics, Inc.\* | 4026796 |
| 72691 | Figs, Inc., Class A\* | 536460 |
| 25346 | Inspire Medical Systems, Inc.\* | 4941203 |
| 29431 | Integer Holdings Corp.\* | 1834434 |
| 9705 | LivaNova PLC\* | 457106 |
| 9638 | Nevro Corp.\* | 369521 |
| 23125 | Orthofix Medical, Inc.\* | 371387 |
| 8601 | Shockwave Medical, Inc.\* | 2521383 |
| 7829 | Utah Medical Products, Inc. | 701087 |
|  |  | 22889829 |
| **Health Care Providers & Services – 1.5%** | **Health Care Providers & Services – 1.5%** | **Health Care Providers & Services – 1.5%** |
| 8877 | AMN Healthcare Services, Inc.\* | 1114063 |
| 455383 | Brookdale Senior Living, Inc.\* | 2035562 |
| 127935 | Cano Health, Inc.\* | 458007 |
| 43665 | CareMax, Inc.\*<sup>(a)</sup> | 307402 |
| 60144 | Castle Biosciences, Inc.\* | 1534875 |
| 264162 | Community Health Systems, Inc.\* | 758145 |
| 34399 | Cross Country Healthcare, Inc.\* | 1275859 |
| 5890 | Fulgent Genetics, Inc.\* | 233421 |
| 238643 | Invitae Corp.\*<sup>(a)</sup> | 615699 |
| 78881 | National HealthCare Corp. | 4805431 |
| 838472 | OPKO Health, Inc.\* | 1593097 |
| 30659 | Owens & Minor, Inc. | 521203 |
| 54736 | Pediatrix Medical Group, Inc.\* | 1061878 |
| 13793 | Select Medical Holdings Corp. | 354204 |
| 139055 | Sema4 Holdings Corp.\* | 143227 |
| 33881 | Surgery Partners, Inc.\* | 921224 |
|  |  | 17733297 |
| **Health Care Technology – 0.1%** | **Health Care Technology – 0.1%** | **Health Care Technology – 0.1%** |
| 13469 | HealthStream, Inc.\* | 332684 |
| 35310 | Schrodinger, Inc.\* | 846381 |
|  |  | 1179065 |
| **Hotels, Restaurants & Leisure – 2.1%** | **Hotels, Restaurants & Leisure – 2.1%** | **Hotels, Restaurants & Leisure – 2.1%** |
| 24700 | Bally's Corp.\* | 556738 |
| 38712 | BJ's Restaurants, Inc.\* | 1271689 |
| 278661 | Bloomin' Brands, Inc. | 6690651 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Hotels, Restaurants & Leisure – (continued)** | **Hotels, Restaurants & Leisure – (continued)** | **Hotels, Restaurants & Leisure – (continued)** |
| 97940 | Chuy's Holdings, Inc.\* | 2869642 |
| 58749 | Dave & Buster's Entertainment, Inc.\* | 2341148 |
| 12760 | Denny's Corp.\* | 144571 |
| 126690 | First Watch Restaurant Group, Inc.\* | 2160064 |
| 105435 | International Game Technology PLC | 2113972 |
| 11530 | Kura Sushi USA, Inc., Class A\* | 911216 |
| 116416 | Red Rock Resorts, Inc., Class A | 4848726 |
| 19773 | Xponential Fitness, Inc., Class A\* | 382607 |
|  |  | 24291024 |
| **Household Durables – 1.7%** | **Household Durables – 1.7%** | **Household Durables – 1.7%** |
| 622 | Cavco Industries, Inc.\* | 140989 |
| 22970 | Green Brick Partners, Inc.\* | 531296 |
| 26229 | Installed Building Products, Inc. | 2255694 |
| 72717 | LGI Homes, Inc.\* | 6693600 |
| 123754 | M/I Homes, Inc.\* | 5134554 |
| 15864 | Meritage Homes Corp.\* | 1208202 |
| 20357 | Skyline Champion Corp.\* | 1184981 |
| 65951 | Taylor Morrison Home Corp.\* | 1737149 |
| 9035 | Tri Pointe Homes, Inc.\* | 151336 |
|  |  | 19037801 |
| **Independent Power and Renewable Electricity Producers – 0.1%** | **Independent Power and Renewable Electricity Producers – 0.1%** | **Independent Power and Renewable Electricity Producers – 0.1%** |
| 60657 | Sunnova Energy International, Inc.\* | 1124581 |
| **Insurance – 5.7%** | **Insurance – 5.7%** | **Insurance – 5.7%** |
| 238114 | American Equity Investment Life Holding Co. | 10257951 |
| 134233 | AMERISAFE, Inc. | 7840550 |
| 224892 | Argo Group International Holdings Ltd. | 5593064 |
| 405756 | CNO Financial Group, Inc. | 8950977 |
| 180968 | Employers Holdings, Inc. | 7892015 |
| 887806 | Genworth Financial, Inc., Class A\* | 4146054 |
| 102612 | Goosehead Insurance, Inc., Class A\* | 4259424 |
| 1728 | Investors Title Co. | 253930 |
| 4004 | James River Group Holdings Ltd. | 101181 |
| 18167 | Lemonade, Inc.\*<sup>(a)</sup> | 439641 |
| 10068 | National Western Life Group, Inc., Class A | 1993665 |
| 293394 | ProAssurance Corp. | 6516281 |
| 144172 | Stewart Information Services Corp. | 5616941 |
| 82624 | Tiptree, Inc. | 1006360 |
|  |  | 64868034 |
| **Interactive Media & Services – 0.4%** | **Interactive Media & Services – 0.4%** | **Interactive Media & Services – 0.4%** |
| 91393 | Bumble, Inc., Class A\* | 2321382 |
| 22950 | Cargurus, Inc.\* | 334152 |
| 57119 | fuboTV, Inc.\*<sup>(a)</sup> | 209055 |
| 30007 | Vimeo, Inc.\* | 114027 |
| 76761 | ZipRecruiter, Inc., Class A\* | 1287282 |
|  |  | 4265898 |
| **Internet & Direct Marketing Retail – 0.2%** | **Internet & Direct Marketing Retail – 0.2%** | **Internet & Direct Marketing Retail – 0.2%** |
| 116028 | aka Brands Holding Corp.\*<sup>(a)</sup> | 236697 |
| 14665 | CarParts.com, Inc.\* | 68632 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **51** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Internet & Direct Marketing Retail – (continued)** | **Internet & Direct Marketing Retail – (continued)** | **Internet & Direct Marketing Retail – (continued)** |
| 22276 | Overstock.com, Inc.\* | 517917 |
| 29577 | PetMed Express, Inc.<sup>(a)</sup> | 630582 |
| 740547 | RealReal, Inc. (The)\* | 1251524 |
|  |  | 2705352 |
| **IT Services – 1.2%** | **IT Services – 1.2%** | **IT Services – 1.2%** |
| 40028 | Cass Information Systems, Inc. | 1712398 |
| 327895 | Conduent, Inc.\* | 1350927 |
| 2926 | ExlService Holdings, Inc.\* | 532093 |
| 51524 | Fastly, Inc., Class A\* | 437439 |
| 95228 | Maximus, Inc. | 5872711 |
| 442550 | Sabre Corp.\* | 2571215 |
| 138304 | StoneCo Ltd., Class A (Brazil)\* | 1452192 |
|  |  | 13928975 |
| **Leisure Products – 0.2%** | **Leisure Products – 0.2%** | **Leisure Products – 0.2%** |
| 15417 | Malibu Boats, Inc., Class A\* | 815559 |
| 51848 | Topgolf Callaway Brands Corp.\* | 970595 |
|  |  | 1786154 |
| **Life Sciences Tools & Services – 0.9%** | **Life Sciences Tools & Services – 0.9%** | **Life Sciences Tools & Services – 0.9%** |
| 405320 | Adaptive Biotechnologies Corp.\* | 3153390 |
| 78149 | Bionano Genomics, Inc.\*<sup>(a)</sup> | 182869 |
| 90077 | Codexis, Inc.\* | 506233 |
| 31805 | Inotiv, Inc.\* | 660908 |
| 24854 | Medpace Holdings, Inc.\* | 5517091 |
| 43194 | NeoGenomics, Inc.\* | 328490 |
| 15104 | Quanterix Corp.\* | 167201 |
|  |  | 10516182 |
| **Machinery – 2.3%** | **Machinery – 2.3%** | **Machinery – 2.3%** |
| 185544 | Columbus McKinnon Corp. | 5291715 |
| 25249 | Desktop Metal, Inc., Class A\* | 63880 |
| 294242 | Kennametal, Inc. | 7859204 |
| 88144 | Miller Industries, Inc. | 2241502 |
| 123494 | Mueller Industries, Inc. | 7735664 |
| 86479 | Titan International, Inc.\* | 1293726 |
| 66075 | Wabash National Corp. | 1430523 |
|  |  | 25916214 |
| **Marine – 1.2%** | **Marine – 1.2%** | **Marine – 1.2%** |
| 592824 | Costamare, Inc. (Monaco) | 5596259 |
| 60313 | Eagle Bulk Shipping, Inc. | 2917943 |
| 349464 | Golden Ocean Group Ltd. (Norway)<sup>(a)</sup> | 2911035 |
| 1110055 | Safe Bulkers, Inc. (Greece)<sup>(a)</sup> | 2808439 |
|  |  | 14233676 |
| **Media – 1.6%** | **Media – 1.6%** | **Media – 1.6%** |
| 3766 | AMC Networks, Inc., Class A\* | 84773 |
| 50156 | Cardlytics, Inc.\* | 472971 |
| 379930 | Clear Channel Outdoor Holdings, Inc.\* | 543300 |
| 2429 | Daily Journal Corp.\* | 651579 |
| 346678 | EW Scripps Co. (The), Class A\* | 4919361 |
| 189522 | Gray Television, Inc. | 2681736 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Media – (continued)** | **Media – (continued)** | **Media – (continued)** |
| 79788 | Magnite, Inc.\* | 581655 |
| 170425 | Scholastic Corp. | 6500010 |
| 24642 | Sinclair Broadcast Group, Inc., Class A | 438874 |
| 8108 | TechTarget, Inc.\* | 523371 |
| 71296 | Thryv Holdings, Inc.\* | 1458716 |
|  |  | 18856346 |
| **Metals & Mining – 2.1%** | **Metals & Mining – 2.1%** | **Metals & Mining – 2.1%** |
| 12025 | Alpha Metallurgical Resources, Inc. | 2030421 |
| 10626 | Arconic Corp.\* | 220596 |
| 3684 | Carpenter Technology Corp. | 137782 |
| 41755 | Haynes International, Inc. | 2042237 |
| 35948 | Hecla Mining Co. | 164282 |
| 64898 | Piedmont Lithium, Inc.\*<sup>(a)</sup> | 4037954 |
| 43088 | Ryerson Holding Corp. | 1445602 |
| 356156 | SunCoke Energy, Inc. | 2585693 |
| 145584 | TimkenSteel Corp.\* | 2538985 |
| 222822 | Warrior Met Coal, Inc. | 8275609 |
|  |  | 23479161 |
| **Mortgage Real Estate Investment Trusts (REITs) – 1.9%** | **Mortgage Real Estate Investment Trusts (REITs) – 1.9%** | **Mortgage Real Estate Investment Trusts (REITs) – 1.9%** |
| 96634 | ARMOUR Residential REIT, Inc. REIT | 514093 |
| 518775 | BrightSpire Capital, Inc. REIT | 3984192 |
| 809153 | Chimera Investment Corp. REIT | 5461783 |
| 42173 | Claros Mortgage Trust, Inc. | 674768 |
| 102373 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 2782498 |
| 16041 | Invesco Mortgage Capital, Inc. REIT | 187840 |
| 219503 | Ladder Capital Corp. REIT | 2342097 |
| 15387 | MFA Financial, Inc. REIT | 153255 |
| 128999 | Nexpoint Real Estate Finance, Inc. REIT | 2266512 |
| 416405 | TPG RE Finance Trust, Inc. REIT | 3526950 |
| 18939 | Two Harbors Investment Corp. REIT\* | 67423 |
|  |  | 21961411 |
| **Multiline Retail – 0.1%** | **Multiline Retail – 0.1%** | **Multiline Retail – 0.1%** |
| 37643 | Big Lots, Inc. | 710323 |
| **Multi-Utilities – 0.6%** | **Multi-Utilities – 0.6%** | **Multi-Utilities – 0.6%** |
| 105249 | Black Hills Corp. | 6880127 |
| 2703 | NorthWestern Corp. | 142800 |
|  |  | 7022927 |
| **Oil, Gas & Consumable Fuels – 4.8%** | **Oil, Gas & Consumable Fuels – 4.8%** | **Oil, Gas & Consumable Fuels – 4.8%** |
| 38923 | Ardmore Shipping Corp. (Ireland)\* | 526628 |
| 41318 | California Resources Corp. | 1863855 |
| 38981 | Callon Petroleum Co.\* | 1713605 |
| 18180 | Chord Energy Corp. | 2783176 |
| 139498 | Civitas Resources, Inc. | 9752305 |
| 78011 | Clean Energy Fuels Corp.\* | 523454 |
| 155944 | Comstock Resources, Inc.\* | 2928628 |
| 19271 | CVR Energy, Inc. | 752725 |
| 316297 | DHT Holdings, Inc. | 2818206 |

---

---

| | |
|:---|:---|
| **52** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Oil, Gas & Consumable Fuels – (continued)** | **Oil, Gas & Consumable Fuels – (continued)** | **Oil, Gas & Consumable Fuels – (continued)** |
| 84855 | Golar LNG Ltd. (Cameroon)\* | 2360666 |
| 28770 | Laredo Petroleum, Inc.\* | 1859981 |
| 173635 | Magnolia Oil & Gas Corp., Class A | 4458947 |
| 42971 | Murphy Oil Corp. | 2084523 |
| 84681 | PBF Energy, Inc., Class A\* | 3747134 |
| 43533 | Peabody Energy Corp.\* | 1040439 |
| 55161 | REX American Resources Corp.\* | 1654278 |
| 44211 | Ring Energy, Inc.\* | 141033 |
| 161652 | Scorpio Tankers, Inc. (Monaco) | 7749597 |
| 14176 | SFL Corp. Ltd. (Norway) | 144595 |
| 49126 | SM Energy Co. | 2209688 |
| 4250 | Talos Energy, Inc.\* | 90440 |
| 108659 | Teekay Tankers Ltd., Class A (Bermuda)\* | 3421672 |
| 97891 | W&T Offshore, Inc.\* | 742993 |
|  |  | 55368568 |
| **Paper & Forest Products – 0.0%** | **Paper & Forest Products – 0.0%** | **Paper & Forest Products – 0.0%** |
| 2618 | Clearwater Paper Corp.\* | 116449 |
| 3553 | Sylvamo Corp. | 171148 |
|  |  | 287597 |
| **Personal Products – 0.1%** | **Personal Products – 0.1%** | **Personal Products – 0.1%** |
| 44273 | Herbalife Nutrition Ltd.\* | 941244 |
| **Pharmaceuticals – 0.3%** | **Pharmaceuticals – 0.3%** | **Pharmaceuticals – 0.3%** |
| 25519 | Arvinas, Inc.\* | 1268549 |
| 103626 | Atea Pharmaceuticals, Inc.\* | 621756 |
| 73415 | Athira Pharma, Inc.\* | 243004 |
| 8987 | DICE Therapeutics, Inc.\* | 319128 |
| 21320 | Edgewise Therapeutics, Inc.\* | 202753 |
| 21197 | Esperion Therapeutics, Inc.\* | 172332 |
| 4640 | Phibro Animal Health Corp., Class A | 68162 |
| 15525 | Prestige Consumer Healthcare, Inc.\* | 845802 |
| 143676 | Tricida, Inc.\*<sup>(a)</sup> | 47743 |
|  |  | 3789229 |
| **Professional Services – 0.1%** | **Professional Services – 0.1%** | **Professional Services – 0.1%** |
| 6207 | Exponent, Inc. | 591279 |
| **Real Estate Management & Development – 0.3%** | **Real Estate Management & Development – 0.3%** | **Real Estate Management & Development – 0.3%** |
| 13823 | Anywhere Real Estate, Inc.\* | 102705 |
| 266061 | Newmark Group, Inc., Class A | 2179040 |
| 18157 | St. Joe Co. (The) | 645118 |
|  |  | 2926863 |
| **Road & Rail – 1.0%** | **Road & Rail – 1.0%** | **Road & Rail – 1.0%** |
| 11855 | ArcBest Corp. | 941643 |
| 364022 | Heartland Express, Inc. | 5416647 |
| 147144 | Marten Transport Ltd. | 2761893 |
| 55562 | Werner Enterprises, Inc. | 2178030 |
|  |  | 11298213 |
| **Semiconductors & Semiconductor Equipment – 0.4%** | **Semiconductors & Semiconductor Equipment – 0.4%** | **Semiconductors & Semiconductor Equipment – 0.4%** |
| 28796 | Axcelis Technologies, Inc.\* | 1670168 |
| 40038 | AXT, Inc.\* | 181772 |
| 47963 | Cohu, Inc.\* | 1578942 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Semiconductors & Semiconductor Equipment – (continued)** | **Semiconductors & Semiconductor Equipment – (continued)** | **Semiconductors & Semiconductor Equipment – (continued)** |
| 9331 | Diodes, Inc.\* | 668753 |
| 10402 | MaxLinear, Inc.\* | 321214 |
| 14254 | Ultra Clean Holdings, Inc.\* | 443442 |
|  |  | 4864291 |
| **Software – 2.2%** | **Software – 2.2%** | **Software – 2.2%** |
| 12101 | A10 Networks, Inc. | 203297 |
| 11446 | ACI Worldwide, Inc.\* | 278481 |
| 26215 | Adeia, Inc. | 293084 |
| 21196 | Alarm.com Holdings, Inc.\* | 1247173 |
| 15983 | American Software, Inc., Class A | 273789 |
| 31213 | Amplitude, Inc., Class A\*<sup>(a)</sup> | 524378 |
| 16912 | Asana, Inc., Class A\* | 348387 |
| 12180 | C3.ai, Inc., Class A\* | 159680 |
| 634079 | Cleanspark, Inc.\*<sup>(a)</sup> | 2206595 |
| 187544 | Clear Secure, Inc., Class A\* | 5067439 |
| 27863 | CommVault Systems, Inc.\* | 1696578 |
| 30342 | Consensus Cloud Solutions, Inc.\* | 1703400 |
| 8527 | Duck Creek Technologies, Inc.\* | 101812 |
| 512947 | E2open Parent Holdings, Inc.\* | 2990481 |
| 49044 | Ebix, Inc. | 970581 |
| 195246 | Instructure Holdings, Inc.\*<sup>(a)</sup> | 4611710 |
| 15760 | LiveRamp Holdings, Inc.\* | 289354 |
| 62377 | Marathon Digital Holdings, Inc.\*<sup>(a)</sup> | 817762 |
| 1440 | MicroStrategy, Inc., Class A\*<sup>(a)</sup> | 385214 |
| 23727 | Q2 Holdings, Inc.\* | 736486 |
| 38276 | Riot Blockchain, Inc.\* | 263722 |
| 7173 | Xperi, Inc.\* | 100207 |
|  |  | 25269610 |
| **Specialty Retail – 2.6%** | **Specialty Retail – 2.6%** | **Specialty Retail – 2.6%** |
| 148760 | Aaron's Co., Inc. (The) | 1550079 |
| 64975 | Academy Sports & Outdoors, Inc. | 2860849 |
| 26160 | Asbury Automotive Group, Inc.\* | 4126740 |
| 26907 | Buckle, Inc. (The) | 1058252 |
| 18129 | Children's Place, Inc. (The)\* | 733862 |
| 16180 | Designer Brands, Inc., Class A | 246422 |
| 5313 | Genesco, Inc.\* | 249924 |
| 19182 | Group 1 Automotive, Inc. | 3318486 |
| 83497 | MarineMax, Inc.\* | 2697788 |
| 18422 | Murphy USA, Inc. | 5793903 |
| 92165 | Sonic Automotive, Inc., Class A | 4308714 |
| 432261 | Volta, Inc.\*<sup>(a)</sup> | 479810 |
| 8794 | Winmark Corp. | 2212922 |
|  |  | 29637751 |
| **Textiles, Apparel & Luxury Goods – 0.1%** | **Textiles, Apparel & Luxury Goods – 0.1%** | **Textiles, Apparel & Luxury Goods – 0.1%** |
| 38724 | Movado Group, Inc. | 1280603 |
| **Thrifts & Mortgage Finance – 2.1%** | **Thrifts & Mortgage Finance – 2.1%** | **Thrifts & Mortgage Finance – 2.1%** |
| 172274 | Axos Financial, Inc.\* | 6711795 |
| 738029 | Capitol Federal Financial, Inc. | 6037077 |
| 164032 | Merchants Bancorp | 3928567 |
| 189166 | TrustCo Bank Corp. | 7059675 |
| 20155 | Waterstone Financial, Inc. | 342232 |
|  |  | 24079346 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **53** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Tobacco – 0.0%** | **Tobacco – 0.0%** | **Tobacco – 0.0%** |
| 25382 | Vector Group Ltd. | $269557 |
| **Trading Companies & Distributors – 1.6%** | **Trading Companies & Distributors – 1.6%** | **Trading Companies & Distributors – 1.6%** |
| 18058 | DXP Enterprises, Inc.\* | 516639 |
| 42467 | H&E Equipment Services, Inc. | 1603554 |
| 154841 | MRC Global, Inc.\* | 1553055 |
| 394919 | NOW, Inc.\* | 5027319 |
| 58571 | Rush Enterprises, Inc., Class A | 2922107 |
| 68012 | Textainer Group Holdings Ltd. (China) | 2034919 |
| 139409 | Titan Machinery, Inc.\* | 4792882 |
|  |  | 18450475 |
| **Water Utilities – 0.2%** | **Water Utilities – 0.2%** | **Water Utilities – 0.2%** |
| 22141 | American States Water Co. | 2002875 |
| **Wireless Telecommunication Services – 0.1%** | **Wireless Telecommunication Services – 0.1%** | **Wireless Telecommunication Services – 0.1%** |
| 74924 | Telephone and Data Systems, Inc. | 1273708 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |  |
| **(Cost $1,089,369,918)** | **(Cost $1,089,369,918)** | $1111736653 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company – 0.9%<sup>(b)</sup>** | **Investment Company – 0.9%<sup>(b)</sup>** | **Investment Company – 0.9%<sup>(b)</sup>** |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |
| 9790127 | 3.066% | $9790127 |
| **(Cost $9,790,127)** | **(Cost $9,790,127)** | **(Cost $9,790,127)** |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE** |
| **(Cost $1,099,160,045)** | **(Cost $1,099,160,045)** | $1121526780 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Securities Lending Reinvestment Vehicle – 1.5%** | **Securities Lending Reinvestment Vehicle – 1.5%** | **Securities Lending Reinvestment Vehicle – 1.5%** |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |
| 17292192 | 3.066% | $17292192 |
| **(Cost $17,292,192)** | **(Cost $17,292,192)** |  |
| **TOTAL INVESTMENTS – 99.6%** | **TOTAL INVESTMENTS – 99.6%** | **TOTAL INVESTMENTS – 99.6%** |
| **(Cost $1,116,452,237)** | **(Cost $1,116,452,237)** | $1138818972 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4%** | 4955004 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $1143773976 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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:** | **Investment Abbreviations:** |
|  PLC | —Public Limited Company |
|  REIT | —Real Estate Investment Trust |

---

**ADDITIONAL INVESTMENT INFORMATION**

FUTURES CONTRACTS — At October 31, 2022, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  E-Mini Russell 2000 Index | 200 | 12/16/22 | $17544019 | $985981 |

---

---

| | |
|:---|:---|
| **54** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

## Schedule of Investments
*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 98.9%** | **Common Stocks – 98.9%** | **Common Stocks – 98.9%** |
| **Aerospace & Defense – 1.5%** | **Aerospace & Defense – 1.5%** | **Aerospace & Defense – 1.5%** |
| 42928 | Howmet Aerospace, Inc. | $1526090 |
| 27783 | Lockheed Martin Corp. | 13521431 |
|  |  | 15047521 |
| **Automobiles – 3.1%** | **Automobiles – 3.1%** | **Automobiles – 3.1%** |
| 324503 | General Motors Co. | 12736743 |
| 78570 | Tesla, Inc.\* | 17877818 |
|  |  | 30614561 |
| **Banks – 0.3%** | **Banks – 0.3%** | **Banks – 0.3%** |
| 6732 | BOK Financial Corp. | 741799 |
| 27094 | East West Bancorp, Inc. | 1939118 |
| 3190 | JPMorgan Chase & Co. | 401557 |
|  |  | 3082474 |
| **Beverages – 0.2%** | **Beverages – 0.2%** | **Beverages – 0.2%** |
| 10817 | PepsiCo, Inc. | 1964151 |
| **Biotechnology – 4.5%** | **Biotechnology – 4.5%** | **Biotechnology – 4.5%** |
| 59661 | AbbVie, Inc. | 8734370 |
| 9378 | Biogen, Inc.\* | 2658100 |
| 20915 | Exelixis, Inc.\* | 346771 |
| 180493 | Gilead Sciences, Inc. | 14161481 |
| 18849 | Horizon Therapeutics PLC\* | 1174670 |
| 44936 | Incyte Corp.\* | 3340542 |
| 41879 | Vertex Pharmaceuticals, Inc.\* | 13066248 |
|  |  | 43482182 |
| **Building Products – 0.2%** | **Building Products – 0.2%** | **Building Products – 0.2%** |
| 8213 | Carrier Global Corp. | 326549 |
| 2811 | Lennox International, Inc. | 656565 |
| 7975 | Trane Technologies PLC | 1273049 |
|  |  | 2256163 |
| **Capital Markets – 4.0%** | **Capital Markets – 4.0%** | **Capital Markets – 4.0%** |
| 24341 | Ameriprise Financial, Inc. | 7524290 |
| 246149 | Bank of New York Mellon Corp. (The) | 10365334 |
| 64743 | CME Group, Inc. | 11219962 |
| 3009 | MarketAxess Holdings, Inc. | 734316 |
| 33096 | Raymond James Financial, Inc. | 3909962 |
| 76953 | Stifel Financial Corp. | 4761082 |
|  |  | 38514946 |
| **Chemicals – 3.4%** | **Chemicals – 3.4%** | **Chemicals – 3.4%** |
| 65237 | CF Industries Holdings, Inc. | 6932084 |
| 6312 | Corteva, Inc. | 412426 |
| 2702 | International Flavors & Fragrances, Inc. | 263742 |
| 29279 | Linde PLC (United Kingdom) | 8706111 |
| 194996 | Mosaic Co. (The) | 10481035 |
| 29139 | Sherwin-Williams Co. (The) | 6557149 |
|  |  | 33352547 |
| **Commercial Services & Supplies – 0.8%** | **Commercial Services & Supplies – 0.8%** | **Commercial Services & Supplies – 0.8%** |
| 55183 | Republic Services, Inc. | 7318369 |
| **Communications Equipment – 1.9%** | **Communications Equipment – 1.9%** | **Communications Equipment – 1.9%** |
| 21577 | Arista Networks, Inc.\* | 2607796 |
| 346273 | Cisco Systems, Inc. | 15731183 |
|  |  | 18338979 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Construction Materials – 0.3%** | **Construction Materials – 0.3%** | **Construction Materials – 0.3%** |
| 4949 | Martin Marietta Materials, Inc. | 1662765 |
| 5980 | Vulcan Materials Co. | 978926 |
|  |  | 2641691 |
| **Consumer Finance – 2.2%** | **Consumer Finance – 2.2%** | **Consumer Finance – 2.2%** |
| 109737 | Capital One Financial Corp. | 11634317 |
| 9007 | Discover Financial Services | 940871 |
| 251716 | Synchrony Financial | 8951021 |
|  |  | 21526209 |
| **Distributors – 1.3%** | **Distributors – 1.3%** | **Distributors – 1.3%** |
| 203175 | LKQ Corp. | 11304657 |
| 3103 | Pool Corp. | 944026 |
|  |  | 12248683 |
| **Diversified Financial Services – 2.8%** | **Diversified Financial Services – 2.8%** | **Diversified Financial Services – 2.8%** |
| 87768 | Berkshire Hathaway, Inc., Class B\* | 25899459 |
| 58941 | Equitable Holdings, Inc. | 1804774 |
|  |  | 27704233 |
| **Electrical Equipment – 1.4%** | **Electrical Equipment – 1.4%** | **Electrical Equipment – 1.4%** |
| 85863 | AMETEK, Inc. | 11132997 |
| 24632 | Emerson Electric Co. | 2133131 |
|  |  | 13266128 |
| **Electronic Equipment, Instruments & Components – 1.2%** | **Electronic Equipment, Instruments & Components – 1.2%** | **Electronic Equipment, Instruments & Components – 1.2%** |
| 28338 | Teledyne Technologies, Inc.\* | 11277957 |
| **Energy Equipment & Services – 0.4%** | **Energy Equipment & Services – 0.4%** | **Energy Equipment & Services – 0.4%** |
| 86070 | Halliburton Co. | 3134669 |
| 22586 | Schlumberger NV | 1175150 |
|  |  | 4309819 |
| **Entertainment – 0.2%** | **Entertainment – 0.2%** | **Entertainment – 0.2%** |
| 6838 | Netflix, Inc.\* | 1995875 |
| **Equity Real Estate Investment Trusts (REITs) – 5.7%** | **Equity Real Estate Investment Trusts (REITs) – 5.7%** | **Equity Real Estate Investment Trusts (REITs) – 5.7%** |
| 80741 | Camden Property Trust REIT | 9329622 |
| 73483 | CubeSmart REIT | 3076733 |
| 6602 | Extra Space Storage, Inc. REIT | 1171459 |
| 10741 | First Industrial Realty Trust, Inc. REIT | 511594 |
| 175430 | Host Hotels & Resorts, Inc. REIT | 3312118 |
| 44876 | Life Storage, Inc. REIT | 4963734 |
| 65737 | Mid-America Apartment Communities, Inc. REIT | 10350291 |
| 43210 | National Storage Affiliates Trust REIT | 1843339 |
| 37649 | Public Storage REIT | 11661778 |
| 34118 | SBA Communications Corp. REIT | 9208448 |
|  |  | 55429116 |
| **Food & Staples Retailing – 0.6%** | **Food & Staples Retailing – 0.6%** | **Food & Staples Retailing – 0.6%** |
| 10726 | Costco Wholesale Corp. | 5379089 |
| **Food Products – 1.5%** | **Food Products – 1.5%** | **Food Products – 1.5%** |
| 45969 | Conagra Brands, Inc. | 1687063 |
| 210363 | Mondelez International, Inc., Class A | 12933117 |
|  |  | 14620180 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **55** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

## Schedule of Investments (continued)
*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Health Care Equipment & Supplies – 3.2%** | **Health Care Equipment & Supplies – 3.2%** | **Health Care Equipment & Supplies – 3.2%** |
| 253038 | Boston Scientific Corp.\* | $10908468 |
| 28139 | Intuitive Surgical, Inc.\* | 6935420 |
| 151339 | Medtronic PLC | 13217948 |
|  |  | 31061836 |
| **Health Care Providers & Services – 6.9%** | **Health Care Providers & Services – 6.9%** | **Health Care Providers & Services – 6.9%** |
| 142292 | Centene Corp.\* | 12113318 |
| 42438 | Cigna Corp. | 13710020 |
| 27442 | Elevance Health, Inc. | 15004462 |
| 23009 | Humana, Inc. | 12840863 |
| 16155 | Molina Healthcare, Inc.\* | 5797383 |
| 9905 | UnitedHealth Group, Inc. | 5498761 |
| 20895 | Universal Health Services, Inc., Class B | 2421104 |
|  |  | 67385911 |
| **Hotels, Restaurants & Leisure – 1.4%** | **Hotels, Restaurants & Leisure – 1.4%** | **Hotels, Restaurants & Leisure – 1.4%** |
| 3164 | Hyatt Hotels Corp., Class A\* | 298080 |
| 65295 | Marriott International, Inc., Class A | 10454383 |
| 35104 | Wyndham Hotels & Resorts, Inc. | 2665447 |
|  |  | 13417910 |
| **Household Durables – 0.1%** | **Household Durables – 0.1%** | **Household Durables – 0.1%** |
| 10735 | Garmin Ltd. | 945109 |
| **Household Products – 0.7%** | **Household Products – 0.7%** | **Household Products – 0.7%** |
| 58009 | Kimberly-Clark Corp. | 7219800 |
| **Insurance – 2.8%** | **Insurance – 2.8%** | **Insurance – 2.8%** |
| 29184 | American Financial Group, Inc. | 4234890 |
| 62781 | Chubb Ltd. | 13491009 |
| 50347 | Lincoln National Corp. | 2712193 |
| 11725 | Loews Corp. | 668559 |
| 32992 | Marsh & McLennan Cos., Inc. | 5327878 |
| 2947 | Travelers Cos., Inc. (The) | 543604 |
|  |  | 26978133 |
| **Interactive Media & Services – 3.1%** | **Interactive Media & Services – 3.1%** | **Interactive Media & Services – 3.1%** |
| 235461 | Alphabet, Inc., Class C\* | 22288738 |
| 86955 | Meta Platforms, Inc., Class A\* | 8100728 |
|  |  | 30389466 |
| **Internet & Direct Marketing Retail – 2.6%** | **Internet & Direct Marketing Retail – 2.6%** | **Internet & Direct Marketing Retail – 2.6%** |
| 251621 | Amazon.com, Inc.\* | 25776055 |
| **IT Services – 3.0%** | **IT Services – 3.0%** | **IT Services – 3.0%** |
| 31066 | Accenture PLC, Class A | 8819638 |
| 8758 | Gartner, Inc.\* | 2644215 |
| 19890 | Mastercard, Inc., Class A | 6527500 |
| 3904 | Snowflake, Inc., Class A\* | 625811 |
| 53303 | VeriSign, Inc.\* | 10685120 |
|  |  | 29302284 |
| **Life Sciences Tools & Services – 1.8%** | **Life Sciences Tools & Services – 1.8%** | **Life Sciences Tools & Services – 1.8%** |
| 57855 | Avantor, Inc.\* | 1166936 |
| 1872 | Mettler-Toledo International, Inc.\* | 2367949 |
| 27559 | Thermo Fisher Scientific, Inc. | 14164499 |
|  |  | 17699384 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Machinery – 1.0%** | **Machinery – 1.0%** | **Machinery – 1.0%** |
| 43435 | Otis Worldwide Corp. | 3068248 |
| 16296 | PACCAR, Inc. | 1577942 |
| 16588 | Parker-Hannifin Corp. | 4820805 |
|  |  | 9466995 |
| **Media – 1.1%** | **Media – 1.1%** | **Media – 1.1%** |
| 23662 | Charter Communications, Inc., Class A\* | 8698624 |
| 124855 | News Corp., Class A | 2106304 |
|  |  | 10804928 |
| **Multiline Retail – 0.1%** | **Multiline Retail – 0.1%** | **Multiline Retail – 0.1%** |
| 42436 | Macy's, Inc. | 884791 |
| **Multi-Utilities – 0.0%** | **Multi-Utilities – 0.0%** | **Multi-Utilities – 0.0%** |
| 6126 | CMS Energy Corp. | 349488 |
| **Oil, Gas & Consumable Fuels – 3.6%** | **Oil, Gas & Consumable Fuels – 3.6%** | **Oil, Gas & Consumable Fuels – 3.6%** |
| 31239 | Antero Resources Corp.\* | 1145222 |
| 47187 | Devon Energy Corp. | 3649915 |
| 13287 | EOG Resources, Inc. | 1813941 |
| 26688 | Exxon Mobil Corp. | 2957297 |
| 401176 | Kinder Morgan, Inc. | 7269309 |
| 74446 | Marathon Oil Corp. | 2266881 |
| 13171 | Marathon Petroleum Corp. | 1496489 |
| 20217 | Ovintiv, Inc. | 1023991 |
| 37884 | Pioneer Natural Resources Co. | 9713836 |
| 30236 | Valero Energy Corp. | 3796130 |
|  |  | 35133011 |
| **Pharmaceuticals – 2.2%** | **Pharmaceuticals – 2.2%** | **Pharmaceuticals – 2.2%** |
| 18048 | Johnson & Johnson | 3139810 |
| 385712 | Pfizer, Inc. | 17954894 |
|  |  | 21094704 |
| **Road & Rail – 3.1%** | **Road & Rail – 3.1%** | **Road & Rail – 3.1%** |
| 410645 | CSX Corp. | 11933344 |
| 94911 | Knight-Swift Transportation Holdings, Inc. | 4558575 |
| 2208 | Norfolk Southern Corp. | 503579 |
| 67667 | Union Pacific Corp. | 13339872 |
|  |  | 30335370 |
| **Semiconductors & Semiconductor Equipment – 3.2%** | **Semiconductors & Semiconductor Equipment – 3.2%** | **Semiconductors & Semiconductor Equipment – 3.2%** |
| 60512 | Applied Materials, Inc. | 5342604 |
| 33249 | Broadcom, Inc. | 15631020 |
| 7094 | Lam Research Corp. | 2871509 |
| 7625 | Monolithic Power Systems, Inc. | 2588306 |
| 9669 | NVIDIA Corp. | 1305025 |
| 20633 | NXP Semiconductors NV (China) | 3014069 |
|  |  | 30752533 |
| **Software – 10.9%** | **Software – 10.9%** | **Software – 10.9%** |
| 36413 | Adobe, Inc.\* | 11597541 |
| 121909 | Fortinet, Inc.\* | 6968318 |
| 31669 | Intuit, Inc. | 13538498 |
| 180508 | Microsoft Corp. | 41901322 |
| 20140 | NCR Corp.\* | 428176 |

---

---

| | |
|:---|:---|
| **56** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Shares** |  |  | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Software – (continued)** | **Software – (continued)** | **Software – (continued)** | **Software – (continued)** | **Software – (continued)** |
|  | 55038 |  |  | $9443970 |
|  | 18132 |  |  | 6273672 |
|  | 12710 |  |  | 5268803 |
|  | 26294 |  |  | 11062938 |
|  |  |  |  | 106483238 |
| **Specialty Retail – 1.6%** | **Specialty Retail – 1.6%** | **Specialty Retail – 1.6%** | **Specialty Retail – 1.6%** | **Specialty Retail – 1.6%** |
|  | 19608 |  |  | 2084526 |
|  | 4750 |  |  | 12031180 |
|  | 3870 |  |  | 1622962 |
|  |  |  |  | 15738668 |
| **Technology Hardware, Storage & Peripherals – 6.7%** | **Technology Hardware, Storage & Peripherals – 6.7%** | **Technology Hardware, Storage & Peripherals – 6.7%** | **Technology Hardware, Storage & Peripherals – 6.7%** | **Technology Hardware, Storage & Peripherals – 6.7%** |
|  | 383178 |  |  | 58756514 |
|  | 357852 |  |  | 5106548 |
|  | 38146 |  |  | 1177186 |
|  |  |  |  | 65040248 |
| **Thrifts & Mortgage Finance – 0.3%** | **Thrifts & Mortgage Finance – 0.3%** | **Thrifts & Mortgage Finance – 0.3%** | **Thrifts & Mortgage Finance – 0.3%** | **Thrifts & Mortgage Finance – 0.3%** |
|  | 353632 |  |  | 3292314 |
| **Tobacco – 1.9%** | **Tobacco – 1.9%** | **Tobacco – 1.9%** | **Tobacco – 1.9%** | **Tobacco – 1.9%** |
|  | 264148 |  |  | 12222128 |
|  | 70395 |  |  | 6465781 |
|  |  |  |  | 18687909 |
| **Trading Companies & Distributors – 0.1%** | **Trading Companies & Distributors – 0.1%** | **Trading Companies & Distributors – 0.1%** | **Trading Companies & Distributors – 0.1%** | **Trading Companies & Distributors – 0.1%** |
|  | 15983 |  |  | 772458 |
|  | **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |  |  |
|  | **(Cost $827,648,418)** | **(Cost $827,648,418)** |  | $963383416 |
|  | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE** |
|  | **(Cost $827,648,418)** | **(Cost $827,648,418)** |  | $963383416 |
| **Shares** |  | **Dividend<br>Rate** | **Value** |  |
| **Securities Lending Reinvestment Vehicle – 0.2%<sup>(b)</sup>** | **Securities Lending Reinvestment Vehicle – 0.2%<sup>(b)</sup>** | **Securities Lending Reinvestment Vehicle – 0.2%<sup>(b)</sup>** | **Securities Lending Reinvestment Vehicle – 0.2%<sup>(b)</sup>** |  |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |  |
| 2370250 |  | 3.066% | $2370250 |  |
| **(Cost $2,370,250)** | **(Cost $2,370,250)** | **(Cost $2,370,250)** | **(Cost $2,370,250)** |  |
| **TOTAL INVESTMENTS – 99.1%** | **TOTAL INVESTMENTS – 99.1%** | **TOTAL INVESTMENTS – 99.1%** | **TOTAL INVESTMENTS – 99.1%** |  |
| **(Cost $830,018,668)** | **(Cost $830,018,668)** | **(Cost $830,018,668)** | $965753666 |  |
| **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9%** | 8150608 |  |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $973904274 |  |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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:** | **Investment Abbreviations:** |
|  PLC | —Public Limited Company |
|  REIT | —Real Estate Investment Trust |

---

**ADDITIONAL INVESTMENT INFORMATION**

FUTURES CONTRACTS — At October 31, 2022, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  E-Mini S&P 500 Index | 1 | 12/16/22 | $185929 | $8221 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **57** |

---

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

## Statements of Assets and Liabilities
*October 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap Growth<br>Insights Fund** | **Large Cap Value<br>Insights Fund** | **Small Cap Equity<br>Insights Fund** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $705,347,523, $354,743,474 and $429,032,219, respectively)<sup>(a)</sup> | $977427447 | $367079586 | $439383274 |
|  Investments in affiliated issuers, at value (cost $—, $— and $4,438,548, respectively) |  |  | 4438548 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 2352200 | 3903738 | 4780349 |
|  Cash | 9867680 | 3689011 | 10521628 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 5756627 | 288213 | 780083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 288898 | 183652 | 144222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 52753 | 46625 | 45780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from broker |  |  | 518280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 10454905 | 9055303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income |  | 367 | 13805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  |  | 5800 |
|  Other assets | 123263 | 19662 | 51360 |
| **Total assets** | 995868868 | 385665759 | 469738432 |
| **Liabilities:** |  |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 2352200 | 3903738 | 4780349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 1540076 | 384317 | 689236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 421630 | 154753 | 274737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 149859 | 46420 | 24994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 10118182 | 11972193 |
|  Accrued expenses | 461138 | 189509 | 243890 |
| **Total liabilities** | 4924903 | 14796919 | 17985399 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
|  Paid-in capital | 587690557 | 355653651 | 479329457 |
|  Total distributable earnings (loss) | 403253408 | 15215189 | (27576424) |
| **NET ASSETS** | $990943965 | $370868840 | $451753033 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $211454221 | $55886520 | $33325122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 26259637 | 8955383 | 5092825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 295292376 | 93153727 | 144711518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 19093112 | 3755696 | 2357265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 137644576 | 74490169 | 30746422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 225066845 | 82457273 | 83140426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 22665781 | 4764404 | 12023325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 53467417 | 47405668 | 140356130 |
|  Total Net Assets | $990943965 | $370868840 | $451753033 |
|  Shares outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 8391524 | 2595650 | 1535542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 1336433 | 420575 | 301518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 10967656 | 4333892 | 6267849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 782018 | 173413 | 111584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 5571652 | 3476269 | 1422142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 8367785 | 3836474 | 3599746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 948021 | 223168 | 576382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 1989502 | 2206996 | 6079248 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $25.20 | $21.53 | $21.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 19.65 | 21.29 | 16.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 26.92 | 21.49 | 23.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 24.42 | 21.66 | 21.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 24.70 | 21.43 | 21.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 26.90 | 21.49 | 23.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 23.91 | 21.35 | 20.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 26.87 | 21.48 | 23.09 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes loaned securities having a market value of $2,305,156, $3,826,021 and $4,492,752, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Maximum public offering price per share for Class A Shares of the Large Cap Growth Insights, Large Cap Value Insights and Small Cap Equity Insights Funds is $26.67, $22.78 and $22.96. 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.

---

| | |
|:---|:---|
| **58** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

## Statements of Assets and Liabilities (continued)
*October 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Small Cap Growth<br>Insights Fund** | **Small Cap Value<br>Insights Fund** | **U.S. Equity<br>Insights Fund** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $121,296,256, $1,089,369,918 and $827,648,418, respectively)<sup>(a)</sup> | $126679980 | $1111736653 | $963383416 |
|  Investments in affiliated issuers, at value (cost $391,747, $9,790,127 and $—, respectively) | 391747 | 9790127 |  |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 1362893 | 17292192 | 2370250 |
|  Cash | 2055693 | 17195145 | 12681102 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 2538782 | 25287014 | 25648979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 76984 | 953698 | 303579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 45537 | 107931 | 61173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 23962 | 380546 | 502883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 7103 | 47139 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from broker |  | 1220023 | 21000 |
|  Variation margin on futures contracts | 980 | 14000 |  |
|  Other assets | 32200 | 102414 | 61162 |
| **Total assets** | 133215861 | 1184126882 | 1005033544 |
| **Liabilities:** |  |  |  |
|  Variation margin on futures contracts |  |  | 1413 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 2515439 | 20289435 | 26971050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 1362893 | 17292192 | 2370250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 198002 | 1580855 | 856386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 82530 | 714624 | 410007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 21956 | 114571 | 147940 |
|  Accrued expenses | 645208 | 361229 | 372224 |
| **Total liabilities** | 4826028 | 40352906 | 31129270 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
|  Paid-in capital | 153600946 | 1108275073 | 867724355 |
|  Total distributable earnings (loss) | (25211113) | 35498903 | 106179919 |
| **NET ASSETS** | $128389833 | $1143773976 | $973904274 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $32695332 | $119952973 | $288768632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 4687170 | 4536212 | 14311493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 43621323 | 347239223 | 253657300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  |  | 4780757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 20880270 | 336969417 | 87159172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 17369595 | 273667251 | 17986941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 3862618 | 18475527 | 17487589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 5273525 | 42933373 | 289752390 |
|  Total Net Assets | $128389833 | $1143773976 | $973904274 |
|  Shares outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 2739444 | 3485202 | 5967101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 241679 | 242095 | 349597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 2235999 | 6664177 | 5003011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  |  | 99584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 1570825 | 9851921 | 1832736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 888710 | 5253162 | 355179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 380318 | 556520 | 371528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 269850 | 824178 | 5720969 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $11.94 | $34.42 | $48.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 19.39 | 18.74 | 40.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 19.51 | 52.11 | 50.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  |  | 48.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 13.29 | 34.20 | 47.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 19.54 | 52.10 | 50.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 10.16 | 33.20 | 47.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 19.54 | 52.09 | 50.65 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes loaned securities having a market value of $1,342,294, $16,354,881 and $2,322,845, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Maximum public offering price per share for Class A Shares of the Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds is $12.63, $36.42 and $51.21. 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.** | **59** |

---

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

## Statements of Operations
*For the Fiscal Year Ended October 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap Growth<br>Insights Fund** | **Large Cap Value<br>Insights Fund** | **Small Cap<br>Equity Insights<br>Fund** |
| **Investment income:** | **Investment income:** | **Investment income:** | **Investment income:** |
|  Dividends — unaffiliated issuers (net of foreign withholding taxes of $—, $2,562 and $16,999, respectively) | $13415445 | $7892443 | $6850941 |
|  Securities lending income — affiliated issuer | 16257 | 9422 | 171803 |
|  Dividends — affiliated issuers | 11278 | 2012 | 11911 |
| **Total investment income** | 13442980 | 7903877 | 7034655 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
|  Management fees | 6328236 | 2069912 | 3931708 |
|  Distribution and/or Service (12b-1) fees<sup>(a)</sup> | 1095091 | 263600 | 211500 |
|  Transfer Agency fees<sup>(a)</sup> | 1082330 | 336314 | 293577 |
|  Custody, accounting and administrative services | 145988 | 59634 | 80514 |
|  Registration fees | 136776 | 109459 | 108996 |
|  Professional fees | 105886 | 104344 | 108406 |
|  Service fees — Class C | 87914 | 23707 | 15014 |
|  Shareholder Administration fees — Service Shares | 57138 | 14561 | 6620 |
|  Printing and mailing costs | 42365 | 16018 | 21219 |
|  Trustee fees | 29132 | 26850 | 27211 |
|  Other | 22874 | 17469 | 26009 |
| **Total expenses** | 9133730 | 3041868 | 4830774 |
|  Less — expense reductions | (435636) | (318536) | (355602) |
| **Net expenses** | 8698094 | 2723332 | 4475172 |
| **NET INVESTMENT INCOME** | 4744886 | 5180545 | 2559483 |
| **Realized and unrealized gain (loss):** | **Realized and unrealized gain (loss):** | **Realized and unrealized gain (loss):** | **Realized and unrealized gain (loss):** |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 134431343 | 3437302 | (38426145) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (789161) | 212506 | 847745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 65 |  |  |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (473948015) | (31516580) | (61424716) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  | (135160) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (143) |  |  |
| **Net realized and unrealized loss** | (340305911) | (27866772) | (99138276) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(335561025) | $(22686227) | $(96578793) |

---

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Large Cap Growth Insights Fund | $645524 | $263741 | $57138 | $128688 | $413140 | $56265 | $160901 | $9142 | $311135 | $70969 | $41181 | $19597 |
|  Large Cap Value Insights Fund | 152390 | 71122 | 14561 | 25527 | 97531 | 15173 | 42189 | 2330 | 132379 | 24021 | 8169 | 14522 |
|  Small Cap Equity Insights Fund | 92813 | 45042 | 6620 | 67025 | 59401 | 9609 | 70694 | 1059 | 67326 | 26859 | 21448 | 37181 |

---

---

| | |
|:---|:---|
| **60** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

## Statements of Operations (continued)
*For the Fiscal Year Ended October 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Small Cap Growth<br>Insights Fund** | **Small Cap Value<br>Insights Fund** | **U.S. Equity<br>Insights Fund** |
| **Investment income:** | **Investment income:** | **Investment income:** | **Investment income:** |
|  Dividends — unaffiliated issuers (net of foreign withholding taxes of $5,725, $38,758 and $58, respectively) | $1734047 | $21984760 | $16522490 |
|  Securities lending income — affiliated issuer | 111358 | 462896 | 8253 |
|  Dividends — affiliated issuers | 3408 | 82009 | 33699 |
| **Total investment income** | 1848813 | 22529665 | 16564442 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
|  Management fees | 1699063 | 9271393 | 5516284 |
|  Transfer Agency fees<sup>(a)</sup> | 182501 | 1019493 | 958594 |
|  Distribution and Service (12b-1) fees<sup>(a)</sup> | 171907 | 492955 | 1038983 |
|  Registration fees | 116175 | 186898 | 144896 |
|  Professional fees | 106337 | 114034 | 106156 |
|  Custody, accounting and administrative services | 79122 | 164492 | 124071 |
|  Printing and mailing costs | 31174 | 79529 | 26568 |
|  Trustee fees | 26669 | 24895 | 28769 |
|  Service fees — Class C | 15481 | 14561 | 54523 |
|  Shareholder Administration fees — Service Shares |  |  | 13499 |
|  Other | 12093 | 39273 | 13658 |
| **Total expenses** | 2440522 | 11407523 | 8026001 |
|  Less — expense reductions | (363554) | (569225) | (405495) |
| **Net expenses** | 2076968 | 10838298 | 7620506 |
| **NET INVESTMENT INCOME (LOSS)** | (228155) | 11691367 | 8943936 |
| **Realized and unrealized gain (loss):** | **Realized and unrealized gain (loss):** | **Realized and unrealized gain (loss):** | **Realized and unrealized gain (loss):** |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (25378427) | 11456999 | (28165918) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 338906 | (265835) | (1508869) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  |  | 41 |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (53130064) | (139528843) | (145049622) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 78893 | 655819 | 8221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations |  |  | (110) |
| **Net realized and unrealized loss** | (78090692) | (127681860) | (174716257) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(78318847) | $(115990493) | $(165772321) |

---

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Small Cap Growth Insights Fund | $102225 | $46443 | $23239 | $65424 | $9908 | $29313 | $— | $54410 | $13789 | $7436 | $2221 |
|  Small Cap Value Insights Fund | 345178 | 43683 | 104094 | 220916 | 9319 | 141831 |  | 519665 | 82158 | 33310 | 12294 |
|  U.S. Equity Insights Fund | 818815 | 123070 | 97098 | 524047 | 26255 | 113271 | 2160 | 168311 | 5457 | 31072 | 88021 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **61** |

---

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

## Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** |
|  | **For the Fiscal<br>Year Ended<br>October 31, 2022** | **For the Fiscal<br>Year Ended<br>October 31, 2021** | **For the Fiscal<br>Year Ended<br>October 31, 2022** | **For the Fiscal<br>Year Ended<br>October 31, 2021** |
| **From operations:** | **From operations:** | **From operations:** | **From operations:** | **From operations:** |
|  Net investment income | $4744886 | $670404 | $5180545 | $4444971 |
|  Net realized gain | 133642247 | 505708986 | 3649808 | 93826050 |
|  Net change in unrealized gain (loss) | (473948158) | 180816034 | (31516580) | 36195508 |
| **Net increase (decrease) in net assets resulting from operations** | (335561025) | 687195424 | (22686227) | 134466529 |
| **Distributions to shareholders:** | **Distributions to shareholders:** | **Distributions to shareholders:** | **Distributions to shareholders:** | **Distributions to shareholders:** |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (104931005) | (27425346) | (10180511) | (676736) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (17126354) | (4743046) | (1631216) | (44821) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (158129393) | (73425541) | (18555690) | (1641866) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (10860025) | (4697947) | (1087463) | (64814) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (84678086) | (31566895) | (14726644) | (1222900) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (89995214) | (34402556) | (13318839) | (1203585) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (9787214) | (2831396) | (861348) | (54226) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (23693905) | (5886489) | (7778305) | (619341) |
| **Total distributions to shareholders** | (499201196) | (184979216) | (68140016) | (5528289) |
| **From share transactions:** | **From share transactions:** | **From share transactions:** | **From share transactions:** | **From share transactions:** |
|  Proceeds from sales of shares | 368771652 | 364468504 | 111770968 | 79433361 |
|  Reinvestment of distributions | 419949153 | 164888599 | 64404245 | 5295179 |
|  Cost of shares redeemed | (949098248) | (931130685) | (131251860) | (117460596) |
| **Net increase (decrease) in net assets resulting from share transactions** | (160377443) | (401773582) | 44923353 | (32732056) |
| **TOTAL INCREASE (DECREASE)** | (995139664) | 100442626 | (45902890) | 96206184 |
| **Net assets:** |  |  |  |  |
|  Beginning of year | 1986083629 | 1885641003 | 416771730 | 320565546 |
|  End of year | $990943965 | $1986083629 | $370868840 | $416771730 |

---

---

| | |
|:---|:---|
| **62** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

## Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** |
|  | **For the Fiscal<br>Year Ended<br>October 31, 2022** | **For the Fiscal<br>Year Ended<br>October 31, 2021** | **For the Fiscal<br>Year Ended<br>October 31, 2022** | **For the Fiscal<br>Year Ended<br>October 31, 2021** |
| **From operations:** | **From operations:** | **From operations:** | **From operations:** | **From operations:** |
|  Net investment income (loss) | $2559483 | $1126927 | $(228155) | $(2442927) |
|  Net realized gain (loss) | (37578400) | 159963606 | (25039521) | 356301385 |
|  Net change in unrealized gain (loss) | (61559876) | 86727159 | (53051171) | 18542494 |
| **Net increase (decrease) in net assets resulting from operations** | (96578793) | 247817692 | (78318847) | 372400952 |
| **Distributions to shareholders:** | **Distributions to shareholders:** | **Distributions to shareholders:** | **Distributions to shareholders:** | **Distributions to shareholders:** |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (10704326) | (72203) | (48790883) | (2093905) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (2167796) |  | (12321505) | (366093) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (49102288) | (946817) | (75809056) | (6793298) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (861999) | (5076) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (14260306) | (295176) | (35980460) | (18616142) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (23794917) | (765740) | (46540269) | (7408415) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (3915484) | (3581) | (4303299) | (351853) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (34137536) | (568617) | (5274692) | (361013) |
| **Total distributions to shareholders** | (138944652) | (2657210) | (229020164) | (35990719) |
| **From share transactions:** | **From share transactions:** | **From share transactions:** | **From share transactions:** | **From share transactions:** |
|  Proceeds from sales of shares | 195372500 | 189597209 | 77704590 | 247305099 |
|  Reinvestment of distributions | 137848944 | 2591640 | 224260058 | 34839289 |
|  Cost of shares redeemed | (255549233) | (372114225) | (277436092) | (1188950492) |
| **Net increase (decrease) in net assets resulting from share transactions** | 77672211 | (179925376) | 24528556 | (906806104) |
| **TOTAL INCREASE (DECREASE)** | (157851234) | 65235106 | (282810455) | (570395871) |
| **Net assets:** |  |  |  |  |
|  Beginning of year | 609604267 | 544369161 | 411200288 | 981596159 |
|  End of year | $451753033 | $609604267 | $128389833 | $411200288 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **63** |

---

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** |
|  | **For the Fiscal<br>Year Ended<br>October 31, 2022** | **For the Fiscal<br>Year Ended<br>October 31, 2021** | **For the Fiscal<br>Year Ended<br>October 31, 2022** | **For the Fiscal<br>Year Ended<br>October 31, 2021** |
| **From operations:** | **From operations:** | **From operations:** | **From operations:** | **From operations:** |
|  Net investment income | $11691367 | $8699106 | $8943936 | $5827946 |
|  Net realized gain (loss) | 11191164 | 303869950 | (29674746) | 259553956 |
|  Net change in unrealized gain (loss) | (138873024) | 189427785 | (145041511) | 115297206 |
| **Net increase (decrease) in net assets resulting from operations** | (115990493) | 501996841 | (165772321) | 380679108 |
| **Distributions to shareholders:** | **Distributions to shareholders:** | **Distributions to shareholders:** | **Distributions to shareholders:** | **Distributions to shareholders:** |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (43779967) | (785368) | (82471108) | (13719487) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (2978431) | (24825) | (4771581) | (762606) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (80217562) | (1852902) | (68876505) | (12408988) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  |  | (1361000) | (254428) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (88616425) | (2781222) | (29215058) | (4441328) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (65637668) | (1592174) | (3966077) | (431144) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (6680785) | (118456) | (4945801) | (1852525) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (9546149) | (273740) | (65314484) | (12331032) |
| **Total distributions to shareholders** | (297456987) | (7428687) | (260921614) | (46201538) |
| **From share transactions:** | **From share transactions:** | **From share transactions:** | **From share transactions:** | **From share transactions:** |
|  Proceeds from sales of shares | 558160960 | 449592114 | 300568482 | 138787492 |
|  Reinvestment of distributions | 292056096 | 7237135 | 255838078 | 45365118 |
|  Cost of shares redeemed | (572442069) | (440679567) | (378288855) | (252334903) |
| **Net increase (decrease) in net assets resulting from share transactions** | 277774987 | 16149682 | 178117705 | (68182293) |
| **TOTAL INCREASE (DECREASE)** | (135672493) | 510717836 | (248576230) | 266295277 |
| **Net assets:** |  |  |  |  |
|  Beginning of year | 1279446469 | 768728633 | 1222480504 | 956185227 |
|  End of year | $1143773976 | $1279446469 | $973904274 | $1222480504 |

---

---

| | |
|:---|:---|
| **64** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

## Financial Highlights
*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $48.76 | $37.63 | $31.54 | $31.05 | $30.36 |
|  Net investment income (loss)<sup>(a)</sup> | 0.03 <sup>(b)</sup> | (0.09) | — <sup>(c)</sup> | 0.10 | 0.10 |
|  Net realized and unrealized gain (loss) | (8.25) | 15.02 | 7.31 | 3.00 | 1.96 |
|  Total from investment operations | (8.22) | 14.93 | 7.31 | 3.10 | 2.06 |
|  Distributions to shareholders from net investment income |  |  | (0.10) | (0.09) | (0.08) |
|  Distributions to shareholders from net realized gains | (15.34) | (3.80) | (1.12) | (2.52) | (1.29) |
|  Total distributions | (15.34) | (3.80) | (1.22) | (2.61) | (1.37) |
|  Net asset value, end of year | $25.20 | $48.76 | $37.63 | $31.54 | $31.05 |
| **Total Return<sup>(d)</sup>** | (24.27)% | 42.69% | 23.84% | 11.28% | 6.95% |
|  Net assets, end of year (in 000's) | $211454 | $336453 | $286777 | $301506 | $317418 |
|  Ratio of net expenses to average net assets | 0.92% | 0.91% | 0.92% | 0.93% | 0.92% |
|  Ratio of total expenses to average net assets | 0.96% | 0.94% | 0.95% | 0.97% | 0.95% |
|  Ratio of net investment income (loss) to average net assets | 0.10 %<sup>(b)</sup> | (0.21)% | (0.01)% | 0.33% | 0.32% |
|  Portfolio turnover rate<sup>(e)</sup> | 200% | 214% | 218% | 192% | 188% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.10 per share and 0.32% of average net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **65** |

---

------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

## Financial Highlights (continued)
*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $41.64 | $32.87 | $27.79 | $27.78 | $27.42 |
|  Net investment loss<sup>(a)</sup> | (0.15)<sup>(b)</sup> | (0.35) | (0.23) | (0.10) | (0.12) |
|  Net realized and unrealized gain (loss) | (6.50) | 12.92 | 6.43 | 2.63 | 1.77 |
|  Total from investment operations | (6.65) | 12.57 | 6.20 | 2.53 | 1.65 |
|  Distributions to shareholders from net realized gains | (15.34) | (3.80) | (1.12) | (2.52) | (1.29) |
|  Net asset value, end of year | $19.65 | $41.64 | $32.87 | $27.79 | $27.78 |
| **Total Return<sup>(c)</sup>** | (24.84)% | 41.59% | 22.97% | 10.42% | 6.18% |
|  Net assets, end of year (in 000's) | $26260 | $47078 | $41838 | $42004 | $56046 |
|  Ratio of net expenses to average net assets | 1.67% | 1.66% | 1.67% | 1.68% | 1.67% |
|  Ratio of total expenses to average net assets | 1.71% | 1.69% | 1.70% | 1.72% | 1.70% |
|  Ratio of net investment loss to average net assets | (0.64)%<sup>(b)</sup> | (0.96)% | (0.76)% | (0.40)% | (0.42)% |
|  Portfolio turnover rate<sup>(d)</sup> | 200% | 214% | 218% | 192% | 188% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.10 per share and 0.32% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

---

| | |
|:---|:---|
| **66** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $50.98 | $39.16 | $32.77 | $32.17 | $31.39 |
|  Net investment income<sup>(a)</sup> | 0.21 <sup>(b)</sup> | 0.07 | 0.13 | 0.23 | 0.23 |
|  Net realized and unrealized gain (loss) | (8.85) | 15.66 | 7.61 | 3.09 | 2.02 |
|  Total from investment operations | (8.64) | 15.73 | 7.74 | 3.32 | 2.25 |
|  Distributions to shareholders from net investment income | (0.08) | (0.11) | (0.23) | (0.20) | (0.18) |
|  Distributions to shareholders from net realized gains | (15.34) | (3.80) | (1.12) | (2.52) | (1.29) |
|  Total distributions | (15.42) | (3.91) | (1.35) | (2.72) | (1.47) |
|  Net asset value, end of year | $26.92 | $50.98 | $39.16 | $32.77 | $32.17 |
| **Total Return<sup>(c)</sup>** | (24.00)% | 43.18% | 24.33% | 11.70% | 7.38% |
|  Net assets, end of year (in 000's) | $295292 | $893602 | $741893 | $760316 | $806091 |
|  Ratio of net expenses to average net assets | 0.55% | 0.54% | 0.54% | 0.54% | 0.53% |
|  Ratio of total expenses to average net assets | 0.59% | 0.57% | 0.58% | 0.58% | 0.56% |
|  Ratio of net investment income to average net assets | 0.64 %<sup>(b)</sup> | 0.16% | 0.36% | 0.72% | 0.71% |
|  Portfolio turnover rate<sup>(d)</sup> | 200% | 214% | 218% | 192% | 188% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.10 per share and 0.32% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **67** |

---

------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $47.77 | $36.98 | $31.02 | $30.53 | $29.94 |
|  Net investment income (loss)<sup>(a)</sup> | — <sup>(b)(c)</sup> | (0.14) | (0.05) | 0.07 | 0.07 |
|  Net realized and unrealized gain (loss) | (8.01) | 14.73 | 7.20 | 2.95 | 1.92 |
|  Total from investment operations | (8.01) | 14.59 | 7.15 | 3.02 | 1.99 |
|  Distributions to shareholders from net investment income |  |  | (0.07) | (0.01) | (0.11) |
|  Distributions to shareholders from net realized gains | (15.34) | (3.80) | (1.12) | (2.52) | (1.29) |
|  Total distributions | (15.34) | (3.80) | (1.19) | (2.53) | (1.40) |
|  Net asset value, end of year | $24.42 | $47.77 | $36.98 | $31.02 | $30.53 |
| **Total Return<sup>(d)</sup>** | (24.36)% | 42.50% | 23.68% | 11.15% | 6.82% |
|  Net assets, end of year (in 000's) | $19093 | $34280 | $47346 | $50445 | $53347 |
|  Ratio of net expenses to average net assets | 1.05% | 1.04% | 1.04% | 1.04% | 1.03% |
|  Ratio of total expenses to average net assets | 1.09% | 1.07% | 1.08% | 1.08% | 1.06% |
|  Ratio of net investment income (loss) to average net assets | 0.01 %<sup>(b)</sup> | (0.34)% | (0.13)% | 0.22% | 0.21% |
|  Portfolio turnover rate<sup>(e)</sup> | 200% | 214% | 218% | 192% | 188% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.10 per share and 0.32% of average net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

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

---

| | |
|:---|:---|
| **68** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $48.07 | $37.12 | $31.13 | $30.69 | $30.03 |
|  Net investment income<sup>(a)</sup> | 0.11 <sup>(b)</sup> | 0.02 | 0.09 | 0.17 | 0.18 |
|  Net realized and unrealized gain (loss) | (8.09) | 14.80 | 7.21 | 2.95 | 1.93 |
|  Total from investment operations | (7.98) | 14.82 | 7.30 | 3.12 | 2.11 |
|  Distributions to shareholders from net investment income | (0.05) | (0.07) | (0.19) | (0.16) | (0.16) |
|  Distributions to shareholders from net realized gains | (15.34) | (3.80) | (1.12) | (2.52) | (1.29) |
|  Total distributions | (15.39) | (3.87) | (1.31) | (2.68) | (1.45) |
|  Net asset value, end of year | $24.70 | $48.07 | $37.12 | $31.13 | $30.69 |
| **Total Return<sup>(c)</sup>** | (24.10)% | 43.03% | 24.17% | 11.56% | 7.23% |
|  Net assets, end of year (in 000's) | $137645 | $271096 | $308107 | $401677 | $415757 |
|  Ratio of net expenses to average net assets | 0.67% | 0.66% | 0.67% | 0.68% | 0.67% |
|  Ratio of total expenses to average net assets | 0.71% | 0.69% | 0.70% | 0.72% | 0.70% |
|  Ratio of net investment income to average net assets | 0.36 %<sup>(b)</sup> | 0.04% | 0.26% | 0.58% | 0.56% |
|  Portfolio turnover rate<sup>(d)</sup> | 200% | 214% | 218% | 192% | 188% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.10 per share and 0.32% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **69** |

---

------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $50.95 | $39.14 | $32.75 | $32.15 | $31.38 |
|  Net investment income<sup>(a)</sup> | 0.15 <sup>(b)</sup> | 0.08 | 0.13 | 0.23 | 0.24 |
|  Net realized and unrealized gain (loss) | (8.76) | 15.65 | 7.61 | 3.10 | 2.01 |
|  Total from investment operations | (8.61) | 15.73 | 7.74 | 3.33 | 2.25 |
|  Distributions to shareholders from net investment income | (0.10) | (0.12) | (0.23) | (0.21) | (0.19) |
|  Distributions to shareholders from net realized gains | (15.34) | (3.80) | (1.12) | (2.52) | (1.29) |
|  Total distributions | (15.44) | (3.92) | (1.35) | (2.73) | (1.48) |
|  Net asset value, end of year | $26.90 | $50.95 | $39.14 | $32.75 | $32.15 |
| **Total Return<sup>(c)</sup>** | (23.97)% | 43.19% | 24.36% | 11.72% | 7.37% |
|  Net assets, end of year (in 000's) | $225067 | $295157 | $373079 | $313461 | $344129 |
|  Ratio of net expenses to average net assets | 0.54% | 0.53% | 0.53% | 0.53% | 0.52% |
|  Ratio of total expenses to average net assets | 0.58% | 0.56% | 0.57% | 0.57% | 0.55% |
|  Ratio of net investment income to average net assets | 0.48 %<sup>(b)</sup> | 0.17% | 0.36% | 0.75% | 0.71% |
|  Portfolio turnover rate<sup>(d)</sup> | 200% | 214% | 218% | 192% | 188% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.10 per share and 0.32% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

---

| | |
|:---|:---|
| **70** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $47.14 | $36.58 | $30.73 | $30.30 | $29.67 |
|  Net investment income (loss)<sup>(a)</sup> | (0.05)<sup>(b)</sup> | (0.19) | (0.08) | 0.02 | 0.02 |
|  Net realized and unrealized gain (loss) | (7.84) | 14.55 | 7.12 | 2.93 | 1.92 |
|  Total from investment operations | (7.89) | 14.36 | 7.04 | 2.95 | 1.94 |
|  Distributions to shareholders from net investment income |  |  | (0.07) |  | (0.02) |
|  Distributions to shareholders from net realized gains | (15.34) | (3.80) | (1.12) | (2.52) | (1.29) |
|  Total distributions | (15.34) | (3.80) | (1.19) | (2.52) | (1.31) |
|  Net asset value, end of year | $23.91 | $47.14 | $36.58 | $30.73 | $30.30 |
| **Total Return<sup>(c)</sup>** | (24.46)% | 42.33% | 23.55% | 10.98% | 6.69% |
|  Net assets, end of year (in 000's) | $22666 | $30111 | $27314 | $34397 | $25893 |
|  Ratio of net expenses to average net assets | 1.17% | 1.16% | 1.17% | 1.18% | 1.17% |
|  Ratio of total expenses to average net assets | 1.21% | 1.19% | 1.20% | 1.22% | 1.20% |
|  Ratio of net investment income (loss) to average net assets | (0.17)%<sup>(b)</sup> | (0.46)% | (0.25)% | 0.05% | 0.08% |
|  Portfolio turnover rate<sup>(d)</sup> | 200% | 214% | 218% | 192% | 188% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.10 per share and 0.32% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **71** |

---

------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** | **Goldman Sachs Large Cap Growth Insights Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
| | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $50.93 | $39.12 | $32.74 | $32.15 | $32.07 |
|  Net investment income<sup>(b)</sup> | 0.15 <sup>(b)</sup> | 0.07 | 0.13 | 0.22 | 0.12 |
|  Net realized and unrealized gain (loss) | (8.78) | 15.66 | 7.61 | 3.10 | (0.04) |
|  Total from investment operations | (8.63) | 15.73 | 7.74 | 3.32 | 0.08 |
|  Distributions to shareholders from net investment income | (0.09) | (0.12) | (0.24) | (0.21) |  |
|  Distributions to shareholders from net realized gains | (15.34) | (3.80) | (1.12) | (2.52) |  |
|  Total distributions<sup>(c)</sup> | (15.43) | (3.92) | (1.36) | (2.73) |  |
|  Net asset value, end of period | $26.87 | $50.93 | $39.12 | $32.74 | $32.15 |
| **Total Return<sup>(d)</sup>** | (24.00)% | 43.21% | 24.34% | 11.71% | 0.25% |
|  Net assets, end of period (in 000's) | $53467 | $78307 | $59286 | $49099 | $39938 |
|  Ratio of net expenses to average net assets | 0.54% | 0.53% | 0.53% | 0.53% | 0.52 %<sup>(e)</sup> |
|  Ratio of total expenses to average net assets | 0.58% | 0.56% | 0.57% | 0.57% | 0.56 %<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 0.47 %<sup>(b)</sup> | 0.17% | 0.36% | 0.71% | 0.66 %<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 200% | 214% | 218% | 192% | 188% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 16, 2018.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.10 per share and 0.32% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Calculated based on the average shares outstanding methodology.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

---

| | |
|:---|:---|
| **72** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $27.15 | $19.23 | $21.27 | $21.59 | $21.01 |
|  Net investment income<sup>(a)</sup> | 0.24 <sup>(b)</sup> | 0.22 <sup>(c)</sup> | 0.25 | 0.28 | 0.25 |
|  Net realized and unrealized gain (loss) | (1.47) | 7.98 | (2.03) | 0.75 | 0.56 |
|  Total from investment operations | (1.23) | 8.20 | (1.78) | 1.03 | 0.81 |
|  Distributions to shareholders from net investment income | (0.24) | (0.28) | (0.26) | (0.29) | (0.23) |
|  Distributions to shareholders from net realized gains | (4.15) |  |  | (1.06) |  |
|  Total distributions | (4.39) | (0.28) | (0.26) | (1.35) | (0.23) |
|  Net asset value, end of year | $21.53 | $27.15 | $19.23 | $21.27 | $21.59 |
| **Total Return<sup>(d)</sup>** | (5.42)% | 42.87% | (8.34)% | 5.30% | 3.82% |
|  Net assets, end of year (in 000's) | $55887 | $62575 | $47125 | $65556 | $62349 |
|  Ratio of net expenses to average net assets | 0.93% | 0.93% | 0.94% | 0.95% | 0.95% |
|  Ratio of total expenses to average net assets | 1.01% | 1.03% | 1.05% | 1.07% | 1.03% |
|  Ratio of net investment income to average net assets | 1.04 %<sup>(b)</sup> | 0.87 %<sup>(c)</sup> | 1.26% | 1.36% | 1.13% |
|  Portfolio turnover rate<sup>(e)</sup> | 209% | 215% | 212% | 225% | 202% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.24% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **73** |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $26.90 | $19.05 | $21.06 | $21.39 | $20.82 |
|  Net investment income<sup>(a)</sup> | 0.07 <sup>(b)</sup> | 0.04 <sup>(c)</sup> | 0.10 | 0.12 | 0.08 |
|  Net realized and unrealized gain (loss) | (1.46) | 7.91 | (2.01) | 0.75 | 0.55 |
|  Total from investment operations | (1.39) | 7.95 | (1.91) | 0.87 | 0.63 |
|  Distributions to shareholders from net investment income | (0.07) | (0.10) | (0.10) | (0.14) | (0.06) |
|  Distributions to shareholders from net realized gains | (4.15) |  |  | (1.06) |  |
|  Total distributions | (4.22) | (0.10) | (0.10) | (1.20) | (0.06) |
|  Net asset value, end of year | $21.29 | $26.90 | $19.05 | $21.06 | $21.39 |
| **Total Return<sup>(d)</sup>** | (6.14)% | 41.85% | (9.02)% | 4.53% | 3.00% |
|  Net assets, end of year (in 000's) | $8955 | $10713 | $8773 | $12694 | $10058 |
|  Ratio of net expenses to average net assets | 1.68% | 1.68% | 1.69% | 1.70% | 1.70% |
|  Ratio of total expenses to average net assets | 1.76% | 1.78% | 1.80% | 1.82% | 1.78% |
|  Ratio of net investment income to average net assets | 0.32 %<sup>(b)</sup> | 0.16 %<sup>(c)</sup> | 0.52% | 0.61% | 0.37% |
|  Portfolio turnover rate<sup>(e)</sup> | 209% | 215% | 212% | 225% | 202% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.24% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

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

---

| | |
|:---|:---|
| **74** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $27.11 | $19.20 | $21.24 | $21.57 | $20.99 |
|  Net investment income<sup>(a)</sup> | 0.32 <sup>(b)</sup> | 0.31 <sup>(c)</sup> | 0.33 | 0.36 | 0.33 |
|  Net realized and unrealized gain (loss) | (1.47) | 7.97 | (2.04) | 0.74 | 0.56 |
|  Total from investment operations | (1.15) | 8.28 | (1.71) | 1.10 | 0.89 |
|  Distributions to shareholders from net investment income | (0.32) | (0.37) | (0.33) | (0.37) | (0.31) |
|  Distributions to shareholders from net realized gains | (4.15) |  |  | (1.06) |  |
|  Total distributions | (4.47) | (0.37) | (0.33) | (1.43) | (0.31) |
|  Net asset value, end of year | $21.49 | $27.11 | $19.20 | $21.24 | $21.57 |
| **Total Return<sup>(d)</sup>** | (5.08)% | 43.40% | (7.98)% | 5.68% | 4.22% |
|  Net assets, end of year (in 000's) | $93154 | $114706 | $88472 | $120417 | $122587 |
|  Ratio of net expenses to average net assets | 0.56% | 0.56% | 0.56% | 0.57% | 0.56% |
|  Ratio of total expenses to average net assets | 0.64% | 0.66% | 0.67% | 0.68% | 0.64% |
|  Ratio of net investment income to average net assets | 1.43 %<sup>(b)</sup> | 1.26 %<sup>(c)</sup> | 1.64% | 1.74% | 1.52% |
|  Portfolio turnover rate<sup>(e)</sup> | 209% | 215% | 212% | 225% | 202% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.24% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **75** |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $27.28 | $19.32 | $21.36 | $21.67 | $21.09 |
|  Net investment income<sup>(a)</sup> | 0.21 <sup>(b)</sup> | 0.19 <sup>(c)</sup> | 0.23 | 0.27 | 0.22 |
|  Net realized and unrealized gain (loss) | (1.48) | 8.02 | (2.04) | 0.75 | 0.56 |
|  Total from investment operations | (1.27) | 8.21 | (1.81) | 1.02 | 0.78 |
|  Distributions to shareholders from net investment income | (0.20) | (0.25) | (0.23) | (0.27) | (0.20) |
|  Distributions to shareholders from net realized gains | (4.15) |  |  | (1.06) |  |
|  Total distributions | (4.35) | (0.25) | (0.23) | (1.33) | (0.20) |
|  Net asset value, end of year | $21.66 | $27.28 | $19.32 | $21.36 | $21.67 |
| **Total Return<sup>(d)</sup>** | (5.55)% | 42.68% | (8.44)% | 5.19% | 3.70% |
|  Net assets, end of year (in 000's) | $3756 | $6769 | $5230 | $7554 | $10199 |
|  Ratio of net expenses to average net assets | 1.06% | 1.06% | 1.06% | 1.07% | 1.06% |
|  Ratio of total expenses to average net assets | 1.14% | 1.16% | 1.17% | 1.18% | 1.14% |
|  Ratio of net investment income to average net assets | 0.93 %<sup>(b)</sup> | 0.76 %<sup>(c)</sup> | 1.13% | 1.28% | 1.00% |
|  Portfolio turnover rate<sup>(e)</sup> | 209% | 215% | 212% | 225% | 202% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.24% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

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

---

| | |
|:---|:---|
| **76** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $27.04 | $19.15 | $21.18 | $21.51 | $20.94 |
|  Net investment income<sup>(a)</sup> | 0.30 <sup>(b)</sup> | 0.28 <sup>(c)</sup> | 0.31 | 0.32 | 0.29 |
|  Net realized and unrealized gain (loss) | (1.47) | 7.95 | (2.03) | 0.76 | 0.57 |
|  Total from investment operations | (1.17) | 8.23 | (1.72) | 1.08 | 0.86 |
|  Distributions to shareholders from net investment income | (0.29) | (0.34) | (0.31) | (0.35) | (0.29) |
|  Distributions to shareholders from net realized gains | (4.15) |  |  | (1.06) |  |
|  Total distributions | (4.44) | (0.34) | (0.31) | (1.41) | (0.29) |
|  Net asset value, end of year | $21.43 | $27.04 | $19.15 | $21.18 | $21.51 |
| **Total Return<sup>(d)</sup>** | (5.17)% | 43.24% | (8.09)% | 5.55% | 4.07% |
|  Net assets, end of year (in 000's) | $74490 | $91133 | $70302 | $134069 | $84895 |
|  Ratio of net expenses to average net assets | 0.68% | 0.68% | 0.69% | 0.70% | 0.70% |
|  Ratio of total expenses to average net assets | 0.76% | 0.78% | 0.80% | 0.82% | 0.78% |
|  Ratio of net investment income to average net assets | 1.31 %<sup>(b)</sup> | 1.13 %<sup>(c)</sup> | 1.54% | 1.58% | 1.33% |
|  Portfolio turnover rate<sup>(e)</sup> | 209% | 215% | 212% | 225% | 202% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.24% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **77** |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $27.11 | $19.20 | $21.24 | $21.56 | $20.99 |
|  Net investment income<sup>(a)</sup> | 0.32 <sup>(b)</sup> | 0.31 <sup>(c)</sup> | 0.32 | 0.40 | 0.33 |
|  Net realized and unrealized gain (loss) | (1.47) | 7.98 | (2.02) | 0.72 | 0.55 |
|  Total from investment operations | (1.15) | 8.29 | (1.70) | 1.12 | 0.88 |
|  Distributions to shareholders from net investment income | (0.32) | (0.38) | (0.34) | (0.38) | (0.31) |
|  Distributions to shareholders from net realized gains | (4.15) |  |  | (1.06) |  |
|  Total distributions | (4.47) | (0.38) | (0.34) | (1.44) | (0.31) |
|  Net asset value, end of year | $21.49 | $27.11 | $19.20 | $21.24 | $21.56 |
| **Total Return<sup>(d)</sup>** | (5.07)% | 43.42% | (7.97)% | 5.73% | 4.19% |
|  Net assets, end of year (in 000's) | $82457 | $79348 | $65692 | $73981 | $149225 |
|  Ratio of net expenses to average net assets | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
|  Ratio of total expenses to average net assets | 0.63% | 0.65% | 0.66% | 0.66% | 0.62% |
|  Ratio of net investment income to average net assets | 1.43 %<sup>(b)</sup> | 1.26 %<sup>(c)</sup> | 1.63% | 1.84% | 1.47% |
|  Portfolio turnover rate<sup>(e)</sup> | 209% | 215% | 212% | 225% | 202% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.24% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

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

---

| | |
|:---|:---|
| **78** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $26.96 | $19.09 | $21.12 | $21.45 | $20.88 |
|  Net investment income<sup>(a)</sup> | 0.18 <sup>(b)</sup> | 0.16 <sup>(c)</sup> | 0.19 | 0.23 | 0.19 |
|  Net realized and unrealized gain (loss) | (1.46) | 7.93 | (2.01) | 0.74 | 0.56 |
|  Total from investment operations | (1.28) | 8.09 | (1.82) | 0.97 | 0.75 |
|  Distributions to shareholders from net investment income | (0.18) | (0.22) | (0.21) | (0.24) | (0.18) |
|  Distributions to shareholders from net realized gains | (4.15) |  |  | (1.06) |  |
|  Total distributions | (4.33) | (0.22) | (0.21) | (1.30) | (0.18) |
|  Net asset value, end of year | $21.35 | $26.96 | $19.09 | $21.12 | $21.45 |
| **Total Return<sup>(d)</sup>** | (5.66)% | 42.57% | (8.58)% | 5.01% | 3.56% |
|  Net assets, end of year (in 000's) | $4764 | $5450 | $4885 | $5189 | $5651 |
|  Ratio of net expenses to average net assets | 1.18% | 1.18% | 1.19% | 1.20% | 1.20% |
|  Ratio of total expenses to average net assets | 1.26% | 1.28% | 1.30% | 1.32% | 1.28% |
|  Ratio of net investment income to average net assets | 0.81 %<sup>(b)</sup> | 0.64 %<sup>(c)</sup> | 0.99% | 1.12% | 0.88% |
|  Portfolio turnover rate<sup>(e)</sup> | 209% | 215% | 212% | 225% | 202% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.24% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **79** |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** | **Goldman Sachs Large Cap Value Insights Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
| | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $27.10 | $19.19 | $21.23 | $21.55 | $21.87 |
|  Net investment income<sup>(b)</sup> | 0.32 <sup>(c)</sup> | 0.30 <sup>(d)</sup> | 0.32 | 0.36 | 0.17 |
|  Net realized and unrealized gain (loss) | (1.47) | 7.99 | (2.02) | 0.76 | (0.33) |
|  Total from investment operations | (1.15) | 8.29 | (1.70) | 1.12 | (0.16) |
|  Distributions to shareholders from net investment income | (0.32) | (0.38) | (0.34) | (0.38) | (0.16) |
|  Distributions to shareholders from net realized gains | (4.15) |  |  | (1.06) |  |
|  Total distributions | (4.47) | (0.38) | (0.34) | (1.44) | (0.16) |
|  Net asset value, end of period | $21.48 | $27.10 | $19.19 | $21.23 | $21.55 |
| **Total Return<sup>(e)</sup>** | (5.07)% | 43.44% | (7.97)% | 5.74% | (0.77)% |
|  Net assets, end of period (in 000's) | $47406 | $46078 | $30086 | $33601 | $27967 |
|  Ratio of net expenses to average net assets | 0.55% | 0.55% | 0.55% | 0.56% | 0.55 %<sup>(f)</sup> |
|  Ratio of total expenses to average net assets | 0.63% | 0.65% | 0.66% | 0.67% | 0.65 %<sup>(f)</sup> |
|  Ratio of net investment income to average net assets | 1.42 %<sup>(c)</sup> | 1.23 %<sup>(d)</sup> | 1.63% | 1.75% | 1.38 %<sup>(f)</sup> |
|  Portfolio turnover rate<sup>(g)</sup> | 209% | 215% | 212% | 225% | 202% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 16, 2018.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.24% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% of average net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| **80** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $35.35 | $22.96 | $25.62 | $25.74 | $24.77 |
|  Net investment income (loss)<sup>(a)</sup> | 0.05 <sup>(b)</sup> | (0.04) | (0.01) | 0.05 | 0.01 <sup>(c)</sup> |
|  Net realized and unrealized gain (loss) | (5.10) | 12.48 | (2.60) | 1.23 | 0.96 |
|  Total from investment operations | (5.05) | 12.44 | (2.61) | 1.28 | 0.97 |
|  Distributions to shareholders from net investment income |  | (0.05) | (0.05) |  |  |
|  Distributions to shareholders from net realized gains | (8.60) |  |  | (1.40) |  |
|  Total distributions | (8.60) | (0.05) | (0.05) | (1.40) |  |
|  Net asset value, end of year | $21.70 | $35.35 | $22.96 | $25.62 | $25.74 |
| **Total Return<sup>(d)</sup>** | (17.64)% | 54.23% | (10.18)% | 5.64% | 3.92% |
|  Net assets, end of year (in 000's) | $33325 | $44195 | $34071 | $53503 | $55472 |
|  Ratio of net expenses to average net assets | 1.21% | 1.21% | 1.22% | 1.23% | 1.23% |
|  Ratio of total expenses to average net assets | 1.29% | 1.29% | 1.30% | 1.34% | 1.31% |
|  Ratio of net investment income (loss) to average net assets | 0.22 %<sup>(b)</sup> | (0.13)% | (0.02)% | 0.19% | 0.04 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 155% | 165% | 141% | 140% | 111% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.31% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **81** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $29.67 | $19.39 | $21.75 | $22.23 | $21.56 |
|  Net investment loss<sup>(a)</sup> | (0.10)<sup>(b)</sup> | (0.24) | (0.15) | (0.12) | (0.17)<sup>(c)</sup> |
|  Net realized and unrealized gain (loss) | (4.08) | 10.52 | (2.21) | 1.04 | 0.84 |
|  Total from investment operations | (4.18) | 10.28 | (2.36) | 0.92 | 0.67 |
|  Distributions to shareholders from net realized gains | (8.60) |  |  | (1.40) |  |
|  Net asset value, end of year | $16.89 | $29.67 | $19.39 | $21.75 | $22.23 |
| **Total Return<sup>(d)</sup>** | (18.24)% | 53.02% | (10.82)% | 4.86% | 3.16% |
|  Net assets, end of year (in 000's) | $5093 | $7503 | $5951 | $7785 | $7139 |
|  Ratio of net expenses to average net assets | 1.96% | 1.96% | 1.97% | 1.98% | 1.98% |
|  Ratio of total expenses to average net assets | 2.04% | 2.04% | 2.05% | 2.09% | 2.06% |
|  Ratio of net investment loss to average net assets | (0.53)%<sup>(b)</sup> | (0.88)% | (0.78)% | (0.57)% | (0.72)%<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 155% | 165% | 141% | 140% | 111% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.31% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

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

---

| | |
|:---|:---|
| **82** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $36.92 | $23.98 | $26.74 | $26.77 | $25.73 |
|  Net investment income<sup>(a)</sup> | 0.15 <sup>(b)</sup> | 0.09 | 0.08 | 0.14 | 0.12 <sup>(c)</sup> |
|  Net realized and unrealized gain (loss) | (5.38) | 13.00 | (2.69) | 1.29 | 0.99 |
|  Total from investment operations | (5.23) | 13.09 | (2.61) | 1.43 | 1.11 |
|  Distributions to shareholders from net investment income |  | (0.15) | (0.15) | (0.06) | (0.07) |
|  Distributions to shareholders from net realized gains | (8.60) |  |  | (1.40) |  |
|  Total distributions | (8.60) | (0.15) | (0.15) | (1.46) | (0.07) |
|  Net asset value, end of year | $23.09 | $36.92 | $23.98 | $26.74 | $26.77 |
| **Total Return<sup>(d)</sup>** | (17.31)% | 54.73% | (9.82)% | 6.03% | 4.32% |
|  Net assets, end of year (in 000's) | $144712 | $226678 | $216274 | $290652 | $212229 |
|  Ratio of net expenses to average net assets | 0.84% | 0.84% | 0.84% | 0.85% | 0.84% |
|  Ratio of total expenses to average net assets | 0.92% | 0.93% | 0.92% | 0.96% | 0.93% |
|  Ratio of net investment income to average net assets | 0.60 %<sup>(b)</sup> | 0.28% | 0.34% | 0.54% | 0.43 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 155% | 165% | 141% | 140% | 111% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.31% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **83** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $34.68 | $22.55 | $25.17 | $25.34 | $24.41 |
|  Net investment income (loss)<sup>(a)</sup> | 0.02 <sup>(b)</sup> | (0.08) | (0.03) | 0.01 | (0.02)<sup>(c)</sup> |
|  Net realized and unrealized gain (loss) | (4.97) | 12.25 | (2.56) | 1.22 | 0.95 |
|  Total from investment operations | (4.95) | 12.17 | (2.59) | 1.23 | 0.93 |
|  Distributions to shareholders from net investment income |  | (0.04) | (0.03) |  |  |
|  Distributions to shareholders from net realized gains | (8.60) |  |  | (1.40) |  |
|  Total distributions | (8.60) | (0.04) | (0.03) | (1.40) |  |
|  Net asset value, end of year | $21.13 | $34.68 | $22.55 | $25.17 | $25.34 |
| **Total Return<sup>(d)</sup>** | (17.73)% | 54.06% | (10.29)% | 5.52% | 3.81% |
|  Net assets, end of year (in 000's) | $2357 | $3701 | $2867 | $3141 | $2031 |
|  Ratio of net expenses to average net assets | 1.34% | 1.34% | 1.34% | 1.35% | 1.34% |
|  Ratio of total expenses to average net assets | 1.42% | 1.43% | 1.42% | 1.45% | 1.42% |
|  Ratio of net investment income (loss) to average net assets | 0.10 %<sup>(b)</sup> | (0.26)% | (0.15)% | 0.04% | (0.06)%<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 155% | 165% | 141% | 140% | 111% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.31% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

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

---

| | |
|:---|:---|
| **84** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $35.18 | $22.85 | $25.50 | $25.62 | $24.61 |
|  Net investment income<sup>(a)</sup> | 0.12 <sup>(b)</sup> | 0.05 | 0.05 | 0.09 | 0.08 <sup>(c)</sup> |
|  Net realized and unrealized gain (loss) | (5.08) | 12.40 | (2.58) | 1.24 | 0.95 |
|  Total from investment operations | (4.96) | 12.45 | (2.53) | 1.33 | 1.03 |
|  Distributions to shareholders from net investment income |  | (0.12) | (0.12) | (0.05) | (0.02) |
|  Distributions to shareholders from net realized gains | (8.60) |  |  | (1.40) |  |
|  Total distributions | (8.60) | (0.12) | (0.12) | (1.45) | (0.02) |
|  Net asset value, end of year | $21.62 | $35.18 | $22.85 | $25.50 | $25.62 |
| **Total Return<sup>(d)</sup>** | (17.42)% | 54.61% | (9.95)% | 5.90% | 4.19% |
|  Net assets, end of year (in 000's) | $30746 | $66963 | $64724 | $74881 | $44984 |
|  Ratio of net expenses to average net assets | 0.96% | 0.96% | 0.97% | 0.99% | 0.98% |
|  Ratio of total expenses to average net assets | 1.04% | 1.05% | 1.05% | 1.09% | 1.06% |
|  Ratio of net investment income to average net assets | 0.50 %<sup>(b)</sup> | 0.15% | 0.22% | 0.40% | 0.31 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 155% | 165% | 141% | 140% | 111% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.31% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **85** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $36.93 | $23.98 | $26.74 | $26.77 | $25.73 |
|  Net investment income<sup>(a)</sup> | 0.15 <sup>(b)</sup> | 0.11 | 0.09 | 0.16 | 0.13 <sup>(c)</sup> |
|  Net realized and unrealized gain (loss) | (5.38) | 13.00 | (2.70) | 1.27 | 0.99 |
|  Total from investment operations | (5.23) | 13.11 | (2.61) | 1.43 | 1.12 |
|  Distributions to shareholders from net investment income |  | (0.16) | (0.15) | (0.06) | (0.08) |
|  Distributions to shareholders from net realized gains | (8.60) |  |  | (1.40) |  |
|  Total distributions | (8.60) | (0.16) | (0.15) | (1.46) | (0.08) |
|  Net asset value, end of year | $23.10 | $36.93 | $23.98 | $26.74 | $26.77 |
| **Total Return<sup>(d)</sup>** | (17.30)% | 54.82% | (9.81)% | 6.05% | 4.35% |
|  Net assets, end of year (in 000's) | $83140 | $100558 | $119496 | $153129 | $173112 |
|  Ratio of net expenses to average net assets | 0.83% | 0.83% | 0.83% | 0.84% | 0.83% |
|  Ratio of total expenses to average net assets | 0.91% | 0.91% | 0.91% | 0.94% | 0.89% |
|  Ratio of net investment income to average net assets | 0.59 %<sup>(b)</sup> | 0.34% | 0.36% | 0.63% | 0.45 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 155% | 165% | 141% | 140% | 111% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.31% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

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

---

| | |
|:---|:---|
| **86** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $34.39 | $22.36 | $24.96 | $25.18 | $24.29 |
|  Net investment income (loss)<sup>(a)</sup> | (0.01)<sup>(b)</sup> | (0.11) | (0.06) | (0.02) | (0.06)<sup>(c)</sup> |
|  Net realized and unrealized gain (loss) | (4.92) | 12.15 | (2.54) | 1.20 | 0.95 |
|  Total from investment operations | (4.93) | 12.04 | (2.60) | 1.18 | 0.89 |
|  Distributions to shareholders from net investment income |  | (0.01) |  |  |  |
|  Distributions to shareholders from net realized gains | (8.60) |  |  | (1.40) |  |
|  Total distributions | (8.60) | (0.01) |  | (1.40) |  |
|  Net asset value, end of year | $20.86 | $34.39 | $22.36 | $24.96 | $25.18 |
| **Total Return<sup>(d)</sup>** | (17.83)% | 53.83% | (10.39)% | 5.35% | 3.66% |
|  Net assets, end of year (in 000's) | $12023 | $15767 | $13817 | $16562 | $14625 |
|  Ratio of net expenses to average net assets | 1.46% | 1.46% | 1.47% | 1.48% | 1.48% |
|  Ratio of total expenses to average net assets | 1.54% | 1.54% | 1.55% | 1.59% | 1.56% |
|  Ratio of net investment income (loss) to average net assets | (0.04)%<sup>(b)</sup> | (0.36)% | (0.28)% | (0.08)% | (0.22)%<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 155% | 165% | 141% | 140% | 111% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.31% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **87** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** | **Goldman Sachs Small Cap Equity Insights Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
| | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $36.92 | $23.98 | $26.74 | $26.77 | $27.21 |
|  Net investment income<sup>(b)</sup> | 0.15 <sup>(c)</sup> | 0.08 | 0.09 | 0.13 | 0.08 <sup>(d)</sup> |
|  Net realized and unrealized gain (loss) | (5.38) | 13.02 | (2.70) | 1.30 | (0.52) |
|  Total from investment operations | (5.23) | 13.10 | (2.61) | 1.43 | (0.44) |
|  Distributions to shareholders from net investment income |  | (0.16) | (0.15) | (0.06) |  |
|  Distributions to shareholders from net realized gains | (8.60) |  |  | (1.40) |  |
|  Total distributions | (8.60) | (0.16) | (0.15) | (1.46) |  |
|  Net asset value, end of period | $23.09 | $36.92 | $23.98 | $26.74 | $26.77 |
| **Total Return<sup>(e)</sup>** | (17.31)% | 54.78% | (9.81)% | 6.06% | (1.62)% |
|  Net assets, end of period (in 000's) | $140356 | $144239 | $87170 | $106039 | $66823 |
|  Ratio of net expenses to average net assets | 0.83% | 0.83% | 0.83% | 0.84% | 0.83 %<sup>(f)</sup> |
|  Ratio of total expenses to average net assets | 0.91% | 0.92% | 0.91% | 0.94% | 0.92 %<sup>(f)</sup> |
|  Ratio of net investment income to average net assets | 0.58 %<sup>(c)</sup> | 0.23% | 0.36% | 0.53% | 0.48 %<sup>(d)(f)</sup> |
|  Portfolio turnover rate<sup>(g)</sup> | 155% | 165% | 141% | 140% | 111% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 16, 2018.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.31% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| **88** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Small Cap Growth Insights Fund** | **Goldman Sachs Small Cap Growth Insights Fund** | **Goldman Sachs Small Cap Growth Insights Fund** | **Goldman Sachs Small Cap Growth Insights Fund** | **Goldman Sachs Small Cap Growth Insights Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $47.18 | $34.29 | $35.08 | $37.25 | $36.71 |
|  Net investment loss<sup>(a)</sup> | (0.05)<sup>(b)</sup> | (0.28) | (0.17) | (0.12) | (0.13)<sup>(c)</sup> |
|  Net realized and unrealized gain (loss) | (6.01) | 14.62 | (0.13) | 1.76 | 2.20 |
|  Total from investment operations | (6.06) | 14.34 | (0.30) | 1.64 | 2.07 |
|  Distributions to shareholders from net investment income |  | (0.04) | — <sup>(d)</sup> |  |  |
|  Distributions to shareholders from net realized gains | (29.18) | (1.41) | (0.49) | (3.81) | (1.53) |
|  Total distributions | (29.18) | (1.45) | (0.49) | (3.81) | (1.53) |
|  Net asset value, end of year | $11.94 | $47.18 | $34.29 | $35.08 | $37.25 |
| **Total Return<sup>(e)</sup>** | (25.73)% | 42.51% | (0.95)% | 5.65% | 5.87% |
|  Net assets, end of year (in 000's) | $32695 | $59166 | $50865 | $84557 | $88316 |
|  Ratio of net expenses to average net assets | 1.21% | 1.21% | 1.22% | 1.24% | 1.22% |
|  Ratio of total expenses to average net assets | 1.40% | 1.33% | 1.30% | 1.32% | 1.32% |
|  Ratio of net investment loss to average net assets | (0.37)%<sup>(b)</sup> | (0.64)% | (0.51)% | (0.36)% | (0.35)%<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 155% | 170% | 144% | 140% | 127% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.07 per share and 0.34% of average net assets.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **89** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Small Cap Growth Insights Fund** | **Goldman Sachs Small Cap Growth Insights Fund** | **Goldman Sachs Small Cap Growth Insights Fund** | **Goldman Sachs Small Cap Growth Insights Fund** | **Goldman Sachs Small Cap Growth Insights Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data\*** |  |  |  |  |  |
|  Net asset value, beginning of year | $306.54 | $227.34 | $235.44 | $260.82 | $262.08 |
|  Net investment loss<sup>(a)</sup> | (0.24)<sup>(b)</sup> | (4.05) | (2.79) | (2.52) | (2.97)<sup>(c)</sup> |
|  Net realized and unrealized gain (loss) | (24.29) | 96.30 | (0.90) | 11.43 | 15.48 |
|  Total from investment operations | (24.53) | 92.25 | (3.69) | 8.91 | 12.51 |
|  Distributions to shareholders from net investment income |  | (0.36) | — <sup>(d)</sup> |  |  |
|  Distributions to shareholders from net realized gains | (262.62) | (12.69) | (4.41) | (34.29) | (13.77) |
|  Total distributions | (262.62) | (13.05) | (4.41) | (34.29) | (13.77) |
|  Net asset value, end of year | $19.39 | $306.54 | $227.34 | $235.44 | $260.82 |
| **Total Return<sup>(e)</sup>** | (26.49)% | 41.47% | (1.70)% | 4.92% | 5.03% |
|  Net assets, end of year (in 000's) | $4687 | $7866 | $6439 | $8303 | $8179 |
|  Ratio of net expenses to average net assets | 1.96% | 1.96% | 1.97% | 1.99% | 1.97% |
|  Ratio of total expenses to average net assets | 2.14% | 2.08% | 2.05% | 2.07% | 2.07% |
|  Ratio of net investment loss to average net assets | (1.10)%<sup>(b)</sup> | (1.39)% | (1.26)% | (1.11)% | (1.09)%<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 155% | 170% | 144% | 140% | 127% |

---

\* On June 10, 2022, the Fund's Class C Shares affected a 9-for-1 reverse share split. All per share data prior to June 10, 2022 has been adjusted to reflect the reverse share split.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.07 per share and 0.34% of average net assets.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

---

| | |
|:---|:---|
| **90** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Small Cap Growth Insights Fund** | **Goldman Sachs Small Cap Growth Insights Fund** | **Goldman Sachs Small Cap Growth Insights Fund** | **Goldman Sachs Small Cap Growth Insights Fund** | **Goldman Sachs Small Cap Growth Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $57.27 | $41.22 | $41.92 | $43.56 | $42.53 |
|  Net investment income (loss)<sup>(a)</sup> | 0.01 <sup>(b)</sup> | (0.13) | (0.05) | 0.01 | 0.02<br> <sup>(c)</sup>  |
|  Net realized and unrealized gain (loss) | (8.59) | 17.63 | (0.16) | 2.16 | 2.54 |
|  Total from investment operations | (8.58) | 17.50 | (0.21) | 2.17 | 2.56 |
|  Distributions to shareholders from net investment income |  | (0.04) | — <sup>(d)</sup> |  |  |
|  Distributions to shareholders from net realized gains | (29.18) | (1.41) | (0.49) | (3.81) | (1.53) |
|  Total distributions | (29.18) | (1.45) | (0.49) | (3.81) | (1.53) |
|  Net asset value, end of year | $19.51 | $57.27 | $41.22 | $41.92 | $43.56 |
| **Total Return<sup>(e)</sup>** | (25.48)% | 43.04% | (0.57)% | 6.08% | 6.26% |
|  Net assets, end of year (in 000's) | $43621 | $163028 | $200116 | $349348 | $307032 |
|  Ratio of net expenses to average net assets | 0.84% | 0.84% | 0.84% | 0.85% | 0.84% |
|  Ratio of total expenses to average net assets | 1.01% | 0.96% | 0.92% | 0.93% | 0.93% |
|  Ratio of net investment income (loss) to average net assets | 0.04 %<sup>(b)</sup> | (0.25)% | (0.13)% | 0.02% | 0.03 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 155% | 170% | 144% | 140% | 127% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.07 per share and 0.34% of average net assets.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **91** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Small Cap Growth Insights Fund** | **Goldman Sachs Small Cap Growth Insights Fund** | **Goldman Sachs Small Cap Growth Insights Fund** | **Goldman Sachs Small Cap Growth Insights Fund** | **Goldman Sachs Small Cap Growth Insights Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $48.95 | $35.44 | $36.16 | $38.18 | $37.50 |
|  Net investment loss<sup>(a)</sup> | (0.02)<sup>(b)</sup> | (0.15) | (0.09) | (0.04) | (0.04)<sup>(c)</sup> |
|  Net realized and unrealized gain (loss) | (6.46) | 15.11 | (0.14) | 1.83 | 2.25 |
|  Total from investment operations | (6.48) | 14.96 | (0.23) | 1.79 | 2.21 |
|  Distributions to shareholders from net investment income |  | (0.04) | — <sup>(d)</sup> |  |  |
|  Distributions to shareholders from net realized gains | (29.18) | (1.41) | (0.49) | (3.81) | (1.53) |
|  Total distributions | (29.18) | (1.45) | (0.49) | (3.81) | (1.53) |
|  Net asset value, end of year | $13.29 | $48.95 | $35.44 | $36.16 | $38.18 |
| **Total Return<sup>(e)</sup>** | (25.59)% | 42.89% | (0.72)% | 5.93% | 6.13% |
|  Net assets, end of year (in 000's) | $20880 | $66827 | $442743 | $378807 | $308366 |
|  Ratio of net expenses to average net assets | 0.96% | 0.96% | 0.97% | 0.99% | 0.97% |
|  Ratio of total expenses to average net assets | 1.14% | 1.06% | 1.05% | 1.07% | 1.07% |
|  Ratio of net investment loss to average net assets | (0.10)%<sup>(b)</sup> | (0.32)% | (0.26)% | (0.12)% | (0.10)%<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 155% | 170% | 144% | 140% | 127% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.07 per share and 0.34% of average net assets.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

---

| | |
|:---|:---|
| **92** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Small Cap Growth Insights Fund** | **Goldman Sachs Small Cap Growth Insights Fund** | **Goldman Sachs Small Cap Growth Insights Fund** | **Goldman Sachs Small Cap Growth Insights Fund** | **Goldman Sachs Small Cap Growth Insights Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $57.31 | $41.24 | $41.95 | $43.58 | $42.54 |
|  Net investment income (loss)<sup>(a)</sup> | 0.02 <sup>(b)</sup> | (0.10) | (0.05) |  | 0.02 <sup>(c)</sup> |
|  Net realized and unrealized gain (loss) | (8.61) | 17.62 | (0.17) | 2.18 | 2.55 |
|  Total from investment operations | (8.59) | 17.52 | (0.22) | 2.18 | 2.57 |
|  Distributions to shareholders from net investment income |  | (0.04) | — <sup>(d)</sup> |  |  |
|  Distributions to shareholders from net realized gains | (29.18) | (1.41) | (0.49) | (3.81) | (1.53) |
|  Total distributions | (29.18) | (1.45) | (0.49) | (3.81) | (1.53) |
|  Net asset value, end of year | $19.54 | $57.31 | $41.24 | $41.95 | $43.58 |
| **Total Return<sup>(e)</sup>** | (25.45)% | 43.07% | (0.57)% | 6.08% | 6.25% |
|  Net assets, end of year (in 000's) | $17370 | $96907 | $263023 | $307820 | $118729 |
|  Ratio of net expenses to average net assets | 0.83% | 0.83% | 0.83% | 0.84% | 0.83% |
|  Ratio of total expenses to average net assets | 0.99% | 0.93% | 0.91% | 0.93% | 0.92% |
|  Ratio of net investment income (loss) to average net assets | 0.07 %<sup>(b)</sup> | (0.19)% | (0.12)% | (0.01)% | 0.04 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 155% | 170% | 144% | 140% | 127% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.07 per share and 0.34% of average net assets.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **93** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Small Cap Growth Insights Fund** | **Goldman Sachs Small Cap Growth Insights Fund** | **Goldman Sachs Small Cap Growth Insights Fund** | **Goldman Sachs Small Cap Growth Insights Fund** | **Goldman Sachs Small Cap Growth Insights Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $44.83 | $32.71 | $33.58 | $35.90 | $35.53 |
|  Net investment loss<sup>(a)</sup> | (0.08)<sup>(b)</sup> | (0.36) | (0.25) | (0.20) | (0.22)<sup>(c)</sup> |
|  Net realized and unrealized gain (loss) | (5.41) | 13.93 | (0.13) | 1.69 | 2.12 |
|  Total from investment operations | (5.49) | 13.57 | (0.38) | 1.49 | 1.90 |
|  Distributions to shareholders from net investment income |  | (0.04) | — <sup>(d)</sup> |  |  |
|  Distributions to shareholders from net realized gains | (29.18) | (1.41) | (0.49) | (3.81) | (1.53) |
|  Total distributions | (29.18) | (1.45) | (0.49) | (3.81) | (1.53) |
|  Net asset value, end of year | $10.16 | $44.83 | $32.71 | $33.58 | $35.90 |
| **Total Return<sup>(e)</sup>** | (25.92)% | 42.20% | (1.23)% | 5.42% | 5.58% |
|  Net assets, end of year (in 000's) | $3863 | $6605 | $8168 | $19707 | $19998 |
|  Ratio of net expenses to average net assets | 1.46% | 1.46% | 1.47% | 1.49% | 1.47% |
|  Ratio of total expenses to average net assets | 1.65% | 1.57% | 1.55% | 1.57% | 1.57% |
|  Ratio of net investment loss to average net assets | (0.64)%<sup>(b)</sup> | (0.86)% | (0.77)% | (0.61)% | (0.59)%<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 155% | 170% | 144% | 140% | 127% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.07 per share and 0.34% of average net assets.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

---

| | |
|:---|:---|
| **94** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Small Cap Growth Insights Fund** | **Goldman Sachs Small Cap Growth Insights Fund** | **Goldman Sachs Small Cap Growth Insights Fund** | **Goldman Sachs Small Cap Growth Insights Fund** | **Goldman Sachs Small Cap Growth Insights Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
| | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $57.31 | $41.24 | $41.94 | $43.58 | $44.33 |
|  Net investment income (loss)<sup>(b)</sup> | — <sup>(c)(e)</sup> | (0.13) | (0.05) | 0.01 | 0.03 <sup>(d)</sup> |
|  Net realized and unrealized gain (loss) | (8.59) | 17.65 | (0.16) | 2.16 | (0.78) |
|  Total from investment operations | (8.59) | 17.52 | (0.21) | 2.17 | (0.75) |
|  Distributions to shareholders from net investment income |  | (0.04) | — <sup>(e)</sup> |  |  |
|  Distributions to shareholders from net realized gains | (29.18) | (1.41) | (0.49) | (3.81) |  |
|  Total distributions | (29.18) | (1.45) | (0.49) | (3.81) |  |
|  Net asset value, end of period | $19.54 | $57.31 | $41.24 | $41.94 | $43.58 |
| **Total Return<sup>(f)</sup>** | (25.49)% | 43.07% | (0.57)% | 6.08% | (1.69)% |
|  Net assets, end of period (in 000's) | $5274 | $10801 | $10241 | $12534 | $10878 |
|  Ratio of net expenses to average net assets | 0.83% | 0.83% | 0.83% | 0.84% | 0.83 %<sup>(g)</sup> |
|  Ratio of total expenses to average net assets | 1.01% | 0.95% | 0.91% | 0.93% | 0.93 %<sup>(g)</sup> |
|  Ratio of net investment income (loss) to average net assets | (0.00)%<sup>(c)</sup> | (0.25)% | (0.12)% | 0.02% | 0.12 %<sup>(d)(g)</sup> |
|  Portfolio turnover rate<sup>(h)</sup> | 155% | 170% | 144% | 140% | 127% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 16, 2018.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.07 per share and 0.34% of average net assets.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Annualized.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **95** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Small Cap Value Insights Fund** | **Goldman Sachs Small Cap Value Insights Fund** | **Goldman Sachs Small Cap Value Insights Fund** | **Goldman Sachs Small Cap Value Insights Fund** | **Goldman Sachs Small Cap Value Insights Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $53.90 | $32.93 | $39.69 | $42.30 | $46.29 |
|  Net investment income<sup>(a)</sup> | 0.27 <sup>(b)</sup> | 0.24 | 0.19 | 0.25 | 0.20 |
|  Net realized and unrealized gain (loss) | (4.48) | 21.00 | (6.70) | 1.17 | 0.70 |
|  Total from investment operations | (4.21) | 21.24 | (6.51) | 1.42 | 0.90 |
|  Distributions to shareholders from net investment income | (0.31) | (0.27) | (0.25) | (0.19) | (0.17) |
|  Distributions to shareholders from net realized gains | (14.96) |  |  | (3.84) | (4.72) |
|  Total distributions | (15.27) | (0.27) | (0.25) | (4.03) | (4.89) |
|  Net asset value, end of year | $34.42 | $53.90 | $32.93 | $39.69 | $42.30 |
| **Total Return<sup>(c)</sup>** | (9.67)% | 64.75% | (16.49)% | 4.40% | 2.08% |
|  Net assets, end of year (in 000's) | $119953 | $154971 | $98493 | $132886 | $112219 |
|  Ratio of net expenses to average net assets | 1.21% | 1.21% | 1.22% | 1.25% | 1.23% |
|  Ratio of total expenses to average net assets | 1.26% | 1.26% | 1.31% | 1.39% | 1.40% |
|  Ratio of net investment income to average net assets | 0.73 %<sup>(b)</sup> | 0.49% | 0.56% | 0.67% | 0.44% |
|  Portfolio turnover rate<sup>(d)</sup> | 173% | 187% | 153% | 142% | 130% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.15 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

---

| | |
|:---|:---|
| **96** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Small Cap Value Insights Fund** | **Goldman Sachs Small Cap Value Insights Fund** | **Goldman Sachs Small Cap Value Insights Fund** | **Goldman Sachs Small Cap Value Insights Fund** | **Goldman Sachs Small Cap Value Insights Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $36.61 | $22.48 | $27.24 | $30.35 | $34.65 |
|  Net investment loss<sup>(a)</sup> | — <sup>(b)</sup><sup>(c)</sup> | (0.08) | (0.04) | (0.02) | (0.10) |
|  Net realized and unrealized gain (loss) | (2.69) | 14.32 | (4.61) | 0.75 | 0.52 |
|  Total from investment operations | (2.69) | 14.24 | (4.65) | 0.73 | 0.42 |
|  Distributions to shareholders from net investment income | (0.22) | (0.11) | (0.11) |  |  |
|  Distributions to shareholders from net realized gains | (14.96) |  |  | (3.84) | (4.72) |
|  Total distributions | (15.18) | (0.11) | (0.11) | (3.84) | (4.72) |
|  Net asset value, end of year | $18.74 | $36.61 | $22.48 | $27.24 | $30.35 |
| **Total Return<sup>(d)</sup>** | (10.33)% | 63.49% | (17.11)% | 3.67% | 1.31% |
|  Net assets, end of year (in 000's) | $4536 | $7118 | $5313 | $7961 | $6903 |
|  Ratio of net expenses to average net assets | 1.96% | 1.96% | 1.97% | 2.00% | 1.98% |
|  Ratio of total expenses to average net assets | 2.01% | 2.01% | 2.06% | 2.14% | 2.14% |
|  Ratio of net investment loss to average net assets | (0.02)%<sup>(c)</sup> | (0.25)% | (0.19)% | (0.07)% | (0.31)% |
|  Portfolio turnover rate<sup>(e)</sup> | 173% | 187% | 153% | 142% | 130% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.15 per share and 0.33% of average net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **97** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Small Cap Value Insights Fund** | **Goldman Sachs Small Cap Value Insights Fund** | **Goldman Sachs Small Cap Value Insights Fund** | **Goldman Sachs Small Cap Value Insights Fund** | **Goldman Sachs Small Cap Value Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $73.39 | $44.70 | $53.74 | $55.71 | $59.38 |
|  Net investment income<sup>(a)</sup> | 0.60 <sup>(b)</sup> | 0.56 | 0.43 | 0.47 | 0.48 |
|  Net realized and unrealized gain (loss) | (6.48) | 28.53 | (9.07) | 1.73 | 0.90 |
|  Total from investment operations | (5.88) | 29.09 | (8.64) | 2.20 | 1.38 |
|  Distributions to shareholders from net investment income | (0.44) | (0.40) | (0.40) | (0.33) | (0.33) |
|  Distributions to shareholders from net realized gains | (14.96) |  |  | (3.84) | (4.72) |
|  Total distributions | (15.40) | (0.40) | (0.40) | (4.17) | (5.05) |
|  Net asset value, end of year | $52.11 | $73.39 | $44.70 | $53.74 | $55.71 |
| **Total Return<sup>(c)</sup>** | (9.32)% | 65.37% | (16.19)% | 4.81% | 2.47% |
|  Net assets, end of year (in 000's) | $347239 | $379380 | $190491 | $192820 | $60516 |
|  Ratio of net expenses to average net assets | 0.84% | 0.84% | 0.84% | 0.87% | 0.84% |
|  Ratio of total expenses to average net assets | 0.89% | 0.89% | 0.93% | 1.02% | 1.00% |
|  Ratio of net investment income to average net assets | 1.09 %<sup>(b)</sup> | 0.86% | 0.93% | 0.96% | 0.82% |
|  Portfolio turnover rate<sup>(d)</sup> | 173% | 187% | 153% | 142% | 130% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.15 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

---

| | |
|:---|:---|
| **98** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Small Cap Value Insights Fund** | **Goldman Sachs Small Cap Value Insights Fund** | **Goldman Sachs Small Cap Value Insights Fund** | **Goldman Sachs Small Cap Value Insights Fund** | **Goldman Sachs Small Cap Value Insights Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $53.64 | $32.77 | $39.53 | $42.18 | $46.17 |
|  Net investment income<sup>(a)</sup> | 0.37 <sup>(b)</sup> | 0.36 | 0.25 | 0.30 | 0.31 |
|  Net realized and unrealized gain (loss) | (4.46) | 20.88 | (6.64) | 1.20 | 0.69 |
|  Total from investment operations | (4.09) | 21.24 | (6.39) | 1.50 | 1.00 |
|  Distributions to shareholders from net investment income | (0.39) | (0.37) | (0.37) | (0.31) | (0.27) |
|  Distributions to shareholders from net realized gains | (14.96) |  |  | (3.84) | (4.72) |
|  Total distributions | (15.35) | (0.37) | (0.37) | (4.15) | (4.99) |
|  Net asset value, end of year | $34.20 | $53.64 | $32.77 | $39.53 | $42.18 |
| **Total Return<sup>(c)</sup>** | (9.44)% | 65.17% | (16.32)% | 4.69% | 2.33% |
|  Net assets, end of year (in 000's) | $336969 | $363808 | $273560 | $59800 | $18257 |
|  Ratio of net expenses to average net assets | 0.96% | 0.96% | 0.97% | 1.01% | 0.98% |
|  Ratio of total expenses to average net assets | 1.01% | 1.01% | 1.06% | 1.15% | 1.17% |
|  Ratio of net investment income to average net assets | 0.99 %<sup>(b)</sup> | 0.75% | 0.77% | 0.83% | 0.70% |
|  Portfolio turnover rate<sup>(d)</sup> | 173% | 187% | 153% | 142% | 130% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.15 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **99** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Small Cap Value Insights Fund** | **Goldman Sachs Small Cap Value Insights Fund** | **Goldman Sachs Small Cap Value Insights Fund** | **Goldman Sachs Small Cap Value Insights Fund** | **Goldman Sachs Small Cap Value Insights Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $73.38 | $44.70 | $53.73 | $55.71 | $59.38 |
|  Net investment income<sup>(a)</sup> | 0.62 <sup>(b)</sup> | 0.57 | 0.43 | 0.45 | 0.50 |
|  Net realized and unrealized gain (loss) | (6.49) | 28.51 | (9.06) | 1.75 | 0.90 |
|  Total from investment operations | (5.87) | 29.08 | (8.63) | 2.20 | 1.40 |
|  Distributions to shareholders from net investment income | (0.45) | (0.40) | (0.40) | (0.34) | (0.35) |
|  Distributions to shareholders from net realized gains | (14.96) |  |  | (3.84) | (4.72) |
|  Total distributions | (15.41) | (0.40) | (0.40) | (4.18) | (5.07) |
|  Net asset value, end of year | $52.10 | $73.38 | $44.70 | $53.73 | $55.71 |
| **Total Return<sup>(c)</sup>** | (9.31)% | 65.36% | (16.17)% | 4.83% | 2.49% |
|  Net assets, end of year (in 000's) | $273667 | $306101 | $158330 | $118331 | $22460 |
|  Ratio of net expenses to average net assets | 0.83% | 0.83% | 0.83% | 0.86% | 0.83% |
|  Ratio of total expenses to average net assets | 0.88% | 0.88% | 0.93% | 1.00% | 1.02% |
|  Ratio of net investment income to average net assets | 1.11 %<sup>(b)</sup> | 0.86% | 0.94% | 0.91% | 0.85% |
|  Portfolio turnover rate<sup>(d)</sup> | 173% | 187% | 153% | 142% | 130% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.15 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

---

| | |
|:---|:---|
| **100** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Small Cap Value Insights Fund** | **Goldman Sachs Small Cap Value Insights Fund** | **Goldman Sachs Small Cap Value Insights Fund** | **Goldman Sachs Small Cap Value Insights Fund** | **Goldman Sachs Small Cap Value Insights Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $52.56 | $32.21 | $38.96 | $41.63 | $45.57 |
|  Net investment income<sup>(a)</sup> | 0.17 <sup>(b)</sup> | 0.11 | 0.10 | 0.08 | 0.09 |
|  Net realized and unrealized gain (loss) | (4.33) | 20.52 | (6.56) | 1.22 | 0.69 |
|  Total from investment operations | (4.16) | 20.63 | (6.46) | 1.30 | 0.78 |
|  Distributions to shareholders from net investment income | (0.24) | (0.28) | (0.29) | (0.13) |  |
|  Distributions to shareholders from net realized gains | (14.96) |  |  | (3.84) | (4.72) |
|  Total distributions | (15.20) | (0.28) | (0.29) | (3.97) | (4.72) |
|  Net asset value, end of year | $33.20 | $52.56 | $32.21 | $38.96 | $41.63 |
| **Total Return<sup>(c)</sup>** | (9.88)% | 64.31% | (16.70)% | 4.14% | 1.83% |
|  Net assets, end of year (in 000's) | $18476 | $22584 | $14038 | $8514 | $2320 |
|  Ratio of net expenses to average net assets | 1.46% | 1.46% | 1.47% | 1.53% | 1.48% |
|  Ratio of total expenses to average net assets | 1.51% | 1.51% | 1.56% | 1.69% | 1.66% |
|  Ratio of net investment income to average net assets | 0.47 %<sup>(b)</sup> | 0.24% | 0.30% | 0.23% | 0.20% |
|  Portfolio turnover rate<sup>(d)</sup> | 173% | 187% | 153% | 142% | 130% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.15 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **101** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Small Cap Value Insights Fund** | **Goldman Sachs Small Cap Value Insights Fund** | **Goldman Sachs Small Cap Value Insights Fund** | **Goldman Sachs Small Cap Value Insights Fund** | **Goldman Sachs Small Cap Value Insights Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
| | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $73.38 | $44.69 | $53.72 | $55.70 | $57.05 |
|  Net investment income<sup>(b)</sup> | 0.61 <sup>(c)</sup> | 0.57 | 0.44 | 0.54 | 0.30 |
|  Net realized and unrealized gain (loss) | (6.49) | 28.52 | (9.07) | 1.66 | (1.65) |
|  Total from investment operations | (5.88) | 29.09 | (8.63) | 2.20 | (1.35) |
|  Distributions to shareholders from net investment income | (0.45) | (0.40) | (0.40) | (0.34) |  |
|  Distributions to shareholders from net realized gains | (14.96) |  |  | (3.84) |  |
|  Total distributions | (15.41) | (0.40) | (0.40) | (4.18) |  |
|  Net asset value, end of period | $52.09 | $73.38 | $44.69 | $53.72 | $55.70 |
| **Total Return<sup>(d)</sup>** | (9.32)% | 65.36% | (16.18)% | 4.82% | (2.37)% |
|  Net assets, end of period (in 000's) | $42933 | $45484 | $28504 | $47977 | $42165 |
|  Ratio of net expenses to average net assets | 0.83% | 0.83% | 0.83% | 0.85% | 0.83 %<sup>(e)</sup> |
|  Ratio of total expenses to average net assets | 0.88% | 0.88% | 0.92% | 0.99% | 1.06 %<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 1.10 %<sup>(c)</sup> | 0.88% | 0.94% | 1.07% | 0.93 %<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 173% | 187% | 153% | 142% | 130% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 16, 2018.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.15 per share and 0.33% of average net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

---

| | |
|:---|:---|
| **102** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $72.68 | $53.72 | $49.48 | $47.72 | $49.73 |
|  Net investment income<sup>(a)</sup> | 0.33 <sup>(b)</sup> | 0.20 | 0.28 | 0.44 | 0.36 |
|  Net realized and unrealized gain (loss) | (8.80) | 21.27 | 4.67 | 3.14 | 2.46 |
|  Total from investment operations | (8.47) | 21.47 | 4.95 | 3.58 | 2.82 |
|  Distributions to shareholders from net investment income | (0.25) | (0.28) | (0.71) | (0.17) | (0.45) |
|  Distributions to shareholders from net realized gains | (15.57) | (2.23) |  | (1.65) | (4.38) |
|  Total distributions | (15.82) | (2.51) | (0.71) | (1.82) | (4.83) |
|  Net asset value, end of year | $48.39 | $72.68 | $53.72 | $49.48 | $47.72 |
| **Total Return<sup>(c)</sup>** | (14.87)% | 41.26% | 10.04% | 7.98% | 5.93% |
|  Net assets, end of year (in 000's) | $288769 | $380721 | $294540 | $299440 | $301934 |
|  Ratio of net expenses to average net assets | 0.93% | 0.93% | 0.94% | 0.94% | 0.95% |
|  Ratio of total expenses to average net assets | 0.97% | 0.97% | 1.00% | 1.01% | 1.00% |
|  Ratio of net investment income to average net assets | 0.62 %<sup>(b)</sup> | 0.31% | 0.55% | 0.93% | 0.73% |
|  Portfolio turnover rate<sup>(d)</sup> | 205% | 214% | 213% | 199% | 168% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.13 per share and 0.23% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **103** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $64.06 | $47.71 | $44.04 | $42.80 | $45.08 |
|  Net investment income (loss)<sup>(a)</sup> | (0.06)<sup>(b)</sup> | (0.25) | (0.09) | 0.08 | 0.01 |
|  Net realized and unrealized gain (loss) | (7.49) | 18.83 | 4.16 | 2.81 | 2.22 |
|  Total from investment operations | (7.55) | 18.58 | 4.07 | 2.89 | 2.23 |
|  Distributions to shareholders from net investment income |  |  | (0.40) |  | (0.13) |
|  Distributions to shareholders from net realized gains | (15.57) | (2.23) |  | (1.65) | (4.38) |
|  Total distributions | (15.57) | (2.23) | (0.40) | (1.65) | (4.51) |
|  Net asset value, end of year | $40.94 | $64.06 | $47.71 | $44.04 | $42.80 |
| **Total Return<sup>(c)</sup>** | (15.50)% | 40.22% | 9.25% | 7.20% | 5.15% |
|  Net assets, end of year (in 000's) | $14311 | $19252 | $16275 | $15854 | $14277 |
|  Ratio of net expenses to average net assets | 1.68% | 1.68% | 1.69% | 1.69% | 1.70% |
|  Ratio of total expenses to average net assets | 1.72% | 1.72% | 1.75% | 1.76% | 1.75% |
|  Ratio of net investment income (loss) to average net assets | (0.13)%<sup>(b)</sup> | (0.44)% | (0.20)% | 0.18% | 0.01% |
|  Portfolio turnover rate<sup>(d)</sup> | 205% | 214% | 213% | 199% | 168% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.13 per share and 0.23% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

---

| | |
|:---|:---|
| **104** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $75.37 | $55.60 | $51.16 | $49.30 | $51.21 |
|  Net investment income<sup>(a)</sup> | 0.55 <sup>(b)</sup> | 0.45 | 0.50 | 0.72 | 0.54 |
|  Net realized and unrealized gain (loss) | (9.20) | 22.02 | 4.82 | 3.14 | 2.56 |
|  Total from investment operations | (8.65) | 22.47 | 5.32 | 3.86 | 3.10 |
|  Distributions to shareholders from net investment income | (0.45) | (0.47) | (0.88) | (0.35) | (0.63) |
|  Distributions to shareholders from net realized gains | (15.57) | (2.23) |  | (1.65) | (4.38) |
|  Total distributions | (16.02) | (2.70) | (0.88) | (2.00) | (5.01) |
|  Net asset value, end of year | $50.70 | $75.37 | $55.60 | $51.16 | $49.30 |
| **Total Return<sup>(c)</sup>** | (14.55)% | 41.79% | 10.47% | 8.39% | 6.34% |
|  Net assets, end of year (in 000's) | $253657 | $325457 | $255177 | $295408 | $842673 |
|  Ratio of net expenses to average net assets | 0.56% | 0.56% | 0.56% | 0.55% | 0.55% |
|  Ratio of total expenses to average net assets | 0.60% | 0.60% | 0.62% | 0.60% | 0.62% |
|  Ratio of net investment income to average net assets | 0.99 %<sup>(b)</sup> | 0.68% | 0.94% | 1.40% | 1.07% |
|  Portfolio turnover rate<sup>(d)</sup> | 205% | 214% | 213% | 199% | 168% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.13 per share and 0.23% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **105** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $72.21 | $53.38 | $49.19 | $47.41 | $49.47 |
|  Net investment income<sup>(a)</sup> | 0.26 <sup>(b)</sup> | 0.11 | 0.22 | 0.38 | 0.30 |
|  Net realized and unrealized gain (loss) | (8.74) | 21.14 | 4.64 | 3.13 | 2.45 |
|  Total from investment operations | (8.48) | 21.25 | 4.86 | 3.51 | 2.75 |
|  Distributions to shareholders from net investment income | (0.15) | (0.19) | (0.67) | (0.08) | (0.43) |
|  Distributions to shareholders from net realized gains | (15.57) | (2.23) |  | (1.65) | (4.38) |
|  Total distributions | (15.72) | (2.42) | (0.67) | (1.73) | (4.81) |
|  Net asset value, end of year | $48.01 | $72.21 | $53.38 | $49.19 | $47.41 |
| **Total Return<sup>(c)</sup>** | (14.98)% | 41.08% | 9.93% | 7.86% | 5.81% |
|  Net assets, end of year (in 000's) | $4781 | $6302 | $5761 | $6700 | $5925 |
|  Ratio of net expenses to average net assets | 1.06% | 1.06% | 1.06% | 1.05% | 1.06% |
|  Ratio of total expenses to average net assets | 1.10% | 1.10% | 1.12% | 1.13% | 1.11% |
|  Ratio of net investment income to average net assets | 0.49 %<sup>(b)</sup> | 0.17% | 0.44% | 0.81% | 0.61% |
|  Portfolio turnover rate<sup>(d)</sup> | 205% | 214% | 213% | 199% | 168% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.13 per share and 0.23% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

---

| | |
|:---|:---|
| **106** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $71.70 | $53.02 | $48.84 | $47.17 | $49.22 |
|  Net investment income<sup>(a)</sup> | 0.46 <sup>(b)</sup> | 0.36 | 0.42 | 0.54 | 0.46 |
|  Net realized and unrealized gain (loss) | (8.63) | 20.96 | 4.59 | 3.09 | 2.45 |
|  Total from investment operations | (8.17) | 21.32 | 5.01 | 3.63 | 2.91 |
|  Distributions to shareholders from net investment income | (0.40) | (0.41) | (0.83) | (0.31) | (0.58) |
|  Distributions to shareholders from net realized gains | (15.57) | (2.23) |  | (1.65) | (4.38) |
|  Total distributions | (15.97) | (2.64) | (0.83) | (1.96) | (4.96) |
|  Net asset value, end of year | $47.56 | $71.70 | $53.02 | $48.84 | $47.17 |
| **Total Return<sup>(c)</sup>** | (14.65)% | 41.61% | 10.33% | 8.25% | 6.20% |
|  Net assets, end of year (in 000's) | $87159 | $127076 | $88924 | $116633 | $103230 |
|  Ratio of net expenses to average net assets | 0.68% | 0.68% | 0.69% | 0.69% | 0.70% |
|  Ratio of total expenses to average net assets | 0.72% | 0.72% | 0.75% | 0.76% | 0.76% |
|  Ratio of net investment income to average net assets | 0.87 %<sup>(b)</sup> | 0.56% | 0.84% | 1.17% | 0.95% |
|  Portfolio turnover rate<sup>(d)</sup> | 205% | 214% | 213% | 199% | 168% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.13 per share and 0.23% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **107** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $75.30 | $55.56 | $51.13 | $49.27 | $51.19 |
|  Net investment income<sup>(a)</sup> | 0.52 <sup>(b)</sup> | 0.46 | 0.50 | 0.76 | 0.42 |
|  Net realized and unrealized gain (loss) | (9.15) | 21.99 | 4.83 | 3.10 | 2.68 |
|  Total from investment operations | (8.63) | 22.45 | 5.33 | 3.86 | 3.10 |
|  Distributions to shareholders from net investment income | (0.46) | (0.48) | (0.90) | (0.35) | (0.64) |
|  Distributions to shareholders from net realized gains | (15.57) | (2.23) |  | (1.65) | (4.38) |
|  Total distributions | (16.03) | (2.71) | (0.90) | (2.00) | (5.02) |
|  Net asset value, end of year | $50.64 | $75.30 | $55.56 | $51.13 | $49.27 |
| **Total Return<sup>(c)</sup>** | (14.54)% | 41.78% | 10.49% | 8.38% | 6.37% |
|  Net assets, end of year (in 000's) | $17987 | $14142 | $8871 | $12068 | $31916 |
|  Ratio of net expenses to average net assets | 0.55% | 0.55% | 0.55% | 0.54% | 0.54% |
|  Ratio of total expenses to average net assets | 0.59% | 0.60% | 0.61% | 0.59% | 0.63% |
|  Ratio of net investment income to average net assets | 0.95 %<sup>(b)</sup> | 0.69% | 0.95% | 1.49% | 0.82% |
|  Portfolio turnover rate<sup>(d)</sup> | 205% | 214% | 213% | 199% | 168% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.13 per share and 0.23% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

---

| | |
|:---|:---|
| **108** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $71.12 | $52.63 | $48.47 | $46.74 | $48.89 |
|  Net investment income<sup>(a)</sup> | 0.19 <sup>(b)</sup> | 0.07 | 0.16 | 0.32 | 0.23 |
|  Net realized and unrealized gain (loss) | (8.58) | 20.80 | 4.57 | 3.08 | 2.42 |
|  Total from investment operations | (8.39) | 20.87 | 4.73 | 3.40 | 2.65 |
|  Distributions to shareholders from net investment income | (0.09) | (0.15) | (0.57) | (0.02) | (0.42) |
|  Distributions to shareholders from net realized gains | (15.57) | (2.23) |  | (1.65) | (4.38) |
|  Total distributions | (15.66) | (2.38) | (0.57) | (1.67) | (4.80) |
|  Net asset value, end of year | $47.07 | $71.12 | $52.63 | $48.47 | $46.74 |
| **Total Return<sup>(c)</sup>** | (15.08)% | 40.91% | 9.79% | 7.72% | 5.65% |
|  Net assets, end of year (in 000's) | $17488 | $22030 | $41005 | $44555 | $49993 |
|  Ratio of net expenses to average net assets | 1.18% | 1.18% | 1.19% | 1.19% | 1.20% |
|  Ratio of total expenses to average net assets | 1.22% | 1.22% | 1.25% | 1.26% | 1.25% |
|  Ratio of net investment income to average net assets | 0.37 %<sup>(b)</sup> | 0.11% | 0.31% | 0.69% | 0.48% |
|  Portfolio turnover rate<sup>(d)</sup> | 205% | 214% | 213% | 199% | 168% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.13 per share and 0.23% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **109** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** | **Goldman Sachs U.S. Equity Insights Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
| | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $75.31 | $55.56 | $51.14 | $49.28 | $49.09 |
|  Net investment income<sup>(b)</sup> | 0.55 <sup>(c)</sup> | 0.46 | 0.50 | 0.65 | 0.26 |
|  Net realized and unrealized gain (loss) | (9.18) | 22.00 | 4.83 | 3.21 | (0.07) |
|  Total from investment operations | (8.63) | 22.46 | 5.33 | 3.86 | 0.19 |
|  Distributions to shareholders from net investment income | (0.46) | (0.48) | (0.91) | (0.35) |  |
|  Distributions to shareholders from net realized gains | (15.57) | (2.23) |  | (1.65) |  |
|  Total distributions | (16.03) | (2.71) | (0.91) | (2.00) |  |
|  Net asset value, end of period | $50.65 | $75.31 | $55.56 | $51.14 | $49.28 |
| **Total Return<sup>(d)</sup>** | (14.54)% | 41.80% | 10.49% | 8.40% | 0.39% |
|  Net assets, end of period (in 000's) | $289752 | $327501 | $245632 | $225899 | $203525 |
|  Ratio of net expenses to average net assets | 0.55% | 0.55% | 0.55% | 0.54% | 0.54 %<sup>(e)</sup> |
|  Ratio of total expenses to average net assets | 0.59% | 0.59% | 0.61% | 0.62% | 0.62 %<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 1.00 %<sup>(c)</sup> | 0.68% | 0.94% | 1.33% | 0.93 %<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 205% | 214% | 213% | 199% | 168% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 16, 2018.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.13 per share and 0.23% of average net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

---

| | |
|:---|:---|
| **110** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

## Notes to Financial Statements
*October 31, 2022* 

**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/<br>Non-diversified** |
|  Large Cap Growth Insights | A, C, Institutional, Service, Investor, R6, R and P | Non-diversified |
|  Large Cap Value Insights,<br> Small Cap Equity Insights and<br> U.S. Equity Insights | A, C, Institutional, Service, Investor, R6, R and P | Diversified |
|  Small Cap Growth Insights and<br> Small Cap Value Insights | A, C, Institutional, Investor, R6, R and P | Diversified |

---

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge ("CDSC") of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

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

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

B. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds' investments in U.S. real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

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

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

**111** 

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

## Notes to Financial Statements (continued)
*October 31, 2022* 

**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 according to the following schedule:

---

| | | |
|:---|:---|:---|
| **Fund** | **Income Distributions<br>Declared/Paid** | **Capital Gains Distributions<br>Declared/Paid** |
|  Large Cap Value Insights | Quarterly | Annually |
|  Large Cap Growth Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights | Annually | Annually |

---

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

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

**3. INVESTMENTS AND FAIR VALUE MEASUREMENTS**

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

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. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the "Valuation Designee"). GSAM has

**112** 

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

**3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

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

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

Equity Securities — Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures 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 the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

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

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

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

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**3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

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

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

C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of October 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **LARGE CAP GROWTH INSIGHTS FUND**<br>**Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | $977427447 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Securities Lending Reinvestment Vehicle | 2352200 |  |  |
| **Total** | $979779647 | $— | $— |
| **LARGE CAP VALUE INSIGHTS FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $6181312 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 360898274 |  |  |
|  Securities Lending Reinvestment Vehicle | 3903738 |  |  |
| **Total** | $370983324 | $— | $— |

---

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

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**3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **SMALL CAP EQUITY INSIGHTS FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $899581 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 2380407 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 5234023 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 430154413 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 714850 |  |  |
|  Investment Company | 4438548 |  |  |
|  Securities Lending Reinvestment Vehicle | 4780349 |  |  |
| **Total** | $448602171 | $— | $— |
| **Derivative Type** |  |  |  |
| **Assets<sup>(b)</sup>** |  |  |  |
|  Futures Contracts | $155092 | $— | $— |
| **Total** | $155092 | $— | $— |
| **SMALL CAP GROWTH INSIGHTS FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $380379 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 1195714 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 427594 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 124546860 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 129433 |  |  |
|  Investment Company | 391747 |  |  |
|  Securities Lending Reinvestment Vehicle | 1362893 |  |  |
| **Total** | $128434620 | $— | $— |
| **Derivative Type** |  |  |  |
| **Assets<sup>(b)</sup>** |  |  |  |
|  Futures Contracts | $78893 | $— | $— |
| **Total** | $78893 | $— | $— |

---

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

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

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**3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **SMALL CAP VALUE INSIGHTS FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $2360666 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 2034919 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 19736553 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 1085790789 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 1813726 |  |  |
|  Investment Company | 9790127 |  |  |
|  Securities Lending Reinvestment Vehicle | 17292192 |  |  |
| **Total** | $1138818972 | $— | $— |
| **Derivative Type** |  |  |  |
| **Assets<sup>(b)</sup>** |  |  |  |
|  Futures Contracts | $985981 | $— | $— |
| **Total** | $985981 | $— | $— |
| **U.S. EQUITY INSIGHTS FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $3014069 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 8706111 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 951663236 |  |  |
|  Securities Lending Reinvestment Vehicle | 2370250 |  |  |
| **Total** | $965753666 | $— | $— |
| **Derivative Type** |  |  |  |
| **Assets<sup>(b)</sup>** |  |  |  |
|  Futures Contracts | $8221 | $— | $— |
| **Total** | $8221 | $— | $— |

---

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

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

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

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**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 October 31, 2022. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

---

| | | | |
|:---|:---|:---|:---|
| **Risk** | **Fund** | **Statement of Assets<br>and Liabilities** | **Assets**<br> **(Liabilities)<sup>(a)</sup>** |
|  Equity | Small Cap Equity Insights | Variation Margin on futures contracts | $155092 |
|  Equity | Small Cap Growth Insights | Variation Margin on futures contracts | 78893 |
|  Equity | Small Cap Value Insights | Variation Margin on futures contracts | 985981 |
|  Equity | U.S. Equity Insights | Variation Margin on futures contracts | 8221 |

---

(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 October 31, 2022 is reported within
the Statements of Assets and Liabilities.

The following table sets forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended October 31, 2022. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk** | **Fund** | **Net Realized<br>Gain (Loss) from<br>Futures Contracts** | **Net Change in<br>Unrealized<br>Gain (Loss) on**<br> **Futures Contracts** | **Average<br>Number of<br>Contracts<sup>(a)</sup>** |
|  Equity | Large Cap Growth Insights | $(789161) | $— | 58 |
|  Equity | Large Cap Value Insights | 212506 |  | 10 |
|  Equity | Small Cap Equity Insights | 847745 | (135160) | 67 |
|  Equity | Small Cap Growth Insights | 338906 | 78893 | 12 |
|  Equity | Small Cap Value Insights | (265835) | 655819 | 114 |
|  Equity | U.S. Equity Insights | (1508869) | 8221 | 63 |

---

(a) Average number of contracts is based on the month end balances for the fiscal year ended October 31, 2022.

**5. AGREEMENTS AND AFFILIATED TRANSACTIONS**

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

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

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**5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

For the fiscal year ended October 31, 2022, contractual and effective net management fees with GSAM were at the following rates:

---

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

---

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

The Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds invest in Institutional Shares of the Underlying Money Market Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which the Funds invest, except those management fees it earns from the Funds' investments of cash collateral received in connection with securities lending transactions in the Underlying Money Market Fund. For the fiscal year ended October 31, 2022, the management fee waived by GSAM for each Fund was as follows:

---

| | |
|:---|:---|
| **Fund** | **Management<br>Fee Waived** |
|  Large Cap Growth Insights | $2237 |
|  Large Cap Value Insights | 684 |
|  Small Cap Equity Insights | 2905 |
|  Small Cap Growth Insights | 479 |
|  Small Cap Value Insights | 6460 |
|  U.S. Equity Insights | 4126 |

---

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

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**5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

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

---

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

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 October 31, 2022, Goldman Sachs retained the following amounts:

---

| | | |
|:---|:---|:---|
| | **Front End<br>Sales Charge** | **Contingent Deferred<br>Sales Charge** |
| <br>**Fund** | **Class A** | **Class C** |
|  Large Cap Growth Insights | $19026 | $— |
|  Large Cap Value Insights | 3567 | 791 |
|  Small Cap Equity Insights | 1278 | 506 |
|  Small Cap Growth Insights | 6028 | 58 |
|  Small Cap Value Insights | 3407 |  |
|  U.S. Equity Insights | 6133 | 629 |

---

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

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

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

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**5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

For the fiscal year ended October 31, 2022, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Management<br>Fee Waiver** | **Other<br>Expense<br>Reimbursements** | **Total<br>Expense<br>Reductions** |
|  Large Cap Growth Insights | $2237 | $433399 | $435636 |
|  Large Cap Value Insights | 684 | 317852 | 318536 |
|  Small Cap Equity Insights | 2905 | 352697 | 355602 |
|  Small Cap Growth Insights | 479 | 363075 | 363554 |
|  Small Cap Value Insights | 6460 | 562765 | 569225 |
|  U.S. Equity Insights | 4126 | 401369 | 405495 |

---

G. Line of Credit Facility — As of October 31, 2022, the Funds participated in a $1,250,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended October 31, 2022, the Funds did not have any borrowings under the facility. Prior to April 22, 2022, the facility was $1,000,000,000.

H. Other Transactions with Affiliates — For the fiscal year ended October 31, 2022, Goldman Sachs did not earn brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs.

As of October 31, 2022, the following Goldman Sachs Dynamic Global Equity Fund and Goldman Sachs Enhanced Dividend Global Equity Portfolio were beneficial owners of 5% or more of total outstanding shares of the following Funds:

---

| | | |
|:---|:---|:---|
| **Fund** | **Goldman Sachs<br>Dynamic Global Equity** | **Goldman Sachs<br>Enhanced Dividend Global Equity** |
|  Large Cap Value Insights | 8% | —% |
|  Small Cap Equity Insights |  | 7 |

---

The following table provides information about the Funds' investments in the Underlying Fund as of and for the fiscal year ended October 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market<br>Value as of<br>October 31, 2021** | **Purchased<br>at Cost** | **Proceeds<br>from Sales** | **Market<br>Value as of<br>October 31, 2022** | **Shares as of<br>October 31, 2022** | **Dividend Income<br>from Affiliated<br>Investment<br>Companies** |
|  Large Cap Growth Insights | $— | $65924192 | $(65924192) | $— |  | $11278 |
|  Large Cap Value Insights |  | 24996789 | (24996789) |  |  | 2012 |
|  Small Cap Equity Insights | 5888756 | 81149435 | (82599643) | 4438548 | 4438548 | 11911 |
|  Small Cap Growth Insights |  | 27928998 | (27537251) | 391747 | 391747 | 3408 |
|  Small Cap Value Insights | 1412504 | 97745279 | (89367656) | 9790127 | 9790127 | 82009 |
|  U.S. Equity Insights |  | 138748463 | (138748463) |  |  | 33699 |

---

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**6. PORTFOLIO SECURITIES TRANSACTIONS**

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended October 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchase** | **Sales and Maturities** |
|  Large Cap Growth Insights | $2501655355 | $3152417395 |
|  Large Cap Value Insights | 822012378 | 839584757 |
|  Small Cap Equity Insights | 753850513 | 807581546 |
|  Small Cap Growth Insights | 338622221 | 543040810 |
|  Small Cap Value Insights | 1969885473 | 1989339485 |
|  U.S. Equity Insights | 2165136068 | 2240131973 |

---

**7. SECURITIES LENDING**

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

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

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

**121** 

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*October 31, 2022* 

**7. SECURITIES LENDING (continued)**

amounts of recognized liabilities for securities lending transactions outstanding as of October 31, 2022, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

Both the Funds and GSAL received compensation relating to the lending of the Funds' securities. The amounts earned by the Funds for the fiscal year ended October 31, 2022 are reported under Investment Income on the Statements of Operations.

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

---

| | | | |
|:---|:---|:---|:---|
| | **For the Fiscal Year Ended October 31, 2022** | **For the Fiscal Year Ended October 31, 2022** | **Amounts Payable to<br>Goldman Sachs<br>Upon Return of<br>Securities Loaned as of<br>October 31, 2022** |
| <br>**Fund** | **Earnings of GSAL<br>Relating to<br>Securities<br>Loaned** | **Amounts Received<br>by the Funds<br>from Lending to<br>Goldman Sachs** | **Amounts Payable to<br>Goldman Sachs<br>Upon Return of<br>Securities Loaned as of<br>October 31, 2022** |
|  Large Cap Growth Insights | $1083 | $2613 | $— |
|  Large Cap Value Insights | 868 | 427 |  |
|  Small Cap Equity Insights | 19090 | 26832 | 1266842 |
|  Small Cap Growth Insights | 12362 | 8803 | 364250 |
|  Small Cap Value Insights | 51429 | 72329 | 1738808 |
|  U.S. Equity Insights | 412 | 87 |  |

---

The following table provides information about the Funds' investments in the Government Money Market Fund for the fiscal year ended October 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Beginning<br>value as of<br>October 31, 2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Ending<br>value as of<br>October 31, 2022** |
|  Large Cap Growth Insights | $14135325 | $23523119 | $(35306244) | $2352200 |
|  Large Cap Value Insights | 3732000 | 9799139 | (9627401) | 3903738 |
|  Small Cap Equity Insights | 8587928 | 62497555 | (66305134) | 4780349 |
|  Small Cap Growth Insights | 5015264 | 35635371 | (39287742) | 1362893 |
|  Small Cap Value Insights | 25942175 | 164751060 | (173401043) | 17292192 |
|  U.S. Equity Insights | 10200800 | 10191225 | (18021775) | 2370250 |

---

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**8. TAX INFORMATION**

The tax character of distributions paid during the fiscal year ended October 31, 2022 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Large Cap<br>Growth<br>Insights** | **Large Cap<br>Value<br>Insights** | **Small Cap<br>Equity<br>Insights** | **Small Cap<br>Growth<br>Insights** | **Small Cap<br>Value<br>Insights** | **U.S.<br>Equity<br>Insights** |
|  Distributions paid from: |  |  |  |  |  |  |
|  Ordinary Income | $253707941 | $48877374 | $86951437 | $213298883 | $218923859 | $163565519 |
|  Net long-term capital gains | 245493255 | 19262642 | 51993215 | 15721281 | 78533128 | 97356095 |
|  Total taxable distributions | $499201196 | $68140016 | $138944652 | $229020164 | $297456987 | $260921614 |

---

The tax character of distributions paid during the fiscal year ended October 31, 2021 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Large Cap<br>Growth<br>Insights** | **Large Cap<br>Value<br>Insights** | **Small Cap<br>Equity<br>Insights** | **Small Cap<br>Growth<br>Insights** | **Small Cap<br>Value<br>Insights** | **U.S.<br>Equity<br>Insights** |
|  Distributions paid from: |  |  |  |  |  |  |
|  Ordinary Income | $62685529 | $5528289 | $2657210 | $3961440 | $7428687 | $6850494 |
|  Net long-term capital gains | 122293687 |  |  | 32029279 |  | 39351044 |
|  Total taxable distributions | $184979216 | $5528289 | $2657210 | $35990719 | $7428687 | $46201538 |

---

As of October 31, 2022, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Large Cap<br>Growth<br>Insights** | **Large Cap<br>Value<br>Insights** | **Small Cap<br>Equity<br>Insights** | **Small Cap<br>Growth<br>Insights** | **Small Cap<br>Value<br>Insights** | **U.S.<br>Equity<br>Insights** |
|  Undistributed ordinary income — net | $2786699 | $199944 | $2851976 | $338124 | $7317609 | $6173783 |
|  Undistributed long-term capital gains | 145538261 | 7706981 |  |  | 16176540 |  |
|  Total undistributed earnings | $148324960 | $7906925 | $2851976 | $338124 | $23494149 | $6173783 |
|  Capital loss carryforwards: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $— | $— | $(35717693) | $(28957299) | $— | $(20208924) |
|  Timing differences (Qualified Late Year Loss Deferral) | $— | $— | $— | $(403774) | $— | $— |
|  Unrealized gains (losses) — net | 254928448 | 7308264 | 5289293 | 3811836 | 12004754 | 120215060 |
|  Total accumulated earnings (losses) — net | $403253408 | $15215189 | $(27576424) | $(25211113) | $35498903 | $106179919 |

---

As of October 31, 2022, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Large Cap<br>Growth<br>Insights** | **Large Cap<br>Value<br>Insights** | **Small Cap<br>Equity<br>Insights** | **Small Cap<br>Growth<br>Insights** | **Small Cap<br>Value<br>Insights** | **U.S.<br>Equity<br>Insights** |
|  Tax Cost | $724851198 | $363675060 | $443467970 | $124701678 | $1127800198 | $845546827 |
|  Gross unrealized gain | 283450662 | 26594687 | 46289293 | 15914370 | 108188140 | 155224685 |
|  Gross unrealized loss | (28522214) | (19286423) | (41000000) | (12102534) | (96183386) | (35009625) |
|  Net unrealized gain (loss) | $254928448 | $7308264 | $5289293 | $3811836 | $12004754 | $120215060 |

---

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*October 31, 2022* 

**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 contracts, and differences in the tax treatment of passive foreign investment company investments.

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

**9. OTHER RISKS**

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

Derivatives Risk — The Funds' use of derivatives and other similar instruments (together, referred to in this paragraph as "derivatives") may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Changes in the value of a derivative may also create margin delivery or settlement payment obligations for the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, 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. The use of derivatives is also subject to operational and legal risks. Operational risks refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error. Legal risks refer to the risks of loss resulting from insufficient documentation, or legality or enforceability of a contract. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Dividend-Paying Investments Risk — A Fund's investments in dividend-paying securities could cause a Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Fund's investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Fund to produce current income.

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

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

**124** 

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**9. OTHER RISKS (continued)**

conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and dilute remaining investors' interests. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

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

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

**10. INDEMNIFICATIONS**

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

**11. OTHER MATTERS**

Effective after the close of business on June 10, 2022, the Goldman Sachs Small Cap Growth Insights Fund completed a 9-for-1 reverse share split in which shareholders of record for Class C Shares received 1 share for every 9 shares outstanding.

**12. SUBSEQUENT EVENTS**

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

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*October 31, 2022* 

**13. SUMMARY OF SHARE TRANSACTIONS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** |
|  | **For the Fiscal Year Ended<br>October 31, 2022** | **For the Fiscal Year Ended<br>October 31, 2022** | **For the Fiscal Year Ended<br>October 31, 2021** | **For the Fiscal Year Ended<br>October 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Class A Shares** |  |  |  |  |
|  Shares sold | 1715066 | $51429980 | 1095454 | $45113329 |
|  Reinvestment of distributions | 2688364 | 88635361 | 615562 | 23145148 |
|  Shares redeemed | (2912198) | (86773982) | (2431447) | (99948201) |
|  | 1491232 | 53291359 | (720431) | (31689724) |
| **Class C Shares** |  |  |  |  |
|  Shares sold | 201147 | 4612639 | 87523 | 3134888 |
|  Reinvestment of distributions | 635744 | 16453064 | 141544 | 4574698 |
|  Shares redeemed | (631041) | (14327544) | (371462) | (13306116) |
|  | 205850 | 6738159 | (142395) | (5596530) |
| **Institutional Shares** |  |  |  |  |
|  Shares sold | 3036653 | 100896763 | 4360670 | 191925368 |
|  Reinvestment of distributions | 3140645 | 110517603 | 1561511 | 61376167 |
|  Shares redeemed | (12737817) | (552611668) | (7340923) | (320397444) |
|  | (6560519) | (341197302) | (1418742) | (67095909) |
| **Service Shares** |  |  |  |  |
|  Shares sold | 156069 | 4471341 | 126694 | 5030496 |
|  Reinvestment of distributions | 135426 | 4330914 | 85767 | 3163099 |
|  Shares redeemed | (227120) | (6519901) | (774972) | (30914145) |
|  | 64375 | 2282354 | (562511) | (22720550) |
| **Investor Shares** |  |  |  |  |
|  Shares sold | 1569775 | 45145961 | 939158 | 38504632 |
|  Reinvestment of distributions | 2620037 | 84626583 | 851697 | 31563303 |
|  Shares redeemed | (4257956) | (120576490) | (4451351) | (181534942) |
|  | (68144) | 9196054 | (2660496) | (111467007) |
| **Class R6 Shares** |  |  |  |  |
|  Shares sold | 4034480 | 121018945 | 1599203 | 68595141 |
|  Reinvestment of distributions | 2334785 | 82112342 | 828918 | 32565309 |
|  Shares redeemed | (3794198) | (120122703) | (6168258) | (259942675) |
|  | 2575067 | 83008584 | (3740137) | (158782225) |
| **Class R Shares** |  |  |  |  |
|  Shares sold | 252827 | 7061500 | 192530 | 7756717 |
|  Reinvestment of distributions | 305562 | 9579381 | 71765 | 2614386 |
|  Shares redeemed | (249146) | (6867287) | (372150) | (15253333) |
|  | 309243 | 9773594 | (107855) | (4882230) |
| **Class P Shares** |  |  |  |  |
|  Shares sold | 1173128 | 34134523 | 105163 | 4407933 |
|  Reinvestment of distributions | 674287 | 23693905 | 149914 | 5886489 |
|  Shares redeemed | (1395581) | (41298673) | (232991) | (9833829) |
|  | 451834 | 16529755 | 22086 | 460593 |
|  **NET DECREASE** | (1531062) | $(160377443) | (9330481) | $(401773582) |

---

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**13. SUMMARY OF SHARE TRANSACTIONS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** |
|  | **For the Fiscal Year Ended<br>October 31, 2022** | **For the Fiscal Year Ended<br>October 31, 2022** | **For the Fiscal Year Ended<br>October 31, 2021** | **For the Fiscal Year Ended<br>October 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Class A Shares** |  |  |  |  |
|  Shares sold | 616396 | $14114141 | 374537 | $9278898 |
|  Reinvestment of distributions | 408872 | 9400741 | 25367 | 608567 |
|  Shares redeemed | (734081) | (16740388) | (546202) | (13495141) |
|  | 291187 | 6774494 | (146298) | (3607676) |
| **Class C Shares** |  |  |  |  |
|  Shares sold | 75200 | 1637165 | 80854 | 2011740 |
|  Reinvestment of distributions | 69212 | 1576172 | 1882 | 42611 |
|  Shares redeemed | (122042) | (2766985) | (144995) | (3467473) |
|  | 22370 | 446352 | (62259) | (1413122) |
| **Institutional Shares** |  |  |  |  |
|  Shares sold | 1516511 | 35176645 | 1174035 | 29189417 |
|  Reinvestment of distributions | 694501 | 15924837 | 62528 | 1502175 |
|  Shares redeemed | (2107686) | (47471739) | (1614015) | (39580481) |
|  | 103326 | 3629743 | (377452) | (8888889) |
| **Service Shares** |  |  |  |  |
|  Shares sold | 41137 | 934595 | 51346 | 1269338 |
|  Reinvestment of distributions | 46869 | 1085174 | 2702 | 64678 |
|  Shares redeemed | (162728) | (3605975) | (76691) | (1879356) |
|  | (74722) | (1586206) | (22643) | (545340) |
| **Investor Shares** |  |  |  |  |
|  Shares sold | 1050235 | 23832878 | 969056 | 23461684 |
|  Reinvestment of distributions | 643544 | 14722947 | 51114 | 1222745 |
|  Shares redeemed | (1587403) | (35430094) | (1321311) | (32404001) |
|  | 106376 | 3125731 | (301141) | (7719572) |
| **Class R6 Shares** |  |  |  |  |
|  Shares sold | 693363 | 15016623 | 320757 | 7992785 |
|  Reinvestment of distributions | 569749 | 13054720 | 49082 | 1180836 |
|  Shares redeemed | (353238) | (7789181) | (864911) | (21451153) |
|  | 909874 | 20282162 | (495072) | (12277532) |
| **Class R Shares** |  |  |  |  |
|  Shares sold | 42527 | 979829 | 41893 | 1025052 |
|  Reinvestment of distributions | 37757 | 861348 | 2302 | 54226 |
|  Shares redeemed | (59250) | (1358839) | (97866) | (2428101) |
|  | 21034 | 482338 | (53671) | (1348823) |
| **Class P Shares** |  |  |  |  |
|  Shares sold | 886636 | 20079092 | 221021 | 5204447 |
|  Reinvestment of distributions | 339598 | 7778306 | 25656 | 619341 |
|  Shares redeemed | (719702) | (16088659) | (114163) | (2754890) |
|  | 506532 | 11768739 | 132514 | 3068898 |
|  **NET INCREASE/(DECREASE)** | 1885977 | $44923353 | (1326022) | $(32732056) |

---

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*October 31, 2022* 

**13. SUMMARY OF SHARE TRANSACTIONS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** |
|  | **For the Fiscal Year Ended<br>October 31, 2022** | **For the Fiscal Year Ended<br>October 31, 2022** | **For the Fiscal Year Ended<br>October 31, 2021** | **For the Fiscal Year Ended<br>October 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Class A Shares** |  |  |  |  |
|  Shares sold | 182338 | $4353913 | 198389 | $6402737 |
|  Reinvestment of distributions | 407005 | 10240249 | 2449 | 69444 |
|  Shares redeemed | (304087) | (7110480) | (434186) | (14009213) |
|  | 285256 | 7483682 | (233348) | (7537032) |
| **Class C Shares** |  |  |  |  |
|  Shares sold | 35002 | 661357 | 47542 | 1298606 |
|  Reinvestment of distributions | 109923 | 2166576 |  |  |
|  Shares redeemed | (96298) | (1755830) | (101633) | (2784132) |
|  | 48627 | 1072103 | (54091) | (1485526) |
| **Institutional Shares** |  |  |  |  |
|  Shares sold | 1413130 | 35973516 | 3254959 | 106543708 |
|  Reinvestment of distributions | 1821341 | 48593389 | 31539 | 931340 |
|  Shares redeemed | (3106042) | (81062511) | (6166178) | (183839430) |
|  | 128429 | 3504394 | (2879680) | (76364382) |
| **Service Shares** |  |  |  |  |
|  Shares sold | 34639 | 729443 | 60889 | 1978686 |
|  Reinvestment of distributions | 35155 | 861999 | 180 | 5026 |
|  Shares redeemed | (64926) | (1595231) | (81456) | (2641770) |
|  | 4868 | (3789) | (20387) | (658058) |
| **Investor Shares** |  |  |  |  |
|  Shares sold | 535490 | 12854907 | 815337 | 26010460 |
|  Reinvestment of distributions | 570066 | 14257356 | 10482 | 295176 |
|  Shares redeemed | (1586880) | (40477199) | (1754425) | (53617675) |
|  | (481324) | (13364936) | (928606) | (27312039) |
| **Class R6 Shares** |  |  |  |  |
|  Shares sold | 885919 | 22899892 | 631922 | 21122074 |
|  Reinvestment of distributions | 887467 | 23686493 | 24331 | 718494 |
|  Shares redeemed | (896707) | (22481759) | (2915629) | (92706574) |
|  | 876679 | 24104626 | (2259376) | (70866006) |
| **Class R Shares** |  |  |  |  |
|  Shares sold | 112156 | 2582869 | 125400 | 3882129 |
|  Reinvestment of distributions | 161112 | 3905346 | 128 | 3543 |
|  Shares redeemed | (155362) | (3524667) | (284861) | (8669839) |
|  | 117906 | 2963548 | (159333) | (4784167) |
| **Class P Shares** |  |  |  |  |
|  Shares sold | 5027798 | 115316603 | 656903 | 22358809 |
|  Reinvestment of distributions | 1279518 | 34137536 | 19262 | 568617 |
|  Shares redeemed | (4134989) | (97541556) | (404571) | (13845592) |
|  | 2172327 | 51912583 | 271594 | 9081834 |
|  **NET INCREASE/(DECREASE)** | 3152768 | $77672211 | (6263227) | $(179925376) |

---

**128** 

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

**13. SUMMARY OF SHARE TRANSACTIONS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** |
|  | **For the Fiscal Year Ended<br>October 31, 2022** | **For the Fiscal Year Ended<br>October 31, 2022** | **For the Fiscal Year Ended<br>October 31, 2021** | **For the Fiscal Year Ended<br>October 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Class A Shares** |  |  |  |  |
|  Shares sold | 877579 | $27274662 | 200305 | $8989161 |
|  Reinvestment of distributions | 3171796 | 47830685 | 49962 | 2024645 |
|  Shares redeemed | (2563878) | (39266880) | (479824) | (21229689) |
|  | 1485497 | 35838467 | (229557) | (10215883) |
| **Class C Shares** |  |  |  |  |
|  Shares sold | 363364 | 6914183 | 21857 | 709037 |
|  Reinvestment of distributions | 4490243 | 12303265 | 12362 | 363996 |
|  Shares redeemed | (2485904) | (7819885) | (58186) | (1901256) |
|  Shares reduced by reverse share split | (2357001) |  |  |  |
|  | 10702 | 11397563 | (23967) | (828223) |
| **Institutional Shares** |  |  |  |  |
|  Shares sold | 1051433 | 24658161 | 954048 | 51400881 |
|  Reinvestment of distributions | 2934400 | 72098210 | 133643 | 6550783 |
|  Shares redeemed | (4596505) | (112414031) | (3096424) | (167651024) |
|  | (610672) | (15657660) | (2008733) | (109699360) |
| **Investor Shares** |  |  |  |  |
|  Shares sold | 303538 | 5111497 | 2878928 | 130807137 |
|  Reinvestment of distributions | 2144431 | 35940663 | 443811 | 18615787 |
|  Shares redeemed | (2242252) | (38694688) | (14448839) | (678528770) |
|  | 205717 | 2357472 | (11126100) | (529105846) |
| **Class R6 Shares** |  |  |  |  |
|  Shares sold | 219762 | 5783179 | 990249 | 52473767 |
|  Reinvestment of distributions | 1889851 | 46509244 | 134792 | 6611412 |
|  Shares redeemed | (2911750) | (67070069) | (5811777) | (308314516) |
|  | (802137) | (14777646) | (4686736) | (249229337) |
| **Class R Shares** |  |  |  |  |
|  Shares sold | 102975 | 1279083 | 47078 | 1999938 |
|  Reinvestment of distributions | 334627 | 4303299 | 8078 | 311653 |
|  Shares redeemed | (204616) | (2445242) | (157505) | (6656958) |
|  | 232986 | 3137140 | (102349) | (4345367) |
| **Class P Shares** |  |  |  |  |
|  Shares sold | 340438 | 6683825 | 16769 | 925178 |
|  Reinvestment of distributions | 214331 | 5274692 | 7360 | 361013 |
|  Shares redeemed | (473383) | (9725297) | (83999) | (4668279) |
|  | 81386 | 2233220 | (59870) | (3382088) |
|  **NET INCREASE/(DECREASE)** | 603479 | $24528556 | (18237312) | $(906806104) |

---

**129** 

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

*October 31, 2022* 

**13. SUMMARY OF SHARE TRANSACTIONS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** |
|  | **For the Fiscal Year Ended<br>October 31, 2022** | **For the Fiscal Year Ended<br>October 31, 2022** | **For the Fiscal Year Ended<br>October 31, 2021** | **For the Fiscal Year Ended<br>October 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Class A Shares** |  |  |  |  |
|  Shares sold | 741676 | $26976820 | 566524 | $27357223 |
|  Reinvestment of distributions | 1110993 | 41255586 | 17972 | 733047 |
|  Shares redeemed | (1242764) | (45205678) | (700432) | (32964079) |
|  | 609905 | 23026728 | (115936) | (4873809) |
| **Class C Shares** |  |  |  |  |
|  Shares sold | 39790 | 878125 | 42344 | 1422441 |
|  Reinvestment of distributions | 145934 | 2976487 | 889 | 24811 |
|  Shares redeemed | (138061) | (2768481) | (85171) | (2791574) |
|  | 47663 | 1086131 | (41938) | (1344322) |
| **Institutional Shares** |  |  |  |  |
|  Shares sold | 2487092 | 140827956 | 2422336 | 155514994 |
|  Reinvestment of distributions | 1395749 | 78161504 | 31205 | 1727414 |
|  Shares redeemed | (2387969) | (134309938) | (1545560) | (101726881) |
|  | 1494872 | 84679522 | 907981 | 55515527 |
| **Investor Shares** |  |  |  |  |
|  Shares sold | 5980989 | 244700941 | 2218254 | 107386728 |
|  Reinvestment of distributions | 2401504 | 88614645 | 68663 | 2781203 |
|  Shares redeemed | (5312560) | (238137593) | (3851812) | (180467491) |
|  | 3069933 | 95177993 | (1564895) | (70299560) |
| **Class R6 Shares** |  |  |  |  |
|  Shares sold | 2286871 | 129883436 | 2244099 | 143401680 |
|  Reinvestment of distributions | 1158040 | 64837855 | 28540 | 1579576 |
|  Shares redeemed | (2363169) | (136573062) | (1643652) | (105757051) |
|  | 1081742 | 58148229 | 628987 | 39224205 |
| **Class R Shares** |  |  |  |  |
|  Shares sold | 162506 | 5848899 | 143180 | 6706149 |
|  Reinvestment of distributions | 186001 | 6663870 | 2943 | 117344 |
|  Shares redeemed | (221628) | (7624666) | (152368) | (7129277) |
|  | 126879 | 4888103 | (6245) | (305784) |
| **Class P Shares** |  |  |  |  |
|  Shares sold | 178113 | 9044783 | 126625 | 7802899 |
|  Reinvestment of distributions | 170528 | 9546149 | 4947 | 273740 |
|  Shares redeemed | (144345) | (7822651) | (149515) | (9843214) |
|  | 204296 | 10768281 | (17943) | (1766575) |
|  **NET INCREASE (DECREASE)** | 6635290 | $277774987 | (209989) | $16149682 |

---

**130** 

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

**13. SUMMARY OF SHARE TRANSACTIONS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** |
|  | **For the Fiscal Year Ended<br>October 31, 2022** | **For the Fiscal Year Ended<br>October 31, 2022** | **For the Fiscal Year Ended<br>October 31, 2021** | **For the Fiscal Year Ended<br>October 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Class A Shares** |  |  |  |  |
|  Shares sold | 193178 | $10597907 | 207268 | $13062919 |
|  Reinvestment of distributions | 1370090 | 78101475 | 227426 | 12992585 |
|  Shares redeemed | (834351) | (44698804) | (678999) | (44102994) |
|  | 728917 | 44000578 | (244305) | (18047490) |
| **Class C Shares** |  |  |  |  |
|  Shares sold | 54504 | 2634953 | 57587 | 3282580 |
|  Reinvestment of distributions | 98696 | 4769992 | 15127 | 762084 |
|  Shares redeemed | (104153) | (4722157) | (113279) | (6257364) |
|  | 49047 | 2682788 | (40565) | (2212700) |
| **Institutional Shares** |  |  |  |  |
|  Shares sold | 806576 | 45492765 | 728154 | 48148149 |
|  Reinvestment of distributions | 1146235 | 68455553 | 208034 | 12322729 |
|  Shares redeemed | (1267861) | (71973665) | (1207280) | (79403501) |
|  | 684950 | 41974653 | (271092) | (18932623) |
| **Service Shares** |  |  |  |  |
|  Shares sold | 12101 | 665028 | 10669 | 694330 |
|  Reinvestment of distributions | 22830 | 1290452 | 4293 | 243533 |
|  Shares redeemed | (22622) | (1213889) | (35614) | (2372863) |
|  | 12309 | 741591 | (20652) | (1435000) |
| **Investor Shares** |  |  |  |  |
|  Shares sold | 427149 | 24207316 | 464534 | 29994670 |
|  Reinvestment of distributions | 521209 | 29215058 | 78789 | 4441328 |
|  Shares redeemed | (887915) | (47964185) | (448219) | (28495429) |
|  | 60443 | 5458189 | 95104 | 5940569 |
| **Class R6 Shares** |  |  |  |  |
|  Shares sold | 216342 | 13390962 | 65402 | 4400402 |
|  Reinvestment of distributions | 65441 | 3904300 | 7120 | 421374 |
|  Shares redeemed | (114396) | (6301879) | (44390) | (3013307) |
|  | 167387 | 10993383 | 28132 | 1808469 |
| **Class R Shares** |  |  |  |  |
|  Shares sold | 70899 | 3845960 | 75688 | 4589321 |
|  Reinvestment of distributions | 86368 | 4786764 | 33114 | 1850453 |
|  Shares redeemed | (95496) | (5016186) | (578215) | (34437536) |
|  | 61771 | 3616538 | (469413) | (27997762) |
| **Class P Shares** |  |  |  |  |
|  Shares sold | 3889263 | 199733591 | 536918 | 34615121 |
|  Reinvestment of distributions | 1094747 | 65314484 | 208354 | 12331032 |
|  Shares redeemed | (3611997) | (196398090) | (817391) | (54251909) |
|  | 1372013 | 68649985 | (72119) | (7305756) |
|  **NET INCREASE/(DECREASE)** | 3136837 | $178117705 | (994910) | $(68182293) |

---

**131** 

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## Report of Independent Registered Public

## Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Large Cap Value Insights Fund, Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs Small Cap Growth Insights Fund, Goldman Sachs Small Cap Value Insights Fund, and Goldman Sachs U.S. Equity Insights Fund

**Opinions on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Large Cap Value Insights Fund, Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs Small Cap Growth Insights Fund, Goldman Sachs Small Cap Value Insights Fund, and Goldman Sachs U.S. Equity Insights Fund (six of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the "Funds") as of October 31, 2022, the related statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, 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 October 31, 2022, 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 October 31, 2022 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 October 31, 2022 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

December 22, 2022

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

**132** 

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<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited)</u> 

**Background** 

The Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Large Cap Value Insights Fund, Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs Small Cap Growth Insights Fund, Goldman Sachs Small Cap Value Insights Fund, and Goldman Sachs U.S. Equity Insights 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, 2023 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 14-15, 2022 (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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trends in employee headcount;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Large Cap Growth Insights Fund, Small Cap Growth Insights Fund, and U.S. Equity Insights 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Fund's expense trends over time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

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

**133** 

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<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a summary of the "fall-out" benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the
Investment Adviser's affiliates from the Fund for transfer agency, securities lending, portfolio trading **,** distribution and other services;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

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

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

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

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser's portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser's commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, 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 capabilities. 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.

**134** 

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

**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, 2021, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2022. The information on each Fund's investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed each Fund's investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Large Cap Growth Insights Fund's, Small Cap Growth Insights Fund's, and U.S. Equity Insights 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. They noted the efforts of the Funds' portfolio management team to continue to enhance the investment models used in managing the Funds.

The Trustees noted that the Large Cap Growth Insights 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 underperformed the Fund's benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2022. They observed that the Large Cap Value Insights Fund's Institutional Shares had placed in the top half of the Fund's peer group for the one- and ten-year periods and in the third quartile for the three- and five-year periods, and had outperformed the Fund's benchmark index for the one-, five-, and ten-year periods and underperformed for the three-year period ended March 31, 2022. The Trustees noted that the Small Cap Equity Insights Fund's Institutional Shares had placed in the third quartile of the Fund's peer group for the one-, five-, and ten-year periods and in the fourth quartile for the three-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, 2022. They observed that the Small Cap Growth Insights 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-year period and underperformed for the three-, five-, and ten-year periods ended March 31, 2022. The Trustees noted that the Small Cap Value Insights 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, 2022. They observed that the U.S. Equity Insights Fund's Institutional Shares had placed in the top half of the Fund's peer group for the one-, five-, and ten-year periods and in the third quartile for the three-year period, and had underperformed the Fund's benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2022.

**Costs of Services Provided and Competitive Information** 

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

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

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

**135** 

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<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

In addition, the Trustees noted that shareholders are able to redeem their 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 2021 and 2020, 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<br>Net Assets** | **Large Cap<br>Growth<br>Insights<br>Fund** | **Large Cap<br>Value<br>Insights<br>Fund** | **Small Cap<br>Equity<br>Insights<br>Fund** | **Small Cap<br>Growth<br>Insights<br>Fund** | **Small Cap<br>Value<br>Insights<br>Fund** | **U.S. Equity<br>Insights<br>Fund** |
| First $1 billion | 0.52% | 0.52% | 0.80% | 0.80% | 0.80% | 0.52% |
| Next $1 billion | 0.47 | 0.47 | 0.80 | 0.80 | 0.80 | 0.47 |
| Next $3 billion | 0.44 | 0.44 | 0.72 | 0.72 | 0.72 | 0.44 |
| Next $3 billion | 0.44 | 0.44 | 0.68 | 0.68 | 0.68 | 0.44 |
| Over $8 billion | 0.43 | 0.43 | 0.67 | 0.67 | 0.67 | 0.43 |

---

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds' recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser's undertaking to limit certain expenses of the Funds that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the Large Cap Growth Insights Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.

**Other Benefits to the Investment Adviser and Its Affiliates** 

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC ("Goldman Sachs"); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) fees earned by Goldman Sachs Agency Lending ("GSAL"), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Funds' cash collateral is invested); (e) the Investment Adviser's ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (f) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs' retention of certain fees as Fund Distributor; (h) the Investment Adviser's ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (i) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (j) the investment in exchange-traded funds ("ETFs") managed by the Investment Adviser that will result in increased assets

**136** 

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<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

under management for those ETFs and may facilitate the development of the Investment Adviser's ETF advisory business; and (k) the possibility that the working relationship between the Investment Adviser and the Funds' third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

**Other Benefits to the Funds and Their Shareholders** 

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

**Conclusion** 

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser's costs and each Fund's current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser's continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2023.

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

**Fund Expenses — Six Month Period Ended October 31, 2022 (Unaudited)** 

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, Service and Class R Shares); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2022 through October 31, 2022, which represents a period of 184 days in a 365 day year. This projection assumes that annualized expense ratios were in effect during the period.

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

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

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** |
| &nbsp;&nbsp;&nbsp;**Share Class** | **Beginning<br>Account<br>Value<br>5/1/22** | **Ending<br>Account<br>Value<br>10/31/22** | | **Expenses<br>Paid for the<br>6 months ended<br>10/31/2022**\* | **Beginning<br>Account<br>Value<br>5/1/22** | **Ending<br>Account<br>Value<br>10/31/22** | | **Expenses<br>Paid for the<br>6 months ended<br>10/31/2022**\* | **Beginning<br>Account<br>Value<br>5/1/22** | **Ending<br>Account<br>Value<br>10/31/22** | | **Expenses<br>Paid for the<br>6 months ended<br>10/31/2022**\* |
| &nbsp;&nbsp;&nbsp;**<u>Class A</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $922.74 |  | $4.51 | $1000.00 | $966.03 |  | $4.63 | $1000.00 | $985.47 |  | $6.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1020.51 | + | 4.74 | 1000.00 | 1020.50 | + | 4.76 | 1000.00 | 1019.09 | + | 6.17 |
| &nbsp;&nbsp;&nbsp;**<u>Class C</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 919.08 |  | 8.13 | 1000.00 | 962.25 |  | 8.33 | 1000.00 | 981.98 |  | 9.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1016.73 | + | 8.55 | 1000.00 | 1016.72 | + | 8.56 | 1000.00 | 1015.31 | + | 9.97 |
| &nbsp;&nbsp;&nbsp;**<u>Institutional</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 924.13 |  | 2.72 | 1000.00 | 967.54 |  | 2.80 | 1000.00 | 987.60 |  | 4.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1022.38 | + | 2.86 | 1000.00 | 1022.36 | + | 2.87 | 1000.00 | 1020.95 | + | 4.30 |
| &nbsp;&nbsp;&nbsp;**<u>Service</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 922.21 |  | 5.14 | 1000.00 | 965.61 |  | 5.27 | 1000.00 | 985.08 |  | 6.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1019.86 | + | 5.40 | 1000.00 | 1019.84 | + | 5.42 | 1000.00 | 1018.43 | + | 6.83 |
| &nbsp;&nbsp;&nbsp;**<u>Investor</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 923.71 |  | 3.30 | 1000.00 | 967.24 |  | 3.39 | 1000.00 | 986.76 |  | 4.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1021.77 | + | 3.47 | 1000.00 | 1021.76 | + | 3.48 | 1000.00 | 1020.35 | + | 4.91 |
| &nbsp;&nbsp;&nbsp;**<u>Class R6</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 924.40 |  | 2.67 | 1000.00 | 967.60 |  | 2.75 | 1000.00 | 987.60 |  | 4.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1022.43 | + | 2.81 | 1000.00 | 1022.41 | + | 2.82 | 1000.00 | 1021.00 | + | 4.24 |
| &nbsp;&nbsp;&nbsp;**<u>Class R</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 921.39 |  | 5.72 | 1000.00 | 964.88 |  | 5.86 | 1000.00 | 984.43 |  | 7.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1019.25 | + | 6.01 | 1000.00 | 1019.24 | + | 6.03 | 1000.00 | 1017.83 | + | 7.44 |
| &nbsp;&nbsp;&nbsp;**<u>Class P</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 924.32 |  | 2.67 | 1000.00 | 968.01 |  | 2.75 | 1000.00 | 987.60 |  | 4.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1022.43 | + | 2.81 | 1000.00 | 1022.41 | + | 2.82 | 1000.00 | 1021.00 | + | 4.24 |

---

\* 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 October 31, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year.

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**Fund Expenses — Six Month Period Ended October 31, 2022 (Unaudited) (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** |
| &nbsp;&nbsp;&nbsp;**Share Class** | **Beginning<br>Account<br>Value<br>5/1/22** | **Ending<br>Account<br>Value<br>10/31/22** | | **Expenses<br>Paid for the<br>6 months ended<br>10/31/2022**\* | **Beginning<br>Account<br>Value<br>5/1/22** | **Ending<br>Account<br>Value<br>10/31/22** | | **Expenses<br>Paid for the<br>6 months ended<br>10/31/2022**\* | **Beginning<br>Account<br>Value<br>5/1/22** | **Ending<br>Account<br>Value<br>10/31/22** | | **Expenses<br>Paid for the<br>6 months ended<br>10/31/2022**\* |
| &nbsp;&nbsp;&nbsp;**<u>Class A</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $995.83 |  | $6.11 | $1000.00 | $983.71 |  | $6.06 | $1000.00 | $950.31 |  | $4.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1019.09 | + | 6.18 | 1000.00 | 1019.09 | + | 6.17 | 1000.00 | 1020.50 | + | 4.75 |
| &nbsp;&nbsp;&nbsp;**<u>Class C</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 990.54 |  | 9.85 | 1000.00 | 979.61 |  | 9.79 | 1000.00 | 946.81 |  | 8.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1015.31 | + | 9.97 | 1000.00 | 1015.31 | + | 9.97 | 1000.00 | 1016.72 | + | 8.55 |
| &nbsp;&nbsp;&nbsp;**<u>Institutional</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 997.44 |  | 4.25 | 1000.00 | 985.44 |  | 4.22 | 1000.00 | 952.11 |  | 2.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1020.95 | + | 4.30 | 1000.00 | 1020.96 | + | 4.29 | 1000.00 | 1022.37 | + | 2.87 |
| &nbsp;&nbsp;&nbsp;**<u>Service</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | N/A | N/A |  | N/A | N/A | N/A |  | N/A | 1000.00 | 949.75 |  | 5.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | N/A | N/A |  | N/A | N/A | N/A |  | N/A | 1000.00 | 1019.85 | + | 5.41 |
| &nbsp;&nbsp;&nbsp;**<u>Investor</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 996.25 |  | 4.85 | 1000.00 | 984.74 |  | 4.82 | 1000.00 | 951.58 |  | 3.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1020.35 | + | 4.91 | 1000.00 | 1020.35 | + | 4.90 | 1000.00 | 1021.76 | + | 3.48 |
| &nbsp;&nbsp;&nbsp;**<u>Class R6</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 997.96 |  | 4.20 | 1000.00 | 985.44 |  | 4.17 | 1000.00 | 952.06 |  | 2.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1021.00 | + | 4.25 | 1000.00 | 1021.01 | + | 4.24 | 1000.00 | 1022.42 | + | 2.82 |
| &nbsp;&nbsp;&nbsp;**<u>Class R</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 994.13 |  | 7.36 | 1000.00 | 982.25 |  | 7.31 | 1000.00 | 949.18 |  | 5.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1017.83 | + | 7.44 | 1000.00 | 1017.83 | + | 7.44 | 1000.00 | 1019.24 | + | 6.02 |
| &nbsp;&nbsp;&nbsp;**<u>Class P</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 997.45 |  | 4.20 | 1000.00 | 985.43 |  | 4.17 | 1000.00 | 952.25 |  | 2.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1021.00 | + | 4.25 | 1000.00 | 1021.01 | + | 4.24 | 1000.00 | 1022.42 | + | 2.82 |

---

\* 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 October 31, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class A<br>Shares** | **Class C<br>Shares** | **Institutional<br>Shares** | **Service<br>Shares** | **Investor<br>Shares** | **Class R6<br>Shares** | **Class R<br>Shares** | **Class P<br>Shares** |
|  Large Cap Growth Insights Fund | 0.93% | 1.68% | 0.56% | 1.06% | 0.68% | 0.55% | 1.18% | 0.55% |
|  Large Cap Value Insights Fund | 0.93 | 1.68 | 0.56 | 1.06 | 0.68 | 0.55 | 1.18 | 0.55 |
|  Small Cap Equity Insights Fund | 1.21 | 1.96 | 0.84 | 1.34 | 0.96 | 0.83 | 1.46 | 0.83 |
|  Small Cap Growth Insights Fund | 1.21 | 1.96 | 0.84 | N/A | 0.96 | 0.83 | 1.46 | 0.83 |
|  Small Cap Value Insights Fund | 1.21 | 1.96 | 0.84 | N/A | 0.96 | 0.83 | 1.46 | 0.83 |
|  U.S. Equity Insights Fund | 0.93 | 1.68 | 0.56 | 1.06 | 0.68 | 0.55 | 1.18 | 0.55 |

---

---

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

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**Trustees and Officers (Unaudited)** 

**Independent Trustees** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>** | **Position(s) Held<br>with the Trust** | **Term of**<br> **Office and<br>Length of<br>Time Served<sup>2</sup>** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios in<br>Fund Complex<br>Overseen by<br>Trustee<sup>3</sup>** | **Other Directorships<br>Held by Trustee<sup>4</sup>** |
| **Jessica Palmer**<br> **Age: 73** | **Chair of the**<br> **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).**<br>**Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **None** |
| **Dwight L. Bush**<br> **Age: 65** | **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); Director of MoneyLion, Inc. (an operator of a data-driven, digital financial platform) (2021-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).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **MoneyLion, Inc. (an operator of a data-driven, digital financial platform)** |
| **Kathryn A. Cassidy**<br> **Age: 68** | **Trustee** | **Since 2015** | **Ms. Cassidy is retired. She is Director, Vertical Aerospace Ltd. (an aerospace and technology company) (2021-Present). Formerly, Ms. Cassidy 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).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **Vertical Aerospace Ltd. (an aerospace and technology company)** |
| **John G. Chou**<br> **Age: 66** | **Trustee** | **Since 2022** | **Mr. Chou is Executive Vice President and Special Advisor to the Chairman and CEO of AmerisourceBergen Corporation (a pharmaceutical and healthcare company) (2021-Present); and formerly held various executive management positions with AmerisourceBergen Corporation, including Executive Vice President and Chief Legal Officer (2019-2021); Executive Vice President and Chief Legal & Business Officer (2017-2019); and Executive Vice President and General Counsel (2011-2017).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |
| **Diana M. Daniels**<br> **Age: 73** | **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); Director of 1735 NY Investments, LLC (oversees an investment fund that supports the mission of the American Institute of Architects) (2022-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).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |

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**Trustees and Officers (Unaudited) (continued)** 

**Independent Trustees** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>** | **Position(s) Held<br>with the Trust** | **Term of**<br> **Office and<br>Length of<br>Time Served<sup>2</sup>** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios in<br>Fund Complex<br>Overseen by<br>Trustee<sup>3</sup>** | **Other Directorships<br>Held by Trustee<sup>4</sup>** |
| **Joaquin Delgado**<br> **Age: 62** | **Trustee** | **Since 2020** | **Dr. Delgado is retired. He is Director, Stepan Company (a specialty chemical manufacturer) (2011-Present); and was formerly Director, Hexion Inc. (a specialty chemical manufacturer) (2019-2022); 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).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **Stepan Company (a specialty chemical manufacturer)** |
| **Eileen H. Dowling**<br> **Age: 60** | **Trustee** | **Since 2021** | **Ms. Dowling is retired. Formerly, she was Senior Advisor (April 2021-September 2021); and Managing Director (2013-2021), BlackRock, Inc. (a financial services firm).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |
| **Gregory G. Weaver**<br> **Age: 71** | **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).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **Verizon Communications Inc.** |
| **Paul C. Wirth**<br> **Age: 64** | **Trustee** | **Since 2022** | **Mr. Wirth is retired. Formerly, he was Deputy Chief Financial Officer and Principal Accounting Officer (2011-2020); Finance Director and Principal Accounting Officer (2010-2011); and Managing Director, Global Controller, and Chief Accounting Officer (2005-2010) of Morgan Stanley.**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |

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**141** 

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

**Trustees and Officers (Unaudited) (continued)** 

**Interested Trustee**\*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>** | **Position(s) Held<br>with the Trust** | **Term of**<br> **Office and<br>Length of<br>Time Served<sup>2</sup>** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios in<br>Fund Complex<br>Overseen by<br>Trustee<sup>3</sup>** | **Other**<br> **Directorships**<br> **Held by Trustee<sup>4</sup>** |
| **James A. McNamara**<br> **Age: 60** | **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).**<br>**President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** | **171** |  |

---

*\** *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.* 

*<sup>1</sup>* *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 October 31, 2022.* 

*<sup>2</sup>* *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 each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 75th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, 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.* 

*<sup>3</sup>* *The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of October 31, 2022, Goldman Sachs Trust consisted of 88 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (12 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (16 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 45 portfolios (29 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios (1 of which offered shares to the public); and 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.* 

*<sup>4</sup>* *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.

**142** 

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

**Trustees and Officers (Unaudited) (continued)** 

**Officers of the Trust**\*

---

| | | | |
|:---|:---|:---|:---|
| **Name,<br>Address and Age<sup>1</sup>** | **Positions Held<br>with the Trust** | **Term of<br>Office and**<br> **Length of**<br> **Time Served<sup>2</sup>** | **Principal Occupation(s) During Past 5 Years** |
| **James A. McNamara**<br> **200 West Street**<br> **New York, NY 10282**<br> **Age: 60** | **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).**<br>**President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |
| **Caroline L. Kraus**<br> **200 West Street**<br> **New York, NY 10282**<br> **Age: 45** | **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).**<br>**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 and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |
| **Joseph F. DiMaria**<br> **30 Hudson Street**<br> **Jersey City, NJ 07302**<br> **Age: 54** | **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).**<br>**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 and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; 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.* 

*<sup>1</sup>* *Information is provided as of October 31, 2022.* 

*<sup>2</sup>* *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 Trust — Domestic Equity Insights Funds — Tax Information (Unaudited)** 

For the year ended October 31, 2022, 4.97%, 21.46%, 5.10%, 1.53%, 8.00%, and 8.66% of the dividends paid from net investment company taxable income by the Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights, and U.S. Equity Insights Funds, respectively, qualify for the dividends received deduction available to corporations.

For the year ended October 31, 2022, 0.31%, 0.87%, 1.19%, 0.31%, 1.58%, and 0.47% of the dividend paid from net investment company taxable income by the Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights, and U.S. Equity Insights Funds, respectively, qualify as section 199A dividends.

For the year ended October 31, 2022, 3.47%, 11.84%, 6.02%, 1.77%, 6.57%, and 6.47% of the dividends paid from net investment company taxable income by the Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights, and U.S. Equity Insights Funds, respectively, 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 Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights Funds, Small Cap Value Insights, and U.S. Equity Insights Funds designated $245,493,255, $19,262,642, $51,993,215, $15,721,281, $78,533,128, and $97,356,095 respectively, or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended October 31, 2022.

During the fiscal year ended October 31, 2022, the Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights, and U.S. Equity Insights Funds, designated $251,381,716, $43,733,399, $86,873,713, $213,271,444, $209,373,773, and $156,302,412 respectively, as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

**143** 

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FUNDS PROFILE

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

Today, the **Asset Management Division** of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.19 trillion in assets under supervision as of September 30, 2022, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

**Money Market** 

Financial Square Funds<sup>SM</sup>

∎ Financial Square Treasury Solutions Fund<sup>1</sup>

∎ Financial Square Government Fund<sup>1</sup>

∎ Financial Square Money Market Fund<sup>2</sup>

∎ Financial Square Prime Obligations Fund<sup>2</sup>

∎ Financial Square Treasury Instruments Fund<sup>1</sup>

∎ Financial Square Treasury Obligations Fund<sup>1</sup>

∎ Financial Square Federal Instruments Fund<sup>1</sup>

Investor Funds<sup>SM</sup>

∎ Investor Money Market Fund<sup>3</sup>

∎ Investor Tax-Exempt Money Market Fund<sup>3</sup>

**Fixed Income** 

Short Duration and Government

∎ Enhanced Income Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Bond Fund<sup>4</sup>

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

**Fundamental Equity** 

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund<sup>4</sup>

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund<sup>5</sup>

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

**Tax-Advantaged Equity** 

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

**Equity Insights** 

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

**Fundamental Equity International** 

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ Emerging Markets Equity ex. China Fund

∎ ESG Emerging Markets Equity Fund

**Alternative** 

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

**Total Portfolio Solutions** 

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

<sup>1</sup> **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.**

<sup>2</sup> **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.**

<sup>3</sup> **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.** 

<sup>4</sup> Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.

<sup>5</sup> Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth Fund.

Financial Square Funds<sup>SM</sup> and Investor Funds<sup>SM</sup> 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.**

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| | |
|:---|:---|
| **TRUSTEES**<br> Jessica Palmer, *Chair*<br> Dwight L. Bush<br> Kathryn A. Cassidy<br> John G. Chou<br> Diana M. Daniels<br> Joaquin Delgado<br> Eileen H. Dowling<br> James A. McNamara<br> Gregory G. Weaver<br> Paul C. Wirth | **OFFICERS**<br> James A. McNamara, *President*<br> Joseph F. DiMaria, *Principal Financial Officer,*<br> *Principal Accounting Officer and Treasurer*<br> Caroline L. Kraus, *Secretary*  |
| **GOLDMAN SACHS & CO. LLC**<br> Distributor and Transfer Agent | **GOLDMAN SACHS ASSET MANAGEMENT, L.P.**<br> Investment Adviser |

---

Visit our web site at **www.GSAMFUNDS.com** to obtain the most recent month-end returns.

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

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

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

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

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

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

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

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

**This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider a Fund's objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).**© 2022 Goldman Sachs. All rights reserved. **301201-OTU-1718802 DOMINSAR-22**

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| | |
|:---|:---|
| **Annual Report** | &nbsp;&nbsp; **October 31, 2022** |
|  | Fundamental Equity International Funds |
|  | &nbsp;&nbsp; China Equity |
|  | &nbsp;&nbsp; Emerging Markets Equity |
|  | &nbsp;&nbsp; ESG Emerging Markets Equity |
|  | &nbsp;&nbsp; International Equity ESG |
|  | &nbsp;&nbsp; International Equity Income |

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![LOGO](g271039gsamhorizwhite.jpg)

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## Goldman Sachs Fundamental Equity International Funds
∎ **CHINA EQUITY** 

∎ **EMERGING MARKETS EQUITY** 

∎ **ESG EMERGING MARKETS EQUITY** 

∎ **INTERNATIONAL EQUITY ESG** 

∎ **INTERNATIONAL EQUITY INCOME** 

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| | |
|:---|:---|
|  **TABLE OF CONTENTS** |  |
|  [Market Review](#ifc271039_1) | 1 |
|  [Portfolio Management Discussions and Performance Summaries](#ifc271039_2) | 5 |
|  [Schedules of Investments](#ifc271039_3) | 30 |
|  [Financial Statements](#ifc271039_4) | 43 |
|  [Financial Highlights](#ifc271039_5) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [China Equity](#ifc271039_6) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Emerging Markets Equity](#ifc271039_7) | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ESG Emerging Markets Equity](#ifc271039_8) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [International Equity ESG](#ifc271039_9) | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [International Equity Income](#ifc271039_10) | 77 |
|  [Notes to the Financial Statements](#ifc271039_11) | 84 |
|  [Report of Independent Registered Public Accounting Firm](#ifc271039_12) | 103 |
|  [Other Information](#ifc271039_13) | 109 |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**NOT FDIC-INSURED** | **May Lose Value** | **No Bank Guarantee** |

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MARKET REVIEW

Market Review

**International Equities** 

International equities struggled during the 12-month period ended October 31, 2022 (the "Reporting Period"). The MSCI Europe, Australasia, Far East (EAFE) Index (Net, USD, Unhedged) (the "MSCI EAFE Index") posted a return of -23.00%.\*

As the Reporting Period began, international equity markets receded in November 2021 following a strong October. The markets fell around fears the new Omicron variant of COVID-19 would weigh on investor sentiment. Travel restrictions were re-imposed to curtail the variant's spread, and lockdown measures were re-instituted in Europe. Japan's equity market fell due to both inflation and supply-chain issues as well as concerns about the Omicron variant. Persistently high inflation weighed on market sentiment as well. Following the sell-off in November, international equities saw a strong rebound in December 2021, as the initial scare around the Omicron variant dissipated among studies showing its symptoms were less severe than prior variants. Also, value stocks outperformed growth stocks, which benefited international equities given their relatively high value/cyclical exposures.

During the first quarter of 2022, international equities fell, facing pressures from global concerns around rising inflation, planned interest rate hikes by the U.S. Federal Reserve (the "Fed"), rising bond yields, valuation concerns, and Russia's invasion of Ukraine. Major countries around the world took a public stance condemning Russia's action and imposed various economic sanctions, including removal of Russian financial institutions from bank connectivity network SWIFT, banning transactions with the Russian central bank and halting trading of Russian securities. Such sanctions boosted the price of crude oil in the global markets. Driven by increased market volatility, the Fed signaled a slower than anticipated pace of monetary policy tightening while retaining a cautionary focus on rising inflation. Hopes around the success of diplomatic talks and peaceful negotiations between Russia and Ukraine led to some market recovery toward the end of the quarter. Still, beyond the broader concerns around the geopolitical crisis, the impact on commodity prices reinforced concerns around supply-side inflation and led markets to worry about a potential stagflation scenario — particularly in Europe. (Stagflation is characterized by slow economic growth and high inflation.) However, the corporate earnings season retained its overall strength. Other macroeconomic uncertainties included those around regulation in China, the status of Chinese shares listed in the U.S., and slowing economic growth in China, all exacerbated by the imposition of lockdowns and manufacturing halts due to a rise in COVID-19 cases, leading, in turn, to further supply-chain issues. European equities declined in line with other global market equities due to the ongoing geopolitical crisis and the region's dependence on Russian oil and gas. Japanese equities similarly fell on concerns around rising interest rates and the spread of Omicron but outperformed other developed markets due to limited economic exposure to Russia and Ukraine.

International equities declined more significantly in the second quarter of 2022, with all major regions — Europe, Japan and Asia Pacific ex-Japan — performing roughly in line with each other. Inflationary pressures and concerns persisted throughout the quarter, and odds of a U.S. recession continued to grow. Supply-chain issues worsened as China initially instituted lockdowns following a surge in COVID-19 cases. However, as the quarter progressed, China began easing its restrictions, therefore mitigating the disruption. In Europe, the geopolitical crisis persisted with the ongoing war in Ukraine and potential gas shortages due to reduced supply from Russia. This was particularly concerning for countries with a high energy dependence, such as Italy, France, Spain and Germany. Japanese equities fell as the yen significantly weakened against the U.S. dollar.

During the third quarter of 2022, international equities continued to decline. As in the prior quarter, all major regions performed similarly, as markets continued to be volatile and under pressure from macroeconomic headwinds, including inflationary pressures and interest rate hikes as the chances of a recession grew. European economies remained depressed by accelerating inflation, rising interest rates and strained supply chains. Europe also continued to battle with the energy crisis and subsequent mobile network blackouts during the quarter. The European Central Bank raised interest rates in July and September, heightening concerns around slowing economic growth and leading to the depreciation of the euro against the U.S. dollar. The Bank of Japan revised its economic growth projections lower due to weakened global economies but left its monetary policy unchanged. The sharply widening differential between Japanese and U.S. interest rates during the quarter was a significant factor in the consistent weakening of the yen. Beyond the broader concerns of inflation, China's Zero-COVID policy continued to slow its economy and strain global supply chains.

\* All index returns are expressed in U.S. dollar terms.

**1** 

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MARKET REVIEW

International equities then rallied in October 2022. Europe was the top-performing region, followed by Japan and then Asia ex-Japan. Markets remained volatile and under pressure from macroeconomic headwinds, including inflationary pressures and interest rate hikes. However, in Europe, equities benefited from resilient third quarter 2022 earnings from companies that had reported thus far as well as from optimism that the pace of interest rate increases could soon slow. In Japan, the yen continued to weaken against the U.S. dollar, especially in the first half of the month, and Bank of Japan Governor Kuroda remained downbeat on the sustainability of inflation numbers into 2023, citing the negative output gap in particular, and kept its interest rates low. Asia ex-Japan equities were flat in October, pressured by sharp sell-offs in China and Hong Kong following confirmation that Chinese Premier Xi Jinping would remain as leader for a historic third five-year term.

For the Reporting Period as a whole, energy was by far the strongest performing sector in the MSCI EAFE Index and the only one to post a positive absolute return. Health care and consumer staples each posted a double-digit negative absolute return but were among those sectors that still outperformed the MSCI EAFE Index for the Reporting Period. The weakest performing sectors in the MSCI EAFE Index were information technology, consumer discretionary and real estate, with each generating more robust double-digit negative absolute returns during the Reporting Period.

All three major regions represented in the MSCI EAFE Index posted double-digit negative absolute returns for the Reporting Period overall, but Asia ex-Japan was least weak, followed closely behind by Europe and then Japan. From a country perspective, all constituents of the MSCI EAFE Index posted double-digit negative absolute returns during the Reporting Period. However, on a relative basis, the U.K., Australia and Switzerland were the strongest performing constituents of the MSCI EAFE Index during the Reporting Period. Among the weakest relative performers, significantly underperforming the MSCI EAFE Index during the Reporting Period, were the Netherlands, Sweden and Germany.

**Emerging Markets Equities** 

Emerging markets equities fell significantly during the Reporting Period. The MSCI Emerging Markets Index (Net, USD, Unhedged) (the "MSCI EM Index") posted a return of -31.03%.\* Emerging markets equities materially underperformed developed markets equities on a relative basis, as measured by the MSCI EAFE Index, which returned -23.00% for the same time period.

As the Reporting Period began in November 2021, the MSCI EM Index fell sharply, as the Omicron variant of COVID-19 spread across regions, dampening investor sentiment and leading to mixed outlooks for the global economic recovery. In December 2021, emerging markets equity markets rose. Global economic data was encouraging despite market participants closely monitoring the implications of the spread of the Omicron variant, inflation remaining top of mind for investors, and China's heightened regulations, mainly in the technology sector, weighing on sentiment.

The MSCI EM Index fell in each of the first four months of 2022. In January, both growing tensions between Russia and Ukraine and rising global borrowing costs worried investors. COVID-19 cases surged and hospitalizations rose, further dampening investor sentiment around an economic recovery across emerging markets. In February, the Russia/Ukraine situation deteriorated sharply, with Russia launching a full-scale invasion, triggering a sell-off in emerging markets equities. In March and April, the Russia/Ukraine war continued to drive a sell-off in emerging markets equities. Additionally in April, as inflation loomed internationally, the acceleration in global food prices rivaled the move in oil prices, creating a new set of risks for the emerging markets.

In May 2022, emerging markets equities, as measured by the MSCI EM Index, rose, albeit slightly. The war in Ukraine and international inflation remained risks for the emerging markets. However, in Asia, China's economic activity improved significantly as lockdowns lifted in many cities across the country, benefiting not just China's equity market but also Taiwan's, as investors there hoped for supply-chain normalization and an overall economic uptick.

Following the brief reprieve, the MSCI EM Index then fell again in June and July 2022. In June, emerging markets equities fell as global inflationary concerns and contractionary central banks hindered economic growth. Inflation remained top of mind for investors, as central banks in Europe, Asia and South America announced plans to raise interest rates in the next 12 months in an effort to get ahead of rising consumer prices. In July, emerging markets equities fell as governments battled high inflation and transitioned away from COVID-era fiscal policies.

\* All index returns are expressed in U.S. dollar terms.

**2** 

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MARKET REVIEW

August 2022 proved to be another brief respite for emerging markets equities, with the MSCI EM Index rising modestly. Equities continued to struggle to overcome high inflation and contractionary central bank policies. In China, new lockdowns placed several million Chinese citizens under heavy COVID-19 restrictions, weighing on industrial activity and consumption. However, elsewhere in Asia, the Indian equity market rose, as flows from foreign portfolio investors were net positive for a second consecutive month after nine months of net outflows. In Latin America, the Brazilian equity market also rose, as its labor market and economic activity remained surprisingly strong despite its central bank raising interest rates.

The MSCI EM Index fell in September and October 2022. In September, emerging markets equities fell as central banks hiked interest rates, inflationary pressures remained elevated, and recession concerns triggered large outflows from the emerging markets universe. In October, emerging markets equities fell as economies continued to struggle with high inflation and contractionary central bank policy. Chinese equities fell dramatically, as lockdowns continued to place several cities under COVID-19 restrictions and the closely-watched 20<sup>th</sup> Party Congress in China offered no signal to investors that this strategy would change in the near future. Investor confidence was further dampened following the news that China's government planned to maintain its Zero-COVID policy. Still, lifting the emerging markets equity markets somewhat were major transitions of political power, including that of Brazil. As a growing list of opposition leaders recognized Lula's victory as incoming President in Brazil, markets rallied slightly because investors grew increasingly confident that a peaceful transition of power would take place.

For the Reporting Period as a whole, all 11 sectors of the MSCI EM Index posted negative absolute returns. On a relative basis, utilities was the strongest sector in the MSCI EM Index during the Reporting Period, the only one to post a single-digit negative return. Financials and industrials each posted a double-digit negative absolute return but were among those sectors that still outperformed the MSCI EM Index for the Reporting Period. Consumer discretionary, communication services and real estate were the weakest performing sectors in the MSCI EM Index, each generating a more robust negative absolute return during the Reporting Period.

From a country perspective, Brazil, Turkey and Chile were the best performing individual constituents of the MSCI EM Index for the Reporting Period, each of which posted a double-digit absolute gain. Conversely, the weakest constituents of the MSCI EM Index during the Reporting Period were Hungary, China and Poland, each generating a robust double-digit negative absolute return. Effective March 9, 2022, MSCI Inc. removed Russian securities from the MSCI Emerging Market Index after deeming the Russian equity market "uninvestable" amidst Russia's invasion of Ukraine in late February. MSCI Inc. announced the MSCI Russia Indexes would be reclassified to "standalone markets" instead of "emerging markets" across all of MSCI's indexes "at a price that is effectively zero."

Looking Ahead

**International Equities** 

In our opinion, the view ahead for international equities remains challenged, as markets remain plagued by headwinds, including the Russia/Ukraine geopolitical crisis, supply-chain disruptions and elevated commodity prices, inflationary pressures and interest rates. In turn, at the end of the Reporting Period, we expected international equity markets to remain highly volatile in the months ahead. Inflation data reported toward the end of the Reporting Period came in at levels higher than consensus expected across the globe, highlighting the need, in our view, to continue employing monetary policy measures. We expected the contractionary stance to persist, with various central banks anticipated to increase the aggressiveness of interest rate hikes. We also believed the rise in commodity prices and stickiness of supply-chain disruptions, in conjunction with macroeconomic headwinds, could lead to a further slowdown in the global economy and put increased pressures on company margins. Such a situation, we feel, should ideally shift market focus back to company fundamentals and lead to a style rotation back into growth and quality, both of which remained out of favor during the Reporting Period overall.

Should investors revert their focus to companies with earnings resilience along with the pricing power and competitive positioning to defend margins, we expect high operational and financial strength to become increasingly relevant. In our opinion, quality stocks have had a reliable history of outperforming across market cycles, albeit with short, punctuated spans of relative weakness. As active investors, we have continued to build meaningful positions in what we consider to be high quality resilient businesses

**3** 

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MARKET REVIEW

and complement those positions with select cyclical exposure to companies likely, in our view, to extend their newfound leadership. We remain cognizant of the fact that the companies owned by the Fundamental Equity International Funds will have to

face challenging economic times at some point, predictable or not. We select them because of our confidence in their ability to grow and prosper relative to their competitors over the economic cycle. We are fundamental investors and remain focused on the long term rather than trying to time the ups and downs of short-term market gyrations.

As always, we maintain our focus on seeking companies with durable businesses that we believe will generate long-term growth in today's ever-changing market conditions.

**Emerging Markets Equities** 

The first ten months of 2022 were particularly challenging for emerging markets equities, but as we looked ahead, we saw opportunities across the asset class at the end of the Reporting Period. We highlight what we believed to be three key catalysts — 1) consumer-driven earnings growth expectations; 2) steadier commodity prices; and 3) improving economic indicators. We also highlight what we saw as three key risks — 1) global recession; 2) correction in valuations; and 3) new COVID-19 variants.

As for the catalysts, earnings for global equities, including emerging markets equities, were underwhelming at the end of the Reporting Period, in our view, but we were encouraged by forward-looking expected earnings for 2023. As emerging markets countries come out of lockdown, we have seen solid earnings growth expectations in consumer-driven sectors, including consumer staples, consumer discretionary and health care, which tend to have more companies that are sound businesses and generate less cyclical and more sustainable earnings growth compared to commodity-linked sectors. This may be further reassuring for emerging markets equity investors, as earnings in these companies are historically the primary driver for returns.

Secondly, while commodity prices have corrected somewhat, they were still fairly elevated at the end of the Reporting Period, which is favorable for emerging markets countries that rely on commodity exports as the primary driver of their local economies. Ongoing strength in commodity prices should help oft-overlooked regions like Latin America and the Middle East, in our opinion.

Finally, indicators of economic strength in the emerging markets have remained solid or even surprised to the upside, in our opinion. Purchasing Managers Index readings have been strong, and, further, inflation has been more controlled as a result of tightening monetary policy by emerging markets central banks. It is also important to note that Gross Domestic Product growth in some emerging markets countries has surprised to the upside.

Of course, it is also imperative that we acknowledge the various risk factors that could affect returns for the asset class. First, the MSCI EM Index was especially weak through the first ten months of 2022 and for the third quarter of 2022 in particular, potentially signaling a recession for emerging markets as well as for the broader global economy. The resulting aggressive risk-off sentiment, or heightened risk aversion, may prompt sell-offs and a flight to perceived safety for emerging markets investors driven by sentiment rather than by fundamentals. Secondly, emerging markets equities valuations had corrected, but the same was true for developed markets equities. Finally, as it pertains to the COVID-19 pandemic, potential new vaccine-resistant variants will likely be a concern for the foreseeable future and cause disruptions as we saw in China. On balance, we believed at the end of the Reporting Period that these risks were well-signaled through the actions of central banks more aggressively tightening monetary policy and more than adequately priced in. We thus viewed the near-term months ahead as an interesting entry point into the emerging markets equities markets for medium-term investors.

As disciplined, bottom-up investors, we intend to stay true to our investment philosophy and seek to avoid trying to time markets or seek exposure to binary geopolitical outcomes. While we have framed our view ahead around the prospects for the asset class in general, from an investment perspective, we intend to continue to focus on finding sound businesses that we believe are trading at meaningful discounts. We remain cognizant of externalities but believe by being selective and discriminatory at the company level, there are compounding opportunities to be found across the emerging markets equities landscape.

**4** 

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PORTFOLIO RESULTS

## Goldman Sachs China Equity Fund
**Investment Objective** 

The Fund seeks long-term capital appreciation.

Portfolio Management Discussion and Analysis

**Below, the Goldman Sachs Global Emerging Markets Equity Team discusses the Goldman Sachs China Equity Fund's (the "Fund") performance and positioning for the 12-month period ended October 31, 2022 (the "Reporting Period").** 

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| | |
|:---|:---|
| **Q** | **How did the Fund perform during the Reporting Period?** |

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| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund's Class A, Class C, Institutional, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of -50.53%, -50.89%, -50.35%, -50.40%, -50.37% and -50.35%, respectively. These returns compare to the -42.58% average annual total return of the Fund's benchmark, the MSCI China All Shares Index (Net, USD, Unhedged) (the "Index"). |

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| | |
|:---|:---|
| **Q** | **What key factors were responsible for the Fund's performance during the Reporting Period?** |

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| | |
|:---|:---|
| **A** | The Fund underperformed the Index on a relative basis during the Reporting Period, primarily attributable to individual stock selection. Sector allocation also detracted from the Fund's relative results during the Reporting Period, albeit much more modestly. |

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| | |
|:---|:---|
| **Q** | **Which stocks detracted significantly from the Fund's performance during the Reporting Period?** |

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| | |
|:---|:---|
| **A** | Detracting most from the Fund's results relative to the Index were positions in Bilibili, Weimob and China Merchants Bank. |

---

Bilibili operates a major online video sharing and online services platform in China, focusing on comics, animation content, life entertainment and knowledge-related content. Despite the company's promising user acquisition growth and platform engagement, its share price remained under pressure during the Reporting Period, as Chinese government regulations against Internet companies, American Depositary Receipts de-listing fears and valuation corrections against slower economic growth weighed on performance. As Bilibili had also been one of the Fund's primary detractors during the prior Reporting Period, we sold the Fund's position in the company by the end of this Reporting Period.

Weimob is a software company providing cloud-based commerce and marketing solutions. COVID-19 severely impacted Weimob's 2022 software-as-a-service new contract value, reducing its share price significantly. COVID-19-related disruptions also significantly impacted the catering business and small-to-medium enterprise customers on a broad level. As such, the company's management guided the revenue growth of its Smart Catering business segment to be limited in calendar year 2022 and the revenue growth of its WeiMall business segment to be moderate. Given this guidance, we opted to sell the Fund's position in Weimob by the end of the Reporting Period.

China Merchants Bank is a bank with a strong focus on retail banking services in China. In our view, China Merchants Bank has one of the best brands and customer bases among Chinese banks, including a strong share in the mass-affluent segment. During the Reporting Period, its stock price declined amid a backdrop of a real estate crisis in China. However, at the end of the Reporting Period, we saw the bank as a long-term winner in the China banking sector with strong franchise quality, and so we continued to hold the position in the Fund. We continued to like China Merchant Bank's focus on consumer banking, which caters to the growing financial services needs of the premier customer groups in China. Also, we believed the bank was a leader among its peers in investment in technology and has leveraged this to secure low-cost funding, which is crucial, in our view, for its long-term profitability.

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| | |
|:---|:---|
| **Q** | **What were some of the Fund's best-performing individual stocks?** |

---

---

| | |
|:---|:---|
| **A** | The Fund benefited most relative to the Index from holdings in Shenzhen Inovance Technology, Tsingtao Brewery and NIO. |

---

Shenzhen Inovance Technology engages in the manufacture, sale and research and development of industrial automation control products. Early in the Reporting Period, new order momentum, driven by 3C electronic products, lithium battery dynamics and packaging, was strong. (3C electronic products

**5** 

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PORTFOLIO RESULTS

refers to computer, communication and consumer electronic products.) Later in the Reporting Period, the company performed well due to strong demand from new energy industries, such as lithium battery and photovoltaics, and a rising localization rate among automation products. The company experienced order increases from July through October 2022, and its management stated it expects this trend to continue through 2023. At the end of the Reporting Period, we continued to hold the position, as we foresaw significant upside potential for the company in the near term.

Tsingtao Brewery is a leading brewery in the country. During the Reporting Period, investor sentiment around the company remained positive, largely due to the company's renewed focus on the premium segment, new equity incentive plans to align management interests, and beneficial positioning with regard to the secular trend of premiumization in China. (Premiumization is the move toward more expensive premium products.) During the second quarter of 2022, its stock price particularly benefited from rising average selling prices for premium beers in China as well as enhanced efficiencies within the company's operations.

NIO, a new purchase for the Fund during the Reporting Period, is a Chinese multinational automobile manufacturer headquartered in Shanghai, specializing in designing and developing electric vehicles. During the Reporting Period, NIO introduced several new models but saw its share price decline significantly on supply-chain bottlenecks. NIO proved to be a top contributor to the Fund's relative results because the Fund held an underweighted position in its stock relative to the Index. At the end of the Reporting Period, we continued to hold the position, as we expected a resolved supply-chain bottleneck and increased volume growth in the near term.

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|:---|:---|
| **Q** | **Which equity market sectors most significantly affected Fund performance during the Reporting Period?** |

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|:---|:---|
| **A** | The sectors that detracted from the Fund's relative results most during the Reporting Period were financials, consumer discretionary and health care, wherein stock selection in each was weak. Conversely, the only sector that contributed positively to the Fund's relative results during the Reporting Period was consumer staples, wherein stock selection proved effective. Having a position in cash, albeit modest, during a Reporting Period when the Index declined significantly, also buoyed the Fund's relative results. |

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|:---|:---|
| **Q** | **How did the Fund use derivatives and similar instruments during the Reporting Period?** |

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|:---|:---|
| **A** | The Fund did not use derivatives or similar instruments during the Reporting Period. |

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|:---|:---|
| **Q** | **Did the Fund make any significant purchases or sales during the Reporting Period?** |

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| | |
|:---|:---|
| **A** | In addition to the new purchase of NIO, mentioned earlier, we initiated a Fund position during the Reporting Period in Li Ning, one of China's leading sports brand companies. The company mainly provides sporting goods, including footwear, apparel, equipment and accessories for both professional and leisure use. Li Ning 1990, one of the company's newest and most successful products, is still at the early stage, which leaves room, in our view, for overall growth. Further, sneakers contribute significantly to the company's revenue, and footwear sales were up approximately 50% year over year during the Reporting Period. We have conviction in Li Ning based on our view of its high quality apparel business, relatively inexpensive valuation and healthy inventory levels. Its valuation at the time of our purchase offered an attractive risk/reward profile, in our opinion. |

---

We established a Fund position in LONGi Green Energy Technology ("LONGi"), a leading wafer, cell and module supplier globally. The company led the development of PERC cell technologies by first producing Mono-Si wafers in mass scale. (PERC stands for Passivated Emitter and Rear Cell. PERC cell technology defines a solar cell architecture that differs from the standard cell architecture that has been in use for three decades and that is usually featured in photovoltaic manuals. Mono-Si is short for monocrystalline silicon, which is the base material for silicon-based discrete components and integrated circuits used in virtually all modern electronic equipment. Mono-Si also serves as a photovoltaic, light-absorbing material in the manufacture of solar cells.) Given higher cell efficiencies, rapidly declining production costs through the adoption of diamond wire sawing (from mortar wire cutting) with lower cost and improvement in ingot growth and other technologies, Mono-Si wafers are increasingly replacing Multi-Si wafers. As a result of increasing penetration, LONGi has enjoyed a relatively strong gross margin. Moreover, LONGi has begun to tap into the downstream market by expanding cell and module capacity and building both its brand recognition and distribution channels in domestic and overseas markets.

**6** 

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PORTFOLIO RESULTS

Conversely, in addition to those sales already mentioned, we exited the Fund's position in ENN Energy, a major natural gas distributor and provider of natural gas engineering services in China. During the Reporting Period, we decided to sell the position based on what we viewed as the risks of a resurgence of COVID-19 cases in the country and subsequent lockdowns in accordance with China's Zero-COVID strategy. Such a scenario could, in turn, lead to a disruption in demand and a notable effect on revenues due to potential closures within commercial establishments.

We eliminated the Fund's position in Topsports, the largest sports retailer in China through both offline and online retail channels. It is the largest distributor for Nike and Adidas in China, which contributes to a majority of its revenue, but partners with a wide variety of other popular brands as well. During the Reporting Period, Topsports was consolidating its offline stores and diversifying into more brands. The customer base in China is significant given rising awareness of health and wellness, increasing sports participation and greater income in the general population. However, given the broad correction in the Chinese equity market, we sold the position to pursue other investment opportunities, including Li Ning, mentioned above.

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|:---|:---|
| **Q** | **Were there any notable changes in the Fund's weightings during the Reporting Period?** |

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| | |
|:---|:---|
| **A** | Most sector weights are usually established within a relatively narrow range from the Index, as our team prefers to make decisions at the individual stock level, where we believe we can generate more added value. That said, during the Reporting Period, relative to the Index, the Fund's exposure to consumer discretionary and consumer staples increased, and its allocations to information technology, health care, materials and energy decreased. The Fund's allocation to cash increased during the Reporting Period. |

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| | |
|:---|:---|
| **Q** | **How was the Fund positioned relative to the Index at the end of the Reporting Period?** |

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|:---|:---|
| **A** | At the end of the Reporting Period, the Fund had overweighted positions relative to the Index in the industrials, consumer staples, communication services and consumer discretionary sectors. On the same date, the Fund had underweighted positions compared to the Index in the materials, information technology, real estate, utilities, financials and energy sectors and was neutral in the health care sector. |

---

As always, we remained focused on individual stock selection, with sector positioning being a secondary, closely-monitored effect.

**7** 

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FUND BASICS

## China Equity Fund
*as of October 31, 2022* 

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| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS AS OF 10/31/22<sup>1,2</sup>**<br>**Holding** | <br>**% of Net Assets** | <br>**Line of Business** |
| Tencent Holdings Ltd. | 6.1% | Media & Entertainment |
| Kweichow Moutai Co. Ltd., Class A | 5.8 | Food, Beverage & Tobacco |
| Meituan, Class B | 4.1 | Retailing |
| Alibaba Group Holding Ltd. | 3.8 | Retailing |
| Contemporary Amperex Technology Co. Ltd., Class A | 3.3 | Capital Goods |
| China Merchants Bank Co. Ltd., Class H | 2.9 | Banks |
| Bank of Ningbo Co. Ltd., Class A | 2.8 | Banks |
| NetEase, Inc. | 2.5 | Media & Entertainment |
| Shenzhen Inovance Technology Co. Ltd., Class A | 2.4 | Capital Goods |
| BYD Co. Ltd., Class A | 2.4 | Automobiles & Components |

---

<sup>1</sup> The top 10 holdings may not be representative of the Fund's future investments.

<sup>2</sup> The line of business for each holding is reported at the industry or sub-industry level.

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| |
|:---|
| **FUND VS. BENCHMARK SECTOR ALLOCATIONS<sup>3</sup>** |
| **As of October 31, 2022** |

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![LOGO](g271039g22m52.jpg)

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<sup>3</sup> The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund's overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard ("GICS"); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 0.2% of the Fund's net assets at October 31, 2022.

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

**8** 

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GOLDMAN SACHS CHINA EQUITY FUND

## Performance Summary
*October 31, 2022* 

The following graph shows the value, as of October 31, 2022, of a $1,000,000 investment made on November 1, 2012 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund's benchmark, the MSCI<sup>®</sup> China All Shares Index (Net, USD, Unhedged) is shown. The MSCI<sup>®</sup> China All Shares Index commenced operations in 2014. Since the MSCI<sup>®</sup> China All Shares Index has not been in existence for 10 full calendar years as of the end of the Reporting Period, 10 year returns are not available. 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.

**China Equity Fund's 10 Year Performance**

**Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from Novermber 1, 2012 through October 31, 2022.**![LOGO](g271039g75j46.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return through October 31, 2022**\* | **One Year** | **Five Years** | **Ten Years** | **Since Inception** |
|  **Class A** |  |  |  |  |
|  Excluding sales charges | -50.53% | -5.98% | 1.46% |  |
|  Including sales charges | -53.24% | -7.04% | 0.89% |  |
|  **Class C** |  |  |  |  |
|  Excluding contingent deferred sales charges | -50.89% | -6.68% | 0.70% |  |
|  Including contingent deferred sales charges | -51.38% | -6.68% | 0.70% |  |
|  **Institutional** | -50.35% | -5.66% | 1.83% |  |
|  **Investor (Commenced February 28, 2014)** | -50.40% | -5.75% | N/A | 0.55% |
|  **Class R6 (Commenced February 28, 2018)** | -50.37% | N/A | N/A | -7.34% |
|  **Class P (Commenced April 16, 2018)** | -50.35% | N/A | N/A | -7.38% |

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\* 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 R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Returns.

**9** 

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PORTFOLIO RESULTS

## Goldman Sachs Emerging Markets Equity Fund
**Investment Objective** 

The Fund seeks long-term capital appreciation.

Portfolio Management Discussion and Analysis

**Below, the Goldman Sachs Global Emerging Markets Equity Team discusses the Goldman Sachs Emerging Markets Equity Fund's (the "Fund") performance and positioning for the 12-month period ended October 31, 2022 (the "Reporting Period").** 

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| | |
|:---|:---|
| **Q** | **How did the Fund perform during the Reporting Period?** |

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| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund's Class A, Class C, Institutional, Service, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of -40.71%, -41.14%, -40.52%, -40.80%, -40.56%, -40.51% and -40.51%, respectively. These returns compare to the -31.03% average annual total return of the Fund's benchmark, the MSCI Emerging Markets Index (Net, USD, Unhedged) (the "Index"), during the same period. |

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| | |
|:---|:---|
| **Q** | **What key factors were responsible for the Fund's performance during the Reporting Period?** |

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| | |
|:---|:---|
| **A** | The Fund underperformed the Index on a relative basis during the Reporting Period, primarily attributable to individual stock selection. Sector allocation and country allocation overall added value, albeit modestly. From a country perspective, allocation positioning in Mexico, Indonesia and Greece contributed most positively to the Fund's performance. Effective stock selection in Mexico also added value. The countries that detracted most from the Fund's relative results during the Reporting Period were Brazil, China and India, wherein stock selection overall in each hurt. |

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|:---|:---|
| **Q** | **Which stocks detracted significantly from the Fund's performance during the Reporting Period?** |

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|:---|:---|
| **A** | Detracting most from the Fund's results relative to the Index were positions in TCS Group Holdings, Tencent Holdings and China Merchants Bank. |

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TCS Group Holdings, formerly based in Russia but now based in Cyprus, is the second-largest company in the Russian credit card market. It is also a provider of online loans and lifestyle services to individuals as well as transactional services to small and medium enterprises. Its stock fell dramatically during the Reporting Period as a result, initially, of political tensions between Russia and Ukraine and, subsequently, of Russia's invasion of Ukraine. We trimmed but held the position in the Fund at the end of the Reporting Period.

Tencent Holdings is one of the largest Internet service providers in China, providing social media, online gaming, advertising, payment services and more through its various subsidiaries. It has leading market positions in many of its business segments, including one of the largest instant messaging and social media platforms in China. In addition, the company's payment segment, Tenpay, is one of the largest mobile payment companies in China. During the Reporting Period, shares of Tencent Holdings were negatively affected by the Chinese regulatory environment. Also, there was news from major shareholder Naspers that it was selling shares of Tencent Holdings to fund buybacks, which put further pressure on its share price. At the end of the Reporting Period, we held the position, as the company had begun shifting its focus to expanding its global gaming business, which we felt may help the company over the longer term.

China Merchants Bank is a bank with a strong focus on retail banking services in China. In our view, China Merchants Bank has one of the best brands and customer bases among Chinese banks, including a strong share in the mass-affluent segment. During the Reporting Period, its stock price declined amid a backdrop of a real estate crisis in China. However, at the end of the Reporting Period, we saw the bank as a long-term winner in the China banking sector with strong franchise quality, and so we continued to hold the position in the Fund. We continued to like China Merchant Bank's focus on consumer banking, which caters to the growing financial services needs of the premier customer groups in China. Also, we believed the bank was a leader among its peers in investment in technology and has <br>

**10** 

------

PORTFOLIO RESULTS

leveraged this to secure low-cost funding, which is crucial, in our view, for its long-term profitability.

---

| | |
|:---|:---|
| **Q** | **What were some of the Fund's best-performing individual stocks?** |

---

---

| | |
|:---|:---|
| **A** | The strongest contributors to the Fund's performance during the Reporting Period were Arca Continental, Bank Central Asia and Saudi Tadawul Group ("STG"). |

---

Arca Continental is a Mexican beverage company and one of the largest Coca-Cola bottlers in the Americas, with bottling rights in Mexico, the U.S., Peru, Argentina and Ecuador. During the Reporting Period, the company's stock generated double-digit absolute gains, benefiting from its high margins and solid returns across several of its regions, including the U.S. The company also posted strong operating results in the last full quarter of the Reporting Period, as a result of post-COVID-19 pandemic volume recovery from restaurants, schools, entertainment venues and more, all while supermarket volumes remained resilient. Further, the company was able to contain the impact of higher raw material prices through a combination of strong pricing and effective cost controls. At the end of the Reporting Period, we believed Arca Continental was well positioned to maintain its solid position in the beverage market over the long term.

Bank Central Asia is the largest private bank in Indonesia, as measured by assets and deposits. During the Reporting Period, its shares enjoyed solid single-digit gains, benefiting from rising interest rates, as banks attempted to combat the impacts of a strengthening U.S. dollar. At the end of the Reporting Period, we continued to view Bank Central Asia as a high quality bank that has one of the strongest governance track records in Indonesia. Further, we believed it has a best-in-class asset quality, liability and fee profile, leading to its standing as one of the strongest return on assets franchises in the Asia region. Additionally, we believed the bank may be well positioned to navigate near-term macro uncertainties, and we remained optimistic about its long-term prospects.

STG, a new purchase for the Fund during the Reporting Period, based in Saudi Arabia, is the leading stock exchange in the Middle East and North Africa region, as measured by market capitalization of listed equities and average daily trading volume. The company is the sole regulated operator of equities exchange, depository and clearance and settlement in the region. STG's exchange business is one of the largest contributors to its revenue and provides infrastructure for listing equities, fixed income and traded funds. In addition, the company offers the most liquid cash market in the region. Its stock price proved resilient during the Reporting Period based on positive investor sentiment, supported by elevated oil prices, increased foreign flows into Saudi Arabia following the removal of Russia from the Index in March 2022, and a solid Initial Public Offering pipeline. At the end of the Reporting Period, we believed STG had two primary areas of potential growth. First, derivative offerings, as STG plans to introduce single-stock futures and equity options in the next few years. Second, its market data and data analytics segment, a source of non-trading revenue for the company. In our view, STG has significant protection from competition with its full spectrum of services and integrated business model of high growth potential parts of the market.

---

| | |
|:---|:---|
| **Q** | **Which equity market sectors most significantly affected Fund performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | Relative to the Index, weak stock selection in the communication services, financials and information technology sectors detracted from the Fund's performance most during the Reporting Period. Conversely, having an overweighted allocation to consumer staples, which outperformed the Index during the Reporting Period, contributed most positively to the Fund's performance. Effective stock selection in the real estate and energy sectors also added value as did having a position in cash, albeit modest, during a Reporting Period when the Index declined significantly. |

---

---

| | |
|:---|:---|
| **Q** | **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 our active management strategy. |

---

---

| | |
|:---|:---|
| **Q** | **Did the Fund make any significant purchases or sales during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | In addition to the purchase of STG, mentioned earlier, we initiated a Fund position during the Reporting Period in ICICI Bank, the second-largest private sector bank, as measured by balance sheet size, in India. The company has been consistent, in our view, by showing a strong balance sheet and a healthy credit growth trajectory, coupled with superior core profitability, controlled provisions and steady asset quality. We also like the high growth delivered by ICICI Bank, as it is an outcome from its structural shift in its balance sheet as well as from operations efficiency. We further believe that what we see as a strong retail liability  |

---

**11** 

------

PORTFOLIO RESULTS

franchise, together with healthy capital and provision buffers, should help the bank deliver consistent return on equity on a sustainable basis.

We established a Fund position in NetEase, one of the largest online and mobile game developers in China. NetEase, in our view, has a strong suite of gaming intellectual properties ("IPs"), including a growing number of partnership and co-development IPs. The company also offers music streaming and e-commerce services. We believe NetEase had outperformed the broader gaming industry during the Reporting Period, driven by its strong capabilities in game development and further expansion of game operations outside China. We further feel the company's development and operations across personal computer, mobile and console games may help the company to outperform its peers in both revenue and earnings growth.

Conversely, we exited the Fund's position in Kotak Mahindra Bank, a private sector bank in India. We had been following the stock closely after the head of the bank's risk division left the firm, which caused a void that remained a key area of concern for us. Another area of concern for us was the higher exposure the bank has to commercial real estate through its two subsidiaries, Kotak Prime and Kotak Investments, which could potentially lead to higher credit costs, in our view. We further believed there could be potential complications with the company holding a 100% stake in insurance businesses when the Royal Bank of India, the country's central bank, had asked lenders to reduce their exposures to insurance businesses to 50% or less. For all of these reasons, we decided to sell the position.

---

| | |
|:---|:---|
| **Q** | **Were there any notable changes in the Fund's weightings during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | Fund weightings at a sector level are driven by bottom-up stock selection. That said, during the Reporting Period, there were no notable changes in the Fund's sector or country weightings during the Reporting Period. |

---

---

| | |
|:---|:---|
| **Q** | **How was the Fund positioned relative to the Index at the end of the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | At the end of the Reporting Period, the Fund had overweighted exposure to Indonesia, Mexico and Greece and underweighted exposure to South Korea, Taiwan and Saudi Arabia relative to the Index. On the same date, the Fund was relatively neutrally weighted to the Index in the remaining components of the Index, with the exceptions of Malaysia, Qatar, Kuwait, Czech Republic, Colombia, Hungary, Peru, South Africa, Turkey and Chile, where the Fund had no exposure at the end of the Reporting Period. The Fund also had exposure to equity markets that are not components of the Index, including Singapore and Slovenia. |

---

From a sector allocation perspective, the Fund had overweighted positions relative to the Index in consumer staples, consumer discretionary and information technology at the end of the Reporting Period. The Fund had underweighted positions compared to the Index in the materials, energy, utilities, communication services and industrials sectors at the end of the Reporting Period. The Fund had rather neutral allocations to the Index in the real estate, financial and health care sectors at the end of the Reporting Period.

As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect.

**12** 

------

FUND BASICS

## Emerging Markets Equity Fund
*as of October 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS AS OF 10/31/22<sup>1,2</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1,2</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1,2</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1,2</sup>** |
| **Holding** | **% of Net Assets** | **Line of Business** | **Country** |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 7.2% | Semiconductors & Semiconductor Equipment | Taiwan |
| Samsung Electronics Co. Ltd. | 5.2 | Technology Hardware & Equipment | South Korea |
| Tencent Holdings Ltd. | 3.9 | Media & Entertainment | China |
| Bank Central Asia Tbk PT | 2.3 | Banks | Indonesia |
| ICICI Bank Ltd. | 2.1 | Banks | India |
| iShares ESG Aware MSCI EM ETF | 2.1 | Exchange-Traded Fund | United States |
| Kweichow Moutai Co. Ltd., Class A | 1.8 | Food, Beverage & Tobacco | China |
| Banco Bradesco SA, 3.43% | 1.7 | Banks | Brazil |
| Infosys Ltd. | 1.7 | Software & Services | India |
| Meituan, Class B | 1.7 | Retailing | China |

---

<sup>1</sup> The top 10 holdings may not be representative of the Fund's future investments.

<sup>2</sup> The line of business for each holding is reported at the industry or sub-industry level.

---

| |
|:---|
| **FUND VS. BENCHMARK SECTOR ALLOCATIONS<sup>3</sup>** |
| **As of October 31, 2022** |

---

![LOGO](g271039g60r96.jpg)

------

<sup>3</sup> The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund's overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard ("GICS"); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above.

------

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

**13** 

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

## Performance Summary
*October 31, 2022* 

The following graph shows the value, as of October 31, 2022, of a $1,000,000 investment made on November 1, 2012 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund's benchmark, the MSCI<sup>®</sup> Emerging Markets Index (Net, USD, Unhedged), 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.

**Emerging Markets Equity Fund's 10 Year Performance**

**Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from Novermber 1, 2012 through October 31, 2022.**![LOGO](g271039g96o04.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return through October 31, 2022**\* | **One Year** | **Five Years** | **Ten Years** | **Since Inception** |
|  **Class A** |  |  |  |  |
|  Excluding sales charges | -40.71% | -3.75% | 1.80% |  |
|  Including sales charges | -43.97% | -4.84% | 1.23% |  |
|  **Class C** |  |  |  |  |
|  Excluding contingent deferred sales charges | -41.14% | -4.47% | 1.05% |  |
|  Including contingent deferred sales charges | -41.73% | -4.47% | 1.05% |  |
|  **Institutional** | -40.52% | -3.42% | 2.18% |  |
|  **Service** | -40.80% | -3.90% | 1.68% |  |
|  **Investor** | -40.56% | -3.51% | 2.05% |  |
|  **Class R6 (Commenced July 31, 2015)** | -40.51% | -3.40% | N/A | 1.83% |
|  **Class P (Commenced April 16, 2018)** | -40.51% | N/A | N/A | -4.81% |

---

\* 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 R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Returns.

**14** 

------

PORTFOLIO RESULTS

## Goldman Sachs ESG Emerging Markets Equity Fund
**Investment Objective** 

The Fund seeks long-term capital appreciation.

The Fund uses a proprietary framework to identify and invest in a selective portfolio of companies that satisfy the Fund's Environmental, Social and Governance ("ESG") criteria. By incorporating ESG criteria and an active ownership approach, the Fund seeks to manage risk from an ESG perspective and invest in sustainable businesses trading at attractive valuations that may generate excess returns over the benchmark.

Portfolio Management Discussion and Analysis

**Below, the Goldman Sachs Global Emerging Markets Equity Team discusses the Goldman Sachs ESG Emerging Markets Equity Fund's (the "Fund") performance and positioning for the 12-month period ended October 31, 2022 (the "Reporting Period").** 

---

| | |
|:---|:---|
| **Q** | **How did the Fund perform during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | 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 -39.89%, -40.29%, -39.66%, -39.70%, -39.69%, -40.03% and -39.69%, respectively. These returns compare to the -31.03% average annual total return of the Fund's benchmark, the MSCI Emerging Markets Index (Net, USD, Unhedged) (the "Index"), during the same period. |

---

---

| | |
|:---|:---|
| **Q** | **What key factors were responsible for the Fund's performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | The Fund underperformed the Index on a relative basis during the Reporting Period, primarily attributable to individual stock selection. Sector allocation and country allocation overall added value, albeit modestly. From a country perspective, effective stock selection and allocation positioning in Mexico and Greece contributed most positively to the Fund's performance. Eliminating the Fund's exposure to Russia also added value. The countries that detracted most from the Fund's relative results during the Reporting Period were China, Brazil and India, wherein stock selection overall in each hurt. |

---

---

| | |
|:---|:---|
| **Q** | **Which stocks detracted significantly from the Fund's performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | Among those stocks detracting most from the Fund's results relative to the Index were positions in Tencent Holdings, TCS Group Holdings and China Merchants Bank. |

---

Tencent Holdings is one of the largest Internet service providers in China, providing social media, online gaming, advertising, payment services and more through its various subsidiaries. It has leading market positions in many of its business segments, including one of the largest instant messaging and social media platforms in China. In addition, the company's payment segment, Tenpay, is one of the largest mobile payment companies in China. During the Reporting Period, shares of Tencent Holdings were negatively affected by the Chinese regulatory environment. Also, there was news from major shareholder Naspers that it was selling shares of Tencent Holdings to fund buybacks, which put further pressure on its share price. At the end of the Reporting Period, we held the position, as the company had begun shifting its focus to expanding its global gaming business, which we felt may help the company over the longer term.

TCS Group Holdings, formerly based in Russia but now based in Cyprus, is the second-largest company in the Russian credit card market. It is also a provider of online loans and lifestyle services to individuals as well as transactional services to small and medium enterprises. Its stock fell dramatically during the Reporting Period as a result, initially, of political tensions between Russia and Ukraine and, subsequently, of Russia's invasion of Ukraine. We trimmed but held the position in the Fund at the end of the Reporting Period.

China Merchants Bank is a bank with a strong focus on retail banking services in China. In our view, China Merchants Bank has one of the best brands and customer bases among Chinese banks, including a strong share in the mass-affluent

**15** 

------

PORTFOLIO RESULTS

segment. During the Reporting Period, its stock price declined amid a backdrop of a real estate crisis in China. However, at the end of the Reporting Period, we saw the bank as a long-term winner in the China banking sector with strong franchise quality, and so we continued to hold the position in the Fund. We continued to like China Merchant Bank's focus on consumer banking, which caters to the growing financial services needs of the premier customer groups in China. Also, we believed the bank was a leader among its peers in investment in technology and has leveraged this to secure low-cost funding, which is crucial, in our view, for its long-term profitability.

---

| | |
|:---|:---|
| **Q** | **What were some of the Fund's best-performing individual stocks?** |

---

---

| | |
|:---|:---|
| **A** | The strongest contributors to the Fund's performance during the Reporting Period were Arca Continental, Banco Bradesco and Wal-Mart de Mexico. |

---

Arca Continental is a Mexican beverage company and one of the largest Coca-Cola bottlers in the Americas, with bottling rights in Mexico, the U.S., Peru, Argentina and Ecuador. During the Reporting Period, the company's stock generated double-digit absolute gains, benefiting from its high margins and solid returns across several of its regions, including the U.S. The company also posted strong operating results in the last full quarter of the Reporting Period, as a result of post-COVID-19 pandemic volume recovery from restaurants, schools, entertainment venues and more, all while supermarket volumes remained resilient. Further, the company was able to contain the impact of higher raw material prices through a combination of strong pricing and effective cost controls. At the end of the Reporting Period, we believed Arca Continental was well positioned to maintain its solid position in the beverage market over the long term.

Banco Bradesco is the second-largest private financial conglomerate in Brazil. The company's main activities are banking and insurance. Its banking platform is one of the largest in the country with a large and well-diversified business mix. Its insurance business is the largest in Brazil with the majority of revenues coming from pensions. The bank has a sizable market share and competes with only a few other large institutions. It also has a well-diversified loan portfolio with high coverage. During the Reporting Period, Banco Bradesco reported solid first quarter 2022 earnings with strong results in its insurance business, and the bank also reported expenses that remained steady if not lower. At the end of the Reporting Period, we believed the bank's stronger spreads will likely compensate for its higher cost of risk, and, as such, we believed the company may well continue to show strong results.

Wal-Mart de Mexico ("Walmex") is the leading food retailer in Mexico. The company has approximately 50% market share in the formal market, leads in terms of national footprint and distribution capabilities, and delivers what we consider to be strong returns and cash flow. COVID-19 had a mixed effect on its business, as lockdowns helped drive sales, but the economic slowdown impacted its low-end Bodega store format more than others. As the world began to normalize during the Reporting Period and the Mexican economy started to recover, Walmex's Bodega store format sales improved. The company is also the third largest company in e-commerce in Mexico, but the leader in food e-commerce, using its distribution infrastructure and store network to grow in other categories.

---

| | |
|:---|:---|
| **Q** | **Which equity market sectors most significantly affected Fund performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | Relative to the Index, weak stock selection in the communication services, financials and information technology sectors detracted from the Fund's performance most during the Reporting Period. Conversely, effective stock selection in consumer staples and real estate contributed most positively to the Fund's performance. Having an overweighted allocation to consumer staples, which outperformed the Index during the Reporting Period, and having an underweighted allocation to health care, which underperformed the Index during the Reporting Period, also added value. Having a position in cash, albeit modest, during a Reporting Period when the Index declined significantly helped as well. |

---

---

| | |
|:---|:---|
| **Q** | **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 our active management strategy. |

---

---

| | |
|:---|:---|
| **Q** | **Did the Fund make any significant purchases or sales during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, we initiated a Fund position in ICICI Bank, the second-largest private sector bank, as measured by balance sheet size, in India. The company has been consistent, in our view, by showing a strong balance sheet and a healthy credit growth trajectory, coupled with superior core profitability, controlled provisions and steady  |

---

**16** 

------

PORTFOLIO RESULTS

asset quality. We also like the high growth delivered by ICICI Bank, as it is an outcome from its structural shift in its balance sheet as well as from operations efficiency. We further believe that what we see as a strong retail liability franchise, together with healthy capital and provision buffers, should help the bank deliver consistent return on equity on a sustainable basis.

We established a Fund position in NetEase, one of the largest online and mobile game developers in China. NetEase, in our view, has a strong suite of gaming intellectual properties ("IPs"), including a growing number of partnership and co-development IPs. The company also offers music streaming and e-commerce services. We believe NetEase had outperformed the broader gaming industry during the Reporting Period, driven by its strong capabilities in game development and further expansion of game operations outside China. We further feel the company's development and operations across personal computer, mobile and console games may help the company to outperform its peers in both revenue and earnings growth.

Conversely, we exited the Fund's position in Kotak Mahindra Bank, a private sector bank in India. We had been following the stock closely after the head of the bank's risk division left the firm, which caused a void that remained a key area of concern for us. Another area of concern for us was the higher exposure the bank has to commercial real estate through its two subsidiaries, Kotak Prime and Kotak Investments, which could potentially lead to higher credit costs, in our view. We further believed there could be potential complications with the company holding a 100% stake in insurance businesses when the Royal Bank of India, the country's central bank, had asked lenders to reduce their exposures to insurance businesses to 50% or less. For all of these reasons, we decided to sell the position.

We sold the Fund's position in Yandex, a Russian multinational technology company providing Internet-related products and services, given the Russia/Ukraine war.

---

| | |
|:---|:---|
| **Q** | **Were there any notable changes in the Fund's weightings during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | Fund weightings at a sector level are driven by bottom-up stock selection. That said, during the Reporting Period, there were no notable changes to the Fund's sector or country weightings during the Reporting Period. |

---

---

| | |
|:---|:---|
| **Q** | **How was the Fund positioned relative to the Index at the end of the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | At the end of the Reporting Period, the Fund had overweighted exposures to Mexico, Greece, Indonesia and Brazil and underweighted exposures to Saudi Arabia, South Korea and Taiwan relative to the Index. On the same date, the Fund was relatively neutrally weighted to the Index in the remaining components of the Index, with the exceptions of Malaysia, Qatar, Kuwait, Czech Republic, Colombia, |

---

Hungary, Peru, Turkey, Chile and Poland, where the Fund had no exposure at all.

From a sector allocation perspective, the Fund had overweighted positions relative to the Index in consumer staples, financials, information technology and consumer discretionary at the end of the Reporting Period. The Fund had underweighted positions compared to the Index in the materials, energy, communication services, insdustrials and utilities sectors at the end of the Reporting Period. The Fund had rather neutral exposure to the health care and real estate sectors at the end of the Reporting Period.

We remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect. We believe our ongoing engagement efforts with companies in the Fund's portfolio is helping to drive improvements in environmental, social and corporate governance practices for these businesses, which may not only help unlock shareholder value over time but may also help encourage these businesses to operate in an even more sustainable fashion in the future.

**17** 

------

FUND BASICS

## ESG Emerging Markets Equity Fund
*as of October 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS AS OF 10/31/22<sup>1,2</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1,2</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1,2</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1,2</sup>** |
| **Holding** | **% of Net Assets** | **Line of Business** | **Country** |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 7.9% | Semiconductors & Semiconductor Equipment | Taiwan |
| Samsung Electronics Co. Ltd. | 5.8 | Technology Hardware & Equipment | South Korea |
| Tencent Holdings Ltd. | 4.5 | Media & Entertainment | China |
| Banco Bradesco SA ADR | 2.8 | Banks | Brazil |
| Wal-Mart de Mexico SAB de CV | 2.8 | Food & Staples Retailing | Mexico |
| Bank Central Asia Tbk PT | 2.7 | Banks | Indonesia |
| Infosys Ltd., 02/28/23 ADR | 2.6 | Software & Services | India |
| ICICI Bank Ltd. | 2.4 | Banks | India |
| Tata Consumer Products Ltd. | 2.2 | Food, Beverage & Tobacco | India |
| AIA Group Ltd. | 2.0 | Insurance | Hong Kong |

---

<sup>1</sup> The top 10 holdings may not be representative of the Fund's future investments.

<sup>2</sup> The line of business for each holding is reported at the industry or sub-industry level.

---

| |
|:---|
| **FUND VS. BENCHMARK SECTOR ALLOCATIONS<sup>4</sup>** |
| **As of October 31, 2022** |

---

![LOGO](g271039g59d44.jpg)

------

<sup>4</sup> The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund's overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard ("GICS"); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value.

------

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

**18** 

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

## Performance Summary
*October 31, 2022* 

The following graph shows the value, as of October 31, 2022, of a $1,000,000 investment made on May 31, 2018 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund's benchmark, the MSCI<sup>®</sup> Emerging Markets Index (Net, USD, Unhedged), 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.

**ESG Emerging Markets Equity Fund's Lifetime Performance**

**Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from May 31, 2018 through October 31, 2022.**![LOGO](g271039g09m81.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Return through October 31, 2022**\* | **One Year** | **Since Inception** |
|  **Class A (Commenced May 31, 2018)** |  |  |
|  Excluding sales charges | -39.89% | -3.63% |
|  Including sales charges | -43.21% | -4.85% |
|  **Class C (Commenced May 31, 2018)** |  |  |
|  Excluding contingent deferred sales charges | -40.29% | -4.33% |
|  Including contingent deferred sales charges | -40.89% | -4.33% |
|  **Institutional (Commenced May 31, 2018)** | -39.66% | -3.29% |
|  **Investor (Commenced May 31, 2018)** | -39.70% | -3.36% |
|  **Class R6 (Commenced May 31, 2018)** | -39.69% | -3.28% |
|  **Class R (Commenced May 31, 2018)** | -40.03% | -3.86% |
|  **Class P (Commenced January 21, 2020)** | -39.69% | -8.43% |

---

\* 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 R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Returns.

**19** 

------

PORTFOLIO RESULTS

## Goldman Sachs International Equity ESG Fund
**Investment Objective** 

The Fund seeks long-term capital appreciation.

The Fund uses a proprietary framework to identify and invest in a selective portfolio of companies that satisfy the Fund's Environmental, Social and Governance ("ESG") criteria. By incorporating ESG criteria and an active ownership approach, the Fund seeks to manage risk from an ESG perspective and invest in sustainable businesses trading at attractive valuations that may generate excess returns over the benchmark.

Portfolio Management Discussion and Analysis

**Below, the Goldman Sachs Fundamental International Equity Team discusses Goldman Sachs International Equity ESG Fund's (the "Fund") performance and positioning for the 12-month period ended October 31, 2022 (the "Reporting Period").** 

---

| | |
|:---|:---|
| **Q** | **How did the Fund perform during Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund's Class A, Class C, Institutional, Service, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of -24.50%, -25.08%, -24.27%, -24.64%, -24.30%, -24.27% and -24.25%, respectively. These returns compare to the -23.00% average annual total return of the Fund's benchmark, the MSCI EAFE Index (Net, USD, Unhedged) (the "MSCI EAFE Index"), during the same period. |

---

---

| | |
|:---|:---|
| **Q** | **What key factors were responsible for the Fund's performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | The Fund underperformed the MSCI EAFE Index during the Reporting Period, attributable primarily to individual stock selection. Sector allocation detracted, albeit only slightly. Country allocation contributed positively to the Fund's relative performance during the Reporting Period. |

---

---

| | |
|:---|:---|
| **Q** | **Which stocks detracted significantly from the Fund's performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | Among the biggest detractors from Fund performance relative to the MSCI EAFE Index during the Reporting Period were Farfetch, Koninklijke DSM and Infineon Technologies. |

---

Farfetch, a U.K. luxury retailer, was affected negatively by macro headwinds, including the Russia/Ukraine war and subsequent inflation pressures, as higher growth-oriented companies broadly underperformed the MSCI EAFE Index during the Reporting Period. That said, these headwinds did not change our fundamental investment thesis for the company, and we continued, at the end of the Reporting Period, to like Farfetch's exposure to luxury e-commerce. We believed the luxury market, especially in China, remained a potentially significant investment opportunity.

Koninklijke DSM, a Dutch multinational corporation active in the fields of health, nutrition and green materials, was similarly impacted negatively during the Reporting Period by macro headwinds, most notably cost pressures resulting from increased inflation as well as China COVID-19-related lockdowns. The company's stock was also hurt by two of its open merger and acquisition deals. Still, our fundamental investment thesis for this position remained unchanged at the end of the Reporting Period, as we continued to like the transformation the company has gone through as well as what we view as its future growth prospects.

Infineon Technologies, a German semiconductor company, has significant exposure to the auto industry, an area where trends were weak during the Reporting Period. The company was also negatively affected by macro headwinds, primarily increasing inflationary pressures. At the end of the Reporting Period, our fundamental investment thesis for the company remained intact, as we continued to like the increase seen in electric vehicle sales, which bode well, in our opinion, for Infineon Technologies' future growth prospects.

---

| | |
|:---|:---|
| **Q** | **What were some of the Fund's best-performing individual stocks?** |

---

---

| | |
|:---|:---|
| **A** | Among the greatest contributors to Fund performance relative to the MSCI EAFE Index during the Reporting Period were Zurich Insurance Group, DBS Group Holdings and Neste. |

---

Zurich Insurance Group, a Swiss insurance company and a new purchase for the Fund during the Reporting Period, saw comparatively resilient performance during the volatility of

**20** 

------

PORTFOLIO RESULTS

the Reporting Period. Widely considered by the market to be a defensive company, Zurich Insurance Group benefited from its pricing power in the inflationary environment of the Reporting Period. Its clients need insurance, and the insurance industry as a whole tends to be less correlated to global economic growth than standard banks. We sold the Fund's position in Zurich Insurance Group by the end of the Reporting Period, taking profits.

DBS Group Holdings is a Singapore-based multinational banking and financial services company. Its shares posted solid positive absolute returns during the Reporting Period, as the company benefited from rising interest rates. DBS Group Holdings maintained its fiscal year 2022 guidance, driven by higher net interest income on the back of these rising rates. At the end of the Reporting Period, we felt comfortable with the company's capital position and liquidity levels and believed the bank had sufficient provisions to be resilient in what may well continue to be a difficult market environment generally.

Neste, based in Finland, is the leading manufacturer of renewable diesel globally. Neste has been a beneficiary of the energy independence revolution. During the Reporting Period, Neste's earnings beat consensus expectations primarily due to strength in its oil products division. At the end of the Reporting Period, we believed Neste remained well positioned to benefit from what has been a highly fragmented and disparate market, and thus we remained confident in the company's ability to perform well going forward.

---

| | |
|:---|:---|
| **Q** | **Which equity market sectors most significantly affected Fund performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | The sectors that detracted most from the Fund's relative results were materials, information technology and energy, each hurt by weak stock selection. Having an overweighted allocation to information technology, which was the weakest sector in the MSCI EAFE Index during the Reporting Period, and an underweighted allocation to energy, which was, by far, the strongest sector in the MSCI EAFE Index during the Reporting Period, also detracted. The sectors that contributed most positively to the Fund's relative results during the Reporting Period were financials, health care and utilities, each due primarily to effective stock selection. Having a position in cash, albeit modest, during a Reporting Period when the MSCI EAFE Index fell significantly further buoyed the Fund's relative results. |

---

---

| | |
|:---|:---|
| **Q** | **Which countries most affected the Fund's performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | Typically, the Fund's individual stock holdings will significantly influence the Fund's performance within a particular country or region relative to the MSCI EAFE Index. This effect may be even more pronounced in a concentrated portfolio or in countries that represent only a modest proportion of the MSCI EAFE Index. |

---

That said, the countries that detracted most from the Fund's relative results during the Reporting Period were the U.K. and Japan, where stock selection overall hurt. Also, having exposure to Taiwan, which is not a constituent of the MSCI EAFE Index and which underperformed the MSCI EAFE Index during the Reporting Period, dampened the Fund's relative results. Conversely, effective stock selection in Singapore, Denmark and Finland boosted the Fund's relative returns most during the Reporting Period.

---

| | |
|:---|:---|
| **Q** | **How did the Fund use derivatives and similar instruments during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund did not use derivatives or similar instruments. |

---

---

| | |
|:---|:---|
| **Q** | **Did the Fund make any significant purchases or sales during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, we initiated a Fund position in Netherlands-based Koninklijke Ahold Delhaize. We consider the company to be a best-in-class grocery retailer in Europe with strong competitive positioning and attractive end-market exposure, with approximately 65% exposure to the U.S. east coast and approximately 30% exposure in the Netherlands and Belgium. We liked what we saw as the company's strong balance sheet and cash generation and believed it could lead to some merger and acquisition and/or consolidation opportunities in the U.S., where the industry is still fragmented. We also looked favorably at the company's productivity program and believed the company was well positioned to perform strongly in the high inflationary environment that dominates, as it is able to raise its prices faster than its costs increase. |

---

We established a Fund position in Nomura Research Institute, a leading economic research and consulting firm in Japan. We expect the firm to benefit from digitalization, as companies continue to need to digitalize to control their cost bases. We also like what we see as the company's strong pricing power, as it has been able to pass along higher costs to its customers. Its stock notably declined at the start of <br>

**21** 

------

PORTFOLIO RESULTS

2022, and we viewed this sell-off as an attractive buying opportunity.

Conversely, in addition to the sale of Zurich Insurance Group, mentioned earlier, we exited the Fund's position in Recruit Holdings, a Japanese human resources company. Recruit Holdings had been a strong performer during the second half of 2020 and throughout 2021, and we felt further upside was limited. As its stock reached our price target, we decided to sell the position.

---

| | |
|:---|:---|
| **Q** | **Were there any notable changes in the Fund's weightings during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | In this Fund, both sector weightings and country allocations are largely the result of our bottom-up stock selection process rather than any top-down macroeconomic views or regional, country, sector or industry bets. We seek to outpace the MSCI EAFE Index by overweighting stocks that we expect to outperform and underweighting those we think may lag. Consequently, changes in its sector or country weightings 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 real estate increased relative to the MSCI EAFE Index, while its relative exposure to financials decreased. |

---

From a country perspective, the Fund's exposure to Japan, France, the Netherlands and Finland increased relative to the MSCI EAFE Index, while its relative exposure to the U.K. and Switzerland decreased during the Reporting Period.

---

| | |
|:---|:---|
| **Q** | **How was the Fund positioned relative to the MSCI EAFE Index at the end of the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | At the end of the Reporting Period, the Fund had more exposure to the U.K., Spain, the Netherlands, France, Finland, Singapore and Denmark and less exposure to Switzerland, Germany, Japan and Sweden relative to the MSCI EAFE Index. At the end of the Reporting Period, the Fund held no exposure to the remaining components of the MSCI EAFE Index. The Fund also had a position in Taiwan, which is not a constituent of the MSCI EAFE Index. |

---

From a sector allocation perspective, the Fund had overweight positions relative to the MSCI EAFE Index in information technology, industrials and real estate at the end of the Reporting Period. On the same date, the Fund had underweighted positions compared to the MSCI EAFE Index in consumer discretionary, energy, financials and consumer staples. The Fund was rather neutrally weighted relative to the MSCI EAFE Index in health care, materials, communication services and utilities at the end of the Reporting Period.

As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect. We believe our ongoing engagement efforts with companies in the Fund's portfolio is helping to drive improvements in environmental, social and corporate governance practices for these businesses, which may not only help unlock shareholder value over time but may also help encourage these businesses to operate in an even more sustainable fashion in the future.

**22** 

------

FUND BASICS

## International Equity ESG Fund
*as of October 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS AS OF 10/31/22<sup>1,2</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1,2</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1,2</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1,2</sup>** |
| **Holding** | **% of Net Assets** | **Line of Business** | **Country** |
| Rentokil Initial PLC | 4.4% | Commercial & Professional Services | United Kingdom |
| BNP Paribas SA | 4.2 | Banks | France |
| Novo Nordisk A/S, Class B | 3.9 | Pharmaceuticals, Biotechnology & Life Sciences | Denmark |
| Schneider Electric SE | 3.8 | Capital Goods | United States |
| Koninklijke DSM NV | 3.7 | Materials | Netherlands |
| Iberdrola SA | 3.7 | Utilities | Spain |
| Klepierre SA REIT | 3.6 | Real Estate | France |
| AstraZeneca PLC | 3.6 | Pharmaceuticals, Biotechnology & Life Sciences | United Kingdom |
| Cellnex Telecom SA | 3.5 | Telecommunication Services | Spain |
| Ferguson PLC | 3.4 | Capital Goods | United States |

---

<sup>1</sup> The top 10 holdings may not be representative of the Fund's future investments.

<sup>2</sup> The line of business for each holding is reported at the industry or sub-industry level.

---

| |
|:---|
| **FUND VS. BENCHMARK SECTOR ALLOCATIONS<sup>4</sup>** |
| **As of October 31, 2022** |

---

![LOGO](g271039g36y46.jpg)

------

<sup>4</sup> The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund's overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard ("GICS"); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above.

------

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

**23** 

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

## Performance Summary
*October 31, 2022* 

The following graph shows the value, as of October 31, 2022, of a $1,000,000 investment made on November 1, 2012 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund's benchmark, the MSCI<sup>®</sup> EAFE Index (Net, USD, Unhedged), 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.

**International Equity ESG Fund's 10 Year Performance**

**Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from Novermber 1, 2012 through October 31, 2022.**![LOGO](g271039g00z23.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return through October 31, 2022**\* | **One Year** | **Five Years** | **Ten Years** | **Since Inception** |
|  **Class A** |  |  |  |  |
|  Excluding sales charges | -24.50% | 3.69% | 5.43% |  |
|  Including sales charges | -28.65% | 2.53% | 4.84% |  |
|  **Class C** |  |  |  |  |
|  Excluding contingent deferred sales charges | -25.08% | 2.92% | 4.65% |  |
|  Including contingent deferred sales charges | -25.83% | 2.92% | 4.65% |  |
|  **Institutional** | -24.27% | 4.05% | 5.82% |  |
|  **Service** | -24.64% | 3.56% | 5.31% |  |
|  **Investor** | -24.30% | 3.95% | 5.70% |  |
|  **Class R6 (Commenced February 26, 2016)** | -24.27% | 4.06% | N/A | 7.40% |
|  **Class P (Commenced April 16, 2018)** | -24.25% | N/A | N/A | 3.51% |

---

\* 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 R6, and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Returns.

**24** 

------

PORTFOLIO RESULTS

## Goldman Sachs International Equity Income Fund
**Investment Objective** 

The Fund seeks long-term capital appreciation and growth of income.

Portfolio Management Discussion and Analysis

**Below, the Goldman Sachs Fundamental International Equity Team discusses Goldman Sachs International Equity Income Fund's (the "Fund") performance and positioning for the 12-month period ended October 31, 2022 (the "Reporting Period").** 

---

| | |
|:---|:---|
| **Q** | **How did the Fund perform during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | 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 -15.16%, -15.76%, -14.87%, -14.91%, -14.89%, -15.36% and -14.90%, respectively. These returns compare to the -23.00% average annual total return of the Fund's benchmark, the MSCI EAFE Index (Net, USD, Unhedged) (the "MSCI EAFE Index"), during the same period. |

---

---

| | |
|:---|:---|
| **Q** | **What key factors were responsible for the Fund's performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | While absolute returns disappointed, the Fund significantly outperformed the MSCI EAFE Index during the Reporting Period driven primarily by individual stock selection. Country allocation and sector allocation also contributed positively, albeit more modestly. |

---

---

| | |
|:---|:---|
| **Q** | **What were some of the Fund's best-performing individual stocks?** |

---

---

| | |
|:---|:---|
| **A** | Among the greatest contributors to Fund performance relative to the MSCI EAFE Index during the Reporting Period were BP, Zurich Insurance Group and Rio Tinto. |

---

BP, based in the U.K., has been pivoting from an international oil company to an integrated energy company, which many investors appeared to view as positive for its longer-term growth prospects. Further, BP has what many consider to be an attractive and sustainable yield and a commitment to return a majority of its surplus cash flow to shareholders. During the Reporting Period, the company benefited from elevated oil and other commodity prices. At the end of the Reporting Period, we looked favorably upon what we believed to be BP's strengthened balance sheet, large size, scale, diversification and proactive strategy in the energy transition theme.

Zurich Insurance Group, a Swiss insurance company, saw comparatively resilient performance during the volatility of the Reporting Period. Widely considered by the market to be a defensive company, Zurich Insurance Group benefited from its pricing power in the inflationary environment of the Reporting Period. Its clients need insurance, and the insurance industry as a whole tends to be less correlated to global economic growth than standard banks.

Rio Tinto, a U.K.-based leader in the global mining industry, benefited during the Reporting Period from rising commodity prices, including iron ore. Operationally, the company's focus on Tier 1 assets and leadership within automation continued to drive strong profitability and free cash flow generation. From a product portfolio perspective, it has, in our view, an attractive mix of base metals that may benefit from the global trend of electrification. Also, Rio Tinto has no exposure to carbon fuels following its 2018 exit from the coal business.

---

| | |
|:---|:---|
| **Q** | **Which stocks detracted significantly from the Fund's performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | Among the biggest detractors from Fund performance relative to the MSCI EAFE Index during the Reporting Period were Vonovia, Taiwan Semiconductor Manufacturing and Enel. |

---

Vonovia is the largest real estate company in Germany, managing more than 355,000 residential units. In the rising interest rate environment that characterized the Reporting Period, the company's shares were hurt by consensus concerns surrounding rapidly increasing costs of capital and decreasing cash flows. We believe the sell-off was overdone given our view that the company's operational performance remained strong. At the end of the Reporting Period, we expected Vonovia's income to remain resilient amid the inflationary conditions that dominate, and we continued to like its yield in a potential lower return environment.

**25** 

------

PORTFOLIO RESULTS

Taiwan Semiconductor Manufacturing, based in Taiwan, is the world's largest semiconductor foundry with approximately 60% market share. During the Reporting Period, the company experienced weakening orders amid a prolonged inventory correction for smartphone and personal computer applications due to slow end-market demand. However, at the end of the Reporting Period, we remained positive on Taiwan Semiconductor Manufacturing, as we believed the company was well positioned to drive sustainable growth from smartphones, high performance computing and higher semiconductor content in automobiles and Internet of Things systems.

Enel, an Italian company involved in electricity generation and distribution as well as distribution of natural gas, saw its stock fall during the Reporting Period in light of the energy crisis resulting from the Russia/Ukraine war. However, in our view, Enel's execution and capital deployment has been best in class during the last couple of years, and at the end of the Reporting Period, we expected that to continue. We believed Enel has been effective in expanding in Latin America and renewable assets. We further believed its core assets were performing well. Its dividend yield was attractive, in our view, and we felt the company could sustainably grow its earnings and dividend going forward.

---

| | |
|:---|:---|
| **Q** | **Which equity market sectors most significantly affected Fund performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | The sectors that contributed most positively to the Fund's performance relative to the MSCI EAFE Index were financials, health care and consumer discretionary. Stock selection in all three sectors proved effective during the Reporting Period. Having an overweighted allocation to financials, which outperformed the MSCI EAFE Index during the Reporting Period, and having an underweighted allocation to consumer discretionary, which underperformed the MSCI EAFE Index during the Reporting Period, also helped. Only one sector detracted from the Fund's relative results during the Reporting Period, namely real estate. Both stock selection in and having an overweighted allocation to real estate, which underperformed the MSCI EAFE Index during the Reporting Period, dampened the Fund's relative results. |

---

---

| | |
|:---|:---|
| **Q** | **Which countries most affected the Fund's performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | Typically, the Fund's individual stock holdings will significantly influence the Fund's performance within a particular country or region relative to the MSCI EAFE Index. This effect may be even more pronounced in countries that represent only a modest proportion of the MSCI EAFE Index. |

---

That said, effective stock selection in and having an overweighted allocation to the U.K., which outperformed the MSCI EAFE Index during the Reporting Period, contributed most positively to the Fund's relative results. Effective stock selection in the Netherlands and Switzerland further boosted the Fund's results relative to the MSCI EAFE Index during the Reporting Period. Conversely, the Fund's exposure to Taiwan, which is not a constituent of the MSCI EAFE Index and which underperformed the MSCI EAFE Index during the Reporting Period, detracted most from the Fund's relative performance. Weak stock selection in Germany and having an underweighted allocation to Australia, which outperformed the MSCI EAFE Index during the Reporting Period, also hurt.

---

| | |
|:---|:---|
| **Q** | **How did the Fund use derivatives and similar instruments during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund did not use derivatives or similar instruments. |

---

---

| | |
|:---|:---|
| **Q** | **Did the Fund make any significant purchases or sales during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, we established a Fund position in HSBC Holdings, a U.K.-based multinational investment bank and the second largest bank in Europe. In our view, HSBC Holdings is a well-run bank with strong management. We like what we see as its diversified business model, offering a wide range of financial services across the world. We also believe the company is more geared to the U.S. interest rate cycle than many of its peers and thus could stand to benefit from the U.S. Federal Reserve's ongoing interest rate hiking cycle. |

---

We initiated a Fund position in Compass Group, the largest contract food service company in the world, based in the U.K. We think Compass Group could be a good economic re-opening investment opportunity given its exposure to the away-from-home economy, as it provides food services to the business and industry, health care, education, and sports and leisure end-markets. At the time of purchase, we liked its management team's execution as well as the company's leading competitive positioning. We also believed Compass Group may well emerge as a stronger company coming out of the COVID-19 pandemic crisis and is able, in our view, to continue to create value for its shareholders in the long term.

**26** 

------

PORTFOLIO RESULTS

We initiated a Fund position in Netherlands-based Koninklijke Ahold Delhaize. We consider the company to be a best-in-class grocery retailer in Europe with strong competitive positioning and attractive end-market exposure, with approximately 65% exposure to the U.S. east coast and approximately 30% exposure in the Netherlands and Belgium. We liked what we saw as the company's strong balance sheet and cash generation and believed it could lead to some merger and acquisition and/or consolidation opportunities in the U.S., where the industry is still fragmented. We also looked favorably at the company's productivity program and believed the company was well positioned to perform strongly in the high inflationary environment that dominates, as it is able to raise its prices faster than its costs increase.

Conversely, we exited the Fund's position in Trend Micro, a Japan-based multinational cyber security software company. During the Reporting Period, Trend Micro experienced sharply rising labor costs to secure engineers overseas and increased selling, general and administrative expenses as competition intensified. As a result, we felt further upside was limited as its stock reached our price target, and thus we decided to sell the position.

We eliminated the Fund's position in ING Groep, a major European bank based in the Netherlands. ING Groep was a strong performer during the Reporting Period as a beneficiary of interest rate hikes, and we felt further upside was limited as its stock reached our price target. Thus, we decided to sell the position and reallocate the proceeds elsewhere.

---

| | |
|:---|:---|
| **Q** | **Were there any notable changes in the Fund's weightings during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | In this Fund, both sector weightings and country allocations are largely the result of our bottom-up stock selection process rather than any top-down macroeconomic views or regional, country, sector or industry bets. We seek to outpace the MSCI EAFE Index by overweighting stocks that we expect to outperform and underweighting those we think may lag. Consequently, changes in its sector or country weightings 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 consumer staples and consumer discretionary increased relative to the MSCI EAFE Index during the Reporting Period, while its relative exposure to financials, health care, utilities, real estate and energy decreased. |

---

From a country perspective, the Fund's exposure to the Netherlands increased relative to the MSCI EAFE Index, while its relative exposure to France and Australia decreased during the Reporting Period.

---

| | |
|:---|:---|
| **Q** | **How was the Fund positioned relative to the MSCI EAFE Index at the end of the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | At the end of the Reporting Period, the Fund had more exposure to the U.K., Switzerland, France, the Netherlands, Singapore and Italy relative to the MSCI EAFE Index and less exposure to Japan, Germany and Australia relative to the MSCI EAFE Index. At the end of the Reporting Period, the Fund had neutral exposure relative to the MSCI EAFE Index in Spain, Sweden and Denmark and had no exposure to the remaining components of the MSCI EAFE Index. The Fund also held a position in Taiwan, which is not a constituent of the MSCI EAFE Index. |

---

From a sector allocation perspective, the Fund had overweight positions relative to the MSCI EAFE Index in financials, utilities, real estate and consumer staples at the end of the Reporting Period. On the same date, the Fund had underweighted positions compared to the MSCI EAFE Index in consumer discretionary, information technology, industrials, communication services and materials and rather neutral positions relative to the MSCI EAFE Index in energy and health care.

As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect.

**27** 

------

FUND BASICS

## International Equity Income Fund
*as of October 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS AS OF 10/31/22<sup>1,2</sup><sup>,3</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1,2</sup><sup>,3</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1,2</sup><sup>,3</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1,2</sup><sup>,3</sup>** |
| **Holding** | **% of Net Assets** | **Line of Business** | **Country** |
| Zurich Insurance Group AG | 3.9% | Insurance | Switzerland |
| Roche Holding AG | 3.7 | Pharmaceuticals, Biotechnology & Life Sciences | United States |
| Sanofi | 3.4 | Pharmaceuticals, Biotechnology & Life Sciences | France |
| Iberdrola SA | 3.3 | Utilities | Spain |
| Nestle SA | 3.3 | Food, Beverage & Tobacco | United States |
| BP PLC | 3.2 | Energy | United Kingdom |
| Vinci SA | 3.2 | Capital Goods | France |
| DS Smith PLC | 3.0 | Materials | United Kingdom |
| Coca-Cola Europacific Partners PLC | 3.0 | Food, Beverage & Tobacco | United Kingdom |
| AstraZeneca PLC | 2.8 | Pharmaceuticals, Biotechnology & Life Sciences | United Kingdom |

---

<sup>1</sup> The top 10 holdings may not be representative of the Fund's future investments.

<sup>2</sup> The line of business for each holding is reported at the industry or sub-industry level.

<sup>3</sup> The Fund's overall top 10 holdings differ from the table above due to the exclusion of the Goldman Sachs Financial Square Government Fund (a short-term investment fund), which represents approximately 3.1% of the Fund's net assets as of 10/31/22.

---

| |
|:---|
| **FUND VS. BENCHMARK SECTOR ALLOCATIONS<sup>3</sup>** |
| **As of October 31, 2022** |

---

![LOGO](g271039g01e88.jpg)

------

<sup>3</sup> The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund's overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard ("GICS"); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above.

------

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

**28** 

------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

## Performance Summary
*October 31, 2022* 

The following graph shows the value, as of October 31, 2022, of a $1,000,000 investment made on November 1, 2012 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund's benchmark, the MSCI<sup>®</sup> EAFE Index (Net, USD, Unhedged), 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.

**International Equity Income Fund's 10 Year Performance**

**Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from Novermber 1, 2012 through October 31, 2022.**![LOGO](g271039g54y21.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return through October 31, 2022**\* | **One Year** | **Five Years** | **Ten Years** | **Since Inception** |
|  **Class A** |  |  |  |  |
|  Excluding sales charges | -15.16% | 1.89% | 4.64% |  |
|  Including sales charges | -19.82% | 0.75% | 4.06% |  |
|  **Class C** |  |  |  |  |
|  Excluding contingent deferred sales charges | -15.76% | 1.14% | 3.86% |  |
|  Including contingent deferred sales charges | -16.60% | 1.14% | 3.86% |  |
|  **Institutional** | -14.87% | 2.25% | 5.04% |  |
|  **Investor** | -14.91% | 2.13% | 4.90% |  |
|  **Class R6 (Commenced February 26, 2016)** | -14.89% | 2.25% | N/A | 5.91% |
|  **Class R** | -15.36% | 1.62% | 4.37% |  |
|  **Class P (Commenced April 16, 2018)** | -14.90% | N/A | N/A | 1.46% |

---

\* 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 R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Returns.

**29** 

------

GOLDMAN SACHS CHINA EQUITY FUND

## Schedule of Investments
*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – 97.0%** | **Common Stocks – 97.0%** | **Common Stocks – 97.0%** |
| **China – 90.9%** | **China – 90.9%** | **China – 90.9%** |
| 143400 | Aier Eye Hospital Group Co. Ltd., Class A (Health Care Equipment & Services) | $484087 |
| 279576 | Alibaba Group Holding Ltd. (Retailing)\* | 2173677 |
| 2283 | Alibaba Group Holding Ltd. ADR (Retailing)\* | 145153 |
| 22000 | ANTA Sports Products Ltd. (Consumer Durables & Apparel) | 193416 |
| 4866 | Baidu, Inc. ADR (Media & Entertainment)\* | 372590 |
| 42550 | Baidu, Inc., Class A (Media & Entertainment)\* | 407927 |
| 496841 | Bank of Ningbo Co. Ltd., Class A (Banks) | 1613103 |
| 39100 | Beijing Easpring Material Technology Co. Ltd., Class A (Capital Goods) | 316017 |
| 258900 | Budweiser Brewing Co. APAC Ltd. (Food, Beverage & Tobacco)<sup>(a)</sup> | 544913 |
| 39600 | BYD Co. Ltd., Class A (Automobiles & Components) | 1333801 |
| 349000 | China Longyuan Power Group Corp. Ltd., Class H (Utilities) | 398792 |
| 410000 | China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)\* | 1312472 |
| 97700 | China Merchants Bank Co. Ltd., Class A (Banks) | 358568 |
| 500500 | China Merchants Bank Co. Ltd., Class H (Banks) | 1638587 |
| 16600 | China Tourism Group Duty Free Corp. Ltd., Class H (Retailing)\*<sup>(a)</sup> | 328420 |
| 69700 | China Vanke Co. Ltd., Class H (Real Estate) | 89448 |
| 53700 | China Yangtze Power Co. Ltd., Class A (Utilities) | 148659 |
| 1830040 | CIFI Holdings Group Co. Ltd. (Real Estate)<sup>(b)</sup> | 118449 |
| 641500 | CITIC Securities Co. Ltd., Class H (Diversified Financials) | 958500 |
| 36198 | Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods) | 1847936 |
| 373276 | East Money Information Co. Ltd., Class A (Diversified Financials) | 795996 |
| 54500 | Ecovacs Robotics Co. Ltd., Class A (Consumer Durables & Apparel) | 435152 |
| 962566 | Focus Media Information Technology Co. Ltd., Class A (Media & Entertainment) | 589215 |
| 97720 | Ganfeng Lithium Group Co. Ltd., Class H (Materials)<sup>(a)</sup> | 660941 |
| 30600 | GoerTek, Inc., Class A (Technology Hardware & Equipment) | 90363 |
| 130900 | H World Group Ltd. (Consumer Services) | 357120 |
| 227674 | Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Durables & Apparel) | 636472 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **China – (continued)** | **China – (continued)** | **China – (continued)** |
| 132694 | Hongfa Technology Co. Ltd., Class A (Capital Goods) | 622266 |
| 957000 | Industrial & Commercial Bank of China Ltd., Class H (Banks) | 415496 |
| 413000 | Jiumaojiu International Holdings Ltd. (Consumer Services)<sup>(a)</sup> | 649095 |
| 69528 | Juewei Food Co. Ltd., Class A (Food, Beverage & Tobacco) | 448720 |
| 362000 | Kingdee International Software Group Co. Ltd. (Software & Services)\* | 593177 |
| 118300 | Kuaishou Technology (Media & Entertainment)\*<sup>(a)</sup> | 488562 |
| 17719 | Kweichow Moutai Co. Ltd., Class A (Food, Beverage & Tobacco) | 3267076 |
| 78100 | Li Auto, Inc., Class A (Automobiles & Components)\* | 536491 |
| 145000 | Li Ning Co. Ltd. (Consumer Durables & Apparel) | 750073 |
| 100999 | LONGi Green Energy Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 663519 |
| 228674 | Luxshare Precision Industry Co. Ltd., Class A (Technology Hardware & Equipment) | 885060 |
| 146600 | Meituan, Class B (Retailing)\*<sup>(a)</sup> | 2347146 |
| 80600 | Midea Group Co. Ltd., Class A (Consumer Durables & Apparel) | 441688 |
| 300000 | Minth Group Ltd. (Automobiles & Components) | 591560 |
| 56737 | Montage Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 437464 |
| 167080 | NARI Technology Co. Ltd., Class A (Capital Goods) | 558209 |
| 128585 | NetEase, Inc. (Media & Entertainment) | 1426683 |
| 32298 | Ningbo Orient Wires & Cables Co. Ltd., Class A (Capital Goods) | 339145 |
| 35160 | NIO, Inc., Class A (Automobiles & Components)\* | 332009 |
| 219500 | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 878744 |
| 35884 | Qingdao Haier Biomedical Co. Ltd., Class A (Health Care Equipment & Services) | 377428 |
| 125000 | SF Holding Co. Ltd., Class A (Transportation) | 823644 |
| 17800 | SG Micro Corp., Class A (Semiconductors & Semiconductor Equipment) | 363930 |
| 110300 | Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials) | 394180 |
| 32800 | Shanghai Milkground Food Tech Co. Ltd., Class A (Food, Beverage & Tobacco)\* | 125238 |
| 12600 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Food, Beverage & Tobacco) | 399804 |

---

---

| | |
|:---|:---|
| **30** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CHINA EQUITY FUND

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **China – (continued)** | **China – (continued)** | **China – (continued)** |
| 149278 | Shenzhen Inovance Technology Co. Ltd., Class A (Capital Goods) | $1360497 |
| 20 | Shenzhen Kangtai Biological Products Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | 85 |
| 24900 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services) | 1107259 |
| 58900 | Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel) | 408943 |
| 67312 | Sungrow Power Supply Co. Ltd., Class A (Capital Goods) | 1203026 |
| 55300 | Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment) | 479229 |
| 131300 | Tencent Holdings Ltd. (Media & Entertainment) | 3450143 |
| 138000 | Tsingtao Brewery Co. Ltd., Class H, 02/28/23 (Food, Beverage & Tobacco) | 966151 |
| 45400 | Wanhua Chemical Group Co. Ltd., Class A (Materials) | 498428 |
| 38518 | Will Semiconductor Co. Ltd. Shanghai, Class A (Semiconductors & Semiconductor Equipment) | 386174 |
| 85328 | WuXi AppTec Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)<sup>(a)</sup> | 684862 |
| 168000 | Wuxi Biologics Cayman, Inc., 02/28/23 (Pharmaceuticals, Biotechnology & Life Sciences)\*<sup>(a)</sup> | 755940 |
| 157878 | Yantai Jereh Oilfield Services Group Co. Ltd., Class A (Energy) | 647666 |
| 43592 | Yifeng Pharmacy Chain Co. Ltd., Class A (Food & Staples Retailing) | 333745 |
| 337370 | Yunnan Aluminium Co. Ltd., Class A (Materials) | 422172 |
| 38220 | Yunnan Energy New Material Co. Ltd., Class A (Materials) | 771058 |
| 187119 | Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Capital Goods) | 542245 |
|  |  | 51523804 |
| **Hong Kong – 5.1%** | **Hong Kong – 5.1%** | **Hong Kong – 5.1%** |
| 162000 | AIA Group Ltd. (Insurance) | 1227117 |
| 14901 | Hong Kong Exchanges & Clearing Ltd. (Diversified Financials) | 395526 |
| 1699500 | Sino Biopharmaceutical Ltd., 02/28/23 (Pharmaceuticals, Biotechnology & Life Sciences) | 824658 |
| 49500 | Techtronic Industries Co. Ltd. (Capital Goods) | 468704 |
|  |  | 2916005 |
| **Taiwan – 1.0%** | **Taiwan – 1.0%** | **Taiwan – 1.0%** |
| 30000 | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | 546846 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |  |
| **(Cost $78,465,489)** | **(Cost $78,465,489)** | $54986655 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company – 1.3%<sup>(c)</sup>** | **Investment Company – 1.3%<sup>(c)</sup>** | **Investment Company – 1.3%<sup>(c)</sup>** |
| Goldman Sachs Financial Square Government Fund –<br>Institutional Shares | Goldman Sachs Financial Square Government Fund –<br>Institutional Shares | Goldman Sachs Financial Square Government Fund –<br>Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;718374 | 3.066% | $718374 |
| **(Cost $718,374)** | **(Cost $718,374)** | **(Cost $718,374)** |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE** |
| **(Cost $79,183,863)** | **(Cost $79,183,863)** | $55705029 |
| **Securities Lending Reinvestment Vehicle – 0.2%<sup>(c)</sup>** | **Securities Lending Reinvestment Vehicle – 0.2%<sup>(c)</sup>** | **Securities Lending Reinvestment Vehicle – 0.2%<sup>(c)</sup>** |
| Goldman Sachs Financial Square Government Fund –<br>Institutional Shares | Goldman Sachs Financial Square Government Fund –<br>Institutional Shares | Goldman Sachs Financial Square Government Fund –<br>Institutional Shares |
| 91000 | 3.066% | $91000 |
| **(Cost $91,000)** | **(Cost $91,000)** | **(Cost $91,000)** |
| **TOTAL INVESTMENTS – 98.5%** | **TOTAL INVESTMENTS – 98.5%** | **TOTAL INVESTMENTS – 98.5%** |
| **(Cost $79,274,863)** | **(Cost $79,274,863)** | $55796029 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.5%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.5%** | 912523 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $56708552 |

---

---

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

---

---

| | |
|:---|:---|
|  **Investment Abbreviations:** | **Investment Abbreviations:** |
|  ADR | —American Depositary Receipt |

---

---

| | |
|:---|:---|
| **Sector Name** | **% of Market<br>Value** |
|  Consumer Discretionary | 20.9% |
|  Financials | 14.8 |
|  Industrials | 14.5 |
|  Consumer Staples | 13.2 |
|  Communication Services | 12.1 |
|  Information Technology | 8 |
|  Health Care | 7.6 |
|  Materials | 4.9 |
|  Investment Company | 1.3 |
|  Energy | 1.1 |
|  Utilities | 1 |
|  Real Estate | 0.4 |
|  Securities Lending Reinvestment Vehicle | 0.2 |
| **TOTAL INVESTMENTS** | 100.0% |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **31** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 94.4%** | **Common Stocks – 94.4%** | **Common Stocks – 94.4%** |
| **Brazil – 4.1%** | **Brazil – 4.1%** | **Brazil – 4.1%** |
| 3201241 | Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA (Capital Goods) | $1146510 |
| 425342 | Banco Bradesco SA ADR (Banks) | 1612046 |
| 11954979 | Caixa Seguridade Participacoes SA (Insurance) | 20412915 |
| 12545300 | Hapvida Participacoes e Investimentos SA (Health Care Equipment & Services)<sup>(a)</sup> | 18943634 |
| 36022 | MercadoLibre, Inc. (Retailing)\* | 32478156 |
| 2259386 | Rede D'Or Sao Luiz SA (Health Care Equipment & Services)<sup>(a)</sup> | 14071135 |
| 2122900 | Sao Martinho SA (Food, Beverage & Tobacco) | 11084041 |
| 3665200 | Sendas Distribuidora SA (Food & Staples Retailing) | 14063356 |
|  |  | 113811793 |
| **China – 23.8%** | **China – 23.8%** | **China – 23.8%** |
| 4570524 | Alibaba Group Holding Ltd. (Retailing)\* | 35535398 |
| 1025003 | Beijing Easpring Material Technology Co. Ltd., Class A (Capital Goods) | 8284348 |
| 6833800 | Budweiser Brewing Co. APAC Ltd. (Food, Beverage & Tobacco)<sup>(a)</sup> | 14383261 |
| 886000 | BYD Co. Ltd., Class H (Automobiles & Components) | 19849185 |
| 9364000 | China Longyuan Power Group Corp. Ltd., Class H (Utilities) | 10699962 |
| 6913000 | China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)\* | 22129558 |
| 10641000 | China Merchants Bank Co. Ltd., Class H (Banks) | 34837567 |
| 427155 | Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods) | 21806592 |
| 840267 | Ecovacs Robotics Co. Ltd., Class A (Consumer Durables & Apparel) | 6709062 |
| 2068700 | ENN Energy Holdings Ltd. (Utilities) | 20567126 |
| 3733284 | Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Durables & Apparel) | 10436551 |
| 2328900 | Kuaishou Technology (Media & Entertainment)\*<sup>(a)</sup> | 9618024 |
| 265621 | Kweichow Moutai Co. Ltd., Class A (Food, Beverage & Tobacco) | 48975905 |
| 3084500 | Li Ning Co. Ltd. (Consumer Durables & Apparel) | 15955872 |
| 2127884 | LONGi Green Energy Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 13979261 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **China – (continued)** | **China – (continued)** | **China – (continued)** |
| 3221411 | Luxshare Precision Industry Co. Ltd., Class A (Technology Hardware & Equipment) | 12468145 |
| 2938900 | Meituan, Class B (Retailing)\*<sup>(a)</sup> | 47053393 |
| 5548000 | Minth Group Ltd. (Automobiles & Components) | 10939908 |
| 1815300 | NetEase, Inc. (Media & Entertainment) | 20141214 |
| 5843500 | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 23393812 |
| 775500 | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 3104172 |
| 1050414 | Qingdao Haier Biomedical Co. Ltd., Class A (Health Care Equipment & Services) | 11048259 |
| 3058738 | SF Holding Co. Ltd., Class A (Transportation) | 20154490 |
| 3772800 | Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials) | 13482868 |
| 351000 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services) | 15608353 |
| 1725000 | Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel) | 11976680 |
| 921988 | Silergy Corp. (Semiconductors & Semiconductor Equipment) | 10632083 |
| 1308441 | Sungrow Power Supply Co. Ltd., Class A (Capital Goods) | 23384962 |
| 1279900 | Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment) | 11091609 |
| 4069900 | Tencent Holdings Ltd. (Media & Entertainment) | 106943924 |
| 11294292 | Yunnan Aluminium Co. Ltd., Class A (Materials) | 14133250 |
| 2965703 | Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Capital Goods) | 8594203 |
|  |  | 657918997 |
| **Egypt – 0.9%** | **Egypt – 0.9%** | **Egypt – 0.9%** |
| 15092462 | Commercial International Bank Egypt SAE (Banks) | 20230941 |
| 7613640 | E-Finance for Digital & Financial Investments (Software & Services) | 5040517 |
|  |  | 25271458 |
| **Greece – 1.8%** | **Greece – 1.8%** | **Greece – 1.8%** |
| 1336217 | Hellenic Exchanges – Athens Stock Exchange SA (Diversified Financials) | 4136450 |
| 1191399 | JUMBO SA, 02/28/23 (Retailing) | 16922149 |

---

---

| | |
|:---|:---|
| **32** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Greece – (continued)** | **Greece – (continued)** | **Greece – (continued)** |
| 4892940 | National Bank of Greece SA (Banks)\* | 17728487 |
| 1557836 | Sarantis SA (Household & Personal Products) | 9776027 |
|  |  | 48563113 |
| **Hong Kong – 3.0%** | **Hong Kong – 3.0%** | **Hong Kong – 3.0%** |
| 4024400 | AIA Group Ltd. (Insurance) | 30484001 |
| 731813 | Hong Kong Exchanges & Clearing Ltd. (Diversified Financials) | 19424966 |
| 38506500 | Sino Biopharmaceutical Ltd., 02/28/23 (Pharmaceuticals, Biotechnology & Life Sciences) | 18684726 |
| 1609000 | Techtronic Industries Co. Ltd. (Capital Goods) | 15235249 |
|  |  | 83828942 |
| **India – 17.2%** | **India – 17.2%** | **India – 17.2%** |
| 426836 | Amber Enterprises India Ltd. (Consumer Durables & Apparel)\* | 10664466 |
| 253990 | Apollo Hospitals Enterprise Ltd., 02/28/23 (Health Care Equipment & Services) | 13868843 |
| 378775 | Avenue Supermarts Ltd. (Food & Staples Retailing)\*<sup>(a)</sup> | 19782936 |
| 529897 | Cartrade Tech Ltd. (Retailing)\* | 3497149 |
| 203188 | Coforge Ltd. (Software & Services) | 9347187 |
| 652062 | Computer Age Management Services Ltd. (Software & Services) | 20099619 |
| 3501094 | Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel) | 15329934 |
| 673076 | FSN E-Commerce Ventures Ltd. (Retailing)\* | 9384119 |
| 1099848 | Godrej Properties Ltd. (Real Estate)\* | 16782595 |
| 1690466 | HDFC Bank Ltd. (Banks) | 30679349 |
| 5346769 | ICICI Bank Ltd. (Banks) | 58789600 |
| 713234 | ICICI Lombard General Insurance Co. Ltd. (Insurance)<sup>(a)</sup> | 10086620 |
| 244990 | Info Edge India Ltd. (Media & Entertainment) | 11609647 |
| 2549814 | Infosys Ltd. (Software & Services) | 47523616 |
| 580791 | Navin Fluorine International Ltd. (Materials) | 31971429 |
| 822338 | Reliance Industries Ltd., 02/28/23 (Energy) | 25374703 |
| 1048693 | Route Mobile Ltd. (Software & Services) | 16620434 |
| 1384694 | SBI Life Insurance Co. Ltd., 02/28/23 (Insurance)<sup>(a)</sup> | 21219445 |
| 2566382 | Sona Blw Precision Forgings Ltd. (Automobiles & Components)<sup>(a)</sup> | 14455339 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **India – (continued)** | **India – (continued)** | **India – (continued)** |
| 2370134 | Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 29121277 |
| 3089728 | Tata Consumer Products Ltd. (Food, Beverage & Tobacco) | 28772218 |
| 359310 | TeamLease Services Ltd. (Commercial & Professional Services)\* | 12629340 |
| 24920963 | Zomato Ltd. (Retailing)\* | 19007795 |
|  |  | 476617660 |
| **Indonesia – 4.5%** | **Indonesia – 4.5%** | **Indonesia – 4.5%** |
| 66281200 | Bank BTPN Syariah Tbk PT (Banks) | 12541196 |
| 114697600 | Bank Central Asia Tbk PT (Banks) | 64835976 |
| 211974700 | BFI Finance Indonesia Tbk PT (Diversified Financials) | 15044455 |
| 43002100 | Cisarua Mountain Dairy PT TBK (Food, Beverage & Tobacco) | 12737279 |
| 30019800 | Map Aktif Adiperkasa PT (Retailing)\* | 6158895 |
| 300456400 | Pakuwon Jati Tbk PT (Real Estate) | 8441751 |
| 10749911 | Semen Indonesia Persero Tbk PT (Materials) | 5483636 |
|  |  | 125243188 |
| **Mexico – 4.4%** | **Mexico – 4.4%** | **Mexico – 4.4%** |
| 3943799 | Arca Continental SAB de CV, 02/28/23 (Food, Beverage & Tobacco) | 32303999 |
| 6580785 | Banco del Bajio SA (Banks)<sup>(a)</sup> | 18560252 |
| 8732750 | Gentera SAB de CV (Diversified Financials) | 8973845 |
| 9299208 | Prologis Property Mexico SA de CV REIT (Real Estate) | 23880467 |
| 10049000 | Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) | 38815423 |
|  |  | 122533986 |
| **Philippines – 1.0%** | **Philippines – 1.0%** | **Philippines – 1.0%** |
| 6337700 | Del Monte Pacific Ltd. (Food, Beverage & Tobacco) | 1320342 |
| 3546140 | Jollibee Foods Corp., (Consumer Services) | 14224711 |
| 63472400 | Monde Nissin Corp. (Food, Beverage & Tobacco)<sup>(a)</sup> | 12867173 |
|  |  | 28412226 |
| **Poland – 1.1%** | **Poland – 1.1%** | **Poland – 1.1%** |
| 443278 | Dino Polska SA (Food & Staples Retailing)\*<sup>(a)</sup> | 28933790 |
| **Russia – 0.0%** | **Russia – 0.0%** | **Russia – 0.0%** |
| 10483256 | Detsky Mir PJSC (Retailing)<sup>(a)(b)</sup> |  |
| 2495750 | Renaissance Insurance Group JSC (Insurance)\*<sup>(b)</sup> |  |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **33** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

## Schedule of Investments (continued)
*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Russia – (continued)** | **Russia – (continued)** | **Russia – (continued)** |
| 4327745 | Sberbank of Russia PJSC (Banks)\*<sup>(b)</sup> | $— |
| 15182 | TCS Group Holding PLC GDR (Banks)\*<sup>(b)</sup> |  |
| 740821 | United Medical Group CY PLC GDR (Health Care Equipment & Services)<sup>(b)</sup> |  |
| **Saudi Arabia – 3.3%** | **Saudi Arabia – 3.3%** | **Saudi Arabia – 3.3%** |
| 1457418 | Alinma Bank (Banks) | 14539157 |
| 3137884 | Saudi Arabian Oil Co. (Energy)<sup>(a)</sup> | 29121195 |
| 1981180 | Saudi National Bank (The) (Banks) | 31313014 |
| 290475 | Saudi Tadawul Group Holding Co. (Diversified Financials) | 16767210 |
|  |  | 91740576 |
| **Singapore – 0.7%** | **Singapore – 0.7%** | **Singapore – 0.7%** |
| 7586393 | Nanofilm Technologies International Ltd. (Materials) | 9334023 |
| 691365 | TDCX, Inc. ADR (Software & Services)\* | 8946263 |
|  |  | 18280286 |
| **Slovenia – 0.5%** | **Slovenia – 0.5%** | **Slovenia – 0.5%** |
| 1186774 | Nova Ljubljanska Banka dd GDR (Banks) | 12080145 |
| **South Africa – 3.2%** | **South Africa – 3.2%** | **South Africa – 3.2%** |
| 1444337 | Clicks Group Ltd. (Food & Staples Retailing) | 24473624 |
| 1552394 | JSE Ltd. (Diversified Financials) | 8589878 |
| 2096879 | Mr Price Group Ltd. (Retailing) | 20181972 |
| 23375591 | Old Mutual Ltd. (Insurance) | 13268732 |
| 10068876 | Transaction Capital Ltd. (Diversified Financials) | 22523586 |
|  |  | 89037792 |
| **South Korea – 9.2%** | **South Korea – 9.2%** | **South Korea – 9.2%** |
| 191538 | JYP Entertainment Corp. (Media & Entertainment) | 7445951 |
| 390226 | Kia Corp. (Automobiles & Components) | 18134117 |
| 73234 | LG Chem Ltd. (Materials) | 32137925 |
| 353393 | LG Electronics, Inc. (Consumer Durables & Apparel) | 20185901 |
| 58265 | NCSoft Corp. (Media & Entertainment) | 15916794 |
| 479269 | NHN KCP Corp. (Software & Services)\* | 4211069 |
| 174139 | Orion Corp. (Food, Beverage & Tobacco) | 12392073 |
| 3471391 | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) | 144478783 |
|  |  | 254902613 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Taiwan – 10.6%** | **Taiwan – 10.6%** | **Taiwan – 10.6%** |
| 3364754 | Chailease Holding Co. Ltd. (Diversified Financials) | 15520561 |
| 1794000 | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | 32701393 |
| 493720 | momo.com, Inc. (Retailing) | 7366127 |
| 1311000 | Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel) | 10108397 |
| 16537883 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 198821889 |
| 2137718 | Tong Hsing Electronic Industries Ltd. (Technology Hardware & Equipment) | 11429543 |
| 14124000 | United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)\* | 16983561 |
|  |  | 292931471 |
| **Thailand – 2.7%** | **Thailand – 2.7%** | **Thailand – 2.7%** |
| 15330800 | Airports of Thailand PCL (Transportation)\* | 29822793 |
| 4619100 | Kasikornbank PCL (Banks) | 17773007 |
| 14631823 | Ngern Tid Lor PCL (Diversified Financials) | 10016606 |
| 3764900 | PTT Exploration & Production PCL (Energy) | 18000981 |
|  |  | 75613387 |
| **United Arab Emirates – 1.6%** | **United Arab Emirates – 1.6%** | **United Arab Emirates – 1.6%** |
| 10409380 | Abu Dhabi Commercial Bank PJSC (Banks) | 26795489 |
| 12660571 | Fertiglobe PLC (Materials) | 17538580 |
|  |  | 44334069 |
| **United States – 0.8%** | **United States – 0.8%** | **United States – 0.8%** |
| 9582000 | Samsonite International SA (Consumer Durables & Apparel)\*<sup>(a)</sup> | 20586417 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |
| **(Cost $3,135,269,515)** | **(Cost $3,135,269,515)** | $2610641909 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** |
| **Preferred Stocks – 2.3%** | **Preferred Stocks – 2.3%** | **Preferred Stocks – 2.3%** | **Preferred Stocks – 2.3%** |
| **Brazil – 2.3%** | **Brazil – 2.3%** | **Brazil – 2.3%** | |
| 12404159 | Banco Bradesco SA (Banks) | 3.18% | $47690756 |
| 2808500 | Itau Unibanco Holding SA (Banks) | 2.60 | 16528584 |
| **TOTAL PREFERRED STOCKS** | **TOTAL PREFERRED STOCKS** | **TOTAL PREFERRED STOCKS** |  |
| **(Cost $70,078,745)** | **(Cost $70,078,745)** | **(Cost $70,078,745)** | $64219340 |

---

---

| | |
|:---|:---|
| **34** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange-Traded Fund – 2.1%** | **Exchange-Traded Fund – 2.1%** | **Exchange-Traded Fund – 2.1%** |
| **United States – 2.1%** | **United States – 2.1%** | **United States – 2.1%** |
| 2141275 | iShares ESG Aware MSCI EM ETF<sup>(c)</sup> |  |
| **(Cost $58,927,095)** | **(Cost $58,927,095)** | $58435395 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company – 1.1%<sup>(d)</sup>** | **Investment Company – 1.1%<sup>(d)</sup>** | **Investment Company – 1.1%<sup>(d)</sup>** |
| Goldman Sachs Financial Square Government Fund –<br>Institutional Shares | Goldman Sachs Financial Square Government Fund –<br>Institutional Shares | Goldman Sachs Financial Square Government Fund –<br>Institutional Shares |
| 29884305 | 3.066% | $29884305 |
| **(Cost $29,884,305)** | **(Cost $29,884,305)** | **(Cost $29,884,305)** |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE** |
| **(Cost $3,294,159,660)** | **(Cost $3,294,159,660)** | $2763180949 |
| **Securities Lending Reinvestment Vehicle – 0.0%<sup>(d)</sup>** | **Securities Lending Reinvestment Vehicle – 0.0%<sup>(d)</sup>** | **Securities Lending Reinvestment Vehicle – 0.0%<sup>(d)</sup>** |
| Goldman Sachs Financial Square Government Fund –<br>Institutional Shares | Goldman Sachs Financial Square Government Fund –<br>Institutional Shares | Goldman Sachs Financial Square Government Fund –<br>Institutional Shares |
| 42000 | 3.066% | $42000 |
| **(Cost $42,000)** | **(Cost $42,000)** | **(Cost $42,000)** |
| **TOTAL INVESTMENTS – 99.9%** | **TOTAL INVESTMENTS – 99.9%** | **TOTAL INVESTMENTS – 99.9%** |
| **(Cost $3,294,201,660)** | **(Cost $3,294,201,660)** | $2763222949 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.1%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.1%** | 2060023 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $2765282972 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
|  \* | Non-income producing security. |
| (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (b) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (c) | All or a portion of security is on loan. |
| (d) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
|  **Investment Abbreviations:** | **Investment Abbreviations:** |
|  ADR | —American Depositary Receipt |
|  GDR | —Global Depositary Receipt |
|  PLC | —Public Limited Company |
|  REIT | —Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| **Sector Name** | **% of Market<br>Value** |
|  Financials | 24.2% |
|  Information Technology | 20.4 |
|  Consumer Discretionary | 14.4 |
|  Consumer Staples | 12.1 |
|  Communication Services | 6.2 |
|  Industrials | 5.1 |
|  Materials | 4.5 |
|  Health Care | 4.4 |
|  Energy | 2.6 |
|  Exchange-Traded Fund | 2.1 |
|  Real Estate | 1.8 |
|  Utilities | 1.1 |
|  Investment Company | 1.1 |
|  Securities Lending Reinvestment Vehicle | 0.0 |
| **TOTAL INVESTMENTS** | 100.0% |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **35** |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

## Schedule of Investments
*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 95.1%** | **Common Stocks – 95.1%** | **Common Stocks – 95.1%** |
| **Brazil – 6.9%** | **Brazil – 6.9%** | **Brazil – 6.9%** |
| 51600 | Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA (Capital Goods) | $18480 |
| 198431 | Banco Bradesco SA ADR (Banks) | 752054 |
| 124063 | Caixa Seguridade Participacoes SA (Insurance) | 211835 |
| 112400 | Hapvida Participacoes e Investimentos SA (Health Care Equipment & Services)<sup>(a)</sup> | 169726 |
| 513 | MercadoLibre, Inc. (Retailing)\* | 462531 |
| 21318 | Rede D'Or Sao Luiz SA (Health Care Equipment & Services)<sup>(a)</sup> | 132766 |
| 24800 | Sao Martinho SA (Food, Beverage & Tobacco) | 129485 |
|  |  | 1876877 |
| **China – 22.6%** | **China – 22.6%** | **China – 22.6%** |
| 41727 | Alibaba Group Holding Ltd. (Retailing)\* | 324424 |
| 9000 | BYD Co. Ltd., Class H (Automobiles & Components) | 201628 |
| 86000 | China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)\* | 275299 |
| 120500 | China Merchants Bank Co. Ltd., Class H (Banks) | 394505 |
| 5600 | Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods) | 285884 |
| 10300 | Ecovacs Robotics Co. Ltd., Class A (Consumer Durables & Apparel) | 82240 |
| 39900 | ENN Energy Holdings Ltd. (Utilities) | 396688 |
| 39200 | Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Durables & Apparel) | 109585 |
| 24300 | Kuaishou Technology (Media & Entertainment)\*<sup>(a)</sup> | 100355 |
| 30500 | Li Ning Co. Ltd. (Consumer Durables & Apparel) | 157774 |
| 21700 | LONGi Green Energy Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 142559 |
| 33000 | Luxshare Precision Industry Co. Ltd., Class A (Technology Hardware & Equipment) | 127723 |
| 31100 | Meituan, Class B (Retailing)\*<sup>(a)</sup> | 497928 |
| 18400 | NetEase, Inc. (Media & Entertainment) | 204153 |
| 81500 | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 326276 |
| 8969 | Qingdao Haier Biomedical Co. Ltd., Class A (Health Care Equipment & Services) | 94336 |
| 22800 | SF Holding Co. Ltd., Class A (Transportation) | 150233 |
| 26000 | Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials) | 92916 |
| 4100 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services) | 182320 |
| 7000 | Silergy Corp. (Semiconductors & Semiconductor Equipment) | 80722 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **China – (continued)** | **China – (continued)** | **China – (continued)** |
| 15400 | Sungrow Power Supply Co. Ltd., Class A (Capital Goods) | 275235 |
| 17100 | Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment) | 148189 |
| 46100 | Tencent Holdings Ltd. (Media & Entertainment) | 1211360 |
| 120700 | Yunnan Aluminium Co. Ltd., Class A (Materials) | 151039 |
| 33450 | Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Capital Goods) | 96934 |
|  |  | 6110305 |
| **Egypt – 0.9%** | **Egypt – 0.9%** | **Egypt – 0.9%** |
| 176381 | Commercial International Bank Egypt SAE (Banks) | 236433 |
| **Greece – 1.5%** | **Greece – 1.5%** | **Greece – 1.5%** |
| 16761 | JUMBO SA (Retailing) | 238067 |
| 46013 | National Bank of Greece SA (Banks)\* | 166718 |
|  |  | 404785 |
| **Hong Kong – 4.5%** | **Hong Kong – 4.5%** | **Hong Kong – 4.5%** |
| 70000 | AIA Group Ltd. (Insurance) | 530236 |
| 12667 | Hong Kong Exchanges & Clearing Ltd. (Diversified Financials) | 336228 |
| 362000 | Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 175655 |
| 18500 | Techtronic Industries Co. Ltd. (Capital Goods) | 175172 |
|  |  | 1217291 |
| **India – 16.3%** | **India – 16.3%** | **India – 16.3%** |
| 2884 | Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services) | 157478 |
| 4113 | Avenue Supermarts Ltd. (Food & Staples Retailing)\*<sup>(a)</sup> | 214817 |
| 51510 | Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel) | 225542 |
| 11285 | FSN E-Commerce Ventures Ltd. (Retailing)\* | 157337 |
| 8265 | Godrej Properties Ltd. (Real Estate)\* | 126116 |
| 22438 | HDFC Bank Ltd. (Banks) | 407215 |
| 59082 | ICICI Bank Ltd. (Banks) | 649627 |
| 11181 | ICICI Lombard General Insurance Co. Ltd. (Insurance)<sup>(a)</sup> | 158123 |
| 3992 | Info Edge India Ltd. (Media & Entertainment) | 189174 |
| 37402 | Infosys Ltd. ADR (Software & Services) | 700539 |
| 20093 | SBI Life Insurance Co. Ltd. (Insurance)<sup>(a)</sup> | 307911 |
| 21827 | Sona Blw Precision Forgings Ltd. (Automobiles & Components)<sup>(a)</sup> | 122942 |
| 18045 | Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 221715 |
| 64303 | Tata Consumer Products Ltd. (Food, Beverage & Tobacco) | 598803 |

---

---

| | |
|:---|:---|
| **36** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **India – (continued)** | **India – (continued)** | **India – (continued)** |
| 242242 | Zomato Ltd. (Retailing)\* | $184764 |
|  |  | 4422103 |
| **Indonesia – 3.3%** | **Indonesia – 3.3%** | **Indonesia – 3.3%** |
| 914200 | Bank BTPN Syariah Tbk PT (Banks) | 172978 |
| 1296300 | Bank Central Asia Tbk PT (Banks) | 732769 |
|  |  | 905747 |
| **Mexico – 6.2%** | **Mexico – 6.2%** | **Mexico – 6.2%** |
| 57199 | Arca Continental SAB de CV (Food, Beverage & Tobacco) | 468522 |
| 80400 | Banco del Bajio SA (Banks)<sup>(a)</sup> | 226758 |
| 91911 | Prologis Property Mexico SA de CV REIT (Real Estate) | 236028 |
| 193900 | Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) | 748961 |
|  |  | 1680269 |
| **Philippines – 0.8%** | **Philippines – 0.8%** | **Philippines – 0.8%** |
| 17400 | Jollibee Foods Corp. (Consumer Services) | 69797 |
| 712800 | Monde Nissin Corp. (Food, Beverage & Tobacco)<sup>(a)</sup> | 144499 |
|  |  | 214296 |
| **Russia – 0.0%** | **Russia – 0.0%** | **Russia – 0.0%** |
| 96162 | Detsky Mir PJSC (Retailing)<sup>(a)(b)</sup> |  |
| 16753 | Renaissance Insurance Group JSC (Insurance)\*<sup>(b)</sup> |  |
| 139 | TCS Group Holding PLC GDR (Banks)\*<sup>(b)</sup> |  |
| **Saudi Arabia – 2.4%** | **Saudi Arabia – 2.4%** | **Saudi Arabia – 2.4%** |
| 17331 | Alinma Bank (Banks) | 172893 |
| 20974 | Saudi National Bank (The) (Banks) | 331499 |
| 2767 | Saudi Tadawul Group Holding Co. (Diversified Financials) | 159721 |
|  |  | 664113 |
| **South Africa – 4.1%** | **South Africa – 4.1%** | **South Africa – 4.1%** |
| 26931 | Clicks Group Ltd. (Food & Staples Retailing) | 456333 |
| 28365 | Mr Price Group Ltd. (Retailing) | 273006 |
| 221257 | Old Mutual Ltd. (Insurance) | 125593 |
| 109025 | Transaction Capital Ltd. (Diversified Financials) | 243884 |
|  |  | 1098816 |
| **South Korea – 9.8%** | **South Korea – 9.8%** | **South Korea – 9.8%** |
| 3913 | Kia Corp. (Automobiles & Components) | 181840 |
| 710 | LG Chem Ltd. (Materials) | 311576 |
| 5014 | LG Electronics, Inc. (Consumer Durables & Apparel) | 286401 |
| 677 | NCSoft Corp. (Media & Entertainment) | 184942 |
| 1712 | Orion Corp. (Food, Beverage & Tobacco) | 121829 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **South Korea – (continued)** | **South Korea – (continued)** | **South Korea – (continued)** |
| 37394 | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) | 1556333 |
|  |  | 2642921 |
| **Taiwan – 12.0%** | **Taiwan – 12.0%** | **Taiwan – 12.0%** |
| 54580 | Chailease Holding Co. Ltd. (Diversified Financials) | 251760 |
| 28000 | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | 510390 |
| 18000 | Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel) | 138788 |
| 178000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 2139953 |
| 173000 | United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)\* | 208026 |
|  |  | 3248917 |
| **Thailand – 1.9%** | **Thailand – 1.9%** | **Thailand – 1.9%** |
| 154500 | Airports of Thailand PCL (Transportation)\* | 300547 |
| 53500 | Kasikornbank PCL (Banks) | 205853 |
|  |  | 506400 |
| **United Arab Emirates – 1.9%** | **United Arab Emirates – 1.9%** | **United Arab Emirates – 1.9%** |
| 128538 | Abu Dhabi Commercial Bank PJSC (Banks) | 330878 |
| 142558 | Fertiglobe PLC (Materials) | 197485 |
|  |  | 528363 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |
| **(Cost $35,288,508)** | **(Cost $35,288,508)** | $25757636 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** |
| **Preferred Stock – 0.6%** | **Preferred Stock – 0.6%** | **Preferred Stock – 0.6%** | **Preferred Stock – 0.6%** |
| **Brazil – 0.6%** | **Brazil – 0.6%** | **Brazil – 0.6%** | |
| 27100 | Itau Unibanco Holding<br>SA (Banks) |  |  |
| **(Cost $154,657)** | **(Cost $154,657)** | 2.60% | $159489 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company – 0.9%<sup>(c)</sup>** | **Investment Company – 0.9%<sup>(c)</sup>** | **Investment Company – 0.9%<sup>(c)</sup>** |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |
| 234864 | 3.066% | $234864 |
| **(Cost $234,864)** | **(Cost $234,864)** | **(Cost $234,864)** |
| **TOTAL INVESTMENTS – 96.6%** | **TOTAL INVESTMENTS – 96.6%** | **TOTAL INVESTMENTS – 96.6%** |
| **(Cost $35,678,029)** | **(Cost $35,678,029)** | $26151989 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 3.4%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 3.4%** | 924047 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $27076036 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **37** |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

## Schedule of Investments (continued)
*October 31, 2022* 

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
|  \* | Non-income producing security. |
| (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (b) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (c) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
|  **Investment Abbreviations:** | **Investment Abbreviations:** |
|  ADR | —American Depositary Receipt |
|  GDR | —Global Depositary Receipt |
|  PLC | —Public Limited Company |
|  REIT | —Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| **Sector Name** | **% of Market<br>Value** |
|  Financials | 29.0% |
|  Information Technology | 21.5 |
|  Consumer Discretionary | 14.2 |
|  Consumer Staples | 12.1 |
|  Communication Services | 7.2 |
|  Industrials | 5.0 |
|  Health Care | 4.3 |
|  Materials | 2.9 |
|  Utilities | 1.5 |
|  Real Estate | 1.4 |
|  Investment Company | 0.9 |
| **TOTAL INVESTMENTS** | 100.0% |

---

---

| | |
|:---|:---|
| **38** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

## Schedule of Investments
*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 97.9%** | **Common Stocks – 97.9%** | **Common Stocks – 97.9%** |
| **Denmark – 3.9%** | **Denmark – 3.9%** | **Denmark – 3.9%** |
| 206486 | Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences) | $22451483 |
| **Finland – 2.8%** | **Finland – 2.8%** | **Finland – 2.8%** |
| 360159 | Neste OYJ (Energy) | 15785229 |
| **France – 9.8%** | **France – 9.8%** | **France – 9.8%** |
| 511632 | BNP Paribas SA (Banks) | 23992436 |
| 1035594 | Klepierre SA REIT (Real Estate)\* | 20813639 |
| 122206 | Vinci SA (Capital Goods) | 11247478 |
|  |  | 56053553 |
| **Germany – 2.8%** | **Germany – 2.8%** | **Germany – 2.8%** |
| 654438 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment) | 15880257 |
| **Japan – 17.0%** | **Japan – 17.0%** | **Japan – 17.0%** |
| 162400 | Hoya Corp. (Health Care Equipment & Services) | 15096930 |
| 39800 | Keyence Corp. (Technology Hardware & Equipment) | 15007199 |
| 182300 | Nidec Corp. (Capital Goods) | 10023586 |
| 660100 | Nomura Research Institute Ltd. (Software & Services) | 14608149 |
| 1189200 | ORIX Corp. (Diversified Financials) | 17466616 |
| 236800 | Shiseido Co. Ltd. (Household & Personal Products) | 8178412 |
| 640073 | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 16903689 |
|  |  | 97284581 |
| **Netherlands – 8.7%** | **Netherlands – 8.7%** | **Netherlands – 8.7%** |
| 293676 | Aalberts NV (Capital Goods) | 10188124 |
| 654694 | Koninklijke Ahold Delhaize NV (Food & Staples Retailing) | 18258304 |
| 181135 | Koninklijke DSM NV (Materials) | 21306986 |
|  |  | 49753414 |
| **Singapore – 3.0%** | **Singapore – 3.0%** | **Singapore – 3.0%** |
| 697080 | DBS Group Holdings Ltd. (Banks) | 16852827 |
| **Spain – 12.4%** | **Spain – 12.4%** | **Spain – 12.4%** |
| 222051 | Amadeus IT Group SA (Software & Services)\* | 11581140 |
| 3488653 | Banco Bilbao Vizcaya Argentaria SA (Banks) | 17997248 |
| 617201 | Cellnex Telecom SA (Telecommunication Services)\*<sup>(a)</sup> | 20201153 |
| 2073372 | Iberdrola SA (Utilities) | 21084705 |
|  |  | 70864246 |
| **Sweden – 1.6%** | **Sweden – 1.6%** | **Sweden – 1.6%** |
| 930871 | Hexagon AB, Class B (Technology Hardware & Equipment) | 9202494 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Switzerland – 3.0%** | **Switzerland – 3.0%** | **Switzerland – 3.0%** |
| 40108 | Zurich Insurance Group AG (Insurance) | 17092985 |
| **Taiwan – 2.1%** | **Taiwan – 2.1%** | **Taiwan – 2.1%** |
| 191053 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment) | 11759312 |
| **United Kingdom – 21.5%** | **United Kingdom – 21.5%** | **United Kingdom – 21.5%** |
| 174248 | AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences) | 20444915 |
| 256587 | Compass Group PLC (Consumer Services) | 5404195 |
| 5668197 | DS Smith PLC (Materials) | 18903028 |
| 508896 | Experian PLC (Commercial & Professional Services) | 16226301 |
| 643730 | Farfetch Ltd., Class A (Retailing)\* | 5458830 |
| 1673934 | Informa PLC (Media & Entertainment) | 10666185 |
| 103341 | InterContinental Hotels Group PLC (Consumer Services) | 5552593 |
| 228060 | Reckitt Benckiser Group PLC (Household & Personal Products) | 15134989 |
| 4023595 | Rentokil Initial PLC (Commercial & Professional Services) | 25107695 |
|  |  | 122898731 |
| **United States – 9.3%** | **United States – 9.3%** | **United States – 9.3%** |
| 177949 | Ferguson PLC (Capital Goods) | 19406905 |
| 111724 | Nestle SA (Food, Beverage & Tobacco) | 12162141 |
| 172776 | Schneider Electric SE (Capital Goods) | 21848639 |
|  |  | 53417685 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |
| **(Cost $649,154,103)** | **(Cost $649,154,103)** | $559296797 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company – 1.3%<sup>(b)</sup>** | **Investment Company – 1.3%<sup>(b)</sup>** | **Investment Company – 1.3%<sup>(b)</sup>** |
| Goldman Sachs Financial Square Government Fund –<br>Institutional Shares | Goldman Sachs Financial Square Government Fund –<br>Institutional Shares | Goldman Sachs Financial Square Government Fund –<br>Institutional Shares |
| 7436653 | 3.066% | $7436653 |
| **(Cost $7,436,653)** | **(Cost $7,436,653)** | **(Cost $7,436,653)** |
| **TOTAL INVESTMENTS – 99.2%** | **TOTAL INVESTMENTS – 99.2%** | **TOTAL INVESTMENTS – 99.2%** |
| **(Cost $656,590,756)** | **(Cost $656,590,756)** | $566733450 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.8%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.8%** | 4648731 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $571382181 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **39** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

## Schedule of Investments (continued)
*October 31, 2022* 

---

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

---

---

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

---

---

| | |
|:---|:---|
| **Sector Name** | **% of Market<br>Value** |
|  Industrials | 20.1% |
|  Financials | 16.5 |
|  Information Technology | 13.8 |
|  Health Care | 13.2 |
|  Consumer Staples | 9.5 |
|  Materials | 7.1 |
|  Communication Services | 5.4 |
|  Utilities | 3.7 |
|  Real Estate | 3.7 |
|  Consumer Discretionary | 2.9 |
|  Energy | 2.8 |
|  Investment Company | 1.3 |
| **TOTAL INVESTMENTS** | 100.0% |

---

---

| | |
|:---|:---|
| **40** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

## Schedule of Investments
*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 95.7%** | **Common Stocks – 95.7%** | **Common Stocks – 95.7%** |
| **Australia – 6.7%** | **Australia – 6.7%** | **Australia – 6.7%** |
| 188190 | Rio Tinto PLC (Materials) | $9835128 |
| 913190 | Transurban Group (Transportation) | 7746545 |
| 417733 | Westpac Banking Corp. (Banks) | 6450203 |
|  |  | 24031876 |
| **Denmark – 2.5%** | **Denmark – 2.5%** | **Denmark – 2.5%** |
| 83447 | Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences) | 9073298 |
| **Finland – 2.7%** | **Finland – 2.7%** | **Finland – 2.7%** |
| 1012317 | Nordea Bank Abp (Banks) | 9670178 |
| **France – 12.8%** | **France – 12.8%** | **France – 12.8%** |
| 182475 | BNP Paribas SA (Banks) | 8556970 |
| 93839 | Gecina SA REIT (Real Estate) | 8366134 |
| 281514 | Klepierre SA REIT (Real Estate)\* | 5657942 |
| 138979 | Sanofi (Pharmaceuticals, Biotechnology & Life Sciences) | 11960238 |
| 122817 | Vinci SA (Capital Goods) | 11303713 |
|  |  | 45844997 |
| **Germany – 1.7%** | **Germany – 1.7%** | **Germany – 1.7%** |
| 267303 | Vonovia SE (Real Estate) | 5910235 |
| **Italy – 4.3%** | **Italy – 4.3%** | **Italy – 4.3%** |
| 1179062 | Enel SpA (Utilities) | 5267283 |
| 796710 | UniCredit SpA (Banks) | 9880222 |
|  |  | 15147505 |
| **Japan – 5.7%** | **Japan – 5.7%** | **Japan – 5.7%** |
| 464300 | ORIX Corp. (Diversified Financials) | 6819501 |
| 272300 | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 7191171 |
| 23900 | Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment) | 6288009 |
|  |  | 20298681 |
| **Netherlands – 6.4%** | **Netherlands – 6.4%** | **Netherlands – 6.4%** |
| 270922 | Koninklijke Ahold Delhaize NV (Food & Staples Retailing) | 7555555 |
| 2818590 | Koninklijke KPN NV (Telecommunication Services) | 7883897 |
| 272128 | Shell PLC (Energy) | 7538388 |
|  |  | 22977840 |
| **Singapore – 4.2%** | **Singapore – 4.2%** | **Singapore – 4.2%** |
| 344700 | DBS Group Holdings Ltd. (Banks) | 8333577 |
| 1125400 | Singapore Exchange Ltd. (Diversified Financials) | 6692341 |
|  |  | 15025918 |
| **Spain – 3.3%** | **Spain – 3.3%** | **Spain – 3.3%** |
| 1171429 | Iberdrola SA (Utilities) | 11912592 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Switzerland – 6.6%** | **Switzerland – 6.6%** | **Switzerland – 6.6%** |
| 4346 | SGS SA (Commercial & Professional Services) | 9580808 |
| 32336 | Zurich Insurance Group AG (Insurance) | 13780761 |
|  |  | 23361569 |
| **Taiwan – 2.6%** | **Taiwan – 2.6%** | **Taiwan – 2.6%** |
| 768000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 9233057 |
| **United Kingdom – 22.5%** | **United Kingdom – 22.5%** | **United Kingdom – 22.5%** |
| 85147 | AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences) | 9990491 |
| 2059995 | BP PLC (Energy) | 11397153 |
| 228500 | Coca-Cola Europacific Partners PLC (Food, Beverage & Tobacco) | 10750925 |
| 381176 | Compass Group PLC (Consumer Services) | 8028269 |
| 3235991 | DS Smith PLC (Materials) | 10791796 |
| 1740197 | HSBC Holdings PLC (Banks) | 8930791 |
| 650278 | National Grid PLC (Utilities) | 7084866 |
| 85855 | Reckitt Benckiser Group PLC (Household & Personal Products) | 5697687 |
| 166563 | Unilever PLC (Household & Personal Products) | 7571020 |
|  |  | 80242998 |
| **United States – 13.7%** | **United States – 13.7%** | **United States – 13.7%** |
| 62233 | Ferguson PLC (Capital Goods) | 6787057 |
| 106511 | Nestle SA (Food, Beverage & Tobacco) | 11594660 |
| 40026 | Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences) | 13280554 |
| 62492 | Schneider Electric SE (Capital Goods) | 7902516 |
| 125314 | Swiss Re AG (Insurance) | 9308923 |
|  |  | 48873710 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |
| **(Cost $380,816,877)** | **(Cost $380,816,877)** | $341604454 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company – 3.1%<sup>(a)</sup>** | **Investment Company – 3.1%<sup>(a)</sup>** | **Investment Company – 3.1%<sup>(a)</sup>** |
| Goldman Sachs Financial Square Government Fund –<br>Institutional Shares | Goldman Sachs Financial Square Government Fund –<br>Institutional Shares | Goldman Sachs Financial Square Government Fund –<br>Institutional Shares |
| 11213362 | 3.066% | $11213362 |
| **(Cost $11,213,362)** | **(Cost $11,213,362)** | **(Cost $11,213,362)** |
| **TOTAL INVESTMENTS – 98.8%** | **TOTAL INVESTMENTS – 98.8%** | **TOTAL INVESTMENTS – 98.8%** |
| **(Cost $392,030,239)** | **(Cost $392,030,239)** | $352817816 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.2%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.2%** | 4294559 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $357112375 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **41** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

## Schedule of Investments (continued)
*October 31, 2022* 

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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:** | **Investment Abbreviations:** |
|  PLC | —Public Limited Company |
|  REIT | —Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| **Sector Name** | **% of Market<br>Value** |
|  Financials | 25.1% |
|  Health Care | 14.6 |
|  Industrials | 12.3 |
|  Consumer Staples | 12.2 |
|  Utilities | 6.9 |
|  Materials | 5.8 |
|  Real Estate | 5.6 |
|  Energy | 5.4 |
|  Information Technology | 4.4 |
|  Investment Company | 3.2 |
|  Consumer Discretionary | 2.3 |
|  Communication Services | 2.2 |
| **TOTAL INVESTMENTS** | 100.0% |

---

---

| | |
|:---|:---|
| **42** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

## Statements of Assets and Liabilities
*October 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
|  | **China**<br> **Equity Fund** | **Emerging Markets<br>Equity Fund** | **ESG Emerging<br>Markets<br>Equity Fund** |
| **Assets:** |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $78,465,489, $3,264,275,355 and $35,443,165, respectively)<sup>(a)</sup> | $54986655 | $2733296644 | $25917125 |
|  Investments in affiliated issuers, at value (cost $718,374, $29,884,305 and $234,864, respectively) | 718374 | 29884305 | 234864 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 91000 | 42000 |  |
|  Cash | 718808 | 5353727 | 51907 |
|  Foreign currency, at value (cost $38,338, $11,232,523 and $563,949, respectively) | 36732 | 11242501 | 564033 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 1641452 | 37947422 | 377598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 38003 | 13787559 | 30446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 22792 | 20906 | 55929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 230 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends |  | 1194529 | 14272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  | 96387 | 988 |
|  Other assets | 41283 | 342388 | 42625 |
| **Total assets** | 58295329 | 2833208368 | 27289787 |
| **Liabilities:** |  |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1019137 | 36724948 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 99585 | 20338292 | 2479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 91000 | 42000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 57380 | 2215963 | 22493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 7444 | 299053 | 1681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes |  | 5885765 |  |
|  Accrued expenses | 312231 | 2419375 | 186366 |
| **Total liabilities** | 1586777 | 67925396 | 213751 |
| **Net Assets:** |  |  |  |
|  Paid-in capital | 110671089 | 3974178645 | 99479920 |
|  Total distributable loss | (53962537) | (1208895673) | (72403884) |
| **NET ASSETS** | $56708552 | $2765282972 | $27076036 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $9664253 | $165154751 | $1978974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 1041773 | 18128248 | 116928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 8319518 | 1798319112 | 10245086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 19903329 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 298006 | 140456748 | 828737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 734036 | 132039852 | 56642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 198626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 36650966 | 491280932 | 13651043 |
|  Total Net Assets | $56708552 | $2765282972 | $27076036 |
|  Shares outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 581591 | 9831043 | 252320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 72405 | 1225051 | 15271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 461959 | 99538838 | 1301467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 1231191 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 16682 | 7837253 | 105360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 40903 | 7275812 | 7200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 25525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 2041417 | 27068692 | 1734141 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $16.62 | $16.80 | $7.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 14.39 | 14.80 | 7.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 18.01 | 18.07 | 7.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 16.17 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 17.87 | 17.92 | 7.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 17.95 | 18.15 | 7.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 7.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 17.95 | 18.15 | 7.87 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes loaned securities having a market value of $58,900 and $40,935 for the China Equity and Emerging Markets Equity Funds, respectively.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Maximum public offering price per share for Class A Shares of the China Equity Fund, Emerging Markets Equity Fund and ESG Emerging Markets Equity Fund is $17.59, $17.78 and $8.30, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares.<br>

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **43** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

## Statements of Assets and Liabilities (continued)
*October 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **International<br>Equity<br>ESG Fund** | **International<br>Equity<br>Income Fund** |
| **Assets:** |  |  |
|  Investments in unaffiliated issuers, at value (cost $649,154,103 and $380,816,877, respectively) | $559296797 | $341604454 |
|  Investments in affiliated issuers, at value (cost $7,436,653 and $11,213,362, respectively) | 7436653 | 11213362 |
|  Cash | 2967358 | 2639437 |
|  Foreign currency, at value (cost $52,136 and $21,999, respectively) | 49391 | 21466 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1818869 | 954125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 777670 | 636822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 660302 | 2827730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 81943 | 70715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 10445 |  |
|  Other assets | 79121 | 57478 |
| **Total assets** | 573178549 | 360025589 |
| **Liabilities:** |  |  |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 1130528 | 2166893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 379868 | 219414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 51539 | 26458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 238128 |
|  Accrued expenses | 234433 | 262321 |
| **Total liabilities** | 1796368 | 2913214 |
| **Net Assets:** |  |  |
|  Paid-in capital | 673828299 | 395755953 |
|  Total distributable loss | (102446118) | (38643578) |
| **NET ASSETS** | $571382181 | $357112375 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $87228371 | $32121286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 7480836 | 1652860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 256615402 | 207340184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 575499 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 78729512 | 60050511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 50921664 | 22020473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 513942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 89830897 | 33413119 |
|  Total Net Assets | $571382181 | $357112375 |
|  Shares outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 4068791 | 2576576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 382880 | 152056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 11647101 | 15681077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 25714 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 3598972 | 4826742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 2324792 | 1667921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 41009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 4100807 | 2532243 |
|  Net asset value, offering and redemption price per share:<sup>(a)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $21.44 | $12.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 19.54 | 10.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 22.03 | 13.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 22.38 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 21.88 | 12.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 21.90 | 13.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 12.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 21.91 | 13.20 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Maximum public offering price per share for Class A Shares of the International Equity ESG Fund and International Equity Income Fund is $22.69 and $13.20, respectively. At redemption, Class C Shares may be
subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.

---

| | |
|:---|:---|
| **44** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

## Statements of Operations
*For the Fiscal Year Ended October 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
|  | **China Equity<br>Fund** | **Emerging<br>Markets Equity<br>Fund** | **ESG Emerging<br>Markets<br>Equity Fund** |
| **Investment income:** | **Investment income:** | **Investment income:** | **Investment income:** |
|  Dividends — unaffiliated issuers (net of foreign withholding taxes of $91,702, $8,575,300 and $92,841, respectively) | $1080319 | $62261126 | $719219 |
|  Dividends — affiliated issuers | 7844 | 158233 | 1239 |
|  Securities lending income — affiliated issuer | 6674 | 74254 | 16 |
|  Interest |  | 2544466 |  |
| **Total investment income** | 1094837 | 65038079 | 720474 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
|  Management fees | 1033130 | 37189612 | 373466 |
|  Professional fees | 125226 | 181879 | 189358 |
|  Custody, accounting and administrative services | 108694 | 2369435 | 100507 |
|  Registration fees | 83361 | 325490 | 116219 |
|  Printing and mailing costs | 56894 | 478668 | 83584 |
|  Transfer Agency fees<sup>(a)</sup> | 56506 | 2019179 | 18343 |
|  Distribution and Service (12b-1) fees<sup>(a)</sup> | 51499 | 758178 | 9290 |
|  Trustee fees | 26687 | 33307 | 26588 |
|  Service fees — Class C | 3515 | 134010 | 269 |
|  Shareholder Administration fees — Service Shares |  | 66511 |  |
|  Other | 13784 | 32038 | 9743 |
| **Total expenses** | 1559296 | 43588307 | 927367 |
|  Less — expense reductions | (307723) | (4209562) | (491971) |
| **Net expenses** | 1251573 | 39378745 | 435396 |
| **NET INVESTMENT INCOME (LOSS)** | (156736) | 25659334 | 285078 |
| **Realized and unrealized gain (loss):** | **Realized and unrealized gain (loss):** | **Realized and unrealized gain (loss):** | **Realized and unrealized gain (loss):** |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (29254920) | (617616028) | (10105935) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (22273) | (1324191) | (110880) |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $17,295, $(19438151) and $(108854), respectively) | (36091608) | (1357002616) | (9432264) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (24592) | 4059933 | 2041 |
| **Net realized and unrealized loss** | (65393393) | (1971882902) | (19647038) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(65550129) | $(1946223568) | $(19361960) |

---

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service<br>(12b-1) Fees** | **Distribution and/or Service<br>(12b-1) Fees** | **Distribution and/or Service<br>(12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  China Equity | $40955 | $10544 | $— | $26212 | $2249 | $7103 | $— | $792 | $300 | $— | $19850 |
|  Emerging Markets Equity | 555683 | 202495 |  | 355637 | 43199 | 977198 | 10642 | 373941 | 33312 |  | 225250 |
|  ESG Emerging Markets Equity | 7231 | 809 | 1250 | 4628 | 173 | 6019 |  | 1453 | 103 | 400 | 5567 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | 45 |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

## Statements of Operations (continued)
*For the Fiscal Year Ended October 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **International<br>Equity<br>ESG Fund** | **International<br>Equity<br>Income Fund** |
| **Investment income:** | **Investment income:** |  |
|  Dividends — unaffiliated issuers (net of foreign withholding taxes of $1,384,703 and $839,642, respectively) | $12778778 | $8192515 |
|  Dividends — affiliated issuers | 105322 | 81904 |
|  Securities lending income — affiliated issuer | 76164 |  |
| **Total investment income** | 12960264 | 8274419 |
| **Expenses:** | **Expenses:** |  |
|  Management fees | 4305790 | 1744150 |
|  Transfer Agency fees<sup>(a)</sup> | 367556 | 167945 |
|  Distribution and/or Service (12b-1) fees<sup>(a)</sup> | 245851 | 90985 |
|  Professional fees | 150380 | 91852 |
|  Registration fees | 143396 | 123275 |
|  Custody, accounting and administrative services | 100103 | 148513 |
|  Printing and mailing costs | 49107 | 37923 |
|  Trustee fees | 27509 | 26947 |
|  Service fees — Class C | 22832 | 5178 |
|  Shareholder Administration fees — Service Shares | 1180 |  |
|  Other | 13594 | 7591 |
| **Total expenses** | 5427298 | 2444359 |
|  Less — expense reductions | (708916) | (436176) |
| **Net expenses** | 4718382 | 2008183 |
| **NET INVESTMENT INCOME** | 8241882 | 6266236 |
| **Realized and unrealized gain (loss):** | **Realized and unrealized gain (loss):** | **Realized and unrealized gain (loss):** |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (18327593) | (528921) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (55408) | (32087) |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (137346432) | (48153302) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (86424) | (76962) |
| **Net realized and unrealized loss** | (155815857) | (48791272) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(147573975) | $(42525036) |

---

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service<br>(12b-1) Fees** | **Distribution and/or Service<br>(12b-1) Fees** | **Distribution and/or Service<br>(12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  International Equity ESG | $180896 | $64955 | $— | $115773 | $13857 | $84148 | $189 | $110259 | $9837 | $— | $33493 |
|  International Equity Income | 72443 | 15535 | 3007 | 46363 | 3315 | 42391 |  | 62695 | 3703 | 962 | 8516 |

---

---

| | |
|:---|:---|
| **46** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

## Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **China Equity Fund** | **China Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** |
|  | **For the Fiscal<br>Year Ended<br>October 31, 2022** | **For the Fiscal<br>Year Ended<br>October 31, 2021** | **For the Fiscal<br>Year Ended<br>October 31, 2022** | **For the Fiscal<br>Year Ended<br>October 31, 2021** |
| **From operations:** | **From operations:** | **From operations:** |  |  |
|  Net investment income (loss) | $(156736) | $(77561) | $25659334 | $7272920 |
|  Net realized gain (loss) | (29277193) | 6588397 | (618940219) | 180856993 |
|  Net change in unrealized gain (loss) | (36116200) | (14596604) | (1352942683) | 294374618 |
| **Net increase (decrease) in net assets resulting from operations** | (65550129) | (8085768) | (1946223568) | 482504531 |
| **Distributions to shareholders:** | **Distributions to shareholders:** | **Distributions to shareholders:** |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (1284176) | (1032658) | (1742196) | (195130) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (117728) | (58412) | (113290) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (1257226) | (579417) | (26320435) | (5534105) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  |  | (248453) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (33071) | (88975) | (2572982) | (461894) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (75181) | (38386) | (1248690) | (207233) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (4901721) | (3246437) | (8752840) | (1905777) |
| **Total distributions to shareholders** | (7669103) | (5044285) | (40998886) | (8304139) |
| **From share transactions:** | **From share transactions:** | **From share transactions:** |  |  |
|  Proceeds from sales of shares | 31261078 | 106114403 | 2368356467 | 2204016948 |
|  Reinvestment of distributions | 7587963 | 4973744 | 38197200 | 7511354 |
|  Cost of shares redeemed | (48696769) | (46334845) | (2088783885) | (700870868) |
| **Net increase (decrease) in net assets resulting from share transactions** | (9847728) | 64753302 | 317769782 | 1510657434 |
| **TOTAL INCREASE (DECREASE)** | (83066960) | 51623249 | (1669452672) | 1984857826 |
| **Net Assets:** |  |  |  |  |
|  Beginning of year | 139775512 | 88152263 | 4434735644 | 2449877818 |
|  End of year | $56708552 | $139775512 | $2765282972 | $4434735644 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **47** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

## Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** |
|  | **For the Fiscal<br>Year Ended<br>October 31, 2022** | **For the Fiscal<br>Year Ended<br>October 31, 2021** | **For the Fiscal<br>Year Ended<br>October 31, 2022** | **For the Fiscal<br>Year Ended<br>October 31, 2021** |
| **From operations:** | **From operations:** | **From operations:** |  |  |
|  Net investment income | $285078 | $18695 | $8241882 | $2523575 |
|  Net realized gain (loss) | (10216815) | 4793527 | (18383001) | 24378654 |
|  Net change in unrealized gain (loss) | (9430223) | (5226807) | (137432856) | 43827449 |
| **Net increase (decrease) in net assets resulting from operations** | (19361960) | (414585) | (147573975) | 70729678 |
| **Distributions to shareholders:** | **Distributions to shareholders:** | **Distributions to shareholders:** |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (261225) |  | (3927097) | (1466) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (9013) |  | (555440) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (400976) | (30382) | (7449330) | (91491) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  |  | (20704) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (77847) | (158) | (2279918) | (5951) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (4683) | (237) | (1253796) | (7595) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (17502) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (1441940) | (586) | (7925666) | (223814) |
| **Total distributions to shareholders** | (2213186) | (31363) | (23411951) | (330317) |
| **From share transactions:** | **From share transactions:** | **From share transactions:** |  |  |
|  Proceeds from sales of shares | 36524849 | 9402122 | 592034391 | 199535178 |
|  Proceeds received in connection with merger |  | 26514969 |  |  |
|  Reinvestment of distributions | 2210725 | 31363 | 22947346 | 327945 |
|  Cost of shares redeemed | (20828195) | (14006154) | (235177840) | (42252620) |
| **Net increase in net assets resulting from share transactions** | 17907379 | 21942300 | 379803897 | 157610503 |
| **TOTAL INCREASE (DECREASE)** | (3667767) | 21496352 | 208817971 | 228009864 |
| **Net Assets:** |  |  |  |  |
|  Beginning of year | 30743803 | 9247451 | 362564210 | 134554346 |
|  End of year | $27076036 | $30743803 | $571382181 | $362564210 |

---

---

| | |
|:---|:---|
| **48** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

---

| | | |
|:---|:---|:---|
|  | **International Equity Income Fund** | **International Equity Income Fund** |
|  | **For the Fiscal<br>Year Ended<br>October 31, 2022** | **For the Fiscal<br>Year Ended<br>October 31, 2021** |
| **From operations:** | **From operations:** | **From operations:** |
|  Net investment income | $6266236 | $2392132 |
|  Net realized gain (loss) | (561008) | 3170433 |
|  Net change in unrealized gain (loss) | (48230264) | 14849663 |
| **Net increase (decrease) in net assets resulting from operations** | (42525036) | 20412228 |
| **Distributions to shareholders:** |  |  |
|  From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (775823) | (409392) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (53453) | (36613) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (2546588) | (343890) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (1111827) | (358627) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (357317) | (95219) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (15077) | (9504) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (853645) | (652395) |
| **Total distributions to shareholders** | (5713730) | (1905640) |
| **From share transactions:** |  |  |
|  Proceeds from sales of shares | 380795060 | 42199176 |
|  Reinvestment of distributions | 5691410 | 1892437 |
|  Cost of shares redeemed | (83223992) | (17978889) |
| **Net increase in net assets resulting from share transactions** | 303262478 | 26112724 |
| **TOTAL INCREASE** | 255023712 | 44619312 |
| **Net Assets:** |  |  |
|  Beginning of period | 102088663 | 57469351 |
|  End of period | $357112375 | $102088663 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **49** |

---

------

GOLDMAN SACHS CHINA EQUITY FUND

## Financial Highlights
*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs China Equity Fund** | **Goldman Sachs China Equity Fund** | **Goldman Sachs China Equity Fund** | **Goldman Sachs China Equity Fund** | **Goldman Sachs China Equity Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $35.80 | $36.99 | $25.87 | $23.13 | $27.69 |
|  Net investment income (loss)<sup>(a)</sup> | (0.15) | (0.15) | (0.07) | 0.04 | 0.05 |
|  Net realized and unrealized gain (loss) | (16.89) | 0.93 | 11.35 | 4.23 | (4.22) |
|  Total from investment operations | (17.04) | 0.78 | 11.28 | 4.27 | (4.17) |
|  Distributions to shareholders from net investment income |  |  | (0.16) | (0.04) |  |
|  Distributions to shareholders from net realized gains | (2.14) | (1.97) |  | (1.49) | (0.39) |
|  Total distributions | (2.14) | (1.97) | (0.16) | (1.53) | (0.39) |
|  Net asset value, end of year | $16.62 | $35.80 | $36.99 | $25.87 | $23.13 |
| **Total Return<sup>(b)</sup>** | (50.53)% | 1.96% | 43.67% | 19.54% | (15.32)% |
|  Net assets, end of year (in 000's) | $9664 | $22002 | $18617 | $13397 | $13598 |
|  Ratio of net expenses to average net assets | 1.47% | 1.45% | 1.47% | 1.51% | 1.54% |
|  Ratio of total expenses to average net assets | 1.81% | 1.77% | 2.11% | 2.10% | 1.91% |
|  Ratio of net investment income (loss) to average net assets | (0.55)% | (0.38)% | (0.24)% | 0.17% | 0.17% |
|  Portfolio turnover rate<sup>(c)</sup> | 37% | 46% | 106% | 20% | 39% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **50** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CHINA EQUITY FUND

## Financial Highlights (continued)
*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs China Equity Fund** | **Goldman Sachs China Equity Fund** | **Goldman Sachs China Equity Fund** | **Goldman Sachs China Equity Fund** | **Goldman Sachs China Equity Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $31.53 | $33.03 | $23.14 | $20.95 | $25.31 |
|  Net investment loss<sup>(a)</sup> | (0.36) | (0.40) | (0.26) | (0.14) | (0.13) |
|  Net realized and unrealized gain (loss) | (14.64) | 0.87 | 10.15 | 3.82 | (3.84) |
|  Total from investment operations | (15.00) | 0.47 | 9.89 | 3.68 | (3.97) |
|  Distributions to shareholders from net realized gains | (2.14) | (1.97) |  | (1.49) | (0.39) |
|  Net asset value, end of year | $14.39 | $31.53 | $33.03 | $23.14 | $20.95 |
| **Total Return<sup>(b)</sup>** | (50.89)% | 1.22% | 42.60% | 18.66% | (15.94)% |
|  Net assets, end of year (in 000's) | $1042 | $1737 | $973 | $896 | $1318 |
|  Ratio of net expenses to average net assets | 2.22% | 2.20% | 2.21% | 2.27% | 2.29% |
|  Ratio of total expenses to average net assets | 2.56% | 2.54% | 2.85% | 2.85% | 2.66% |
|  Ratio of net investment loss to average net assets | (1.56)% | (1.17)% | (0.98)% | (0.63)% | (0.52)% |
|  Portfolio turnover rate<sup>(c)</sup> | 37% | 46% | 106% | 20% | 39% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **51** |

---

------

GOLDMAN SACHS CHINA EQUITY FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs China Equity Fund** | **Goldman Sachs China Equity Fund** | **Goldman Sachs China Equity Fund** | **Goldman Sachs China Equity Fund** | **Goldman Sachs China Equity Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $38.50 | $39.52 | $27.63 | $24.56 | $29.28 |
|  Net investment income (loss)<sup>(a)</sup> | 0.01 | 0.03 | 0.05 | 0.14 | 0.19 |
|  Net realized and unrealized gain (loss) | (18.36) | 0.92 | 12.09 | 4.50 | (4.51) |
|  Total from investment operations | (18.35) | 0.95 | 12.14 | 4.64 | (4.32) |
|  Distributions to shareholders from net investment income |  |  | (0.25) | (0.08) | (0.01) |
|  Distributions to shareholders from net realized gains | (2.14) | (1.97) |  | (1.49) | (0.39) |
|  Total distributions | (2.14) | (1.97) | (0.25) | (1.57) | (0.40) |
|  Net asset value, end of year | $18.01 | $38.50 | $39.52 | $27.63 | $24.56 |
| **Total Return<sup>(b)</sup>** | (50.35)% | 2.28% | 44.13% | 19.98% | (14.98)% |
|  Net assets, end of year (in 000's) | $8320 | $23762 | $10824 | $6327 | $6997 |
|  Ratio of net expenses to average net assets | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |
|  Ratio of total expenses to average net assets | 1.44% | 1.40% | 1.74% | 1.71% | 1.47% |
|  Ratio of net investment income (loss) to average net assets | 0.03% | 0.07% | 0.17% | 0.54% | 0.63% |
|  Portfolio turnover rate<sup>(c)</sup> | 37% | 46% | 106% | 20% | 39% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **52** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CHINA EQUITY FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs China Equity Fund** | **Goldman Sachs China Equity Fund** | **Goldman Sachs China Equity Fund** | **Goldman Sachs China Equity Fund** | **Goldman Sachs China Equity Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $38.24 | $39.28 | $27.46 | $24.41 | $29.14 |
|  Net investment income (loss)<sup>(a)</sup> | (0.06) | (0.01) | 0.01 | 0.09 | 0.15 |
|  Net realized and unrealized gain (loss) | (18.17) | 0.94 | 12.03 | 4.50 | (4.48) |
|  Total from investment operations | (18.23) | 0.93 | 12.04 | 4.59 | (4.33) |
|  Distributions to shareholders from net investment income |  |  | (0.22) | (0.05) | (0.01) |
|  Distributions to shareholders from net realized gains | (2.14) | (1.97) |  | (1.49) | (0.39) |
|  Total distributions | (2.14) | (1.97) | (0.22) | (1.54) | (0.40) |
|  Net asset value, end of year | $17.87 | $38.24 | $39.28 | $27.46 | $24.41 |
| **Total Return<sup>(b)</sup>** | (50.40)% | 2.22% | 44.01% | 19.86% | (15.11)% |
|  Net assets, end of year (in 000's) | $298 | $636 | $762 | $226 | $392 |
|  Ratio of net expenses to average net assets | 1.22% | 1.20% | 1.22% | 1.27% | 1.29% |
|  Ratio of total expenses to average net assets | 1.56% | 1.49% | 1.86% | 1.85% | 1.63% |
|  Ratio of net investment income (loss) to average net assets | (0.20)% | (0.02)% | 0.04% | 0.35% | 0.52% |
|  Portfolio turnover rate<sup>(c)</sup> | 37% | 46% | 106% | 20% | 39% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **53** |

---

------

GOLDMAN SACHS CHINA EQUITY FUND

*Selected Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs China Equity Fund** | **Goldman Sachs China Equity Fund** | **Goldman Sachs China Equity Fund** | **Goldman Sachs China Equity Fund** | **Goldman Sachs China Equity Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
|  | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $38.37 | $39.39 | $27.54 | $24.56 | $30.83 |
|  Net investment income (loss)<sup>(b)</sup> | (0.05) | 0.03 | (0.02) | 0.15 | 0.19 |
|  Net realized and unrealized gain (loss) | (18.23) | 0.92 | 12.13 | 4.48 | (6.46) |
|  Total from investment operations | (18.28) | 0.95 | 12.11 | 4.63 | (6.27) |
|  Distributions to shareholders from net investment income |  |  | (0.26) | (0.16) |  |
|  Distributions to shareholders from net realized gains | (2.14) | (1.97) |  | (1.49) |  |
|  Total distributions | (2.14) | (1.97) | (0.26) | (1.65) |  |
|  Net asset value, end of period | $17.95 | $38.37 | $39.39 | $27.54 | $24.56 |
| **Total Return<sup>(c)</sup>** | (50.37)% | 2.29% | 44.15% | 19.96% | (20.34)% |
|  Net assets, end of period (in 000's) | $734 | $1389 | $631 | $432 | $8 |
|  Ratio of net expenses to average net assets | 1.14% | 1.14% | 1.14% | 1.15% | 1.15 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 1.43% | 1.38% | 1.71% | 1.70% | 1.55 %<sup>(d)</sup> |
|  Ratio of net investment income (loss) to average net assets | (0.18)% | 0.08% | (0.07)% | 0.57% | 1.00 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 37% | 46% | 106% | 20% | 39% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on February 28, 2018.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

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

---

| | |
|:---|:---|
| **54** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CHINA EQUITY FUND

*Selected Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs China Equity Fund** | **Goldman Sachs China Equity Fund** | **Goldman Sachs China Equity Fund** | **Goldman Sachs China Equity Fund** | **Goldman Sachs China Equity Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
|  | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $38.39 | $39.40 | $27.55 | $24.57 | $30.61 |
|  Net investment income (loss)<sup>(b)</sup> | (0.02) | — <sup>(c)</sup> | 0.01 | 0.14 | 0.09 |
|  Net realized and unrealized gain (loss) | (18.28) | 0.96 | 12.10 | 4.49 | (6.13) |
|  Total from investment operations | (18.30) | 0.96 | 12.11 | 4.63 | (6.04) |
|  Distributions to shareholders from net investment income |  |  | (0.26) | (0.16) |  |
|  Distributions to shareholders from net realized gains | (2.14) | (1.97) |  | (1.49) |  |
|  Total distributions | (2.14) | (1.97) | (0.26) | (1.65) |  |
|  Net asset value, end of period | $17.95 | $38.39 | $39.40 | $27.55 | $24.57 |
| **Total Return<sup>(d)</sup>** | (50.35)% | 2.26% | 44.17% | 19.98% | (19.73)% |
|  Net assets, end of period (in 000's) | $36651 | $90250 | $56345 | $52673 | $47901 |
|  Ratio of net expenses to average net assets | 1.14% | 1.14% | 1.14% | 1.15% | 1.14 %<sup>(e)</sup> |
|  Ratio of total expenses to average net assets | 1.43% | 1.39% | 1.71% | 1.70% | 1.77 %<sup>(e)</sup> |
|  Ratio of net investment income (loss) to average net assets | (0.07)% | 0.01% | 0.04% | 0.55% | 0.59 %<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 37% | 46% | 106% | 20% | 39% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 16, 2018.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **55** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Emerging Markets Equity Fund** | **Goldman Sachs Emerging Markets Equity Fund** | **Goldman Sachs Emerging Markets Equity Fund** | **Goldman Sachs Emerging Markets Equity Fund** | **Goldman Sachs Emerging Markets Equity Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $28.53 | $23.76 | $20.35 | $17.18 | $20.91 |
|  Net investment income (loss)<sup>(a)</sup> | 0.08 | (0.02) | 0.11 | 0.07 | 0.10 |
|  Net realized and unrealized gain (loss) | (11.63) | 4.81 | 3.49 | 3.18 | (3.69) |
|  Total from investment operations | (11.55) | 4.79 | 3.60 | 3.25 | (3.59) |
|  Distributions to shareholders from net investment income | (0.18) | (0.02) | (0.19) | (0.08) | (0.14) |
|  Net asset value, end of year | $16.80 | $28.53 | $23.76 | $20.35 | $17.18 |
| **Total Return<sup>(b)</sup>** | (40.71)% | 20.11% | 17.77% | 19.03% | (17.32)% |
|  Net assets, end of year (in 000's) | $165155 | $265040 | $247765 | $230234 | $152596 |
|  Ratio of net expenses to average net assets | 1.31% | 1.34% | 1.49% | 1.55% | 1.56% |
|  Ratio of total expenses to average net assets | 1.47% | 1.48% | 1.54% | 1.58% | 1.64% |
|  Ratio of net investment income (loss) to average net assets | 0.37% | (0.08)% | 0.51% | 0.39% | 0.46% |
|  Portfolio turnover rate<sup>(c)</sup> | 51% | 52% | 31% | 33% | 52% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **56** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Emerging Markets Equity Fund** | **Goldman Sachs Emerging Markets Equity Fund** | **Goldman Sachs Emerging Markets Equity Fund** | **Goldman Sachs Emerging Markets Equity Fund** | **Goldman Sachs Emerging Markets Equity Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $25.23 | $21.16 | $18.12 | $15.34 | $18.72 |
|  Net investment loss<sup>(a)</sup> | (0.07) | (0.21) | (0.06) | (0.06) | (0.05) |
|  Net realized and unrealized gain (loss) | (10.28) | 4.28 | 3.12 | 2.84 | (3.30) |
|  Total from investment operations | (10.35) | 4.07 | 3.06 | 2.78 | (3.35) |
|  Distributions to shareholders from net investment income | (0.08) |  | (0.02) |  | (0.03) |
|  Net asset value, end of year | $14.80 | $25.23 | $21.16 | $18.12 | $15.34 |
| **Total Return<sup>(b)</sup>** | (41.14)% | 19.23% | 16.85% | 18.12% | (17.91)% |
|  Net assets, end of year (in 000's) | $18128 | $36367 | $23425 | $30115 | $33252 |
|  Ratio of net expenses to average net assets | 2.06% | 2.09% | 2.24% | 2.30% | 2.31% |
|  Ratio of total expenses to average net assets | 2.22% | 2.23% | 2.29% | 2.33% | 2.39% |
|  Ratio of net investment loss to average net assets | (0.36)% | (0.81)% | (0.34)% | (0.33)% | (0.25)% |
|  Portfolio turnover rate<sup>(c)</sup> | 51% | 52% | 31% | 33% | 52% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **57** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Emerging Markets Equity Fund** | **Goldman Sachs Emerging Markets Equity Fund** | **Goldman Sachs Emerging Markets Equity Fund** | **Goldman Sachs Emerging Markets Equity Fund** | **Goldman Sachs Emerging Markets Equity Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $30.67 | $25.54 | $21.85 | $18.43 | $22.40 |
|  Net investment income<sup>(a)</sup> | 0.17 | 0.07 | 0.21 | 0.17 | 0.20 |
|  Net realized and unrealized gain (loss) | (12.49) | 5.15 | 3.73 | 3.40 | (3.96) |
|  Total from investment operations | (12.32) | 5.22 | 3.94 | 3.57 | (3.76) |
|  Distributions to shareholders from net investment income | (0.28) | (0.09) | (0.25) | (0.15) | (0.21) |
|  Net asset value, end of year | $18.07 | $30.67 | $25.54 | $21.85 | $18.43 |
| **Total Return<sup>(b)</sup>** | (40.52)% | 20.51% | 18.11% | 19.51% | (16.99)% |
|  Net assets, end of year (in 000's) | $1798319 | $2699332 | $1479859 | $940632 | $678197 |
|  Ratio of net expenses to average net assets | 1.00% | 1.03% | 1.16% | 1.17% | 1.17% |
|  Ratio of total expenses to average net assets | 1.10% | 1.11% | 1.17% | 1.19% | 1.24% |
|  Ratio of net investment income to average net assets | 0.70% | 0.24% | 0.93% | 0.84% | 0.91% |
|  Portfolio turnover rate<sup>(c)</sup> | 51% | 52% | 31% | 33% | 52% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **58** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Emerging Markets Equity Fund** | **Goldman Sachs Emerging Markets Equity Fund** | **Goldman Sachs Emerging Markets Equity Fund** | **Goldman Sachs Emerging Markets Equity Fund** | **Goldman Sachs Emerging Markets Equity Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $27.54 | $22.97 | $19.68 | $16.60 | $20.21 |
|  Net investment income (loss)<sup>(a)</sup> | 0.04 | (0.07) | 0.07 | 0.06 | 0.07 |
|  Net realized and unrealized gain (loss) | (11.20) | 4.64 | 3.38 | 3.06 | (3.56) |
|  Total from investment operations | (11.16) | 4.57 | 3.45 | 3.12 | (3.49) |
|  Distributions to shareholders from net investment income | (0.21) |  | (0.16) | (0.04) | (0.12) |
|  Net asset value, end of year | $16.17 | $27.54 | $22.97 | $19.68 | $16.60 |
| **Total Return<sup>(b)</sup>** | (40.80)% | 19.90% | 17.55% | 18.85% | (17.38)% |
|  Net assets, end of year (in 000's) | $19903 | $32940 | $26329 | $24183 | $19922 |
|  Ratio of net expenses to average net assets | 1.50% | 1.53% | 1.65% | 1.67% | 1.67% |
|  Ratio of total expenses to average net assets | 1.60% | 1.61% | 1.67% | 1.69% | 1.75% |
|  Ratio of net investment income (loss) to average net assets | 0.19% | (0.26)% | 0.35% | 0.32% | 0.36% |
|  Portfolio turnover rate<sup>(c)</sup> | 51% | 52% | 31% | 33% | 52% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **59** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Emerging Markets Equity Fund** | **Goldman Sachs Emerging Markets Equity Fund** | **Goldman Sachs Emerging Markets Equity Fund** | **Goldman Sachs Emerging Markets Equity Fund** | **Goldman Sachs Emerging Markets Equity Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $30.43 | $25.33 | $21.66 | $18.28 | $22.24 |
|  Net investment income<sup>(a)</sup> | 0.17 | 0.06 | 0.16 | 0.12 | 0.17 |
|  Net realized and unrealized gain (loss) | (12.42) | 5.11 | 3.73 | 3.38 | (3.94) |
|  Total from investment operations | (12.25) | 5.17 | 3.89 | 3.50 | (3.77) |
|  Distributions to shareholders from net investment income | (0.26) | (0.07) | (0.22) | (0.12) | (0.19) |
|  Net asset value, end of year | $17.92 | $30.43 | $25.33 | $21.66 | $18.28 |
| **Total Return<sup>(b)</sup>** | (40.56)% | 20.43% | 18.02% | 19.31% | 17.07% |
|  Net assets, end of year (in 000's) | $140457 | $295910 | $147386 | $135484 | $139726 |
|  Ratio of net expenses to average net assets | 1.06% | 1.08% | 1.24% | 1.30% | 1.31% |
|  Ratio of total expenses to average net assets | 1.22% | 1.23% | 1.29% | 1.33% | 1.38% |
|  Ratio of net investment income to average net assets | 0.69% | 0.20% | 0.70% | 0.58% | 0.79% |
|  Portfolio turnover rate<sup>(c)</sup> | 51% | 52% | 31% | 33% | 52% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **60** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Emerging Markets Equity Fund** | **Goldman Sachs Emerging Markets Equity Fund** | **Goldman Sachs Emerging Markets Equity Fund** | **Goldman Sachs Emerging Markets Equity Fund** | **Goldman Sachs Emerging Markets Equity Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $30.81 | $25.65 | $21.94 | $18.51 | $22.41 |
|  Net investment income<sup>(a)</sup> | 0.14 | 0.07 | 0.16 | 0.17 | 0.21 |
|  Net realized and unrealized gain (loss) | (12.52) | 5.19 | 3.80 | 3.41 | (4.00) |
|  Total from investment operations | (12.38) | 5.26 | 3.96 | 3.58 | (3.79) |
|  Distributions to shareholders from net investment income | (0.28) | (0.10) | (0.25) | (0.15) | (0.11) |
|  Net asset value, end of year | $18.15 | $30.81 | $25.65 | $21.94 | $18.51 |
| **Total Return<sup>(b)</sup>** | (40.51)% | 20.51% | 18.13% | 19.52% | (16.96)% |
|  Net assets, end of year (in 000's) | $132040 | $141786 | $53424 | $25387 | $37865 |
|  Ratio of net expenses to average net assets | 0.99% | 1.02% | 1.15% | 1.16% | 1.16% |
|  Ratio of total expenses to average net assets | 1.09% | 1.10% | 1.16% | 1.18% | 1.21% |
|  Ratio of net investment income to average net assets | 0.59% | 0.22% | 0.71% | 0.82% | 0.99% |
|  Portfolio turnover rate<sup>(c)</sup> | 51% | 52% | 31% | 33% | 52% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **61** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

*Selected Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Emerging Markets Equity Fund** | **Goldman Sachs Emerging Markets Equity Fund** | **Goldman Sachs Emerging Markets Equity Fund** | **Goldman Sachs Emerging Markets Equity Fund** | **Goldman Sachs Emerging Markets Equity Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
| | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $30.81 | $25.65 | $21.94 | $18.51 | $23.46 |
|  Net investment income<sup>(b)</sup> | 0.18 | 0.08 | 0.19 | 0.17 | 0.10 |
|  Net realized and unrealized gain (loss) | (12.56) | 5.18 | 3.77 | 3.41 | (5.05) |
|  Total from investment operations | (12.38) | 5.26 | 3.96 | 3.58 | (4.95) |
|  Distributions to shareholders from net investment income | (0.28) | (0.10) | (0.25) | (0.15) |  |
|  Net asset value, end of period | $18.15 | $30.81 | $25.65 | $21.94 | $18.51 |
| **Total Return<sup>(c)</sup>** | (40.51)% | 20.50% | 18.14% | 19.47% | (21.06)% |
|  Net assets, end of period (in 000's) | $491281 | $963360 | $471690 | $389019 | $311447 |
|  Ratio of net expenses to average net assets | 0.99% | 1.01% | 1.15% | 1.16% | 1.15 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 1.09% | 1.10% | 1.15% | 1.18% | 1.24 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 0.72% | 0.27% | 0.86% | 0.82% | 0.94 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 51% | 52% | 31% | 33% | 52% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 16, 2018.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

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

---

| | |
|:---|:---|
| **62** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

*Selected Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs ESG Emerging Markets Equity Fund** | **Goldman Sachs ESG Emerging Markets Equity Fund** | **Goldman Sachs ESG Emerging Markets Equity Fund** | **Goldman Sachs ESG Emerging Markets Equity Fund** | **Goldman Sachs ESG Emerging Markets Equity Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
| | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $14.02 | $11.73 | $9.95 | $8.40 | $10.00 |
|  Net investment income (loss)<sup>(b)</sup> | 0.04 | (0.02) | — <sup>(c)</sup> | 0.04 | 0.03 |
|  Net realized and unrealized gain (loss) | (5.28) | 2.31 | 1.84 | 1.53 | (1.63) |
|  Total from investment operations | (5.24) | 2.29 | 1.84 | 1.57 | (1.60) |
|  Distributions to shareholders from net investment income | (0.04) |  | (0.06) | (0.02) |  |
|  Distributions to shareholders from net realized gains | (0.90) |  |  |  |  |
|  Total distributions | (0.94) |  | (0.06) | (0.02) |  |
|  Net asset value, end of period | $7.84 | $14.02 | $11.73 | $9.95 | $8.40 |
| **Total Return<sup>(d)</sup>** | (39.89)% | 19.52% | 18.46% | 18.74% | (16.00)% |
|  Net assets, end of period (in 000's) | $1979 | $4072 | $92 | $50 | $42 |
|  Ratio of net expenses to average net assets | 1.44% | 1.47% | 1.49% | 1.60% | 1.53 %<sup>(e)</sup> |
|  Ratio of total expenses to average net assets | 2.89% | 3.64% | 6.33% | 7.73% | 10.28 %<sup>(e)</sup> |
|  Ratio of net investment income (loss) to average net assets | 0.39% | (0.17)% | 0.02% | 0.44% | 0.64 %<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 65% | 116% | 28% | 57% | 23% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on May 31, 2018.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **63** |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

*Selected Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs ESG Emerging Markets Equity Fund** | **Goldman Sachs ESG Emerging Markets Equity Fund** | **Goldman Sachs ESG Emerging Markets Equity Fund** | **Goldman Sachs ESG Emerging Markets Equity Fund** | **Goldman Sachs ESG Emerging Markets Equity Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
| | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $13.77 | $11.61 | $9.87 | $8.37 | $10.00 |
|  Net investment loss<sup>(b)</sup> | (0.07) | (0.14) | (0.09) | (0.03) | — <sup>(c)</sup> |
|  Net realized and unrealized gain (loss) | (5.14) | 2.30 | 1.83 | 1.53 | (1.63) |
|  Total from investment operations | (5.21) | 2.16 | 1.74 | 1.50 | (1.63) |
|  Distributions to shareholders from net realized gains | (0.90) |  |  |  |  |
|  Net asset value, end of period | $7.66 | $13.77 | $11.61 | $9.87 | $8.37 |
| **Total Return<sup>(d)</sup>** | (40.29)% | 18.60% | 17.58% | 17.92% | (16.30)% |
|  Net assets, end of period (in 000's) | $117 | $137 | $58 | $49 | $42 |
|  Ratio of net expenses to average net assets | 2.19% | 2.20% | 2.24% | 2.35% | 2.28 %<sup>(e)</sup> |
|  Ratio of total expenses to average net assets | 3.65% | 3.64% | 6.94% | 8.49% | 11.03 %<sup>(e)</sup> |
|  Ratio of net investment loss to average net assets | (0.64)% | (0.96)% | (0.84)% | (0.31)% | (0.11)%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 65% | 116% | 28% | 57% | 23% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on May 31, 2018.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

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

---

| | |
|:---|:---|
| **64** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

*Selected Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs ESG Emerging Markets Equity Fund** | **Goldman Sachs ESG Emerging Markets Equity Fund** | **Goldman Sachs ESG Emerging Markets Equity Fund** | **Goldman Sachs ESG Emerging Markets Equity Fund** | **Goldman Sachs ESG Emerging Markets Equity Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $14.06 | $11.77 | $9.98 | $8.41 | $10.00 |
|  Net investment income<sup>(b)</sup> | 0.09 | 0.01 | 0.03 | 0.08 | 0.04 |
|  Net realized and unrealized gain (loss) | (5.31) | 2.32 | 1.85 | 1.53 | (1.63) |
|  Total from investment operations | (5.22) | 2.33 | 1.88 | 1.61 | (1.59) |
|  Distributions to shareholders from net investment income | (0.07) | (0.04) | (0.09) | (0.04) |  |
|  Distributions to shareholders from net realized gains | (0.90) |  |  |  |  |
|  Total distributions | (0.97) | (0.04) | (0.09) | (0.04) |  |
|  Net asset value, end of period | $7.87 | $14.06 | $11.77 | $9.98 | $8.41 |
| **Total Return<sup>(c)</sup>** | (39.66)% | 19.81% | 18.91% | 19.26% | (15.90)% |
|  Net assets, end of period (in 000's) | $10245 | $5008 | $8631 | $6912 | $5679 |
|  Ratio of net expenses to average net assets | 1.10% | 1.14% | 1.14% | 1.21% | 1.14 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 2.27% | 3.16% | 5.83% | 7.31% | 9.89 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 0.86% | 0.06% | 0.26% | 0.85% | 1.03 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 65% | 116% | 28% | 57% | 23% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on May 31, 2018.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **65** |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

*Selected Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs ESG Emerging Markets Equity Fund** | **Goldman Sachs ESG Emerging Markets Equity Fund** | **Goldman Sachs ESG Emerging Markets Equity Fund** | **Goldman Sachs ESG Emerging Markets Equity Fund** | **Goldman Sachs ESG Emerging Markets Equity Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $14.06 | $11.76 | $9.97 | $8.41 | $10.00 |
|  Net investment income<sup>(b)</sup> | 0.06 | 0.01 | 0.02 | 0.06 | 0.03 |
|  Net realized and unrealized gain (loss) | (5.28) | 2.32 | 1.85 | 1.53 | (1.62) |
|  Total from investment operations | (5.22) | 2.33 | 1.87 | 1.59 | (1.59) |
|  Distributions to shareholders from net investment income | (0.07) | (0.03) | (0.08) | (0.03) |  |
|  Distributions to shareholders from net realized gains | (0.90) |  |  |  |  |
|  Total distributions | (0.97) | (0.03) | (0.08) | (0.03) |  |
|  Net asset value, end of period | $7.87 | $14.06 | $11.76 | $9.97 | $8.41 |
| **Total Return<sup>(c)</sup>** | (39.70)% | 19.82% | 18.79% | 19.03% | (15.90)% |
|  Net assets, end of period (in 000's) | $829 | $1088 | $59 | $50 | $42 |
|  Ratio of net expenses to average net assets | 1.19% | 1.22% | 1.24% | 1.35% | 1.28 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 2.64% | 3.33% | 5.94% | 7.49% | 10.03 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 0.61% | 0.08% | 0.15% | 0.69% | 0.89 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 65% | 116% | 28% | 57% | 23% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on May 31, 2018.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

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

---

| | |
|:---|:---|
| **66** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

*Selected Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs ESG Emerging Markets Equity Fund** | **Goldman Sachs ESG Emerging Markets Equity Fund** | **Goldman Sachs ESG Emerging Markets Equity Fund** | **Goldman Sachs ESG Emerging Markets Equity Fund** | **Goldman Sachs ESG Emerging Markets Equity Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
| | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $14.07 | $11.77 | $9.98 | $8.41 | $10.00 |
|  Net investment income<sup>(b)</sup> | 0.11 | 0.02 | 0.03 | 0.08 | 0.04 |
|  Net realized and unrealized gain (loss) | (5.33) | 2.32 | 1.85 | 1.53 | (1.63) |
|  Total from investment operations | (5.22) | 2.34 | 1.88 | 1.61 | (1.59) |
|  Distributions to shareholders from net investment income | (0.08) | (0.04) | (0.09) | (0.04) |  |
|  Distributions to shareholders from net realized gains | (0.90) |  |  |  |  |
|  Total distributions | (0.98) | (0.04) | (0.09) | (0.04) |  |
|  Net asset value, end of period | $7.87 | $14.07 | $11.77 | $9.98 | $8.41 |
| **Total Return<sup>(c)</sup>** | (39.69)% | 19.90% | 18.92% | 19.26% | (15.90)% |
|  Net assets, end of period (in 000's) | $57 | $17 | $65 | $50 | $42 |
|  Ratio of net expenses to average net assets | 1.09% | 1.13% | 1.13% | 1.20% | 1.13 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 2.05% | 3.00% | 5.84% | 7.34% | 9.88 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 1.09% | 0.13% | 0.26% | 0.84% | 1.04 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 65% | 116% | 28% | 57% | 23% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on May 31, 2018.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **67** |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

*Selected Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs ESG Emerging Markets Equity Fund** | **Goldman Sachs ESG Emerging Markets Equity Fund** | **Goldman Sachs ESG Emerging Markets Equity Fund** | **Goldman Sachs ESG Emerging Markets Equity Fund** | **Goldman Sachs ESG Emerging Markets Equity Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
| | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $13.92 | $11.68 | $9.94 | $8.39 | $10.00 |
|  Net investment income (loss)<sup>(b)</sup> | 0.02 | (0.07) | (0.03) | 0.01 | 0.02 |
|  Net realized and unrealized gain (loss) | (5.25) | 2.31 | 1.83 | 1.55 | (1.63) |
|  Total from investment operations | (5.23) | 2.24 | 1.80 | 1.56 | (1.61) |
|  Distributions to shareholders from net investment income | (0.01) |  | (0.06) | (0.01) |  |
|  Distributions to shareholders from net realized gains | (0.90) |  |  |  |  |
|  Total distributions | (0.91) |  | (0.06) | (0.01) |  |
|  Net asset value, end of period | $7.78 | $13.92 | $11.68 | $9.94 | $8.39 |
| **Total Return<sup>(c)</sup>** | (40.03)% | 19.18% | 18.11% | 18.57% | (16.10)% |
|  Net assets, end of period (in 000's) | $199 | $267 | $255 | $167 | $42 |
|  Ratio of net expenses to average net assets | 1.69% | 1.72% | 1.74% | 1.92% | 1.78 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 3.10% | 4.12% | 6.53% | 7.68% | 10.53 %<sup>(d)</sup> |
|  Ratio of net investment income (loss) to average net assets | 0.15% | (0.47)% | (0.34)% | 0.06% | 0.39 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 65% | 116% | 28% | 57% | 23% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on May 31, 2018.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

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

---

| | |
|:---|:---|
| **68** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

*Selected Data for a Share Outstanding Throughout Each Period* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Goldman Sachs ESG Emerging Markets<br>Equity Fund** | **Goldman Sachs ESG Emerging Markets<br>Equity Fund** | **Goldman Sachs ESG Emerging Markets<br>Equity Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** |
| | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended<br>October 31, 2020<sup>(a)</sup>** |
| | **2022** | **2021** | **Period Ended<br>October 31, 2020<sup>(a)</sup>** |
| **Per Share Data** |  |  |  |
|  Net asset value, beginning of period | $14.07 | $11.77 | $10.87 |
|  Net investment income<sup>(b)</sup> | 0.08 | 0.02 | 0.03 |
|  Net realized and unrealized gain (loss) | (5.30) | 2.32 | 0.87 |
|  Total from investment operations | (5.22) | 2.34 | 0.90 |
|  Distributions to shareholders from net investment income | (0.08) | (0.04) |  |
|  Distributions to shareholders from net realized gains | (0.90) |  |  |
|  Total distributions | (0.98) | (0.04) |  |
|  Net asset value, end of period | $7.87 | $14.07 | $11.77 |
| **Total Return<sup>(c)</sup>** | (39.69)% | 19.92% | 8.28% |
|  Net assets, end of period (in 000's) | $13651 | $20156 | $86 |
|  Ratio of net expenses to average net assets | 1.10% | 1.13% | 1.08 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 2.46% | 3.46% | 6.51 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 0.73% | 0.17% | 0.30 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 65% | 116% | 28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on January 21, 2020.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **69** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs International Equity ESG Fund** | **Goldman Sachs International Equity ESG Fund** | **Goldman Sachs International Equity ESG Fund** | **Goldman Sachs International Equity ESG Fund** | **Goldman Sachs International Equity ESG Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $30.27 | $21.01 | $20.67 | $17.88 | $19.92 |
|  Net investment income<sup>(a)</sup> | 0.29 | 0.23 | 0.04 | 0.28 | 0.22 |
|  Net realized and unrealized gain (loss) | (7.31) | 9.03 | 0.66 | 2.76 | (2.01) |
|  Total from investment operations | (7.02) | 9.26 | 0.70 | 3.04 | (1.79) |
|  Distributions to shareholders from net investment income | (0.33) | — <sup>(b)</sup> | (0.36) | (0.25) | (0.25) |
|  Distributions to shareholders from net realized gains | (1.48) |  |  |  |  |
|  Total distributions | (1.81) |  | (0.36) | (0.25) | (0.25) |
|  Net asset value, end of year | $21.44 | $30.27 | $21.01 | $20.67 | $17.88 |
| **Total Return<sup>(c)</sup>** | (24.50)% | 44.15% | 3.30% | 17.33% | (9.11)% |
|  Net assets, end of year (in 000's) | $87228 | $62250 | $33927 | $35181 | $34602 |
|  Ratio of net expenses to average net assets | 1.18% | 1.18% | 1.20% | 1.26% | 1.29% |
|  Ratio of total expenses to average net assets | 1.36% | 1.47% | 1.69% | 1.69% | 1.58% |
|  Ratio of net investment income to average net assets | 1.19% | 0.82% | 0.21% | 1.52% | 1.11% |
|  Portfolio turnover rate<sup>(d)</sup> | 35% | 39% | 55% | 41% | 38% |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

---

| | |
|:---|:---|
| **70** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs International Equity ESG Fund** | **Goldman Sachs International Equity ESG Fund** | **Goldman Sachs International Equity ESG Fund** | **Goldman Sachs International Equity ESG Fund** | **Goldman Sachs International Equity ESG Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $27.80 | $19.44 | $19.16 | $16.49 | $18.39 |
|  Net investment income (loss)<sup>(a)</sup> | 0.12 | — <sup>(b)</sup> | (0.10) | 0.13 | 0.07 |
|  Net realized and unrealized gain (loss) | (6.72) | 8.36 | 0.60 | 2.58 | (1.86) |
|  Total from investment operations | (6.60) | 8.36 | 0.50 | 2.71 | (1.79) |
|  Distributions to shareholders from net investment income | (0.18) |  | (0.22) | (0.04) | (0.11) |
|  Distributions to shareholders from net realized gains | (1.48) |  |  |  |  |
|  Total distributions | (1.66) |  | (0.22) | (0.04) | (0.11) |
|  Net asset value, end of year | $19.54 | $27.80 | $19.44 | $19.16 | $16.49 |
| **Total Return<sup>(c)</sup>** | (25.08)% | 43.08% | 2.53% | 16.49% | (9.79)% |
|  Net assets, end of year (in 000's) | $7481 | $8953 | $9369 | $10400 | $9985 |
|  Ratio of net expenses to average net assets | 1.93% | 1.93% | 1.95% | 2.01% | 2.04% |
|  Ratio of total expenses to average net assets | 2.11% | 2.23% | 2.44% | 2.44% | 2.33% |
|  Ratio of net investment income (loss) to average net assets | 0.52% | (0.01)% | (0.54)% | 0.78% | 0.40% |
|  Portfolio turnover rate<sup>(d)</sup> | 35% | 39% | 55% | 41% | 38% |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **71** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs International Equity ESG Fund** | **Goldman Sachs International Equity ESG Fund** | **Goldman Sachs International Equity ESG Fund** | **Goldman Sachs International Equity ESG Fund** | **Goldman Sachs International Equity ESG Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $31.04 | $21.53 | $21.17 | $18.23 | $20.30 |
|  Net investment income<sup>(a)</sup> | 0.44 | 0.35 | 0.15 | 0.29 | 0.40 |
|  Net realized and unrealized gain (loss) | (7.57) | 9.23 | 0.63 | 2.89 | (2.14) |
|  Total from investment operations | (7.13) | 9.58 | 0.78 | 3.18 | (1.74) |
|  Distributions to shareholders from net investment income | (0.40) | (0.07) | (0.42) | (0.24) | (0.33) |
|  Distributions to shareholders from net realized gains | (1.48) |  |  |  |  |
|  Total distributions | (1.88) | (0.07) | (0.42) | (0.24) | (0.33) |
|  Net asset value, end of year | $22.03 | $31.04 | $21.53 | $21.17 | $18.23 |
| **Total Return<sup>(b)</sup>** | (24.27)% | 44.62% | 3.62% | 17.76% | (8.76)% |
|  Net assets, end of year (in 000's) | $256615 | $111615 | $23137 | $7660 | $6835 |
|  Ratio of net expenses to average net assets | 0.86% | 0.86% | 0.86% | 0.90% | 0.90% |
|  Ratio of total expenses to average net assets | 0.98% | 1.09% | 1.33% | 1.31% | 1.17% |
|  Ratio of net investment income to average net assets | 1.77% | 1.20% | 0.72% | 1.49% | 1.94% |
|  Portfolio turnover rate<sup>(c)</sup> | 35% | 39% | 55% | 41% | 38% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **72** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs International Equity ESG Fund** | **Goldman Sachs International Equity ESG Fund** | **Goldman Sachs International Equity ESG Fund** | **Goldman Sachs International Equity ESG Fund** | **Goldman Sachs International Equity ESG Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $31.63 | $22.00 | $21.63 | $18.70 | $20.68 |
|  Net investment income<sup>(a)</sup> | 0.32 | 0.17 | 0.01 | 0.28 | 0.22 |
|  Net realized and unrealized gain (loss) | (7.71) | 9.46 | 0.70 | 2.88 | (2.10) |
|  Total from investment operations | (7.39) | 9.63 | 0.71 | 3.16 | (1.88) |
|  Distributions to shareholders from net investment income | (0.38) |  | (0.34) | (0.23) | (0.10) |
|  Distributions to shareholders from net realized gains | (1.48) |  |  |  |  |
|  Total distributions | (1.86) |  | (0.34) | (0.23) | (0.10) |
|  Net asset value, end of year | $22.38 | $31.63 | $22.00 | $21.63 | $18.70 |
| **Total Return<sup>(b)</sup>** | (24.64)% | 43.90% | 3.16% | 17.20% | (9.14)% |
|  Net assets, end of year (in 000's) | $575 | $260 | $4 | $4 | $4 |
|  Ratio of net expenses to average net assets | 1.36% | 1.36% | 1.34% | 1.36% | 1.34% |
|  Ratio of total expenses to average net assets | 1.48% | 1.58% | 1.79% | 1.75% | 1.58% |
|  Ratio of net investment income to average net assets | 1.27% | 0.57% | 0.07% | 1.44% | 1.07% |
|  Portfolio turnover rate<sup>(c)</sup> | 35% | 39% | 55% | 41% | 38% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **73** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs International Equity ESG Fund** | **Goldman Sachs International Equity ESG Fund** | **Goldman Sachs International Equity ESG Fund** | **Goldman Sachs International Equity ESG Fund** | **Goldman Sachs International Equity ESG Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $30.85 | $21.41 | $21.06 | $18.20 | $20.23 |
|  Net investment income<sup>(a)</sup> | 0.46 | 0.34 | 0.09 | 0.36 | 0.24 |
|  Net realized and unrealized gain (loss) | (7.55) | 9.17 | 0.68 | 2.78 | (2.02) |
|  Total from investment operations | (7.09) | 9.51 | 0.77 | 3.14 | (1.78) |
|  Distributions to shareholders from net investment income | (0.40) | (0.07) | (0.42) | (0.28) | (0.25) |
|  Distributions to shareholders from net realized gains | (1.48) |  |  |  |  |
|  Total distributions | (1.88) | (0.07) | (0.42) | (0.28) | (0.25) |
|  Net asset value, end of year | $21.88 | $30.85 | $21.41 | $21.06 | $18.20 |
| **Total Return<sup>(b)</sup>** | (24.30)% | 44.52% | 3.56% | 17.64% | (8.92)% |
|  Net assets, end of year (in 000's) | $78730 | $31735 | $1298 | $492 | $421 |
|  Ratio of net expenses to average net assets | 0.93% | 0.93% | 0.95% | 1.00% | 1.04% |
|  Ratio of total expenses to average net assets | 1.10% | 1.20% | 1.44% | 1.44% | 1.34% |
|  Ratio of net investment income to average net assets | 1.86% | 1.15% | 0.44% | 1.87% | 1.20% |
|  Portfolio turnover rate<sup>(c)</sup> | 35% | 39% | 55% | 41% | 38% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **74** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs International Equity ESG Fund** | **Goldman Sachs International Equity ESG Fund** | **Goldman Sachs International Equity ESG Fund** | **Goldman Sachs International Equity ESG Fund** | **Goldman Sachs International Equity ESG Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $30.87 | $21.41 | $21.06 | $18.23 | $20.30 |
|  Net investment income<sup>(a)</sup> | 0.44 | 0.36 | 0.14 | 0.45 | 0.31 |
|  Net realized and unrealized gain (loss) | (7.53) | 9.17 | 0.64 | 2.71 | (2.05) |
|  Total from investment operations | (7.09) | 9.53 | 0.78 | 3.16 | (1.74) |
|  Distributions to shareholders from net investment income | (0.40) | (0.07) | (0.43) | (0.33) | (0.33) |
|  Distributions to shareholders from net realized gains | (1.48) |  |  |  |  |
|  Total distributions | (1.88) | (0.07) | (0.43) | (0.33) | (0.33) |
|  Net asset value, end of year | $21.90 | $30.87 | $21.41 | $21.06 | $18.23 |
| **Total Return<sup>(b)</sup>** | (24.27)% | 44.65% | 3.63% | 17.76% | (8.74)% |
|  Net assets, end of year (in 000's) | $50922 | $15095 | $1981 | $470 | $11 |
|  Ratio of net expenses to average net assets | 0.85% | 0.85% | 0.85% | 0.90% | 0.89% |
|  Ratio of total expenses to average net assets | 0.97% | 1.08% | 1.32% | 1.31% | 1.18% |
|  Ratio of net investment income to average net assets | 1.81% | 1.23% | 0.69% | 2.35% | 1.53% |
|  Portfolio turnover rate<sup>(c)</sup> | 35% | 39% | 55% | 41% | 38% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **75** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

*Selected Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs International Equity ESG Fund** | **Goldman Sachs International Equity ESG Fund** | **Goldman Sachs International Equity ESG Fund** | **Goldman Sachs International Equity ESG Fund** | **Goldman Sachs International Equity ESG Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
| | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $30.87 | $21.42 | $21.05 | $18.23 | $20.84 |
|  Net investment income<sup>(b)</sup> | 0.39 | 0.33 | 0.11 | 0.36 | 0.06 |
|  Net realized and unrealized gain (loss) | (7.47) | 9.19 | 0.69 | 2.79 | (2.67) |
|  Total from investment operations | (7.08) | 9.52 | 0.80 | 3.15 | (2.61) |
|  Distributions to shareholders from net investment income | (0.40) | (0.07) | (0.43) | (0.33) |  |
|  Distributions to shareholders from net realized gains | (1.48) |  |  |  |  |
|  Total distributions | (1.88) | (0.07) | (0.43) | (0.33) |  |
|  Net asset value, end of period | $21.91 | $30.87 | $21.42 | $21.05 | $18.23 |
| **Total Return<sup>(c)</sup>** | (24.25)% | 44.64% | 3.67% | 17.73% | (12.52)% |
|  Net assets, end of period (in 000's) | $89831 | $132657 | $64838 | $68987 | $94972 |
|  Ratio of net expenses to average net assets | 0.85% | 0.85% | 0.86% | 0.89% | 0.89 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 0.98% | 1.09% | 1.30% | 1.29% | 1.22 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 1.52% | 1.16% | 0.55% | 1.88% | 0.59 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 35% | 39% | 55% | 41% | 38% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 16, 2018.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

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

---

| | |
|:---|:---|
| **76** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs International Equity Income Fund** | **Goldman Sachs International Equity Income Fund** | **Goldman Sachs International Equity Income Fund** | **Goldman Sachs International Equity Income Fund** | **Goldman Sachs International Equity Income Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $15.13 | $11.54 | $13.50 | $13.25 | $14.50 |
|  Net investment income<sup>(a)</sup> | 0.39 | 0.39 | 0.23 | 0.37 | 0.37 |
|  Net realized and unrealized gain (loss) | (2.64) | 3.53 | (1.69) | 1.53 | (1.36) |
|  Total from investment operations | (2.25) | 3.92 | (1.46) | 1.90 | (0.99) |
|  Distributions to shareholders from net investment income | (0.41) | (0.33) | (0.50) | (0.36) | (0.26) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.29) |  |
|  Total distributions | (0.41) | (0.33) | (0.50) | (1.65) | (0.26) |
|  Net asset value, end of year | $12.47 | $15.13 | $11.54 | $13.50 | $13.25 |
| **Total Return<sup>(b)</sup>** | (15.16)% | 34.07% | (11.23)% | (16.95)% | (6.98)% |
|  Net assets, end of year (in 000's) | $32121 | $20086 | $13669 | $16711 | $15844 |
|  Ratio of net expenses to average net assets | 1.19% | 1.20% | 1.23% | 1.25% | 1.26% |
|  Ratio of total expenses to average net assets | 1.42% | 1.69% | 1.92% | 2.16% | 1.90% |
|  Ratio of net investment income to average net assets | 2.80% | 2.71% | 1.87% | 2.99% | 2.54% |
|  Portfolio turnover rate<sup>(c)</sup> | 12% | 28% | 51% | 27% | 87% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **77** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs International Equity Income Fund** | **Goldman Sachs International Equity Income Fund** | **Goldman Sachs International Equity Income Fund** | **Goldman Sachs International Equity Income Fund** | **Goldman Sachs International Equity Income Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $13.24 | $10.14 | $11.89 | $11.88 | $12.98 |
|  Net investment income<sup>(a)</sup> | 0.24 | 0.25 | 0.13 | 0.25 | 0.25 |
|  Net realized and unrealized gain (loss) | (2.30) | 3.09 | (1.50) | 1.34 | (1.22) |
|  Total from investment operations | (2.06) | 3.34 | (1.37) | 1.59 | (0.97) |
|  Distributions to shareholders from net investment income | (0.31) | (0.24) | (0.38) | (0.29) | (0.13) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.29) |  |
|  Total distributions | (0.31) | (0.24) | (0.38) | (1.58) | (0.13) |
|  Net asset value, end of year | $10.87 | $13.24 | $10.14 | $11.89 | $11.88 |
| **Total Return<sup>(b)</sup>** | (15.76)% | 33.02% | (11.88)% | 16.01% | 7.59% |
|  Net assets, end of year (in 000's) | $1653 | $2149 | $1514 | $1638 | $1673 |
|  Ratio of net expenses to average net assets | 1.94% | 1.95% | 1.97% | 2.00% | 2.01% |
|  Ratio of total expenses to average net assets | 2.19% | 2.44% | 2.67% | 2.91% | 2.63% |
|  Ratio of net investment income to average net assets | 1.92% | 1.92% | 1.19% | 2.24% | 1.89% |
|  Portfolio turnover rate<sup>(c)</sup> | 12% | 28% | 51% | 27% | 87% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **78** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs International Equity Income Fund** | **Goldman Sachs International Equity Income Fund** | **Goldman Sachs International Equity Income Fund** | **Goldman Sachs International Equity Income Fund** | **Goldman Sachs International Equity Income Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $16.01 | $12.20 | $14.26 | $13.88 | $15.20 |
|  Net investment income<sup>(a)</sup> | 0.41 | 0.47 | 0.31 | 0.42 | 0.49 |
|  Net realized and unrealized gain (loss) | (2.75) | 3.71 | (1.80) | 1.63 | (1.46) |
|  Total from investment operations | (2.34) | 4.18 | (1.49) | 2.05 | (0.97) |
|  Distributions to shareholders from net investment income | (0.45) | (0.37) | (0.57) | (0.38) | (0.35) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.29) |  |
|  Total distributions | (0.45) | (0.37) | (0.57) | (1.67) | (0.35) |
|  Net asset value, end of year | $13.22 | $16.01 | $12.20 | $14.26 | $13.88 |
| **Total Return<sup>(b)</sup>** | (14.87)% | 34.45% | (10.86)% | 17.29% | (6.59)% |
|  Net assets, end of year (in 000's) | $207340 | $24118 | $10051 | $5232 | $2666 |
|  Ratio of net expenses to average net assets | 0.85% | 0.85% | 0.85% | 0.88% | 0.87% |
|  Ratio of total expenses to average net assets | 1.03% | 1.30% | 1.55% | 1.79% | 1.42% |
|  Ratio of net investment income to average net assets | 2.87% | 3.05% | 2.36% | 3.13% | 3.19% |
|  Portfolio turnover rate<sup>(c)</sup> | 12% | 28% | 51% | 27% | 87% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **79** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs International Equity Income Fund** | **Goldman Sachs International Equity Income Fund** | **Goldman Sachs International Equity Income Fund** | **Goldman Sachs International Equity Income Fund** | **Goldman Sachs International Equity Income Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $15.09 | $11.52 | $13.51 | $13.25 | $14.51 |
|  Net investment income<sup>(a)</sup> | 0.40 | 0.42 | 0.29 | 0.34 | 0.40 |
|  Net realized and unrealized gain (loss) | (2.61) | 3.51 | (1.72) | 1.59 | (1.35) |
|  Total from investment operations | (2.21) | 3.93 | (1.43) | 1.93 | (0.95) |
|  Distributions to shareholders from net investment income | (0.44) | (0.36) | (0.56) | (0.38) | (0.31) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.29) |  |
|  Total distributions | (0.44) | (0.36) | (0.56) | (1.67) | (0.31) |
|  Net asset value, end of year | $12.44 | $15.09 | $11.52 | $13.51 | $13.25 |
| **Total Return<sup>(b)</sup>** | (14.91)% | 34.25% | (10.99)% | 17.21% | (6.74)% |
|  Net assets, end of year (in 000's) | $60051 | $20450 | $8958 | $3515 | $349 |
|  Ratio of net expenses to average net assets | 0.94% | 0.95% | 0.98% | 1.09% | 1.01% |
|  Ratio of total expenses to average net assets | 1.16% | 1.43% | 1.71% | 1.98% | 1.65% |
|  Ratio of net investment income to average net assets | 2.95% | 2.92% | 2.39% | 2.67% | 2.78% |
|  Portfolio turnover rate<sup>(c)</sup> | 12% | 28% | 51% | 27% | 87% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **80** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs International Equity Income Fund** | **Goldman Sachs International Equity Income Fund** | **Goldman Sachs International Equity Income Fund** | **Goldman Sachs International Equity Income Fund** | **Goldman Sachs International Equity Income Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $15.99 | $12.18 | $14.25 | $13.87 | $15.20 |
|  Net investment income<sup>(a)</sup> | 0.42 | 0.47 | 0.28 | 0.49 | 0.45 |
|  Net realized and unrealized gain (loss) | (2.76) | 3.72 | (1.78) | 1.57 | (1.43) |
|  Total from investment operations | (2.34) | 4.19 | (1.50) | 2.06 | (0.98) |
|  Distributions to shareholders from net investment income | (0.45) | (0.38) | (0.57) | (0.39) | (0.35) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.29) |  |
|  Total distributions | (0.45) | (0.38) | (0.57) | (1.68) | (0.35) |
|  Net asset value, end of year | $13.20 | $15.99 | $12.18 | $14.25 | $13.87 |
| **Total Return<sup>(b)</sup>** | (14.89)% | 34.52% | (10.93)% | 17.41% | (6.62)% |
|  Net assets, end of year (in 000's) | $22020 | $6050 | $2304 | $332 | $68 |
|  Ratio of net expenses to average net assets | 0.84% | 0.84% | 0.84% | 0.86% | 0.86% |
|  Ratio of total expenses to average net assets | 1.03% | 1.29% | 1.59% | 1.80% | 1.51% |
|  Ratio of net investment income to average net assets | 2.90% | 3.03% | 2.22% | 3.74% | 2.99% |
|  Portfolio turnover rate<sup>(c)</sup> | 12% | 28% | 51% | 27% | 87% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with 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 INTERNATIONAL EQUITY INCOME FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs International Equity Income Fund** | **Goldman Sachs International Equity Income Fund** | **Goldman Sachs International Equity Income Fund** | **Goldman Sachs International Equity Income Fund** | **Goldman Sachs International Equity Income Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $15.19 | $11.60 | $13.55 | $13.32 | $14.59 |
|  Net investment income<sup>(a)</sup> | 0.34 | 0.41 | 0.24 | 0.36 | 0.34 |
|  Net realized and unrealized gain (loss) | (2.64) | 3.48 | (1.74) | 1.52 | (1.37) |
|  Total from investment operations | (2.30) | 3.89 | (1.50) | 1.88 | (1.03) |
|  Distributions to shareholders from net investment income | (0.36) | (0.30) | (0.45) | (0.36) | (0.24) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.29) |  |
|  Total distributions | (0.36) | (0.30) | (0.45) | (1.65) | (0.24) |
|  Net asset value, end of year | $12.53 | $15.19 | $11.60 | $13.55 | $13.32 |
| **Total Return<sup>(b)</sup>** | (15.36)% | 33.62% | (11.44)% | (16.63)% | (7.19)% |
|  Net assets, end of year (in 000's) | $514 | $620 | $173 | $73 | $84 |
|  Ratio of net expenses to average net assets | 1.44% | 1.44% | 1.48% | 1.50% | 1.51% |
|  Ratio of total expenses to average net assets | 1.69% | 1.91% | 2.19% | 2.40% | 2.18% |
|  Ratio of net investment income to average net assets | 2.39% | 2.79% | 1.96% | 2.90% | 2.38% |
|  Portfolio turnover rate<sup>(c)</sup> | 12% | 28% | 51% | 27% | 87% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **82** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

*Selected Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs International Equity Income Fund** | **Goldman Sachs International Equity Income Fund** | **Goldman Sachs International Equity Income Fund** | **Goldman Sachs International Equity Income Fund** | **Goldman Sachs International Equity Income Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
| | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $15.98 | $12.17 | $14.23 | $13.86 | $15.62 |
|  Net investment income<sup>(b)</sup> | 0.44 | 0.47 | 0.30 | 0.44 | 0.16 |
|  Net realized and unrealized gain (loss) | (2.77) | 3.72 | (1.79) | 1.61 | (1.84) |
|  Total from investment operations | (2.33) | 4.19 | (1.49) | 2.05 | (1.68) |
|  Distributions to shareholders from net investment income | (0.45) | (0.38) | (0.57) | (0.39) | (0.08) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.29) |  |
|  Total distributions | (0.45) | (0.38) | (0.57) | (1.68) | (0.08) |
|  Net asset value, end of period | $13.20 | $15.98 | $12.17 | $14.23 | $13.86 |
| **Total Return<sup>(c)</sup>** | (14.90)% | 34.55% | (10.89)% | 17.34% | (10.76)% |
|  Net assets, end of period (in 000's) | $33413 | $28616 | $20799 | $32643 | $30930 |
|  Ratio of net expenses to average net assets | 0.84% | 0.84% | 0.84% | 0.85% | 0.84 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 1.06% | 1.32% | 1.51% | 1.76% | 1.84 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 2.95% | 3.05% | 2.33% | 3.37% | 2.00 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 12% | 28% | 51% | 27% | 87% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 16, 2018.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **83** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

## Notes to Financial Statements
*October 31, 2022* 

**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/**<br> **Non-diversified** |
|  China Equity | A, C, Institutional, Investor, R6 and P | Diversified |
|  Emerging Markets Equity | A, C, Institutional, Service, Investor, R6 and P | Non-diversified |
|  ESG Emerging Markets Equity | A, C, Institutional, Investor, R6, R and P | Non-diversified |
|  International Equity ESG | A, C, Institutional, Service, Investor, R6 and P | Diversified |
|  International Equity Income | A, C, Institutional, Investor, R6, R and P | Diversified |

---

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge ("CDSC") of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

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

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

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

**84** 

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**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Income Distributions**<br> **Declared/Paid** | **Capital Gains Distributions**<br> **Declared/Paid** |
|  China Equity | Annually | Annually |
|  Emerging Markets Equity | Annually | Annually |
|  ESG Emerging Markets Equity | Annually | Annually |
|  International Equity ESG | Annually | Annually |
|  International Equity Income | Semi-Annually | Annually |

---

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

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

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

**3. INVESTMENTS AND FAIR VALUE MEASUREMENTS**

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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## Notes to Financial Statements (continued)
*October 31, 2022* 

**3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

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

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

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities 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 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 the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Underlying Funds (including Money Market Funds) — Underlying funds ("Underlying Funds") include other investment companies and exchange-traded funds ("ETFs"). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds' shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's shareholder report.

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under Valuation Procedures approved by the Trustees.

GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value

**86** 

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**3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C. Fair Value Hierarchy — The following is a summary of the Funds' investments classified in the fair value hierarchy as of October 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **CHINA EQUITY FUND** | **CHINA EQUITY FUND** | **CHINA EQUITY FUND** | **CHINA EQUITY FUND** |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $846163 | $54140492 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Investment Company | 718374 |  |  |
|  Securities Lending Reinvestment Vehicle | 91000 |  |  |
| **Total** | $1655537 | $54140492 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **EMERGING MARKETS EQUITY FUND** | **EMERGING MARKETS EQUITY FUND** | **EMERGING MARKETS EQUITY FUND** | **EMERGING MARKETS EQUITY FUND** |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $55587088 | $58722162 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 27842437 | 2121980978 | — <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 9776027 | 79801021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 122533986 | 20586417 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 113811793 | 64219340 |  |
|  Investment Company | 29884305 |  |  |
|  Exchange-Traded Fund | 58435395 |  |  |
|  Securities Lending Reinvestment Vehicle | 42000 |  |  |
| **Total** | $417913031 | $2345309918 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **ESG EMERGING MARKETS EQUITY FUND** | **ESG EMERGING MARKETS EQUITY FUND** | **ESG EMERGING MARKETS EQUITY FUND** | **ESG EMERGING MARKETS EQUITY FUND** |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $700217 | $635032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 700539 | 19759917 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 404785 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 1680269 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 1876877 | 159489 |  |
|  Investment Company | 234864 |  |  |
| **Total** | $5192766 | $20959223 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

(b) Amount includes valuations of Russian investments for which GSAM has determined include significant unobservable inputs as of October 31, 2022. To the extent that the same positions were held as of the Fund's prior
fiscal year end, October 31, 2021, they were classified as Level 1 or Level 2.

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*October 31, 2022* 

**3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **INTERNATIONAL EQUITY ESG FUND** | **INTERNATIONAL EQUITY ESG FUND** | **INTERNATIONAL EQUITY ESG FUND** | **INTERNATIONAL EQUITY ESG FUND** |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $11759312 | $114137408 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 5458830 | 374523562 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America |  | 53417685 |  |
|  Investment Company | 7436653 |  |  |
| **Total** | $24654795 | $542078655 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **INTERNATIONAL EQUITY INCOME FUND** | **INTERNATIONAL EQUITY INCOME FUND** | **INTERNATIONAL EQUITY INCOME FUND** | **INTERNATIONAL EQUITY INCOME FUND** |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $— | $44557656 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 10750925 | 213390287 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America |  | 48873710 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania |  | 24031876 |  |
|  Investment Company | 11213362 |  |  |
| **Total** | $21964287 | $330853529 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

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

**4. AGREEMENTS AND AFFILIATED TRANSACTIONS**

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

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

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**4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

For the fiscal year ended October 31, 2022, contractual and effective net management fees with GSAM were at the following rates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | | **Effective Net**<br> **Management<br>Rate^** |
| <br>**Fund** | **First<br>$1 billion** | **Next<br>$1 billion** | **Next<br>$3 billion** | **Next<br>$3 billion** | **Next<br>$8 billion** |<br>**Effective<br>Rate** | **Effective Net**<br> **Management<br>Rate^** |
|  China Equity | 1.00% | 0.90% | 0.86% | 0.84% | 0.82% | 1.00% | 1.00% |
|  Emerging Markets Equity | 1.02 | 1.02 | 0.92 | 0.87 | 0.85 | 0.97 | 0.87<sup>(1</sup><sup>)</sup> |
|  ESG Emerging Markets Equity | 0.98 | 0.98 | 0.88 | 0.84 | 0.82 | 0.98 | 0.95<sup>(2)</sup> |
|  International Equity ESG | 0.85 | 0.77 | 0.73 | 0.71 | 0.70 | 0.85 | 0.82<sup>(3)</sup> |
|  International Equity Income | 0.80 | 0.72 | 0.68 | 0.67 | 0.66 | 0.80 | 0.80 |

---

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

(1) GSAM agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.90% as an annual percentage of the average daily net assets of the Fund. This waiver will be effective
through at least February 28, 2023, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees.

(2) Effective February 28, 2022, GSAM agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.94% as an annual percentage of average daily net assets of the Fund.
This waiver will be effective through at least February 28, 2023, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees.

(3) GSAM agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.82% as an annual percentage of the average daily net assets of the Fund. This waiver will be effective
through at least February 28, 2023, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds' investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the fiscal year ended October 31, 2022, GSAM waived $1,279, $32,458, $660, $18,310 and $9,379 of the China Equity, Emerging Markets Equity, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds' management fees, respectively.

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

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

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to

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*October 31, 2022* 

**4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

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

---

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

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 October 31, 2022, Goldman Sachs retained the following amounts:

---

| | | |
|:---|:---|:---|
| | **Front End<br>Sales Charge** | **Contingent Deferred<br>Sales Charge** |
| <br>**Fund** | **Class A** | **Class C** |
|  China Equity | $3995 | $— |
|  Emerging Markets Equity | 19693 |  |
|  ESG Emerging Markets Equity | 94 |  |
|  International Equity ESG | 11921 | 385 |
|  International Equity Income | 6666 |  |

---

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

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

For the fiscal year ended October 31, 2022, the transfer agency fee waivers were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **China<br>Equity** | **Emerging<br>Markets Equity** | **ESG Emerging<br>Markets Equity** | **International<br>Equity ESG** | **International<br>Equity Income** |
|  Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares)\* | 0.04 %<sup>(a)</sup> | 0.06% | 0.04% | 0.05% | 0.03% |

---

\* These arrangements will remain in effect through at least February 28, 2023, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

(a) Prior to February 28, 2022, the waiver was 0.07%.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and

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**4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the China Equity, Emerging Markets Equity, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds are 0.114%, 0.104%, 0.124%, 0.004% and 0.014%, respectively. These Other Expense limitations will remain in place through at least February 28, 2023 and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

For the fiscal year ended October 31, 2022, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Management<br>Fee Waiver** | **Transfer Agency<br>Waiver/Credits** | **Other Expense<br>Reimbursement** | **Total<br>Expense<br>Reductions** |
|  China Equity | $1279 | $9550 | $296894 | $307723 |
|  Emerging Markets Equity | 3867801 | 288337 | 53424 | 4209562 |
|  ESG Emerging Markets Equity | 11560 | 1663 | 478748 | 491971 |
|  International Equity ESG | 170279 | 74809 | 463828 | 708916 |
|  International Equity Income | 9379 | 21217 | 405580 | 436176 |

---

G. Line of Credit Facility — As of October 31, 2022, the Funds participated in a $1,250,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended October 31, 2022, the Funds did not have any borrowings under the facility. Prior to fiscal year ended October 31, 2022 the facility was $1,000,000,000.

H. Other Transactions with Affiliates — For the fiscal year ended October 31, 2022, Goldman Sachs earned $17,538, $275, $186 and $182 in brokerage commissions from portfolio transactions, on behalf of the Emerging Markets Equity, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds, respectively.

The following table provides information about the Funds' investments in the Goldman Sachs Financial Square Government Fund as of and for the fiscal year ended October 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Beginning<br>Value as of<br>October 31, 2021** | **Purchased<br>at Cost** | **Proceeds<br>from Sales** | **Ending<br>Value as of<br>October 31, 2022** | **Shares as of<br>October 31, 2022** | **Dividend<br>Income** |
|  China Equity | $— | $40766516 | $(40048142) | $718374 | 718374 | $7844 |
|  Emerging Markets Equity | 36545431 | 1334728654 | (1341389780) | 29884305 | 29884305 | 158233 |
|  ESG Emerging Markets Equity | 884272 | 28195212 | (28844620) | 234864 | 234864 | 1239 |
|  International Equity ESG | 12758723 | 374786973 | (380109043) | 7436653 | 7436653 | 105322 |
|  International Equity Income | 2460180 | 232429385 | (223676203) | 11213362 | 11213362 | 81904 |

---

**91** 

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

*October 31, 2022* 

**4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

As of October 31, 2022, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:

---

| | | |
|:---|:---|:---|
| **Fund** | **Class C** | **Class R6** |
|  ESG Emerging Markets Equity | 5% | 11% |

---

**5. PORFOLIO SECURITIES TRANSACTIONS**

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended October 31, 2022, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales and Maturities** |
|  China Equity | $37488955 | $54717997 |
|  Emerging Markets Equity | 2271076838 | 1916691168 |
|  ESG Emerging Markets Equity | 40085426 | 23837271 |
|  International Equity ESG | 537339851 | 169543690 |
|  International Equity Income | 317384989 | 25424987 |

---

**6. SECURITIES LENDING**

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

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

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

**92** 

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

**6. SECURITIES LENDING (continued)**

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 October 31, 2022, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

Both the Funds and GSAL received compensation relating to the lending of the Funds' securities. The amounts earned, if any, by the Funds for the fiscal year ended October 31, 2022, are reported under Investment Income on the Statements of Operations.

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

---

| | | | |
|:---|:---|:---|:---|
| | **For the fiscal year ended October 31, 2022** | **For the fiscal year ended October 31, 2022** | **Amounts Payable to<br>Goldman Sachs<br>upon Return of<br>Securities Loaned as of<br>October 31, 2022** |
| <br>**Fund** | **Earnings of GSAL<br>Relating to**<br>**Securities<br>Loaned** | **Amounts Received<br>by the Funds<br>from Lending to<br>Goldman Sachs** | **Amounts Payable to<br>Goldman Sachs<br>upon Return of<br>Securities Loaned as of<br>October 31, 2022** |
|  China Equity | $742 | $— | $— |
|  Emerging Markets Equity | 8142 | 12393 |  |
|  ESG Emerging Markets Equity | 2 |  |  |
|  International Equity ESG | 8462 |  |  |

---

The following table provides information about the Funds' investment in the Government Money Market Fund for the fiscal year ended October 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Beginning<br>Value as of<br>October 31, 2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Ending Value<br>as of<br>October 31, 2022** |
|  China Equity | $352275 | $5828810 | $(6090085) | $91000 |
|  Emerging Markets Equity | 45470600 | 364553710 | (409982310) | 42000 |
|  ESG Emerging Markets Equity |  | 105300 | (105300) |  |
|  International Equity ESG |  | 96528989 | (96528989) |  |
|  International Equity Income |  | 96528989 | (96528989) |  |

---

**93** 

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

*October 31, 2022* 

**7. TAX INFORMATION**

The tax character of distributions paid during the fiscal year ended October 31, 2022 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **China<br>Equity** | **Emerging Markets<br>Equity** | **ESG Emerging<br>Markets Equity** | **International<br>Equity ESG** | **International<br>Equity Income** |
|  Distributions paid from: |  |  |  |  |  |
|  Ordinary Income | $176 | $40998886 | $180181 | $19954201 | $5713730 |
|  Net long-term capital gains | 7668927 |  | 2033005 | 3457750 |  |
|  Total | $7669103 | $40998886 | $2213186 | $23411951 | $5713730 |

---

The tax character of distributions paid during the fiscal year ended October 31, 2021 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **China<br>Equity** | **Emerging Markets<br>Equity** | **ESG Emerging<br>Markets Equity** | **International<br>Equity ESG** | **International<br>Equity Income** |
|  Distributions paid from: |  |  |  |  |  |
|  Ordinary Income | $1494882 | $8304139 | $31363 | $330317 | $1905640 |
|  Net long-term capital gains | 3549403 |  |  |  |  |
|  Total | $5044285 | $8304139 | $31363 | $330317 | $1905640 |

---

As of October 31, 2022, the components of accumulated earnings (losses) on a tax-basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **China<br>Equity** | **Emerging Markets<br>Equity** | **ESG Emerging<br>Markets Equity** | **International<br>Equity ESG** | **International<br>Equity Income** |
|  Undistributed ordinary income — net | $142511 | $5926304 | $76888 | $6098419 | $1596381 |
|  Undistributed long-term capital gains |  |  |  |  |  |
|  Total undistributed earnings | $142511 | $5926304 | $76888 | $6098419 | $1596381 |
|  Capital loss carryforwards: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $(12140605) | $(396706753) | $(33577188) | $(2763341) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (13980429) | (212653342) | (28670323) | (2023664) |  |
|  Total capital loss carryforwards | (26121034) | (609360095) | (62247511) | (4787005) |  |
|  Unrealized loss — net | (27984014) | (605461882) | (10233261) | (103757532) | (40239959) |
|  Total accumulated loss — net | $(53962537) | $(1208895673) | $(72403884) | $(102446118) | $(38643578) |

---

**94** 

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

**7. TAX INFORMATION (continued)**

As of October 31, 2022, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **China**<br> **Equity** | **Emerging Markets<br>Equity** | **ESG Emerging<br>Markets Equity** | **International<br>Equity ESG** | **International<br>Equity Income** |
|  Tax cost | $83790565 | $3362528744 | $36386549 | $670391562 | $392990666 |
|  Gross unrealized gain | 5335642 | 331474201 | 1180940 | 22726696 | 10748866 |
|  Gross unrealized loss | (33319656) | (936936083) | (11414201) | (126484228) | (50988825) |
|  Net unrealized loss | $(27984014) | $(605461882) | $(10233261) | $(103757532) | $(40239959) |

---

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

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

**8. OTHER RISKS**

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

Dividend-Paying Investments Risk — A Fund's investments in dividend-paying securities could cause a Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Fund's investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Fund to produce current income.

ESG Standards Risk — The ESG Emerging Markets Equity and International Equity ESG Funds' adherence to their environmental, social and governance ("ESG") criteria and the application of GSAM's supplemental ESG analysis when selecting investments may affect the Funds' exposure to certain companies, sectors, regions, and countries and may affect the Funds' performance depending on whether such investments are in or out of favor. For example, the Funds will not seek to invest in companies that GSAM believes have adverse social or environmental impacts (i.e., gambling, alcohol, tobacco, coal or weapons companies), and the Funds will not seek to invest in companies that GSAM believes show inadequate governance standards (e.g., certain state-owned enterprises).

Foreign Custody Risk — A Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund's custodian (each a "Foreign Custodian"). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund's ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund

**95** 

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

*October 31, 2022* 

**8. OTHER RISKS (continued)**

invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

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

Issuer Concentration Risk — The Funds may invest in a relatively small number of issuers. As a result, they may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Funds may affect the overall value of the Funds more than it would affect a mutual fund that holds more investments. In particular, the Funds may be more susceptible to adverse developments affecting any single issuer in the Funds and may be susceptible to greater losses because of these developments.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to, the following: (i) the market price of the ETF's shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF's shares may not develop or be maintained.

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

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may

**96** 

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**8. OTHER RISKS (continued)**

adversely affect the Fund's NAV and dilute remaining investors' interests. These risks may be more pronounced in connection with the Funds' investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

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

Non-Diversification Risk — Emerging Markets Equity and ESG Emerging Markets Equity Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

**9. INDEMNIFICATIONS**

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

**10. OTHER MATTERS**

In late February 2022, Russia began an invasion of Ukraine. Following such invasion, the United States, the European Union, and other countries and entities imposed wide-ranging sanctions on Russia and related entities. Certain Funds have limited market value in Russian and Ukrainian securities, which are being valued to reflect the limited liquidity and transferability in the current environment. With the closure of local Russian markets and the imposition of sanctions in late February and early March, there are currently limited portfolio management actions possible as many of these assets are either sanctioned and/or cannot be transferred or settled. These sanctions and current environment could impair the ability of these funds to buy, sell, hold, receive, deliver or otherwise transact in certain securities and other instruments. The full impact of the sanctions and the conflict on these Funds, the financial markets and the global economy is not yet known. Management is continuing to monitor these developments and evaluate other impacts they may have on these Funds.

**11. SUBSEQUENT EVENTS**

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

**97** 

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

*October 31, 2022* 

**12. SUMMARY OF SHARE TRANSACTIONS** 

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** |
|  | **For the Fiscal Year Ended**<br> **October 31, 2022** | **For the Fiscal Year Ended**<br> **October 31, 2022** | **For the Fiscal Year Ended**<br> **October 31, 2021** | **For the Fiscal Year Ended**<br> **October 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Class A Shares** |  |  |  |  |
|  Shares sold | 270110 | $7466721 | 327821 | $12698801 |
|  Reinvestment of distributions | 38187 | 1231906 | 26855 | 987442 |
|  Shares redeemed | (341195) | (9282661) | (243540) | (9138855) |
|  | (32898) | (584034) | 111136 | 4547388 |
| **Class C Shares** |  |  |  |  |
|  Shares sold | 36234 | 834584 | 42814 | 1389950 |
|  Reinvestment of distributions | 4182 | 117638 | 1789 | 58335 |
|  Shares redeemed | (23101) | (563799) | (18973) | (620691) |
|  | 17315 | 388423 | 25630 | 827594 |
| **Institutional Shares** |  |  |  |  |
|  Shares sold | 377729 | 10769683 | 639105 | 27686559 |
|  Reinvestment of distributions | 35229 | 1228446 | 14051 | 554169 |
|  Shares redeemed | (568158) | (14870995) | (309907) | (12471869) |
|  | (155200) | (2872866) | 343249 | 15768859 |
| **Investor Shares** |  |  |  |  |
|  Shares sold | 5550 | 158365 | 92918 | 4040569 |
|  Reinvestment of distributions | 956 | 33071 | 2271 | 88975 |
|  Shares redeemed | (6448) | (196374) | (97961) | (3867348) |
|  | 58 | (4938) | (2772) | 262196 |
| **Class R6 Shares** |  |  |  |  |
|  Shares sold | 18582 | 529141 | 46019 | 1989393 |
|  Reinvestment of distributions | 2164 | 75181 | 977 | 38386 |
|  Shares redeemed | (16036) | (463391) | (26832) | (1045178) |
|  | 4710 | 140931 | 20164 | 982601 |
| **Class P** |  |  |  |  |
|  Shares sold | 372081 | 11502584 | 1328102 | 58309131 |
|  Reinvestment of distributions | 141016 | 4901721 | 82585 | 3246437 |
|  Shares redeemed | (822791) | (23319549) | (489595) | (19190904) |
|  | (309694) | (6915244) | 921092 | 42364664 |
|  **NET INCREASE (DECREASE)** | (475709) | $(9847728) | 1418499 | $64753302 |

---

**98** 

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

**12. SUMMARY OF SHARE TRANSACTIONS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** |
|  | **For the Fiscal Year Ended**<br> **October 31, 2022** | **For the Fiscal Year Ended**<br> **October 31, 2022** | **For the Fiscal Year Ended**<br> **October 31, 2021** | **For the Fiscal Year Ended**<br> **October 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Class A Shares** |  |  |  |  |
|  Shares sold | 4321728 | $101034587 | 4280912 | $124419278 |
|  Reinvestment of distributions | 63497 | 1666807 | 6822 | 187599 |
|  Shares redeemed | (3844246) | (87521303) | (5423589) | (158313522) |
|  | 540979 | 15180091 | (1135855) | (33706645) |
| **Class C Shares** |  |  |  |  |
|  Shares sold | 172135 | 3613810 | 577804 | 15201688 |
|  Reinvestment of distributions | 4469 | 103985 |  |  |
|  Shares redeemed | (392859) | (7963795) | (243447) | (6278331) |
|  | (216255) | (4246000) | 334357 | 8923357 |
| **Institutional Shares** |  |  |  |  |
|  Shares sold | 66567313 | 1649343420 | 42501112 | 1316059363 |
|  Reinvestment of distributions | 839728 | 23638350 | 161320 | 4755711 |
|  Shares redeemed | (55866572) | (1306340317) | (12616376) | (390477385) |
|  | 11540469 | 366641453 | 30046056 | 930337689 |
| **Service Shares** |  |  |  |  |
|  Shares sold | 211430 | 4612391 | 216703 | 6127997 |
|  Reinvestment of distributions | 9770 | 247171 |  |  |
|  Shares redeemed | (186027) | (4033856) | (166951) | (4692764) |
|  | 35173 | 825706 | 49752 | 1435233 |
| **Investor Shares** |  |  |  |  |
|  Shares sold | 5878582 | 145920913 | 6072425 | 188814654 |
|  Reinvestment of distributions | 91807 | 2565099 | 15778 | 461817 |
|  Shares redeemed | (7857070) | (184473413) | (2182734) | (67958019) |
|  | (1886681) | (35987401) | 3905469 | 121318452 |
| **Class R6 Shares** |  |  |  |  |
|  Shares sold | 5271516 | 120051722 | 3147994 | 97502426 |
|  Reinvestment of distributions | 43244 | 1222948 | 6770 | 200450 |
|  Shares redeemed | (2640496) | (63883314) | (636100) | (20095496) |
|  | 2674264 | 57391356 | 2518664 | 77607380 |
| **Class P Shares** |  |  |  |  |
|  Shares sold | 13976255 | 343779624 | 14510264 | 455891542 |
|  Reinvestment of distributions | 309506 | 8752840 | 64362 | 1905777 |
|  Shares redeemed | (18482427) | (434567887) | (1699704) | (53055351) |
|  | (4196666) | (82035423) | 12874922 | 404741968 |
|  **NET INCREASE** | 8491283 | $317769782 | 48593365 | $1510657434 |

---

**99** 

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

*October 31, 2022* 

**12. SUMMARY OF SHARE TRANSACTIONS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** |
|  | **For the Fiscal Year Ended<br>October 31, 2022** | **For the Fiscal Year Ended<br>October 31, 2022** | **For the Fiscal Year Ended<br>October 31, 2021** | **For the Fiscal Year Ended<br>October 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Class A Shares** |  |  |  |  |
|  Shares sold | 13518 | $153969 | 69991 | $1033573 |
|  Reinvestment of distributions | 20700 | 259255 |  |  |
|  Shares redeemed | (72319) | (844089) | (60759) | (867587) |
|  Shares issued in connection with merger |  |  | 273310 | 4187103 |
|  | (38101) | (430865) | 282542 | 4353089 |
| **Class C Shares** |  |  |  |  |
|  Shares sold | 8254 | 75593 | 360 | 5184 |
|  Shares redeemed | 735 | 9013 | (56226) | (820204) |
|  Shares issued in connection with merger | (3672) | (43339) | 60820 | 920201 |
|  | 5317 | 41267 | 4954 | 105181 |
| **Institutional Shares** |  |  |  |  |
|  Shares sold | 2201485 | 25067650 | 160077 | 2311073 |
|  Reinvestment of distributions | 31841 | 400485 | 2172 | 30382 |
|  Shares redeemed | (1287899) | (11961555) | (822989) | (11743225) |
|  Shares issued in connection with merger |  |  | 283218 | 4341741 |
|  | 945427 | 13506580 | (377522) | (5060029) |
| **Investor Shares** |  |  |  |  |
|  Shares sold | 55378 | 561710 | 6580 | 93266 |
|  Reinvestment of distributions | 6195 | 77847 | 11 | 158 |
|  Shares redeemed | (33608) | (380284) | (19002) | (271406) |
|  Shares issued in connection with merger |  |  | 84748 | 1299196 |
|  | 27965 | 259273 | 72337 | 1121214 |
| **Class R6 Shares** |  |  |  |  |
|  Shares sold | 72480 | 807603 | 395 | 5656 |
|  Reinvestment of distributions | 373 | 4683 | 17 | 237 |
|  Shares redeemed | (66828) | (608945) | (5536) | (79946) |
|  Shares issued in connection with merger |  |  | 757 | 11598 |
|  | 6025 | 203341 | (4367) | (62455) |
| **Class R Shares** |  |  |  |  |
|  Shares sold | 4977 | 56496 | 2987 | 41861 |
|  Reinvestment of distributions | 1409 | 17502 |  |  |
|  Shares redeemed | (48) | (496) | (5624) | (78627) |
|  | 6338 | 73502 | (2637) | (36766) |
| **Class P Shares** |  |  |  |  |
|  Shares sold | 842845 | 9801828 | 407953 | 5911509 |
|  Reinvestment of distributions | 114661 | 1441940 | 42 | 586 |
|  Shares redeemed | (656256) | (6989487) | (10184) | (145159) |
|  Shares issued in connection with merger |  |  | 1027732 | 15755130 |
|  | 301250 | 4254281 | 1425543 | 21522066 |
|  **NET INCREASE** | 1254221 | $17907379 | 1400850 | $21942300 |

---

**100** 

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

**12. SUMMARY OF SHARE TRANSACTIONS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** |
|  | **For the Fiscal Year Ended<br>October 31, 2022** | **For the Fiscal Year Ended<br>October 31, 2022** | **For the Fiscal Year Ended<br>October 31, 2021** | **For the Fiscal Year Ended<br>October 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Class A Shares** |  |  |  |  |
|  Shares sold | 2520913 | $61047515 | 722947 | $20409262 |
|  Reinvestment of distributions | 131881 | 3638112 | 54 | 1408 |
|  Shares redeemed | (640320) | (15715911) | (281154) | (7863045) |
|  | 2012474 | 48969716 | 441847 | 12547625 |
| **Class C Shares** |  |  |  |  |
|  Shares sold | 138310 | 3319334 | 104783 | 2658899 |
|  Reinvestment of distributions | 21874 | 551527 |  |  |
|  Shares redeemed | (99374) | (2201891) | (264638) | (6724888) |
|  | 60810 | 1668970 | (159855) | (4065989) |
| **Institutional Shares** |  |  |  |  |
|  Shares sold | 13281509 | 342618458 | 3216053 | 92806415 |
|  Reinvestment of distributions | 257096 | 7277623 | 3345 | 89177 |
|  Shares redeemed | (5486949) | (134374611) | (698424) | (20179279) |
|  | 8051656 | 215521470 | 2520974 | 72716313 |
| **Service Shares** |  |  |  |  |
|  Shares sold | 26072 | 696948 | 12152 | 364641 |
|  Reinvestment of distributions | 717 | 20704 |  |  |
|  Shares redeemed | (9295) | (237270) | (4125) | (122300) |
|  | 17494 | 480382 | 8027 | 242341 |
| **Investor Shares** |  |  |  |  |
|  Shares sold | 4162122 | 107795519 | 1052845 | 30820739 |
|  Reinvestment of distributions | 81077 | 2279918 | 225 | 5951 |
|  Shares redeemed | (1672833) | (39966759) | (85096) | (2449463) |
|  | 2570366 | 70108678 | 967974 | 28377227 |
| **Class R6 Shares** |  |  |  |  |
|  Shares sold | 2461155 | 60974798 | 435422 | 12635665 |
|  Reinvestment of distributions | 44543 | 1253796 | 286 | 7595 |
|  Shares redeemed | (669828) | (16071089) | (39284) | (1133096) |
|  | 1835870 | 46157505 | 396424 | 11510164 |
| **Class P Shares** |  |  |  |  |
|  Shares sold | 589005 | 15581819 | 1393169 | 39839557 |
|  Reinvestment of distributions | 281627 | 7925666 | 8443 | 223814 |
|  Shares redeemed | (1067003) | (26610309) | (132065) | (3780549) |
|  | (196371) | (3102824) | 1269547 | 36282822 |
|  **NET INCREASE** | 14352299 | $379803897 | 5444938 | $157610503 |

---

**101** 

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

*October 31, 2022* 

**12. SUMMARY OF SHARE TRANSACTIONS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** |
|  | **For the Fiscal Year Ended<br>October 31, 2022** | **For the Fiscal Year Ended<br>October 31, 2022** | **For the Fiscal Year Ended<br>October 31, 2021** | **For the Fiscal Year Ended<br>October 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Class A Shares** |  |  |  |  |
|  Shares sold | 1940444 | $28279066 | 303236 | $4398992 |
|  Reinvestment of distributions | 55173 | 755006 | 27263 | 396802 |
|  Shares redeemed | (747014) | (10191291) | (186971) | (2701106) |
|  | 1248603 | 18842781 | 143528 | 2094688 |
| **Class C Shares** |  |  |  |  |
|  Shares sold | 53030 | 667633 | 48433 | 623178 |
|  Reinvestment of distributions | 4384 | 53202 | 2846 | 36613 |
|  Shares redeemed | (67632) | (809638) | (38233) | (484150) |
|  | (10218) | (88803) | 13046 | 175641 |
| **Institutional Shares** |  |  |  |  |
|  Shares sold | 16803508 | 244405874 | 1092396 | 16937735 |
|  Reinvestment of distributions | 177901 | 2545335 | 22270 | 343278 |
|  Shares redeemed | (2806587) | (38862822) | (432411) | (6467584) |
|  | 14174822 | 208088387 | 682255 | 10813429 |
| **Investor Shares** |  |  |  |  |
|  Shares sold | 5199926 | 71394280 | 946534 | 13807772 |
|  Reinvestment of distributions | 81851 | 1111827 | 24711 | 358627 |
|  Shares redeemed | (1809802) | (24616165) | (394436) | (5736642) |
|  | 3471975 | 47889942 | 576809 | 8429757 |
| **Class R6 Shares** |  |  |  |  |
|  Shares sold | 1479930 | 21504704 | 225518 | 3444069 |
|  Reinvestment of distributions | 24892 | 357317 | 6190 | 95219 |
|  Shares redeemed | (215351) | (3034387) | (42460) | (637707) |
|  | 1289471 | 18827634 | 189248 | 2901581 |
| **Class R Shares** |  |  |  |  |
|  Shares sold | 5774 | 83872 | 27958 | 395632 |
|  Reinvestment of distributions | 1077 | 15077 | 641 | 9503 |
|  Shares redeemed | (6638) | (90146) | (2753) | (39514) |
|  | 213 | 8803 | 25846 | 365621 |
| **Class P Shares** |  |  |  |  |
|  Shares sold | 1063183 | 14459631 | 166755 | 2591798 |
|  Reinvestment of distributions | 58244 | 853646 | 42660 | 652395 |
|  Shares redeemed | (380425) | (5619543) | (127109) | (1912186) |
|  | 741002 | 9693734 | 82306 | 1332007 |
|  **NET INCREASE** | 20915868 | $303262478 | 1713038 | $26112724 |

---

**102** 

------

## Report of Independent Registered Public

## Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs China Equity Fund, Goldman Sachs Emerging Markets Equity Fund, Goldman Sachs ESG Emerging Markets Equity Fund, Goldman Sachs International Equity ESG Fund, and Goldman Sachs International Equity Income Fund

**Opinions on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs China Equity Fund, Goldman Sachs Emerging Markets Equity Fund, Goldman Sachs ESG Emerging Markets Equity Fund, Goldman Sachs International Equity ESG Fund, and Goldman Sachs International Equity Income Fund (five of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the "Funds") as of October 31, 2022, the related statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, 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 October 31, 2022, 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 October 31, 2022 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 October 31, 2022 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

December 22, 2022

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

**103** 

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited)</u> 

**Background** 

The Goldman Sachs China Equity Fund, Goldman Sachs Emerging Markets Equity Fund, Goldman Sachs ESG Emerging Markets Equity Fund, Goldman Sachs International Equity ESG Fund, and Goldman Sachs International Equity Income 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, 2023 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 14-15, 2022 (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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trends in employee headcount;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Emerging Markets Equity 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Fund's expense trends over time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

**104** 

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

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

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

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

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

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

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

**Investment Performance** 

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using ****rankings and ratings compiled by the Outside Data Provider as of December 31, 2021,

**105** 

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2022. 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 Emerging Markets Equity Fund's performance to that of a composite of accounts with comparable investment strategies managed by the Investment Adviser.

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

The Trustees considered that the International Equity ESG 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, 2022. They also noted that in February 2018, the Fund had been repositioned from the Goldman Sachs Focused International Equity Fund, which involved changes to the Fund's investment strategy. The Trustees considered that the International Equity Income 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, 2022. They also noted that in February 2018 the Fund had been repositioned from the Goldman Sachs Strategic International Equity Fund, which involved changes to the Fund's investment objective and investment strategy. The Trustees observed that the China Equity Fund's Institutional Shares had placed in the top half of the Fund's peer group for the three-, five-, and ten-year periods and in the third quartile for the one-year period, and had outperformed the Fund's benchmark index for the three-, five-, and ten-year periods and underperformed for the one-year period ended March 31, 2022. They considered that in November 2019, the Fund had been repositioned from the Goldman Sachs Asia Equity Fund, which involved changes to the Fund's principal investment strategy and benchmark index. The Trustees noted that the Emerging Markets Equity Fund's Institutional Shares had placed in the top half of the Fund's peer group for the three-, five-, and ten-year periods and in the fourth quartile for the one-year period, and had outperformed the Fund's benchmark index for the three-, five-, and ten-year periods and underperformed for the one-year period ended March 31, 2022. They noted that the ESG Emerging Markets Equity Fund's Institutional Shares had placed in the top half of the Fund's peer group for the three-year period and in the third quartile for the one-year period, and had outperformed the Fund's benchmark index for the three-year period and underperformed for the one-year period ended March 31, 2022.

**Costs of Services Provided and Competitive Information** 

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

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

In addition, the Trustees considered the Investment Adviser's undertakings to implement fee waivers and/or expense limitations. The Trustees also noted that certain changes were being made to existing fee waiver or expense limitation arrangements of the ESG Emerging Markets Equity Fund that would have the effect of decreasing expenses of Class A, Class C, Investor, and Class R Shares of the Fund and total Fund expenses, with such changes taking effect in connection with the Fund's next annual registration statement update. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the 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.

**106** 

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

In addition, the Trustees noted that shareholders are able to redeem their 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 2021 and 2020, 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **China Equity<br>Fund** | **Emerging<br>Markets Equity<br>Fund** | **ESG Emerging<br>Markets Equity<br>Fund** | **International<br>Equity ESG<br>Fund** | **International<br>Equity Income<br>Fund** |
| First $1 billion | 1.00% | 1.02% | 0.98% | 0.85% | 0.80% |
| Next $1 billion | 0.90 | 1.02 | 0.98 | 0.77 | 0.72 |
| Next $3 billion | 0.86 | 0.92 | 0.88 | 0.73 | 0.68 |
| Next $3 billion | 0.84 | 0.87 | 0.84 | 0.71 | 0.67 |
| Over $8 billion | 0.82 | 0.85 | 0.82 | 0.70 | 0.66 |

---

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 (with respect to the ESG Emerging Markets Equity Fund, Emerging Markets Equity Fund and International Equity ESG 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 ESG Emerging Markets Equity 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 Emerging Markets Equity Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.

**Other Benefits to the Investment Adviser and Its Affiliates** 

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (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 Goldman Sachs Agency Lending ("GSAL"), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Funds' cash collateral is invested); (f) the Investment Adviser's ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (g) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (h) Goldman Sachs'

**107** 

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

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; (k) the investment in exchange-traded funds ("ETFs") managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser's ETF advisory business; and (l) the possibility that the working relationship between the Investment Adviser and the Funds' third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

**Other Benefits to the Funds and Their Shareholders** 

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

**Conclusion** 

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser's costs and each Fund's current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser's continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2023.

**108** 

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

**Fund Expenses — Six Month Period Ended October 31, 2022 (Unaudited)** 

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of a Fund you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) and contingent deferred sales charges on redemptions (with respect to Class C Shares); and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C and Service Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2022 through October 31, 2022, which represents a period of 184 days of a 365 day year.

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

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

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

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** |
| &nbsp;&nbsp;&nbsp;**Share Class** | **Beginning<br>Account<br>Value<br>5/1/22** | **Ending<br>Account<br>Value<br>10/31/22** | | **Expenses<br>Paid for the<br>6 months ended<br>10/31/2022**\* | **Beginning<br>Account<br>Value<br>5/1/22** | **Ending<br>Account<br>Value<br>10/31/22** | | **Expenses<br>Paid for the<br>6 months ended<br>10/31/2022**\* | **Beginning<br>Account<br>Value<br>5/1/22** | **Ending<br>Account<br>Value<br>10/31/22** | | **Expenses<br>Paid for the<br>6 months ended<br>10/31/2022**\* | **Beginning<br>Account<br>Value<br>5/1/22** | **Ending<br>Account<br>Value<br>10/31/22** | | **Expenses<br>Paid for the<br>6 months ended<br>10/31/2022**\* | **Beginning<br>Account<br>Value<br>5/1/22** | **Ending<br>Account<br>Value<br>10/31/22** | | **Expenses<br>Paid for the<br>6 months ended<br>10/31/2022**\* |
| &nbsp;&nbsp;&nbsp;**<u>Class A</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $702.33 |  | $6.36 | $1000.00 | $777.06 |  | $5.98 | $1000.00 | $775.47 |  | $6.37 | $1000.00 | $881.58 |  | $5.60 | $1000.00 | $889.68 |  | $5.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1017.73 | + | 7.54 | 1000.00 | 1018.47 | + | 6.80 | 1000.00 | 1018.03 | + | 7.24 | 1000.00 | 1019.25 | + | 6.01 | 1000.00 | 1019.21 | + | 6.05 |
| &nbsp;&nbsp;&nbsp;**<u>Class C</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 699.90 |  | 9.57 | 1000.00 | 774.46 |  | 9.33 | 1000.00 | 772.96 |  | 9.71 | 1000.00 | 878.20 |  | 9.14 | 1000.00 | 886.26 |  | 9.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1013.95 | + | 11.33 | 1000.00 | 1014.69 | + | 10.59 | 1000.00 | 1014.25 | + | 11.03 | 1000.00 | 1015.47 | + | 9.81 | 1000.00 | 1015.43 | + | 9.85 |
| &nbsp;&nbsp;&nbsp;**<u>Institutional</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 703.79 |  | 4.95 | 1000.00 | 778.54 |  | 4.60 | 1000.00 | 776.90 |  | 4.90 | 1000.00 | 882.61 |  | 4.08 | 1000.00 | 891.12 |  | 4.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1019.39 | + | 5.87 | 1000.00 | 1020.03 | + | 5.22 | 1000.00 | 1019.69 | + | 5.57 | 1000.00 | 1020.87 | + | 4.38 | 1000.00 | 1020.92 | + | 4.33 |
| &nbsp;&nbsp;&nbsp;**<u>Service</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | N/A |  | N/A | 1000.00 | 776.66 |  | 6.83 | 1000.00 | N/A |  | N/A | 1000.00 | 880.41 |  | 6.45 | 1000.00 | N/A |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | N/A |  | N/A | 1000.00 | 1017.51 | + | 7.76 | 1000.00 | N/A |  | N/A | 1000.00 | 1018.35 | + | 6.92 | 1000.00 | N/A |  | N/A |
| &nbsp;&nbsp;&nbsp;**<u>Investor</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 703.15 |  | 5.29 | 1000.00 | 778.12 |  | 4.87 | 1000.00 | 776.90 |  | 5.27 | 1000.00 | 882.61 |  | 4.42 | 1000.00 | 890.43 |  | 4.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1018.99 | + | 6.27 | 1000.00 | 1019.73 | + | 5.53 | 1000.00 | 1019.28 | + | 5.98 | 1000.00 | 1020.51 | + | 4.74 | 1000.00 | 1020.47 | + | 4.78 |
| &nbsp;&nbsp;&nbsp;**<u>Class R6</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 703.53 |  | 4.91 | 1000.00 | 778.64 |  | 4.56 | 1000.00 | 776.90 |  | 4.85 | 1000.00 | 882.71 |  | 4.04 | 1000.00 | 890.99 |  | 4.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1019.44 | + | 5.82 | 1000.00 | 1020.08 | + | 5.18 | 1000.00 | 1019.74 | + | 5.52 | 1000.00 | 1020.92 | + | 4.33 | 1000.00 | 1020.97 | + | 4.28 |
| &nbsp;&nbsp;&nbsp;**<u>Class R</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | N/A |  | N/A | 1000.00 | N/A |  | N/A | 1000.00 | 774.13 |  | 7.47 | 1000.00 | N/A |  | N/A | 1000.00 | 888.42 |  | 6.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | N/A |  | N/A | 1000.00 | N/A |  | N/A | 1000.00 | 1016.78 | + | 8.50 | 1000.00 | N/A |  | N/A | 1000.00 | 1017.95 | + | 7.32 |
| &nbsp;&nbsp;&nbsp;**<u>Class P</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 703.65 |  | 4.91 | 1000.00 | 778.30 |  | 4.55 | 1000.00 | 776.90 |  | 4.86 | 1000.00 | 883.11 |  | 4.04 | 1000.00 | 890.88 |  | 4.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1019.44 | + | 5.82 | 1000.00 | 1020.08 | + | 5.17 | 1000.00 | 1019.74 | + | 5.52 | 1000.00 | 1020.92 | + | 4.33 | 1000.00 | 1020.97 | + | 4.28 |

---

---

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

---

\* Expenses are calculated using each Fund's annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended October 31, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class A<br>Shares** | **Class C<br>Shares** | **Institutional<br>Shares** | **Service<br>Shares** | **Investor<br>Shares** | **Class R6<br>Shares** | **Class R<br>Shares** | **Class P<br>Shares** |
|  China Equity | 1.48% | 2.23% | 1.15% | N/A | 1.23% | 1.14% | N/A | 1.14% |
|  Emerging Markets Equity | 1.34 | 2.09 | 1.03 | 1.53% | 1.09 | 1.02 | N/A | 1.02 |
|  ESG Emerging Markets Equity | 1.42 | 2.17 | 1.09 | N/A | 1.18 | 1.08 | 1.67% | 1.09 |
|  International Equity ESG | 1.18 | 1.93 | 0.86 | 1.36 | 0.93 | 0.85 | N/A | 0.85 |
|  International Equity Income | 1.19 | 1.94 | 0.85 | N/A | 0.94 | 0.84 | 1.44 | 0.84 |

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**109** 

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

**Trustees and Officers (Unaudited) Independent Trustees** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>** | **Position(s) Held<br>with the Trust** | **Term of<br>Office and<br>Length of<br>Time Served<sup>2</sup>** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios in<br>Fund Complex<br>Overseen by<br>Trustee<sup>3</sup>** | **Other<br>Directorships<br>Held by Trustee<sup>4</sup>** |
| **Jessica Palmer**<br> **Age: 73** | **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).**<br>**Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **None** |
| **Dwight L. Bush**<br> **Age: 65** | **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); Director of MoneyLion, Inc. (an operator of a data-driven, digital financial platform) (2021-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).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **MoneyLion, Inc. (an operator of a data-driven, digital financial platform)** |
| **Kathryn A. Cassidy**<br> **Age: 68** | **Trustee** | **Since 2015** | **Ms. Cassidy is retired. She is Director, Vertical Aerospace Ltd. (an aerospace and technology company) (2021-Present). Formerly, Ms. Cassidy 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).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust** | **103** | **Vertical Aerospace Ltd. (an aerospace and technology company)** |
| **John G. Chou**<br> **Age: 66** | **Trustee** | **Since 2022** | **Mr. Chou is Executive Vice President and Special Advisor to the Chairman and CEO of AmerisourceBergen Corporation (a pharmaceutical and healthcare company) (2021-Present); and formerly held various executive management positions with AmerisourceBergen Corporation, including Executive Vice President and Chief Legal Officer (2019-2021); Executive Vice President and Chief Legal & Business Officer (2017-2019); and Executive Vice President and General Counsel (2011-2017).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |
| **Diana M. Daniels**<br> **Age: 73** | **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); Director of 1735 NY Investments, LLC (oversees an investment fund that supports the mission of the American Institute of Architects) (2022-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).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |

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**110** 

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

**Trustees and Officers (Unaudited) (continued)** 

**Independent Trustees** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>** | **Position(s) Held<br>with the Trust** | **Term of<br>Office and<br>Length of<br>Time Served<sup>2</sup>** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios in<br>Fund Complex<br>Overseen by<br>Trustee<sup>3</sup>** | **Other<br>Directorships<br>Held by Trustee<sup>4</sup>** |
| **Joaquin Delgado**<br> **Age: 62** | **Trustee** | **Since 2020** | **Dr. Delgado is retired. He is Director, Stepan Company (a specialty chemical manufacturer) (2011-Present); and was formerly Director, Hexion Inc. (a specialty chemical manufacturer) (2019-2022); 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).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust** | **103** | **Stepan Company (a specialty chemical manufacturer)** |
| **Eileen H. Dowling**<br> **Age: 60** | **Trustee** | **Since 2021** | **Ms. Dowling is retired. Formerly, she was Senior Advisor (April 2021-September 2021); and Managing Director (2013-2021), BlackRock, Inc. (a financial services firm).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |
| **Gregory G. Weaver**<br> **Age: 71** | **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).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **Verizon Communications Inc.** |
| **Paul C. Wirth**<br> **Age: 64** | **Trustee** | **Since 2022** | **Mr. Wirth is retired. Formerly, he was Deputy Chief Financial Officer and Principal Accounting Officer (2011-2020); Finance Director and Principal Accounting Officer (2010-2011); and Managing Director, Global Controller, and Chief Accounting Officer (2005-2010) of Morgan Stanley.**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |

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**111** 

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

**Trustees and Officers (Unaudited) (continued)** 

**Interested Trustee**\*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>** | **Position(s) Held<br>with the Trust** | **Term of<br>Office and<br>Length of<br>Time Served<sup>2</sup>** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios in<br>Fund Complex<br>Overseen by<br>Trustee<sup>3</sup>** | **Other**<br> **Directorships**<br> **Held by Trustee<sup>4</sup>** |
| **James A. McNamara**<br> **Age: 60** | **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).**<br>**President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** | **171** |  |

---

*\** *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.* 

*<sup>1</sup>* *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 October 31, 2022.* 

*<sup>2</sup>* *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 each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 75th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, 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.* 

*<sup>3</sup>* *The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of October 31, 2022, Goldman Sachs Trust consisted of 88 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (12 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (16 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 45 portfolios (29 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios (1 of which offered shares to the public); and 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.* 

*<sup>4</sup>* *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.

**112** 

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

**Trustees and Officers (Unaudited) (continued)** 

**Officers of the Trust**\*

---

| | | | |
|:---|:---|:---|:---|
| **Name,<br>Address and Age<sup>1</sup>** | **Position(s) Held<br>with the Trust** | **Term of<br>Office and<br>Length of<br>Time Served<sup>2</sup>** | **Principal Occupation(s) During Past 5 Years** |
| **James A. McNamara**<br> **200 West Street**<br> **New York, NY 10282**<br> **Age: 60** | **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).**<br>**President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |
| **Caroline L. Kraus**<br> **200 West Street**<br> **New York, NY 10282**<br> **Age: 45** | **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).**<br>**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 and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |
| **Joseph F. DiMaria**<br> **30 Hudson Street**<br> **Jersey City, NJ 07302**<br> **Age: 54** | **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).**<br>**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 and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |

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*\** *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.* 

*<sup>1</sup>* *Information is provided as of October 31, 2022.* 

*<sup>2</sup>* *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 Trust — Fundamental Equity International Funds — Tax Information (Unaudited)** 

From distributions paid during the year ended October 31, 2022, the total amount of income received by the Emerging Markets Equity, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds from sources within foreign countries and possessions of the United States was $0.1789, $0.0679, $0.3352 and $0.3371 per share, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the Emerging Markets Equity, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds was 59.77%, 68.45%, 22.28% and 85.80%. The total amount of taxes paid by the Emerging Markets Equity, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds to such countries was $0.0373, $0.0294, $0.0220 and $0.0198 per share.

For the year ended October 31, 2022, 79.44%, 98.79%, 51.54% and 95.14% of the dividends paid from net investment company taxable income by the Emerging Markets Equity, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds, respectively, 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 China Equity, ESG Emerging Markets Equity and International Equity ESG Funds designate $7,668,927, $2,033,005 and $3,457,750, or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended October 31, 2022.

During the year ended October 31, 2022, the International Equity ESG Fund designates $14,853,726 as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

**113** 

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FUNDS PROFILE

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

Today, the **Asset Management Division** of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.19 trillion in assets under supervision as of September 30, 2022, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

**Money Market** 

Financial Square Funds<sup>SM</sup> 

∎ Financial Square Treasury Solutions Fund<sup>1</sup>

∎ Financial Square Government Fund<sup>1</sup>

∎ Financial Square Money Market Fund<sup>2</sup>

∎ Financial Square Prime Obligations Fund<sup>2</sup>

∎ Financial Square Treasury Instruments Fund<sup>1</sup>

∎ Financial Square Treasury Obligations Fund<sup>1</sup>

∎ Financial Square Federal Instruments Fund<sup>1</sup>

Investor Funds<sup>SM</sup> 

∎ Investor Money Market Fund<sup>3</sup>

∎ Investor Tax-Exempt Money Market
Fund<sup>3</sup>

**Fixed Income** 

Short Duration and Government

∎ Enhanced Income Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Bond Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

**Fundamental Equity** 

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund<sup>4</sup>

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund<sup>5</sup>

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

**Tax-Advantaged Equity** 

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

**Equity Insights** 

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

**Fundamental Equity International** 

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ Emerging Markets Equity ex. China Fund

∎ ESG Emerging Markets Equity Fund

**Alternative** 

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

**Total Portfolio Solutions** 

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

<sup>1</sup> **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.**

<sup>2</sup> **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.**

<sup>3</sup> **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.** 

<sup>4</sup> Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.

<sup>5</sup> Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth Fund.

Financial Square Funds<sup>SM</sup> and Investor Funds<sup>SM</sup> 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.**

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| | |
|:---|:---|
| **TRUSTEES**<br> Jessica Palmer, *Chair*<br> Dwight L. Bush<br> Kathryn A. Cassidy<br> John G. Chou<br> Diana M. Daniels<br> Joaquin Delgado<br> Eileen H. Dowling<br> James A. McNamara<br> Gregory G. Weaver<br> Paul C. Wirth | **OFFICERS**<br> James A. McNamara, *President*<br> Joseph F. DiMaria, *Principal Financial Officer, Principal Accounting Officer and Treasurer*<br> Caroline L. Kraus, *Secretary* |
| **GOLDMAN SACHS & CO. LLC**<br> Distributor and Transfer Agent | **GOLDMAN SACHS ASSET MANAGEMENT, L.P.**<br> Investment Adviser |

---

Visit our website at **www.GSAMFUNDS.com** to obtain the most recent month-end returns.

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

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

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

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

Fund holdings and allocations shown are as of October 31, 2022 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

**This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund's objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).**© 2022 Goldman Sachs. All rights reserved. 301370-OTU-1718238 EQINTEMEAR-22

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| | |
|:---|:---|
| **Annual Report** | &nbsp;&nbsp; **October 31, 2022** |
|  | International Equity Insights Funds |
|  | &nbsp;&nbsp; Emerging Markets Equity Insights |
|  | &nbsp;&nbsp; International Equity Insights |
|  | &nbsp;&nbsp; International Small Cap Insights |

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![LOGO](g286777gsamhorizwhite.jpg)

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## Goldman Sachs International Equity

## Insights Funds
∎ **EMERGING MARKETS EQUITY INSIGHTS** 

∎ **INTERNATIONAL EQUITY INSIGHTS** 

∎ **INTERNATIONAL SMALL CAP INSIGHTS** 

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| | |
|:---|:---|
|  **TABLE OF CONTENTS** |  |
|  [Investment Process](#ifc286777_1) | 1 |
|  [Market Review](#ifc286777_2) | 2 |
|  [Portfolio Management Discussions and Performance Summaries](#ifc286777_3) | 5 |
|  [Schedules of Investments](#ifc286777_4) | 20 |
|  [Financial Statements](#ifc286777_5) | 41 |
|  [Financial Highlights](#ifc286777_6) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Emerging Markets Equity Insights](#ifc286777_7) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [International Equity Insights](#ifc286777_8) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [International Small Cap Insights](#ifc286777_9) | 60 |
|  [Notes to the Financial Statements](#ifc286777_10) | 66 |
|  [Report of Independent Registered Public Accounting Firm](#ifc286777_11) | 84 |
|  [Other Information](#ifc286777_12) | 90 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**NOT FDIC-INSURED** | **May Lose Value** | **No Bank Guarantee** |

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Enhancements Made to Proprietary Quantitative Model during the 12-Month Period Ended October 31, 2022

We continuously look for ways to improve our investment process. Accordingly, we introduced a number of enhancements to our proprietary quantitative model during the 12-month period ended October 31, 2022 (the "Reporting Period").

During the last months of 2021, we introduced a new signal within our Market Themes & Trends investment theme. The signal focuses on macro market environments and assesses similarities between market events from the past and the current environment. This signal evaluates the historical performance of the stock in similar market conditions to predict future stock returns. In addition, we introduced two signals within our Sentiment Analysis investment theme. One signal, rolled out across all developed markets regions, uses short sales transaction data to help identify potential sustained stock sell-offs, expanding upon our existing factors that leverage short sales and short interest data. The other signal, introduced in the emerging markets region, analyzes flows from local versus foreign registered investors and seeks to anticipate the stock price impact caused by these flows and their subsequent trading activity.

During the first half of 2022, we enhanced a signal within our Market Themes & Trends investment theme. We believe patterns exist in the market, and thus, the past can provide an indication of market cycles and their effect on future market states. We enhanced this signal to give it more predictive power in terms of identifying and assessing similarities in returns between current and previous market environments for both individual stocks and countries for our strategies that have country tilts. Additionally, within our Sentiment Analysis investment theme, we introduced two new signals in the Japan region. The first signal looks at aggregated significant short positions across all market participants. We believe significant short positions established right ahead of earnings announcements are more reflective of investors' views of the stock, assuming investors have access to private information. The second signal analyzes credit card data to arrive at sales figures for companies, thereby helping us track corporate revenue patterns.

**1** 

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MARKET REVIEW

## Goldman Sachs International Equity

## Insights Funds
Market Review

During the 12-month period ended October 31, 2022 (the "Reporting Period"), emerging markets equities and international equities broadly declined, with inflation pressures, tightening central bank monetary policy, recession fears, geopolitical conflict and supply-chain issues creating a challenging backdrop for investors. Emerging markets equities materially underperformed developed markets equities during the Reporting Period.

**Emerging Markets Equities** 

Emerging markets equities fell significantly during the Reporting Period. The MSCI Emerging Markets Standard Index (Net, USD, Unhedged) (the "MSCI EM Index") posted a return of -31.03%.<sup>1</sup>

As the Reporting Period began in November 2021, the MSCI EM Index fell sharply, as the Omicron variant of COVID-19 spread across regions, dampening investor sentiment and leading to mixed outlooks for the global economic recovery. In December 2021, emerging markets equity markets rose. Global economic data was encouraging despite market participants closely monitoring the implications of the spread of the Omicron variant, inflation remaining top of mind for investors, and China's heightened regulations, mainly in the technology sector, weighing on sentiment.

The MSCI EM Index fell in each of the first four months of 2022. In January, both growing tensions between Russia and Ukraine and rising global borrowing costs worried investors. COVID-19 cases surged and hospitalizations rose, further dampening investor sentiment around an economic recovery across emerging markets. In February, the Russia/Ukraine situation deteriorated sharply, with Russia launching a full-scale invasion, triggering a sell-off in emerging markets equities. In March and April, the Russia/Ukraine war continued to drive a sell-off in emerging markets equities. Additionally in April, as inflation loomed internationally, the acceleration in global food prices rivaled the move in oil prices, creating a new set of risks for the emerging markets.

In May 2022, the MSCI EM Index rose, albeit slightly. The war in Ukraine and international inflation remained risks for the emerging markets. However, in Asia, China's economic activity improved significantly as lockdowns were lifted in many cities across the country, benefiting not just China's equity market but also Taiwan's, as investors there hoped for supply-chain normalization and an overall economic uptick.

Following the brief reprieve, the MSCI EM Index then fell again in June and July 2022. In June, emerging markets equities dropped as global inflationary concerns and contractionary central banks hindered economic growth. Inflation continued to be a key focus for investors, as central banks in Europe, Asia and South America announced plans to raise interest rates in the next 12 months in an effort to get ahead of rising consumer prices. In July, emerging markets equities fell as governments battled high inflation and transitioned away from COVID-19-era fiscal policies.

August 2022 proved to be another brief respite for emerging markets equities, with the MSCI EM Index rising modestly. Equities continued to struggle to overcome high inflation and contractionary central bank policies. In China, new lockdowns placed several million Chinese citizens under heavy COVID-19 restrictions, weighing on industrial activity and consumption. However, elsewhere in Asia, the Indian equity market rose, as flows from foreign portfolio investors were net positive for a second consecutive month after nine months of net outflows. In Latin America, the Brazilian equity market also rose, as its labor market and economic activity remained surprisingly strong despite its central bank raising interest rates.

The MSCI EM Index fell in September and October 2022. In September, emerging markets equities fell as central banks hiked interest rates, inflationary pressures remained elevated, and recession concerns triggered large outflows from the emerging markets universe. In October, emerging markets equities fell as economies continued to struggle with high inflation and contractionary central bank policy. Chinese equities fell dramatically, as lockdowns continued to place several cities under COVID-19 restrictions and the closely watched 20th Party Congress in China offered no signal to investors that this strategy would change in the near future. Investor confidence was further dampened following the news that China's government planned to maintain its "zero-COVID" policy. Still, emerging markets equities were lifted somewhat by major transitions of political power, including in Brazil. As a growing list of opposition leaders recognized Lula's victory as incoming President in Brazil, markets rallied slightly because investors grew increasingly confident that a peaceful transition of power would take place.

<sup>1</sup> All Index returns are expressed in U.S. dollar terms.

**2** 

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MARKET REVIEW

For the Reporting Period as a whole, all 11 sectors of the MSCI EM Index posted negative absolute returns. On a relative basis, utilities was the strongest sector in the MSCI EM Index during the Reporting Period, the only one to post a single-digit negative absolute return. Financials and industrials each posted a double-digit negative absolute return but were among those sectors that still outperformed the MSCI EM Index for the Reporting Period. Consumer discretionary, communication services and real estate were the weakest performing sectors in the MSCI EM Index, each generating a more robust negative absolute return during the Reporting Period.

From a country perspective, Brazil, Turkey and Chile were the best performing individual constituents of the MSCI EM Index for the Reporting Period, each posting a double-digit absolute gain. Conversely, the weakest constituents of the MSCI EM Index during the Reporting Period were Hungary, China and Poland, each generating a robust double-digit negative absolute return. Effective March 9, 2022, MSCI Inc. removed Russian securities from the MSCI EM Index after deeming the Russian equity market "uninvestable" amidst Russia's invasion of Ukraine in late February. MSCI Inc. announced the MSCI Russia Indexes would be reclassified to "standalone markets" instead of "emerging markets" across all of MSCI's indexes "at a price that is effectively zero."

**International Equities** 

International equities suffered a substantial decline during the Reporting Period, with the MSCI Europe, Australasia, Far East ("EAFE") Standard Index (Net, USD, Unhedged) (the "MSCI EAFE Index") recording a return of -23.00%.<sup>1</sup>

As the Reporting Period began, international equity markets receded in November 2021 following a strong October. The markets fell around fears the new Omicron variant of COVID-19 would weigh on investor sentiment. Travel restrictions were re-imposed to curtail the variant's spread, and lockdown measures were re-instituted in Europe. Japan's equity market fell due to both inflation and supply-chain issues as well as concerns about the Omicron variant. Persistently high inflation weighed on market sentiment as well. Following the sell-off in November, international equities saw a strong rebound in December 2021, as the initial scare around the Omicron variant dissipated given that studies showed its symptoms were less severe than prior variants. Also, value stocks outperformed growth stocks, which benefited international equities given their relatively high value/cyclical exposures.

During the first quarter of 2022, international equities declined, facing pressures from global concerns around rising inflation, planned interest rate hikes by the Federal Reserve (the "Fed"), rising bond yields, valuation concerns, and Russia's invasion of Ukraine. Major countries around the world took a public stance condemning Russia's action and imposed various economic sanctions, including removal of Russian financial institutions from bank connectivity network SWIFT, banning transactions with the Russian central bank and halting trading of Russian securities. Such sanctions boosted the price of crude oil in the global markets. Driven by increased market volatility, the Fed signaled a slower than anticipated pace of monetary policy tightening while retaining a cautionary focus on rising inflation. Hopes around the success of diplomatic talks and peaceful negotiations between Russia and Ukraine led to some market recovery toward the end of the quarter. Still, beyond the broader concerns surrounding the geopolitical crisis, the impact on commodity prices reinforced concerns about supply-side inflation and led markets to worry about a potential stagflation scenario—particularly in Europe. (Stagflation is characterized by slow economic growth and high inflation.) However, the corporate earnings season retained its overall strength. Other macroeconomic uncertainties included those around regulation in China, the status of Chinese shares listed in the U.S., and slowing economic growth in China, all exacerbated by the imposition of lockdowns and manufacturing halts due to a rise in COVID-19 cases, leading, in turn, to further supply-chain issues. European equities declined in line with other global equities due to the ongoing geopolitical crisis and the region's dependence on Russian oil and gas. Japanese equities similarly fell on concerns around rising interest rates and the spread of Omicron but outperformed other developed markets due to limited economic exposure to Russia and Ukraine.

International equities declined more significantly in the second quarter of 2022, with all major regions — Europe, Japan and Asia Pacific ex-Japan — performing roughly in line with each other. Inflationary pressures and concerns persisted throughout the quarter, and odds of a U.S. recession continued to grow. Supply-chain issues worsened as China initially instituted lockdowns following a surge in COVID-19 cases. However, as the quarter progressed, China began easing its restrictions, therefore mitigating the disruption. In Europe, the geopolitical crisis persisted with the ongoing war in Ukraine and potential gas shortages due to

<sup>1</sup> All Index returns are expressed in U.S. dollar terms.

**3** 

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MARKET REVIEW

reduced supply from Russia. This was particularly concerning for countries with a high energy dependence, such as Italy, France, Spain and Germany. Japanese equities fell as the yen significantly weakened against the U.S. dollar.

During the third quarter of 2022, international equities continued to decline. As in the prior quarter, all major regions performed similarly, with markets remaining volatile and facing a number of macroeconomic headwinds, including inflationary pressures and interest rate hikes as the chances of a recession grew. European economies remained depressed by accelerating inflation, rising interest rates and strained supply chains. Europe also continued to battle an energy crisis and subsequent mobile network blackouts during the quarter. The European Central Bank raised interest rates in July and September, heightening concerns around slowing economic growth and leading to the depreciation of the euro against the U.S. dollar. The Bank of Japan revised its economic growth projections lower due to weakened global economies but left its monetary policy unchanged. The sharply widening differential between Japanese and U.S. interest rates during the quarter was a significant factor in the consistent weakening of the yen. Beyond the broader concerns of inflation, China's "zero-COVID" policy continued to slow its economy and strain global supply chains.

International equities then rallied in October 2022. Europe was the top-performing region, followed by Japan and then Asia ex-Japan. Markets remained volatile and under pressure from macroeconomic headwinds, including inflation and interest rate hikes. However, in Europe, equities benefited from resilient third quarter 2022 earnings from companies that had reported thus far as well as from investor optimism that the pace of interest rate increases could soon slow. In Japan, the yen continued to weaken against the U.S. dollar, especially in the first half of the month. Bank of Japan Governor Kuroda remained downbeat on the sustainability of inflation numbers into 2023, citing the negative output gap in particular, and kept the country's interest rates low. Asia ex-Japan equities were flat in October, pressured by sharp sell-offs in China and Hong Kong following confirmation that Chinese Premier Xi Jinping would remain as leader for a historic third five-year term.

For the Reporting Period as a whole, energy was by far the strongest performing sector in the MSCI EAFE Index and the only one to post a positive absolute return. Health care and consumer staples each posted a double-digit negative absolute return but were among those sectors that still outperformed the MSCI EAFE Index for the Reporting Period. The weakest performing sectors in the MSCI EAFE Index were information technology, consumer discretionary and real estate, with each generating more robust double-digit negative absolute returns during the Reporting Period.

All three major regions represented in the MSCI EAFE Index posted double-digit negative absolute returns for the Reporting Period overall, but Asia ex-Japan was least weak, followed closely behind by Europe and then Japan. From a country perspective, all constituents of the MSCI EAFE Index posted double-digit negative absolute returns during the Reporting Period. However, on a relative basis, the U.K., Australia and Switzerland were the strongest performing constituents of the MSCI EAFE Index. Among the weakest relative performers, significantly underperforming the MSCI EAFE Index during the Reporting Period, were the Netherlands, Sweden and Germany.

Looking Ahead

At the end of the Reporting Period, we continued to believe that less expensive stocks should outpace more expensive stocks. In addition, we expected stocks with good momentum to outperform those with poor momentum. We plan to focus on seeking companies about which fundamental research analysts are becoming more positive as well as profitable companies with what we view as sustainable earnings and a track record of using their capital to enhance shareholder value. As such, we anticipate remaining fully invested, with long-term performance likely to be the result of stock selection rather than sector or capitalization allocations.

We stand behind our investment philosophy that sound economic investment principles, coupled with a disciplined quantitative approach, can provide strong, uncorrelated returns over the long term. Our research agenda is robust, and we continue to enhance our existing models, add new proprietary forecasting signals and improve our trading execution as we seek to provide the most value to our shareholders.

**4** 

------

PORTFOLIO RESULTS

## Goldman Sachs Emerging Markets Equity

## Insights Fund
**Investment Objective** 

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

**Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Emerging Markets Equity Insights Fund's (the "Fund") performance and positioning for the 12-month period ended October 31, 2022 (the "Reporting Period").** 

---

| | |
|:---|:---|
| **Q** | **How did the Fund perform during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | 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 -29.83%, -30.36%, -29.64%, -29.69%, -29.55%, -30.08% and -29.55%, respectively. These returns compare to the -31.03% average annual total return of the Fund's benchmark, the MSCI Emerging Markets Standard Index (Net, USD, Unhedged) (the "Index"), during the same period. |

---

---

| | |
|:---|:---|
| **Q** | **What key factors were most responsible for the Fund's performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | The Fund uses a quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally based stock and country/currency selection, careful portfolio construction and efficient implementation. To manage the Fund, we use two distinct strategies — a bottom-up stock selection strategy and a top-down country/currency selection strategy. These strategies are uncorrelated, that is, they tend to perform independently of each other over time, which enables us to greater diversify the portfolio. |

---

During the Reporting Period, the Fund outperformed the Index, with two of our quantitative model's four investment themes bolstering returns. Stock selection driven by these investment themes also contributed positively. Our country/currency strategy detracted slightly from results.

---

| | |
|:---|:---|
| **Q** | **Which investment themes helped and which hurt within the Team's stock selection strategy?** |

---

---

| | |
|:---|:---|
| **A** | In keeping with our investment approach, we use our quantitative model and four investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model's investment themes tends to have a low correlation with the model's other themes, demonstrating the diversification benefit of the Fund's theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit. |

---

During the Reporting Period, two of our investment themes — Market Themes & Trends and Fundamental Mispricings — added to the Fund's relative performance. Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment. Fundamental Mispricings seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run. <br>

Our Sentiment Analysis investment theme detracted from the Fund's relative returns during the Reporting Period. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment.

The impact of our High Quality Business Models investment theme was rather neutral during the Reporting Period. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives.

---

| | |
|:---|:---|
| **Q** | **How did the Fund's sector and industry allocations affect relative performance?** |

---

---

| | |
|:---|:---|
| **A** | In constructing the Fund's portfolio, our quantitative model focuses on stock selection rather than on making sector or industry bets. Consequently, the Fund is similar to the Index in terms of its sector and industry allocations and style.  |

---

**5** 

------

PORTFOLIO RESULTS

Relative performance is primarily driven by stock selection, not by sector or industry allocations.

---

| | |
|:---|:---|
| **Q** | **Did stock selection help or hurt Fund performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund's investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Fundamental Mispricings characteristics than the Index. |

---

During the Reporting Period, the Fund benefited from investments in the energy, utilities, communication services and industrials sectors. Conversely, stock selection in the materials sector detracted from relative performance.

---

| | |
|:---|:---|
| **Q** | **Which individual stock positions contributed most to the Fund's relative returns during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | In terms of individual stock positions, the Fund was helped by its overweight positions compared to the Index in India-based conglomerate ITC, Brazilian power company Cia Energetica de Minas Gerais and Brazilian financial services company Banco do Brasil. Our Market Themes & Trends, Fundamental Mispricings and High Quality Business Models investment themes led to the overweight in ITC. The Fund was overweight both Cia Energetica de Minas Gerais and Banco do Brasil mainly because of our Market Themes & Trends and Fundamental Mispricings investment themes. |

---

---

| | |
|:---|:---|
| **Q** | **Which individual stock positions detracted most from the Fund's relative returns during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund was hurt by its investment in Severstal, a Russian steel and mining company. Our Market Themes & Trends investment theme was primarily responsible for the Fund's position in the stock, which was underweight relative to the Index during the first five months of the Reporting Period. However, effective March 9, 2022, MSCI Inc. removed Russian securities from the Index after deeming the Russian equity market "uninvestable" amidst Russia's invasion of Ukraine. MSCI Inc. announced the MSCI Russia Indexes would be reclassified to "standalone markets" instead of "emerging markets" across all of MSCI's indexes "at a price that is effectively zero." As a result, the Fund's exposure to Severstal detracted from its performance. Other notable detractors during the Reporting Period were the Fund's overweight positions compared to the Index in Chinese manufacturing conglomerate BYD and Chinese automaker Great Wall Motor. The Fund was overweight both stocks largely due to our Market Themes & Trends investment theme. |

---

---

| | |
|:---|:---|
| **Q** | **What impact did the Team's country/currency selection strategy have on the Fund's relative performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | Our country/currency strategy detracted slightly from the Fund's relative performance. During the Reporting Period, the Fund was hampered by its underweight positions versus the Index in Taiwan, Saudi Arabia, the United Arab Emirates, Kuwait and Qatar. On the positive side, the Fund benefited from its overweight positions in China, Brazil and South Korea and from its underweight in Russia. |

---

We made our picks using our proprietary models, which, during the Reporting Period, were based on five investment themes specific to our country/currency strategy — Valuation, Momentum, Risk Premium, Fund Flows and Macro. Valuation favors equity and currency markets that appear cheap relative to fundamentals and purchasing power parity. Momentum favors countries and currencies that have had strong recent outperformance. Risk Premium evaluates whether a country is overcompensating investors for various types of risk. Fund Flows evaluates the strength of capital market inflows. Macro assesses a market's macroeconomic environment and growth prospects. <br>

---

| | |
|:---|:---|
| **Q** | **How did the Fund use derivatives and similar instruments during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, we used futures and currency forwards to equitize the Fund's cash holdings. In other words, we put the Fund's cash holdings to work by using them as collateral for the purchase of futures contracts. The use of these derivatives did not have a material impact on Fund results during the Reporting Period. |

---

---

| | |
|:---|:---|
| **Q** | **What changes did you make to the Fund's country weightings during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, we shifted the Fund from an overweight position versus the Index in Mexico to a rather neutral position. We reduced the size of the Fund's underweight in Saudi Arabia and changed its underweights in Taiwan and India to relatively neutral positions. In addition, we decreased the size of the Fund's overweight in Brazil. We  |

---

**6** 

------

PORTFOLIO RESULTS

also shifted the Fund from rather neutral positions in Qatar, United Arab Emirates and Kuwait to underweight positions during the Reporting Period.

---

| | |
|:---|:---|
| **Q** | **Were there any changes to the Fund's portfolio management team during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | Effective September 22, 2022, James Park no longer served as a portfolio manager for the Fund. At the end of the Reporting Period, Len Ioffe, Osman Ali, Takashi Suwabe and Dennis Walsh served as portfolio managers of the Fund. By design, all investment decisions for the Fund are performed within a team structure, with multiple subject matter experts. This strategic decision making has been a cornerstone of our approach and helps ensure continuity in the Fund. |

---

---

| | |
|:---|:---|
| **Q** | **What were the Fund's sector and country weightings at the end of the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | At the end of the Reporting Period, the Fund was overweight relative to the Index in the financials, industrials, health care, utilities and consumer discretionary sectors. Compared to the Index, the Fund was underweight the communication services, information technology, real estate, energy and materials sectors. It was rather neutral versus the Index in the consumer staples sector at the end of the Reporting Period. |

---

In terms of countries, the Fund was overweight relative to the Index in China, South Korea and Brazil at the end of the Reporting Period. Compared to the Index, the Fund was underweight Malaysia, United Arab Emirates, Qatar, Saudi Arabia, South Africa and Kuwait. The Fund was relatively neutrally weighted in the remaining country constituents of the Index at the end of the Reporting Period.

**7** 

------

FUND BASICS

## Emerging Markets Equity Insights Fund
*as of October 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS AS OF 10/31/22<sup>1</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1</sup>** |
| **Holding** | **% of Net Assets** | **Line of Business** | **Country** |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.3% | Semiconductors & Semiconductor Equipment | Taiwan |
| Tencent Holdings Ltd. | 3.3 | Media & Entertainment | China |
| Alibaba Group Holding Ltd. | 2.2 | Retailing | China |
| Samsung Electronics Co. Ltd. | 2.1 | Technology Hardware & Equipment | South Korea |
| Hon Hai Precision Industry Co. Ltd. | 2.0 | Technology Hardware & Equipment | Taiwan |
| NetEase, Inc. | 1.9 | Media & Entertainment | China |
| FirstRand Ltd. | 1.7 | Diversified Financials | South Africa |
| ITC Ltd., 02/28/23 | 1.7 | Food, Beverage & Tobacco | India |
| Petroleo Brasileiro SA ADR | 1.7 | Energy | Brazil |
| Banco do Brasil SA | 1.6 | Banks | Brazil |

---

<sup>1</sup> The top 10 holdings may not be representative of the Fund's future investments.

---

| |
|:---|
| **FUND VS. BENCHMARK SECTOR ALLOCATIONS<sup>2</sup>** |
| **As of October 31, 2022** |

---

![LOGO](g286777g74n63.jpg)

------

<sup>2</sup> The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund's overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard ("GICS"); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.1% of the Fund's net assets at October 31, 2022. The graph depicts the Fund's investments but may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

------

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

**8** 

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

## Performance Summary
*October 31, 2022* 

The following graph shows the value, as of October 31, 2022, of a $1,000,000 investment made on November 1, 2012 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund's benchmark, the MSCI<sup>®</sup> Emerging Markets Standard Index (the "MSCI<sup>®</sup> EM Index") (Net, USD, unhedged), 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.

**Emerging Markets Equity Insights Fund's 10 Year Performance**

**Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from November 1, 2012 through October 31, 2022.**![LOGO](g286777g79i23.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return through October 31, 2022**\* | **One Year** | **Five Years** | **Ten Years** | **Since Inception** |
|  **Class A** |  |  |  |  |
|  Excluding sales charges | -29.83% | -3.68% | 1.49% |  |
|  Including sales charges | -33.69% | -4.76% | 0.91% |  |
|  **Class C** |  |  |  |  |
|  Excluding contingent deferred sales charges | -30.36% | -4.39% | 0.72% |  |
|  Including contingent deferred sales charges | -31.05% | -4.39% | 0.72% |  |
|  **Institutional** | -29.64% | -3.34% | 1.86% |  |
|  **Investor** | -29.69% | -3.44% | 1.74% |  |
|  **Class R6 (Commenced July 31, 2015)** | -29.55% | -3.31% | N/A | 1.79% |
|  **Class R (Commenced February 28, 2014)** | -30.08% | -3.93% | N/A | 1.35% |
|  **Class P (Commenced April 16, 2018)** | -29.55% | N/A | N/A | -4.46% |

---

\* 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 R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Returns.

**9** 

------

PORTFOLIO RESULTS

## Goldman Sachs International Equity Insights Fund
**Investment Objective** 

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

**Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs International Equity Insights Fund's (the "Fund") performance and positioning for the 12-month period ended October 31, 2022 (the "Reporting Period").** 

---

| | |
|:---|:---|
| **Q** | **How did the Fund perform during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | 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 -22.56%, -23.16%, -22.27%, -22.69%, -22.39%, -22.28%, -22.79% and -22.29%, respectively. These returns compare to the -23.00% average annual total return of the Fund's benchmark, the MSCI EAFE Standard Index (Net, USD, Unhedged) (the "Index"), during the same period. |

---

---

| | |
|:---|:---|
| **Q** | **What key factors were most responsible for the Fund's performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | The Fund uses a quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally based stock and country/currency selection, careful portfolio construction and efficient implementation. To manage the Fund, we use two distinct strategies — a bottom-up stock selection strategy and a top-down country/currency selection strategy. These strategies are uncorrelated, that is, they tend to perform independently of each other over time, which enables us to greater diversify the portfolio. |

---

During the Reporting Period, the Fund generally outperformed the Index, with three of our quantitative model's four investment themes adding to results. Stock selection driven by these investment themes also contributed positively. Our country/currency strategy had a slightly negative impact on relative performance. <br>

---

| | |
|:---|:---|
| **Q** | **Which investment themes helped and which hurt within the Team's stock selection strategy?** |

---

---

| | |
|:---|:---|
| **A** | In keeping with our investment approach, we use our quantitative model and four investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model's investment themes tends to have a low correlation with the model's other themes, demonstrating the diversification benefit of the Fund's theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit. |

---

During the Reporting Period, the Fund benefited from three of our investment themes — Fundamental Mispricings, Sentiment Analysis and Market Themes & Trends. Fundamental Mispricings seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment. <br>

Our High Quality Business Models detracted from the Fund's relative performance during the Reporting Period. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives.

---

| | |
|:---|:---|
| **Q** | **How did the Fund's sector and industry allocations affect relative performance?** |

---

---

| | |
|:---|:---|
| **A** | In constructing the Fund's portfolio, our quantitative model focuses on stock selection rather than on making sector or industry bets. Consequently, the Fund is similar to the Index in terms of its sector and industry allocations and style. |

---

**10** 

------

PORTFOLIO RESULTS

Relative performance is primarily driven by stock selection, not by sector or industry allocations.

---

| | |
|:---|:---|
| **Q** | **Did stock selection help or hurt Fund performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund's investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Fundamental Mispricings characteristics than the Index. |

---

During the Reporting Period, the Fund was helped by stock selection in the industrials, consumer staples and communication services sectors. It was hurt most by investments in the health care sector and, to a lesser extent, by investments in the materials and energy sectors.

---

| | |
|:---|:---|
| **Q** | **Which individual stock positions contributed most to the Fund's relative returns during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | In terms of individual stock positions, the Fund's overweight positions versus the Index in Rheinmetall, Imperial Brands and British American Tobacco added to relative returns. The Fund was overweight Rheinmetall, a German automotive and arms manufacturer, mainly because of our Sentiment Analysis, Market Themes & Trends and High Quality Business Models investment themes. The overweight positions in Imperial Brands and British American Tobacco, each a British tobacco company, were based mostly on our Sentiment Analysis and Fundamental Mispricings investment themes. |

---

---

| | |
|:---|:---|
| **Q** | **Which individual stock positions detracted most from the Fund's relative returns during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund was hindered by underweight positions in British-Swedish pharmaceutical company AstraZeneca and French multinational integrated energy and petroleum company Total Energies. An overweight in Switzerland-based Tecan Group, a global supplier of laboratory automation products for life sciences and applied markets, also detracted from relative performance. The underweight in AstraZeneca was driven by our High Quality Business Models investment theme, while the underweight in Total Energies was based mainly on our Sentiment Analysis and High Quality Business Models investment themes. The Fund was overweight Tecan Group largely because of our High Quality Business Models and Sentiment Analysis investment themes. |

---

---

| | |
|:---|:---|
| **Q** | **What impact did the Team's country/currency selection strategy have on the Fund's relative performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | Our country/currency selection strategy detracted modestly from the Fund's relative performance during the Reporting Period. Compared to the Index, the Fund was hurt by its underweight positions in France and Switzerland and by its rather neutral position in the U.K. On the positive side, the Fund was helped by overweight positions in Japan and Sweden. An underweight in Hong Kong versus the Index also added to relative returns. |

---

We made our picks using our proprietary models, which, during the Reporting Period, were based on five investment themes specific to our country/currency strategy — Valuation, Momentum, Risk Premium, Fund Flows and Macro. Valuation favors equity and currency markets that appear cheap relative to accounting measures of value and purchasing power. Momentum favors countries and currencies that have had strong recent outperformance. Risk Premium evaluates whether a country is overcompensating investors for various types of risk, while Fund Flows evaluates the strength of capital market inflows. Finally, Macro assesses a market's macroeconomic environment and growth prospects. <br>

---

| | |
|:---|:---|
| **Q** | **How did the Fund use derivatives and similar instruments during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, we used futures and currency forwards to equitize the Fund's cash holdings. In other words, we put the Fund's cash holdings to work by using them as collateral for the purchase of futures contracts. The use of these derivatives did not have a material impact on Fund results during the Reporting Period. |

---

---

| | |
|:---|:---|
| **Q** | **What changes did you make to the Fund's country weightings during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, we increased the Fund's overweight position relative to the Index in Sweden. We shifted the Fund from overweight positions in Japan, France and Norway to rather neutral positions. We moved the Fund from a relatively neutral position in Denmark to an overweight position. Compared to the Index, we changed the Fund from an overweight position in Germany to a modestly underweight position. We shifted the Fund from an  |

---

**11** 

------

PORTFOLIO RESULTS

underweight in Australia to an overweight position. Also, during the Reporting Period, we reduced the size of the Fund's underweight positions versus the Index in the U.K. and Switzerland. We shifted the Fund from relatively neutral positions in Hong Kong and the Netherlands to underweight positions. Finally, we moved the Fund from an underweight in Spain to a rather neutral position compared to the Index during the Reporting Period.

---

| | |
|:---|:---|
| **Q** | **Were there any changes to the Fund's portfolio management team during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | Effective September 22, 2022, James Park no longer served as a portfolio manager for the Fund. At the end of the Reporting Period, Len Ioffe, Osman Ali, Takashi Suwabe and Dennis Walsh served as portfolio managers of the Fund. By design, all investment decisions for the Fund are performed within a team structure, with multiple subject matter experts. This strategic decision making has been a cornerstone of our approach and helps ensure continuity in the Fund. |

---

---

| | |
|:---|:---|
| **Q** | **What were the Fund's sector and country weightings at the end of the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | At the end of the Reporting Period, the Fund was overweight relative to the Index in the health care, consumer discretionary and industrials sectors. Compared to the Index, the Fund was underweight the materials, information technology, communication services, energy and financials sectors. The Fund was relatively neutral versus the Index in the real estate, consumer staples and utilities sectors at the end of the Reporting Period. |

---

In terms of countries, the Fund was overweight relative to the Index in Sweden, Denmark and Australia at the end of the Reporting Period. Compared to the Index, the Fund was underweight Hong Kong, Switzerland, the U.K., the Netherlands and Germany. The Fund was relatively neutrally weighted in the remaining country constituents of the Index at the end of the Reporting Period. <br>

**12** 

------

FUND BASICS

## International Equity Insights Fund
*as of October 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS AS OF 10/31/22<sup>1</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1</sup>** |
| **Holding** | **% of Net Assets** | **Line of Business** | **Country** |
| Roche Holding AG | 2.7% | Pharmaceuticals, Biotechnology & Life Sciences | United States |
| Novo Nordisk A/S, Class B | 2.6 | Pharmaceuticals, Biotechnology & Life Sciences | Denmark |
| LVMH Moet Hennessy Louis Vuitton SE | 1.9 | Consumer Durables & Apparel | France |
| British American Tobacco PLC | 1.6 | Food, Beverage & Tobacco | United Kingdom |
| Shell PLC | 1.6 | Energy | Netherlands |
| Diageo PLC | 1.5 | Food, Beverage & Tobacco | United Kingdom |
| Sanofi | 1.4 | Pharmaceuticals, Biotechnology & Life Sciences | France |
| ASML Holding NV | 1.4 | Semiconductors & Semiconductor Equipment | Netherlands |
| Nestle SA | 1.4 | Food, Beverage & Tobacco | United States |
| GSK PLC ADR | 1.2 | Pharmaceuticals, Biotechnology & Life Sciences | United States |

---

<sup>1</sup> The top 10 holdings may not be representative of the Fund's future investments.

---

| |
|:---|
| **FUND VS. BENCHMARK SECTOR ALLOCATIONS<sup>3</sup>** |
| **As of October 31, 2022** |

---

![LOGO](g286777g28h58.jpg)

------

<sup>3</sup> The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund's overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard ("GICS"), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.4% of the Fund's net assets at October 31, 2022. The graph depicts the Fund's investments but may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

------

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

**13** 

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

## Performance Summary
*October 31, 2022* 

The following graph shows the value, as of October 31, 2022, of a $1,000,000 investment made on November 1, 2012 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund's benchmark, the MSCI<sup>®</sup> EAFE Standard Index (Net, USD, Unhedged), 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.

**International Equity Insights Fund's 10 Year Performance**

**Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from November 1, 2012 through October 31, 2022.**![LOGO](g286777g72i77.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return through October 31, 2022**\* | **One Year** | **Five Years** | **Ten Years** | **Since Inception** |
|  **Class A** |  |  |  |  |
|  Excluding sales charges | -22.56% | -1.51% | 4.48% |  |
|  Including sales charges | -26.82% | -2.62% | 3.90% |  |
|  **Class C** |  |  |  |  |
|  Excluding contingent deferred sales charges | -23.16% | -2.25% | 3.70% |  |
|  Including contingent deferred sales charges | -23.93% | -2.25% | 3.70% |  |
|  **Institutional** | -22.27% | -1.15% | 4.87% |  |
|  **Service** | -22.69% | -1.66% | 4.35% |  |
|  **Investor** | -22.39% | -1.26% | 4.75% |  |
|  **Class R6 (Commenced July 31, 2015)** | -22.28% | -1.14% | N/A | 2.38% |
|  **Class R** | -22.79% | -1.77% | 4.22% |  |
|  **Class P (Commenced April 16, 2018)** | -22.29% | N/A | N/A | -1.98% |

---

\* 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 R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Returns.

**14** 

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PORTFOLIO RESULTS

## Goldman Sachs International Small Cap Insights Fund
**Investment Objective** 

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

**Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs International Small Cap Insights Fund's (the "Fund") performance and positioning for the 12-month period ended October 31, 2022 (the "Reporting Period").** 

---

| | |
|:---|:---|
| **Q** | **How did the Fund perform during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund's Class A, Class C, Institutional, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of -27.07%, -27.65%, -26.80%, -26.90%, -26.81% and -26.81%, respectively. These returns compare to the -30.28% average annual total return of the Fund's benchmark, the MSCI EAFE Small Cap Index (Net, USD, Unhedged) (the "Index"), during the same period. |

---

---

| | |
|:---|:---|
| **Q** | **What key factors were most responsible for the Fund's performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | The Fund uses a quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally based stock selection, careful portfolio construction and efficient implementation. The Fund's investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes, including Fundamental Mispricings, High Quality Business Models, Sentiment Analysis and Market Themes & Trends. |

---

During the Reporting Period, the Fund outperformed the Index, with all four of our quantitative model's investment themes adding to returns. Stock selection driven by these investment themes also contributed positively.

---

| | |
|:---|:---|
| **Q** | **What impact did the Fund's investment themes have on performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | In keeping with our investment approach, we use our quantitative model and four investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model's investment themes tends to have a low correlation with the model's other themes, demonstrating the diversification benefit of the Fund's theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit. |

---

During the Reporting Period, all four of our investment themes increased the Fund's relative returns, led by Sentiment Analysis and Fundamental Mispricings. Market Themes & Trends and High Quality Business Models further bolstered relative performance. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. Fundamental Mispricings seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run. Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives. <br>

---

| | |
|:---|:---|
| **Q** | **How did the Fund's sector and industry allocations affect relative performance?** |

---

---

| | |
|:---|:---|
| **A** | In constructing the Fund's portfolio, our quantitative model focuses on stock selection rather than on making sector or industry bets. Consequently, the Fund is similar to the Index in terms of its sector and industry allocations and style. Relative performance is primarily driven by stock selection, not by sector or industry allocations. |

---

---

| | |
|:---|:---|
| **Q** | **Did stock selection help or hurt Fund performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may  |

---

**15** 

------

PORTFOLIO RESULTS

lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund's investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Fundamental Mispricings characteristics than the Index.

During the Reporting Period, the Fund was aided by stock selection in the industrials and consumer discretionary sectors. Investments in the utilities and energy sectors detracted from relative performance.

---

| | |
|:---|:---|
| **Q** | **Which individual stock positions contributed most to the Fund's relative results during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | In terms of individual stock positions, the Fund benefited from overweight positions relative to the Index in German automotive and arms manufacturer Rheinmetall; German chemical company K+S; and Denmark-based shipping company D/S Norden. The overweight in Rheinmetall was the result of all four of our investment themes. The Fund was overweight K+S mostly because of our Market Themes & Trends investment theme, while the overweight in D/S Norden was driven mainly by our Fundamental Mispricings and Market Themes & Trends investment themes. |

---

---

| | |
|:---|:---|
| **Q** | **Which individual stock positions detracted most from the Fund's relative returns during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund was hurt by overweight positions in Arjo, a Swedish supplier of medical devices, services and solutions; Tecan Group, a Swiss supplier of laboratory automation products for life sciences and applied markets; and Aurubis, a German-based copper producer. The Fund's overweight in Arjo was due to our High Quality Business Models, Sentiment Analysis and Market Themes & Trends investment themes. The Fund was overweight Tecan Group largely because of our High Quality Business Models and Sentiment Analysis investment themes. Our Fundamental Mispricings and Market Themes & Trends investment themes were primarily responsible the Fund's overweight in Aurubis. |

---

---

| | |
|:---|:---|
| **Q** | **What impact did country selection have on the Fund's relative performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | To construct the Fund's portfolio, our quantitative model focuses on stock selection rather than on making country bets. As a result, the Fund is similar to the Index in terms of its country allocations. Relative performance is primarily driven by stock selection, not by country allocations. |

---

---

| | |
|:---|:---|
| **Q** | **How did the Fund use derivatives and similar instruments during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, we used futures and currency forwards to equitize the Fund's cash holdings. In other words, we put the Fund's cash holdings to work by using them as collateral for the purchase of futures contracts. The use of these derivatives did not have a material impact on Fund results during the Reporting Period. |

---

---

| | |
|:---|:---|
| **Q** | **What changes did you make to the Fund's country weightings during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | As mentioned previously, changes in the Fund's country weightings are generally the result of our quantitative model's stock selection. During the Reporting Period, the Fund's overweight positions relative to the Index in Japan and Italy decreased. Its overweights in Spain and Australia changed to rather neutral positions, while its neutral positions in Denmark, Norway and France became overweight positions. Compared to the Index, the Fund's underweight in the U.K. decreased and its underweight in Israel changed to a rather neutral position. The Fund's neutral positions in Switzerland, Belgium and Hong Kong became underweight positions versus the Index during the Reporting Period. |

---

---

| | |
|:---|:---|
| **Q** | **Were there any changes to the Fund's portfolio management team during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | No changes were made to the Fund's portfolio management team during the Reporting Period. |

---

---

| | |
|:---|:---|
| **Q** | **What were the Fund's sector and country weightings at the end of the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | At the end of the Reporting Period, the Fund was overweight relative to the Index in the financials, industrials and consumer discretionary sectors. Compared to the Index, the Fund was underweight the communication services, real estate, consumer staples, health care and information technology sectors. The Fund was relatively neutral versus the Index in the materials, utilities and energy sectors at the end of the Reporting Period. |

---

In terms of countries, the Fund was overweight Denmark, Japan, Norway, France and Italy at the end of the Reporting Period. Compared to the Index, the Fund was underweight the U.K., Switzerland, Belgium, Singapore and Hong Kong. The Fund was relatively neutrally weighted in the remaining country constituents of the Index at the end of the Reporting Period. <br>

**16** 

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FUND BASICS

## International Small Cap Insights Fund
*as of October 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS AS OF 10/31/22<sup>1</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1</sup>** | **TOP TEN HOLDINGS AS OF 10/31/22<sup>1</sup>** |
| **Holding** | **% of Net Assets** | **Line of Business** | **Country** |
| Trelleborg AB, Class B | 1.2% | Capital Goods | Sweden |
| K+S AG | 1.2 | Materials | Germany |
| Incitec Pivot Ltd. | 1.1 | Materials | Australia |
| Charter Hall Group REIT | 1.1 | Real Estate | Australia |
| Leonardo SpA | 1 | Capital Goods | Italy |
| Merlin Properties Socimi SA REIT | 1 | Real Estate | Spain |
| BAWAG Group AG | 1 | Banks | Austria |
| JGC Holdings Corp. | 1 | Capital Goods | Japan |
| SSAB AB, Class B | 1 | Materials | Sweden |
| IG Group Holdings PLC | 0.9 | Diversified Financials | United Kingdom |

---

<sup>1</sup> The top 10 holdings may not be representative of the Fund's future investments.

---

| |
|:---|
| **FUND VS. BENCHMARK SECTOR ALLOCATIONS<sup>2</sup>** |
| **As of October 31, 2022** |

---

![LOGO](g286777g53u91.jpg)

------

<sup>2</sup> The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund's overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard ("GICS"); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.8% of the Fund's net assets at October 31, 2022. The graph depicts the Fund's investments but may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

------

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

**17** 

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GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

## Performance Summary
*October 31, 2022* 

The following graph shows the value, as of October 31, 2022, of a $1,000,000 investment made on November 1, 2012 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund's benchmark, the MSCI<sup>®</sup> EAFE Small Cap Index (Net, USD, Unhedged), 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.

**International Small Cap Insights Fund's 10 Year Performance**

**Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from November 1, 2012 through October 31, 2022.**![LOGO](g286777g15p66.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return through October 31, 2022**\* | **One Year** | **Five Years** | **Ten Years** | **Since Inception** |
|  **Class A** |  |  |  |  |
|  Excluding sales charges | -27.07% | -2.24% | 5.29% |  |
|  Including sales charges | -31.06% | -3.34% | 4.70% |  |
|  **Class C** |  |  |  |  |
|  Excluding contingent deferred sales charges | -27.65% | -2.98% | 4.50% |  |
|  Including contingent deferred sales charges | -28.37% | -2.98% | 4.50% |  |
|  **Institutional** | -26.80% | -1.87% | 5.70% |  |
|  **Investor** | -26.90% | -2.01% | 5.55% |  |
|  **Class R6 (Commenced July 31, 2015)** | -26.81% | -1.88% | N/A | 2.43% |
|  **Class P (Commenced April 16, 2018)** | -26.81% | N/A | N/A | -3.21% |

---

\* 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 R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Returns.

**18** 

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FUND BASICS

## Index Definitions
**The MSCI Emerging Markets Standard Index** (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of November 30, 2022, the MSCI<sup>®</sup> Emerging Markets Standard Index (Net, USD, Unhedged) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The MSCI<sup>®</sup> Emerging Markets Standard Index (Net, USD, Unhedged) figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

**The MSCI<sup>®</sup> EAFE Standard Index** (Net, USD, Unhedged) is a market capitalization weighted composite of securities in 21 developed markets. As of November 30, 2022, the MSCI<sup>®</sup> EAFE Standard Index (Net, USD, Unhedged) consists of the following 21 Developed Markets countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The MSCI<sup>®</sup> EAFE Standard Index (Net, USD, Unhedged) figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

**The MSCI<sup>®</sup> EAFE Small Cap Index** (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI<sup>®</sup> EAFE Small Cap Index (Net, USD, Unhedged) selects the most liquid securities across developed markets relative to their market capitalization, and targets for index inclusion 40% of the full market capitalization of the eligible small cap universe within each industry group, within each country. Its returns include net reinvested dividends but, unlike Fund returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the MSCI<sup>®</sup> EAFE Small Cap Index (Net, USD, Unhedged). It is not possible to invest directly in an index.

It is not possible to invest directly in an unmanaged index.

**19** 

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GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

## Schedule of Investments
*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – 96.1%** | **Common Stocks – 96.1%** | **Common Stocks – 96.1%** |
| **Brazil – 7.4%** | **Brazil – 7.4%** | **Brazil – 7.4%** |
| 1621400 | Ambev SA ADR (Food, Beverage & Tobacco) | $4929056 |
| 1323500 | Banco Bradesco SA (Banks) | 4263487 |
| 253800 | Banco Bradesco SA ADR (Banks) | 961902 |
| 3506600 | Banco do Brasil SA (Banks) | 25131029 |
| 1888800 | BB Seguridade Participacoes SA (Insurance) | 10856349 |
| 6770470 | Cia Energetica de Minas Gerais ADR (Utilities) | 14827329 |
| 47939 | Cia Energetica de Minas Gerais (Utilities) | 160462 |
| 140300 | Cia Paranaense de Energia (Utilities) | 999252 |
| 4700000 | Cielo SA (Software & Services) | 5413803 |
| 19400 | Cosan SA ADR (Energy)<sup>(a)</sup> | 250648 |
| 212300 | Enauta Participacoes SA (Energy) | 626358 |
| 252300 | Grendene SA (Consumer Durables & Apparel) | 354602 |
| 41100 | Itau Unibanco Holding SA (Banks) | 202258 |
| 152500 | Kepler Weber SA (Capital Goods) | 764640 |
| 94300 | Odontoprev SA (Health Care Equipment & Services) | 151157 |
| 69300 | Petro Rio SA (Energy)\* | 474790 |
| 1988450 | Petroleo Brasileiro SA ADR (Energy) | 25491929 |
| 481300 | Santos Brasil Participacoes SA (Transportation) | 847901 |
| 1316400 | Vale SA, Class B ADR (Materials) | 17034216 |
| 194600 | Zamp SA (Consumer Services)\* | 289329 |
|  |  | 114030497 |
| **Chile – 1.1%** | **Chile – 1.1%** | **Chile – 1.1%** |
| 15081970 | Cia Sud Americana de Vapores SA (Transportation) | 1047026 |
| 177984 | Quinenco SA (Capital Goods) | 473303 |
| 155591 | Sociedad Quimica y Minera de Chile SA ADR (Materials) | 14575765 |
|  |  | 16096094 |
| **China – 28.3%** | **China – 28.3%** | **China – 28.3%** |
| 24165000 | Agricultural Bank of China Ltd., Class H (Banks) | 6897500 |
| 4360000 | Alibaba Group Holding Ltd. (Retailing)\* | 33898594 |
| 338000 | Anhui Expressway Co. Ltd., Class H (Transportation) | 216026 |
| 130100 | Anhui Gujing Distillery Co. Ltd., Class A (Food, Beverage & Tobacco) | 3504343 |
| 199000 | ANTA Sports Products Ltd. (Consumer Durables & Apparel) | 1749532 |
| 602424 | Asia – Potash International Investment Guangzhou Co. Ltd., Class A (Materials)\* | 2093731 |
| 26200 | Autohome, Inc. ADR (Media & Entertainment) | 684344 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **China – (continued)** | **China – (continued)** | **China – (continued)** |
| 220800 | Baidu, Inc., Class A (Media & Entertainment)\* | 2116810 |
| 4258000 | Bank of Communications Co. Ltd., Class H (Banks) | 2077560 |
| 6476730 | Bank of Jiangsu Co. Ltd., Class A (Banks) | 6114763 |
| 60500 | Beijing Enterprises Holdings Ltd. (Utilities) | 153482 |
| 97310 | Beijing Tongrentang Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | 647626 |
| 1680000 | Bosideng International Holdings Ltd. (Consumer Durables & Apparel) | 725604 |
| 424000 | BYD Co. Ltd., Class H (Automobiles & Components) | 9498933 |
| 23741000 | CGN Power Co. Ltd., Class H (Utilities)<sup>(b)</sup> | 4809161 |
| 4204000 | China BlueChemical Ltd., Class H (Materials) | 802457 |
| 1947000 | China CITIC Bank Corp. Ltd., Class H (Banks) | 733937 |
| 43997000 | China Construction Bank Corp., Class H (Banks) | 23348702 |
| 2624000 | China Education Group Holdings Ltd. (Consumer Services) | 1536271 |
| 2894000 | China Galaxy Securities Co. Ltd., Class H (Diversified Financials) | 1083678 |
| 664050 | China International Marine Containers Group Co. Ltd., Class H (Capital Goods) | 422692 |
| 1019000 | China Medical System Holdings Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 1113689 |
| 169500 | China Merchants Bank Co. Ltd., Class H (Banks) | 554926 |
| 76000 | China Merchants Port Holdings Co. Ltd. (Transportation) | 89102 |
| 3844400 | China Pacific Insurance Group Co. Ltd., Class H (Insurance) | 6197147 |
| 280000 | China Resources Beer Holdings Co. Ltd. (Food, Beverage & Tobacco) | 1321194 |
| 4306500 | China Resources Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)<sup>(b)</sup> | 2905082 |
| 189500 | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | 1408649 |
| 3186500 | China Shenhua Energy Co. Ltd., Class H (Energy) | 8370487 |
| 665000 | China XLX Fertiliser Ltd. (Materials) | 253828 |
| 4050500 | China Yongda Automobiles Services Holdings Ltd. (Retailing) | 1816840 |

---

---

| | |
|:---|:---|
| **20** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **China – (continued)** | **China – (continued)** | **China – (continued)** |
| 4328000 | CITIC Ltd. (Capital Goods) | $3872887 |
| 99250 | COSCO SHIPPING Holdings Co. Ltd., Class H (Transportation) | 106959 |
| 2116755 | Daan Gene Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | 5150242 |
| 2112800 | Daqin Railway Co. Ltd., Class A (Transportation) | 1845884 |
| 157000 | Daqo New Energy Corp. ADR (Semiconductors & Semiconductor Equipment)\* | 6906430 |
| 1496000 | Dongfeng Motor Group Co. Ltd., Class H (Automobiles & Components) | 676797 |
| 84600 | ENN Energy Holdings Ltd. (Utilities) | 841098 |
| 331800 | Gree Electric Appliances Inc of Zhuhai, Class A (Consumer Durables & Apparel) | 1299809 |
| 1527770 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care Equipment & Services) | 5613520 |
| 994000 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H (Health Care Equipment & Services) | 2217506 |
| 529000 | Haitian International Holdings Ltd. (Capital Goods) | 1059143 |
| 1514100 | Henan Shenhuo Coal & Power Co. Ltd., Class A (Materials) | 2897122 |
| 733000 | Huaibei Mining Holdings Co. Ltd., Class A (Materials) | 1300199 |
| 20160 | Imeik Technology Development Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | 1158382 |
| 493599 | Inner Mongolia ERDOS Resources Co. Ltd., Class A (Materials) | 938530 |
| 1259171 | JD.com, Inc., Class A (Retailing) | 22930159 |
| 511719 | Jiangsu Yangnong Chemical Co. Ltd., Class A (Materials) | 6446321 |
| 1095500 | Kingboard Holdings Ltd. (Technology Hardware & Equipment) | 2704417 |
| 16626000 | Kunlun Energy Co. Ltd. (Utilities) | 9936861 |
| 309500 | Li Ning Co. Ltd. (Consumer Durables & Apparel) | 1601019 |
| 280928 | LONGi Green Energy Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 1845573 |
| 232894 | Luzhou Laojiao Co. Ltd., Class A (Food, Beverage & Tobacco) | 4969596 |
| 846800 | Meituan, Class B (Retailing)\*<sup>(b)</sup> | 13557730 |
| 2568300 | NetEase, Inc. (Media & Entertainment) | 28495940 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **China – (continued)** | **China – (continued)** | **China – (continued)** |
| 651000 | New Oriental Education & Technology Group, Inc. (Consumer Services)\* | 1524414 |
| 48550 | Ningbo Deye Technology Co. Ltd., Class A (Capital Goods) | 2167070 |
| 1216800 | Nongfu Spring Co. Ltd., Class H (Food, Beverage & Tobacco)<sup>(b)</sup> | 6111849 |
| 14999000 | People's Insurance Co. Group of China Ltd. (The), Class H (Insurance) | 4145121 |
| 26452000 | PetroChina Co. Ltd., Class H (Energy) | 10118611 |
| 25854000 | PICC Property & Casualty Co. Ltd., Class H (Insurance) | 23845433 |
| 254300 | Pinduoduo, Inc. ADR (Retailing)\* | 13943269 |
| 2069172 | Ping An Insurance Group Co. of China Ltd., Class A (Insurance) | 10219741 |
| 1380500 | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 5526680 |
| 252700 | Shaanxi Coal Industry Co. Ltd., Class A (Energy) | 683222 |
| 7709648 | Shanghai International Port Group Co. Ltd., Class A (Transportation) | 5439466 |
| 122200 | Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | 506570 |
| 6722000 | Shougang Fushan Resources Group Ltd. (Materials) | 1820965 |
| 2147806 | Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | 7263171 |
| 2032000 | Sinofert Holdings Ltd. (Materials)\* | 201792 |
| 3621000 | SITC International Holdings Co. Ltd. (Transportation) | 5930466 |
| 1905300 | Tencent Holdings Ltd. (Media & Entertainment) | 50065176 |
| 394400 | Tencent Music Entertainment Group, 02/28/23 ADR (Media & Entertainment)\* | 1423784 |
| 1196000 | Topsports International Holdings Ltd., 02/28/23 (Retailing)<sup>(b)</sup> | 603068 |
| 137400 | Trip.com Group Ltd., 02/28/23 ADR (Consumer Services)\* | 3109362 |
| 117122 | Tsingtao Brewery Co. Ltd., Class A, 02/28/23 (Food, Beverage & Tobacco) | 1308122 |
| 1360000 | Tsingtao Brewery Co. Ltd., Class H, 02/28/23 (Food, Beverage & Tobacco) | 9521491 |
| 207000 | Uni-President China Holdings Ltd., 02/28/23 (Food, Beverage & Tobacco) | 152874 |
| 1040700 | Vipshop Holdings Ltd., 02/28/23 ADR (Retailing)\* | 7253679 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **21** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

## Schedule of Investments (continued)
*October 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **China – (continued)** | **China – (continued)** | **China – (continued)** | **China – (continued)** |
| 100500 | Wuxi Biologics Cayman, Inc., 02/28/23 (Pharmaceuticals, Biotechnology & Life Sciences)\*<sup>(b)</sup> | $| 452214 |
| 91400 | Yankuang Energy Group Co. Ltd., Class A, 02/28/23 (Energy) |  | 505677 |
| 12400 | Zai Lab Ltd., 02/28/23 ADR (Pharmaceuticals, Biotechnology & Life Sciences)\* |  | 276272 |
| 113600 | Zangge Mining Co. Ltd., Class A, 02/28/23 (Materials) |  | 422225 |
| 124880 | Zhejiang NHU Co. Ltd., Class A, 02/28/23 (Pharmaceuticals, Biotechnology & Life Sciences) |  | 304898 |
| 198356 | Zhejiang Orient Gene Biotech Co. Ltd., Class A, 02/28/23 (Pharmaceuticals, Biotechnology & Life Sciences) |  | 2228628 |
| 301600 | Zhongji Innolight Co. Ltd., Class A, 02/28/23 (Technology Hardware & Equipment) |  | 1204797 |
| 204200 | ZTE Corp., Class H, 02/28/23 (Technology Hardware & Equipment) |  | 364261 |
|  |  |  | 434163182 |
| **Greece – 0.3%** | **Greece – 0.3%** | **Greece – 0.3%** | **Greece – 0.3%** |
| 2700 | JUMBO SA, 02/28/23 (Retailing) |  | 38350 |
| 352340 | OPAP SA, 02/28/23 (Consumer Services) |  | 4317276 |
|  |  |  | 4355626 |
| **Hong Kong – 0.6%** | **Hong Kong – 0.6%** | **Hong Kong – 0.6%** | **Hong Kong – 0.6%** |
| 940000 | Concord New Energy Group Ltd., 02/28/23 (Utilities) |  | 71820 |
| 22500 | Orient Overseas International Ltd., 02/28/23 (Transportation) |  | 328796 |
| 19378000 | Sino Biopharmaceutical Ltd., 02/28/23 (Pharmaceuticals, Biotechnology & Life Sciences) |  | 9402896 |
| 352000 | Truly International Holdings Ltd., 02/28/23 (Technology Hardware & Equipment) |  | 43020 |
|  |  |  | 9846532 |
| **India – 14.9%** | **India – 14.9%** | **India – 14.9%** | **India – 14.9%** |
| 44853 | ABB India Ltd., 02/28/23 (Capital Goods) |  | 1652328 |
| 309353 | Adani Enterprises Ltd., 02/28/23 (Capital Goods) |  | 12520557 |
| 94690 | Adani Green Energy Ltd., 02/28/23 (Utilities)\* |  | 2407566 |
| 880723 | Adani Ports & Special Economic Zone Ltd., 02/28/23 (Transportation) |  | 8769535 |
| 3980639 | Adani Power Ltd., 02/28/23 (Utilities)\* |  | 16138765 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **India – (continued)** | **India – (continued)** | **India – (continued)** | **India – (continued)** |
| 12682 | Adani Total Gas Ltd., 02/28/23 (Utilities) |  | 551931 |
| 5974 | Adani Transmission Ltd., 02/28/23 (Utilities)\* |  | 241920 |
| 203708 | Apollo Hospitals Enterprise Ltd., 02/28/23 (Health Care Equipment & Services) |  | 11123250 |
| 818221 | Ashok Leyland Ltd., 02/28/23 (Capital Goods) |  | 1516656 |
| 412900 | Axis Bank Ltd., 02/28/23 (Banks) |  | 4528058 |
| 49261 | Balrampur Chini Mills Ltd., 02/28/23 (Food, Beverage & Tobacco) |  | 188158 |
| 126018 | Bank of Baroda, 02/28/23 (Banks) |  | 225066 |
| 13004310 | Bharat Electronics Ltd., 02/28/23 (Capital Goods) |  | 16782316 |
| 629165 | Coromandel International Ltd., 02/28/23 (Materials) |  | 7314099 |
| 568364 | Devyani International Ltd., 02/28/23 (Consumer Services)\* |  | 1331143 |
| 80027 | Eicher Motors Ltd., 02/28/23 (Automobiles & Components) |  | 3728736 |
| 8306 | EID Parry India Ltd., 02/28/23 (Materials) |  | 62178 |
| 38990 | Finolex Cables Ltd., 02/28/23 (Capital Goods) |  | 245576 |
| 5431999 | GAIL India Ltd., 02/28/23 (Utilities) |  | 5987738 |
| 108706 | Great Eastern Shipping Co. Ltd. (The), 02/28/23 (Energy) |  | 731187 |
| 699639 | Gujarat Narmada Valley Fertilizers & Chemicals Ltd., 02/28/23 (Materials) |  | 6004919 |
| 1482725 | Gujarat State Fertilizers & Chemicals Ltd., 02/28/23 (Materials) |  | 2207566 |
| 746145 | Hindustan Zinc Ltd., 02/28/23 (Materials) |  | 2557105 |
| 761299 | ICICI Bank Ltd., 02/28/23 ADR (Banks) |  | 16779030 |
| 243270 | Infosys Ltd., 02/28/23 ADR (Software & Services) |  | 4556447 |
| 6262307 | ITC Ltd., 02/28/23 (Food, Beverage & Tobacco) |  | 26403965 |
| 86954 | JK Paper Ltd., 02/28/23 (Materials) |  | 436251 |
| 24797 | Larsen & Toubro Ltd., 02/28/23 (Capital Goods) |  | 607108 |
| 14807 | Linde India Ltd., 02/28/23 (Materials) |  | 549719 |
| 714029 | Mahindra & Mahindra Ltd., 02/28/23 (Automobiles & Components) |  | 11653694 |
| 57091 | Narayana Hrudayalaya Ltd., 02/28/23 (Health Care Equipment & Services) |  | 545889 |

---

---

| | |
|:---|:---|
| **22** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **India – (continued)** | **India – (continued)** | **India – (continued)** |
| 490622 | Oil India Ltd., 02/28/23 (Energy) | 1142179 |
| 6307525 | Power Finance Corp. Ltd., 02/28/23 (Diversified Financials) | 8787407 |
| 4146679 | Power Grid Corp. of India Ltd., 02/28/23 (Utilities) | 11440998 |
| 6981545 | REC Ltd., 02/28/23 (Diversified Financials) | 8650209 |
| 34825 | Reliance Industries Ltd., 02/28/23 (Energy) | 1074587 |
| 158758 | SBI Life Insurance Co. Ltd., 02/28/23 (Insurance)<sup>(b)</sup> | 2432853 |
| 5362 | Schaeffler India Ltd., 02/28/23 (Capital Goods) | 178542 |
| 3045 | Tata Communications Ltd., 02/28/23 (Telecommunication Services) | 46315 |
| 514844 | Tata Consultancy Services Ltd., 02/28/23 (Software & Services) | 19868895 |
| 9610 | Tata Elxsi Ltd., 02/28/23 (Software & Services) | 812296 |
| 64070 | Tata Motors Ltd., 02/28/23 ADR (Automobiles & Components)\*<sup>(a)</sup> | 1602391 |
| 23122 | Torrent Pharmaceuticals Ltd., 02/28/23 (Pharmaceuticals, Biotechnology & Life Sciences) | 461355 |
| 131999 | Trent Ltd., 02/28/23 (Retailing) | 2438077 |
| 55542 | Varun Beverages Ltd., 02/28/23 (Food, Beverage & Tobacco) | 704765 |
| 7000 | WNS Holdings Ltd., 02/28/23 ADR (Software & Services)\* | 602560 |
|  |  | 228591885 |
| **Indonesia – 2.6%** | **Indonesia – 2.6%** | **Indonesia – 2.6%** |
| 2636600 | Adaro Energy Indonesia Tbk PT, 02/28/23 (Energy) | 672646 |
| 4018100 | AKR Corporindo Tbk PT, 02/28/23 (Energy) | 402238 |
| 14739200 | Astra International Tbk PT, 02/28/23 (Automobiles & Components) | 6298512 |
| 19343600 | Bank Mandiri Persero Tbk PT, 02/28/23 (Banks) | 13067638 |
| 1161700 | Bank Negara Indonesia Persero Tbk PT, 02/28/23 (Banks) | 700428 |
| 8246200 | Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT, 02/28/23 (Banks) | 726904 |
| 39513600 | Bank Pembangunan Daerah Jawa Timur Tbk PT, 02/28/23 (Banks) | 1785997 |
| 39726100 | Bank Rakyat Indonesia Persero Tbk PT, 02/28/23 (Banks) | 11851616 |
| 2034000 | Merdeka Copper Gold Tbk PT, 02/28/23 (Materials)\* | 492506 |
| 2828200 | Mitra Adiperkasa Tbk PT, 02/28/23 (Retailing)\* | 218495 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Indonesia – (continued)** | **Indonesia – (continued)** | **Indonesia – (continued)** |
| 2712700 | Mitra Keluarga Karyasehat Tbk PT, 02/28/23 (Health Care Equipment & Services) | 480525 |
| 19753700 | Perusahaan Gas Negara Tbk PT, 02/28/23 (Utilities) | 2502984 |
| 12212400 | Surya Esa Perkasa Tbk PT, 02/28/23 (Materials) | 834119 |
| 2960800 | Timah Tbk PT, 02/28/23 (Materials) | 257495 |
|  |  | 40292103 |
| **Kuwait – 0.0%** | **Kuwait – 0.0%** | **Kuwait – 0.0%** |
| 22335 | Humansoft Holding Co. KSC, 02/28/23 (Consumer Services) | 242441 |
| **Mexico – 3.0%** | **Mexico – 3.0%** | **Mexico – 3.0%** |
| 1506150 | Arca Continental SAB de CV, 02/28/23 (Food, Beverage & Tobacco) | 12337005 |
| 192873 | Coca-Cola Femsa SAB de CV, 02/28/23 ADR (Food, Beverage & Tobacco) | 12110496 |
| 66600 | El Puerto de Liverpool SAB de CV, 02/28/23 (Retailing) | 341387 |
| 323400 | Grupo Aeroportuario del Pacifico SAB de CV, Class B, 02/28/23 (Transportation) | 5009411 |
| 11187 | Grupo Aeroportuario del Sureste SAB de CV, 02/28/23 ADR (Transportation) | 2611269 |
| 1555300 | Grupo Financiero Banorte SAB de CV, Class O, 02/28/23 (Banks) | 12642258 |
| 102900 | Grupo Financiero Inbursa SAB de CV, Class O, 02/28/23 (Banks)\* | 189929 |
|  |  | 45241755 |
| **Peru – 0.3%** | **Peru – 0.3%** | **Peru – 0.3%** |
| 33900 | Credicorp Ltd., 02/28/23 (Banks) | 4961604 |
| **Philippines – 0.1%** | **Philippines – 0.1%** | **Philippines – 0.1%** |
| 786400 | DMCI Holdings, Inc., 02/28/23 (Capital Goods) | 129632 |
| 204080 | International Container Terminal Services, Inc., 02/28/23 (Transportation) | 611764 |
| 156660 | Jollibee Foods Corp. (Consumer Services) | 628414 |
| 172580 | Security Bank Corp., 02/28/23 (Banks) | 258411 |
|  |  | 1628221 |
| **Poland – 0.2%** | **Poland – 0.2%** | **Poland – 0.2%** |
| 26997 | Dino Polska SA (Food & Staples Retailing)\*<sup>(b)</sup> | 1762157 |
| 24548 | Santander Bank Polska SA (Banks) | 1303448 |
|  |  | 3065605 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **23** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Qatar – 0.1%** | **Qatar – 0.1%** | **Qatar – 0.1%** |
| 108033 | Qatar Electricity & Water Co. QSC (Utilities) | $548696 |
| 28841 | Qatar Islamic Bank (Banks) | 192988 |
|  |  | 741684 |
| **Russia – 0.0%** | **Russia – 0.0%** | **Russia – 0.0%** |
| 2397 | Novatek PJSC GDR (Energy)\*<sup>(c)</sup> |  |
| 216156 | Novolipetsk Steel PJSC GDR (Materials)<sup>(c)</sup> |  |
| 106118 | PhosAgro PJSC GDR (Materials)<sup>(c)</sup> |  |
| 683 | PhosAgro PJSC NPV GDR (Materials)<sup>(c)</sup> |  |
| 18426 | Polyus PJSC GDR (Materials)\*<sup>(c)</sup> |  |
| 2789380 | Sberbank of Russia PJSC (Banks)\*<sup>(c)</sup> |  |
| 274080000 | VTB Bank PJSC (Banks)\*<sup>(c)</sup> |  |
| **Saudi Arabia – 3.8%** | **Saudi Arabia – 3.8%** | **Saudi Arabia – 3.8%** |
| 9807 | Abdullah Al Othaim Markets Co. (Food & Staples Retailing) | 296267 |
| 18000 | Al Hammadi Holding (Health Care Equipment & Services) | 215303 |
| 526619 | Al Rajhi Bank (Banks)\* | 11941544 |
| 509749 | Alinma Bank (Banks) | 5085240 |
| 41125 | Arab National Bank (Banks) | 353132 |
| 56333 | Bank Al-Jazira (Banks) | 350488 |
| 123356 | Banque Saudi Fransi (Banks) | 1417975 |
| 824485 | Riyad Bank (Banks) | 7879931 |
| 211932 | SABIC Agri-Nutrients Co. (Materials) | 8954534 |
| 630704 | Sahara International Petrochemical Co. (Materials) | 6790080 |
| 308037 | Saudi Arabian Mining Co. (Materials)\* | 6856356 |
| 841804 | Saudi Arabian Oil Co. (Energy)<sup>(b)</sup> | 7812379 |
| 52956 | Saudi Investment Bank (The) (Banks) | 255459 |
| 16682 | Saudi National Bank (The) (Banks) | 263663 |
|  |  | 58472351 |
| **South Africa – 2.5%** | **South Africa – 2.5%** | **South Africa – 2.5%** |
| 109584 | Absa Group Ltd. (Banks) | 1189998 |
| 30133 | African Rainbow Minerals Ltd. (Materials) | 424319 |
| 21178 | Anglo American Platinum Ltd. (Materials) | 1686322 |
| 7598835 | FirstRand Ltd. (Diversified Financials) | 26565391 |
| 138265 | Impala Platinum Holdings Ltd. (Materials) | 1415649 |
| 251685 | Nedbank Group Ltd. (Banks) | 2980964 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **South Africa – (continued)** | **South Africa – (continued)** | **South Africa – (continued)** |
| 236497 | Rand Merchant Investment Holdings Ltd. (Insurance) | 367194 |
| 1045173 | Truworths International Ltd. (Retailing) | 2974416 |
| 237217 | Vukile Property Fund Ltd. REIT (Real Estate)\* | 173909 |
|  |  | 37778162 |
| **South Korea – 13.4%** | **South Korea – 13.4%** | **South Korea – 13.4%** |
| 54856 | ABLBio, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)\* | 769139 |
| 5378 | Celltrion, Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | 722905 |
| 99739 | Daeduck Electronics Co. Ltd. / New (Technology Hardware & Equipment) | 1716833 |
| 105080 | Daewon Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 1240991 |
| 2804 | Daewoong Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 317448 |
| 131870 | DB Insurance Co. Ltd. (Insurance) | 5204375 |
| 320583 | DGB Financial Group, Inc. (Banks) | 1526553 |
| 155284 | GS Holdings Corp. (Capital Goods) | 5008774 |
| 86211 | Hana Financial Group, Inc. (Banks) | 2492478 |
| 212891 | Hanwha Aerospace Co. Ltd. (Capital Goods) | 9914645 |
| 19449 | HFR, Inc. (Technology Hardware & Equipment)\* | 412850 |
| 22986 | Hite Jinro Co. Ltd. (Food, Beverage & Tobacco) | 413303 |
| 61804 | Hyundai Engineering & Construction Co. Ltd. (Capital Goods) | 1510944 |
| 106503 | Hyundai Motor Co. (Automobiles & Components) | 12273245 |
| 539518 | JB Financial Group Co. Ltd. (Banks) | 2716762 |
| 613770 | KB Financial Group, Inc. (Banks) | 20652792 |
| 510388 | Kia Corp. (Automobiles & Components) | 23718141 |
| 303996 | Korea Aerospace Industries Ltd. (Capital Goods) | 10095882 |
| 307901 | KT&G Corp. (Food, Beverage & Tobacco) | 20679112 |
| 38610 | LF Corp. (Consumer Durables & Apparel) | 401870 |
| 2823 | LG Innotek Co. Ltd. (Technology Hardware & Equipment) | 585672 |
| 40958 | LIG Nex1 Co. Ltd. (Capital Goods) | 2920063 |
| 20599 | Lotte Chilsung Beverage Co. Ltd. (Food, Beverage & Tobacco) | 2028464 |
| 13575 | Lotte Corp. (Capital Goods) | 310232 |
| 88887 | LOTTE Fine Chemical Co. Ltd. (Materials) | 3495350 |

---

---

| | |
|:---|:---|
| **24** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **South Korea – (continued)** | **South Korea – (continued)** | **South Korea – (continued)** | **South Korea – (continued)** |
| 3616 | Lotte Shopping Co. Ltd. (Retailing) | $| 221394 |
| 67864 | LX INTERNATIONAL Corp. (Capital Goods) |  | 1932993 |
| 60839 | MegaStudyEdu Co. Ltd. (Consumer Services) |  | 3656121 |
| 46876 | Meritz Fire & Marine Insurance Co. Ltd. (Insurance) |  | 1033062 |
| 245945 | Meritz Securities Co. Ltd. (Diversified Financials) |  | 637753 |
| 782384 | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) |  | 32562707 |
| 18014 | Samsung SDI Co. Ltd. (Technology Hardware & Equipment) |  | 9293699 |
| 810093 | Shinhan Financial Group Co. Ltd. (Banks) |  | 20589773 |
| 3515 | Shinsegae, Inc. (Retailing) |  | 523364 |
| 35193 | SL Corp. (Automobiles & Components) |  | 757325 |
| 8382 | SNT Motiv Co. Ltd. (Automobiles & Components) |  | 259407 |
| 260383 | Woori Financial Group, Inc. (Banks) |  | 2148680 |
| 9877 | Youngone Corp. (Consumer Durables & Apparel) |  | 327377 |
|  |  |  | 205072478 |
| **Taiwan – 13.2%** | **Taiwan – 13.2%** | **Taiwan – 13.2%** | **Taiwan – 13.2%** |
| 333000 | Advanced International Multitech Co. Ltd. (Consumer Durables & Apparel) |  | 958218 |
| 272000 | Asia Vital Components Co. Ltd. (Technology Hardware & Equipment) |  | 857746 |
| 1730000 | Brighton-Best International Taiwan, Inc. (Capital Goods) |  | 1796376 |
| 1331000 | Catcher Technology Co. Ltd. (Technology Hardware & Equipment) |  | 6991830 |
| 2411350 | Chailease Holding Co. Ltd. (Diversified Financials) |  | 11122805 |
| 172000 | Chicony Electronics Co. Ltd. (Technology Hardware & Equipment) |  | 426719 |
| 218000 | Chung-Hsin Electric & Machinery Manufacturing Corp. (Capital Goods) |  | 333437 |
| 5059000 | Compeq Manufacturing Co. Ltd. (Technology Hardware & Equipment) |  | 6834346 |
| 1025000 | Continental Holdings Corp. (Capital Goods) |  | 886021 |
| 3587000 | CTBC Financial Holding Co. Ltd. (Banks) |  | 2266040 |
| 590000 | Delta Electronics, Inc. (Technology Hardware & Equipment) |  | 4694522 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Taiwan – (continued)** | **Taiwan – (continued)** | **Taiwan – (continued)** | **Taiwan – (continued)** |
| 302000 | Depo Auto Parts Ind Co. Ltd. (Automobiles & Components) |  | 621268 |
| 2585000 | E Ink Holdings, Inc. (Technology Hardware & Equipment) |  | 16425534 |
| 648800 | Evergreen Marine Corp. Taiwan Ltd. (Transportation) |  | 2760193 |
| 732000 | Far EasTone Telecommunications Co. Ltd. (Telecommunication Services) |  | 1604985 |
| 147000 | Feng TAY Enterprise Co. Ltd. (Consumer Durables & Apparel) |  | 730043 |
| 27000 | Formosa Sumco Technology Corp. (Semiconductors & Semiconductor Equipment) |  | 121383 |
| 1350900 | Gold Circuit Electronics Ltd. (Technology Hardware & Equipment) |  | 3575089 |
| 1758000 | Goldsun Building Materials Co. Ltd. (Materials) |  | 1233563 |
| 9423000 | Hon Hai Precision Industry Co. Ltd. (Technology Hardware & Equipment) |  | 29928190 |
| 46000 | International Games System Co. Ltd. (Media & Entertainment) |  | 500825 |
| 828000 | Kinik Co. (Capital Goods) |  | 2607463 |
| 38000 | Largan Precision Co. Ltd. (Technology Hardware & Equipment) |  | 2174055 |
| 2618000 | Lite-On Technology Corp. (Technology Hardware & Equipment) |  | 5184244 |
| 41000 | Lotes Co. Ltd. (Technology Hardware & Equipment) |  | 983956 |
| 186000 | Lotus Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)\* |  | 888519 |
| 469000 | Nan Ya Printed Circuit Board Corp. (Technology Hardware & Equipment) |  | 3059860 |
| 29000 | Polaris Group/Tw (Pharmaceuticals, Biotechnology & Life Sciences)\* |  | 80762 |
| 3259000 | Primax Electronics Ltd. (Technology Hardware & Equipment) |  | 5459681 |
| 2504000 | Sanyang Motor Co. Ltd. (Automobiles & Components) |  | 2817096 |
| 1305000 | Sesoda Corp. (Materials) |  | 1622465 |
| 22000 | Sino-American Silicon Products, Inc. (Semiconductors & Semiconductor Equipment) |  | 84369 |
| 4256000 | SinoPac Financial Holdings Co. Ltd. (Banks) |  | 2123554 |
| 135000 | Stark Technology, Inc. (Technology Hardware & Equipment) |  | 322333 |
| 154000 | TaiDoc Technology Corp. (Health Care Equipment & Services) |  | 811633 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **25** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Taiwan – (continued)** | **Taiwan – (continued)** | **Taiwan – (continued)** |
| 3219000 | Taiwan Fertilizer Co. Ltd. (Materials) | $5218968 |
| 5450000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 65521040 |
| 1883000 | Ton Yi Industrial Corp. (Materials) | 967879 |
| 2015000 | Tong Yang Industry Co. Ltd. (Automobiles & Components) | 2819654 |
| 56000 | TTY Biopharm Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 130077 |
| 1420000 | Unimicron Technology Corp. (Technology Hardware & Equipment) | 5456167 |
|  |  | 203002908 |
| **Thailand – 3.1%** | **Thailand – 3.1%** | **Thailand – 3.1%** |
| 442600 | Bangkok Dusit Medical Services PCL, Class F (Health Care Equipment & Services) | 343523 |
| 4061400 | Bumrungrad Hospital PCL (Health Care Equipment & Services) | 24210099 |
| 17071000 | Chularat Hospital PCL, Class F (Health Care Equipment & Services) | 1588178 |
| 3274200 | Krung Thai Bank PCL (Banks) | 1508723 |
| 56700 | Mega Lifesciences PCL (Pharmaceuticals, Biotechnology & Life Sciences) | 65961 |
| 253300 | PTT Exploration & Production PCL (Energy) | 1211094 |
| 4721000 | SCB X PCL (Banks) | 13190245 |
| 2346100 | SPCG PCL (Utilities) | 845756 |
| 2742900 | Thonburi Healthcare Group PCL (Health Care Equipment & Services) | 4869424 |
|  |  | 47833003 |
| **Turkey – 1.1%** | **Turkey – 1.1%** | **Turkey – 1.1%** |
| 608784 | Anadolu Efes Biracilik Ve Malt Sanayii AS (Food, Beverage & Tobacco) | 1566483 |
| 1568321 | KOC Holding AS (Capital Goods) | 4678473 |
| 1194174 | Turkiye Garanti Bankasi AS (Banks) | 1508967 |
| 8365936 | Turkiye Is Bankasi AS, Class C (Banks) | 4190902 |
| 11002520 | Yapi ve Kredi Bankasi AS (Banks) | 5443851 |
|  |  | 17388676 |
| **United Arab Emirates – 0.1%** | **United Arab Emirates – 0.1%** | **United Arab Emirates – 0.1%** |
| 507366 | Dubai Islamic Bank PJSC (Banks) | 803808 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **United States – 0.0%** | **United States – 0.0%** | **United States – 0.0%** |
| 700 | Legend Biotech Corp. ADR (Pharmaceuticals, Biotechnology & Life Sciences)\* | 34874 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |
| **(Cost $1,676,124,100)** | **(Cost $1,676,124,100)** | $1473643489 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** |
| **Preferred Stocks – 1.4%** | **Preferred Stocks – 1.4%** | **Preferred Stocks – 1.4%** | **Preferred Stocks – 1.4%** |
| **Brazil – 0.8%** | **Brazil – 0.8%** | **Brazil – 0.8%** | |
| 746200 | Itau Unibanco Holding SA<br>(Banks) | 2.60% | $4391536 |
| 129700 | Petroleo Brasileiro SA<br>(Energy) | 38.60 | 748496 |
| 330796 | Unipar Carbocloro SA,<br>Class B (Materials) | 16.66 | 6838778 |
|  |  |  | 11978810 |
| **South Korea – 0.6%** | **South Korea – 0.6%** | **South Korea – 0.6%** |  |
| 284543 | Mirae Asset Securities Co.<br>Ltd. (Diversified<br>Financials) | 7.72 | 722672 |
| 211939 | Samsung Electronics Co.<br>Ltd. (Technology<br>Hardware & Equipment) | 2.56 | 7920566 |
|  |  |  | 8643238 |
| **TOTAL PREFERRED STOCKS** | **TOTAL PREFERRED STOCKS** | **TOTAL PREFERRED STOCKS** |  |
| **(Cost $14,793,784)** | **(Cost $14,793,784)** |  | $20622048 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company – 0.4%<sup>(d)</sup>** | **Investment Company – 0.4%<sup>(d)</sup>** | **Investment Company – 0.4%<sup>(d)</sup>** |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |
| 5459494 | 3.066% | $5459494 |
| **(Cost $5,459,494)** | **(Cost $5,459,494)** |  |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE** |
| **(Cost $1,696,377,378)** | **(Cost $1,696,377,378)** | $1499725031 |

---

---

| | |
|:---|:---|
| **26** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Securities Lending Reinvestment Vehicle – 0.1%<sup>(d)</sup>** | **Securities Lending Reinvestment Vehicle – 0.1%<sup>(d)</sup>** | **Securities Lending Reinvestment Vehicle – 0.1%<sup>(d)</sup>** |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |
| 1701266 | 3.066% | $1701266 |
| **(Cost $1,701,266)** | **(Cost $1,701,266)** |  |
| **TOTAL INVESTMENTS – 98.0%** | **TOTAL INVESTMENTS – 98.0%** | **TOTAL INVESTMENTS – 98.0%** |
| **(Cost $1,698,078,644)** | **(Cost $1,698,078,644)** | $1501426297 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES – 2.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 2.0%** | 31935000 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $1533361297 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
|  \* | Non-income producing security. |
| (a) | All or a portion of security is on loan. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (d) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
|  **Investment Abbreviations:** | **Investment Abbreviations:** |
|  ADR | —American Depositary Receipt |
|  GDR | —Global Depositary Receipt |
|  REIT | —Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| **Sector Name** | **% of<br>Market<br>Value** |
|  Financials | 25.6% |
|  Information Technology | 17.0 |
|  Consumer Discretionary | 13.5 |
|  Industrials | 8.0 |
|  Materials | 7.7 |
|  Consumer Staples | 7.3 |
|  Health Care | 6.0 |
|  Communication Services | 5.6 |
|  Utilities | 4.8 |
|  Energy | 4.0 |
|  Investment Company | 0.4 |
|  Real Estate | 0.0 |
|  Securities Lending Reinvestment Vehicle | 0.1 |
| **TOTAL INVESTMENTS** | 100.0% |

---

**ADDITIONAL INVESTMENT INFORMATION**

FUTURES CONTRACTS — At October 31, 2022, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  MSCI Emerging Markets E-Mini Index | 403 | 12/16/22 | $19946460 | $(2746420) |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At October 31, 2022, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  Morgan Stanley & Co. | USD | 2780115 | ZAR | 49893000 | 11/1/2022 | $63926 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **27** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

## Schedule of Investments
*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – 97.8%** | **Common Stocks – 97.8%** | **Common Stocks – 97.8%** |
| **Australia – 8.4%** | **Australia – 8.4%** | **Australia – 8.4%** |
| 70877 | Allkem Ltd. (Materials)\* | $654880 |
| 179909 | ASX Ltd. (Diversified Financials) | 7795184 |
| 5146902 | Aurizon Holdings Ltd. (Transportation) | 11927264 |
| 1108542 | Australia & New Zealand Banking Group Ltd. (Banks) | 18162068 |
| 641314 | BHP Group Ltd. (Materials) | 15404498 |
| 251787 | Charter Hall Group REIT (Real Estate) | 2090045 |
| 270482 | Commonwealth Bank of Australia (Banks) | 18134956 |
| 449695 | Glencore PLC (Materials) | 2578136 |
| 4075723 | Incitec Pivot Ltd. (Materials) | 9801919 |
| 83857 | Macquarie Group Ltd. (Diversified Financials) | 9097046 |
| 420834 | National Australia Bank Ltd. (Banks) | 8741586 |
| 612901 | Pilbara Minerals Ltd. (Materials)\* | 1992083 |
| 1872387 | Santos Ltd. (Energy) | 9140358 |
| 3880340 | Telstra Group Ltd. (Telecommunication Services)\* | 9729676 |
| 915255 | Treasury Wine Estates Ltd. (Food, Beverage & Tobacco) | 7584513 |
|  |  | 132834212 |
| **Austria – 0.5%** | **Austria – 0.5%** | **Austria – 0.5%** |
| 86533 | BAWAG Group AG (Banks)\*<sup>(a)</sup> | 4177454 |
| 78743 | Erste Group Bank AG (Banks) | 1940617 |
| 127521 | Raiffeisen Bank International AG (Banks) | 1773465 |
|  |  | 7891536 |
| **Belgium – 1.3%** | **Belgium – 1.3%** | **Belgium – 1.3%** |
| 56314 | D'ieteren Group (Retailing) | 9372242 |
| 126879 | KBC Group NV (Banks) | 6358639 |
| 65194 | UCB SA (Pharmaceuticals, Biotechnology & Life Sciences) | 4913532 |
|  |  | 20644413 |
| **Brazil – 0.0%** | **Brazil – 0.0%** | **Brazil – 0.0%** |
| 21114 | Yara International ASA (Materials) | 942348 |
| **Canada – 0.4%** | **Canada – 0.4%** | **Canada – 0.4%** |
| 589863 | International Petroleum Corp. (Energy)\* | 5845028 |
| **Denmark – 5.6%** | **Denmark – 5.6%** | **Denmark – 5.6%** |
| 2255 | AP Moller – Maersk A/S, Class A (Transportation) | 4511546 |
| 4958 | AP Moller – Maersk A/S, Class B (Transportation) | 10358119 |
| 91056 | Carlsberg AS, Class B (Food, Beverage & Tobacco) | 10721453 |
| 49041 | D/S Norden A/S (Transportation) | 2538120 |
| 39099 | Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)\* | 15061237 |
| 87510 | Jyske Bank A/S (Banks)\* | 4722844 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Denmark – (continued)** | **Denmark – (continued)** | **Denmark – (continued)** |
| 370127 | Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences) | 40244375 |
|  |  | 88157694 |
| **Finland – 2.0%** | **Finland – 2.0%** | **Finland – 2.0%** |
| 454517 | Kesko OYJ, Class B (Food & Staples Retailing) | 8845210 |
| 645335 | Nokia OYJ (Technology Hardware & Equipment) | 2867816 |
| 1705478 | Nordea Bank Abp (Banks) | 16291612 |
| 246401 | Stora Enso OYJ, Class R (Materials) | 3212777 |
|  |  | 31217415 |
| **France – 11.1%** | **France – 11.1%** | **France – 11.1%** |
| 146630 | Airbus SE (Capital Goods) | 15865923 |
| 4899 | Alten SA (Software & Services) | 572352 |
| 19382 | BNP Paribas SA (Banks) | 908898 |
| 55348 | Carrefour SA (Food & Staples Retailing) | 890851 |
| 82832 | Cie de Saint-Gobain (Capital Goods) | 3386253 |
| 39614 | Covivio REIT (Real Estate) | 2120998 |
| 41103 | Dassault Aviation SA (Capital Goods) | 6104556 |
| 267976 | Dassault Systemes (Software & Services) | 8982230 |
| 203950 | Edenred (Software & Services) | 10455747 |
| 38499 | Eiffage SA (Capital Goods) | 3481150 |
| 1692 | Gaztransport Et Technigaz SA (Energy) | 196845 |
| 32444 | Gecina SA REIT (Real Estate) | 2892516 |
| 12099 | Hermes International (Consumer Durables & Apparel) | 15660779 |
| 64277 | Ipsen SA (Pharmaceuticals, Biotechnology & Life Sciences) | 6605610 |
| 17734 | Kering (Consumer Durables & Apparel) | 8121488 |
| 46345 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel) | 29243464 |
| 50229 | Pernod Ricard SA (Food, Beverage & Tobacco) | 8815759 |
| 193570 | Publicis Groupe SA (Media & Entertainment) | 10840773 |
| 261903 | Sanofi (Pharmaceuticals, Biotechnology & Life Sciences) | 22538817 |
| 99770 | SCOR SE (Insurance) | 1500356 |
| 533681 | Societe Generale SA (Banks) | 12241065 |
| 28574 | Thales SA (Capital Goods) | 3634041 |
|  |  | 175060471 |
| **Germany – 6.2%** | **Germany – 6.2%** | **Germany – 6.2%** |
| 67870 | alstria office REIT-AG REIT (Real Estate) | 601209 |
| 354419 | Bayer AG (Pharmaceuticals, Biotechnology & Life Sciences) | 18635736 |

---

---

| | |
|:---|:---|
| **28** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Germany – (continued)** | **Germany – (continued)** | **Germany – (continued)** | **Germany – (continued)** |
| 92333 | Brenntag SE (Capital Goods) | $| 5602431 |
| 1660290 | E.ON SE (Utilities) |  | 13903261 |
| 13295 | GEA Group AG (Capital Goods) |  | 464720 |
| 7866 | Hapag-Lloyd AG (Transportation)<sup>(a)(b)</sup> |  | 1418533 |
| 147046 | HUGO BOSS AG (Consumer Durables & Apparel) |  | 6772553 |
| 527742 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment) |  | 12805917 |
| 502419 | K+S AG (Materials) |  | 11092910 |
| 94844 | Merck KGaA (Pharmaceuticals, Biotechnology & Life Sciences) |  | 15456269 |
| 45922 | MTU Aero Engines AG (Capital Goods) |  | 8218128 |
| 20862 | Wacker Chemie AG (Materials) |  | 2428869 |
|  |  |  | 97400536 |
| **Hong Kong – 0.4%** | **Hong Kong – 0.4%** | **Hong Kong – 0.4%** | **Hong Kong – 0.4%** |
| 65000 | Jardine Matheson Holdings Ltd. (Capital Goods) |  | 2977000 |
| 208000 | Sun Hung Kai Properties Ltd. (Real Estate) |  | 2235235 |
| 124500 | Swire Pacific Ltd., Class A (Real Estate) |  | 825873 |
|  |  |  | 6038108 |
| **Israel – 0.1%** | **Israel – 0.1%** | **Israel – 0.1%** | **Israel – 0.1%** |
| 130096 | ICL Group Ltd. (Materials) |  | 1173154 |
| **Italy – 1.6%** | **Italy – 1.6%** | **Italy – 1.6%** | **Italy – 1.6%** |
| 1848262 | Banco BPM SpA (Banks) |  | 5591950 |
| 287245 | Davide Campari-Milano NV (Food, Beverage & Tobacco) |  | 2579555 |
| 935441 | Leonardo SpA (Capital Goods) |  | 7515424 |
| 112456 | Moncler SpA (Consumer Durables & Apparel) |  | 4851830 |
| 72586 | Prysmian SpA (Capital Goods) |  | 2362539 |
| 29259 | Reply SpA (Software & Services) |  | 3182608 |
|  |  |  | 26083906 |
| **Japan – 22.5%** | **Japan – 22.5%** | **Japan – 22.5%** | **Japan – 22.5%** |
| 48600 | AGC, Inc. (Capital Goods) |  | 1522879 |
| 53600 | Air Water, Inc. (Materials) |  | 598434 |
| 175800 | Aozora Bank Ltd. (Banks) |  | 3024070 |
| 34700 | Asahi Group Holdings Ltd. (Food, Beverage & Tobacco) |  | 970932 |
| 371800 | Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 5130166 |
| 110000 | Central Japan Railway Co. (Transportation) |  | 12735421 |
| 491200 | Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 11382019 |
| 50300 | Coca-Cola Bottlers Japan Holdings, Inc. (Food, Beverage & Tobacco) |  | 454458 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Japan – (continued)** | **Japan – (continued)** | **Japan – (continued)** | **Japan – (continued)** |
| 86200 | Daiwa House Industry Co. Ltd. (Real Estate) |  | 1736700 |
| 163300 | ENEOS Holdings, Inc. (Energy) |  | 538671 |
| 235800 | Fujikura Ltd. (Capital Goods) |  | 1396167 |
| 19900 | Hisamitsu Pharmaceutical Co., Inc. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 490967 |
| 396000 | Honda Motor Co. Ltd. (Automobiles & Components) |  | 9029780 |
| 104700 | IHI Corp. (Capital Goods) |  | 2335231 |
| 760500 | Inpex Corp. (Energy) |  | 7675268 |
| 300100 | Inui Global Logistics Co. Ltd. (Commercial & Professional Services)<sup>(b)</sup> |  | 3829613 |
| 55300 | Isetan Mitsukoshi Holdings Ltd. (Retailing) |  | 491182 |
| 499500 | ITOCHU Corp. (Capital Goods) |  | 12909355 |
| 357700 | J Front Retailing Co. Ltd. (Retailing) |  | 2891302 |
| 238500 | JGC Holdings Corp. (Capital Goods) |  | 2868573 |
| 26900 | Kamigumi Co. Ltd. (Transportation) |  | 511549 |
| 22500 | Kaneka Corp. (Materials) |  | 557939 |
| 157400 | Kansai Electric Power Co., Inc. (The) (Utilities) |  | 1192347 |
| 68800 | KDDI Corp. (Telecommunication Services) |  | 2033520 |
| 164500 | Konami Group Corp. (Media & Entertainment) |  | 7210255 |
| 26300 | Kyowa Kirin Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 619410 |
| 27400 | Kyushu Railway Co. (Transportation) |  | 573036 |
| 11300 | Lawson, Inc. (Food & Staples Retailing) |  | 361001 |
| 1339400 | Marubeni Corp. (Capital Goods) |  | 11724998 |
| 30900 | Maruha Nichiro Corp. (Food, Beverage & Tobacco) |  | 476471 |
| 207900 | Mazda Motor Corp. (Automobiles & Components) |  | 1399783 |
| 513000 | Mitsubishi Corp. (Capital Goods) |  | 13896597 |
| 969300 | Mitsubishi Estate Co. Ltd. (Real Estate) |  | 12189237 |
| 256800 | Mitsubishi Gas Chemical Co., Inc. (Materials) |  | 3263214 |
| 3067800 | Mitsubishi HC Capital, Inc. (Diversified Financials) |  | 13164111 |
| 26100 | Mitsubishi Heavy Industries Ltd. (Capital Goods) |  | 898991 |
| 25800 | Mitsubishi Logistics Corp. (Transportation) |  | 566140 |
| 378200 | Mitsui & Co. Ltd. (Capital Goods) |  | 8369259 |
| 734500 | Mitsui Fudosan Co. Ltd. (Real Estate) |  | 14064480 |
| 77000 | MS&AD Insurance Group Holdings, Inc. (Insurance) |  | 2039053 |
| 296600 | NGK Insulators Ltd. (Capital Goods) |  | 3460155 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **29** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

## Schedule of Investments (continued)
*October 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Japan – (continued)** | **Japan – (continued)** | **Japan – (continued)** | **Japan – (continued)** |
| 167000 | NGK Spark Plug Co. Ltd. (Automobiles & Components) | $| 3046757 |
| 18800 | Nikon Corp. (Consumer Durables & Apparel) |  | 181817 |
| 162900 | NIPPON EXPRESS HOLDINGS, Inc. (Transportation) |  | 8185387 |
| 16600 | NS United Kaiun Kaisha Ltd. (Transportation) |  | 413145 |
| 1528400 | Obayashi Corp. (Capital Goods) |  | 9810292 |
| 11900 | Ono Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 280049 |
| 84300 | Oriental Land Co. Ltd. (Consumer Services) |  | 11290104 |
| 833000 | ORIX Corp. (Diversified Financials) |  | 12234856 |
| 39000 | Recruit Holdings Co. Ltd. (Commercial & Professional Services) |  | 1200076 |
| 1180700 | Ricoh Co. Ltd. (Technology Hardware & Equipment) |  | 8651924 |
| 112200 | Round One Corp. (Consumer Services) |  | 477401 |
| 15000 | Sankyo Co. Ltd. (Consumer Durables & Apparel) |  | 495328 |
| 1399100 | Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 9574042 |
| 501400 | SBI Holdings, Inc. (Diversified Financials) |  | 9057320 |
| 119300 | SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 6548010 |
| 178000 | Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 8265831 |
| 254000 | SoftBank Corp. (Telecommunication Services) |  | 2505555 |
| 48500 | SoftBank Group Corp. (Telecommunication Services) |  | 2081922 |
| 39600 | Sompo Holdings, Inc. (Insurance) |  | 1651015 |
| 772300 | Sumitomo Corp. (Capital Goods) |  | 9818843 |
| 404400 | Sumitomo Forestry Co. Ltd. (Consumer Durables & Apparel) |  | 6326261 |
| 45100 | Sumitomo Heavy Industries Ltd. (Capital Goods) |  | 854859 |
| 523100 | Sumitomo Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 3643868 |
| 226000 | Sumitomo Realty & Development Co. Ltd. (Real Estate) |  | 5183063 |
| 37500 | Taisho Pharmaceutical Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 1352552 |
| 53800 | Takashimaya Co. Ltd. (Retailing) |  | 665528 |
| 61100 | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 1613590 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Japan – (continued)** | **Japan – (continued)** | **Japan – (continued)** | **Japan – (continued)** |
| 17900 | Toho Gas Co. Ltd. (Utilities) |  | 333509 |
| 21300 | Tokyo Century Corp. (Diversified Financials) |  | 726487 |
| 831800 | Tokyo Gas Co. Ltd. (Utilities) |  | 14865510 |
| 28600 | Tokyo Tatemono Co. Ltd. (Real Estate) |  | 393317 |
| 565400 | Tokyu Fudosan Holdings Corp. (Real Estate) |  | 2868599 |
| 392000 | TOPPAN, Inc. (Commercial & Professional Services) |  | 5846357 |
| 548800 | Tosoh Corp. (Materials) |  | 5970662 |
| 116100 | Toyota Motor Corp. (Automobiles & Components) |  | 1610842 |
| 203100 | Toyota Tsusho Corp. (Capital Goods) |  | 6817232 |
| 90500 | West Japan Railway Co. (Transportation) |  | 3588015 |
| 293900 | Yamaha Motor Co. Ltd. (Automobiles & Components) |  | 6066852 |
|  |  |  | 355079511 |
| **Netherlands – 4.4%** | **Netherlands – 4.4%** | **Netherlands – 4.4%** | **Netherlands – 4.4%** |
| 11161 | Aalberts NV (Capital Goods) |  | 387194 |
| 47178 | ASML Holding NV (Semiconductors & Semiconductor Equipment) |  | 22130599 |
| 26214 | ASR Nederland NV (Insurance) |  | 1154279 |
| 45611 | Heineken Holding NV (Food, Beverage & Tobacco) |  | 3112231 |
| 146517 | Heineken NV (Food, Beverage & Tobacco) |  | 12239191 |
| 161847 | OCI NV (Materials) |  | 6190311 |
| 892222 | Shell PLC (Energy) |  | 24719111 |
|  |  |  | 69932916 |
| **Norway – 1.4%** | **Norway – 1.4%** | **Norway – 1.4%** | **Norway – 1.4%** |
| 151617 | Aker Solutions ASA (Energy) |  | 578881 |
| 210280 | DNB Bank ASA (Banks) |  | 3719197 |
| 349772 | Equinor ASA (Energy) |  | 12743496 |
| 13390 | Kongsberg Gruppen ASA (Capital Goods) |  | 480171 |
| 2416049 | MPC Container Ships ASA (Transportation) |  | 3811312 |
| 1382481 | PGS ASA (Energy)\* |  | 890925 |
|  |  |  | 22223982 |
| **Singapore – 1.1%** | **Singapore – 1.1%** | **Singapore – 1.1%** | **Singapore – 1.1%** |
| 28000 | Jardine Cycle & Carriage Ltd. (Capital Goods) |  | 588103 |
| 818300 | Keppel Corp. Ltd. (Capital Goods) |  | 4027688 |
| 547800 | Oversea-Chinese Banking Corp. Ltd. (Banks) |  | 4702365 |
| 762100 | Singapore Exchange Ltd. (Diversified Financials) |  | 4531929 |
| 108841 | STMicroelectronics NV (Semiconductors & Semiconductor Equipment) |  | 3384565 |
|  |  |  | 17234650 |

---

---

| | |
|:---|:---|
| **30** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **South Africa – 0.7%** | **South Africa – 0.7%** | **South Africa – 0.7%** |
| 386196 | Anglo American PLC (Materials) | $11568207 |
| **Spain – 1.9%** | **Spain – 1.9%** | **Spain – 1.9%** |
| 124495 | Banco Bilbao Vizcaya Argentaria SA (Banks) | 642244 |
| 144024 | Bankinter SA (Banks) | 871196 |
| 56825 | Cia de Distribucion Integral Logista Holdings SA (Transportation) | 1175226 |
| 1657795 | Iberdrola SA (Utilities) | 16858585 |
| 97711 | Merlin Properties Socimi SA REIT (Real Estate) | 828256 |
| 562509 | Red Electrica Corp. SA (Utilities) | 9098989 |
|  |  | 29474496 |
| **Sweden – 5.6%** | **Sweden – 5.6%** | **Sweden – 5.6%** |
| 264655 | Atlas Copco AB, Class B (Capital Goods) | 2559522 |
| 59446 | Evolution AB (Consumer Services)<sup>(a)</sup> | 5545284 |
| 230553 | Investor AB, Class A (Diversified Financials) | 3920500 |
| 770129 | Investor AB, Class B (Diversified Financials) | 12568981 |
| 578349 | Sandvik AB (Capital Goods) | 9037714 |
| 1127822 | Skandinaviska Enskilda Banken AB, Class A (Banks) | 11891072 |
| 1152357 | SSAB AB, Class B (Materials) | 5354337 |
| 1004093 | Swedbank AB, Class A (Banks) | 14969067 |
| 25698 | Swedish Orphan Biovitrum AB (Pharmaceuticals, Biotechnology & Life Sciences)\* | 473342 |
| 1656923 | Telefonaktiebolaget LM Ericsson, Class B (Technology Hardware & Equipment) | 9211407 |
| 203076 | Trelleborg AB, Class B (Capital Goods) | 4471544 |
| 539561 | Volvo AB, Class B (Capital Goods) | 8830960 |
|  |  | 88833730 |
| **Switzerland – 4.5%** | **Switzerland – 4.5%** | **Switzerland – 4.5%** |
| 41863 | Baloise Holding AG (Insurance) | 5719414 |
| 1148 | Chocoladefabriken Lindt & Spruengli AG (Food, Beverage & Tobacco) | 11017403 |
| 8 | Chocoladefabriken Lindt & Spruengli AG (Food, Beverage & Tobacco) | 777511 |
| 194050 | Cie Financiere Richemont SA (Consumer Durables & Apparel) | 18965197 |
| 11236 | DKSH Holding AG (Commercial & Professional Services) | 810571 |
| 13198 | Lonza Group AG (Pharmaceuticals, Biotechnology & Life Sciences) | 6794122 |
| 82790 | Novartis AG (Pharmaceuticals, Biotechnology & Life Sciences) | 6696946 |
| 29006 | PSP Swiss Property AG (Real Estate) | 3098706 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Switzerland – (continued)** | **Switzerland – (continued)** | **Switzerland – (continued)** |
| 1091439 | UBS Group AG (Diversified Financials) | 17303853 |
|  |  | 71183723 |
| **United Kingdom – 10.2%** | **United Kingdom – 10.2%** | **United Kingdom – 10.2%** |
| 119531 | 3i Group PLC (Diversified Financials) | 1591960 |
| 57186 | AstraZeneca PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences) | 3363109 |
| 132377 | Auto Trader Group PLC (Media & Entertainment)<sup>(a)</sup> | 792381 |
| 2466341 | Aviva PLC (Insurance) | 11830130 |
| 639870 | British American Tobacco PLC (Food, Beverage & Tobacco) | 25270707 |
| 1984303 | Centrica PLC (Utilities) | 1743631 |
| 164000 | CK Hutchison Holdings Ltd. (Capital Goods) | 816365 |
| 665322 | Compass Group PLC (Consumer Services) | 14012906 |
| 58959 | DCC PLC (Capital Goods) | 3272279 |
| 584089 | Diageo PLC (Food, Beverage & Tobacco) | 24036749 |
| 1443845 | DS Smith PLC (Materials) | 4815119 |
| 703893 | Imperial Brands PLC (Food, Beverage & Tobacco) | 17146211 |
| 86280 | Informa PLC (Media & Entertainment) | 549770 |
| 147901 | InterContinental Hotels Group PLC (Consumer Services) | 7946837 |
| 62850 | Intertek Group PLC (Commercial & Professional Services) | 2632976 |
| 9880 | Land Securities Group PLC REIT (Real Estate) | 64604 |
| 913910 | Melrose Industries PLC (Capital Goods) | 1225906 |
| 1151007 | NatWest Group PLC (Banks) | 3100016 |
| 170023 | Next PLC (Retailing) | 9602847 |
| 124449 | Pearson PLC (Media & Entertainment) | 1375551 |
| 248089 | Smiths Group PLC (Capital Goods) | 4443909 |
| 534151 | SSE PLC (Utilities) | 9545758 |
| 1057199 | Vodafone Group PLC ADR (Telecommunication Services) | 12485520 |
|  |  | 161665241 |
| **United States – 7.9%** | **United States – 7.9%** | **United States – 7.9%** |
| 729903 | Computershare Ltd. (Software & Services) | 11815706 |
| 32416 | CSL Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 5802967 |
| 39180 | Ferguson PLC (Capital Goods) | 4272924 |
| 585973 | GSK PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences) | 19436724 |
| 198851 | Nestle SA (Food, Beverage & Tobacco) | 21646682 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **31** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **United States – (continued)** | **United States – (continued)** | **United States – (continued)** |
| 130353 | Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences) | $43250889 |
| 961500 | Samsonite International SA (Consumer Durables & Apparel)\*<sup>(a)</sup> | 2065732 |
| 1237288 | Stellantis NV (Automobiles & Components)\* | 16692973 |
|  |  | 124984597 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |
| **(Cost $1,679,203,848)** | **(Cost $1,679,203,848)** | $1545469874 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** |
| **Preferred Stocks – 0.7%** | **Preferred Stocks – 0.7%** | **Preferred Stocks – 0.7%** | **Preferred Stocks – 0.7%** |
| **Germany – 0.7%** | **Germany – 0.7%** | **Germany – 0.7%** | |
| 13254 | Bayerische Motoren Werke AG (Automobiles & Components) | 7.68% | $977402 |
| 168716 | Porsche Automobil Holding SE (Automobiles & Components) | 4.48 | 9426552 |
| **TOTAL PREFERRED STOCKS** | **TOTAL PREFERRED STOCKS** | **TOTAL PREFERRED STOCKS** |  |
| **(Cost $12,536,478)** | **(Cost $12,536,478)** |  | $10403954 |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE** |
| **(Cost $1,691,740,326)** | **(Cost $1,691,740,326)** |  | $1555873828 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Securities Lending Reinvestment Vehicle – 0.4%<sup>(c)</sup>** | **Securities Lending Reinvestment Vehicle – 0.4%<sup>(c)</sup>** | **Securities Lending Reinvestment Vehicle – 0.4%<sup>(c)</sup>** |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |
| 5817654 | 3.066% | $5817654 |
| **(Cost $5,817,654)** | **(Cost $5,817,654)** | **(Cost $5,817,654)** |
| **TOTAL INVESTMENTS – 98.9%** | **TOTAL INVESTMENTS – 98.9%** | **TOTAL INVESTMENTS – 98.9%** |
| **(Cost $1,697,557,980)** | **(Cost $1,697,557,980)** | $1561691482 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1%** | 17920839 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $1579612321 |

---

---

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

---

---

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

---

---

| | |
|:---|:---|
| **Sector Name** | **% of<br>Market<br>Value** |
|  Industrials | 17.1% |
|  Financials | 16.5 |
|  Health Care | 16.1 |
|  Consumer Discretionary | 13.0 |
|  Consumer Staples | 10.1 |
|  Information Technology | 6.4 |
|  Materials | 5.6 |
|  Utilities | 4.3 |
|  Energy | 4.0 |
|  Real Estate | 3.3 |
|  Communication Services | 3.2 |
|  Securities Lending Reinvestment Vehicle | 0.4 |
| **TOTAL INVESTMENTS** | 100.0% |

---

---

| | |
|:---|:---|
| **32** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

## Schedule of Investments
*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – 96.7%** | **Common Stocks – 96.7%** | **Common Stocks – 96.7%** |
| **Australia – 10.1%** | **Australia – 10.1%** | **Australia – 10.1%** |
| 1920911 | Allkem Ltd. (Materials)\* | $17748582 |
| 760704 | Altium Ltd. (Software & Services) | 17176167 |
| 576226 | Arena REIT (Real Estate) | 1451200 |
| 11408884 | Beach Energy Ltd. (Energy) | 11666285 |
| 848010 | Bendigo & Adelaide Bank Ltd. (Banks) | 4895234 |
| 585067 | BWP Trust REIT (Real Estate) | 1530424 |
| 3684160 | Charter Hall Group REIT (Real Estate) | 30581652 |
| 4590377 | Charter Hall Retail REIT (Real Estate) | 11820028 |
| 332124 | Charter Hall Social Infrastructure REIT (Real Estate) | 737541 |
| 762627 | Data#3 Ltd. (Software & Services) | 3359632 |
| 2088920 | Genworth Mortgage Insurance Australia Ltd. (Banks) | 3626045 |
| 1065999 | IGO Ltd. (Materials) | 10425423 |
| 2440488 | Iluka Resources Ltd. (Materials) | 13521610 |
| 12810444 | Incitec Pivot Ltd. (Materials) | 30808507 |
| 114833 | IRESS Ltd. (Software & Services) | 745349 |
| 37906 | Jumbo Interactive Ltd. (Consumer Services) | 330043 |
| 9708456 | Karoon Energy Ltd. (Energy)\* | 13201636 |
| 25565 | Monadelphous Group Ltd. (Capital Goods) | 223495 |
| 262712 | Neometals Ltd. (Materials)\*<sup>(a)</sup> | 185812 |
| 90342 | Netwealth Group Ltd. (Diversified Financials) | 701587 |
| 274975 | nib holdings Ltd. (Insurance) | 1176633 |
| 583073 | NRW Holdings Ltd. (Capital Goods) | 951499 |
| 3962092 | Nufarm Ltd. (Materials) | 14120413 |
| 2199852 | Paladin Energy Ltd. (Energy)\* | 1190981 |
| 1067870 | Perenti Ltd. (Materials)\* | 654431 |
| 6803627 | Pilbara Minerals Ltd. (Materials)\* | 22113502 |
| 1317296 | Premier Investments Ltd. (Retailing) | 21095758 |
| 229186 | Pro Medicus Ltd. (Health Care Equipment & Services) | 8165303 |
| 3092831 | Qube Holdings Ltd. (Transportation) | 5384480 |
| 2468535 | Sandfire Resources Ltd. (Materials) | 5497635 |
| 1225203 | Shopping Centres Australasia Property Group REIT (Real Estate) | 2133958 |
| 571475 | SmartGroup Corp. Ltd. (Commercial & Professional Services) | 1801745 |
| 12971239 | Tabcorp Holdings Ltd. (Consumer Services) | 8008194 |
| 659572 | Technology One Ltd. (Software & Services) | 5074096 |
| 920859 | Waypoint REIT Ltd. REIT (Real Estate) | 1607812 |
| 1307403 | Whitehaven Coal Ltd. (Energy) | 7594445 |
|  |  | 281307137 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Austria – 1.7%** | **Austria – 1.7%** | **Austria – 1.7%** |
| 70847 | AT&S Austria Technologie & Systemtechnik AG (Technology Hardware & Equipment) | $2188106 |
| 578119 | BAWAG Group AG (Banks)\*<sup>(b)</sup> | 27909188 |
| 186636 | EVN AG (Utilities) | 3104939 |
| 922796 | Raiffeisen Bank International AG (Banks) | 12833541 |
|  |  | 46035774 |
| **Belgium – 0.0%** | **Belgium – 0.0%** | **Belgium – 0.0%** |
| 10059 | Ackermans & van Haaren NV (Capital Goods) | 1401436 |
| **China – 0.3%** | **China – 0.3%** | **China – 0.3%** |
| 2188200 | Yangzijiang Shipbuilding Holdings Ltd. (Capital Goods) | 1854994 |
| 9917010 | Yanlord Land Group Ltd. (Real Estate) | 6060949 |
|  |  | 7915943 |
| **Cyprus – 0.0%** | **Cyprus – 0.0%** | **Cyprus – 0.0%** |
| 390912 | Atalaya Mining PLC (Materials) | 1237303 |
| **Denmark – 3.6%** | **Denmark – 3.6%** | **Denmark – 3.6%** |
| 76556 | Ambu A/S, Class B (Health Care Equipment & Services) | 856191 |
| 424125 | D/S Norden A/S (Transportation) | 21950614 |
| 130625 | Dfds A/S (Transportation) | 3964075 |
| 430668 | Jyske Bank A/S (Banks)\* | 23242806 |
| 196550 | NKT A/S (Capital Goods)\* | 9809262 |
| 228851 | Royal Unibrew A/S (Food, Beverage & Tobacco) | 13072930 |
| 237013 | Scandinavian Tobacco Group A/S (Food, Beverage & Tobacco)<sup>(b)</sup> | 3970127 |
| 128364 | Spar Nord Bank A/S (Banks) | 1554199 |
| 685268 | Sydbank AS (Banks) | 20866666 |
| 50868 | Topdanmark AS (Insurance) | 2347718 |
|  |  | 101634588 |
| **Finland – 0.6%** | **Finland – 0.6%** | **Finland – 0.6%** |
| 52916 | Konecranes OYJ (Capital Goods) | 1331391 |
| 862462 | Metsa Board OYJ, Class B (Materials) | 6487808 |
| 713689 | Tokmanni Group Corp. (Retailing) | 8629316 |
|  |  | 16448515 |
| **France – 4.6%** | **France – 4.6%** | **France – 4.6%** |
| 122518 | Alten SA (Software & Services) | 14313818 |
| 1384960 | Coface SA (Insurance) | 15417591 |
| 869165 | Derichebourg SA (Commercial & Professional Services) | 3795369 |
| 35339 | Eramet SA (Materials) | 2315114 |
| 85044 | Gaztransport Et Technigaz SA (Energy) | 9893906 |
| 73263 | IPSOS (Media & Entertainment) | 3546460 |
| 195691 | Nexans SA (Capital Goods) | 18273370 |
| 778891 | Rexel SA (Capital Goods)\* | 13899547 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **33** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

## Schedule of Investments (continued)
*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **France – (continued)** | **France – (continued)** | **France – (continued)** |
| 735839 | Rubis SCA (Utilities) | 16710431 |
| 1434867 | SCOR SE (Insurance) | 21577737 |
| 23849 | SOITEC (Semiconductors & Semiconductor Equipment)\* | 3053739 |
| 19770 | Sopra Steria Group SACA (Software & Services) | 2616807 |
| 116630 | SPIE SA (Commercial & Professional Services) | 2728392 |
|  |  | 128142281 |
| **Germany – 4.9%** | **Germany – 4.9%** | **Germany – 4.9%** |
| 369691 | Bilfinger SE (Commercial & Professional Services) | 10284397 |
| 72483 | CANCOM SE (Software & Services) | 1791194 |
| 133024 | CTS Eventim AG & Co. KGaA (Media & Entertainment)\* | 6350106 |
| 78289 | Dermapharm Holding SE (Pharmaceuticals, Biotechnology & Life Sciences) | 2976579 |
| 988836 | Deutsche Pfandbriefbank AG (Banks)<sup>(b)</sup> | 7364985 |
| 40797 | Eckert & Ziegler Strahlen- und Medizintechnik AG (Health Care Equipment & Services) | 1612859 |
| 211105 | Evotec SE (Pharmaceuticals, Biotechnology & Life Sciences)\* | 4026413 |
| 437176 | Freenet AG (Telecommunication Services) | 8593222 |
| 68342 | GFT Technologies SE (Software & Services) | 2228107 |
| 62525 | Hensoldt AG (Capital Goods) | 1469019 |
| 560707 | HUGO BOSS AG (Consumer Durables & Apparel) | 25824695 |
| 1451199 | K+S AG (Materials) | 32041027 |
| 184371 | Kloeckner & Co SE (Capital Goods) | 1444948 |
| 111917 | Krones AG (Capital Goods) | 10365026 |
| 110859 | ProSiebenSat.1 Media SE (Media & Entertainment) | 753355 |
| 24979 | PVA TePla AG (Semiconductors & Semiconductor Equipment)\* | 418541 |
| 144782 | Softwareone Holding AG (Technology Hardware & Equipment)\* | 1629409 |
| 1601114 | TeamViewer AG (Software & Services)\*<sup>(b)</sup> | 15375504 |
| 363793 | TUI AG (Consumer Services)\*<sup>(a)</sup> | 549028 |
|  |  | 135098414 |
| **Guernsey – 0.2%** | **Guernsey – 0.2%** | **Guernsey – 0.2%** |
| 5743064 | Balanced Commercial Property Trust Ltd. REIT (Real Estate) | 5499436 |
| **Hong Kong – 0.6%** | **Hong Kong – 0.6%** | **Hong Kong – 0.6%** |
| 827000 | Fortune Real Estate Investment Trust REIT (Real Estate) | 527887 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Hong Kong – (continued)** | **Hong Kong – (continued)** | **Hong Kong – (continued)** |
| 769000 | Hang Lung Group Ltd. (Real Estate) | 997461 |
| 4720000 | Kerry Properties Ltd. (Real Estate) | 7466499 |
| 1140000 | Luk Fook Holdings International Ltd. (Retailing) | 2476527 |
| 12337000 | Pacific Basin Shipping Ltd. (Transportation) | 2986827 |
| 406000 | Sun Hung Kai & Co. Ltd. (Diversified Financials) | 141774 |
| 6554000 | United Laboratories International Holdings Ltd. (The) (Pharmaceuticals, Biotechnology & Life Sciences) | 2746947 |
|  |  | 17343922 |
| **Indonesia – 0.4%** | **Indonesia – 0.4%** | **Indonesia – 0.4%** |
| 10401600 | First Resources Ltd. (Food, Beverage & Tobacco) | 10928278 |
| **Ireland – 0.1%** | **Ireland – 0.1%** | **Ireland – 0.1%** |
| 90372 | AIB Group PLC (Banks) | 261439 |
| 125662 | Bank of Ireland Group PLC (Banks) | 904845 |
| 129783 | C&C Group PLC (Food, Beverage & Tobacco)\* | 243509 |
|  |  | 1409793 |
| **Israel – 2.9%** | **Israel – 2.9%** | **Israel – 2.9%** |
| 93615 | Airport City Ltd. (Real Estate)\* | 1549993 |
| 128371 | Alony Hetz Properties & Investments Ltd. (Real Estate) | 1505691 |
| 54179 | Amot Investments Ltd. (Real Estate) | 327740 |
| 7896 | Big Shopping Centers Ltd. (Real Estate) | 885384 |
| 47482 | Camtek Ltd./Israel (Semiconductors & Semiconductor Equipment)\* | 1070985 |
| 43902 | Cellcom Israel Ltd. (Telecommunication Services)\* | 219784 |
| 145516 | Clal Insurance Enterprises Holdings Ltd. (Insurance)\* | 2511093 |
| 4198 | Delta Galil Industries Ltd. (Consumer Durables & Apparel) | 190067 |
| 12632 | Elco Ltd. (Capital Goods) | 727962 |
| 671 | Electra Ltd. (Capital Goods) | 390430 |
| 212495 | Energix-Renewable Energies Ltd. (Utilities) | 741858 |
| 19008 | Fattal Holdings 1998 Ltd. (Consumer Services)\* | 1930673 |
| 431050 | First International Bank Of Israel Ltd. (The) (Banks) | 18613334 |
| 22497 | Fox Wizel Ltd. (Retailing) | 2742601 |
| 211479 | G City Ltd. (Real Estate)<sup>(a)</sup> | 682821 |
| 495797 | Harel Insurance Investments & Financial Services Ltd. (Insurance) | 4772529 |

---

---

| | |
|:---|:---|
| **34** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Israel – (continued)** | **Israel – (continued)** | **Israel – (continued)** | **Israel – (continued)** |
| 197154 | Israel Canada T.R Ltd. (Real Estate) | $| 568357 |
| 13268 | Israel Corp. Ltd. (Materials) |  | 5743080 |
| 18349 | Melisron Ltd. (Real Estate) |  | 1361379 |
| 496607 | Mivne Real Estate KD Ltd. (Real Estate) |  | 1543987 |
| 42353 | Nova Ltd. (Semiconductors & Semiconductor Equipment)\* |  | 3099653 |
| 33612 | Perion Network Ltd. (Media & Entertainment)\* |  | 771010 |
| 892484 | Phoenix Holdings Ltd. (The) (Insurance) |  | 9667510 |
| 534826 | Plus500 Ltd. (Diversified Financials) |  | 11070767 |
| 130032 | Shapir Engineering and Industry Ltd. (Capital Goods) |  | 1071232 |
| 722196 | Shufersal Ltd. (Food & Staples Retailing) |  | 4930107 |
| 39085 | Strauss Group Ltd. (Food, Beverage & Tobacco) |  | 977811 |
|  |  |  | 79667838 |
| **Italy – 4.0%** | **Italy – 4.0%** | **Italy – 4.0%** | **Italy – 4.0%** |
| 491532 | Autogrill SpA (Consumer Services)\* |  | 3072442 |
| 195680 | Azimut Holding SpA (Diversified Financials) |  | 3150855 |
| 326494 | Banca IFIS SpA (Diversified Financials) |  | 3855215 |
| 691752 | Banca Mediolanum SpA (Diversified Financials) |  | 5175627 |
| 7159811 | Banco BPM SpA (Banks) |  | 21662138 |
| 1227634 | BFF Bank SpA (Diversified Financials)<sup>(b)</sup> |  | 8660442 |
| 3458747 | BPER Banca (Banks) |  | 6399716 |
| 22479 | Brunello Cucinelli SpA (Consumer Durables & Apparel) |  | 1303016 |
| 3564860 | Leonardo SpA (Capital Goods) |  | 28640433 |
| 1268502 | OVS SpA (Consumer Durables & Apparel)<sup>(b)</sup> |  | 2368121 |
| 168335 | Reply SpA (Software & Services) |  | 18310411 |
| 261209 | Salvatore Ferragamo SpA (Consumer Durables & Apparel) |  | 3839529 |
| 16089 | Sesa SpA (Technology Hardware & Equipment) |  | 1742385 |
| 692618 | Unipol Gruppo SpA (Insurance) |  | 2980918 |
|  |  |  | 111161248 |
| **Japan – 31.8%** | **Japan – 31.8%** | **Japan – 31.8%** | **Japan – 31.8%** |
| 26100 | ADEKA Corp. (Materials) |  | 390206 |
| 1525 | AEON REIT Investment Corp. REIT (Real Estate) |  | 1641854 |
| 1181300 | Air Water, Inc. (Materials) |  | 13189003 |
| 48700 | Airtrip Corp. (Consumer Services) |  | 812106 |
| 178100 | Aozora Bank Ltd. (Banks) |  | 3063634 |
| 136500 | Bell System24 Holdings, Inc. (Software & Services) |  | 1267966 |
| 116200 | BeNext-Yumeshin Group Co. (Commercial & Professional Services) |  | 1401366 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Japan – (continued)** | **Japan – (continued)** | **Japan – (continued)** | **Japan – (continued)** |
| 491600 | BIPROGY, Inc. (Software & Services) |  | 10619237 |
| 6700 | BML, Inc. (Health Care Equipment & Services) |  | 151457 |
| 239400 | Canon Marketing Japan, Inc. (Technology Hardware & Equipment) |  | 5051819 |
| 1193400 | Chugoku Electric Power Co., Inc. (The) (Utilities) |  | 5598932 |
| 5557500 | Citizen Watch Co. Ltd. (Technology Hardware & Equipment) |  | 23339879 |
| 2408900 | Coca-Cola Bottlers Japan Holdings, Inc. (Food, Beverage & Tobacco) |  | 21764289 |
| 109400 | Cosmo Energy Holdings Co. Ltd. (Energy) |  | 2818075 |
| 7800 | Digital Garage, Inc. (Software & Services) |  | 186769 |
| 176500 | Ebara Corp. (Capital Goods) |  | 5734858 |
| 184500 | Ferrotec Holdings Corp. (Semiconductors & Semiconductor Equipment) |  | 3126375 |
| 3425100 | Fujikura Ltd. (Capital Goods) |  | 20279944 |
| 108600 | Fukuyama Transporting Co. Ltd. (Transportation) |  | 2369498 |
| 21900 | Future Corp. (Software & Services) |  | 245773 |
| 150700 | Fuyo General Lease Co. Ltd. (Diversified Financials) |  | 8375347 |
| 10323 | Global One Real Estate Investment Corp. REIT (Real Estate) |  | 7968896 |
| 1462200 | Gree, Inc. (Media & Entertainment)<sup>(a)</sup> |  | 8219066 |
| 186700 | GS Yuasa Corp. (Capital Goods) |  | 2842341 |
| 35000 | Gunze Ltd. (Consumer Durables & Apparel) |  | 899040 |
| 2403100 | H2O Retailing Corp. (Retailing) |  | 20223102 |
| 449700 | Hanwa Co. Ltd. (Capital Goods) |  | 10875533 |
| 770900 | Haseko Corp. (Consumer Durables & Apparel) |  | 7938901 |
| 471100 | Hisamitsu Pharmaceutical Co., Inc. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 11622844 |
| 556600 | Hitachi Zosen Corp. (Capital Goods) |  | 3208802 |
| 78600 | Horiba Ltd. (Technology Hardware & Equipment) |  | 3224761 |
| 387500 | IHI Corp. (Capital Goods) |  | 8642807 |
| 240900 | Iino Kaiun Kaisha Ltd. (Transportation) |  | 1198889 |
| 10086 | Industrial & Infrastructure Fund Investment Corp. REIT (Real Estate) |  | 10652244 |
| 24500 | Information Services International-Dentsu Ltd. (Software & Services) |  | 749325 |
| 1016 | Invincible Investment Corp. REIT (Real Estate) |  | 318936 |
| 1279500 | Isetan Mitsukoshi Holdings Ltd. (Retailing) |  | 11364697 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **35** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Japan – (continued)** | **Japan – (continued)** | **Japan – (continued)** |
| 3079200 | J Front Retailing Co. Ltd. (Retailing) | $24889288 |
| 281900 | Jeol Ltd. (Health Care Equipment & Services) | 10315618 |
| 2260000 | JGC Holdings Corp. (Capital Goods) | 27182280 |
| 12200 | Kaken Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 312262 |
| 551400 | Kamigumi Co. Ltd. (Transportation) | 10485806 |
| 423500 | Kaneka Corp. (Materials) | 10501647 |
| 901400 | Kanematsu Corp. (Capital Goods) | 8918706 |
| 5822 | Kenedix Office Investment Corp. REIT (Real Estate) | 13262540 |
| 93000 | Kissei Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 1642785 |
| 25900 | Kumagai Gumi Co. Ltd. (Capital Goods) | 437847 |
| 264400 | Kumiai Chemical Industry Co. Ltd. (Materials) | 1737668 |
| 149900 | Kyushu Electric Power Co., Inc. (Utilities) | 742166 |
| 725600 | Kyushu Railway Co. (Transportation) | 15174986 |
| 16900 | Lawson, Inc. (Food & Staples Retailing) | 539905 |
| 282900 | Makino Milling Machine Co. Ltd. (Capital Goods) | 8741208 |
| 120500 | Mandom Corp. (Household & Personal Products) | 1219089 |
| 351900 | Maruha Nichiro Corp. (Food, Beverage & Tobacco) | 5426224 |
| 15600 | Matsuda Sangyo Co. Ltd. (Commercial & Professional Services) | 232725 |
| 38700 | Matsui Securities Co. Ltd. (Diversified Financials) | 206092 |
| 348100 | Maxell Ltd. (Technology Hardware & Equipment) | 2887817 |
| 241900 | Medipal Holdings Corp. (Health Care Equipment & Services) | 2999089 |
| 20100 | Meiko Electronics Co. Ltd. (Technology Hardware & Equipment) | 356325 |
| 298700 | Meitec Corp. (Commercial & Professional Services) | 5031239 |
| 9200 | Menicon Co. Ltd. (Health Care Equipment & Services) | 157080 |
| 1132100 | Mitsubishi Gas Chemical Co., Inc. (Materials) | 14385844 |
| 826900 | Mitsubishi Logistics Corp. (Transportation) | 18144999 |
| 127900 | Mitsubishi Research Institute, Inc. (Software & Services) | 4467218 |
| 58400 | Mitsui-Soko Holdings Co. Ltd. (Transportation) | 1217422 |
| 100400 | MIXI, Inc. (Media & Entertainment) | 1573973 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Japan – (continued)** | **Japan – (continued)** | **Japan – (continued)** |
| 4488 | Mori Trust Sogo REIT, Inc. REIT (Real Estate) | 4478648 |
| 76600 | Nachi-Fujikoshi Corp. (Capital Goods) | 2006664 |
| 168800 | NEC Networks & System Integration Corp. (Software & Services) | 1808869 |
| 1245200 | NGK Spark Plug Co. Ltd. (Automobiles & Components) | 22717495 |
| 61400 | Nichicon Corp. (Technology Hardware & Equipment) | 578011 |
| 32200 | Nikkon Holdings Co. Ltd. (Transportation) | 503021 |
| 154700 | Nikon Corp. (Consumer Durables & Apparel) | 1496124 |
| 259000 | Nippon Kayaku Co. Ltd. (Materials) | 2057264 |
| 7102 | NIPPON REIT Investment Corp. REIT (Real Estate) | 17532248 |
| 110800 | Nippon Shokubai Co. Ltd. (Materials) | 3974480 |
| 199400 | Nippon Soda Co. Ltd. (Materials) | 5948666 |
| 5162400 | Nippon Suisan Kaisha Ltd. (Food, Beverage & Tobacco) | 18389357 |
| 197000 | Nishi-Nippon Financial Holdings, Inc. (Banks) | 1004740 |
| 10200 | Nishi-Nippon Railroad Co. Ltd. (Transportation) | 200060 |
| 37000 | Nisshin Oillio Group Ltd. (The) (Food, Beverage & Tobacco) | 793310 |
| 143700 | NS Solutions Corp. (Software & Services) | 3302826 |
| 721000 | NS United Kaiun Kaisha Ltd. (Transportation) | 17944445 |
| 4275 | NTT UD REIT Investment Corp. REIT (Real Estate) | 4188041 |
| 313600 | OKUMA Corp. (Capital Goods) | 10497668 |
| 12800 | Organo Corp. (Capital Goods) | 220845 |
| 769280 | Orient Corp. (Diversified Financials) | 6231056 |
| 41000 | Outsourcing, Inc. (Commercial & Professional Services) | 319395 |
| 17600 | PAL GROUP Holdings Co. Ltd. (Retailing) | 251316 |
| 189800 | Park24 Co. Ltd. (Commercial & Professional Services)\* | 2529646 |
| 97700 | PHC Holdings Corp. (Health Care Equipment & Services) | 1014151 |
| 881700 | Resorttrust, Inc. (Consumer Services) | 13570681 |
| 3998400 | Round One Corp. (Consumer Services) | 17012842 |
| 32300 | S Foods, Inc. (Food, Beverage & Tobacco) | 591226 |
| 706800 | Sankyo Co. Ltd. (Consumer Durables & Apparel) | 23339859 |
| 264600 | Sankyu, Inc. (Transportation) | 7889504 |

---

---

| | |
|:---|:---|
| **36** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Japan – (continued)** | **Japan – (continued)** | **Japan – (continued)** | **Japan – (continued)** |
| 3767200 | Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | $| 25778950 |
| 149000 | Sato Holdings Corp. (Commercial & Professional Services) |  | 1838100 |
| 100600 | Sawai Group Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 2903839 |
| 167500 | SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 9193560 |
| 70700 | Seibu Holdings, Inc. (Transportation) |  | 632852 |
| 15723 | Sekisui House REIT, Inc. REIT (Real Estate)<sup>(a)</sup> |  | 8472281 |
| 294400 | Senko Group Holdings Co. Ltd. (Transportation) |  | 1966565 |
| 5900 | Shibaura Machine Co. Ltd. (Capital Goods) |  | 114533 |
| 224400 | Shikoku Electric Power Co., Inc. (Utilities) |  | 1079555 |
| 26700 | Shimamura Co. Ltd. (Retailing) |  | 2159161 |
| 134300 | Shinmaywa Industries Ltd. (Capital Goods) |  | 915882 |
| 4208700 | SKY Perfect JSAT Holdings, Inc. (Media & Entertainment) |  | 14741114 |
| 101900 | Sohgo Security Services Co. Ltd. (Commercial & Professional Services) |  | 2540100 |
| 1369200 | Sojitz Corp. (Capital Goods) |  | 20184705 |
| 125500 | Sotetsu Holdings, Inc. (Transportation) |  | 1900594 |
| 59800 | Starts Corp., Inc. (Real Estate) |  | 1056275 |
| 1063700 | Sumitomo Forestry Co. Ltd. (Consumer Durables & Apparel) |  | 16640068 |
| 1246200 | Sumitomo Heavy Industries Ltd. (Capital Goods) |  | 23621397 |
| 150300 | Sumitomo Mitsui Construction Co. Ltd. (Capital Goods) |  | 441536 |
| 1399800 | Sumitomo Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 9750883 |
| 5900 | Suzuken Co. Ltd. (Health Care Equipment & Services) |  | 131356 |
| 433700 | Taisho Pharmaceutical Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 15642712 |
| 65200 | Taiyo Holdings Co. Ltd. (Materials) |  | 1149896 |
| 582 | Takara Leben Real Estate Investment Corp. REIT (Real Estate) |  | 396766 |
| 842700 | Takashimaya Co. Ltd. (Retailing) |  | 10424544 |
| 240400 | Takuma Co. Ltd. (Capital Goods) |  | 1995865 |
| 1100 | Toei Co. Ltd. (Media & Entertainment) |  | 135115 |
| 1028000 | Toho Gas Co. Ltd. (Utilities) |  | 19153495 |
| 37200 | Toho Holdings Co. Ltd. (Health Care Equipment & Services) |  | 505899 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Japan – (continued)** | **Japan – (continued)** | **Japan – (continued)** | **Japan – (continued)** |
| 59900 | Tohoku Electric Power Co., Inc. (Utilities) |  | 251604 |
| 291000 | Tokyo Century Corp. (Diversified Financials) |  | 9925248 |
| 326000 | Tokyo Tatemono Co. Ltd. (Real Estate) |  | 4483260 |
| 193600 | Tokyotokeiba Co. Ltd. (Consumer Services) |  | 5390063 |
| 4849600 | Tokyu Fudosan Holdings Corp. (Real Estate) |  | 24604810 |
| 210800 | Transcosmos, Inc. (Software & Services) |  | 4846135 |
| 53300 | TRE Holdings Corp. (Commercial & Professional Services) |  | 574860 |
| 55900 | Tsubakimoto Chain Co. (Capital Goods) |  | 1196805 |
| 491600 | TV Asahi Holdings Corp. (Media & Entertainment) |  | 4604754 |
| 12000 | United Arrows Ltd. (Retailing) |  | 163053 |
| 3000 | Universal Entertainment Corp. (Consumer Durables & Apparel)\* |  | 40478 |
| 72200 | UT Group Co. Ltd. (Commercial & Professional Services) |  | 1176945 |
| 215800 | Yellow Hat Ltd. (Retailing) |  | 2587312 |
| 253100 | Yokohama Rubber Co. Ltd. (The) (Automobiles & Components) |  | 3957752 |
|  |  |  | 886231554 |
| **Netherlands – 2.5%** | **Netherlands – 2.5%** | **Netherlands – 2.5%** | **Netherlands – 2.5%** |
| 742875 | Aalberts NV (Capital Goods) |  | 25771606 |
| 346462 | Arcadis NV (Capital Goods) |  | 11757913 |
| 373179 | ASR Nederland NV (Insurance) |  | 16432160 |
| 465482 | Fugro NV (Capital Goods)\* |  | 6046228 |
| 730937 | Koninklijke BAM Groep NV (Capital Goods)\* |  | 1595214 |
| 7480838 | Pharming Group NV (Pharmaceuticals, Biotechnology & Life Sciences)\*<sup>(a)</sup> |  | 7739580 |
| 19320 | Van Lanschot Kempen NV (Diversified Financials) |  | 416961 |
|  |  |  | 69759662 |
| **New Zealand – 0.2%** | **New Zealand – 0.2%** | **New Zealand – 0.2%** | **New Zealand – 0.2%** |
| 1833891 | Fletcher Building Ltd. (Capital Goods) |  | 5475874 |
| **Norway – 3.6%** | **Norway – 3.6%** | **Norway – 3.6%** | **Norway – 3.6%** |
| 5152334 | Aker Solutions ASA (Energy) |  | 19671875 |
| 329398 | Austevoll Seafood ASA (Food, Beverage & Tobacco) |  | 2440850 |
| 3093967 | DNO ASA (Energy) |  | 4024427 |
| 705352 | Elkem ASA (Materials)\*<sup>(b)</sup> |  | 2343359 |
| 1952777 | Europris ASA (Retailing)<sup>(b)</sup> |  | 11627162 |
| 294106 | FLEX LNG Ltd. (Energy)<sup>(a)</sup> |  | 9135232 |
| 1273106 | Golden Ocean Group Ltd. (Transportation) |  | 10450646 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **37** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

*October 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Norway – (continued)** | **Norway – (continued)** | **Norway – (continued)** | **Norway – (continued)** |
| 917776 | Grieg Seafood ASA (Food, Beverage & Tobacco) | $| 6355612 |
| 1389051 | Leroy Seafood Group ASA (Food, Beverage & Tobacco) |  | 6396127 |
| 9425974 | MPC Container Ships ASA (Transportation) |  | 14869452 |
| 19691 | SpareBank 1 SR-Bank ASA (Banks) |  | 200517 |
| 310641 | TGS ASA (Energy) |  | 4229323 |
| 269079 | Veidekke ASA (Capital Goods) |  | 2238075 |
| 897558 | Wallenius Wilhelmsen ASA (Transportation) |  | 6381255 |
|  |  |  | 100363912 |
| **Portugal – 0.7%** | **Portugal – 0.7%** | **Portugal – 0.7%** | **Portugal – 0.7%** |
| 596263 | Altri SGPS SA (Materials) |  | 3317993 |
| 427939 | Navigator Co SA (The) (Materials) |  | 1630385 |
| 1100448 | REN – Redes Energeticas Nacionais SGPS SA (Utilities) |  | 2848205 |
| 12773385 | Sonae SGPS SA (Food & Staples Retailing) |  | 12267500 |
|  |  |  | 20064083 |
| **Singapore – 0.2%** | **Singapore – 0.2%** | **Singapore – 0.2%** | **Singapore – 0.2%** |
| 146452 | BW LPG Ltd. (Energy)<sup>(b)</sup> |  | 1184904 |
| 41733 | Kenon Holdings Ltd. (Utilities) |  | 1598867 |
| 880500 | Parkway Life Real Estate Investment Trust REIT (Real Estate) |  | 2487101 |
|  |  |  | 5270872 |
| **Spain – 2.0%** | **Spain – 2.0%** | **Spain – 2.0%** | **Spain – 2.0%** |
| 3610087 | Banco de Sabadell SA (Banks) |  | 2840436 |
| 246690 | Bankinter SA (Banks) |  | 1492218 |
| 4756 | Befesa SA (Commercial & Professional Services)<sup>(b)</sup> |  | 165187 |
| 415340 | Cia de Distribucion Integral Logista Holdings SA (Transportation) |  | 8589853 |
| 1864865 | Ence Energia y Celulosa SA (Materials) |  | 6386902 |
| 196245 | Faes Farma SA (Pharmaceuticals, Biotechnology & Life Sciences) |  | 740725 |
| 497802 | Indra Sistemas SA (Software & Services)<sup>(a)</sup> |  | 4452181 |
| 3344504 | Merlin Properties Socimi SA REIT (Real Estate) |  | 28349978 |
| 50988 | Solaria Energia y Medio Ambiente SA (Utilities)\* |  | 806433 |
| 888301 | Unicaja Banco SA (Banks)<sup>(b)</sup> |  | 787470 |
|  |  |  | 54611383 |
| **Sweden – 6.4%** | **Sweden – 6.4%** | **Sweden – 6.4%** | **Sweden – 6.4%** |
| 436059 | AddLife AB, Class B (Pharmaceuticals, Biotechnology & Life Sciences) |  | 4076434 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Sweden – (continued)** | **Sweden – (continued)** | **Sweden – (continued)** | **Sweden – (continued)** |
| 2001700 | Arjo AB, Class B (Health Care Equipment & Services) |  | 7984753 |
| 194418 | Avanza Bank Holding AB (Diversified Financials) |  | 3878063 |
| 1725810 | Betsson AB, Class B (Consumer Services)\* |  | 12550488 |
| 287574 | Bilia AB, Class A (Retailing) |  | 3046054 |
| 30153 | BioArctic AB (Pharmaceuticals, Biotechnology & Life Sciences)\*<sup>(b)</sup> |  | 628205 |
| 652362 | Biotage AB (Pharmaceuticals, Biotechnology & Life Sciences) |  | 10707492 |
| 350496 | Bravida Holding AB (Commercial & Professional Services)<sup>(b)</sup> |  | 3283769 |
| 359783 | Cloetta AB, Class B (Food, Beverage & Tobacco) |  | 657663 |
| 2045079 | Elekta AB, Class B (Health Care Equipment & Services) |  | 10394689 |
| 28407 | Hexatronic Group AB (Capital Goods) |  | 384436 |
| 61572 | HMS Networks AB (Technology Hardware & Equipment) |  | 1584155 |
| 721684 | Intrum AB (Commercial & Professional Services) |  | 9080367 |
| 844596 | Inwido AB (Capital Goods) |  | 7587026 |
| 26815 | Lindab International AB (Capital Goods) |  | 285235 |
| 178976 | Loomis AB (Commercial & Professional Services) |  | 5011067 |
| 144543 | MEKO AB (Retailing) |  | 1365910 |
| 89928 | MIPS AB (Consumer Durables & Apparel)<sup>(a)</sup> |  | 2908465 |
| 84786 | Modern Times Group MTG AB, Class B (Media & Entertainment)\* |  | 635630 |
| 497267 | New Wave Group AB, Class B (Consumer Durables & Apparel) |  | 6911195 |
| 586298 | Saab AB, Class B (Capital Goods) |  | 20716283 |
| 219566 | Scandic Hotels Group AB (Consumer Services)\*<sup>(b)</sup> |  | 696294 |
| 427055 | SSAB AB, Class A (Materials) |  | 2054164 |
| 5837573 | SSAB AB, Class B (Materials) |  | 27123828 |
| 1553506 | Trelleborg AB, Class B (Capital Goods) |  | 34206748 |
|  |  |  | 177758413 |
| **Switzerland – 3.1%** | **Switzerland – 3.1%** | **Switzerland – 3.1%** | **Switzerland – 3.1%** |
| 5652 | Bobst Group SA (Capital Goods) |  | 347321 |
| 3766 | Bucher Industries AG (Capital Goods) |  | 1269765 |
| 2071 | Burckhardt Compression Holding AG (Capital Goods) |  | 895911 |
| 15863 | Cembra Money Bank AG (Diversified Financials) |  | 1150370 |
| 200125 | DKSH Holding AG (Commercial & Professional Services) |  | 14437130 |
| 402129 | Dufry AG (Retailing)\* |  | 13265245 |

---

---

| | |
|:---|:---|
| **38** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Switzerland – (continued)** | **Switzerland – (continued)** | **Switzerland – (continued)** | **Switzerland – (continued)** |
| 21215 | Galenica AG (Health Care Equipment & Services)<sup>(b)</sup> | $| 1524256 |
| 164673 | Huber + Suhner AG (Capital Goods) |  | 14667683 |
| 39211 | Idorsia Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)\*<sup>(a)</sup> |  | 607070 |
| 43455 | Implenia AG (Capital Goods)\* |  | 1631351 |
| 1493 | Inficon Holding AG (Technology Hardware & Equipment) |  | 1187107 |
| 34417 | OC Oerlikon Corp AG (Capital Goods) |  | 222304 |
| 215088 | PSP Swiss Property AG (Real Estate) |  | 22977815 |
| 10687 | Stadler Rail AG (Capital Goods)<sup>(a)</sup> |  | 314472 |
| 54962 | Swissquote Group Holding SA (Diversified Financials) |  | 6510313 |
| 26181 | Valiant Holding AG (Banks) |  | 2564363 |
| 60976 | Zehnder Group AG (Capital Goods) |  | 3283773 |
|  |  |  | 86856249 |
| **United Arab Emirates – 0.0%** | **United Arab Emirates – 0.0%** | **United Arab Emirates – 0.0%** | **United Arab Emirates – 0.0%** |
| 276779 | Network International Holdings PLC (Software & Services)\*<sup>(b)</sup> |  | 1031584 |
| **United Kingdom – 12.2%** | **United Kingdom – 12.2%** | **United Kingdom – 12.2%** | **United Kingdom – 12.2%** |
| 2879303 | Babcock International Group PLC (Capital Goods)\* |  | 9094749 |
| 3330107 | Balfour Beatty PLC (Capital Goods) |  | 11403443 |
| 663220 | Beazley PLC (Insurance) |  | 4756498 |
| 272065 | Big Yellow Group PLC REIT (Real Estate) |  | 3500818 |
| 1198270 | Britvic PLC (Food, Beverage & Tobacco) |  | 9997138 |
| 543312 | Central Asia Metals PLC (Materials) |  | 1331035 |
| 28535364 | Centrica PLC (Utilities) |  | 25074368 |
| 25014 | Clarkson PLC (Transportation) |  | 791725 |
| 357526 | Computacenter PLC (Software & Services) |  | 7418186 |
| 542649 | Crest Nicholson Holdings PLC (Consumer Durables & Apparel) |  | 1257845 |
| 17163 | Dechra Pharmaceuticals PLC (Pharmaceuticals, Biotechnology & Life Sciences) |  | 515959 |
| 3177535 | Drax Group PLC (Utilities) |  | 18975061 |
| 7217801 | DS Smith PLC (Materials) |  | 24070845 |
| 437005 | Fevertree Drinks PLC (Food, Beverage & Tobacco) |  | 4777202 |
| 1164435 | Firstgroup PLC (Transportation) |  | 1398000 |
| 128495 | Greggs PLC (Consumer Services) |  | 2978703 |
| 874007 | Halfords Group PLC (Retailing) |  | 1767076 |
| 3040805 | Hays PLC (Commercial & Professional Services) |  | 3833881 |
| 86390 | Hiscox Ltd. (Insurance) |  | 889966 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **United Kingdom – (continued)** | **United Kingdom – (continued)** | **United Kingdom – (continued)** | **United Kingdom – (continued)** |
| 173893 | Howden Joinery Group PLC (Capital Goods) |  | 1024335 |
| 2874153 | IG Group Holdings PLC (Diversified Financials) |  | 26215934 |
| 2861160 | Inchcape PLC (Retailing) |  | 24408309 |
| 149491 | Indivior PLC (Pharmaceuticals, Biotechnology & Life Sciences)\* |  | 2831621 |
| 962334 | Intermediate Capital Group PLC (Diversified Financials) |  | 11718130 |
| 1274365 | Investec PLC (Diversified Financials) |  | 6408427 |
| 789473 | Lancashire Holdings Ltd. (Insurance) |  | 4480374 |
| 1019246 | LondonMetric Property PLC REIT (Real Estate) |  | 2184622 |
| 2772243 | Man Group PLC (Diversified Financials) |  | 6896261 |
| 808947 | Moneysupermarket.com Group PLC (Media & Entertainment) |  | 1701622 |
| 223204 | Morgan Sindall Group PLC (Capital Goods) |  | 3938455 |
| 461501 | National Express Group PLC (Transportation)\* |  | 894626 |
| 1525381 | OSB Group PLC (Banks) |  | 7269318 |
| 1206315 | Pagegroup PLC (Commercial & Professional Services) |  | 5818510 |
| 1819596 | Paragon Banking Group PLC (Banks) |  | 8902432 |
| 1967563 | QinetiQ Group PLC (Capital Goods) |  | 8110042 |
| 459757 | Quilter PLC (Diversified Financials)<sup>(b)</sup> |  | 509640 |
| 984333 | Reach PLC (Media & Entertainment) |  | 1036834 |
| 487403 | Redde Northgate PLC (Transportation) |  | 1861317 |
| 335912 | Redrow PLC (Consumer Durables & Apparel) |  | 1616418 |
| 536572 | Rightmove PLC (Media & Entertainment) |  | 3021544 |
| 1093479 | Safestore Holdings PLC REIT (Real Estate) |  | 11328875 |
| 582618 | Serica Energy PLC (Energy) |  | 2012612 |
| 286496 | Softcat PLC (Software & Services) |  | 3681035 |
| 628188 | Spectris PLC (Technology Hardware & Equipment) |  | 21772379 |
| 1096403 | Spirent Communications PLC (Technology Hardware & Equipment) |  | 3254563 |
| 2354457 | SSP Group PLC (Consumer Services)\* |  | 5474695 |
| 193669 | SThree PLC (Commercial & Professional Services) |  | 826211 |
| 908263 | Tate & Lyle PLC (Food, Beverage & Tobacco) |  | 7298072 |
| 68919 | TORM PLC, Class A (Energy) |  | 1844076 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **39** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

*October 31, 2022* 

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **United Kingdom – (continued)** | **United Kingdom – (continued)** | **United Kingdom – (continued)** |
| 7165031 | Tritax Big Box REIT PLC REIT (Real Estate) | $11520979 |
| 5588229 | UK Commercial Property REIT Ltd. REIT (Real Estate) | 3913076 |
| 250229 | Vistry Group PLC (Consumer Durables & Apparel) | 1730386 |
|  |  | 339338228 |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE** |
| **(Cost $2,960,990,306)** | **(Cost $2,960,990,306)** | $2691993720 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Securities Lending Reinvestment Vehicle – 0.8%<sup>(c)</sup>** | **Securities Lending Reinvestment Vehicle – 0.8%<sup>(c)</sup>** | **Securities Lending Reinvestment Vehicle – 0.8%<sup>(c)</sup>** |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |
| 21447967 | 3.066% | $21447967 |
| **(Cost $21,447,967)** | **(Cost $21,447,967)** | **(Cost $21,447,967)** |
| **TOTAL INVESTMENTS – 97.5%** | **TOTAL INVESTMENTS – 97.5%** | **TOTAL INVESTMENTS – 97.5%** |
| **(Cost $2,982,438,273)** | **(Cost $2,982,438,273)** | $2713441687 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES – 2.5%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 2.5%** | 71366888 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $2784808575 |

---

---

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

---

---

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

---

---

| | |
|:---|:---|
| **Sector Name** | **% of<br>Market<br>Value** |
|  Industrials | 24.2% |
|  Financials | 14.2 |
|  Consumer Discretionary | 13.3 |
|  Materials | 10.5 |
|  Real Estate | 9.7 |
|  Information Technology | 7.9 |
|  Health Care | 5.6 |
|  Consumer Staples | 4.9 |
|  Utilities | 3.6 |
|  Energy | 3.3 |
|  Communication Services | 2.0 |
|  Securities Lending Reinvestment Vehicle | 0.8 |
| **TOTAL INVESTMENTS** | 100.0% |

---

**ADDITIONAL INVESTMENT INFORMATION**

FUTURES CONTRACTS — At October 31, 2022, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  EURO STOXX 50 Index | 617 | 12/16/22 | $22657973 | $(54547) |
|  FTSE 100 Index | 116 | 12/16/22 | 10124966 | (465074) |
|  Hang Seng Index | 9 | 11/29/22 | 881652 | (42562) |
|  MSCI Singapore Index | 52 | 11/29/22 | 973202 | 43387 |
|  SPI 200 Index | 46 | 12/15/22 | 5502504 | (78999) |
|  TOPIX Index | 125 | 12/08/22 | 16738018 | 105284 |
| **Total Futures Contracts** |  |  |  | $(492511) |

---

---

| | |
|:---|:---|
| **40** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

## Statements of Assets and Liabilities
*October 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets<br>Equity Insights<br>Fund** | **International<br>Equity Insights<br>Fund** | **International<br>Small Cap Insights<br>Fund** |
| **Assets:** |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $1,690,917,884, $1,691,740,326 and $2,960,990,306, respectively)<sup>(a)</sup> | $1494265537 | $1555873828 | $2691993720 |
|  Investments in affiliated issuers, at value (cost $5,459,494, $— and $—, respectively) | 5459494 |  |  |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 1701266 | 5817654 | 21447967 |
|  Cash | 25945631 | 7748302 | 29209725 |
|  Foreign currency, at value (cost $6,363,577, $2,005,680 and $44,430,249, respectively) | 6324271 | 2003433 | 44072997 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 3751858 | 3401284 | 526559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 2438894 | 5200005 | 12237167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 2106075 | 1037692 | 7665495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(b)</sup> | 867158 | 2786 | 4250894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 252523 | 7329541 | 7893410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 30064 | 42065 | 47537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 12976 | 9762 | 23223 |
|  Unrealized gain on forward foreign currency exchange contracts | 63926 |  |  |
|  Variation margin on futures contracts |  |  | 673855 |
|  Other assets | 169042 | 103979 | 155198 |
| **Total assets** | 1543388715 | 1588570331 | 2820197747 |
| **Liabilities:** |  |  |  |
|  Variation margin on futures contracts | 41003 |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 2382923 | 1332829 | 5104224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes | 2263785 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 1701266 | 5817654 | 21447967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 1344175 | 1027763 | 1905240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1069269 |  | 5604999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 77895 | 84556 | 131040 |
|  Accrued expenses | 1147102 | 695208 | 1195702 |
| **Total liabilities** | 10027418 | 8958010 | 35389172 |
| **Net Assets:** |  |  |  |
|  Paid-in capital | 2071469978 | 1848919952 | 3497215681 |
|  Total distributable loss | (538108681) | (269307631) | (712407106) |
| **NET ASSETS** | $1533361297 | $1579612321 | $2784808575 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $27677609 | $69253696 | $69230322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 3162506 | 8393324 | 13111077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 925443210 | 675505585 | 2097460141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 1886992 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 64188084 | 69843657 | 89626642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 417308790 | 407364290 | 479842852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 17352464 | 5382742 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 78228634 | 341982035 | 35537541 |
|  Total Net Assets | $1533361297 | $1579612321 | $2784808575 |
|  Shares outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 4032713 | 6444572 | 6830164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 468364 | 800480 | 1342138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 135103726 | 60824177 | 207085979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 173412 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 9390243 | 6603309 | 8889866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 60988238 | 36709519 | 47262245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 2583771 | 516918 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 11433010 | 30842863 | 3500513 |
|  Net asset value, offering and redemption price per share:<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $6.86 | $10.75 | $10.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 6.75 | 10.49 | 9.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 6.85 | 11.11 | 10.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 10.88 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 6.84 | 10.58 | 10.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 6.84 | 11.10 | 10.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 6.72 | 10.41 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 6.84 | 11.09 | 10.15 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes loaned securities having a market value of $1,644,999, $5,514,609 and $20,409,434 for the Emerging Markets Equity Insights Fund, International Equity Insights Fund and International Small Cap Insights Fund,
respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes amount segregated for initial margin and/or collateral on futures transactions for Emerging Markets Equity Insights and International Small Cap Insights Funds, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Maximum public offering price per share for Class A Shares of the Emerging Markets Equity Insights Fund, International Equity Insights Fund and International Small Cap Insights Fund is $7.26, $11.38 and $10.73,
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.** | **41** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

## Statements of Operations
*For the Fiscal Year Ended October 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets<br>Equity Insights<br>Fund** | **International<br>Equity Insights<br>Fund** | **International<br>Small Cap Insights<br>Fund** |
| **Investment income:** |  |  |  |
|  Dividends — unaffiliated issuers (net of foreign withholding taxes of $8,749,507, $8,813,130 and $12,663,614, respectively) | $67956639 | $75672483 | $130688451 |
|  Securities lending income — affiliated issuer | 120845 | 476920 | 616085 |
|  Dividends — affiliated issuers | 105527 | 250 | 6209 |
| **Total investment income** | 68183011 | 76149653 | 131310745 |
| **Expenses:** |  |  |  |
|  Management fees | 17833199 | 16074081 | 26971741 |
|  Custody, accounting and administrative services | 1238811 | 511023 | 895856 |
|  Transfer Agency fees<sup>(a)</sup> | 827272 | 970446 | 1526429 |
|  Distribution and/or Service (12b-1) fees<sup>(a)</sup> | 240425 | 341118 | 398018 |
|  Professional fees | 169407 | 189400 | 221664 |
|  Registration fees | 144960 | 108045 | 154878 |
|  Printing and mailing costs | 68915 | 100832 | 400447 |
|  Trustee fees | 29778 | 30242 | 32645 |
|  Service fees — Class C | 11150 | 29065 | 51893 |
|  Shareholder Administration fees — Service Shares |  | 5942 |  |
|  Other | 43275 | 26467 | 41061 |
| **Total expenses** | 20607192 | 18386661 | 30694632 |
|  Less — expense reductions | (788647) | (882108) | (1286804) |
| **Net expenses** | 19818545 | 17504553 | 29407828 |
| **NET INVESTMENT INCOME** | 48364466 | 58645100 | 101902917 |
| **Realized and unrealized gain (loss):** |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (342682384) | (154562398) | (435327560) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (9224699) | (180539) | (2001563) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (647594) | (35811) | 95149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1457653) | (4376858) | (7501065) |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $19,837, $— and $—, respectively) | (303551614) | (409834847) | (666944857) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (3114175) | 5746 | (1789272) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 63926 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 1081921 | (885565) | (922151) |
| **Net realized and unrealized loss** | (659532272) | (569870272) | (1114391319) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(611167806) | $(511225172) | $(1012488402) |

---

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Emerging Markets Equity Insights | $95186 | $33451 | $— | $111788 | $60919 | $7136 | $402541 | $— | $148399 | $137268 | $35772 | $35237 |
|  International Equity Insights | 214811 | 87194 | 9710 | 29403 | 137479 | 18601 | 377804 | 951 | 153366 | 145599 | 10615 | 126031 |
|  International Small Cap Insights | 242339 | 155679 |  |  | 155096 | 33212 | 935859 |  | 185790 | 201483 |  | 14989 |

---

---

| | |
|:---|:---|
| **42** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

## Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** |
|  | **For the Fiscal<br>Year Ended<br>October 31, 2022** | **For the Fiscal<br>Year Ended<br>October 31, 2021** | **For the Fiscal<br>Year Ended<br>October 31, 2022** | **For the Fiscal<br>Year Ended<br>October 31, 2021** |
| **From operations:** | **From operations:** | **From operations:** |  |  |
|  Net investment income | $48364466 | $37277064 | $58645100 | $54448379 |
|  Net realized gain (loss) | (354012330) | 519399041 | (159155606) | 450034238 |
|  Net change in unrealized gain (loss) | (305519942) | (254997365) | (410714666) | 158176835 |
| **Net increase (decrease) in net assets resulting from operations** | (611167806) | 301678740 | (511225172) | 662659452 |
| **Distributions to shareholders:** | **Distributions to shareholders:** | **Distributions to shareholders:** |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (8031963) | (416421) | (6018415) | (3661413) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (943653) |  | (744639) | (112935) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (181910548) | (12590250) | (72980996) | (17452273) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  |  | (155727) | (57944) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (17824612) | (1039734) | (5961017) | (1748151) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (99744666) | (6059820) | (39942112) | (11124915) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (4417480) | (214543) | (452341) | (133553) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (25054959) | (1464922) | (28448250) | (7760380) |
| **Total distributions to shareholders** | (337927881) | (21785690) | (154703497) | (42051564) |
| **From share transactions:** | **From share transactions:** | **From share transactions:** |  |  |
|  Proceeds from sales of shares | 964906401 | 456165404 | 563030176 | 613851340 |
|  Reinvestment of distributions | 318435948 | 20103969 | 124852157 | 32493972 |
|  Cost of shares redeemed | (727386790) | (545794919) | (993513897) | (947885594) |
| **Net increase (decrease) in net assets resulting from share transactions** | 555955559 | (69525546) | (305631564) | (301540282) |
| **TOTAL INCREASE (DECREASE)** | (393140128) | 210367504 | (971560233) | 319067606 |
| **Net Assets:** |  |  |  |  |
|  Beginning of year | 1926501425 | 1716133921 | 2551172554 | 2232104948 |
|  End of year | $1533361297 | $1926501425 | $1579612321 | $2551172554 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **43** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

## Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** |
|  | **For the Fiscal<br>Year Ended<br>October 31, 2022** | **For the Fiscal<br>Year Ended<br>October 31, 2021** |
| **From operations:** | **From operations:** | **From operations:** |
|  Net investment income | $101902917 | $72728316 |
|  Net realized gain (loss) | (444735039) | 543692448 |
|  Net change in unrealized gain (loss) | (669656280) | 202086027 |
| **Net increase (decrease) in net assets resulting from operations** | (1012488402) | 818506791 |
| **Distributions to shareholders:** |  |  |
|  From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (3065760) | (2062155) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (570555) | (217691) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (86190468) | (34889859) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (4455953) | (2520745) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (29007109) | (10388113) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (1934023) | (897729) |
| **Total distributions to shareholders** | (125223868) | (50976292) |
| **From share transactions:** |  |  |
|  Proceeds from sales of shares | 1080604320 | 1280534656 |
|  Reinvestment of distributions | 120740449 | 48546591 |
|  Cost of shares redeemed | (1116771975) | (1155660041) |
| **Net increase in net assets resulting from share transactions** | 84572794 | 173421206 |
| **TOTAL INCREASE (DECREASE)** | (1053139476) | 940951705 |
| **Net Assets:** |  |  |
|  Beginning of year | 3837948051 | 2896996346 |
|  End of year | $2784808575 | $3837948051 |

---

---

| | |
|:---|:---|
| **44** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

## Financial Highlights
*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Emerging Markets Equity Insights Fund** | **Goldman Sachs Emerging Markets Equity Insights Fund** | **Goldman Sachs Emerging Markets Equity Insights Fund** | **Goldman Sachs Emerging Markets Equity Insights Fund** | **Goldman Sachs Emerging Markets Equity Insights Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $11.87 | $10.25 | $9.34 | $8.98 | $11.00 |
|  Net investment income<sup>(a)</sup> | 0.21 | 0.18 | 0.10 | 0.15 | 0.18 |
|  Net realized and unrealized gain (loss) | (3.18) | 1.53 | 0.96 | 0.36 | (1.66) |
|  Total from investment operations | (2.97) | 1.71 | 1.06 | 0.51 | (1.48) |
|  Distributions to shareholders from net investment income | (0.17) | (0.09) | (0.15) | (0.15) | (0.12) |
|  Distributions to shareholders from net realized gains | (1.87) |  |  |  | (0.42) |
|  Total distributions | (2.04) | (0.09) | (0.15) | (0.15) | (0.54) |
|  Net asset value, end of year | $6.86 | $11.87 | $10.25 | $9.34 | $8.98 |
| **Total Return<sup>(b)</sup>** | (29.83)% | 16.60% | 11.56% | 5.74% | (14.11)% |
|  Net assets, end of year (in 000's) | $27678 | $50146 | $52068 | $72886 | $82726 |
|  Ratio of net expenses to average net assets | 1.46% | 1.46% | 1.47% | 1.48% | 1.48% |
|  Ratio of total expenses to average net assets | 1.51% | 1.51% | 1.53% | 1.56% | 1.54% |
|  Ratio of net investment income to average net assets | 2.30% | 1.45% | 1.13% | 1.61% | 1.72% |
|  Portfolio turnover rate<sup>(c)</sup> | 167% | 189% | 178% | 165% | 147% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **45** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

## Financial Highlights (continued)
*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Emerging Markets Equity Insights Fund** | **Goldman Sachs Emerging Markets Equity Insights Fund** | **Goldman Sachs Emerging Markets Equity Insights Fund** | **Goldman Sachs Emerging Markets Equity Insights Fund** | **Goldman Sachs Emerging Markets Equity Insights Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $11.69 | $10.10 | $9.19 | $8.83 | $10.88 |
|  Net investment income<sup>(a)</sup> | 0.14 | 0.09 | 0.04 | 0.08 | 0.10 |
|  Net realized and unrealized gain (loss) | (3.13) | 1.50 | 0.94 | 0.36 | (1.64) |
|  Total from investment operations | (2.99) | 1.59 | 0.98 | 0.44 | (1.54) |
|  Distributions to shareholders from net investment income | (0.08) |  | (0.07) | (0.08) | (0.09) |
|  Distributions to shareholders from net realized gains | (1.87) |  |  |  | (0.42) |
|  Total distributions | (1.95) |  | (0.07) | (0.08) | (0.51) |
|  Net asset value, end of year | $6.75 | $11.69 | $10.10 | $9.19 | $8.83 |
| **Total Return<sup>(b)</sup>** | (30.36)% | 15.74% | 10.65% | 5.09% | (14.80)% |
|  Net assets, end of year (in 000's) | $3163 | $5817 | $5905 | $8303 | $8975 |
|  Ratio of net expenses to average net assets | 2.21% | 2.21% | 2.21% | 2.23% | 2.23% |
|  Ratio of total expenses to average net assets | 2.26% | 2.26% | 2.28% | 2.31% | 2.29% |
|  Ratio of net investment income to average net assets | 1.56% | 0.74% | 0.41% | 0.85% | 0.98% |
|  Portfolio turnover rate<sup>(c)</sup> | 167% | 189% | 178% | 165% | 147% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **46** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Emerging Markets Equity Insights Fund** | **Goldman Sachs Emerging Markets Equity Insights Fund** | **Goldman Sachs Emerging Markets Equity Insights Fund** | **Goldman Sachs Emerging Markets Equity Insights Fund** | **Goldman Sachs Emerging Markets Equity Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $11.86 | $10.24 | $9.33 | $8.99 | $11.01 |
|  Net investment income<sup>(a)</sup> | 0.24 | 0.23 | 0.14 | 0.19 | 0.19 |
|  Net realized and unrealized gain (loss) | (3.17) | 1.52 | 0.96 | 0.35 | (1.64) |
|  Total from investment operations | (2.93) | 1.75 | 1.10 | 0.54 | (1.45) |
|  Distributions to shareholders from net investment income | (0.21) | (0.13) | (0.19) | (0.20) | (0.15) |
|  Distributions to shareholders from net realized gains | (1.87) |  |  |  | (0.42) |
|  Total distributions | (2.08) | (0.13) | (0.19) | (0.20) | (0.57) |
|  Net asset value, end of year | $6.85 | $11.86 | $10.24 | $9.33 | $8.99 |
| **Total Return<sup>(b)</sup>** | (29.64)% | 17.07% | 11.90% | 6.18% | (13.83)% |
|  Net assets, end of year (in 000's) | $925443 | $1029785 | $961138 | $938157 | $981091 |
|  Ratio of net expenses to average net assets | 1.09% | 1.09% | 1.09% | 1.10% | 1.10% |
|  Ratio of total expenses to average net assets | 1.13% | 1.14% | 1.16% | 1.18% | 1.14% |
|  Ratio of net investment income to average net assets | 2.76% | 1.88% | 1.53% | 2.01% | 1.84% |
|  Portfolio turnover rate<sup>(c)</sup> | 167% | 189% | 178% | 165% | 147% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **47** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Emerging Markets Equity Insights Fund** | **Goldman Sachs Emerging Markets Equity Insights Fund** | **Goldman Sachs Emerging Markets Equity Insights Fund** | **Goldman Sachs Emerging Markets Equity Insights Fund** | **Goldman Sachs Emerging Markets Equity Insights Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $11.83 | $10.22 | $9.32 | $8.97 | $10.99 |
|  Net investment income<sup>(a)</sup> | 0.22 | 0.22 | 0.13 | 0.18 | 0.21 |
|  Net realized and unrealized gain (loss) | (3.14) | 1.51 | 0.95 | 0.36 | (1.66) |
|  Total from investment operations | (2.92) | 1.73 | 1.08 | 0.54 | (1.45) |
|  Distributions to shareholders from net investment income | (0.20) | (0.12) | (0.18) | (0.19) | (0.15) |
|  Distributions to shareholders from net realized gains | (1.87) |  |  |  | (0.42) |
|  Total distributions | (2.07) | (0.12) | (0.18) | (0.19) | (0.57) |
|  Net asset value, end of year | $6.84 | $11.83 | $10.22 | $9.32 | $8.97 |
| **Total Return<sup>(b)</sup>** | (29.69)% | 16.96% | 11.76% | 6.06% | (13.90)% |
|  Net assets, end of year (in 000's) | $64188 | $103200 | $89556 | $118727 | $96779 |
|  Ratio of net expenses to average net assets | 1.21% | 1.21% | 1.22% | 1.23% | 1.23% |
|  Ratio of total expenses to average net assets | 1.26% | 1.26% | 1.28% | 1.31% | 1.29% |
|  Ratio of net investment income to average net assets | 2.51% | 1.78% | 1.39% | 1.92% | 1.99% |
|  Portfolio turnover rate<sup>(c)</sup> | 167% | 189% | 178% | 165% | 147% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **48** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Emerging Markets Equity Insights Fund** | **Goldman Sachs Emerging Markets Equity Insights Fund** | **Goldman Sachs Emerging Markets Equity Insights Fund** | **Goldman Sachs Emerging Markets Equity Insights Fund** | **Goldman Sachs Emerging Markets Equity Insights Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $11.85 | $10.23 | $9.33 | $8.98 | $11.00 |
|  Net investment income<sup>(a)</sup> | 0.24 | 0.23 | 0.14 | 0.17 | 0.29 |
|  Net realized and unrealized gain (loss) | (3.17) | 1.52 | 0.95 | 0.38 | (1.73) |
|  Total from investment operations | (2.93) | 1.75 | 1.09 | 0.55 | (1.44) |
|  Distributions to shareholders from net investment income | (0.21) | (0.13) | (0.19) | (0.20) | (0.16) |
|  Distributions to shareholders from net realized gains | (1.87) |  |  |  | (0.42) |
|  Total distributions | (2.08) | (0.13) | (0.19) | (0.20) | (0.58) |
|  Net asset value, end of year | $6.84 | $11.85 | $10.23 | $9.33 | $8.98 |
| **Total Return<sup>(b)</sup>** | (29.55)% | 17.10% | 11.81% | 6.32% | (13.84)% |
|  Net assets, end of year (in 000's) | $417309 | $572973 | $465604 | $491306 | $621590 |
|  Ratio of net expenses to average net assets | 1.08% | 1.08% | 1.08% | 1.09% | 1.08% |
|  Ratio of total expenses to average net assets | 1.13% | 1.13% | 1.15% | 1.17% | 1.15% |
|  Ratio of net investment income to average net assets | 2.72% | 1.90% | 1.53% | 1.89% | 2.78% |
|  Portfolio turnover rate<sup>(c)</sup> | 167% | 189% | 178% | 165% | 147% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **49** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Emerging Markets Equity Insights Fund** | **Goldman Sachs Emerging Markets Equity Insights Fund** | **Goldman Sachs Emerging Markets Equity Insights Fund** | **Goldman Sachs Emerging Markets Equity Insights Fund** | **Goldman Sachs Emerging Markets Equity Insights Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $11.66 | $10.08 | $9.20 | $8.86 | $10.87 |
|  Net investment income<sup>(a)</sup> | 0.18 | 0.13 | 0.08 | 0.12 | 0.15 |
|  Net realized and unrealized gain (loss) | (3.10) | 1.52 | 0.95 | 0.36 | (1.64) |
|  Total from investment operations | (2.92) | 1.65 | 1.03 | 0.48 | (1.49) |
|  Distributions to shareholders from net investment income | (0.15) | (0.07) | (0.15) | (0.14) | (0.10) |
|  Distributions to shareholders from net realized gains | (1.87) |  |  |  | (0.42) |
|  Total distributions | (2.02) | (0.07) | (0.15) | (0.14) | (0.52) |
|  Net asset value, end of year | $6.72 | $11.66 | $10.08 | $9.20 | $8.86 |
| **Total Return<sup>(b)</sup>** | (30.08)% | 16.43% | 11.19% | 5.52% | (14.34)% |
|  Net assets, end of year (in 000's) | $17352 | $24710 | $29635 | $27790 | $20852 |
|  Ratio of net expenses to average net assets | 1.71% | 1.71% | 1.72% | 1.73% | 1.73% |
|  Ratio of total expenses to average net assets | 1.76% | 1.76% | 1.78% | 1.82% | 1.79% |
|  Ratio of net investment income to average net assets | 2.08% | 1.11% | 0.91% | 1.27% | 1.46% |
|  Portfolio turnover rate<sup>(c)</sup> | 167% | 189% | 178% | 165% | 147% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **50** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Period*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Emerging Markets Equity Insights Fund** | **Goldman Sachs Emerging Markets Equity Insights Fund** | **Goldman Sachs Emerging Markets Equity Insights Fund** | **Goldman Sachs Emerging Markets Equity Insights Fund** | **Goldman Sachs Emerging Markets Equity Insights Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
|  | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $11.85 | $10.23 | $9.33 | $8.98 | $10.84 |
|  Net investment income<sup>(b)</sup> | 0.25 | 0.24 | 0.14 | 0.18 | 0.18 |
|  Net realized and unrealized gain (loss) | (3.18) | 1.51 | 0.95 | 0.37 | (2.04) |
|  Total from investment operations | (2.93) | 1.75 | 1.09 | 0.55 | (1.86) |
|  Distributions to shareholders from net investment income | (0.21) | (0.13) | (0.19) | (0.20) |  |
|  Distributions to shareholders from net realized gains | (1.87) |  |  |  |  |
|  Total distributions | (2.08) | (0.13) | (0.19) | (0.20) |  |
|  Net asset value, end of period | $6.84 | $11.85 | $10.23 | $9.33 | $8.98 |
| **Total Return<sup>(c)</sup>** | (29.55)% | 17.10% | 11.80% | 6.33% | (17.16)% |
|  Net assets, end of period (in 000's) | $78229 | $139870 | $112229 | $125429 | $130763 |
|  Ratio of net expenses to average net assets | 1.08% | 1.08% | 1.08% | 1.09% | 1.08 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 1.13% | 1.13% | 1.15% | 1.17% | 1.17 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 2.73% | 1.92% | 1.48% | 1.96% | 3.36 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 167% | 189% | 178% | 165% | 147% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 16, 2018.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **51** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $14.76 | $11.40 | $12.46 | $11.88 | $13.19 |
|  Net investment income<sup>(a)</sup> | 0.31 | 0.22 | 0.14 | 0.23 | 0.23 |
|  Net realized and unrealized gain (loss) | (3.46) | 3.35 | (0.92) | 0.52 | (1.36) |
|  Total from investment operations | (3.15) | 3.57 | (0.78) | 0.75 | (1.13) |
|  Distributions to shareholders from net investment income | (0.41) | (0.21) | (0.28) | (0.17) | (0.18) |
|  Distributions to shareholders from net realized gains | (0.45) |  |  |  |  |
|  Total distributions | (0.86) | (0.21) | (0.28) | (0.17) | (0.18) |
|  Net asset value, end of year | $10.75 | $14.76 | $11.40 | $12.46 | $11.88 |
| **Total Return<sup>(b)</sup>** | (22.56)% | 31.50% | (6.44)% | 6.58% | (8.71)% |
|  Net assets, end of year (in 000's) | $69254 | $103852 | $204087 | $237898 | $184222 |
|  Ratio of net expenses to average net assets | 1.18% | 1.17% | 1.17% | 1.16% | 1.14% |
|  Ratio of total expenses to average net assets | 1.22% | 1.21% | 1.23% | 1.24% | 1.26% |
|  Ratio of net investment income to average net assets | 2.44% | 1.55% | 1.22% | 1.97% | 1.76% |
|  Portfolio turnover rate<sup>(c)</sup> | 151% | 164% | 160% | 136% | 124% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **52** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $14.42 | $11.13 | $12.13 | $11.56 | $12.91 |
|  Net investment income<sup>(a)</sup> | 0.21 | 0.15 | 0.05 | 0.14 | 0.14 |
|  Net realized and unrealized gain (loss) | (3.39) | 3.24 | (0.90) | 0.52 | (1.34) |
|  Total from investment operations | (3.18) | 3.39 | (0.85) | 0.66 | (1.20) |
|  Distributions to shareholders from net investment income | (0.30) | (0.10) | (0.15) | (0.09) | (0.15) |
|  Distributions to shareholders from net realized gains | (0.45) |  |  |  |  |
|  Total distributions | (0.75) | (0.10) | (0.15) | (0.09) | (0.15) |
|  Net asset value, end of year | $10.49 | $14.42 | $11.13 | $12.13 | $11.56 |
| **Total Return<sup>(b)</sup>** | (23.16)% | 30.53% | (7.08)% | 5.79% | (9.45)% |
|  Net assets, end of year (in 000's) | $8393 | $14406 | $13484 | $22427 | $32338 |
|  Ratio of net expenses to average net assets | 1.93% | 1.92% | 1.92% | 1.91% | 1.89% |
|  Ratio of total expenses to average net assets | 1.97% | 1.96% | 1.98% | 1.99% | 2.01% |
|  Ratio of net investment income to average net assets | 1.69% | 1.05% | 0.42% | 1.25% | 1.11% |
|  Portfolio turnover rate<sup>(c)</sup> | 151% | 164% | 160% | 136% | 124% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **53** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $15.23 | $11.76 | $12.83 | $12.22 | $13.57 |
|  Net investment income<sup>(a)</sup> | 0.36 | 0.33 | 0.18 | 0.29 | 0.28 |
|  Net realized and unrealized gain (loss) | (3.57) | 3.40 | (0.93) | 0.54 | (1.41) |
|  Total from investment operations | (3.21) | 3.73 | (0.75) | 0.83 | (1.13) |
|  Distributions to shareholders from net investment income | (0.46) | (0.26) | (0.32) | (0.22) | (0.22) |
|  Distributions to shareholders from net realized gains | (0.45) |  |  |  |  |
|  Total distributions | (0.91) | (0.26) | (0.32) | (0.22) | (0.22) |
|  Net asset value, end of year | $11.11 | $15.23 | $11.76 | $12.83 | $12.22 |
| **Total Return<sup>(b)</sup>** | (22.27)% | 31.93% | (6.07)% | 7.07% | (8.48)% |
|  Net assets, end of year (in 000's) | $675506 | $1227429 | $810510 | $1256782 | $1323745 |
|  Ratio of net expenses to average net assets | 0.81% | 0.80% | 0.79% | 0.79% | 0.81% |
|  Ratio of total expenses to average net assets | 0.85% | 0.84% | 0.85% | 0.85% | 0.87% |
|  Ratio of net investment income to average net assets | 2.74% | 2.25% | 1.54% | 2.41% | 2.08% |
|  Portfolio turnover rate<sup>(c)</sup> | 151% | 164% | 160% | 136% | 124% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **54** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $14.91 | $11.52 | $12.57 | $11.98 | $13.32 |
|  Net investment income<sup>(a)</sup> | 0.30 | 0.25 | 0.12 | 0.23 | 0.21 |
|  Net realized and unrealized gain (loss) | (3.52) | 3.33 | (0.91) | 0.52 | (1.38) |
|  Total from investment operations | (3.22) | 3.58 | (0.79) | 0.75 | (1.17) |
|  Distributions to shareholders from net investment income | (0.36) | (0.19) | (0.26) | (0.16) | (0.17) |
|  Distributions to shareholders from net realized gains | (0.45) |  |  |  |  |
|  Total distributions | (0.81) | (0.19) | (0.26) | (0.16) | (0.17) |
|  Net asset value, end of year | $10.88 | $14.91 | $11.52 | $12.57 | $11.98 |
| **Total Return<sup>(b)</sup>** | (22.69)% | 31.25% | (6.50)% | 6.45% | (8.92)% |
|  Net assets, end of year (in 000's) | $1887 | $2927 | $3675 | $5386 | $4538 |
|  Ratio of net expenses to average net assets | 1.31% | 1.30% | 1.29% | 1.29% | 1.31% |
|  Ratio of total expenses to average net assets | 1.35% | 1.34% | 1.35% | 1.35% | 1.37% |
|  Ratio of net investment income to average net assets | 2.33% | 1.71% | 1.03% | 1.93% | 1.57% |
|  Portfolio turnover rate<sup>(c)</sup> | 151% | 164% | 160% | 136% | 124% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **55** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $14.55 | $11.19 | $12.23 | $11.67 | $12.97 |
|  Net investment income<sup>(a)</sup> | 0.34 | 0.25 | 0.16 | 0.27 | 0.27 |
|  Net realized and unrealized gain (loss) | (3.42) | 3.30 | (0.89) | 0.50 | (1.35) |
|  Total from investment operations | (3.08) | 3.55 | (0.73) | 0.77 | (1.08) |
|  Distributions to shareholders from net investment income | (0.44) | (0.19) | (0.31) | (0.21) | (0.22) |
|  Distributions to shareholders from net realized gains | (0.45) |  |  |  |  |
|  Total distributions | (0.89) | (0.19) | (0.31) | (0.21) | (0.22) |
|  Net asset value, end of year | $10.58 | $14.55 | $11.19 | $12.23 | $11.67 |
| **Total Return<sup>(b)</sup>** | (22.39)% | 31.90% | (6.21)% | 6.90% | (8.52)% |
|  Net assets, end of year (in 000's) | $69844 | $96352 | $311446 | $549732 | $393993 |
|  Ratio of net expenses to average net assets | 0.93% | 0.92% | 0.92% | 0.91% | 0.89% |
|  Ratio of total expenses to average net assets | 0.97% | 0.96% | 0.98% | 0.99% | 1.01% |
|  Ratio of net investment income to average net assets | 2.73% | 1.86% | 1.42% | 2.29% | 2.09% |
|  Portfolio turnover rate<sup>(c)</sup> | 151% | 164% | 160% | 136% | 124% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **56** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $15.22 | $11.75 | $12.82 | $12.22 | $13.56 |
|  Net investment income<sup>(a)</sup> | 0.37 | 0.33 | 0.19 | 0.30 | 0.33 |
|  Net realized and unrealized gain (loss) | (3.58) | 3.40 | (0.94) | 0.52 | (1.45) |
|  Total from investment operations | (3.21) | 3.73 | (0.75) | 0.82 | (1.12) |
|  Distributions to shareholders from net investment income | (0.46) | (0.26) | (0.32) | (0.22) | (0.22) |
|  Distributions to shareholders from net realized gains | (0.45) |  |  |  |  |
|  Total distributions | (0.91) | (0.26) | (0.32) | (0.22) | (0.22) |
|  Net asset value, end of year | $11.10 | $15.22 | $11.75 | $12.82 | $12.22 |
| **Total Return<sup>(b)</sup>** | (22.28)% | 31.97% | (6.06)% | 7.10% | (8.48)% |
|  Net assets, end of year (in 000's) | $407364 | $627430 | $522707 | $595264 | $415327 |
|  Ratio of net expenses to average net assets | 0.80% | 0.79% | 0.78% | 0.78% | 0.79% |
|  Ratio of total expenses to average net assets | 0.84% | 0.83% | 0.84% | 0.84% | 0.86% |
|  Ratio of net investment income to average net assets | 2.85% | 2.24% | 1.61% | 2.49% | 2.45% |
|  Portfolio turnover rate<sup>(c)</sup> | 151% | 164% | 160% | 136% | 124% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **57** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $14.32 | $11.08 | $12.10 | $11.54 | $12.85 |
|  Net investment income<sup>(a)</sup> | 0.27 | 0.21 | 0.11 | 0.21 | 0.19 |
|  Net realized and unrealized gain (loss) | (3.37) | 3.21 | (0.89) | 0.50 | (1.33) |
|  Total from investment operations | (3.10) | 3.42 | (0.78) | 0.71 | (1.14) |
|  Distributions to shareholders from net investment income | (0.36) | (0.18) | (0.24) | (0.15) | (0.17) |
|  Distributions to shareholders from net realized gains | (0.45) |  |  |  |  |
|  Total distributions | (0.81) | (0.18) | (0.24) | (0.15) | (0.17) |
|  Net asset value, end of year | $10.41 | $14.32 | $11.08 | $12.10 | $11.54 |
| **Total Return<sup>(b)</sup>** | (22.79)% | 31.19% | (6.69)% | 6.36% | (9.01)% |
|  Net assets, end of year (in 000's) | $5383 | $7896 | $8321 | $9281 | $7548 |
|  Ratio of net expenses to average net assets | 1.43% | 1.42% | 1.42% | 1.41% | 1.40% |
|  Ratio of total expenses to average net assets | 1.47% | 1.46% | 1.48% | 1.49% | 1.51% |
|  Ratio of net investment income to average net assets | 2.20% | 1.56% | 0.99% | 1.79% | 1.49% |
|  Portfolio turnover rate<sup>(c)</sup> | 151% | 164% | 160% | 136% | 124% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **58** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Period*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** | **Goldman Sachs International Equity Insights Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
|  | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $15.21 | $11.74 | $12.81 | $12.21 | $13.79 |
|  Net investment income<sup>(b)</sup> | 0.38 | 0.33 | 0.19 | 0.30 | 0.12 |
|  Net realized and unrealized gain (loss) | (3.59) | 3.40 | (0.94) | 0.52 | (1.70) |
|  Total from investment operations | (3.21) | 3.73 | (0.75) | 0.82 | (1.58) |
|  Distributions to shareholders from net investment income | (0.46) | (0.26) | (0.32) | (0.22) |  |
|  Distributions to shareholders from net realized gains | (0.45) |  |  |  |  |
|  Total distributions | (0.91) | (0.26) | (0.32) | (0.22) |  |
|  Net asset value, end of period | $11.09 | $15.21 | $11.74 | $12.81 | $12.21 |
| **Total Return<sup>(c)</sup>** | (22.29)% | 32.00% | (6.06)% | 7.03% | (11.46)% |
|  Net assets, end of period (in 000's) | $341982 | $470881 | $357875 | $372536 | $245618 |
|  Ratio of net expenses to average net assets | 0.80% | 0.79% | 0.78% | 0.78% | 0.78 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 0.84% | 0.83% | 0.84% | 0.84% | 0.87 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 2.95% | 2.24% | 1.62% | 2.43% | 1.65 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 151% | 164% | 160% | 136% | 124% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 16, 2018.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **59** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs International Small Cap Insights Fund** | **Goldman Sachs International Small Cap Insights Fund** | **Goldman Sachs International Small Cap Insights Fund** | **Goldman Sachs International Small Cap Insights Fund** | **Goldman Sachs International Small Cap Insights Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $14.32 | $10.96 | $11.77 | $11.16 | $13.39 |
|  Net investment income<sup>(a)</sup> | 0.32 | 0.27 | 0.08 | 0.17 | 0.17 |
|  Net realized and unrealized gain (loss) | (4.10) | 3.28 | (0.52) | 0.55 | (1.39) |
|  Total from investment operations | (3.78) | 3.55 | (0.44) | 0.72 | (1.22) |
|  Distributions to shareholders from net investment income | (0.40) | (0.19) | (0.37) | (0.11) | (0.18) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.83) |
|  Total distributions | (0.40) | (0.19) | (0.37) | (0.11) | (1.01) |
|  Net asset value, end of year | $10.14 | $14.32 | $10.96 | $11.77 | $11.16 |
| **Total Return<sup>(b)</sup>** | (27.07)% | 32.65% | (3.98)% | 6.68% | (9.88)% |
|  Net assets, end of year (in 000's) | $69230 | $150934 | $120602 | $163427 | $193465 |
|  Ratio of net expenses to average net assets | 1.24% | 1.24% | 1.25% | 1.26% | 1.26% |
|  Ratio of total expenses to average net assets | 1.28% | 1.30% | 1.31% | 1.33% | 1.31% |
|  Ratio of net investment income to average net assets | 2.63% | 1.96% | 0.76% | 1.52% | 1.34% |
|  Portfolio turnover rate<sup>(c)</sup> | 156% | 185% | 149% | 131% | 110% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **60** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs International Small Cap Insights Fund** | **Goldman Sachs International Small Cap Insights Fund** | **Goldman Sachs International Small Cap Insights Fund** | **Goldman Sachs International Small Cap Insights Fund** | **Goldman Sachs International Small Cap Insights Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $13.81 | $10.56 | $11.34 | $10.73 | $12.95 |
|  Net investment income<sup>(a)</sup> | 0.23 | 0.16 | — <sup>(b)</sup> | 0.09 | 0.08 |
|  Net realized and unrealized gain (loss) | (3.98) | 3.17 | (0.51) | 0.54 | (1.35) |
|  Total from investment operations | (3.75) | 3.33 | (0.51) | 0.63 | (1.27) |
|  Distributions to shareholders from net investment income | (0.29) | (0.08) | (0.27) | (0.02) | (0.12) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.83) |
|  Total distributions | (0.29) | (0.08) | (0.27) | (0.02) | (0.95) |
|  Net asset value, end of year | $9.77 | $13.81 | $10.56 | $11.34 | $10.73 |
| **Total Return<sup>(c)</sup>** | (27.65)% | 31.67% | (4.71)% | 5.94% | (10.59)% |
|  Net assets, end of year (in 000's) | $13111 | $28406 | $29190 | $51728 | $68767 |
|  Ratio of net expenses to average net assets | 1.99% | 1.99% | 2.00% | 2.01% | 2.01% |
|  Ratio of total expenses to average net assets | 2.03% | 2.05% | 2.06% | 2.08% | 2.06% |
|  Ratio of net investment income (loss) to average net assets | 1.92% | 1.20% | (0.01)% | 0.82% | 0.61% |
|  Portfolio turnover rate<sup>(d)</sup> | 156% | 185% | 149% | 131% | 110% |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **61** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs International Small Cap Insights Fund** | **Goldman Sachs International Small Cap Insights Fund** | **Goldman Sachs International Small Cap Insights Fund** | **Goldman Sachs International Small Cap Insights Fund** | **Goldman Sachs International Small Cap Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $14.33 | $10.97 | $11.78 | $11.19 | $13.42 |
|  Net investment income<sup>(a)</sup> | 0.38 | 0.33 | 0.12 | 0.22 | 0.21 |
|  Net realized and unrealized gain (loss) | (4.11) | 3.27 | (0.52) | 0.54 | (1.38) |
|  Total from investment operations | (3.73) | 3.60 | (0.40) | 0.76 | (1.17) |
|  Distributions to shareholders from net investment income | (0.47) | (0.24) | (0.41) | (0.17) | (0.23) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.83) |
|  Total distributions | (0.47) | (0.24) | (0.41) | (0.17) | (1.06) |
|  Net asset value, end of year | $10.13 | $14.33 | $10.97 | $11.78 | $11.19 |
| **Total Return<sup>(b)</sup>** | (26.80)% | 33.11% | (3.61)% | 7.10% | (9.53)% |
|  Net assets, end of year (in 000's) | $2097460 | $2579024 | $1608195 | $2134382 | $2250288 |
|  Ratio of net expenses to average net assets | 0.87% | 0.87% | 0.87% | 0.87% | 0.87% |
|  Ratio of total expenses to average net assets | 0.91% | 0.92% | 0.93% | 0.95% | 0.92% |
|  Ratio of net investment income to average net assets | 3.14% | 2.39% | 1.13% | 1.96% | 1.67% |
|  Portfolio turnover rate<sup>(c)</sup> | 156% | 185% | 149% | 131% | 110% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **62** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs International Small Cap Insights Fund** | **Goldman Sachs International Small Cap Insights Fund** | **Goldman Sachs International Small Cap Insights Fund** | **Goldman Sachs International Small Cap Insights Fund** | **Goldman Sachs International Small Cap Insights Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $14.26 | $10.92 | $11.72 | $11.12 | $13.36 |
|  Net investment income<sup>(a)</sup> | 0.36 | 0.30 | 0.10 | 0.19 | 0.21 |
|  Net realized and unrealized gain (loss) | (4.09) | 3.26 | (0.51) | 0.56 | (1.40) |
|  Total from investment operations | (3.73) | 3.56 | (0.41) | 0.75 | (1.19) |
|  Distributions to shareholders from net investment income | (0.45) | (0.22) | (0.39) | (0.15) | (0.22) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.83) |
|  Total distributions | (0.45) | (0.22) | (0.39) | (0.15) | (1.05) |
|  Net asset value, end of year | $10.08 | $14.26 | $10.92 | $11.72 | $11.12 |
| **Total Return<sup>(b)</sup>** | (26.90)% | 32.88% | (3.72)% | 7.01% | (9.72)% |
|  Net assets, end of year (in 000's) | $89627 | $141731 | $131558 | $274079 | $532484 |
|  Ratio of net expenses to average net assets | 0.99% | 0.99% | 1.00% | 1.01% | 1.01% |
|  Ratio of total expenses to average net assets | 1.03% | 1.05% | 1.06% | 1.08% | 1.06% |
|  Ratio of net investment income to average net assets | 2.98% | 2.21% | 0.95% | 1.74% | 1.68% |
|  Portfolio turnover rate<sup>(c)</sup> | 156% | 185% | 149% | 131% | 110% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **63** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs International Small Cap Insights Fund** | **Goldman Sachs International Small Cap Insights Fund** | **Goldman Sachs International Small Cap Insights Fund** | **Goldman Sachs International Small Cap Insights Fund** | **Goldman Sachs International Small Cap Insights Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $14.36 | $10.99 | $11.80 | $11.21 | $13.45 |
|  Net investment income<sup>(a)</sup> | 0.38 | 0.31 | 0.13 | 0.22 | 0.22 |
|  Net realized and unrealized gain (loss) | (4.12) | 3.29 | (0.52) | 0.54 | (1.40) |
|  Total from investment operations | (3.74) | 3.60 | (0.39) | 0.76 | (1.18) |
|  Distributions to shareholders from net investment income | (0.47) | (0.23) | (0.42) | (0.17) | (0.23) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.83) |
|  Total distributions | (0.47) | (0.23) | (0.42) | (0.17) | (1.06) |
|  Net asset value, end of year | $10.15 | $14.36 | $10.99 | $11.80 | $11.21 |
| **Total Return<sup>(b)</sup>** | (26.81)% | 33.12% | (3.60)% | 7.11% | (9.57)% |
|  Net assets, end of year (in 000's) | $479843 | $878443 | $963821 | $1192142 | $1076035 |
|  Ratio of net expenses to average net assets | 0.86% | 0.86% | 0.86% | 0.86% | 0.85% |
|  Ratio of total expenses to average net assets | 0.90% | 0.91% | 0.92% | 0.94% | 0.92% |
|  Ratio of net investment income to average net assets | 3.06% | 2.26% | 1.19% | 2.01% | 1.72% |
|  Portfolio turnover rate<sup>(c)</sup> | 156% | 185% | 149% | 131% | 110% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

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

---

| | |
|:---|:---|
| **64** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

*Selected Data for a Share Outstanding Throughout Each Period*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs International Small Cap Insights Fund** | **Goldman Sachs International Small Cap Insights Fund** | **Goldman Sachs International Small Cap Insights Fund** | **Goldman Sachs International Small Cap Insights Fund** | **Goldman Sachs International Small Cap Insights Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
|  | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>October 31, 2018<sup>(a)</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $14.36 | $10.99 | $11.80 | $11.21 | $13.08 |
|  Net investment income<sup>(b)</sup> | 0.38 | 0.33 | 0.12 | 0.22 | 0.08 |
|  Net realized and unrealized gain (loss) | (4.12) | 3.28 | (0.51) | 0.54 | (1.95) |
|  Total from investment operations | (3.74) | 3.61 | (0.39) | 0.76 | (1.87) |
|  Distributions to shareholders from net investment income | (0.47) | (0.24) | (0.42) | (0.17) |  |
|  Net asset value, end of period | $10.15 | $14.36 | $10.99 | $11.80 | $11.21 |
| **Total Return<sup>(c)</sup>** | (26.81)% | 33.15% | (3.60)% | 7.11% | (14.30)% |
|  Net assets, end of period (in 000's) | $35538 | $59410 | $43631 | $80926 | $90943 |
|  Ratio of net expenses to average net assets | 0.86% | 0.86% | 0.86% | 0.86% | 0.85 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 0.90% | 0.92% | 0.92% | 0.94% | 0.93 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 3.15% | 2.41% | 1.08% | 1.96% | 1.20 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 156% | 185% | 149% | 131% | 110% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 16, 2018.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **65** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

## Notes to Financial Statements
*October 31, 2022* 

**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/<br>Non-Diversified** |
|  Emerging Markets Equity Insights | A, C, Institutional, Investor, R6, R and P | Non-Diversified |
|  International Equity Insights | A, C, Institutional, Service, Investor, R6, R and P | Diversified |
|  International Small Cap Insights | A, C, Institutional, Investor, R6 and P | Diversified |

---

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge ("CDSC") of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

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

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

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

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

**66** 

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

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

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

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

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

**3. INVESTMENTS AND FAIR VALUE MEASUREMENTS**

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable

(including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

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

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the "Valuation Designee"). GSAM has 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.

**67** 

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

## Notes to Financial Statements (continued)
*October 31, 2022* 

**3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

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

Equity Securities — Equity securities traded on a 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 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 the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

**68** 

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

**3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

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

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

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

C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of October 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **EMERGING MARKETS EQUITY INSIGHTS FUND** | **EMERGING MARKETS EQUITY INSIGHTS FUND** | **EMERGING MARKETS EQUITY INSIGHTS FUND** | **EMERGING MARKETS EQUITY INSIGHTS FUND** |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $3772477 | $34005685 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 68088291 | 1188634219 | — <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 7421231 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 45276629 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 135088195 | 11978810 |  |
|  Investment Company | 5459494 |  |  |
|  Securities Lending Reinvestment Vehicle | 1701266 |  |  |
| **Total** | $259386352 | $1242039945 | $— |
| **Derivative Type** |  |  |  |
| **Assets<sup>(b)</sup>** |  |  |  |
|  Forward Foreign Exchange Currency Contracts | $— | $63926 | $— |
| **Total** | $— | $63926 | $— |

---

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

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

(c) Amount includes valuations of Russian investments for which GSAM has determined include significant unobservable inputs as of October 31, 2022. To the extent that the same positions were held as of the Fund's prior
fiscal year end, October 31, 2021, they were classified as Level 1 or Level 2.

**69** 

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

*October 31, 2022* 

**3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **EMERGING MARKETS EQUITY INSIGHTS FUND (continued)** | **EMERGING MARKETS EQUITY INSIGHTS FUND (continued)** | **EMERGING MARKETS EQUITY INSIGHTS FUND (continued)** | **EMERGING MARKETS EQUITY INSIGHTS FUND (continued)** |
| **Derivative Type** | **Level 1** | **Level 2** | **Level 3** |
| **Liabilities<sup>(b)</sup>** |  |  |  |
|  Futures Contracts | $(2746420) | $— | $— |
| **Total** | $(2746420) | $— | $— |

---

---

| | | | |
|:---|:---|:---|:---|
| **INTERNATIONAL EQUITY INSIGHTS FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $— | $11568207 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 2977000 | 376548423 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 15848629 | 884325384 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 19436724 | 111392901 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 9729676 | 123104536 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America |  | 942348 |  |
|  Securities Lending Reinvestment Vehicle | 5817654 |  |  |
| **Total** | $53809683 | $1507881799 | $— |
| **INTERNATIONAL SMALL CAP INSIGHTS FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $12102351 | $996287640 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 44461833 | 1352358885 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania |  | 286783011 |  |
|  Securities Lending Reinvestment Vehicle | 21447967 |  |  |
| **Total** | $78012151 | $2635429536 | $— |
| **Derivative Type** |  |  |  |
| **Assets<sup>(b)</sup>** |  |  |  |
|  Futures Contracts | $148671 | $— | $— |
| **Total** | $148671 | $— | $— |

---

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

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

**70** 

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

**3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **INTERNATIONAL SMALL CAP INSIGHTS FUND (continued)**<br>**Derivative Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Liabilities<sup>(b)</sup>** |  |  |  |
|  Futures Contracts | $(641182) | $— | $— |
| **Total** | $(641182) | $— | $— |

---

(b) 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 October 31, 2022. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets Equity Insights** | **Emerging Markets Equity Insights** | **Emerging Markets Equity Insights** | **Emerging Markets Equity Insights** | **Emerging Markets Equity Insights** |
| **Risk** | **Statements of Assets<br>and Liabilities** | **Assets<sup>(a)</sup>** | **Statements of Assets<br>and Liabilities** | **Liabilities<sup>(a)</sup>** |
|  Currency | Unrealized gain on forward foreign currency exchange contracts | $63926 |  | $— |
|  Equity |  |  | Variation margin on futures contracts | (2746420) |
|  |  | $63926 |  | $(2746420) |
| **International Small Cap Insights** | **International Small Cap Insights** |  |  |  |
| **Risk** | **Statements of Assets<br>and Liabilities** | **Assets<sup>(a)</sup>** | **Statements of Assets<br>and Liabilities** | **Liabilities<sup>(a)</sup>** |
|  Equity | Variation margin on futures contracts | $148671 | Variation margin on futures contracts | $(641182) |

---

(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 October 31, 2022 is reported within
the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended October 31, 2022. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and

**71** 

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

*October 31, 2022* 

**4. INVESTMENTS IN DERIVATIVES (continued)**

accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Risk** | **Statements of Operations** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  Emerging Markets Equity Insights | Currency | Net realized gain (loss) from forward foreign currency contracts/Net change in unrealized gain (loss) on forward foreign currency contracts | $(647594) | $63926 |
|  | Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | (9224699) | (3114175) |
|  Total |  |  | $(9872293) | $(3050249) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Risk** | **Statements of Operations** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  International Equity Insights | Currency | Net realized gain (loss) from forward foreign currency contracts/Net change in unrealized gain (loss) on forward foreign currency contracts | $(35811) | $— |
|  | Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | (180539) | 5746 |
|  Total |  |  | $(216350) | $5746 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Risk** | **Statements of Operations** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  International Small Cap Insights | Currency | Net realized gain (loss) from forward foreign currency contracts/Net change in unrealized gain (loss) on forward foreign currency contracts | $95149 | $— |
|  | Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | (2001563) | (1789272) |
|  Total |  |  | $(1906414) | $(1789272) |

---

**72** 

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

**4. INVESTMENTS IN DERIVATIVES (continued)**

For the fiscal year ended October 31, 2022, the relevant values for each derivative type was as follows:

---

| | | |
|:---|:---|:---|
| | **Average Number of Contracts<br>or Notional Amounts<sup>(a)</sup>** | **Average Number of Contracts<br>or Notional Amounts<sup>(a)</sup>** |
| <br>**Fund** | **Futures<br>Contracts** | **Forward<br>Contracts** |
|  Emerging Markets Equity Insights | 617 | $1337006 |
|  International Equity Insights | 388 |  |
|  International Small Cap Insights | 638 | 9662008 |

---

(a) Amounts disclosed represent average number of contracts for futures or notional amounts for forward contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the
Fund held such derivatives during the fiscal year ended October 31, 2022.

**5. AGREEMENTS AND AFFILIATED TRANSACTIONS**

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

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

For the fiscal year ended October 31, 2022, contractual and effective net management fees with GSAM were at the following rates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | | **Effective Net**<br>**Management<br>Rate^** |
| <br>**Fund** | **First**<br> **$1 billion** | **Next**<br> **$1 billion** | **Next**<br> **$3 billion** | **Next**<br> **$3 billion** | **Over**<br> **$8 billion** |<br>**Effective<br>Rate** | **Effective Net**<br>**Management<br>Rate^** |
|  Emerging Markets Equity Insights | 1.00% | 1.00% | 0.90% | 0.86% | 0.84% | 1.00% | 1.00% |
|  International Equity Insights | 0.81 | 0.73 | 0.69 | 0.68 | 0.67 | 0.76 | 0.76 |
|  International Small Cap Insights | 0.85 | 0.85 | 0.77 | 0.73 | 0.72 | 0.82 | 0.82 |

---

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

The Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds' investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the fiscal year ended October 31, 2022, GSAM waived $15,699 and $211 of the Emerging Markets Equity Insights and International Equity Insights Funds' management fees, respectively.

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

**73** 

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

*October 31, 2022* 

**5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

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

---

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

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 October 31, 2022, Goldman Sachs retained the following amounts:

---

| | | |
|:---|:---|:---|
| | **Front End<br>Sales Charge** | **Contingent Deferred<br>Sales Charge** |
| <br>**Fund** | **Class A** | **Class C** |
|  Emerging Markets Equity Insights | $2186 | $— |
|  International Equity Insights | 3453 |  |
|  International Small Cap Insights | 1507 |  |

---

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

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

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Emerging Markets Equity Insights, International Equity

**74** 

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

**5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

Insights and International Small Cap Insights Funds are 0.054%, 0.004% and 0.014%, respectively. These Other Expense limitations will remain in place through at least February 28, 2023, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

For the fiscal year ended October 31, 2022, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Management<br>Fee Waiver** | **Other<br>Expense<br>Reimbursements** | **Total<br>Expense<br>Reductions** |
|  Emerging Markets Equity Insights | $15699 | $772948 | $788647 |
|  International Equity Insights | 211 | 881897 | 882108 |
|  International Small Cap Insights |  | 1286804 | 1286804 |

---

G. Line of Credit Facility — As of October 31, 2022, the Funds participated in a $1,250,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended October 31, 2022, the Funds did not have any borrowings under the facility. Prior to April 22, 2022, the facility was $1,000,000,000.

H. Other Transactions with Affiliates — For the fiscal year ended October 31, 2022, Goldman Sachs earned $0 in brokerage commissions from portfolio transactions from the Funds.

The following table provides information about the Funds' investments in the Goldman Sachs Financial Square Government Fund as of and for the fiscal year ended October 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Beginning<br>Value as of<br>October 31, 2021** | **Purchased<br>at Cost** | **Proceeds<br>from Sales** | **Ending<br>Value as of<br>October 31, 2022** | **Shares as of<br>October 31, 2022** | **Dividend<br>Income** |
|  Emerging Markets Equity Insights | $1812123 | $862887429 | $(859240058) | $5459494 | 5459494 | $105527 |
|  International Equity Insights |  | 22723982 | (22723982) |  |  | 250 |
|  International Small Cap Insights |  | 69151844 | (69151844) |  |  | 6209 |

---

**6. PORTFOLIO SECURITIES TRANSACTIONS**

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended October 31, 2022, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchase** | **Sales and Maturities** |
|  Emerging Markets Equity Insights | $3152797660 | $2893128062 |
|  International Equity Insights | 3100038591 | 3450307975 |
|  International Small Cap Insights | 5075465116 | 4998570503 |

---

**75** 

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

*October 31, 2022* 

**7. SECURITIES LENDING**

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

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

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds' master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction's bankruptcy or insolvency laws. The Funds' loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds' overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of October 31, 2022, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and GSAL received compensation relating to the lending of the Funds' securities. The amounts earned, if any, by the Funds for the fiscal year ended October 31, 2022, are reported under Investment Income on the Statements of Operations.

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

---

| | | | |
|:---|:---|:---|:---|
| | **For the fiscal year ended October 31, 2022** | **For the fiscal year ended October 31, 2022** | **Amounts Payable to<br>Goldman Sachs<br>Upon Return of<br>Securities Loaned as of<br>October 31, 2022** |
| <br>**Fund** | **Earnings of GSAL<br>Relating to<br>Securities<br>Loaned** | **Amounts Received<br>by the Funds<br>from Lending to<br>Goldman Sachs** | **Amounts Payable to<br>Goldman Sachs<br>Upon Return of<br>Securities Loaned as of<br>October 31, 2022** |
|  Emerging Markets Equity Insights | $13413 | $4507 | $118750 |
|  International Equity Insights | 51713 | 15893 |  |
|  International Small Cap Insights | 68420 | 3089 |  |

---

**76** 

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

**7. SECURITIES LENDING (continued)**

The following table provides information about the Funds' investment in the Government Money Market Fund for the fiscal year ended October 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Beginning<br>value as of<br>October 31, 2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Ending<br>value as of<br>October 31, 2022** |
|  Emerging Markets Equity Insights | $16271799 | $133735147 | $(148305680) | $1701266 |
|  International Equity Insights | 30644800 | 323855109 | (348682255) | 5817654 |
|  International Small Cap Insights | 4960133 | 403581810 | (387093976) | 21447967 |

---

**8. TAX INFORMATION**

The tax character of distributions paid during the fiscal year ended October 31, 2022, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Emerging Markets<br>Equity Insights** | **International<br>Equity Insights** | **International<br>Small Cap Insights** |
|  Distributions paid from: |  |  |  |
|  Ordinary Income | $146613206 | $79088893 | $125223868 |
|  Net long-term capital gains | 191314675 | 75614604 |  |
|  Total taxable distributions | $337927881 | $154703497 | $125223868 |

---

The tax character of distributions paid during the fiscal year ended October 31, 2021, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Emerging Markets<br>Equity Insights** | **International<br>Equity Insights** | **International<br>Small Cap Insights** |
|  Distributions paid from: |  |  |  |
|  Ordinary Income | $21785690 | $42051564 | $50976292 |

---

As of October 31, 2022, the components of accumulated earnings (losses) on a tax-basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Emerging Markets<br>Equity Insights** | **International<br>Equity Insights** | **International<br>Small Cap Insights** |
|  Undistributed ordinary income — net | $35526337 | $55043180 | $81152474 |
|  Total undistributed earnings | $35526337 | $55043180 | $81152474 |
|  Capital loss carryforwards: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $(311363543) | $(170061919) | $(461587200) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (33279705) |  |  |
|  Total capital loss carryforwards | $(344643248) | $(170061919) | $(461587200) |
|  Unrealized gains (losses) — net | $(228991770) | $(154288892) | $(331972380) |
|  Total accumulated earnings (losses) — net | $(538108681) | $(269307631) | $(712407106) |

---

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

*October 31, 2022* 

**8. TAX INFORMATION (continued)**

As of October 31, 2022, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows.

---

| | | | |
|:---|:---|:---|:---|
| | **Emerging Markets<br>Equity Insights** | **International<br>Equity Insights** | **International<br>Small Cap Insights** |
|  Tax Cost | $1726519479 | $1715186619 | $3044169137 |
|  Gross unrealized gain | 99437365 | 55231983 | 130201691 |
|  Gross unrealized loss | (328429135) | (209520875) | (462174071) |
|  Net unrealized gain (loss) | $(228991770) | $(154288892) | $(331972380) |

---

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 passive foreign investment company investments.

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

**9. OTHER RISKS**

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

Derivatives Risk — The Funds' use of derivatives and other similar instruments (together, referred to in this paragraph as "derivatives") may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Changes in the value of a derivative may also create margin delivery or settlement payment obligations for the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, 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. The use of derivatives is also subject to operational and legal risks. Operational risks refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error. Legal risks refer to the risks of loss resulting from insufficient documentation, or legality or enforceability of a contract. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

**9. OTHER RISKS (continued)**

markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Foreign Custody Risk — A Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund's custodian (each a "Foreign Custodian"). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund's ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

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

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

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

**79** 

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

*October 31, 2022* 

**9. OTHER RISKS (continued)**

an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

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

**10. INDEMNIFICATIONS**

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

**11. OTHER MATTERS**

In late February 2022, Russia began an invasion of Ukraine. Following such invasion, the United States, the European Union, and other countries and entities imposed wide-ranging sanctions on Russia and related entities. Certain Funds have limited market value in Russian and Ukrainian securities, which are being valued to reflect the limited liquidity and transferability in the current environment. With the closure of local Russian markets and imposition of sanctions in late February and early March, there are currently limited portfolio management actions possible as many of these assets are either sanctioned and/or cannot be transferred or settled. These sanctions and current environment could impair the ability of these Funds to buy, sell, hold, receive, deliver or otherwise transact in certain securities and other instruments. The full impact of the sanctions and the conflict on these Funds, the financial markets and the global economy is not yet known. Management is continuing to monitor these developments and evaluate other impacts they may have on these Funds.

**12. SUBSEQUENT EVENTS**

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

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

**13. SUMMARY OF SHARE TRANSACTIONS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** |
|  | **For the Fiscal Year Ended<br>October 31, 2022** | **For the Fiscal Year Ended<br>October 31, 2022** | **For the Fiscal Year Ended<br>October 31, 2021** | **For the Fiscal Year Ended<br>October 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Class A Shares** |  |  |  |  |
|  Shares sold | 1139234 | $10051175 | 1324816 | $16294291 |
|  Reinvestment of distributions | 818417 | 8011778 | 36210 | 415329 |
|  Shares redeemed | (2151315) | (20226898) | (2216318) | (27128058) |
|  | (193664) | (2163945) | (855292) | (10418438) |
| **Class C Shares** |  |  |  |  |
|  Shares sold | 64582 | 530995 | 45497 | 564663 |
|  Reinvestment of distributions | 98001 | 943653 |  |  |
|  Shares redeemed | (191641) | (1720784) | (132966) | (1594414) |
|  | (29058) | (246136) | (87469) | (1029751) |
| **Institutional Shares** |  |  |  |  |
|  Shares sold | 74165248 | 635424773 | 21839140 | 268136552 |
|  Reinvestment of distributions | 17222127 | 168236880 | 1005185 | 11479207 |
|  Shares redeemed | (43144190) | (373712149) | (29843944) | (372402951) |
|  | 48243185 | 429949504 | (6999619) | (92787192) |
| **Investor Shares** |  |  |  |  |
|  Shares sold | 3968890 | 33777030 | 2323143 | 28596840 |
|  Reinvestment of distributions | 1822918 | 17774994 | 90785 | 1036768 |
|  Shares redeemed | (5122494) | (45918875) | (2454743) | (30210098) |
|  | 669314 | 5633149 | (40815) | (576490) |
| **Class R6 Shares** |  |  |  |  |
|  Shares sold | 27005926 | 229944414 | 9885269 | 121090710 |
|  Reinvestment of distributions | 9632514 | 93996204 | 481437 | 5493200 |
|  Shares redeemed | (24020041) | (205626537) | (7503302) | (91186499) |
|  | 12618399 | 118314081 | 2863404 | 35397411 |
| **Class R Shares** |  |  |  |  |
|  Shares sold | 548884 | 4860054 | 487856 | 5941268 |
|  Reinvestment of distributions | 460887 | 4417480 | 19003 | 214543 |
|  Shares redeemed | (545548) | (4762576) | (1327242) | (16785106) |
|  | 464223 | 4514958 | (820383) | (10629295) |
| **Class P** |  |  |  |  |
|  Shares sold | 6130295 | 50317960 | 1255341 | 15541080 |
|  Reinvestment of distributions | 2567811 | 25054959 | 128389 | 1464922 |
|  Shares redeemed | (9072302) | (75418971) | (544878) | (6487793) |
|  | (374196) | (46052) | 838852 | 10518209 |
|  **NET INCREASE/DECREASE** | 61398203 | $555955559 | (5101322) | $(69525546) |

---

**81** 

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

*October 31, 2022* 

**13. SUMMARY OF SHARE TRANSACTIONS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** |
|  | **For the Fiscal Year Ended<br>October 31, 2022** | **For the Fiscal Year Ended<br>October 31, 2022** | **For the Fiscal Year Ended<br>October 31, 2021** | **For the Fiscal Year Ended<br>October 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Class A Shares** |  |  |  |  |
|  Shares sold | 1211824 | $15218091 | 1417226 | $19755218 |
|  Reinvestment of distributions | 381838 | 5244473 | 250858 | 3336409 |
|  Shares redeemed | (2184926) | (27873065) | (12528302) | (167727703) |
|  | (591264) | (7410501) | (10860218) | (144636076) |
| **Class C Shares** |  |  |  |  |
|  Shares sold | 38238 | 478345 | 91531 | 1260249 |
|  Reinvestment of distributions | 46326 | 623465 | 7365 | 96259 |
|  Shares redeemed | (283433) | (3364455) | (311058) | (4246853) |
|  | (198869) | (2262645) | (212162) | (2890345) |
| **Institutional Shares** |  |  |  |  |
|  Shares sold | 21174801 | 272935937 | 31304317 | 450174099 |
|  Reinvestment of distributions | 3501048 | 49669529 | 695950 | 9520592 |
|  Shares redeemed | (44443531) | (574079124) | (20341719) | (297907746) |
|  | (19767682) | (251473658) | 11658548 | 161786945 |
| **Service Shares** |  |  |  |  |
|  Shares sold | 41614 | 506533 | 70409 | 1006325 |
|  Reinvestment of distributions | 10537 | 146552 | 4118 | 55391 |
|  Shares redeemed | (75020) | (943746) | (197347) | (2896166) |
|  | (22869) | (290661) | (122820) | (1834450) |
| **Investor Shares** |  |  |  |  |
|  Shares sold | 2334270 | 28234502 | 1465638 | 19663724 |
|  Reinvestment of distributions | 441728 | 5961017 | 133647 | 1748099 |
|  Shares redeemed | (2796739) | (33840289) | (22805003) | (290920623) |
|  | (20741) | 355230 | (21205718) | (269508800) |
| **Class R6 Shares** |  |  |  |  |
|  Shares sold | 8149108 | 111753063 | 5715945 | 82452861 |
|  Reinvestment of distributions | 2426596 | 34310169 | 720183 | 9844905 |
|  Shares redeemed | (15093491) | (192897952) | (9697850) | (141144260) |
|  | (4517787) | (46834720) | (3261722) | (48846494) |
| **Class R Shares** |  |  |  |  |
|  Shares sold | 91169 | 1107258 | 97389 | 1337005 |
|  Reinvestment of distributions | 33666 | 448702 | 10204 | 131937 |
|  Shares redeemed | (159219) | (1931230) | (307654) | (4266758) |
|  | (34384) | (375270) | (200061) | (2797816) |
| **Class P Shares** |  |  |  |  |
|  Shares sold | 11060072 | 132796447 | 2597903 | 38201859 |
|  Reinvestment of distributions | 2013329 | 28448250 | 568110 | 7760380 |
|  Shares redeemed | (13196037) | (158584036) | (2683872) | (38775485) |
|  | (122636) | 2660661 | 482141 | 7186754 |
|  **NET DECREASE** | (25276232) | $(305631564) | (23722012) | $(301540282) |

---

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

**13. SUMMARY OF SHARE TRANSACTIONS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** |
|  | **For the Fiscal Year Ended<br>October 31, 2022** | **For the Fiscal Year Ended<br>October 31, 2022** | **For the Fiscal Year Ended<br>October 31, 2021** | **For the Fiscal Year Ended<br>October 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Class A Shares** |  |  |  |  |
|  Shares sold | 1267423 | $15429797 | 2448685 | $33474118 |
|  Reinvestment of distributions | 202215 | 2679347 | 150353 | 1874899 |
|  Shares redeemed | (5181715) | (66968557) | (3058568) | (41366848) |
|  | (3712077) | (48859413) | (459530) | (6017831) |
| **Class C Shares** |  |  |  |  |
|  Shares sold | 22692 | 273534 | 89719 | 1208876 |
|  Reinvestment of distributions | 43827 | 563181 | 17735 | 214601 |
|  Shares redeemed | (781977) | (8997277) | (813730) | (10661059) |
|  | (715458) | (8160562) | (706276) | (9237582) |
| **Institutional Shares** |  |  |  |  |
|  Shares sold | 77060400 | 919038682 | 58587612 | 824933074 |
|  Reinvestment of distributions | 6276089 | 82844371 | 2655507 | 33034503 |
|  Shares redeemed | (56214305) | (672860547) | (27868028) | (372394193) |
|  | 27122184 | 329022506 | 33375091 | 485573384 |
| **Investor Shares** |  |  |  |  |
|  Shares sold | 2484377 | 29984770 | 2036645 | 28143329 |
|  Reinvestment of distributions | 338843 | 4455780 | 203421 | 2520385 |
|  Shares redeemed | (3869213) | (46089552) | (4353122) | (58408160) |
|  | (1045993) | (11649002) | (2113056) | (27744446) |
| **Class R6 Shares** |  |  |  |  |
|  Shares sold | 9392486 | 115712651 | 26986066 | 386482826 |
|  Reinvestment of distributions | 2136338 | 28263748 | 802927 | 10004474 |
|  Shares redeemed | (25423719) | (313550405) | (54296259) | (668104389) |
|  | (13894895) | (169574006) | (26507266) | (271617089) |
| **Class P Shares** |  |  |  |  |
|  Shares sold | 14449 | 164886 | 461075 | 6292433 |
|  Reinvestment of distributions | 146295 | 1934022 | 72049 | 897729 |
|  Shares redeemed | (796954) | (8305637) | (364802) | (4725392) |
|  | (636210) | (6206729) | 168322 | 2464770 |
|  **NET DECREASE** | 7117551 | $84572794 | 3757285 | $173421206 |

---

**83** 

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## Report of Independent Registered Public

## Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Emerging Markets Equity Insights Fund, Goldman Sachs International Equity Insights Fund, and Goldman Sachs International Small Cap Insights Fund

**Opinions on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Emerging Markets Equity Insights Fund, Goldman Sachs International Equity Insights Fund, and Goldman Sachs International Small Cap Insights Fund (three of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the "Funds") as of October 31, 2022, the related statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, 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 October 31, 2022, 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 October 31, 2022 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 October 31, 2022 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

December 22, 2022

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited)</u> 

**Background** 

The Goldman Sachs Emerging Markets Equity Insights Fund, Goldman Sachs International Equity Insights Fund, and Goldman Sachs International Small Cap Insights 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, 2023 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 14-15, 2022 (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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trends in employee headcount;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Emerging Markets Equity Insights Fund and International Small Cap Insights 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Fund's expense trends over time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

**85** 

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

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

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

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

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

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

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

**Investment Performance** 

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2021, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data

**86** 

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

Provider as of March 31, 2022. The information on each Fund's investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed each Fund's investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Emerging Markets Equity Insights Fund and International Small Cap Insights 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. They noted the efforts of the Funds' portfolio management team to continue to enhance the investment models used in managing the Funds.

The Trustees observed that the Emerging Markets Equity Insights 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, 2022. They noted that the International Equity Insights Fund's Institutional Shares had placed in the top half of the Fund's peer group for the one- and ten-year periods and in the third quartile for the three- and five-year periods, and had outperformed the Fund's benchmark index for the ten-year period and underperformed for the one-, three-, and five-year periods ended March 31, 2022. The Trustees considered that the International Small Cap Insights Fund's Institutional Shares had placed in the top half of the Fund's peer group for the one-, five-, and ten-year periods and in the third quartile for the three-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, 2022.

**Costs of Services Provided and Competitive Information** 

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

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

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

In addition, the Trustees noted that shareholders are able to redeem their 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

**87** 

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

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 2021 and 2020, 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:

---

| | | | |
|:---|:---|:---|:---|
| | **Emerging Markets<br>Equity<br>Insights Fund** | **International<br>Equity<br>Insights Fund** | **International<br>Small Cap<br>Insights Fund** |
| First $1 billion | 1.00% | 0.81% | 0.85% |
| Next $1 billion | 1.00 | 0.73 | 0.85 |
| Next $3 billion | 0.90 | 0.69 | 0.77 |
| Next $3 billion | 0.86 | 0.68 | 0.73 |
| Over $8 billion | 0.84 | 0.67 | 0.72 |

---

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds' recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser's undertaking to limit certain expenses of the Funds that exceed specified levels, as well as Goldman Sachs & Co. LLC's ("Goldman Sachs") undertaking to waive a portion of the transfer agency fees paid by the Emerging Markets Equity Insights 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 International Equity Insights Fund and International Small Cap Insights Fund, each of 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) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) fees earned by Goldman Sachs Agency Lending ("GSAL"), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Funds' cash collateral is invested); (e) the Investment Adviser's ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (f) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs' retention of certain fees as Fund Distributor; (h) the Investment Adviser's ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (i) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (j) the possibility that the working relationship between the Investment Adviser and the Funds' third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

**Other Benefits to the Funds and Their Shareholders** 

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser's ability to negotiate favorable terms with derivatives

**88** 

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser's ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds' access, through the Investment Adviser, to certain firm-wide resources (*e.g*., proprietary risk management systems and databases), subject to certain restrictions; (h) the Funds' ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds in connection with the program; and (i) the Funds' access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds' shareholders invested in the Funds in part because of the Funds' relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

**Conclusion** 

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser's costs and each Fund's current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser's continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2023.

**89** 

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

**Fund Expenses — Six Month Period Ended October 31, 2022 (Unaudited)** 

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of a Fund you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) and contingent deferred sales charges on redemptions (with respect to Class C Shares); and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, Service and Class R Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2022 through October 31, 2022, which represents a period of 184 days of a 365 day year.

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

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

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** |
| &nbsp;&nbsp;&nbsp;**Share Class** | **Beginning<br>Account<br>Value<br>05/01/22** | **Ending<br>Account<br>Value<br>10/31/22** | | **Expenses<br>Paid for the<br>6 months ended<br>10/31/2022**\* | **Beginning<br>Account<br>Value<br>5/1/22** | **Ending<br>Account<br>Value<br>10/31/22** | | **Expenses<br>Paid for the<br>6 months ended<br>10/31/2022**\* | **Beginning<br>Account<br>Value<br>5/1/22** | **Ending<br>Account<br>Value<br>10/31/22** | | **Expenses<br>Paid for the<br>6 months ended<br>10/31/2022**\* |
| &nbsp;&nbsp;&nbsp;**<u>Class A</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $787.84 |  | $6.57 | $1000.00 | $870.45 |  | $5.60 | $1000.00 | $835.94 |  | $5.78 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1017.86 | + | 7.42 | 1000.00 | 1019.22 | + | 6.04 | 1000.00 | 1018.91 | + | 6.35 |
| &nbsp;&nbsp;&nbsp;**<u>Class C</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 785.13 |  | 9.94 | 1000.00 | 866.94 |  | 9.12 | 1000.00 | 832.20 |  | 9.23 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1014.07 | + | 11.21 | 1000.00 | 1015.44 | + | 9.84 | 1000.00 | 1015.13 | + | 10.15 |
| &nbsp;&nbsp;&nbsp;**<u>Institutional</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 788.26 |  | 4.90 | 1000.00 | 872.06 |  | 3.86 | 1000.00 | 837.19 |  | 4.07 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1019.72 | + | 5.54 | 1000.00 | 1021.08 | + | 4.16 | 1000.00 | 1020.78 | + | 4.47 |
| &nbsp;&nbsp;&nbsp;**<u>Service</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | N/A |  | N/A | 1000.00 | 869.70 |  | 6.21 | 1000.00 | N/A |  | N/A |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | N/A |  | N/A | 1000.00 | 1018.56 | + | 6.70 | 1000.00 | N/A |  | N/A |
| &nbsp;&nbsp;&nbsp;**<u>Investor</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 788.02 |  | 5.44 | 1000.00 | 871.50 |  | 4.42 | 1000.00 | 836.52 |  | 4.62 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1019.12 | + | 6.15 | 1000.00 | 1020.48 | + | 4.77 | 1000.00 | 1020.17 | + | 5.08 |
| &nbsp;&nbsp;&nbsp;**<u>Class R6</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 789.17 |  | 4.86 | 1000.00 | 871.96 |  | 3.81 | 1000.00 | 836.77 |  | 4.02 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1019.77 | + | 5.49 | 1000.00 | 1021.14 | + | 4.11 | 1000.00 | 1020.83 | + | 4.42 |
| &nbsp;&nbsp;&nbsp;**<u>Class R</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 785.97 |  | 7.69 | 1000.00 | 868.95 |  | 6.77 | 1000.00 | N/A |  | N/A |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1016.59 | + | 8.68 | 1000.00 | 1017.96 | + | 7.31 | 1000.00 | N/A |  | N/A |
| &nbsp;&nbsp;&nbsp;**<u>Class P</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 789.17 |  | 4.86 | 1000.00 | 871.86 |  | 3.81 | 1000.00 | 836.77 |  | 4.02 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1019.77 | + | 5.49 | 1000.00 | 1021.13 | + | 4.11 | 1000.00 | 1020.83 | + | 4.42 |

---

---

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

---

\* Expenses are calculated using each Fund's annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended October 31, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class A<br>Shares** | **Class C<br>Shares** | **Institutional<br>Shares** | **Service<br>Shares** | **Investor<br>Shares** | **Class R6<br>Shares** | **Class R<br>Shares** | **Class P<br>Shares** |
|  Emerging Markets Equity Insights | 1.46% | 2.21% | 1.09% | N/A | 1.21% | 1.08% | 1.71% | 1.08% |
|  International Equity Insights | 1.19 | 1.94 | 0.82 | 1.32% | 0.94 | 0.81 | 1.44 | 0.81 |
|  International Small Cap Insights | 1.25 | 2.00 | 0.88 | N/A | 1.00 | 0.87 | N/A | 0.87 |

---

**90** 

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

**Trustees and Officers (Unaudited)** 

**Independent Trustees** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br>**Address and Age<sup>1</sup>** | **Position(s) Held<br>with the Trust** | **Term of**<br> **Office and<br>Length of<br>Time Served<sup>2</sup>** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios in<br>Fund Complex<br>Overseen by<br>Trustee<sup>3</sup>** | **Other**<br> **Directorships**<br> **Held by Trustee<sup>4</sup>** |
| **Jessica Palmer**<br> **Age: 73** | **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).**<br>**Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **None** |
| **Dwight L. Bush**<br> **Age: 65** | **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); Director of MoneyLion, Inc. (an operator of a data-driven, digital financial platform) (2021-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).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **MoneyLion, Inc. (an operator of a data-driven, digital financial platform)** |
| **Kathryn A. Cassidy**<br> **Age: 68** | **Trustee** | **Since 2015** | **Ms. Cassidy is retired. She is Director, Vertical Aerospace Ltd. (an aerospace and technology company) (2021-Present). Formerly, Ms. Cassidy 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).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **Vertical Aerospace Ltd. (an aerospace and technology company)** |
| **John G. Chou**<br> **Age: 66** | **Trustee** | **Since 2022** | **Mr. Chou is Executive Vice President and Special Advisor to the Chairman and CEO of AmerisourceBergen Corporation (a pharmaceutical and healthcare company) (2021-Present); and formerly held various executive management positions with AmerisourceBergen Corporation, including Executive Vice President and Chief Legal Officer (2019-2021); Executive Vice President and Chief Legal & Business Officer (2017-2019); and Executive Vice President and General Counsel (2011-2017).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |
| **Diana M. Daniels**<br> **Age: 73** | **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); Director of 1735 NY Investments, LLC (oversees an investment fund that supports the mission of the American Institute of Architects) (2022-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).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |

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**91** 

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

**Trustees and Officers (Unaudited) (continued)** 

**Independent Trustees** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br>**Address and Age<sup>1</sup>** | **Position(s) Held<br>with the Trust** | **Term of**<br> **Office and<br>Length of<br>Time Served<sup>2</sup>** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios in<br>Fund Complex<br>Overseen by<br>Trustee<sup>3</sup>** | **Other**<br> **Directorships**<br> **Held by Trustee<sup>4</sup>** |
| **Joaquin Delgado**<br> **Age: 62** | **Trustee** | **Since 2020** | **Dr. Delgado is retired. He is Director, Stepan Company (a specialty chemical manufacturer) (2011-Present); and was formerly Director, Hexion Inc. (a specialty chemical manufacturer) (2019-2022); 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).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **Stepan Company (a specialty chemical manufacturer)** |
| **Eileen H. Dowling**<br> **Age: 60** | **Trustee** | **Since 2021** | **Ms. Dowling is retired. Formerly, she was Senior Advisor (April 2021-September 2021); and Managing Director (2013-2021), BlackRock, Inc. (a financial services firm).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |
| **Gregory G. Weaver**<br> **Age: 71** | **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).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **Verizon Communications Inc.** |
| **Paul C. Wirth**<br> **Age: 64** | **Trustee** | **Since 2022** | **Mr. Wirth is retired. Formerly, he was Deputy Chief Financial Officer and Principal Accounting Officer (2011-2020); Finance Director and Principal Accounting Officer (2010-2011); and Managing Director, Global Controller, and Chief Accounting Officer (2005-2010) of Morgan Stanley.**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |

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**92** 

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

**Trustees and Officers (Unaudited) (continued)** 

**Interested Trustee**\*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>** | **Position(s) Held**<br> **with the Trust** | **Term of**<br> **Office and<br>Length of<br>Time Served<sup>2</sup>** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios in<br>Fund Complex<br>Overseen by<br>Trustee<sup>3</sup>** | **Other**<br> **Directorships<br>Held by Trustee<sup>4</sup>** |
| **James A. McNamara**<br> **Age: 60** | **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).**<br>**President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** | **171** |  |

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*\** *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.* 

*<sup>1</sup>* *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 October 31, 2022.* 

*<sup>2</sup>* *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 each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 75th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, 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.* 

*<sup>3</sup>* *The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of October 31, 2022, Goldman Sachs Trust consisted of 88 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (12 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (16 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 45 portfolios (29 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios (1 of which offered shares to the public); and 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.* 

*<sup>4</sup>* *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.

**93** 

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

**Trustees and Officers (Unaudited) (continued)** 

**Officers of the Trust**\*

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address and Age<sup>1</sup>** | **Positions Held<br>with the Trust** | **Term of<br>Office and<br>Length of<br>Time Served<sup>2</sup>** | **Principal Occupation(s) During Past 5 Years** |
| **James A. McNamara**<br> **200 West Street**<br> **New York, NY 10282**<br> **Age: 60** | **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).**<br>**President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |
| **Caroline L. Kraus**<br> **200 West Street**<br> **New York, NY 10282**<br> **Age: 45** | **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).**<br>**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 and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |
| **Joseph F. DiMaria**<br> **30 Hudson Street**<br> **Jersey City, NJ 07302**<br> **Age: 54** | **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).**<br>**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 and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; 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.* 

*<sup>1</sup>* *Information is provided as of October 31, 2022.* 

*<sup>2</sup>* *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 Trust — International Equity Insights Funds — Tax Information (Unaudited)** 

From distributions paid during the year ended October 31, 2022, the total amount of income received by the Emerging Markets Equity Insights, International Equity Insights, and International Small Cap Insights Funds from sources within foreign countries and possessions of the United States was $0.3078, $0.3458, and $0.3074 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 Emerging Markets Equity Insights, International Equity Insights, and International Small Cap Insights Funds were 36.09%, 73.45%, and 63.70%, respectively. The total amount of taxes paid by the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds to such countries was $0.0988, $0.0303, and $0.0266 per share, respectively.

For the year ended October 31, 2022, 27.33%, 71.49%, and 56.63% of the dividends paid from net investment company taxable income by the Emerging Markets Equity Insights, International Equity Insights, and International Small Cap Insights Funds, respectively, 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 Emerging Markets Equity Insights and International Equity Insights Funds designated $191,314,675 and $75,614,604, respectively, or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended October 31, 2022.

For the year ended October 31, 2022, 0.49% of the dividends paid from net investment company taxable income by the Emerging Markets Equity Insights Fund qualifies for the dividends received deduction available to corporations.

During the year ended October 31, 2022, the Emerging Markets Equity Insights Fund designated $107,262,812 as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

**94** 

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FUNDS PROFILE

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

Today, the **Asset Management Division** of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.19 trillion in assets under supervision as of September 30, 2022, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

**Money Market** 

Financial Square Funds<sup>SM</sup>

∎ Financial Square Treasury Solutions Fund<sup>1</sup>

∎ Financial Square Government Fund<sup>1</sup>

∎ Financial Square Money Market Fund<sup>2</sup>

∎ Financial Square Prime Obligations Fund<sup>2</sup>

∎ Financial Square Treasury Instruments Fund<sup>1</sup>

∎ Financial Square Treasury Obligations Fund<sup>1</sup>

∎ Financial Square Federal Instruments Fund<sup>1</sup>

Investor Funds<sup>SM</sup>

∎ Investor Money Market Fund<sup>3</sup>

∎ Investor Tax-Exempt Money Market Fund<sup>3</sup>

**Fixed Income** 

Short Duration and Government

∎ Enhanced Income Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Bond Fund<sup>4</sup>

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

**Fundamental Equity** 

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund<sup>4</sup>

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund<sup>5</sup>

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

**Tax-Advantaged Equity** 

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

**Equity Insights** 

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

**Fundamental Equity International** 

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ Emerging Markets Equity ex. China Fund

∎ ESG Emerging Markets Equity Fund

**Alternative** 

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

**Total Portfolio Solutions** 

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

<sup>1</sup> **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.**

<sup>2</sup> **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.**

<sup>3</sup> **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.**

<sup>4</sup> **Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.**

<sup>5</sup> **Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth Fund.**

**Financial Square Funds<sup>SM</sup> and Investor Funds<sup>SM</sup> 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.**

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| | |
|:---|:---|
| **TRUSTEES**<br> Jessica Palmer, *Chair*<br> Dwight L. Bush<br> Kathryn A. Cassidy<br> John G. Chou<br> Diana M. Daniels<br> Joaquin Delgado<br> Eileen H. Dowling<br> James A. McNamara<br> Gregory G. Weaver<br> Paul C. Wirth | **OFFICERS**<br> James A. McNamara, *President*<br> Joseph F. DiMaria,<br> *Principal Financial Officer,*<br> *Principal Accounting Officer and Treasurer*<br> Caroline L. Kraus, *Secretary* |
| **GOLDMAN SACHS & CO. LLC**<br>Distributor and Transfer Agent | **GOLDMAN SACHS ASSET MANAGEMENT, L.P.**<br>Investment Adviser |

---

Visit our Website at **www.GSAMFUNDS.com** to obtain the most recent month-end returns.

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

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

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

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

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

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

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

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. Diversification does not protect an investor from market risk and does not ensure a profit.

**This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund's objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).**© 2022 Goldman Sachs. All rights reserved. 301382-OTU-1718272 INTINSAR-22

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ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the period covered by this report, the registrant did not grant any waivers, including an implicit
waiver, from any provision of the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A copy of the Code of Ethics is available as provided in Item 13(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's board of trustees has determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its audit committee. Gregory G. Weaver is the "audit committee financial expert" and is "independent" (as each term is defined in Item 3 of Form N-CSR). <br>

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.** 

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| | | | |
|:---|:---|:---|:---|
|  | **2022** | **2021** | **Description of Services Rendered** |
|  Audit Fees: |  |  |  |
| • PricewaterhouseCoopers LLP<br>("PwC") | $3946012 | $2295984 | Financial Statement audits. |
|  Audit-Related Fees: |  |  |  |
| • PwC | $438000 | $427408 | Other attest services. |
|  Tax Fees: |  |  |  |
| • PwC | $0 | $0 |  |

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**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.** 

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| | | | |
|:---|:---|:---|:---|
|  | **2022** | **2021** | **Description of Services Rendered** |
|  Audit-Related Fees: |  |  |  |
| • PwC | $1906448 | $1906448 | Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16 and semi-annual updates relating to withholding tax accrual for non-US jurisdictions. These fees are borne by the Funds' Adviser. |

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\* 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").

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**Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures** 

<u>Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Trust.</u> 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.

<u>De Minimis Waiver.</u> 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.

<u>Pre-Approval of Non-Audit Services Provided to GST's Investment Advisers.</u> 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 October 31, 2022 and October 31, 2021 were $438,000 and $427,408, 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, 2021 and December 31, 2020 were approximately $14.4 million and $14.5 million, respectively. The figures for these entities are not yet available for the twelve months ended December 31, 2022. With regard to the aggregate non-audit fees billed to GST's adviser and service affiliates, the 2021 and 2020 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.

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| | |
|:---|:---|
| ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.  |

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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| | | |
|:---|:---|:---|
| (a)(1) | [Goldman Sachs Trust's Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant's Form N-CSR filed on August 26, 2022.](http://www.sec.gov/Archives/edgar/data/822977/000119312522230661/d320037dex99code.htm) | [Goldman Sachs Trust's Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant's Form N-CSR filed on August 26, 2022.](http://www.sec.gov/Archives/edgar/data/822977/000119312522230661/d320037dex99code.htm) |
| (a)(2) | Exhibit 99.CERT | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.](d389476dex99cert.htm) |
| (a)(3) | Not applicable to open-end investment companies. | 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. | 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.](d389476dex99906cert.htm) |

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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.

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| | |
|:---|:---|
|  | Goldman Sachs Trust |
| By: | /s/ James A. McNamara |
|  | <br> James A. McNamara |
|  | President/Chief Executive Officer |
|  | Goldman Sachs Trust |
| Date: | January 4, 2023 |

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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.

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| | |
|:---|:---|
| By: | /s/ James A. McNamara |
|  | <br> James A. McNamara |
|  | President/Chief Executive Officer |
|  | Goldman Sachs Trust |
| Date: | January 4, 2023 |
| By: | /s/ Joseph F. DiMaria |
|  | <br> Joseph F. DiMaria |
|  | Principal Financial Officer |
|  | Goldman Sachs Trust |
| Date: | January 4, 2023 |

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## Ex-99.Cert

**CERTIFICATIONS** 

(Section 302)

I, James A. McNamara, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: January 4, 2023

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| |
|:---|
| /s/ James A. McNamara |
| James A. McNamara |
| President/Chief Executive Officer |

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------

**CERTIFICATIONS** 

(Section 302)

I, Joseph F. DiMaria, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: January 4, 2023

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| |
|:---|
| /s/ Joseph F. DiMaria |
| Joseph F. DiMaria |
| Principal Financial Officer |

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## Exhibit 99.906

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 October 31, 2022 (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.

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| | |
|:---|:---|
| 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: January 4, 2023 | January 4, 2023 |

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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.