Goldman Sachs Trust II

STRATEGY ALLOCATION (%)⁹

As of October 31, 2016

N-CSR 1 d241928dncsr.htm GOLDMAN SACHS TRUST II Goldman Sachs Trust II

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 811-22781

Goldman Sachs Trust II

(Exact name of registrant as specified in charter)

200 West Street

15th Floor

New York, New York 10282

(Address of principal executive offices) (Zip code)


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

(Name and address of agents for service)

Registrant’s telephone number, including area code: (212) 902-1000

Date of fiscal year end: October 31

Date of reporting period: October 31, 2016

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

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Annual Report				October 31, 2016

				Active Equity Multi-Manager Funds
				Multi-Manager International Equity
				Multi-Manager U.S. Dynamic Equity
				Multi-Manager U.S. Small Cap Equity

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Active Equity Multi-Manager Funds

MULTI-MANAGER INTERNATIONAL EQUITY

MULTI-MANAGER U.S. DYNAMIC EQUITY

MULTI-MANAGER U.S. SMALL CAP EQUITY


TABLE OF CONTENTS

Market Review			1

Portfolio Management Discussions and Performance Summaries			3

Schedules of Investments			20

Financial Statements			32

Financial Highlights			36

Notes to the Financial Statements			42

Report of Independent Registered Public Accounting Firm			54

Other Information			55



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

MARKET REVIEW

Active Equity Multi-Manager Funds

Market Review

The 12 months ended October 31, 2016 (the “Reporting Period”) were marked by spans of uncertainty and volatility, beginning with the Federal Reserve’s (the “Fed”) first interest rate increase in nearly a decade in December 2015. Shortly thereafter, the People’s Bank of China took the step of devaluing its currency, the renminbi, setting off a sharp worldwide sell-off in risk assets, as investors sought what they perceived to be relative safety in the uncertainty surrounding the scale and impact of Chinese monetary policy. This “risk off” sentiment persisted into the middle of February 2016, then subsided until uncertainty around the U.K.’s June 2016 referendum on whether to remain a member of the European Union led to significant price action in U.K. assets. The U.K.’s unexpected decision to leave the European Union, popularly known as “Brexit”, set off another sharp sell-off in equity and currency markets in late June 2016. The British pound dropped precipitously versus the U.S. dollar and the euro, hitting levels not seen since the 1980s.

Equities generally recovered from the Brexit shock over the summer of 2016, as markets turned their attention to the then-upcoming U.S. election. Meanwhile, the Fed expressed an unexpectedly dovish outlook following the volatility of early 2016, reducing the number of potential 2016 interest rate hikes from four to two. (Dovish commentary tends to suggest lower interest rates.) Accommodative monetary policy persisted globally. The European Central Bank left its interest rates unchanged. The Bank of Japan left its interest rates steady while announcing a plan to target its yield curve, or spectrum of maturities, and adjusting its inflation goal to exceed 2%.

Global equity markets ended the Reporting Period broadly positive despite the Reporting Period’s volatility. In the U.S., equities gained strength in the information technology sector and showed strong performance from higher yielding, traditionally defensive sectors, such as utilities, telecommunication services and consumer staples. Quantitative easing on a worldwide scale drove investors to search elsewhere for yield, boosting traditionally defensive equity sectors as well as corporate credit. On the other hand, health care companies underperformed the broader U.S. equity market, as election year rhetoric increased worries about downward pressure on drug pricing and increased regulatory scrutiny. Financials, facing margin pressure from low interest rates and regulatory spending, also underperformed. Low volatility stocks outperformed in the defensive sector rally, and oil prices rebounded from early 2016 lows, boosting the energy sector and certain commodity-linked businesses.

Credit markets ended the Reporting Period in largely positive territory, as accommodative monetary policy drove yield-hungry investors into the corporate credit markets. Credit spreads, or yield differentials to government bonds, tightened from their January 2016 highs, with commodity-exposed and energy-related industries, particularly within the high yield corporate bond sector, leading gains. In the U.S., issuers took advantage of low interest rates and strong foreign demand to drive new offerings. Abroad, emerging market credit, offering comparatively more attractive yields and less sovereign leverage, rallied. Money market reform in the U.S. led to significant outflows from prime money market funds into government money market funds, leading to an increase in the three-month LIBOR rate and implications of the coupon rates of floating rate credit.

Public real estate markets were similarly driven during the Reporting Period by investors’ search for yield within a low interest rate environment. While global real estate markets finished the Reporting Period in positive territory, there was significant dispersion in performance between higher yielding and lower yielding securities, with higher yielding

MARKET REVIEW

securities significantly outperforming. The markets experienced notable volatility during the Reporting Period, with a sell-off in U.S. office real estate investment trusts (“REITs”) at the beginning of 2016, a notable rally in Japanese REITs in the first quarter of 2016 despite concerns around quality and valuation following the Bank of Japan’s move to negative interest rates, and a sharp decline and subsequent rebound in U.K. real estate immediately following the European Union referendum vote in June 2016. In the third quarter of 2016 and in October 2016, we saw a rotation in the markets, as pockets that had previously outperformed took a pause, while renewed flows into areas of the market that have previously been stressed, including Hong Kong, stood out to the upside.

By the end of the Reporting Period, the market-implied probability of an interest rate hike by the Fed by December 2016 was 70%. Global central banks, while maintaining policies of quantitative easing, had begun to discuss the limitations of further easing and the broader implications of continued easing in the market. At the end of the Reporting Period, it appeared that political uncertainty in the U.S. surrounding the November 8 election and its aftermath as well as concerns about the effect of a potential “hard Brexit” in March 2017 were likely to be drivers of near-term market volatility. (“Hard Brexit” is one of the ways the U.K. could separate itself from the European Union; opposite of “soft Brexit.” Both terms refer to the closeness or distance of the U.K.’s relationship with the European Union after the separation has been completed.)

PORTFOLIO RESULTS

Multi-Manager International Equity Fund

Investment Objective and Principal Strategy

The Fund seeks to provide long-term capital growth.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Alternative Investments & Manager Selection (“AIMS”) Group discusses the Multi-Manager International Equity Fund’s (the “Fund”) performance and positioning for the 12-month period ended October 31, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional Shares generated an average annual total return of -0.82%. This return compares to the -3.22% average annual total return of the Fund’s benchmark, the MSCI^® EAFE^® Index (Net, USD, Unhedged) (the “Index”) during the same time period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Fund’s performance during the Reporting Period can be attributed to the performance of the Fund’s Underlying Managers, who are unaffiliated investment managers that employ an international equity investment strategy. During the Reporting Period, the Fund allocated capital to three Underlying Managers as part of its top-level strategy allocation — Causeway Capital Management LLC (“Causeway”), Massachusetts Financial Services Company doing business as MFS Investment Management (“MFS”) and WCM Investment Management (“WCM”).

Of the three Underlying Managers with allocated capital during the Reporting Period, one generated positive absolute returns and two posted negative absolute returns. Still, the Fund outperformed the Index on a relative basis, driven primarily by the performance of growth-oriented Underlying Manager WCM.

Which international equity strategies most significantly affected Fund performance?

The Fund’s relative outperformance was driven by growth-oriented manager WCM, which posted positive absolute returns and outperformed the Index, benefiting from strong stock selection in financials, effective allocation positioning in health care, and both effective allocation positioning and stock selection in information technology. Core-oriented manager MFS posted negative absolute returns but outperformed the Index due to effective allocation positioning and stock selection in information technology and positive stock selection in industrials. MFS’ outperformance was somewhat dampened by weak stock selection in materials, which detracted from performance. Value-oriented manager Causeway also posted negative absolute returns but underperformed the Index during the Reporting Period due to poor stock selection in the financials, industrials and materials sectors. Strong stock selection in consumer discretionary and an overweight to telecommunication services partially mitigated Causeway’s underperformance.

How did the Fund use derivatives and similar instruments during the Reporting Period?

The Fund used forward foreign currency exchange contracts to take positions in select non-U.S. markets. The use of these derivatives did not have a material impact on the Fund’s results during the Reporting Period.

Were there any notable changes in the Fund’s allocations during the Reporting Period?

There were no changes to the Fund’s allocations of assets to Underlying Managers during the Reporting Period. As of October 31, 2016, the Fund’s assets were allocated approximately 44% to Causeway, 19% to MFS and 36% to WCM. The remainder of the Fund’s assets were invested in cash and cash equivalents.

Were there any changes to the Fund’s management team during the Reporting Period?

Effective August 19, 2016, Jason Gottlieb was removed as a portfolio manager of the Fund. Kent Clark and Tom Murray were added as portfolio managers of the Fund, joining Betsy Gorton.

PORTFOLIO RESULTS

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

At the end of the Reporting Period, the Fund was more defensively positioned than the Index. Compared to the Index, the Fund was overweight to information technology and health care, while underweight to financials, real estate, industrials and utilities at the end of the Reporting Period. The Fund held an approximately 5% position in cash at the end of October 2016. On a regional basis, the Fund was slightly underweight relative to the Index in the U.K. and significantly underweight Japan and developed Asia. The Fund also maintained out-of-Index exposure to emerging markets and North America. From a market capitalization perspective, the Fund was overweight at the end of the Reporting Period in mega cap stocks, while maintaining an underweight position relative to the Index in mid-cap companies.

We intend to continue to position the Fund in alignment with our longer-term strategic views within the international equity complex. We further intend to continue to monitor allocations and Underlying Manager performance as we seek to generate long-term capital growth.

FUND BASICS

Multi-Manager International Equity Fund

as of October 31, 2016

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PERFORMANCE REVIEW
November 1, 2015–October 31, 2016	Fund Total Return (based on NAV)¹			MSCI^® EAFE^® Index (Net, USD, Unhedged)²
Institutional		-0.82	%		-3.22	%

The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions.

The MSCI^® EAFE^® Index is a stock market index that is designed to measure the equity market performance of developed markets in Europe, Australasia and the Far East, excluding the U.S. and Canada. The Index figures do not reflect any deductions for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS³

For the period ended 9/30/16

One Year

Since Inception

Inception Date

Institutional

8.03

-2.54

7/31/15

The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. Because Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Institutional		0.57	%		1.03	%

⁴

The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2017, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

FUND BASICS


TOP TEN EQUITY HOLDINGS AS OF 10/31/16⁵
Holding	% of Net Assets			Line of Business
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		2.2	%	Semiconductors & Semiconductor Equipment
Nestle SA		2.2		Food Products
Reckitt Benckiser Group PLC		2.1		Household Products
Akzo Nobel NV		1.8		Chemicals
Schneider Electric SE		1.7		Electrical Equipment
Volkswagen AG		1.7		Automobiles
Roche Holding AG		1.6		Pharmaceuticals
Compass Group PLC		1.6		Hotels, Restaurants & Leisure
Chubb Ltd.		1.6		Insurance
Novartis AG		1.6		Pharmaceuticals

⁵

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS (%)⁶

As of October 31, 2016

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⁶

The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from 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. Short-term investments represent repurchase agreements. 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.

MULTI-MANAGER INTERNATIONAL EQUITY FUND

Performance Summary

October 31, 2016

The following graph shows the value, as of October 31, 2016, of a $1,000,000 investment made on July 31, 2015 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the MSCI^® EAFE^® Index (Net, USD, Unhedged) is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. 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. In addition to the Underlying Managers’ decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Multi-Manager International Equity Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from July 31, 2015 through October 31, 2016.

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Average Annual Total Return through October 31, 2016	One Year	Since Inception

Institutional (Commenced July 31, 2015)	-0.82%	-4.46%

PORTFOLIO RESULTS

Multi-Manager U.S. Dynamic Equity Fund

Investment Objective and Principal Strategy

The Fund seeks to provide long-term capital growth.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Alternative Investments & Manager Selection (“AIMS”) Group discusses the Multi-Manager U.S. Dynamic Equity Fund’s (the “Fund”) performance and positioning for the 12-month period ended October 31, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional Shares generated an average annual total return of -3.54%. This return compares to the 4.50% average annual total return of the Fund’s benchmark, the S&P 500^® Total Return Index (the “Index”) during the same time period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Fund’s performance during the Reporting Period can be attributed to the performance of the Fund’s Underlying Managers, who are unaffiliated investment managers that employ a dynamic equity investment strategy. During the Reporting Period, the Fund allocated capital to four Underlying Managers as part of its top-level strategy allocation — Sirios Capital Management, L.P. (“Sirios”), Smead Capital Management, Inc. (“Smead”), Weitz Investment Management, Inc. (“Weitz”) and Lazard Asset Management LLC (“Lazard”). Lazard was added as an Underlying Manager and funded in September 2016.

Of the four Underlying Managers with allocated capital during the Reporting Period, all four generated negative absolute returns. While all four Underlying Managers also underperformed the Index on a relative basis, Sirios and Smead experienced the most notable underperformance.

Which dynamic equity strategies most significantly affected Fund performance?

The Fund’s relative underperformance was driven most by core-oriented manager Smead and growth-oriented manager Sirios. Smead lagged the Index due primarily to stock selection within and an overweight to consumer discretionary, partially offset by its underweight to energy, which contributed positively. Stock selection in health care and financials detracted most from Sirios’ relative results, only partially offset by effective positioning in information technology and consumer staples. Stock selection in consumer discretionary and health care negatively impacted performance for Weitz, partially mitigated by favorable stock selection in energy and industrials. Lazard marginally contributed to the Fund’s underperformance since funding in September 2016 due to weak stock selection in information technology and consumer discretionary.

How did the Fund use derivatives and similar instruments during the Reporting Period?

Were there any notable changes in the Fund’s allocations during the Reporting Period?

Allocations to Weitz were halted in November 2015 and thereafter cash flows into the Fund were allocated to Sirios and Smead and Weitz’s allocation was reduced. In April 2016, we revised the target Underlying Manager allocations from 33% each to 35.5% to Sirios, 35.5% to Smead and 28% to Weitz with the remainder of the Fund’s assets invested in cash and cash equivalents. Weitz’s allocation was further reduced to 18% in September 2016 in order to fund Lazard at 10%.

As of October 31, 2016, the Fund’s assets were allocated approximately 35.5% to Sirios, 35.5% to Smead, 18% to Weitz and 10% to Lazard.

PORTFOLIO RESULTS

Were there any changes to the Fund’s management team during the Reporting Period?

Effective August 19, 2016, Jason Gottlieb was removed as a portfolio manager of the Fund. Kent Clark and Yvonne Woo were added as portfolio managers of the Fund, joining Betsy Gorton.

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

The addition of Lazard as an Underlying Manager in September 2016 moderately reduced the Fund’s overweight to consumer discretionary and, within financials, to banks, and added more exposure to the information technology and consumer staples sectors in the Fund. That said, compared to the Index, the Fund was still overweight to consumer discretionary at the end of the Reporting Period, primarily concentrated in media. The Fund was underweight to information technology, consumer staples and industrials at the end of the Reporting Period and had no exposure to utilities, which had been a drag on relative results year-to-date through October 31, 2016. The Fund held an approximately 4% position in cash at the end of October 2016. In terms of market capitalization, the Fund maintained a significant underweight to mega caps and an overweight relative to the Index in small/mid cap stocks. Regionally, the Fund was primarily invested in North American equities, but also had modest exposure to companies domiciled in Europe and the U.K.

We intend to continue to position the Fund in alignment with our longer-term strategic views within the U.S. equity complex. We further intend to continue to monitor allocations and Underlying Manager performance as we seek to generate long-term capital growth.

FUND BASICS

Multi-Manager U.S. Dynamic Equity Fund

as of October 31, 2016

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PERFORMANCE REVIEW
November 1, 2015–October 31, 2016	Fund Total Return (based on NAV)¹			S&P 500^® Total Return Index²
Institutional		-3.54	%		4.50	%

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

STANDARDIZED TOTAL RETURNS³

For the period ended 9/30/16

One Year

Since Inception

Inception Date

Institutional

4.69

-4.94

7/31/15


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Institutional		0.79	%		1.44	%

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FUND BASICS


TOP TEN EQUITY HOLDINGS AS OF 10/31/16⁵
Holding	% of Net Assets			Line of Business
Berkshire Hathaway, Inc. Class B		3.5	%	Diversified Financial Services
Allergan PLC		3.4		Pharmaceuticals
Bank of America Corp.		3.3		Banks
eBay, Inc.		2.3		Internet Software & Services
NVR, Inc.		2.1		Household Durables
Time Warner, Inc.		2.1		Media
Wells Fargo & Co.		2.1		Banks
Constellation Brands, Inc. Class A		2.1		Beverages
Amgen, Inc.		2.0		Biotechnology
Aflac, Inc.		1.8		Insurance

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS (%)⁶

As of October 31, 2016

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⁶

MULTI-MANAGER U.S. DYNAMIC EQUITY FUND

Performance Summary

October 31, 2016

The following graph shows the value, as of October 31, 2016, of a $1,000,000 investment made on July 31, 2015 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the S&P 500^® Total Return Index is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. 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. In addition to the Underlying Managers’ decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Multi-Manager U.S. Dynamic Equity Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from July 31, 2015 through October 31, 2016.

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Average Annual Total Return through October 31, 2016	One Year	Since Inception

Institutional (Commenced July 31, 2015)	-3.54%	-6.64%

PORTFOLIO RESULTS

Multi-Manager U.S. Small Cap Equity Fund

Investment Objective and Principal Strategy

The Fund seeks to provide long-term capital growth.

Portfolio Management Discussion and Analysis

The Multi-Manager U.S. Small Cap Equity Fund (the “Fund”) commenced operations on April 29, 2016. Below, the Goldman Sachs Alternative Investments & Manager Selection (“AIMS”) Group discusses the Fund’s performance and positioning for the period from its inception on April 29, 2016 through October 31, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional Shares generated a cumulative total return of 5.20%. This return compares to the 6.13% cumulative total return of the Fund’s benchmark, the Russell 2000^® Total Return Index (the “Index”) during the same time period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

While the Fund posted solid positive absolute returns, it underperformed the Index during the Reporting Period. The Fund’s performance during the Reporting Period can be attributed to the performance of the Fund’s Underlying Managers, who are unaffiliated investment managers that employ a small-cap equity investment strategy. During the Reporting Period, the Fund allocated capital to three Underlying Managers as part of its top-level strategy allocation — Brown Advisory LLC (“Brown Advisory”), PNC Capital Advisors, LLC (“PNC”) and Robeco Investment Management, Inc., doing business as Boston Partners (“Boston Partners”).

Of the three Underlying Managers with allocated capital during the Reporting Period, all three generated positive absolute returns. However, on a relative basis, two of the Underlying Managers outperformed their respective benchmark index, while one underperformed its benchmark index during the Reporting Period.

Which dynamic equity strategies most significantly affected Fund performance?

The Fund’s relative underperformance was driven most by core-oriented manager PNC and value-oriented manager Boston Partners. PNC underperformed the Index due to weak stock selection in financials and information technology, partially offset by stock selection in materials, which contributed positively. Boston Partners underperformed the Russell 2000^® Value Index due to positioning in materials, health care and information technology. Boston Partners’ underperformance was somewhat mitigated by favorable positioning in consumer discretionary. Growth-oriented manager Brown Advisory outperformed the Russell 2000^® Growth Index due to effective stock selection and allocation positioning within consumer discretionary, strong stock selection in information technology, and a favorable underweight to and stock selection in health care. Brown Advisory’s relative results were dampened somewhat by positioning in consumer staples and energy, which detracted from performance.

How did the Fund use derivatives and similar instruments during the Reporting Period?

The Fund did not use derivatives or similar instruments during the Reporting Period.

Were there any notable changes in the Fund’s allocations during the Reporting Period?

As the Fund was launched on April 29, 2016, it was not a matter of making changes during the Reporting Period but of building the Fund’s portfolios. As of October 31, 2016, the Fund’s assets were allocated approximately 44% to Boston Partners, 30% to Brown Advisory and 25% to PNC.

Were there any changes to the Fund’s management team during the Reporting Period?

Effective August 19, 2016, Jason Gottlieb was removed as a portfolio manager of the Fund. Kent Clark and Yvonne Woo

PORTFOLIO RESULTS

were added as portfolio managers of the Fund, joining Betsy Gorton.

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

Compared to the Index, the Fund did not have significantly overweighted or underweighted sector allocations at the end of the Reporting Period but was moderately overweight to industrials and financials and modestly underweight to real estate, utilities and health care. The Fund held an approximately 5% position in cash at the end of October 2016. In terms of market capitalization, the Fund maintained a slight small-mid cap bias, driven predominantly by Underlying Manager Brown Advisory.

We intend to continue to position the Fund in alignment with our longer-term strategic views within the U.S. small-cap equity complex. We further intend to continue to monitor allocations and Underlying Manager performance as we seek to generate long-term capital growth.

FUND BASICS

Multi-Manager U.S. Small Cap Equity Fund

as of October 31, 2016

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PERFORMANCE REVIEW
April 29, 2016–October 31, 2016	Fund Total Return (based on NAV)¹			Russell 2000^® Total Return Index²
Institutional		5.20	%		6.13	%

The Russell 2000^® Total Return Index is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000^® Index. The 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.


STANDARDIZED TOTAL RETURNS³
For the period ended 9/30/16	Since Inception			Inception Date
Institutional		9.90	%		4/29/16


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Institutional		0.80	%		2.19	%

⁴

The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least March 31, 2017, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

FUND BASICS


TOP TEN EQUITY HOLDINGS AS OF 10/31/16⁵
Holding	% of Net Assets			Line of Business
Drew Industries, Inc.		1.7	%	Auto Components
EnerSys		1.5		Electrical Equipment
HEICO Corp.		1.3		Aerospace & Defense
World Fuel Services Corp.		1.3		Oil, Gas & Consumable Fuels
Waste Connections, Inc.		1.2		Commercial Services & Supplies
Lithia Motors, Inc. Class A		1.2		Specialty Retail
PAREXEL International Corp.		1.2		Life Sciences Tools & Services
Cogent Communications Holdings, Inc.		1.0		Diversified Telecommunication Services
Air Lease Corp.		1.0		Trading Companies & Distributors
PRA Group, Inc.		1.0		Consumer Finance

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS (%)⁶

As of October 31, 2016

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⁶

MULTI-MANAGER U.S. SMALL CAP EQUITY

Performance Summary

October 31, 2016

The following graph shows the value, as of October 31, 2016, of a $1,000,000 investment made on April 29, 2016 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 2000^® Total Return Index is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. 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. In addition to the Underlying Managers’ decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Multi-Manager U.S. Small Cap Equity Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 29, 2016 through October 31, 2016.

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Average Annual Total Return through October 31, 2016		Since Inception

Institutional (Commenced April 29, 2016)		5.20%*

Total return for periods of less than one year represents cumulative total return.

PORTFOLIO RESULTS

Index Definitions

The Russell 2000^® Growth Index measures the performance of the small-cap growth stocks of the U.S. equity universe.

The Russell 2000^® Value Index measures the performance of the small-cap value stocks of the U.S. equity universe.

MULTI-MANAGER INTERNATIONAL EQUITY FUND

Schedule of Investments

October 31, 2016


Shares		Description	Value
	Common Stocks – 93.2%
	Australia – 2.0%
	56,135	CSL Ltd. (Biotechnology)	$	4,283,412
	24,868	Orica Ltd. (Chemicals)		307,229
	187,307	Westfield Corp. (Equity Real Estate Investment Trusts (REITs))		1,265,797

				5,856,438

	Belgium* – 0.2%
	9,662	KBC Group NV (Banks)		589,006

	Brazil – 0.9%
	439,723	Ambev SA ADR (Beverages)		2,594,366

	Canada – 3.7%
	14,231	Canadian National Railway Co. (Road & Rail)		894,703
	29,042	Canadian Pacific Railway Ltd. (Road & Rail)		4,151,844
	6,455	Constellation Software, Inc. (Software)		3,023,931
	4,664	ECN Capital Corp.* (Diversified Financial Services)		10,188
	37,861	Element Fleet Management Corp. (Diversified Financial Services)		368,928
	104,600	Encana Corp. (Oil, Gas & Consumable Fuels)		997,416
	3,444	Loblaw Cos. Ltd. (Food & Staples Retailing)		169,928
	24,300	Manulife Financial Corp. (Insurance)		352,009
	29,361	Suncor Energy, Inc. (Oil, Gas & Consumable Fuels)		881,071

				10,850,018

	China – 4.3%
	4,803	Alibaba Group Holding Ltd. ADR* (Internet Software & Services)		488,417
	13,100	Baidu, Inc. ADR* (Internet Software & Services)		2,316,866
	2,095,000	CNOOC Ltd. (Oil, Gas & Consumable Fuels)		2,636,084
	72,890	Ctrip.com International Ltd. ADR* (Internet & Direct Marketing Retail)		3,218,094
	153,840	Tencent Holdings Ltd. (Internet Software & Services)		4,077,117

				12,736,578

	Denmark – 3.9%
	4,264	Carlsberg A/S Class B (Beverages)		384,162
	44,065	Chr Hansen Holding A/S (Chemicals)		2,638,959
	43,697	Coloplast A/S Class B (Health Care Equipment & Supplies)		3,044,050
	78,577	Novo Nordisk A/S ADR (Pharmaceuticals)		2,792,627
	67,659	Novozymes A/S (Chemicals)		2,509,932

				11,369,730

	Common Stocks – (continued)
	France – 11.1%
	12,735	Air Liquide SA (Chemicals)	$	1,294,037
	33,913	BNP Paribas SA (Banks)		1,966,386
	15,681	Bureau Veritas SA (Professional Services)		296,169
	18,376	Danone SA (Food Products)		1,274,529
	5,529	Dassault Systemes (Software)		437,635
	223,632	Engie SA (Multi-Utilities)		3,225,157
	23,671	Essilor International SA (Health Care Equipment & Supplies)		2,659,992
	6,019	Hermes International (Textiles, Apparel & Luxury Goods)		2,438,330
	3,166	L’Oreal SA (Personal Products)		567,218
	29,810	Legrand SA (Electrical Equipment)		1,684,170
	22,549	LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods)		4,105,296
	11,267	Pernod Ricard SA (Beverages)		1,339,909
	30,393	Sanofi (Pharmaceuticals)		2,365,146
	74,901	Schneider Electric SE (Electrical Equipment)		5,037,098
	80,921	TOTAL SA (Oil, Gas & Consumable Fuels)		3,876,512

				32,567,584

	Germany – 5.0%
	14,285	adidas AG (Textiles, Apparel & Luxury Goods)		2,346,940
	22,997	BASF SE (Chemicals)		2,030,128
	17,752	Bayer AG (Pharmaceuticals)		1,762,589
	12,198	Beiersdorf AG (Personal Products)		1,075,372
	13,543	Linde AG (Chemicals)		2,236,851
	6,692	Merck KGaA (Pharmaceuticals)		688,808
	2,916	MTU Aero Engines AG (Aerospace & Defense)		304,500
	10,254	ProSiebenSat.1 Media SE (Media)		441,929
	42,162	SAP SE (Software)		3,714,448

				14,601,565

	Hong Kong – 2.1%
	235,600	AIA Group Ltd. (Insurance)		1,482,160
	339,563	China Merchants Holdings International Co. Ltd. (Transportation Infrastructure)		877,914
	322,000	China Mobile Ltd. (Wireless Telecommunication Services)		3,688,958
	1,038,000	Global Brands Group Holding Ltd.* (Textiles, Apparel & Luxury Goods)		117,570
	274,000	Li & Fung Ltd. (Textiles, Apparel & Luxury Goods)		134,692

				6,301,294

	India – 1.6%
	48,686	HDFC Bank Ltd. ADR (Banks)		3,445,995
	33,412	Housing Development Finance Corp. Ltd. (Thrifts & Mortgage Finance)		690,022


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

MULTI-MANAGER INTERNATIONAL EQUITY FUND


Shares		Description	Value
	Common Stocks – (continued)
	India – (continued)
	18,219	Tata Consultancy Services Ltd. (IT Services)	$	652,426

				4,788,443

	Ireland – 1.9%
	27,364	Accenture PLC Class A (IT Services)		3,180,791
	29,325	ICON PLC* (Life Sciences Tools & Services)		2,354,211

				5,535,002

	Israel* – 0.2%
	7,352	Check Point Software Technologies Ltd. (Software)		621,685

	Italy – 0.3%
	32,019	Eni SpA (Oil, Gas & Consumable Fuels)		464,668
	7,033	Luxottica Group SpA (Textiles, Apparel & Luxury Goods)		350,190

				814,858

	Japan – 11.7%
	25,500	Asahi Group Holdings Ltd. (Beverages)		909,609
	5,500	Daikin Industries Ltd. (Building Products)		527,063
	24,000	Denso Corp. (Auto Components)		1,044,360
	42,900	East Japan Railway Co. (Road & Rail)		3,776,420
	2,800	FANUC Corp. (Machinery)		512,645
	674,000	Hitachi Ltd. (Electronic Equipment, Instruments & Components)		3,593,021
	38,300	Hoya Corp. (Health Care Equipment & Supplies)		1,598,029
	1,100	Inpex Corp. (Oil, Gas & Consumable Fuels)		10,262
	88,800	Japan Airlines Co. Ltd. (Airlines)		2,620,647
	23,200	Japan Tobacco, Inc. (Tobacco)		882,067
	131,300	KDDI Corp. (Wireless Telecommunication Services)		3,990,621
	5,150	Keyence Corp. (Electronic Equipment, Instruments & Components)		3,775,421
	102,100	Komatsu Ltd. (Machinery)		2,272,654
	32,500	Kubota Corp. (Machinery)		523,846
	14,300	Kyocera Corp. (Electronic Equipment, Instruments & Components)		694,822
	69,500	Nikon Corp. (Household Durables)		1,050,347
	5,000	Shin-Etsu Chemical Co. Ltd. (Chemicals)		379,107
	73,700	Sumitomo Mitsui Financial Group, Inc. (Banks)		2,555,301
	37,495	Sysmex Corp. (Health Care Equipment & Supplies)		2,598,481
	30,700	TERUMO Corp. (Health Care Equipment & Supplies)		1,187,223

				34,501,946

	Common Stocks – (continued)
	Luxembourg* – 0.3%
	141,928	ArcelorMittal (Metals & Mining)	$	959,001

	Mexico – 0.5%
	742,665	Wal-Mart de Mexico SAB de CV (Food & Staples Retailing)		1,571,302

	Netherlands – 5.4%
	83,942	Akzo Nobel NV (Chemicals)		5,423,580
	29,598	Core Laboratories NV (Energy Equipment & Services)		2,870,118
	902	Heineken NV (Beverages)		74,296
	153,468	ING Groep NV (Banks)		2,014,576
	212,842	PostNL NV* (Air Freight & Logistics)		1,002,414
	20,252	Randstad Holding NV (Professional Services)		1,041,618
	76,346	RELX NV (Professional Services)		1,287,387
	113,362	Yandex NV Class A* (Internet Software & Services)		2,232,098

				15,946,087

	Singapore – 0.4%
	75,400	DBS Group Holdings Ltd. (Banks)		812,714
	105,100	Singapore Telecommunications Ltd. (Diversified Telecommunication Services)		292,906

				1,105,620

	South Africa – 1.0%
	190,748	Shoprite Holdings Ltd. (Food & Staples Retailing)		2,814,950

	South Korea – 2.3%
	8,606	KT&G Corp. (Tobacco)		848,811
	4,392	Samsung Electronics Co. Ltd. GDR (Technology Hardware, Storage & Peripherals)		3,098,556
	131,100	SK Telecom Co. Ltd. ADR (Wireless Telecommunication Services)		2,864,535

				6,811,902

	Spain – 1.4%
	13,490	Amadeus IT Group SA (IT Services)		634,891
	592,202	CaixaBank SA (Banks)		1,786,903
	46,384	Industria de Diseno Textil SA (Specialty Retail)		1,618,450

				4,040,244

	Sweden – 0.6%
	62,865	Alfa Laval AB (Machinery)		901,903
	26,408	Hennes & Mauritz AB (Specialty Retail)		742,663

				1,644,566

	Switzerland – 12.5%
	91,476	ABB Ltd.* (Electrical Equipment)		1,887,188
	47,382	Aryzta AG* (Food Products)		2,082,034
	36,985	Chubb Ltd. (Insurance)		4,697,095


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

MULTI-MANAGER INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

October 31, 2016


Shares		Description	Value
	Common Stocks – (continued)
	Switzerland – (continued)
	37,059	Cie Financiere Richemont SA (Textiles, Apparel & Luxury Goods)	$	2,382,518
	37,638	Clariant AG* (Chemicals)		623,265
	1,986	Kuehne & Nagel International AG (Marine)		269,187
	87,172	Nestle SA (Food Products)		6,321,179
	65,690	Novartis AG (Pharmaceuticals)		4,661,860
	20,647	Roche Holding AG (Pharmaceuticals)		4,742,235
	1,434	SGS SA (Professional Services)		2,902,549
	1,953	Sonova Holding AG (Health Care Equipment & Supplies)		261,922
	152,805	UBS Group AG (Capital Markets)		2,160,305
	13,914	Zurich Insurance Group AG* (Insurance)		3,642,080

				36,633,417

	Taiwan – 2.3%
	29,466	Hon Hai Precision Industry Co. Ltd. GDR (Electronic Equipment, Instruments & Components)		159,409
	212,275	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment)		6,601,752

				6,761,161

	United Kingdom – 17.3%
	587,220	Aviva PLC (Insurance)		3,182,013
	411,169	Balfour Beatty PLC (Construction & Engineering)		1,363,233
	1,336,548	Barclays PLC (Banks)		3,096,524
	61,751	British American Tobacco PLC (Tobacco)		3,539,131
	57,724	Carnival PLC (Hotels, Restaurants & Leisure)		2,784,195
	402,472	Cobham PLC (Aerospace & Defense)		702,212
	260,234	Compass Group PLC (Hotels, Restaurants & Leisure)		4,708,746
	4,571	Delphi Automotive PLC (Auto Components)		297,435
	107,251	Diageo PLC (Beverages)		2,854,650
	175,576	Experian PLC (Professional Services)		3,375,367
	89,732	GlaxoSmithKline PLC (Pharmaceuticals)		1,772,595
	3,076,011	Lloyds Banking Group PLC (Banks)		2,148,049
	172,092	Prudential PLC (Insurance)		2,808,347
	68,579	Reckitt Benckiser Group PLC (Household Products)		6,135,112
	15,403	Rio Tinto PLC (Metals & Mining)		535,644
	2,142,685	Rolls-Royce Holdings PLC* (Aerospace & Defense)		414,610
	168,209	Royal Dutch Shell PLC Class B (Oil, Gas & Consumable Fuels)		4,338,531
	63,604	Sky PLC (Media)		635,865
	21,233	Smiths Group PLC (Industrial Conglomerates)		367,929
	98,659	SSE PLC (Electric Utilities)		1,918,231

	Common Stocks – (continued)
	United Kingdom – (continued)
	721,580	Vodafone Group PLC (Wireless Telecommunication Services)	$	1,981,693
	80,261	WPP PLC (Media)		1,742,711

				50,702,823

	United States – 0.3%
	11,297	Yum! Brands, Inc. (Hotels, Restaurants & Leisure)		974,705

	TOTAL COMMON STOCKS
	(Cost $273,338,702)		$	273,694,291


	Preferred Stock – 1.7%
	Germany – 1.7%
	36,368	Volkswagen AG (Automobiles)
	(Cost $5,195,168)		$	5,014,257


Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment^(a) – 5.0%
	Repurchase Agreements – 5.0%
	Joint Repurchase Agreement Account II
$	14,600,000		0.338	%		11/01/16	$	14,600,000
	(Cost $14,600,000)

	TOTAL INVESTMENTS – 99.9%
	(Cost $293,133,870)						$	293,308,548

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%							311,627

	NET ASSETS – 100.0%						$	293,620,175


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)		Joint repurchase agreement was entered into on October 31, 2016. Additional information appears on page 31.



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


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

MULTI-MANAGER U.S. DYNAMIC EQUITY FUND

Schedule of Investments

October 31, 2016


Shares		Description	Value
	Common Stocks – 94.2%
	Aerospace & Defense – 1.1%
	12,214	Airbus Group SE	$	725,266
	2,590	TransDigm Group, Inc.		705,671

				1,430,937

	Air Freight & Logistics – 1.8%
	14,054	FedEx Corp.		2,449,893

	Airlines – 0.6%
	11,814	Alaska Air Group, Inc.		853,207

	Auto Components – 0.2%
	4,215	Delphi Automotive PLC		274,270

	Banks – 8.5%
	272,057	Bank of America Corp.		4,488,940
	32,800	Bank of the Ozarks, Inc.		1,212,288
	35,057	JPMorgan Chase & Co.		2,428,048
	61,991	Wells Fargo & Co.		2,852,206
	17,110	Western Alliance Bancorp*		639,230

				11,620,712

	Beverages – 2.6%
	16,716	Constellation Brands, Inc. Class A		2,793,578
	6,835	Molson Coors Brewing Co. Class B		709,541

				3,503,119

	Biotechnology – 2.0%
	19,452	Amgen, Inc.		2,745,844

	Capital Markets – 2.6%
	17,276	Affiliated Managers Group, Inc.*		2,291,834
	2,493	Intercontinental Exchange, Inc.		674,082
	43,639	OM Asset Management PLC		614,001

				3,579,917

	Chemicals – 2.0%
	9,869	The Sherwin-Williams Co.		2,416,523
	14,901	Valvoline, Inc.*		303,981

				2,720,504

	Commercial Services & Supplies* – 0.5%
	12,925	Copart, Inc.		678,175

	Communications Equipment – 2.1%
	34,900	Cisco Systems, Inc.		1,070,732
	18,953	Juniper Networks, Inc.		499,222
	11,025	Motorola Solutions, Inc.		800,195
	30,891	Radware Ltd.*		417,337

				2,787,486

	Consumer Finance – 1.8%
	36,142	American Express Co.		2,400,552

	Containers & Packaging* – 0.6%
	14,040	Crown Holdings, Inc.		761,670

	Diversified Financial Services* – 3.5%
	33,063	Berkshire Hathaway, Inc. Class B		4,770,991

	Common Stocks – (continued)
	Diversified Telecommunication Services^(a) – 0.9%
	34,642	Cellnex Telecom SAU	$	568,094
	10,455	Sunrise Communications Group AG*		714,341

				1,282,435

	Electronic Equipment, Instruments & Components – 0.4%
	17,135	FLIR Systems, Inc.		564,084

	Food & Staples Retailing – 1.7%
	27,180	Walgreens Boots Alliance, Inc.		2,248,601

	Food Products – 1.0%
	18,414	Nestle SA		1,335,270

	Health Care Equipment & Supplies – 0.9%
	7,426	Becton Dickinson & Co.		1,246,900

	Health Care Providers & Services – 3.4%
	8,037	Acadia Healthcare Co., Inc.*		289,010
	28,702	Express Scripts Holding Co.*		1,934,515
	7,655	HCA Holdings, Inc.*		585,837
	8,700	Laboratory Corp. of America Holdings*		1,090,458
	5,963	Universal Health Services, Inc. Class B		719,794

				4,619,614

	Hotels, Restaurants & Leisure – 2.1%
	42,205	ILG, Inc.		691,318
	14,842	McDonald’s Corp.		1,670,764
	10,036	Starbucks Corp.		532,610

				2,894,692

	Household Durables – 2.8%
	22,555	Lennar Corp. Class A		940,318
	1,892	NVR, Inc.*		2,881,516

				3,821,834

	Household Products – 0.5%
	8,360	The Procter & Gamble Co.		725,648

	Insurance – 2.4%
	35,686	Aflac, Inc.		2,457,695
	4,500	Aon PLC		498,735
	2,645	Willis Towers Watson PLC		333,005

				3,289,435

	Internet & Direct Marketing Retail* – 0.7%
	53,300	Liberty Interactive Corp. QVC Group Class A		985,517

	Internet Software & Services* – 4.0%
	1,570	Alphabet, Inc. Class A		1,271,543
	1,290	Alphabet, Inc. Class C		1,012,057
	111,107	eBay, Inc.		3,167,660

				5,451,260

	IT Services – 3.9%
	12,894	Accenture PLC Class A		1,498,799
	21,258	CSRA, Inc.		533,363


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

MULTI-MANAGER U.S. DYNAMIC EQUITY FUND

Schedule of Investments (continued)

October 31, 2016


Shares		Description	Value
	Common Stocks – (continued)
	IT Services – (continued)
	10,375	MasterCard, Inc. Class A	$	1,110,332
	53,415	PayPal Holdings, Inc.*		2,225,269

				5,367,763

	Machinery – 1.2%
	19,455	Allison Transmission Holdings, Inc.		569,837
	31,385	Colfax Corp.*		997,729

				1,567,566

	Media – 14.8%
	25,069	Comcast Corp. Class A		1,549,766
	30,067	Discovery Communications, Inc. Class A*		785,049
	14,000	Discovery Communications, Inc. Class C*		351,540
	34,866	DISH Network Corp. Class A*		2,041,753
	96,726	Gannett Co., Inc.		751,561
	29,303	JCDecaux SA		896,146
	25,000	Liberty Broadband Corp. Class C*		1,666,250
	10,200	Liberty Global PLC LiLAC Class C*		281,928
	46,000	Liberty Global PLC Series C*		1,462,800
	29,600	Liberty Media Corp.-Liberty SiriusXM Class C*		982,424
	37,584	News Corp. Class A		455,518
	8,039	Scripps Networks Interactive, Inc. Class A		517,390
	110,538	TEGNA, Inc.		2,168,755
	2,520	The Madison Square Garden Co. Class A*		417,035
	18,759	The Walt Disney Co.		1,738,772
	32,236	Time Warner, Inc.		2,868,682
	46,000	Twenty-First Century Fox, Inc. Class A		1,208,420

				20,143,789

	Mortgage Real Estate Investment Trusts (REITs) – 0.6%
	54,500	Redwood Trust, Inc.		766,270

	Multiline Retail – 0.9%
	8,000	J.C. Penney Co., Inc.*		68,720
	21,013	Nordstrom, Inc.		1,092,676

				1,161,396

	Oil, Gas & Consumable Fuels – 0.8%
	2,600	Pioneer Natural Resources Co.		465,452
	18,000	Range Resources Corp.		608,220

				1,073,672

	Personal Products – 0.3%
	54,310	Avon Products, Inc.		355,731

	Pharmaceuticals – 8.1%
	22,197	Allergan PLC*		4,637,841
	6,691	Bristol-Myers Squibb Co.		340,639
	8,594	Johnson & Johnson		996,818
	1,125	Mallinckrodt PLC*		66,668
	30,659	Merck & Co., Inc.		1,800,296

	Common Stocks – (continued)
	Pharmaceuticals – (continued)
	74,266	Pfizer, Inc.	$	2,354,975
	16,375	Zoetis, Inc.		782,725

				10,979,962

	Semiconductors & Semiconductor Equipment – 1.4%
	8,573	Mellanox Technologies Ltd.*		372,068
	8,820	Skyworks Solutions, Inc.		678,611
	2,881	Synaptics, Inc.*		150,158
	9,500	Texas Instruments, Inc.		673,075

				1,873,912

	Software – 4.8%
	442	CommVault Systems, Inc.*		23,647
	62,348	Oracle Corp.		2,395,410
	36,220	PTC, Inc.*		1,718,277
	30,227	Verint System, Inc.*		1,088,172
	17,379	VMware, Inc. Class A*		1,365,989

				6,591,495

	Specialty Retail – 2.5%
	4,235	Advance Auto Parts, Inc.		593,239
	19,587	Cabela’s, Inc.*		1,206,755
	13,569	The Home Depot, Inc.		1,655,554

				3,455,548

	Technology Hardware, Storage & Peripherals – 3.4%
	70,651	NetApp, Inc.		2,397,895
	37,692	Western Digital Corp.		2,202,721

				4,600,616

	*Textiles, Apparel & Luxury Goods – 0.5%**
	4,475	Deckers Outdoor Corp.		233,550
	16,870	Fossil Group, Inc.		460,045

				693,595

	Wireless Telecommunication Services – 0.3%
	113,760	VimpelCom Ltd. ADR		379,958

	TOTAL COMMON STOCKS
	(Cost $122,797,496)		$	128,053,840


Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment^(b) – 4.0%
	Repurchase Agreements – 4.0%
	Joint Repurchase Agreement Account II
$	5,500,000		0.338	%		11/01/16	$	5,500,000
	(Cost $5,500,000)

	TOTAL INVESTMENTS – 98.2%
	(Cost $128,297,496)						$	133,553,840

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.8%							2,441,794

	NET ASSETS – 100.0%						$	135,995,634


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

MULTI-MANAGER U.S. DYNAMIC EQUITY FUND


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		Exempt from registration under Rule 144A of the Securities Act of 1933. Such securities have been deemed liquid by an Underlying Manager and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $1,282,435, which represents approximately 0.9% of net assets as of October 31, 2016.
(b)		Joint repurchase agreement was entered into on October 31, 2016. Additional information appears on page 31.



Currency Abbreviations:
CHF		—Swiss Franc
EUR		—Euro
USD		—U.S. Dollar

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


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

MULTI-MANAGER U.S. DYNAMIC EQUITY FUND

Schedule of Investments (continued)

October 31, 2016

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At October 31, 2016, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold			Current Value		Settlement Date		Unrealized Gain
Morgan Stanley & Co.	USD	857,064		CHF	840,000	$	849,591		11/17/16	$	7,473
	USD	3,137,656		EUR	2,819,000		3,096,653		11/17/16		41,002
TOTAL										$	48,475

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold			Current Value		Settlement Date		Unrealized Loss
Morgan Stanley & Co.	CHF	135,000		USD	138,703	$	136,541		11/17/16		(2,162	)
	EUR	1,362,000		USD	1,518,633		1,496,150		11/17/16		(22,484	)
	USD	588,942		EUR	538,000		590,990		11/17/16		(2,047	)
TOTAL										$	(26,693	)


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

MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

Schedule of Investments

October 31, 2016


Shares		Description	Value
	Common Stocks – 94.9%
	Aerospace & Defense – 4.4%
	20,491	Astronics Corp.*	$	758,577
	3,049	Astronics Corp. Class B*		112,798
	7,068	BE Aerospace, Inc.		420,687
	6,096	Cubic Corp.		260,299
	3,386	Curtiss-Wright Corp.		303,453
	12,732	DigitalGlobe, Inc.*		319,573
	24,280	HEICO Corp.		1,640,357
	19,846	Hexcel Corp.		902,795
	10,551	KLX, Inc.*		363,166
	2,414	The KEYW Holding Corp.*		25,323
	48,264	Wesco Aircraft Holdings, Inc.*		620,192

				5,727,220

	Auto Components – 2.8%
	23,654	American Axle & Manufacturing Holdings, Inc.*		423,880
	15,458	Dorman Products, Inc.*		993,022
	23,899	Drew Industries, Inc.		2,140,155

				3,557,057

	Automobiles – 0.2%
	3,739	Thor Industries, Inc.		296,540

	Banks – 5.3%
	24,761	Banc of California, Inc.		329,321
	29,730	Bank of the Ozarks, Inc.		1,098,821
	14,189	Columbia Banking System, Inc.		468,521
	21,878	ConnectOne Bancorp, Inc.		401,461
	23,374	Eagle Bancorp, Inc.*		1,148,832
	10,592	FCB Financial Holdings, Inc. Class A*		395,082
	1,937	First Citizens BancShares, Inc. Class A		563,667
	11,229	Hanmi Financial Corp.		280,725
	31,769	Home BancShares, Inc.		683,351
	27,963	LegacyTexas Financial Group, Inc.		956,614
	8,613	Prosperity Bancshares, Inc.		477,763

				6,804,158

	*Beverages – 0.2%**
	1,237	The Boston Beer Co., Inc. Class A		192,044

	*Biotechnology – 1.4%**
	8,031	Acceleron Pharma, Inc.		225,109
	10,503	Alder Biopharmaceuticals, Inc.		254,698
	7,246	BeiGene Ltd. ADR		240,857
	10,217	Coherus Biosciences, Inc.		279,435
	7,673	Neurocrine Biosciences, Inc.		335,847
	7,421	Ultragenyx Pharmaceutical, Inc.		437,765

				1,773,711

	*Building Products – 0.5%**
	13,971	Builders FirstSource, Inc.		135,100
	9,358	Patrick Industries, Inc.		536,681

				671,781

	Common Stocks – (continued)
	Capital Markets – 0.8%
	1,688	Diamond Hill Investment Group, Inc.	$	307,233
	19,283	Stifel Financial Corp.*		754,736

				1,061,969

	Chemicals – 1.5%
	9,843	Balchem Corp.		747,084
	3,341	Cabot Corp.		174,200
	11,204	Ferro Corp.*		145,204
	7,703	Minerals Technologies, Inc.		517,641
	15,304	Olin Corp.		335,617

				1,919,746

	Commercial Services & Supplies – 3.5%
	15,835	ABM Industries, Inc.		618,832
	5,220	G&K Services, Inc. Class A		494,334
	18,172	Healthcare Services Group, Inc.		671,819
	13,304	KAR Auction Services, Inc.		566,484
	15,982	Tetra Tech, Inc.		614,508
	20,581	Waste Connections, Inc.		1,547,897

				4,513,874

	*Communications Equipment – 0.4%**
	9,410	NETGEAR, Inc.		475,205

	Construction & Engineering – 1.0%
	21,741	Aegion Corp.*		402,426
	13,063	Granite Construction, Inc.		642,177
	12,973	Tutor Perini Corp.*		247,136

				1,291,739

	Consumer Finance – 3.8%
	5,050	Credit Acceptance Corp.*		929,705
	8,921	FirstCash, Inc.		421,071
	36,625	Navient Corp.		468,067
	18,981	Nelnet, Inc. Class A		743,676
	39,440	PRA Group, Inc.*		1,258,136
	144,971	SLM Corp.*		1,022,046

				4,842,701

	Containers & Packaging – 1.0%
	88,576	Graphic Packaging Holding Co.		1,107,200
	14,012	Multi Packaging Solutions International Ltd.*		189,302

				1,296,502

	Distributors – 0.3%
	9,615	Core-Mark Holding Co., Inc.		339,890

	*Diversified Consumer Services – 0.8%**
	15,939	Bright Horizons Family Solutions, Inc.		1,066,478

	Diversified Telecommunication Services – 1.0%
	35,920	Cogent Communications Holdings, Inc.		1,325,448

	Electric Utilities – 0.1%
	5,579	PNM Resources, Inc.		183,270


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

MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

Schedule of Investments (continued)

October 31, 2016


Shares		Description	Value
	Common Stocks – (continued)
	Electrical Equipment – 1.5%
	28,677	EnerSys	$	1,867,733

	Electronic Equipment, Instruments & Components – 2.2%
	4,824	Anixter International, Inc.*		317,178
	12,693	Belden, Inc.		822,633
	4,620	Coherent, Inc.*		481,035
	15,370	Insight Enterprises, Inc.*		442,502
	6,023	OSI Systems, Inc.*		422,393
	3,920	SYNNEX Corp.		401,957

				2,887,698

	Energy Equipment & Services – 0.4%
	22,597	Bristow Group, Inc.		226,196
	5,360	Dril-Quip, Inc.*		254,600

				480,796

	Equity Real Estate Investment Trusts (REITs) – 0.8%
	13,380	American Homes 4 Rent Class A		282,452
	17,945	Chatham Lodging Trust		317,626
	11,045	LaSalle Hotel Properties		262,319
	12,954	Silver Bay Realty Trust Corp.		216,980

				1,079,377

	Food & Staples Retailing – 0.3%
	4,146	PriceSmart, Inc.		377,079

	*Food Products – 0.8%**
	12,050	TreeHouse Foods, Inc.		1,054,134

	*Health Care Equipment & Supplies – 2.2%**
	5,638	IDEXX Laboratories, Inc.		604,055
	9,129	Integra LifeSciences Holdings Corp.		725,847
	19,476	Neogen Corp.		1,026,190
	13,188	Novadaq Technologies, Inc.		146,519
	7,035	Vascular Solutions, Inc.		320,796

				2,823,407

	Health Care Providers & Services – 3.6%
	7,959	Amsurg Corp.*		475,550
	5,174	Chemed Corp.		731,707
	5,406	CorVel Corp.*		186,777
	12,083	Diplomat Pharmacy, Inc.*		279,963
	3,638	Henry Schein, Inc.*		542,790
	26,451	Kindred Healthcare, Inc.		260,542
	9,686	LifePoint Health, Inc.*		579,707
	15,472	Owens & Minor, Inc.		502,067
	15,436	PharMerica Corp.*		367,377
	28,368	Select Medical Holdings Corp.*		368,784
	22,275	Teladoc, Inc.*		361,969

				4,657,233

	*Health Care Technology – 0.8%**
	17,449	Cotiviti Holdings, Inc.		538,650
	10,130	Medidata Solutions, Inc.		486,139

				1,024,789

	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – 1.6%
	23,880	Carrols Restaurant Group, Inc.*	$	298,500
	61,385	ClubCorp Holdings, Inc.		708,997
	37,690	Lindblad Expeditions Holdings, Inc.*		308,681
	10,233	Papa John’s International, Inc.		772,080

				2,088,258

	*Household Durables – 0.5%**
	5,629	Helen of Troy Ltd.		458,763
	3,313	Tempur Sealy International, Inc.		179,134

				637,897

	Insurance – 5.8%
	8,044	AMERISAFE, Inc.		447,246
	46,861	AmTrust Financial Services, Inc.		1,236,662
	25,636	Assured Guaranty Ltd.		766,260
	23,728	First American Financial Corp.		926,816
	10,119	Global Indemnity PLC*		303,975
	3,635	Infinity Property & Casualty Corp.		297,888
	49,426	Maiden Holdings Ltd.		674,665
	43,172	National General Holdings Corp.		887,185
	14,386	RLI Corp.		801,876
	3,029	Safety Insurance Group, Inc.		205,063
	8,506	The Hanover Insurance Group, Inc.		648,072
	2,616	The Navigators Group, Inc.		243,811

				7,439,519

	Internet & Direct Marketing Retail – 1.7%
	3,206	Expedia, Inc.		414,311
	12,797	FTD Cos., Inc.*		257,476
	11,280	HSN, Inc.		425,256
	51,321	Liberty TripAdvisor Holdings, Inc. Class A*		1,139,326

				2,236,369

	*Internet Software & Services – 1.3%**
	13,565	2U, Inc.		472,876
	14,676	Envestnet, Inc.		518,797
	1,163	Nutanix, Inc. Class A		28,493
	11,163	SPS Commerce, Inc.		696,348

				1,716,514

	IT Services – 5.0%
	14,296	Booz Allen Hamilton Holding Corp.		435,599
	13,040	Broadridge Financial Solutions, Inc.		843,166
	8,021	Convergys Corp.		234,213
	18,011	CoreLogic, Inc.*		766,548
	32,648	Genpact Ltd.*		750,578
	22,651	MAXIMUS, Inc.		1,179,211
	26,451	Sykes Enterprises, Inc.*		707,300
	19,733	TeleTech Holdings, Inc.		554,497
	9,434	WEX, Inc.*		1,029,250

				6,500,362

	*Leisure Products – 0.1%**
	32,980	Black Diamond, Inc.		163,251


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

MULTI-MANAGER U.S. SMALL CAP EQUITY FUND


Shares		Description	Value
	Common Stocks – (continued)
	*Life Sciences Tools & Services – 2.4%**
	11,853	Charles River Laboratories International, Inc.	$	899,406
	8,216	ICON PLC		659,580
	25,575	PAREXEL International Corp.		1,490,000

				3,048,986

	Machinery – 2.0%
	8,375	Colfax Corp.*		266,241
	15,871	ESCO Technologies, Inc.		707,053
	9,193	Hillenbrand, Inc.		279,008
	5,823	IDEX Corp.		503,340
	13,988	Woodward, Inc.		825,012

				2,580,654

	Media – 1.7%
	49,612	Global Eagle Entertainment, Inc.*		399,377
	21,495	Liberty Media Corp.-Liberty Media Class A*		598,206
	6,250	Live Nation Entertainment, Inc.*		172,937
	6,814	Scholastic Corp.		260,635
	4,181	The Madison Square Garden Co. Class A*		691,914

				2,123,069

	Metals & Mining – 0.6%
	52,699	Ferroglobe PLC		487,466
	11,850	Steel Dynamics, Inc.		325,401

				812,867

	Mortgage Real Estate Investment Trusts (REITs) – 3.0%
	39,449	Anworth Mortgage Asset Corp.		193,694
	33,224	Ares Commercial Real Estate Corp.		435,899
	13,875	Blackstone Mortgage Trust, Inc. Class A		419,025
	7,093	Colony Capital, Inc. Class A		134,838
	94,752	CYS Investments, Inc.		816,762
	88,528	MFA Financial, Inc.		647,140
	9,053	MTGE Investment Corp.		154,354
	18,183	Starwood Property Trust, Inc.		404,390
	80,940	Two Harbors Investment Corp.		674,230

				3,880,332

	Oil, Gas & Consumable Fuels – 2.5%
	10,666	Gulfport Energy Corp.*		257,157
	4,877	Parsley Energy, Inc. Class A*		160,453
	21,080	RSP Permian, Inc.*		760,988
	14,635	Western Refining, Inc.		422,220
	40,531	World Fuel Services Corp.		1,631,373

				3,232,191

	Paper & Forest Products – 0.8%
	8,027	Neenah Paper, Inc.		641,357
	10,914	Schweitzer-Mauduit International, Inc.		402,836

				1,044,193

	Personal Products – 0.4%
	8,524	Nu Skin Enterprises, Inc. Class A		525,505

	Common Stocks – (continued)
	Professional Services – 3.8%
	5,720	CEB, Inc.	$	278,278
	7,636	Exponent, Inc.		437,161
	10,912	FTI Consulting, Inc.*		425,132
	12,291	GP Strategies Corp.*		317,722
	12,482	Heidrick & Struggles International, Inc.		230,917
	9,752	Korn/Ferry International		198,843
	38,476	Navigant Consulting, Inc.*		900,339
	18,822	On Assignment, Inc.*		647,665
	32,070	RPX Corp.*		313,003
	11,291	The Advisory Board Co.*		449,382
	10,699	WageWorks, Inc.*		630,706

				4,829,148

	Real Estate Management & Development – 0.9%
	12,360	Colliers International Group, Inc.		430,128
	16,368	FirstService Corp.		663,886

				1,094,014

	Road & Rail – 0.7%
	4,222	Genesee & Wyoming, Inc. Class A*		286,843
	21,273	Knight Transportation, Inc.		622,235

				909,078

	Semiconductors & Semiconductor Equipment – 2.1%
	33,505	Brooks Automation, Inc.		436,570
	16,489	Cavium, Inc.*		930,804
	4,915	First Solar, Inc.*		199,008
	20,711	MACOM Technology Solutions Holdings, Inc.*		761,337
	17,482	Teradyne, Inc.		407,156

				2,734,875

	Software – 6.6%
	12,419	Aspen Technology, Inc.*		611,512
	11,581	Blackbaud, Inc.		711,073
	29,733	BroadSoft, Inc.*		1,235,406
	3,664	Fair Isaac Corp.		442,172
	6,042	Guidewire Software, Inc.*		347,113
	16,356	Interactive Intelligence Group, Inc.*		988,720
	20,743	Manhattan Associates, Inc.*		1,050,425
	17,629	Monotype Imaging Holdings, Inc.		336,714
	7,703	Open Text Corp.		478,202
	1,318	Paylocity Holding Corp.*		57,320
	2,376	Pegasystems, Inc.		73,418
	2,127	Proofpoint, Inc.*		166,714
	11,276	Synchronoss Technologies, Inc.*		413,942
	3,614	The Ultimate Software Group, Inc.*		762,518
	5,117	Tyler Technologies, Inc.*		820,767

				8,496,016

	Specialty Retail – 3.5%
	39,365	American Eagle Outfitters, Inc.		670,780
	4,191	Asbury Automotive Group, Inc.*		213,532
	2,785	Group 1 Automotive, Inc.		167,852
	17,422	Lithia Motors, Inc. Class A		1,494,459
	7,828	Monro Muffler Brake, Inc.		430,540


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

MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

Schedule of Investments (continued)

October 31, 2016


Shares		Description	Value
	Common Stocks – (continued)
	Specialty Retail – (continued)
	112,729	Office Depot, Inc.	$	355,096
	31,518	Tailored Brands, Inc.		497,984
	32,985	The Finish Line, Inc. Class A		649,475

				4,479,718

	*Technology Hardware, Storage & Peripherals – 0.2%**
	6,881	Electronics for Imaging, Inc.		292,649

	*Textiles, Apparel & Luxury Goods – 0.8%**
	24,219	Skechers U.S.A., Inc. Class A		509,325
	17,422	Steven Madden Ltd.		581,895

				1,091,220

	Thrifts & Mortgage Finance – 2.7%
	33,431	Essent Group Ltd.*		883,916
	24,432	Nationstar Mortgage Holdings, Inc.*		369,167
	60,567	Radian Group, Inc.		823,106
	28,789	Walker & Dunlop, Inc.*		692,951
	23,661	Washington Federal, Inc.		644,762

				3,413,902

	Tobacco – 0.3%
	6,680	Universal Corp.		362,056

	Trading Companies & Distributors – 2.3%
	42,657	Air Lease Corp.		1,290,801
	22,269	BMC Stock Holdings, Inc.*		368,552
	8,130	SiteOne Landscape Supply, Inc.*		253,493
	18,496	WESCO International, Inc.*		1,002,483

				2,915,329

	TOTAL COMMON STOCKS
	(Cost $117,467,255)		$	122,239,551


Principal Amount		Interest Rate			Maturity Date		Value

	Short-term Investment^(a) – 4.7%
	Repurchase Agreements – 4.7%
	Joint Repurchase Agreement Account II
$	6,000,000		0.338	%		11/01/16	$	6,000,000
	(Cost $6,000,000)

	TOTAL INVESTMENTS – 99.6%
	(Cost $123,467,255)						$	128,239,551

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4%							535,789

	NET ASSETS – 100.0%						$	128,775,340


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)		Joint repurchase agreement was entered into on October 31, 2016. Additional information appears on page 31.



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


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

ACTIVE EQUITY MULTI-MANAGER FUNDS

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II — At October 31, 2016, the Funds had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of November 1, 2016, as follows:


Fund	Principal Amount		Maturity Value		Collateral Allocation Value
Multi-Manager International Equity	$	14,600,000	$	14,600,157	$	14,892,000
Multi-Manager U.S. Dynamic Equity		5,500,000		5,500,059		5,610,000
Multi-Manager U.S. Small Cap Equity		6,000,000		6,000,065		6,120,000

REPURCHASE AGREEMENTS — At October 31, 2016, the Principal Amount of the Funds’ interest in the Joint Repurchase Agreement Account II was as follows:


Counterparty	Interest Rate			Multi-Manager International Equity		Multi-Manager U.S. Dynamic Equity		Multi-Manager U.S. Small Cap Equity
BNP Paribas Securities Co.		0.340	%	$	44,629	$	16,812	$	18,341
Citigroup Global Markets, Inc.		0.340			2,639,476		994,323		1,084,716
Merrill Lynch & Co., Inc.		0.340			10,562,154		3,978,894		4,340,611
Merrill Lynch & Co., Inc.		0.320			1,353,741		509,971		556,332
TOTAL				$	14,600,000	$	5,500,000	$	6,000,000

At October 31, 2016, the Joint Repurchase Agreement Account II was fully collateralized by:


Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		3.500% to 8.000	%		01/01/17 to 08/01/46
Federal National Mortgage Association		2.500 to 9.000			02/01/17 to 10/01/46
Government National Mortgage Association		2.500 to 7.500			02/15/25 to 10/20/46
United States Treasury Inflation Protected Securities		0.750			02/15/42
U.S. Treasury Bonds		3.125 to 8.750			08/15/20 to 05/15/44
U.S. Treasury Notes		0.875 to 4.250			11/15/17 to 07/31/23
United States Treasury Stripped Securities		0.000			02/15/29


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

ACTIVE EQUITY MULTI-MANAGER FUNDS

Statements of Assets and Liabilities

October 31, 2016


	Multi-Manager International Equity Fund			Multi-Manager U.S. Dynamic Equity Fund			Multi-Manager U.S. Small Cap Equity Fund
Assets:
Investments, at value (cost $293,133,870, $128,297,496 and $123,467,255)	$	293,308,548		$	133,553,840		$	128,239,551
Foreign currencies, at value (cost $696,454, $0 and $0, respectively)		696,684			—			—
Cash		185,586			179,182			214,698
Unrealized gain on forward foreign currency exchange contracts		—			48,475			—
Deferred offering costs		—			—			85,463
Receivables:
Investments sold		814,519			2,709,940			640,807
Reimbursement from investment adviser		306,218			—			134,271
Dividends and interest		430,116			104,781			24,839
Foreign tax reclaims		199,752			6,696			—
Fund shares sold		50,000			50,000			30,000
Collateral on certain derivative contracts^(a)		—			180,000			—
Other assets		3,616			2,225			—
Total assets		295,995,039			136,835,139			129,369,629

Liabilities:
Unrealized loss on forward foreign currency exchange contracts		—			26,693			—
Payables:
Investments purchased		1,637,855			467,562			253,299
Management fees		449,624			78,494			120,518
Transfer agency fees		4,996			2,366			2,219
Offering costs		—			—			48,653
Payable to investment adviser		—			68,273			—
Accrued expenses		282,389			196,117			169,600
Total liabilities		2,374,864			839,505			594,289

Net Assets:
Paid-in capital		295,413,341			140,973,926			122,752,425
Undistributed net investment income		4,257,060			599,740			178,755
Accumulated net realized gain (loss)		(6,209,213	)		(10,855,916	)		1,071,864
Net unrealized gain		158,987			5,277,884			4,772,296
NET ASSETS	$	293,620,175		$	135,995,634		$	128,775,340
Shares Outstanding $0.001 par value (unlimited number of shares authorized):		31,198,637			14,901,880			12,237,627
Net asset value, offering and redemption price per share:		$9.41			$9.13			$10.52

(a)

Segregated for collateral on forward foreign currency exchange contracts transactions.


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

ACTIVE EQUITY MULTI-MANAGER FUNDS

Statements of Operations

For the Fiscal Year Ended October 31, 2016


	Multi-Manager International Equity Fund			Multi-Manager U.S. Dynamic Equity Fund			Multi-Manager U.S. Small Cap Equity Fund^(a)
Investment income:
Dividends (net of foreign withholding taxes of $553,837, $9,819 and $1,953)	$	5,839,677		$	2,152,885		$	648,912
Interest		32,506			26,719			9,656
Total investment income		5,872,183			2,179,604			658,568

Expenses:
Management fees		1,480,862			1,168,762			465,768
Custody, accounting and administrative services		432,842			256,591			105,986
Professional fees		216,932			214,559			75,069
Amortization of offering costs		30,642			37,723			87,837
Trustee fees		111,991			96,216			50,906
Registration fees		74,876			48,064			12,944
Transfer Agency fees		49,362			29,219			12,420
Printing and mailing costs		30,256			12,208			20,000
Organization costs		—			—			12,000
Other		65,466			52,736			20,681
Total expenses		2,493,229			1,916,078			863,611
Less — expense reductions		(1,077,155	)		(752,670	)		(366,792	)
Net expenses		1,416,074			1,163,408			496,819
NET INVESTMENT INCOME		4,456,109			1,016,196			161,749

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		(5,545,181	)		(8,958,834	)		1,071,864
Forward foreign currency exchange contracts		(9,384	)		(5,403	)		—
Foreign currency transactions		(327	)		(5,285	)		—
Net change in unrealized gain (loss) on:
Investments		3,188,087			4,897,238			4,772,296
Forward foreign currency exchange contracts		—			(10,988	)		—
Foreign currency translation		(14,161	)		(242	)		—
Net realized and unrealized gain (loss)		(2,380,966	)		(4,083,514	)		5,844,160
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,075,143		$	(3,067,318	)	$	6,005,909

(a)

Commenced operations on April 29, 2016.


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

ACTIVE EQUITY MULTI-MANAGER FUNDS

Statements of Changes in Net Assets


	Multi-Manager International Equity Fund
	For the Fiscal Year Ended October 31, 2016			For the Period Ended October 31, 2015^(a)
From operations:
Net investment income	$	4,456,109		$	489,198
Net realized loss		(5,554,892	)		(712,318	)
Net change in unrealized gain (loss)		3,173,926			(3,014,939	)
Net increase (decrease) in net assets resulting from operations		2,075,143			(3,238,059	)

Distributions to shareholders:
From net investment income		(662,291	)		—

From share transactions:
Proceeds from sales of shares		128,804,010			196,158,215
Reinvestment of distributions		662,291			—
Cost of shares redeemed		(22,314,124	)		(7,865,010	)
Net increase in net assets resulting from share transactions		107,152,177			188,293,205
TOTAL INCREASE		108,565,029			185,055,146

Net assets:
Beginning of year		185,055,146			—
End of year	$	293,620,175		$	185,055,146
Undistributed net investment income	$	4,257,060		$	393,221

(a)

Commenced operations on July 31, 2015.


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

ACTIVE EQUITY MULTI-MANAGER FUNDS

Statements of Changes in Net Assets


	Multi-Manager U.S. Dynamic Equity Fund						Multi-Manager U.S. Small Cap Equity Fund
	For the Fiscal Year Ended October 31, 2016			For the Period Ended October 31, 2015^(a)			For the Period Ended October 31, 2016^(b)
From operations:
Net investment income	$	1,016,196		$	158,832		$	161,749
Net realized gain (loss)		(8,969,522	)		(1,910,474	)		1,071,864
Net change in unrealized gain		4,886,008			391,876			4,772,296
Net increase (decrease) in net assets resulting from operations		(3,067,318	)		(1,359,766	)		6,005,909

Distributions to shareholders:
From net investment income		(599,786	)		—			—

From share transactions:
Proceeds from sales of shares		58,640,000			134,047,310			132,504,436
Reinvestment of distributions		599,786			—			—
Cost of shares redeemed		(51,508,582	)		(756,010	)		(9,735,005	)
Net increase in net assets resulting from share transactions		7,731,204			133,291,300			122,769,431
TOTAL INCREASE		4,064,100			131,931,534			128,775,340

Net assets:
Beginning of year		131,931,534			—			—
End of year	$	135,995,634		$	131,931,534		$	128,775,340
Undistributed net investment income	$	599,740		$	157,593		$	178,755

(a)

Commenced operations on July 31, 2015.

(b)

Commenced operations on April 29, 2016.


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

MULTI-MANAGER INTERNATIONAL EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of year		Net investment income^(a)		Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE FISCAL YEAR ENDED OCTOBER 31,
2016 - Institutional	$	9.52	$	0.17	$	(0.25	)	$	(0.08	)	$	(0.03	)

FOR THE PERIOD ENDED OCTOBER 31,
2015 - Institutional (Commenced July 31, 2015)		10.00		0.03		(0.51	)		(0.48	)		—

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

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.

(d)

Annualized.


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

MULTI-MANAGER INTERNATIONAL EQUITY FUND



Net asset value, end of year		Total return^(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate^(c)

$	9.41		(0.82	)%	$	293,620		0.57	%		1.01	%		1.81	%		25	%


	9.52		(4.80	)		185,055		0.57	^(d)		1.07	^(d)		1.31	^(d)		6


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

MULTI-MANAGER U.S. DYNAMIC EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


			Income (loss) from Investment Operations
Year - Share Class	Net asset value, beginning of year		Net investment income^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE FISCAL YEAR ENDED OCTOBER 31,
2016 - Institutional	$	9.51	$	0.06	^(d)	$	(0.40	)	$	(0.34	)	$	(0.04	)

FOR THE PERIOD ENDED OCTOBER 31,
2015 - Institutional (Commenced July 31, 2015)		10.00		0.02			(0.51	)		(0.49	)		—

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

(d)

Reflects income recognized from a special dividend which amounted to $0.01 per share and 0.17% of average net assets.

(e)

Annualized.


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

MULTI-MANAGER U.S. DYNAMIC EQUITY FUND



Net asset value, end of year		Total return^(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate^(c)

$	9.13		(3.54	)%	$	135,996		0.80	%		1.31	%		0.70	%^(d)		112	%


	9.51		(4.90	)		131,932		0.79	^(e)		1.51	^(e)		0.70	^(e)		14


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

MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout the Period


			Income from Investment Operations
Year - Share Class	Net asset value, beginning of period		Net investment income^(a)		Net realized and unrealized gain		Total from investment operations
FOR THE PERIOD ENDED OCTOBER 31,
2016 - Institutional (Commenced April 29, 2016)	$	10.00	$	0.01	$	0.51	$	0.52

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)

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


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

MULTI-MANAGER U.S. SMALL CAP EQUITY FUND



Net asset value, end of period	Total return^(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets^(c)			Ratio of total expenses to average net assets^(c)			Ratio of net investment income to average net assets^(c)			Portfolio turnover rate^(d)

$10.52		5.20	%	$	128,775		0.80	%		1.32	%		0.26	%		15	%


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

ACTIVE EQUITY MULTI-MANAGER FUNDS

Notes to Financial Statements

October 31, 2016

1. ORGANIZATION

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


Fund	Share Classes Offered	Diversified/ Non-diversified
Multi-Manager International Equity	Institutional	Diversified
Multi-Manager U.S. Dynamic Equity	Institutional	Non-diversified
Multi-Manager U.S. Small Cap Equity (Commenced April 29, 2016)	Institutional	Diversified

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust. As of October 31, 2016, GSAM had sub-advisory agreements (the “Sub-Advisory Agreements”) for the Multi-Manager International Equity Fund with Causeway Capital Management LLC, Massachusetts Financial Services Company, doing business as MFS Investment Management and WCM Investment Management; for the Multi-Manager U.S. Dynamic Equity Fund with Lazard Asset Management LLC, Sirios Capital Management, L.P., Smead Capital Management, Inc. and Weitz Investment Management, Inc.; and for the Multi-Manager U.S. Small Cap Equity Fund with Brown Advisory LLC, PNC Capital Advisors, LLC and Robeco Investment Management, Inc., doing business as Boston Partners (the “Underlying Managers”). Pursuant to the terms of the Sub-Advisory Agreements, the Underlying Managers are responsible for making investment decisions and managing the investments of the applicable Fund. GSAM compensates the Underlying Managers directly in accordance with the terms of the applicable Sub-Advisory Agreements. The Funds are not charged any separate or additional investment advisory fees by the Underlying Managers.

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.

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, net of any foreign withholding taxes, less any amounts reclaimable, and securities lending income. 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. 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. 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 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, realized gains and losses are recorded upon settlement of the contract.

C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain 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, and are accrued daily.

ACTIVE EQUITY MULTI-MANAGER FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

D. Offering and Organization Costs — Offering costs paid in connection with the offering of shares of the Multi-Manager International Equity Fund, Multi-Manager U.S. Dynamic Equity Fund and Multi-Manager U.S. Small Cap Equity Fund are being amortized on a straight-line basis over 12 months from the date of commencement of operations. Organization costs paid in connection with the organization of the Multi-Manager U.S. Small Cap Equity Fund were expensed on the first day of operations.

E. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Funds are not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually.

Net capital losses are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain 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.

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

The fair value of a financial instrument is 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). 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 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).

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Funds’ policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ portfolio investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly

ACTIVE EQUITY MULTI-MANAGER FUNDS

Notes to Financial Statements (continued)

October 31, 2016

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 are valued at the last bid price for long positions and at the last ask price for short positions. 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.

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. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The Funds enter 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.

Exchange-traded derivatives, including futures and options contracts, are valued at the last sale or settlement price and typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

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

A forward foreign currency 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 at the applicable forward rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

Short Term Investments — As of the date of the financial statements, short-term investments having a maturity of 60 days or less are valued using available market quotations as provided by a third party pricing vendor or broker. Prior to October 11, 2016, such securities were valued at amortized cost. These investments are classified as Level 2 of the fair value hierarchy.

ACTIVE EQUITY MULTI-MANAGER FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

i. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

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, 2016:



MULTI-MANAGER INTERNATIONAL EQUITY

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Africa	$	—	$	2,814,950	$	—
Asia		19,557,344		54,071,285		—
Australia and Oceania		—		5,856,438		—
Europe		18,424,375		159,209,570		—
North America		13,396,025		2,784,195		—
South America		2,594,366		—		—
Short-term Investments		—		14,600,000		—
Total	$	53,972,110	$	239,336,438	$	—

ACTIVE EQUITY MULTI-MANAGER FUNDS

Notes to Financial Statements (continued)

October 31, 2016

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



MULTI-MANAGER U.S. DYNAMIC EQUITY

Investment Type	Level 1		Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	789,405	$	—		$	—
Europe		5,343,496		4,239,117			—
North America		117,681,822		—			—
Short-term Investments		—		5,500,000			—
Total	$	123,814,723	$	9,739,117		$	—

Derivative Type
Assets^(b)
Forward Foreign Currency Exchange Contracts	$	—	$	48,475		$	—
Liabilities^(b)
Forward Foreign Currency Exchange Contracts	$	—	$	(26,693	)	$	—

MULTI-MANAGER U.S. SMALL CAP EQUITY

Investment Type	Level 1		Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	240,857	$	—		$	—
Europe		1,451,021		—			—
North America		120,547,673		—			—
Short-term Investments		—		6,000,000			—
Total	$	122,239,551	$	6,000,000		$	—

(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 the table. The Funds utilize fair value model prices provided by an independent fair value service for certain international equity securities, resulting in a Level 2 classification.

(b)

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

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts as of October 31, 2016. 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.

ACTIVE EQUITY MULTI-MANAGER FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

Multi-Manager U.S. Dynamic Equity Fund

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts

48,475

Payable for unrealized loss on forward foreign currency exchange contracts

(26,693)

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, 2016. 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:



Multi-Manager International Equity Fund
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net unrealized gain (loss) on forward foreign currency exchange contracts	$	(9,384	)	$	—			1

Multi-Manager U.S. Dynamic Equity Fund
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net unrealized gain (loss) on forward foreign currency exchange contracts	$	(5,403	)	$	(10,988	)		15

(a)

Average number of contracts is based on the average of month end balances for the fiscal year ended October 31, 2016.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives (including forward foreign currency exchange contracts, and certain options and swaps), and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral and margin requirements differ between exchange traded derivatives and OTC derivatives. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options and centrally cleared swaps) pursuant to governing agreements for those instrument types. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract-specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Additionally, a Fund may be required to post initial margin to the counterparty, the terms of which would be outlined in the confirmation of the OTC transaction.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized,

ACTIVE EQUITY MULTI-MANAGER FUNDS

Notes to Financial Statements (continued)

October 31, 2016

4. INVESTMENTS IN DERIVATIVES (continued)

contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. A Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that the Underlying Managers believe to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of setoff that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws.

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, 2016, the contractual and effective net management fees with GSAM were at the following rates:


	Management Rate
Fund	Contractual Management Fee Annual Rate			Effective Net Management Rate*
Multi-Manager International Equity		0.60	%		0.48	%
Multi-Manager U.S. Dynamic Equity		0.80			0.67
Multi-Manager U.S. Small Cap Equity		0.75			0.68

GSAM has agreed to waive a portion of its management fee for each Fund in order to achieve an effective net management fee rate that is equal to the actual cost of fees paid to the Fund’s Underlying Managers. This arrangement will remain in effect through at least February 28, 2017 for the Multi-Manager International Equity and Multi-Manager U.S. Dynamic Equity Funds and March 31, 2017 for the Multi-Manager U.S. Small Cap Equity Fund. Prior to such dates, GSAM may not terminate the applicable arrangement without the approval of the Trustees.

B. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates of 0.02% of the average daily net assets of Institutional Shares.

C. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain Funds’ “Total Annual Operating Expenses” (excluding acquired fund fees and expenses, taxes, interest, brokerage fees, shareholder meeting, litigation, 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 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 limitations as an annual percentage rate of average daily net assets for the Multi-Manager International Equity, Multi-Manager U.S. Dynamic Equity and the Multi-Manager U.S. Small Cap Equity are 0.57%, 0.79% and 0.80% respectively. These limitations will remain in place through at least February 28, 2017 for the Multi-Manager International Equity and Multi-Manager U.S. Dynamic Equity Funds and March 31, 2017 for the Multi-Manager U.S. Small Cap Equity Fund, and prior to such dates 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 “Total Annual Operating Expense” limitations described above.

ACTIVE EQUITY MULTI-MANAGER FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended October 31, 2016, these expense reductions, including any fee waivers, were as follows:


Fund	Management Fee Waiver		Other Expense Reimbursements		Total Annual Operating Expense Reductions
Multi-Manager International Equity	$	287,776	$	969,732	$	1,257,508
Multi-Manager U.S. Dynamic Equity		192,518		733,424		925,942
Multi-Manager U.S. Small Cap Equity		45,400		321,392		366,792

D. Line of Credit Facility — As of October 31, 2016, the Funds participated in a $1,100,000,000 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 (“Other Borrowers”). 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, 2016, the Funds did not have any borrowings under the facility.

E. Other Transactions with Affiliates — For the fiscal year ended October 31, 2016, Goldman Sachs earned $35 and $510 in brokerage commissions from portfolio transactions on behalf of the Multi-Manager International Equity and the Multi-Manager U.S. Small Cap Equity Funds, respectively.

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, 2016, were as follows:


Fund	Purchases		Sales and Maturities
Multi-Manager International Equity	$	161,258,615	$	59,133,635
Multi-Manager U.S. Dynamic Equity		166,114,136		152,728,403
Multi-Manager U.S. Small Cap Equity		134,197,709		17,755,304

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended October 31, 2016 was as follows:


	Multi-Manager International Equity Fund		Multi-Manager U.S. Dynamic Equity Fund		Multi-Manager U.S. Small Cap Equity Fund
Distribution paid from:
Ordinary income	$	662,291	$	599,786	$	—

ACTIVE EQUITY MULTI-MANAGER FUNDS

Notes to Financial Statements (continued)

October 31, 2016

7. TAX INFORMATION (continued)

There were no distributions paid for the fiscal year ended October 31, 2015.

As of October 31, 2016, the components of accumulated earnings (losses) on a tax basis were as follows:


	Multi-Manager International Equity Fund			Multi-Manager U.S. Dynamic Equity Fund			Multi-Manager U.S. Small Cap Equity Fund
Undistributed ordinary income—net	$	4,284,756		$	619,864		$	1,366,938
Undistributed long-term capital gains		—			—			31,662
Total undistributed earnings	$	4,284,756		$	619,864		$	1,398,600
Capital loss carryforwards:
Perpetual Short-Term		(3,870,170	)		(6,299,772	)		—
Perpetual Long-Term		(1,007,714	)		(381,593	)		—
Total capital loss carryforwards	$	(4,877,884	)	$	(6,681,365	)	$	—
Unrealized gains (losses)—net		(1,200,038	)		1,083,209			4,624,315
Total accumulated earnings (losses) net	$	(1,793,166	)	$	(4,978,292	)	$	6,022,915

As of October 31, 2016, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Multi-Manager International Equity Fund			Multi-Manager U.S. Dynamic Equity Fund			Multi-Manager U.S. Small Cap Equity Fund
Tax Cost	$	294,492,895		$	132,470,389		$	123,615,236
Gross unrealized gain		16,466,244			10,041,921			9,176,786
Gross unrealized loss		(17,650,591	)		(8,958,470	)		(4,552,471	)
Net unrealized gains (losses) on securities	$	(1,184,347	)	$	1,083,451		$	4,624,315
Net unrealized gain (loss) on other investments		(15,691	)		(242	)		—
Net unrealized gains (losses)	$	(1,200,038	)	$	1,083,209		$	4,624,315

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on foreign currency contracts, differences in tax treatment of underlying fund investments and passive foreign investment companies.

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 foreign currency transactions, passive foreign investment company investments, underlying fund investments and certain non-deductible expenses.


Fund	Paid-in Capital			Accumulated Net Realized Gain (Loss)			Undistributed Net Investment Income (Loss)
Multi-Manager International Equity Fund		(32,041	)		(37,980	)		70,021
Multi-Manager U.S. Dynamic Equity Fund		(39,278	)		13,541			25,737
Multi-Manager U.S. Small Cap Equity Fund		(17,006	)		—			17,006

ACTIVE EQUITY MULTI-MANAGER FUNDS

7. TAX INFORMATION (continued)

GSAM has reviewed the Funds’ tax positions for all open tax years (the current year and prior year, 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:

Derivatives Risk — Loss may result from the Funds’ investments in derivative instruments. These instruments may be illiquid, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. Losses from investments in 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 United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Funds invest. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions by the United States or other governments, or from problems in registration, settlement or custody. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Funds have exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Funds also invest in securities of issuers located in emerging markets, these risks may be more pronounced.

Foreign Custody Risk — A Fund that invests in foreign securities may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Geographic and Sector Risk — As a result of the Funds’ ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business, political, environmental or other development may affect the value of the Funds’ investments more than if their investments were not so focused.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions 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. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.

ACTIVE EQUITY MULTI-MANAGER FUNDS

Notes to Financial Statements (continued)

October 31, 2016

8. OTHER RISKS (continued)

Fund’s investment exposure may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. A Fund will identify liquid assets on its books or otherwise cover transactions that may give rise to such risk, to the extent required by applicable law. The use of leverage may cause a Fund to liquidate portfolio positions to satisfy its obligations or to meet segregation requirements when it may not be advantageous to do so. The use of leverage by a Fund can substantially increase the adverse impact to which the Fund’s investment portfolio may be subject.

Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Funds 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 Funds have unsettled or open transactions defaults.

Multi-Manager Approach Risk — The Funds’ performance depends on the ability of the Investment Adviser in selecting, overseeing, and allocating Fund assets to the Underlying Managers. The Underlying Managers’ investment styles may not always be complementary. The Funds’ multi-manager approach may result in the Fund investing a significant percentage of its assets in certain types of investments, which could be beneficial or detrimental to the Funds’ performance depending on the performance of those investments and the overall market environment. The Funds’ Underlying Managers may underperform the market generally or underperform other investment managers that could have been selected for the Funds. Because the Funds’ Underlying Managers may trade with counterparties, prime brokers, clearing brokers or futures commission merchants on terms that are different than those on which the Investment Adviser would trade, and because each Underlying Manager applies its own risk analysis in evaluating potential counterparties for the Funds, the Funds may be subject to greater counterparty risk than if they were managed directly by the Investment Adviser.

Non-Diversification Risk — The Multi-Manager U.S. Dynamic Equity Fund is non-diversified, meaning that the Fund is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

9. INDEMNIFICATIONS

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

10. SUBSEQUENT EVENTS

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

ACTIVE EQUITY MULTI-MANAGER FUNDS

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Multi-Manager International Equity Fund

	For the Fiscal Year Ended October 31, 2016						For the Period Ended October 31, 2015^(a)

	Shares			Dollars			Shares			Dollars

Institutional Shares
Shares sold		14,091,399		$	128,804,010			20,284,525		$	196,158,215
Reinvestment of distributions		70,232			662,291			—			—
Shares redeemed		(2,398,379	)		(22,314,124	)		(849,140	)		(7,865,010	)
NET INCREASE		11,763,252			107,152,177			19,435,385		$	188,293,205

(a)

Commenced operations July 31, 2015.


	Multi-Manager U.S. Dynamic Equity Fund

	For the Fiscal Year Ended October 31, 2016						For the Period Ended October 31, 2015^(a)

	Shares			Dollars			Shares			Dollars

Institutional Shares
Shares sold		6,537,771		$	58,640,000			13,953,668		$	134,047,310
Reinvestment of distributions		64,982			599,786			—			—
Shares redeemed		(5,573,673	)		(51,508,582	)		(80,868	)		(756,010	)
NET INCREASE		1,029,080		$	7,731,204			13,872,800		$	133,291,300

(a)

Commenced operations July 31, 2015.


	Multi-Manager U.S. Small Cap Equity Fund

	For the Period Ended October 31, 2016^(a)

	Shares			Dollars

Institutional Shares
Shares sold		13,177,002		$	132,504,436
Shares redeemed		(939,375	)		(9,735,005	)
NET INCREASE		12,237,627		$	122,769,431

(a)

Commenced operations April 29, 2016.

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust II and

Shareholders of the Active Equity Multi-Manager Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Multi-Manager International Equity Fund, Multi-Manager U.S. Dynamic Equity Fund, and Multi-Manager U.S. Small Cap Equity Fund (collectively the “Funds”), funds of the Goldman Sachs Trust II, at October 31, 2016, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2016 by correspondence with the custodian, brokers and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 23, 2016

ACTIVE EQUITY MULTI-MANAGER FUNDS


Fund Expenses Period Ended October 31, 2016 (Unaudited)

As a shareholder of Institutional Shares of the Funds, you incur ongoing costs, including management fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in 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, 2016 through October 31, 2016, which represents a period of 184 days in a 366 day year.

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

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the 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.


	Multi-Manager International Equity Fund							Multi-Manager U.S. Dynamic Equity Fund							Multi-Manager U.S. Small Cap Equity Fund^(a)
Share Class	Beginning Account Value 5/1/16		Ending Account Value 10/31/16			Expenses Paid for the 6 months ended 10/31/16*		Beginning Account Value 5/1/16		Ending Account Value 10/31/16			Expenses Paid for the 6 months ended 10/31/16*		Beginning Account Value 5/1/16		Ending Account Value 10/31/16			Expenses Paid for the period ended 10/31/16*
Institutional
Actual	$	1,000.00	$	1,011.80		$	2.88	$	1,000.00	$	994.60		$	3.96	$	1,000.00	$	1,052.00		$	4.13
Hypothetical 5% return		1,000.00		1,022.27	+		2.90		1,000.00		1,021.17	+		4.01		1,000.00		1,021.11	+		4.06

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, 2016. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:


Fund	Institutional
Multi-Manager International Equity		0.57	%
Multi-Manager U.S. Dynamic Equity		0.80
Multi-Manager U.S. Small Cap Equity		0.80

(a)

Commenced operations April 29, 2016.

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

ACTIVE EQUITY MULTI-MANAGER FUNDS

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

Background

The Multi-Manager International Equity Fund, Multi-Manager U.S. Dynamic Equity Fund, and Multi-Manager U.S. Small Cap Equity Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust II (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. Each Fund employs a “manager of managers” structure, whereby Goldman Sachs Asset Management, L.P. and Goldman Sachs Asset Management International (collectively, the “Investment Adviser”) are responsible for selecting sub-advisers (subject to Board approval), allocating the Fund’s assets among them, and overseeing their day-to-day management of Fund assets. The Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with the Investment Adviser on behalf of the Funds.

The Management Agreement was most recently approved for continuation until August 31, 2017 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) (the “1940 Act”), of any party thereto (the “Independent Trustees”), at a meeting held on August 3, 2016 (the “Annual Meeting”). At the Annual Meeting, the Board also considered the sub-advisory agreements (each a “Designated Sub-Advisory Agreement”) between the Investment Adviser and (i) each of Causeway Capital Management LLC, Massachusetts Financial Services Company (d/b/a MFS Investment Management), and WCM Investment Management (on behalf of Multi-Manager International Equity Fund); (ii) each of Sirios Capital Management, L.P., Smead Capital Management, Inc., and Weitz Investment Management, Inc. (on behalf of Multi-Manager U.S. Dynamic Equity Fund); and (iii) Brown Advisory LLC, PNC Capital Advisors LLC, and Robeco Investment Management, Inc. d/b/a Boston Partners (on behalf of Multi-Manager U.S. Small Cap Equity Fund) (collectively, the “Designated Sub-Advisers” and together with all sub-advisers serving from time to time, the Sub-Advisers).

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 four 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 or the Designated Sub-Advisory Agreements 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 and the Sub-Advisers 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”), benchmark performance indices, commingled investment vehicles with comparable investment strategies managed by the Investment Adviser, and 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 the degree to which the Fund’s peer group and/or benchmark index was relevant to 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 level of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; and

ACTIVE EQUITY MULTI-MANAGER FUNDS

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

(ii)

comparative information on the advisory fees charged and services provided by the Investment Adviser to certain collective investment vehicles that it manages with comparable investment strategies;

(f)

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

(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 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;

(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, 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)

portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; information on the Sub-Advisers’ compensation arrangements; and the number and types of accounts managed by the portfolio managers;

(m)

the nature and quality of the services provided to the Fund by its unaffiliated service providers (including the Sub-Advisers), 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

(n)

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 and share purchase and redemption activity.

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 regulatory and control environment in which the Funds and their service providers operate, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. 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. In addition, the Trustees reviewed the Sub-Adviser oversight process that the Investment Adviser had employed, which included areas such as investment analytics, risk management and compliance.

ACTIVE EQUITY MULTI-MANAGER FUNDS

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

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of June 30, 2016 or by the Investment Adviser using the Outside Data Provider peer groups. The information on each Fund’s investment performance was provided for the one-year period ending on June 30, 2016, to the extent that each Fund had been in existence for that period. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. The Trustees considered the Investment Adviser’s representations that each Fund had significant differences from its Outside Data Provider peer group and/or benchmark index that caused them to be imperfect bases for comparison. 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 Funds’ performance to that of comparable unregistered funds for which the Investment Adviser also serves as investment adviser. They considered that the unregistered funds provide an imperfect performance comparison because they are not subject to the requirements of the 1940 Act.

In addition, the Trustees considered materials prepared and presentations made throughout the year 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.

Costs of Services Provided and Competitive Information

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

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The Trustees also considered comparative fee information for services provided by the Investment Adviser to collective investment vehicles having investment objectives and policies similar to those of each Fund. They considered 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. They also noted that certain of these types of accounts have a compensation structure which includes performance fees, and also pay additional asset-based fees and performance fees to the managers of underlying hedge funds. The analyses also compared each Fund’s transfer agency and custody fees, 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 considered the Investment Adviser’s undertaking to waive a portion of the management fees payable by the Funds. In this regard, the Trustees noted that the Investment Adviser’s institutional clients that are invested in the Funds pay a single management fee for the Investment Adviser’s management of their accounts, and that the Investment Adviser waives a portion of the management fee with respect to each Fund in order to achieve an effective net management fee rate that is equal to the actual cost of fees paid to the Fund’s sub-advisers. The Trustees also considered the Investment Adviser’s undertaking to limit each Fund’s “other expenses” ratios (excluding certain expenses) to a specified level.

In addition, the Trustees noted that shareholders are able to redeem their Fund shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Profitability

The Trustees reviewed the Investment Adviser’s revenues and pre-tax profit margins with respect to each of the Funds except Multi-Manager U.S. Small Cap Equity Fund, which had commenced operations in 2016. 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 and transfer agency), 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

ACTIVE EQUITY MULTI-MANAGER FUNDS

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

debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization had audited the expense allocation methodology and was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. The Trustees considered profitability information for each Fund except Multi-Manager U.S. Small Cap Equity Fund in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees considered the information that had been provided regarding the Investment Adviser’s profitability. The Trustees noted that the Funds do not have management fee breakpoints. 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. The Independent Trustees also considered the relationship between the advisory and sub-advisory fee rate schedules.

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. (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) Goldman Sachs’ retention of certain fees as Fund Distributor; (f) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; and (g) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers (including the Sub-Advisers) 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 potential benefits as a result of their relationship with the Investment Adviser, including: (a) enhanced servicing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (b) the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (c) 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; (d) the Funds’ access, through the Investment Adviser, to certain firmwide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (e) 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 Management Agreement should be approved and continued with respect to each Fund until August 31, 2017.

Designated Sub-Advisory Agreements

Nature, Extent, and Quality of the Services Provided Under the Designated Sub-Advisory Agreements and Performance

ACTIVE EQUITY MULTI-MANAGER FUNDS

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

Sub-Adviser, including information about each Designated Sub-Adviser’s (a) personnel and organizational structure; (b) track record in managing funds and/or accounts with investment strategies similar to those employed on behalf of the Funds; (c) policies and procedures in place to address potential conflicts of interest; and (d) compliance program and code of ethics. The Trustees also reviewed the operations and investment performance of each Designated Sub-Adviser’s respective sleeve of each Fund since its inception. In considering each Designated Sub-Adviser’s investment performance, the Trustees reviewed a comparison of each Designated Sub-Adviser to relevant benchmark indices based on various metrics, including realized beta, excess return, alpha, and volatility. The Trustees also reviewed the services provided to each Fund under each Designated Sub-Advisory Agreement.

Costs of Services Provided

The Trustees reviewed the terms of each Designated Sub-Advisory Agreement, including the fee schedules for the Designated Sub-Advisers. They considered the breakpoints (if applicable) in the sub-advisory fee rate payable under each Designated Sub-Advisory Agreement. The Trustees noted that the compensation paid to each Designated Sub-Adviser would be paid by the Investment Adviser, not by the Funds. They noted that the Investment Adviser believes that the relationship between the management fees paid by the Funds and the sub-advisory fees paid by the Investment Adviser is appropriate given the level of services the Investment Adviser provides to the Funds and significant differences in cost drivers and risks associated with the respective services offered by the Investment Adviser and each Designated Sub-Adviser, as well as the management fee waivers and expense limitations that substantially reduce the fees retained by the Investment Adviser. In this regard, the Trustees considered that certain Designated Sub-Advisers had agreed to reduce their sub-advisory fee rate, which benefited shareholders of those Funds in light of the existing management fee waiver arrangements. The Trustees reviewed the anticipated blended average of all sub-advisory fees to be paid by the Investment Adviser with respect to each Fund in light of the overall management fee to be paid by each Fund.

Conclusion

In connection with their consideration of the Designated Sub-Advisory Agreements at the Meeting, the Trustees gave weight to various factors, but did not identify any particular factor as controlling their decision. After deliberation and consideration of the information provided, the Trustees present concluded that each Designated Sub-Advisory Agreement should be approved and continued until August 31, 2017.

Amendments to Designated Sub-Advisory Agreements

Upon the recommendation of the Investment Adviser, at a meeting held on September 14, 2016, the Trustees, including all of the Independent Trustees present, approved amendments to the Sub-Advisory Agreements with WCM Investment Management (“WCM”) (on behalf of Multi-Manager International Equity Fund) and Weitz Investment Management, Inc. (“Weitz”) (on behalf of Multi-Manager U.S. Dynamic Equity Fund). The Trustees considered that the amendments to both Sub-Advisory Agreements would reduce each Sub-Adviser’s sub-advisory fee after giving effect to breakpoints. They noted that the amended Sub-Advisory Agreements would benefit shareholders each Fund in light of the Funds’ existing management fee waiver arrangements.

New Sub-Advisory Agreement

In addition to the actions taken by the Trustees to approve the continuation of the Management Agreement and the Designated Sub-Advisory Agreements, upon the recommendation of the Investment Adviser, at a meeting held on August 3, 2016 the Trustees, including all of the Independent Trustees present, approved sub-advisory agreement (the “New Sub-Advisory Agreement”) between the Investment Adviser and Lazard Asset Management LLC (the “New Sub-Adviser”) on behalf of Goldman Sachs Multi-Manager U.S. Dynamic Equity Fund (the “Fund”). In connection with their evaluation of the New Sub-Advisory Agreement, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel. In addition, the Trustees received information prepared by the New Sub-Adviser in a written response to a formal request from the Investment Adviser.

Nature, Extent, and Quality of the Services Provided Under the New Sub-Advisory Agreement

In evaluating the New Sub-Advisory Agreement, they relied on the information provided by the Investment Adviser and the New Sub-Adviser. In evaluating the nature, extent, and quality of services to be provided by the New Sub-Adviser, the Trustees considered information on the services to be provided to the Fund by the New Sub-Adviser, including information about the New Sub-Adviser’s (a) personnel and compensation structure; (b) track record in managing funds and/or accounts with investment strategies similar to those to be employed on behalf of the Fund; (c) policies and procedures in place to address potential conflicts

ACTIVE EQUITY MULTI-MANAGER FUNDS

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

of interest; and (d) compliance program and code of ethics. In this regard, they considered assessments provided by the Investment Adviser of the New Sub-Adviser, the New Sub-Adviser’s investment strategies and personnel and its compliance program. The Trustees considered that the New Sub-Adviser manages other assets for the Investment Adviser’s clients, including a sleeve of the Goldman Sachs Multi-Manager Non-Core Fixed Income Fund. They noted that, because the New Sub-Adviser had not previously provided services to the Fund, there was no performance information to evaluate with respect to the Fund.

Costs of Services to be Provided

The Trustees reviewed the terms of the New Sub-Advisory Agreement and the proposed fee schedules, including any breakpoints. They noted that the compensation paid to the New Sub-Adviser would be paid by the Investment Adviser, not by the Fund. They also noted that the terms of the New Sub-Advisory Agreement were the result of arms’ length negotiations between the Investment Adviser and the New Sub-Adviser. They considered GSAM’s undertaking to waive the portion of its management fee which is in excess of the weighted average of the Fund’s sub-advisory fees. The Trustees reviewed the anticipated blended average of all sub-advisory fees to be paid by the Investment Adviser and how it would change upon hiring the New Sub-Adviser. They considered this information in light of the overall management fee to be paid by the Fund.

Conclusion

In connection with their consideration of the New Sub-Advisory Agreement, the Trustees gave weight to various factors, but did not identify any particular factor as controlling their decision. After deliberation and consideration of the information provided, the Trustees present concluded that the New Sub-Advisory Agreement should be approved for a period of two years from the time of its approval.

ACTIVE EQUITY MULTI-MANAGER FUNDS

Trustees and Officers (Unaudited)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴
Ashok N. Bakhru Age: 74	Chairman of the Board of Trustees	Since 2012	Mr. Bakhru is retired. He was formerly Director, Apollo Investment Corporation (a business development company) (2008-2013); President, ABN Associates (a management and financial consulting firm) (1994-1996 and 1998-2012); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-2008); Director, Private Equity Investors — III and IV (1998-2007), and Equity-Linked Investors II (April 2002-2007). Chairman of the Board of Trustees — Goldman Sachs Trust II; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	142	None
Cheryl K. Beebe Age: 60	Trustee	Since 2015	Ms. Beebe is retired. She is Director, Convergys Corporation (2015-Present); Director, Packaging Corporation of America (2008-Present); and was formerly Executive Vice President, (2010-2014); and Chief Financial Officer, Ingredion, Inc. (a global corn refining and manufacturing company) (2004-2014). Trustee — Goldman Sachs Trust II.	17	Convergys Corporation (a customer management company); Packaging Corporation of America (producer of container board)
John P. Coblentz, Jr. Age: 75	Trustee	Since 2012	Mr. Coblentz is retired. Formerly, he was Partner, Deloitte & Touche LLP (a professional services firm) (1975-2003); Director, Emerging Markets Group, Ltd. (a consulting company) (2004-2006); and Director, Elderhostel, Inc. (a not-for profit organization) (2006-2012). Previously, Mr. Coblentz served as Trustee of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (2003-2015). Trustee — Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	36	None
Lawrence Hughes Age: 58	Trustee	Since 2016	Mr. Hughes is retired. Formerly, he held senior management positions with BNY Mellon Wealth Management, a division of The Bank of New York Mellon Corporation (a financial services company) (1991-2015), most recently as Chief Executive Officer (2010-2015). He serves as Chairman of the Board of Directors, Ellis Memorial and Eldredge House (a not-for-profit organization) (2012-Present). Previously, Mr. Hughes served as an Advisory Board Member of Goldman Sachs Trust II (February 2016-April 2016). Trustee — Goldman Sachs Trust II.	17	None
John F. Killian Age: 61	Trustee	Since 2015	Mr. Killian is retired. He is Director, Consolidated Edison, Inc. (2007-Present); Director, Houghton Mifflin Harcourt Publishing Company (2011-Present); and formerly held senior management positions with Verizon Communications, Inc., including Executive Vice President and Chief Financial Officer (2009-2010); and President, Verizon Business, Verizon Communications, Inc. (2005-2009). Trustee — Goldman Sachs Trust II.	17	Consolidated Edison, Inc. (a utility holding company); Houghton Mifflin Harcourt Publishing Company

ACTIVE EQUITY MULTI-MANAGER FUNDS

Trustees and Officers (Unaudited) (continued)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴
Richard P. Strubel Age: 77	Trustee	Since 2012	Mr. Strubel is retired. Formerly, he served as Chairman of the Board of Trustees, Northern Funds (a family of retail and institutional mutual funds managed by Northern Trust Investments, Inc.) (2008-2014) and Trustee (1982-2014); Director, Cardean Learning Group (provider of educational services via the internet) (2003-2008); and Director, Gildan Activewear Inc. (a clothing marketing and manufacturing company) (2000-2014). He serves as Trustee Emeritus, The University of Chicago (1987-Present). Previously, Mr. Strubel served as Trustee of Goldman Sachs Trust (1987-2015) and Goldman Sachs Variable Insurance Trust (1997-2015). Trustee — Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	36	None
Westley V. Thompson Age: 61	Trustee	Since 2016	Mr. Thompson is retired. Formerly, he was President, Sun Life Financial, Inc. (a financial services company) (2008-2014); and held senior management positions at various insurance companies including affiliates of Lincoln National Corporation (1998-2008), Cigna Corporation (1994-1997), and Aetna, Inc. (1979-1994). Previously, Mr. Thompson served as an Advisory Board Member of Goldman Sachs Trust II (February 2016-April 2016). Trustee — Goldman Sachs Trust II.	17	None
James A. McNamara Age: 54	President and Trustee	Since 2012	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs Trust II; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	140	None

Mr. McNamara is considered to be an “Interested Trustee” because he holds a position with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. He holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

Each Trustee 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, 2016.

Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that (a) no Trustee shall hold office for more than 15 years and (b) a Trustee shall retire as of December 31st of the calendar year in which he or she reaches his or her 74th birthday, unless a waiver of such requirement shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.

The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of October 31, 2016, Goldman Sachs Trust II consisted of 17 portfolios (15 of which offered shares to the public); Goldman Sachs Trust consisted of 92 portfolios (91 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 14 portfolios; Goldman Sachs BDC, Inc., Goldman Sachs Private Middle Market Credit LLC, Goldman Sachs MLP Income Opportunities Fund, and Goldman Sachs MLP and Energy Renaissance Fund each consisted of one portfolio; and Goldman Sachs ETF Trust consisted of 15 portfolios (eight of which offered shares to the public). Goldman Sachs Private Middle Market Credit LLC does not offer shares to the public.

⁴

This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-621-2550.

ACTIVE EQUITY MULTI-MANAGER FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 54	President and Trustee	Since 2012	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust II; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 39	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). 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 Middle Market Lending LLC; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 45	Treasurer, Senior Vice President and Principal Financial Officer	Since 2012 (Principal Financial Officer since 2013)	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs Trust II; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.

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): 1-800-621-2550.

Information is provided as of October 31, 2016.

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 — Active Equity Multi-Manager Funds — Tax Information (Unaudited)

For the year ended October 31, 2016, 100% and 32.05% of the dividends paid from net investment company taxable income by the Multi-Manager U.S. Dynamic Equity and Multi-Manager U.S. Small Cap Equity Funds qualifies for the dividends received deduction available to corporations.

For the year ended October 31, 2016, 100% and 100% of the dividends paid from net investment company taxable income by the Multi-Manager U.S. Dynamic Equity and Multi-Manager U.S. Small Cap Equity Funds qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

From distributions paid during the year ended October 31, 2016, the total amount of income received by Multi-Manager International Equity Fund from sources within foreign countries and possessions of the United States was $0.0257 per share, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the Multi-Manager International Equity Fund was 99.23%. The total amount of taxes paid by the Multi-Manager International Equity Fund was $0.0025 per share.

FUND 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 Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.15 trillion in assets under supervision as of September 30, 2016, 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. subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

Financial Square Treasury Solutions Fund¹

Financial Square Government Fund¹

Financial Square Money Market Fund²

Financial Square Prime Obligations Fund²

Financial Square Treasury Instruments Fund¹

Financial Square Treasury Obligations Fund¹

Financial Square Federal Instruments Fund¹

Financial Square Tax-Exempt Money Market Fund²

Investor Funds^SM

Investor Money Market Fund³

Investor Tax-Exempt Money Market Fund^3,4

Fixed Income

Short Duration and Government

Enhanced Income Fund

High Quality Floating Rate Fund

Short-Term Conservative Income Fund⁵

Short Duration Government Fund

Short Duration Income Fund

Government Income Fund

Inflation Protected Securities Fund

Multi-Sector

Bond Fund

Core Fixed Income Fund

Global Income Fund

Strategic Income Fund

Municipal and Tax-Free

High Yield Municipal Fund

Dynamic Municipal Income Fund

Short Duration Tax-Free 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

Dynamic Emerging Markets Debt Fund

Fixed Income Alternatives

Long Short Credit Strategies Fund

Fixed Income Macro Strategies Fund

Fundamental Equity

Growth and Income Fund

Small Cap Value Fund

Small/Mid Cap Value Fund

Mid Cap Value Fund

Large Cap Value Fund

Focused Value Fund

Capital Growth Fund

Strategic Growth Fund

Focused Growth Fund

Small/Mid Cap Growth Fund

Flexible Cap Growth Fund

Concentrated Growth Fund

Technology Opportunities Fund

Growth Opportunities Fund

Rising Dividend Growth Fund

Dynamic U.S. Equity 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 Fund⁶

International Equity Insights Fund

Emerging Markets Equity Insights Fund

Fundamental Equity International

Strategic International Equity Fund

Focused International Equity Fund

Asia Equity Fund

Emerging Markets Equity Fund

N-11 Equity Fund

Select Satellite

Real Estate Securities Fund

International Real Estate Securities Fund

Commodity Strategy Fund

Global Real Estate Securities Fund

Dynamic Commodity Strategy Fund

Dynamic Allocation Fund

Absolute Return Tracker Fund

Long Short Fund

Managed Futures Strategy Fund

MLP Energy Infrastructure Fund

Multi-Manager Alternatives Fund

Multi-Asset Real Return Fund

Absolute Return Multi-Asset Fund

Global Infrastructure Fund

Total Portfolio Solutions

Global Managed Beta Fund

Multi-Manager Non-Core Fixed Income Fund

Multi-Manager U.S. Dynamic Equity Fund

Multi-Manager Global Equity Fund

Multi-Manager International Equity Fund

Tactical Tilt Overlay Fund⁷

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

Equity Growth Strategy Portfolio

Satellite Strategies Portfolio

Enhanced Dividend Global Equity Portfolio

Tax-Advantaged Global Equity Portfolio

Strategic Factor Allocation Fund

Target Date 2020 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

GQG Partners International Opportunities Fund

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. 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.

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.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

⁴

Effective on March 31, 2016, the Goldman Sachs Financial Square Tax-Free Money Market Fund was renamed the Goldman Sachs Investor Tax-Exempt Money Market Fund.

⁵

Effective on July 29, 2016, the Goldman Sachs Limited Maturity Obligations Fund was renamed the Goldman Sachs Short-Term Conservative Income Fund.

⁶

Effective at the close of business on February 5, 2016, the Goldman Sachs International Small Cap Fund was reorganized with and into the Goldman Sachs International Small Cap Insights Fund.

⁷

Effective on June 1, 2016, the Goldman Sachs Tactical Tilt Implementation Fund was renamed the Goldman Sachs Tactical Tilt Overlay Fund.

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

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


TRUSTEES Ashok N. Bakhru, Chairman Cheryl K. Beebe John P. Coblentz, Jr. Lawrence Hughes John F. Killian James A. McNamara Richard P. Strubel Westley V. Thompson		OFFICERS James A. McNamara, President Scott M. McHugh, Principal Financial Officer, Senior Vice President and Treasurer Caroline L. Kraus, Secretary

GOLDMAN, SACHS & CO. Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our Website at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P. 200 West Street, New York, New York 10282

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on the Funds’ managements’ predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (I) without charge, upon request by calling 1-800-621-2550; and (II) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s web site at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Form N-Q may be obtained upon request and without charge by calling 1-800-621-2550 (for Institutional Shareholders).

Fund holdings and allocations shown are as of October 31, 2016 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. by calling 1-800-621-2550.

Goldman Sachs Funds

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Annual Report				October 31, 2016

				Multi-Manager Alternatives Fund

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Goldman Sachs Multi-Manager Alternatives Fund


TABLE OF CONTENTS

Investment Process			1

Portfolio Management Discussion and Performance Summaries			2

Schedule of Investments			12

Financial Statements			49

Financial Highlights			52

Notes to Financial Statements			54

Report of Independent Registered Public Accounting Firm			72

Other Information			73



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

What Differentiates Goldman Sachs’ Multi-Manager Alternatives Fund Investment Process?

The Goldman Sachs Multi-Manager Alternatives Fund seeks long-term growth of capital by allocating its assets

to underlying managers who employ a range of alternative and non-traditional investment strategies. The Fund benefits from the dedicated expertise of GSAM’s alternative investment team that has a legacy dating back to

1969¹ and is located in 8 offices globally.²

LOGO

We have over 150 alternative investment professionals² dedicated to manager selection

We employ a rigorous due diligence process to evaluate each manager’s skill, strategy, and team and continually monitor managers after an investment is made

Our Investment Committee process includes an independent “Devil’s advocate” to promote fluid debate and intense examination of each manager

LOGO

We combine “top down” market and economic environment considerations with “bottom up” manager-specific factors

We incorporate judgment and quantitative tools to determine the appropriate investment size in each manager

The process is continual with ongoing re-balancing and active management to optimize diversification

LOGO

We have over 50 professionals² focused on alternative investment risk management and operational diligence

We consider risk management an all-encompassing and real time discipline

Our dedicated strategists leverage our proprietary risk management systems to continually monitor risk

¹In

June 1997, The Goldman Sachs Group, Inc. (GSG, Inc.) acquired the assets and business of Commodities Corporation, which GSG, Inc. subsequently renamed Goldman Sachs Hedge Fund Strategies LLC in December 2004.

²As

of September 2016.

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.

PORTFOLIO RESULTS

Goldman Sachs Multi-Manager Alternatives Fund

Investment Objective

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Alternative Investments & Manager Selection (“AIMS”) Group discusses the Goldman Sachs Multi-Manager Alternatives Fund’s (the “Fund”) performance and positioning for the 12-month period ended October 31, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, IR and R Shares generated average annual total returns, without sales charges, of -0.23%, -1.02%, 0.13%, -0.06% and -0.40%, respectively. These returns compare to the 0.31% average annual total return of the Fund’s primary benchmark, the Bank of America Merrill Lynch Three- Month U.S. Treasury Bill Index (the “BofA Index”) during the same time period. The HFRX Global Hedge Fund Index (net of management, administrative and performance/ incentive fees), a broad proxy for hedge fund performance and the Fund’s secondary benchmark, returned -1.30% during the Reporting Period.

To compare, the MSCI^® World Index (net), not the Fund’s benchmark but designed to measure the equity market performance of developed markets, had an average annual total return of 1.18% during the Reporting Period. Similarly not benchmarks of the Fund, the Bloomberg Barclays Global Aggregate Index, designed to measure the broad global investment grade fixed income market, and the Bloomberg Barclays U.S. Corporate High-Yield Index, designed to measure the U.S. non-investment grade fixed-rate debt market, had average annual total returns of 4.36% and 10.11%, respectively, during the Reporting Period.

References to the Fund’s benchmarks and to other indices mentioned herein are for informational purposes only, and unless otherwise noted, are not an indication of how the Fund is managed. The use of the BofA Index as the Fund’s benchmark does not imply the Fund is being managed like cash and does not imply low risk or low volatility.

Notably, during the Reporting Period, the Fund had a realized beta to the MSCI World Index (net) of 0.35. (Beta is a measure of the sensitivity of an asset’s returns to broad market returns.) The Fund’s overall annualized volatility was 4.25% during the Reporting Period, while the overall annualized volatility of the global equity markets, as measured by the MSCI World Index (net), during the same time period was 13.46%.

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

The Reporting Period was marked by spans of uncertainty and volatility, beginning with the Federal Reserve’s (the “Fed”) first interest rate increase in nearly a decade in December 2015. Shortly thereafter, the People’s Bank of China took the step of devaluing its currency, the renminbi, setting off a sharp worldwide sell-off in risk assets, as investors sought perceived safe-haven assets in the uncertainty surrounding the scale and impact of Chinese monetary policy. This “risk off” sentiment persisted into the middle of February 2016, then subsided until uncertainty around the U.K.’s June 2016 referendum on whether to remain a member of the European Union led to significant volatility in U.K. assets. The U.K.’s unexpected decision to leave the European Union, popularly known as Brexit, set off another sharp sell-off in equity and currency markets in late June 2016. The British pound dropped precipitously versus the U.S. dollar and the euro, hitting levels not seen since the 1980s.

PORTFOLIO RESULTS

policy persisted globally. The European Central Bank left its interest rates unchanged. The Bank of Japan left its interest rates steady while announcing a plan to target its yield curve, or spectrum of maturities, and adjusting its inflation goal to exceed 2%.

Global equity markets ended the Reporting Period broadly positive despite the Reporting Period’s volatility. In the U.S., equities gained on strength in the information technology sector and strong performance from higher yielding, traditionally defensive sectors, such as utilities, telecommunication services and consumer staples. Quantitative easing on a worldwide scale drove investors to search elsewhere for yield, boosting traditionally defensive equity sectors as well as corporate credit. On the other hand, health care companies underperformed the broader U.S. equity market, as election year rhetoric increased worries about downward pressure on drug pricing and increased regulatory scrutiny. Financials, facing margin pressure from low interest rates and regulatory spending, also underperformed. Low volatility stocks outperformed in the defensive sector rally, and oil prices rebounded from early 2016 lows, boosting the energy sector and certain commodity-linked businesses.

By the end of the Reporting Period, the market-implied probability of a Fed rate hike by December 2016 was 70%, as measured by Fed funds futures prices. Global central banks, while maintaining policies of quantitative easing, had begun to discuss the limitations of further easing and the broader implications of continued easing in the market. At the end of the Reporting Period, it appeared that political uncertainty in the U.S. surrounding the November 8 election and its aftermath as well as concerns about the effect of a potential “hard Brexit” in March 2017 were likely to be drivers of near-term market volatility. (“Hard Brexit” is one of the ways the U.K. could separate itself from the European Union; opposite of “soft Brexit.” Both terms refer to the closeness or distance of the U.K.s relationship with the European Union after the separation has been completed.)

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Fund’s performance during the Reporting Period can be attributed to the performance of the Fund’s Underlying Managers, who are unaffiliated investment managers that employ one or more non-traditional and alternative investment strategies. At various points during the Reporting Period, the Fund primarily allocated capital to 12 Underlying Managers — Acadian Asset Management LLC (“Acadian”); Ares Capital Management II LLC (“Ares”); Atreaus Capital, LP (“Atreaus”); Brigade Capital Management, LP (“Brigade”); Corsair Capital Management, L.P. (“Corsair”); First Pacific Advisors, LLC (“FPA”); Graham Capital Management, L.P. (“GCM”); Lateef Investment Management, L.P. (“Lateef”); New Mountain Vantage Advisers, L.L.C. (“New Mountain Vantage”); Polaris Capital Management, LLC (“Polaris”); QMS Capital Management LP (“QMS”); and Sirios Capital Management, L.P. (“Sirios”).

These 12 Underlying Managers represented five strategies — dynamic equity (Lateef and Polaris); equity long/short (Corsair, FPA and Sirios); event driven and credit (Ares, Brigade and New Mountain Vantage); tactical trading (Atreaus, GCM and QMS); and relative value (Acadian).

Of the 12 Underlying Managers, five generated positive returns and seven generated negative returns during the Reporting Period.

In addition, during the Reporting Period, Russell Investments Implementation Services, LLC (“RIIS”) was employed to manage a beta completion mandate designed to achieve a target beta exposure for the Fund overall. We consider RIIS a portfolio construction tool and did not use it to override any views and/or decisions taken by the Fund’s other Underlying Managers. During the Reporting Period, RIIS did not have a meaningful impact on the Fund’s performance.

PORTFOLIO RESULTS

Which strategies most significantly affected Fund performance?

Of the five strategies employed across the Underlying Managers during the Reporting Period, two generated positive returns, one generated flat returns and two generated negative returns. The Fund did not have an allocation to the opportunistic fixed income strategy during the Reporting Period.

The event driven and credit strategy generated the Fund’s strongest positive performance during the Reporting Period, mainly driven by positions in high yield corporate bonds and high yield loans. These results were offset somewhat by the negative performance of the strategy’s equities exposures, with positioning in the communications, consumer cyclical and consumer non-cyclical sectors detracting most from performance. Event driven and credit strategies seek to achieve gains from market movements in security prices caused by specific corporate events or changes in perceived relative value. These strategies may include, among others, merger arbitrage, distressed credit, opportunistic credit and value with a catalyst investing styles.

The relative value strategy recorded the Fund’s second-strongest performance during the Reporting Period, with positions in the consumer non-cyclical, industrial and technology sectors among the top performers. Relative value strategies seek to identify and benefit from price discrepancies between related assets (assets that share a common financial factor, such as interest rates, an issuer, or an index). Relative value opportunities generally rely on arbitrage (the simultaneous purchase and sale of related assets) and may exist between two issuers or within the capital structure of a single issuer. These strategies attempt to exploit a source of return with low correlation to the market and include, among others, fixed income arbitrage, convertible arbitrage, volatility arbitrage, statistical arbitrage and equity market neutral strategies.

The Fund’s dynamic equity strategy posted slightly negative performance during the Reporting Period. Exposure to the financials, consumer non-cyclical and basic materials sectors detracted from results, more than offsetting the gains from exposure to the energy, consumer cyclical and industrials sectors. Dynamic equity strategies generally involve investing in equity instruments, often with a long-term view. Dynamic equity strategies are less likely to track a benchmark than traditional long-only strategies, and dynamic equity managers are less constrained than traditional long-only managers with respect to factors such as position concentration, sector and country weights, style and market capitalization. Dynamic equity managers may hedge long positions and may also purchase, in addition to equity investments, bonds, options, preferred securities, and convertible securities, among others.

The tactical trading strategy turned in the Fund’s second-weakest performance during the Reporting Period. Commodity trading detracted most, as losses in energy-related and agriculture-related futures trading wiped out most of the gains in foreign exchange and interest rate futures trading. The impact of the Fund’s significant exposure to gold was largely flat during the Reporting Period. In terms of energy-related futures trading, Underlying Managers were whipsawed by oil price movements and were also hurt by short positions in crude oil futures when oil prices rallied during the third quarter of 2016 and near the end of the Reporting Period. On the positive side, commodity futures trading mitigated the Fund’s downside risk during the equity market selloff in the first quarter of 2016 and amid volatility related to the Brexit vote, demonstrating its value as a portfolio diversifier. Underlying Managers also capitalized on some of the volatility in the euro after the Brexit vote through foreign currency trading and long positions in fixed income. The Fund’s equities trading contributed positively in the early part of the Reporting Period, but those gains were insufficient to offset losses from fixed income trading as longer-term yields rose on a strong U.S. employment report and hawkish commentary from the Fed in August 2016 (Hawkish language or action tends to suggest higher interest rates (opposite of dovish)). Tactical trading strategies seek to produce total return by long and short investing across global fixed income, currency, equity and commodity markets. Tactical trading managers may employ various investment styles of which the two major strategies are global macro and managed futures. Tactical trading managers that employ a global macro style may select their investments based upon fundamental and/ or technical analysis. Tactical trading managers that employ a managed futures investing style may use quantitative modeling techniques, e.g., determining an asset’s value based upon an analysis of price history, price momentum and the asset’s value relative to that of other assets, among other factors. Some tactical trading managers may employ both fundamental analysis and quantitative modeling techniques. Tactical trading managers typically have no bias to be long, short or neutral, but at any given time may have significant long or short exposures in a particular market or asset.

PORTFOLIO RESULTS

The Fund’s equity long/short strategy hurt performance the most during the Reporting Period, attributable primarily to positions in the consumer and communications sectors. Equity long/short strategies generally involve long and short investing, based on fundamental evaluations, research and various analytical measurements, in equity and equity-related investments. Equity long/short managers may, for example, buy stocks they expect to outperform or they believe are undervalued, and may also sell short stocks they believe will underperform or they believe are overvalued. Long positions benefit from an increase in the price of the underlying instrument or asset class, while short positions benefit from a decrease in that price.

How did the Fund use derivatives and similar instruments during the Reporting Period?

The Underlying Managers of the Fund employ derivatives and similar instruments as part of their underlying strategies to hedge market exposure and/or to gain implicit leverage, subject to the constraints of the Investment Company Act of 1940. During the Reporting Period, credit default swaps, total return swaps, equity futures, equity options, interest rate swaps, interest rate swap futures, interest rate swaptions, bond futures, options on bond futures, commodity futures, commodity swaps, inflation swaps, forward foreign exchange contracts, written option currency contracts, foreign exchange options, foreign exchange futures and cross currency swaps were used by the Underlying Managers of the Fund. Overall, the use of derivatives and similar instruments by the Underlying Managers had a negative impact on the Fund’s performance during the Reporting Period.

Were there any notable changes in the Fund’s allocations and Underlying Managers during the Reporting Period?

During the Reporting Period, shifts to the Fund’s asset allocation were made in response to the market environment and were also the result of changes in allocations to the Fund’s various strategies. More specifically, we eliminated the Fund’s allocation to the dynamic equity strategy to reduce the Fund’s directional exposure as a reflection of our more neutral outlook on beta within equities but continued positive outlook on alpha opportunities. (Alpha opportunities refer to the prospect of potentially outperforming a benchmark index.) We also decreased the Fund’s allocation overall to the equity long/short strategy and added an allocation to the relative value strategy. In the process, we completely redeemed assets from Underlying Manager Lateef, and as of January 4, 2016, Lateef no longer served as an Underlying Manager of the Fund. We also steadily redeemed assets from Underlying Manager Polaris and by June 30, 2016, Polaris no longer served as an Underlying Manager of the Fund. We added a new Underlying Manager — Acadian. Acadian, approved by the Fund’s Board in February 2016, was first allocated capital in June 2016 and became the first Underlying Manager to represent the Fund’s relative value strategy.

During the Reporting Period, we increased the Fund’s allocation to the event driven and credit strategy, reflecting the addition of Underlying Manager New Mountain Vantage. New Mountain Vantage, approved by the Fund’s Board in November 2015, was first allocated capital during December 2015. The addition was an expression of our view that the environment for strategic transactions and other corporate activity continued to be robust, driven by high confidence by chief executive officers and a large amount of cash on balance sheets. In late January 2016, we further increased the Fund’s allocation to the event driven and credit strategy because of the opportunities we believed were created by widening credit spreads during the fourth quarter of 2015. Spreads then sharply narrowed, particularly during March 2016, benefiting the Fund. During July 2016, we added to the Fund’s allocation to the event driven and credit strategy, largely because of our preference at that time for credit over equities.

Furthermore, during the Reporting Period, we increased the Fund’s allocation to the tactical trading strategy as a result of our positive view of uncorrelated strategies. In addition, we held a positive view on the Fund’s Underlying Managers representing the tactical trading strategy because of their generally flexible and broader mandates, which allowed them to perform well in times of market volatility during the Reporting Period. These Underlying Managers posted positive performance during the market sell-off in the first quarter of 2016 as well as in the market turbulence that surrounded Brexit during the summer of 2016.

During the Reporting Period, we added six new Underlying Managers. As mentioned previously, Acadian became the first Underlying Manager to represent the Fund’s relative value strategy, and New Mountain Vantage became an Underlying Manager within the Fund’s event driven and credit strategy, joining Ares and Brigade. QMS, approved in February 2016, became an Underlying Manager within the tactical trading strategy, joining GCM and Atreaus. In addition, Wellington Capital Management Company LLP

PORTFOLIO RESULTS

(“Wellington”) and Algert Global LLC (“Algert”) were added as Underlying Managers, but we did not allocate assets to them during the Reporting Period. Wellington, approved by the board in May 2016, will be an Underlying Manager within the equity long/short strategy, joining Corsair, FPA and Sirios. Algert, approved by the board in September 2016, will be an Underlying Manager within the relative value strategy, joining Acadian.

As mentioned previously, RIIS was approved as an Underlying Manager during the Reporting Period to manage a beta completion mandate designed to achieve a target beta exposure for the Fund overall. Importantly, we do not intend to use RIIS to override any views and/or decisions taken by the Fund’s other Underlying Managers.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

During the Reporting Period, Kent Clark was added as a portfolio manager for the Fund, effective February 26, 2016. Kent Clark is Co-Chief Investment Officer of the AIMS Group and Head of the AIMS Hedge Fund Investment Team. He also serves as Chairman of the AIMS Hedge Funds and Public Equity Investment Committee, Co-Chairman of the AIMS Credit Strategies Investment Committee and member of the AIMS Imprint Environmental, Social and Governance Investment Committee. As of August 19, 2016, Jason Gottlieb no longer served as a portfolio manager for the Fund. By design, all investment decisions (i.e., allocation) for the Fund are performed within a co-lead or team structure, with multiple subject matter experts. This strategic decision making has been the cornerstone of our approach and ensures continuity in the Fund. The other portfolio managers for the Fund are Ryan Roderick and Betsy Gorton.

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

We intend to continue to closely monitor global economic growth, monetary policy and market volatility, while using active portfolio management and alternative investment strategies to position the Fund as we aim to deliver positive absolute returns across a variety of market environments. We believe the flexibility to allocate tactically across these alternative strategies may enable us to provide investors with positive absolute returns in a variety of market conditions and with significant diversification benefits. We intend to continue to actively explore adding new managers with what we consider to be unique alternative capabilities as market conditions warrant.

PORTFOLIO RESULTS

Index Definitions

The Bloomberg Barclays Global Aggregate Index, an unmanaged index, provides a broad-based measure of the global investment grade fixed-rate debt markets and covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities. It is not possible to invest in an unmanaged index.

The Bloomberg Barclays U.S. Corporate High-Yield Index covers the universe of U.S. dollar denominated, nonconvertible, fixed rate, non-investment grade debt. Index holdings must have at least one year to final maturity, at least $150 million par amount outstanding, and be publicly issued with a rating of Ba1 or lower. It is not possible to invest in an unmanaged index.

The MSCI^® World Index represents large- and mid-cap equity performance across 23 developed markets countries, covering approximately 85% of the free float-adjusted market capitalization in each. This index offers a broad global equity benchmark, without emerging markets exposure. It is not possible to invest in an unmanaged index.

FUND BASICS

Multi-Manager Alternatives Fund

as of October 31, 2016

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PERFORMANCE REVIEW
November 1, 2015–October 31, 2016	Fund Total Return (based on NAV)¹			Bank of America Merrill Lynch Three-Month U.S. Treasury Bill Index²			HFRX Global Hedge Fund Index³
Class A		-0.23	%		0.31	%		-1.30	%
Class C		-1.02			0.31			-1.30
Institutional		0.13			0.31			-1.30
Class IR		-0.06			0.31			-1.30
Class R		-0.40			0.31			-1.30

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

The Bank of America Merrill Lynch Three-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. To qualify for selection, an issue must have settled on or before the month-end rebalancing date. While the index will often hold the Treasury Bill issued at the most recent 3-month auction, it is also possible for a seasoned 6-month Bill to be selected.

The HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry. The index is investable through products managed by HFR Asset Management, LLC that track HFRX Indices. The HFRX Global Hedge Fund Index is a trademark of HFR. HFR has not participated in the formation of the Fund. HFR does not endorse or approve the Fund or make any recommendation with respect to investing in the Fund.

HFRI and HFRX and related indices are trademarks and service marks of Hedge Fund Research, Inc. (“HFR”) which has no affiliation with GSAM. Information regarding HFR indices was obtained from HFR’s website and other public sources and is provided for comparison purposes only. HFR does not endorse or approve any of the statements made herein.


STANDARDIZED TOTAL RETURNS⁴
For the period ended 9/30/16	One Year			Since Inception			Inception Date
Class A		-4.11	%		-0.10	%	4/30/13
Class C		-0.25			0.82		4/30/13
Institutional		1.79			1.96		4/30/13
Class IR		1.69			1.83		4/30/13
Class R		1.16			1.31		4/30/13

⁴

The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns 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, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

FUND BASICS


EXPENSE RATIOS⁵
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		2.73	%		2.91	%
Class C		3.48			3.66
Institutional		2.33			2.51
Class IR		2.48			2.66
Class R		2.98			3.18

⁵

The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund, as supplemented, and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2017, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

FUND COMPOSITION (%)⁶

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⁶

The percentage shown for each investment category reflects the value of investments in that category as a percentage of the Fund’s market value, excluding cash and the allocation to Russell Investments Implementation Services, LLC which manages a beta completion mandate. 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. Short-term investments represent repurchase agreements.

FUND BASICS


TOP TEN EQUITY HOLDINGS AS OF 10/31/16⁷
Holding	% of Net Assets			Line of Business
Goldman Sachs Financial Square Government Fund		1.3	%	Investment Companies
Allergan PLC		0.4		Pharmaceuticals
Aon PLC		0.4		Property Insurance
American International Group, Inc.		0.4		Property Insurance
Bank of America Corp.		0.4		Banks
Oracle Corp.		0.3		Software
Aramark		0.3		Commercial Services
Valeant Pharmaceuticals International, Inc.		0.3		Health Care – Pharmaceuticals
Citigroup, Inc.		0.2		Banks
NorthStar Asset Management Group, Inc.		0.2		Diversified Financial Services

⁷

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


UNDERLYING MANAGER ALLOCATION (%)⁸
As of October 31, 2016
Acadian Asset Management LLC	16.3	%
Brigade Capital Management, LP	16.0
Ares Capital Management II LLC	13.4
Atreaus Capital, LP	13.0
QMS Capital Management LP	10.9
Graham Capital Management, L.P.	9.8
Corsair Capital Management, L.P.	5.2
New Mountain Vantage Advisers, L.L.C.	5.2
Sirios Capital Management, L.P.	5.1
First Pacific Advisors, LLC	5.0

⁸

The chart above represents capital allocated to the Underlying Managers, as a percentage of net assets, excluding cash and the allocation to Russell Investments Implementation Services, LLC, which manages a beta completion mandate for the Fund, and as such the weightings may not sum to 100%.

⁹

Equity Long/Short Strategies generally involve long and short investing, based on fundamental evaluations, research and various analytical measurements, in equity and equity-related investments. Relative Value Strategies typically seek to exploit the mispricing of related assets and/or price convergence, often with the additional use of leverage. Event Driven and Credit typically seek to take advantage of corporate events and company-specific catalysts such as bankruptcies, mergers or takeovers. Tactical Trading Strategies seek to produce total return by long and short investing across global fixed income, currency, equity, and commodity markets. Tactical Trading managers typically have no bias to be long, short, or neutral. The percentages above exclude cash and the allocation to Russell Investments Implementation Services, LLC, who manages a beta completion mandate for the Fund.

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Performance Summary

October 31, 2016

The following graph shows the value, as of October 31, 2016, of a $1,000,000 investment made on April 30, 2013 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s current benchmarks, the Bank of America Merrill Lynch Three-Month U.S. Treasury Bill Index and the HFRX Global Hedge Fund Index, are shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. 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. Performance of Class A, Class C, Class IR and Class R Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Underlying Managers’ decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Multi-Manager Alternatives Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 30, 2013 through October 31, 2016.

LOGO


Average Annual Total Return through October 31, 2016	One Year	Since Inception
Class A (Commenced April 30, 2013)
Excluding sales charges	-0.23%	1.44%
Including sales charges	-5.69%	-0.18%

Class C (Commenced April 30, 2013)
Excluding contingent deferred sales charges	-1.02%	0.68%
Including contingent deferred sales charges	-2.01%	0.68%

Institutional (Commenced April 30, 2013)	0.13%	1.83%

Class IR (Commenced April 30, 2013)	-0.06%	1.70%

Class R (Commenced April 30, 2013)	-0.40%	1.19%

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments

October 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – 20.8%
	Aerospace & Defense – 0.1%
	Bombardier, Inc.^(a)
$	277,000		7.750	%		03/15/20	$	281,502
	100,000		5.750			03/15/22		88,500
	100,000		6.000	^(b)		10/15/22		88,875
	200,000		6.125			01/15/23		173,500
	650,000		7.500	^(b)		03/15/25		580,125
	Moog, Inc.^(a)(b)
	273,000		5.250			12/01/22		280,166
	Orbital ATK, Inc.^(b)
	200,000		5.250			10/01/21		208,000
	Oshkosh Corp.^(b)
	27,000		5.375			03/01/25		28,181

								1,728,849

	Automotive^(a)(b) – 0.1%
	Deck Chassis Acquisition, Inc.
	905,000		10.000			06/15/23		928,756

	Banks^(b)(c) – 0.3%
	Citigroup, Inc.
	575,000		5.950			05/15/49		587,219
	315,000		6.250			08/15/49		339,019
	JPMorgan Chase & Co.
	1,690,000		5.150			05/01/49		1,685,775
	1,135,000		6.000			08/01/49		1,183,237

								3,795,250

	Building Materials^(b) – 0.2%
	Builders FirstSource, Inc.^(a)
	885,000		5.625			09/01/24		893,850
	Gibraltar Industries, Inc.
	1,600,000		6.250			02/01/21		1,656,000

								2,549,850

	Chemicals^(b) – 0.8%
	Aruba Investments, Inc.^(a)
	855,000		8.750			02/15/23		872,100
	Blue Cube Spinco, Inc.
	1,455,000		9.750			10/15/23		1,709,625
	195,000		10.000			10/15/25		234,000
	Cornerstone Chemical Co.^(a)
	2,450,000		9.375			03/15/18		2,443,875
	Hexion, Inc.
	645,000		10.000			04/15/20		632,906
	Rain CII Carbon LLC/CII Carbon Corp.^(a)
	1,820,000		8.000			12/01/18		1,785,875
	1,105,000		8.250			01/15/21		1,078,756
	125,000		8.500			01/15/21		131,044
	TPC Group, Inc.^(a)
	785,000		8.750			12/15/20		645,663

								9,533,844

	Commercial Services^(a)(b) – 0.2%
	AMN Healthcare, Inc.
	625,000		5.125			10/01/24		634,375
	LSC Communications, Inc.
	135,000		8.750			10/15/23		133,481

	Corporate Obligations – (continued)
	Commercial Services^(a)(b) – (continued)
	Prime Security Services Borrower LLC/Prime Finance, Inc.
$	2,030,000		9.250	%		05/15/23	$	2,156,875

								2,924,731

	Consumer Cyclical Services^(b) – 0.7%
	APX Group, Inc.
	1,880,000		8.750			12/01/20		1,825,950
	CEB, Inc.^(a)
	120,000		5.625			06/15/23		116,850
	Cenveo Corp.^(a)
	1,065,000		6.000			08/01/19		937,200
	1,865,000		8.500			09/15/22		1,314,825
	Ceridian HCM Holding, Inc.^(a)
	35,000		11.000			03/15/21		36,881
	First Data Corp.^(a)
	600,000		5.000			01/15/24		607,500
	Monitronics International, Inc.
	2,440,000		9.125			04/01/20		2,314,950
	Multi-Color Corp.^(a)
	1,000,000		6.125			12/01/22		1,045,000
	United Rentals North America, Inc.
	535,000		4.625			07/15/23		552,388
	120,000		5.500			05/15/27		120,000

								8,871,544

	Consumer Noncyclical^(b) – 0.1%
	NeuStar, Inc.
	1,445,000		4.500			01/15/23		1,347,463

	Diversified Financial Services^(b) – 0.2%
	Bankrate, Inc.^(a)
	1,500,000		6.125			08/15/18		1,507,500
	Credit Acceptance Corp.
	1,030,000		6.125			02/15/21		1,037,725
	245,000		7.375			03/15/23		253,881

								2,799,106

	Energy – 0.8%
	Basic Energy Services, Inc.^(b)(d)
	350,000		7.750			10/15/22		154,000
	Blue Racer Midstream LLC/Blue Racer Finance Corp.^(a)(b)
	2,500,000		6.125			11/15/22		2,459,375
	Chesapeake Energy Corp.^(a)(b)
	570,000		8.000			12/15/22		578,550
	CITGO Petroleum Corp.^(a)(b)
	2,000,000		6.250			08/15/22		2,017,500
	Energy Transfer Equity LP^(b)
	940,000		5.875			01/15/24		954,100
	Parker Drilling Co.^(b)
	2,475,000		6.750			07/15/22		1,955,250
	Seventy Seven Energy, Inc.^(b)(d)
	205,000		6.500			07/15/22		—
	Southern Star Central Corp.^(a)(b)
	180,000		5.125			07/15/22		183,600
	Weatherford International Ltd.
	725,000		6.750			09/15/40		572,750
	785,000		5.950	^(b)		04/15/42		602,487


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Energy – (continued)
	Western Refining Logistics LP/WNRL Finance Corp.^(b)
$	285,000		7.500	%		02/15/23	$	298,538
	Western Refining, Inc.^(b)
	333,000		6.250			04/01/21		333,000

								10,109,150

	Energy – Exploration & Production – 1.6%
	California Resources Corp.^(b)
	7,500		5.000			01/15/20		4,575
	24,000		5.500			09/15/21		14,160
	1,185,000		8.000	^(a)		12/15/22		805,800
	7,500		6.000			11/15/24		4,200
	CONSOL Energy, Inc.^(b)
	1,300,000		5.875			04/15/22		1,202,500
	600,000		8.000			04/01/23		597,750
	Continental Resources, Inc.^(b)
	190,000		5.000			09/15/22		186,675
	466,000		4.500			04/15/23		447,360
	Diamondback Energy, Inc.^(a)(b)
	185,000		4.750			11/01/24		185,000
	Extraction Oil & Gas Holdings LLC/Extraction Finance Corp.^(a)(b)
	920,000		7.875			07/15/21		968,300
	Gulfport Energy Corp.^(a)(b)
	250,000		6.000			10/15/24		255,000
	Halcon Resources Corp.^(a)(b)
	1,000,000		8.625			02/01/20		1,010,000
	Jupiter Resources, Inc.^(a)(b)
	1,745,000		8.500			10/01/22		1,439,625
	Kosmos Energy Ltd.^(a)(b)
	1,405,000		7.875			08/01/21		1,349,450
	Linn Energy LLC/Linn Energy Finance Corp.^(b)(d)
	2,660,000		6.250			11/01/19		884,450
	MEG Energy Corp.^(a)(b)
	600,000		6.500			03/15/21		516,000
	450,000		6.375			01/30/23		369,000
	1,875,000		7.000			03/31/24		1,537,500
	Memorial Production Partners LP/Memorial Production Finance Corp.^(b)
	745,000		7.625			05/01/21		305,450
	1,765,000		6.875			08/01/22		697,175
	Midstates Petroleum Co., Inc./Midstates Petroleum Co. LLC^(b)(d)
	100,000		10.000			06/01/20		—
	951,000		10.750			10/01/20		9,510
	245,000		9.250			06/01/21		2,450
	Murray Energy Corp.^(a)(b)
	575,000		11.250			04/15/21		441,312
	Newfield Exploration Co.^(b)
	1,400,000		5.375			01/01/26		1,435,000
	PDC Energy, Inc.^(b)
	1,500,000		7.750			10/15/22		1,593,750
	Peabody Energy Corp.^(d)
	95,000		6.250			11/15/21		42,038
	Rice Energy, Inc.^(b)
	150,000		6.250			05/01/22		153,000
	365,000		7.250			05/01/23		386,900

	Corporate Obligations – (continued)
	Energy – Exploration & Production – (continued)
	SandRidge Energy, Inc.^(b)(d)
$	885,000		7.500	%		02/15/23	$	—
	Southwestern Energy Co.^(b)
	480,000		6.700			01/23/25		458,400
	Tullow Oil PLC^(a)(b)
	70,000		6.000			11/01/20		64,777
	140,000		6.250			04/15/22		127,225
	Whiting Petroleum Corp.^(b)
	300,000		6.500			10/01/18		295,500
	1,300,000		6.250			04/01/23		1,196,000
	WPX Energy, Inc.^(b)
	410,000		6.000			01/15/22		407,950

								19,393,782

	Energy – Services^(b) – 0.2%
	Basic Energy Services, Inc.^(d)
	1,625,000		7.750			02/15/19		747,500
	Hiland Partners Holdings LLC/Hiland Partners Finance Corp.^(a)
	1,434,000		5.500			05/15/22		1,487,151
	Transocean, Inc.
	750,000		5.550			10/15/22		641,250

								2,875,901

	Entertainment & Leisure^(b) – 0.7%
	AMC Entertainment, Inc.
	500,000		5.875			02/15/22		519,375
	Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.
	1,130,000		5.375			06/01/24		1,192,150
	Cinemark USA, Inc.
	1,211,000		4.875			06/01/23		1,204,945
	ClubCorp Club Operations, Inc.^(a)
	750,000		8.250			12/15/23		800,625
	Guitar Center, Inc.^(a)
	1,745,000		6.500			04/15/19		1,563,956
	2,229,000		9.625			04/15/20		1,638,315
	Regal Entertainment Group
	400,000		5.750			03/15/22		416,000
	Six Flags Entertainment Corp.^(a)
	500,000		4.875			07/31/24		500,625
	WMG Acquisition Corp.^(a)
	180,000		5.000			08/01/23		182,700

								8,018,691

	Finance – 0.7%
	Ally Financial, Inc.
	2,415,000		5.125			09/30/24		2,538,769
	750,000		5.750	^(b)		11/20/25		770,625
	Harland Clarke Holdings Corp.^(a)(b)
	1,965,000		9.250			03/01/21		1,680,075
	Icahn Enterprises LP/Icahn Enterprises Finance Corp.^(b)
	360,000		4.875			03/15/19		358,380
	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.^(a)(b)
	290,000		5.625			05/01/24		308,850


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

October 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Finance – (continued)
	Navient Corp.
$	785,000		6.625	%		07/26/21	$	792,976
	600,000		7.250			09/25/23		599,621
	Walter Investment Management Corp.
	467,000		4.500			11/01/19		326,900
	450,000		7.875	^(b)		12/15/21		351,000

								7,727,196

	Gaming^(b) – 0.5%
	Chester Downs & Marina LLC^(a)
	1,475,000		9.250			02/01/20		1,438,125
	Codere Finance 2 Luxembourg SA^(a)(e)
	1,038,283		9.000			06/30/21		1,062,942
	Inn of the Mountain Gods Resort & Casino^(a)(f)
	275,000		9.250			11/30/20		250,250
	Scientific Games International, Inc.
	1,595,000		10.000			12/01/22		1,483,350
	Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC^(a)
	1,231,000		5.875			05/15/21		1,218,690

								5,453,357

	Health Care – Medical Products^(b) – 0.4%
	Fresenius Medical Care US Finance II, Inc.^(a)
	1,300,000		4.750			10/15/24		1,355,250
	Grifols Worldwide Operations Ltd.
	2,100,000		5.250			04/01/22		2,194,500
	Halyard Health, Inc.
	1,000,000		6.250			10/15/22		1,025,000
	Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA^(a)
	580,000		6.625			05/15/22		500,250

								5,075,000

	Health Care – Pharmaceuticals – 0.5%
	Mallinckrodt International Finance SA
	1,000,000		4.750			04/15/23		862,500
	Mallinckrodt International Finance SA/Mallinckrodt CB LLC^(a)(b)
	500,000		5.500			04/15/25		462,500
	Quintiles IMS, Inc.^(a)(b)
	1,600,000		4.875			05/15/23		1,650,000
	Valeant Pharmaceuticals International, Inc.^(a)(b)
	3,490,000		7.500			07/15/21		3,106,100
	305,000		6.125			04/15/25		240,950

								6,322,050

	Health Care – Services – 1.1%
	Acadia Healthcare Co., Inc.^(b)
	980,000		5.125			07/01/22		967,750
	Amsurg Corp.^(b)
	1,104,000		5.625			07/15/22		1,128,840
	BioScrip, Inc.^(b)
	625,000		8.875			02/15/21		578,125
	Centene Corp.^(b)
	1,590,000		4.750			01/15/25		1,586,025
	DaVita, Inc.^(b)
	2,308,000		5.000			05/01/25		2,238,760

	Corporate Obligations – (continued)
	Health Care – Services – (continued)
	HCA, Inc.
$	1,730,000		5.875	%		05/01/23	$	1,833,800
	171,000		5.375			02/01/25		174,847
	190,000		7.690			06/15/25		212,800
	IASIS Healthcare LLC/IASIS Capital Corp.^(b)
	200,000		8.375			05/15/19		193,500
	Kindred Healthcare, Inc.
	755,000		8.000			01/15/20		762,550
	1,760,000		6.375	^(b)		04/15/22		1,636,800
	Select Medical Corp.^(b)
	1,225,000		6.375			06/01/21		1,218,875

								12,532,672

	Health Care Products^(a)(b) – 0.0%
	DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp.
	60,000		8.125			06/15/21		55,800
	Greatbatch Ltd.
	480,000		9.125			11/01/23		460,800

								516,600

	Home Construction^(a)(b) – 0.0%
	Masonite International Corp.
	215,000		5.625			03/15/23		223,600

	Internet^(b) – 0.0%
	Zayo Group LLC/Zayo Capital, Inc.
	500,000		6.375			05/15/25		525,625

	Lodging^(b) – 0.1%
	Interval Acquisition Corp.
	1,000,000		5.625			04/15/23		1,031,250

	Machinery^(a) – 0.2%
	Boart Longyear Management Pty Ltd.
	1,400,000		10.000			10/01/18		988,750
	325,000		7.000	^(b)		04/01/21		60,531
	Xerium Technologies, Inc.^(b)
	1,345,000		9.500			08/15/21		1,361,813

								2,411,094

	Media – Broadcasting & Radio^(b) – 1.0%
	Cumulus Media Holdings, Inc.
	2,410,000		7.750			05/01/19		1,012,200
	Gray Television, Inc.^(a)
	350,000		5.125			10/15/24		340,375
	iHeartCommunications, Inc.
	1,575,000		9.000			12/15/19		1,195,031
	1,316,481		14.000	^(e)		02/01/21		503,554
	1,080,000		9.000			03/01/21		774,900
	LIN Television Corp.
	750,000		5.875			11/15/22		784,688
	Nexstar Broadcasting, Inc.^(a)
	500,000		6.125			02/15/22		515,000
	Sinclair Television Group, Inc.^(a)
	1,850,000		5.625			08/01/24		1,877,750


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Media – Broadcasting & Radio^(b) – (continued)
	Sirius XM Radio, Inc.^(a)
$	1,000,000		4.625	%		05/15/23	$	1,005,000
	1,000,000		6.000			07/15/24		1,062,500
	750,000		5.375			04/15/25		762,188
	Townsquare Media, Inc.^(a)
	830,000		6.500			04/01/23		831,037
	Univision Communications, Inc.^(a)
	1,500,000		5.125			02/15/25		1,503,750

								12,167,973

	Media – Cable – 1.7%
	Altice US Finance I Corp.^(a)(b)
	1,582,000		5.375			07/15/23		1,621,550
	Cable One, Inc.^(a)(b)
	1,667,000		5.750			06/15/22		1,760,769
	CCO Holdings LLC/CCO Holdings Capital Corp.^(b)
	1,130,000		5.125			02/15/23		1,169,550
	CSC Holdings LLC
	1,325,000		6.750			11/15/21		1,394,563
	1,925,000		10.125	^(a)(b)		01/15/23		2,170,437
	200,000		5.250			06/01/24		187,000
	375,000		6.625	^(a)(b)		10/15/25		406,875
	910,000		10.875	^(a)(b)		10/15/25		1,046,500
	DISH DBS Corp.
	1,570,000		5.000			03/15/23		1,546,450
	400,000		5.875			11/15/24		404,000
	Midcontinent Communications/Midcontinent Finance Corp.^(a)(b)
	200,000		6.250			08/01/21		209,000
	SFR Group SA^(a)(b)
	1,300,000		6.000			05/15/22		1,329,250
	700,000		6.250			05/15/24		706,125
	Time Warner Cable LLC
	625,000		6.750			06/15/39		749,236
	Videotron Ltd.
	500,000		5.000			07/15/22		521,875
	1,247,000		5.375	^(a)(b)		06/15/24		1,303,115
	Virgin Media Secured Finance PLC^(a)(b)
	2,150,000		5.250			01/15/26		2,131,187
	Ziggo Secured Finance BV^(a)(b)
	1,140,000		5.500			01/15/27		1,131,450

								19,788,932

	Media – Non Cable^(b) – 1.0%
	Lee Enterprises, Inc.^(a)
	170,000		9.500			03/15/22		174,675
	Liberty Interactive LLC
	3,174,955		4.000			11/15/29		1,964,503
	1,163,894		3.750			02/15/30		699,792
	Outfront Media Capital LLC/Outfront Media Capital Corp.
	2,180,000		5.875			03/15/25		2,267,200
	Radio One, Inc.^(a)
	1,615,000		9.250			02/15/20		1,453,500
	1,315,000		7.375			04/15/22		1,318,287
	TEGNA, Inc.
	500,000		6.375			10/15/23		531,875

	Corporate Obligations – (continued)
	Media – Non Cable^(b) – (continued)
	The McClatchy Co.
$	1,205,000		9.000	%		12/15/22	$	1,256,213
	VeriSign, Inc.
	1,000,000		4.625			05/01/23		1,025,000
	1,500,000		5.250			04/01/25		1,590,000

								12,281,045

	Metal Fabricate/Hardware^(a)(b) – 0.1%
	Optimas OE Solutions Holding LLC/Optimas OE Solutions, Inc.
	895,000		8.625			06/01/21		690,269
	The Hillman Group, Inc.
	830,000		6.375			07/15/22		773,975

								1,464,244

	Metals^(a)(b) – 0.0%
	Constellium NV
	100,000		5.750			05/15/24		90,250

	Metals & Mining – 0.6%
	Allegheny Technologies, Inc.
	465,000		9.375			06/01/19		492,900
	720,000		7.875	^(b)		08/15/23		703,800
	First Quantum Minerals Ltd.^(a)(b)
	1,270,000		6.750			02/15/20		1,220,787
	809,000		7.000			02/15/21		767,539
	Freeport-McMoRan, Inc.^(b)
	244,000		3.875			03/15/23		220,820
	380,000		5.400			11/14/34		327,275
	1,930,000		5.450			03/15/43		1,582,600
	Glencore Funding LLC^(a)
	100,000		2.875			04/16/20		100,500
	Hecla Mining Co.^(b)
	721,000		6.875			05/01/21		739,025
	New Gold, Inc.^(a)(b)
	1,220,000		6.250			11/15/22		1,238,300

								7,393,546

	Packaging^(a) – 0.1%
	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.^(b)
	550,000		7.250			05/15/24		580,250
	Owens-Brockway Glass Container, Inc.
	350,000		5.875			08/15/23		371,875

								952,125

	Pipelines – 0.8%
	Energy Transfer Partners LP^(b)
	440,000		6.125			12/15/45		458,725
	Genesis Energy LP/Genesis Energy Finance Corp.^(b)
	888,000		6.000			05/15/23		892,440
	800,000		5.625			06/15/24		792,000
	MPLX LP^(b)
	1,100,000		4.875			12/01/24		1,150,437
	ONEOK, Inc.^(b)
	750,000		7.500			09/01/23		859,688


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

October 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Pipelines – (continued)
	Sabine Pass Liquefaction LLC^(b)
$	100,000		5.625	%		02/01/21	$	105,250
	540,000		5.625			04/15/23		573,750
	740,000		5.750			05/15/24		782,550
	1,000,000		5.625			03/01/25		1,057,500
	SemGroup Corp.^(b)
	95,000		7.500			06/15/21		97,375
	Summit Midstream Holdings LLC/Summit Midstream Finance Corp.^(b)
	1,381,000		5.500			08/15/22		1,339,570
	Targa Resources Partners LP/Targa Resources Partners Finance Corp.^(b)
	1,250,000		5.250			05/01/23		1,243,750
	Williams Partners LP
	255,000		6.300			04/15/40		273,411
	140,000		5.400	^(b)		03/04/44		139,203
	Williams Partners LP/ACMP Finance Corp.^(b)
	100,000		4.875			03/15/24		101,250

								9,866,899

	Property Insurance^(a)(b) – 0.1%
	HUB International Ltd.
	700,000		7.875			10/01/21		715,750

	Real Estate^(b) – 0.2%
	Care Capital Properties LP^(a)
	735,000		5.125			08/15/26		728,838
	Communications Sales & Leasing, Inc./CSL Capital LLC^(a)
	350,000		6.000			04/15/23		363,125
	RHP Hotel Properties LP/RHP Finance Corp.
	675,000		5.000			04/15/23		686,812
	The GEO Group, Inc.
	361,000		6.000			04/15/26		312,265

								2,091,040

	Retailers – 1.2%
	Claire’s Stores, Inc.^(b)
	338,000		8.875			03/15/19		60,840
	Ferrellgas LP/Ferrellgas Finance Corp.^(b)
	865,000		6.750			01/15/22		808,775
	GameStop Corp.^(a)(b)
	1,400,000		5.500			10/01/19		1,442,000
	Hema Bondco I BV^(a)(b)
	700,000		5.250	^(c)		06/15/19		624,422
	180,000		6.250			06/15/19		166,266
	JC Penney Corp., Inc.^(a)(b)
	248,000		5.875			07/01/23		255,440
	L Brands, Inc.
	650,000		6.875			11/01/35		689,000
	515,000		6.750			07/01/36		543,325
	New Albertsons, Inc.
	460,000		7.750			06/15/26		453,675
	1,565,000		7.450			08/01/29		1,512,181
	515,000		8.700			05/01/30		520,794
	1,765,000		8.000			05/01/31		1,709,844

	Corporate Obligations – (continued)
	Retailers – (continued)
	Rite Aid Corp.
$	430,000		6.125	%^(a)(b)		04/01/23	$	453,650
	340,000		7.700			02/15/27		421,600
	490,000		6.875	^(a)		12/15/28		588,000
	Supervalu, Inc.^(b)
	855,000		6.750			06/01/21		849,656
	The Bon-Ton Department Stores, Inc.^(b)
	1,980,000		8.000			06/15/21		1,009,800
	TRU Taj LLC/TRU Taj Finance, Inc.^(a)(b)
	919,000		12.000			08/15/21		939,678
	Yum! Brands, Inc.
	950,000		6.875			11/15/37		969,000

								14,017,946

	Technology – Hardware – 0.7%
	Advanced Micro Devices, Inc.
	430,000		2.125			09/01/26		484,556
	CDW LLC/CDW Finance Corp.^(b)
	500,000		5.000			09/01/23		515,000
	Diamond 1 Finance Corp./Diamond 2 Finance Corp.^(a)(b)
	545,000		7.125			06/15/24		595,413
	166,000		6.020			06/15/26		180,949
	1,430,000		8.100			07/15/36		1,707,077
	1,130,000		8.350			07/15/46		1,369,211
	Micron Technology, Inc.^(a)(b)
	1,055,000		5.250			08/01/23		1,033,900
	Plantronics, Inc.^(a)(b)
	1,040,000		5.500			05/31/23		1,060,800
	Sensata Technologies BV^(a)
	1,250,000		5.000			10/01/25		1,287,500

								8,234,406

	Technology – Software/Services^(b) – 1.0%
	BMC Software Finance, Inc.^(a)
	1,030,000		8.125			07/15/21		942,450
	Boxer Parent Co., Inc.^(a)(e)
	1,535,000		9.000			10/15/19		1,427,550
	Cengage Learning, Inc.^(a)
	1,070,000		9.500			06/15/24		1,000,450
	Equinix, Inc.
	1,700,000		5.750			01/01/25		1,802,000
	Global A&T Electronics Ltd.^(a)
	2,410,000		10.000			02/01/19		1,903,900
	Inception Merger Sub, Inc./Rackspace Hosting, Inc.^(a)
	935,000		8.625			11/15/24		935,000
	MSCI, Inc.^(a)
	1,601,750		5.250			11/15/24		1,681,837
	Open Text Corp.^(a)
	605,000		5.875			06/01/26		644,325
	Syniverse Holdings, Inc.
	310,000		9.125			01/15/19		250,325
	Western Digital Corp.^(a)
	114,000		7.375			04/01/23		124,688
	880,000		10.500			04/01/24		1,017,500

								11,730,025


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Telecommunications – Cellular^(b) – 0.3%
	Altice Finco SA^(a)
$	680,000		8.125	%		01/15/24	$	697,000
	180,000		7.625			02/15/25		180,675
	SoftBank Group Corp.
	1,600,000		6.000			07/30/25		1,722,000
	T-Mobile USA, Inc.
	720,000		6.000			04/15/24		764,100
	150,000		6.375			03/01/25		160,875

								3,524,650

	Telecommunications – Satellites^(b) – 0.2%
	Intelsat Jackson Holdings SA
	775,000		7.250			10/15/20		587,062
	120,000		7.500			04/01/21		89,400
	380,000		8.000	^(a)		02/15/24		384,750
	Intelsat Luxembourg SA
	1,810,000		7.750			06/01/21		597,300
	Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH^(a)
	500,000		5.000			01/15/25		509,375

								2,167,887

	Textile & Apparel^(a) – 0.1%
	Nine West Holdings, Inc.
	3,420,000		8.250			03/15/19		547,200

	Transportation – 0.3%
	Air Medical Group Holdings, Inc.^(a)(b)
	470,000		6.375			05/15/23		453,550
	Algeco Scotsman Global Finance PLC^(a)(b)
	1,390,000		8.500			10/15/18		1,261,425
	110,000		9.000			10/15/18		109,607
	Navistar International Corp.
	210,000		4.500			10/15/18		198,056
	320,500		4.750			04/15/19		296,062
	1,200,000		8.250	^(b)		11/01/21		1,173,000

								3,491,700

	Utilities – Electric – 0.3%
	Dynegy, Inc.^(b)
	620,000		7.625			11/01/24		595,200
	GenOn Americas Generation LLC
	1,155,000		8.500			10/01/21		999,075
	495,000		9.125			05/01/31		418,275
	Illinois Power Generating Co.
	500,000		6.300			04/01/20		196,250
	NRG Energy, Inc.^(b)
	570,000		6.250			05/01/24		551,475
	Talen Energy Supply LLC^(a)(b)
	600,000		4.625			07/15/19		571,500
	Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc.^(a)(b)(d)
	3,500,000		11.500			10/01/20		—

								3,331,775

	Wireless Telecommunications – 1.3%
	Aegis Merger Sub, Inc.^(a)(b)
	1,290,000		10.250			02/15/23		1,393,200

	Corporate Obligations – (continued)
	Wireless Telecommunications – (continued)
	Altice Financing SA^(a)(b)
$	600,000		6.500	%		01/15/22	$	627,000
	700,000		7.500			05/15/26		721,000
	Altice Luxembourg SA^(a)(b)
	675,000		7.750			05/15/22		707,063
	300,000		7.625			02/15/25		311,625
	Digicel Group Ltd.^(a)(b)
	500,000		8.250			09/30/20		441,500
	Digicel Ltd.^(a)(b)
	1,565,000		6.000			04/15/21		1,396,293
	770,000		6.750			03/01/23		687,225
	DigitalGlobe, Inc.^(a)(b)
	1,900,000		5.250			02/01/21		1,909,500
	Hughes Satellite Systems Corp.
	1,065,000		7.625			06/15/21		1,166,175
	65,000		5.250	^(a)		08/01/26		64,025
	Inmarsat Finance PLC^(a)(b)
	2,157,000		4.875			05/15/22		2,051,846
	Sprint Corp.
	2,110,000		7.875			09/15/23		2,088,900
	605,000		7.125			06/15/24		570,213
	1,125,000		7.625	^(b)		02/15/25		1,094,062
	Wind Acquisition Finance SA^(a)(b)
	244,000		4.750			07/15/20		246,135

								15,475,762

	Wirelines Telecommunications – 0.3%
	Anixter, Inc.
	1,142,000		5.125			10/01/21		1,194,817
	CommScope Technologies Finance LLC^(a)(b)
	600,000		6.000			06/15/25		630,000
	Frontier Communications Corp.
	355,000		8.875	^(b)		09/15/20		377,188
	255,000		7.125			01/15/23		229,819
	805,000		11.000	^(b)		09/15/25		823,112

								3,254,936

	TOTAL CORPORATE OBLIGATIONS
	(Cost $252,354,264)						$	249,283,452


Shares		Description	Value
	Common Stocks – 15.2%
	Aerospace & Defense – 0.9%
	14,798	Airbus Group SE	$	878,703
	72,663	Alcoa, Inc.		2,086,881
	21,785	BWX Technologies, Inc.		854,408
	14,950	Esterline Technologies Corp.*		1,098,078
	202,600	Meggitt PLC		1,077,823
	27,459	Orbital ATK, Inc.^(g)		2,041,851
	23,960	United Technologies Corp.		2,448,712

				10,486,456


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

October 31, 2016


Shares		Description	Value
	Common Stocks – (continued)
	Air Freight & Logistics^(g) – 0.2%
	12,068	FedEx Corp.	$	2,103,694

	Automobiles – 0.0%
	8,577	Fiat Chrysler Automobiles NV		62,784
	566	General Motors Co.		17,885

				80,669

	Banks – 1.1%
	283,251	Bank of America Corp.^(g)		4,673,642
	27,984	Bank of the Ozarks, Inc.^(g)		1,034,289
	57,280	CIT Group, Inc.^(g)		2,080,982
	62,681	Citigroup, Inc.		3,080,771
	71,099	Citizens Financial Group, Inc.		1,872,748
	14,954	Western Alliance Bancorp*		558,681

				13,301,113

	Beverages^(g) – 0.2%
	15,741	Constellation Brands, Inc. Class A		2,630,636

	Biotechnology – 0.2%
	13,750	Shire PLC ADR		2,318,800

	Capital Markets – 0.9%
	15,548	Affiliated Managers Group, Inc.*^(g)		2,062,598
	78,615	Apollo Global Management LLC Class A		1,437,082
	7,988	Intercontinental Exchange, Inc.		2,159,875
	17,510	Legg Mason, Inc.		502,887
	19,880	LPL Financial Holdings, Inc.		615,485
	210,626	NorthStar Asset Management Group, Inc.		2,885,576
	37,137	OM Asset Management PLC		522,518
	5,887	State Street Corp.		413,326

				10,599,347

	Chemicals – 0.4%
	62,500	Axalta Coating Systems Ltd.*^(g)		1,570,000
	368	LyondellBasell Industries NV Class A		29,275
	40,098	Olin Corp.^(g)		879,349
	8,984	The Sherwin-Williams Co.^(g)		2,199,822
	12,768	Valvoline, Inc.*		260,467

				4,938,913

	Commercial Services & Supplies^(g) – 0.1%
	28,244	KAR Auction Services, Inc.		1,202,629

	Communications Equipment – 0.3%
	61,720	Cisco Systems, Inc.^(g)		1,893,569
	30,659	CommScope Holding Co., Inc.*		936,632
	22,817	Juniper Networks, Inc.		601,000
	25,360	Radware Ltd.*		342,614

				3,773,815

	*Construction & Engineering – 0.1%**
	58,785	AECOM		1,637,162

	Common Stocks – (continued)
	Consumer Finance – 0.5%
	136,321	Ally Financial, Inc.^(g)	$	2,463,320
	21,930	American Express Co.		1,456,591
	1,970	Capital One Financial Corp.		145,859
	7,516	Discover Financial Services		423,376
	2,140	Encore Capital Group, Inc.*		42,479
	33,696	Synchrony Financial		963,369

				5,494,994

	Containers & Packaging – 0.1%
	61,719	Orora Ltd.		136,002
	42,530	Owens-Illinois, Inc.*^(g)		820,829

				956,831

	Diversified Financial Services – 0.5%
	4,926	Berkshire Hathaway, Inc. Class B*		710,822
	89,046	ECN Capital Corp.*		194,516
	90,976	Element Fleet Management Corp.		886,495
	13,600	Groupe Bruxelles Lambert SA		1,169,150
	85,110	Leucadia National Corp.		1,589,004
	53,521	Voya Financial, Inc.^(g)		1,635,067

				6,185,054

	Diversified Telecommunication Services^(a) – 0.1%
	41,509	Cellnex Telecom SAU		680,706
	9,911	Sunrise Communications Group AG		677,172

				1,357,878

	*Electric Utilities – 0.3%**
	198,402	TCEH Corp.		3,015,710

	Electronic Equipment, Instruments & Components – 0.3%
	34,936	CDW Corp.		1,568,976
	24,970	TE Connectivity Ltd.		1,569,864

				3,138,840

	Energy Equipment & Services – 0.1%
	13,880	Halliburton Co.		638,480
	325	Seventy Seven Energy, Inc.*		7,800
	52,022	Te Holdcorp LLC/Te Holdcorp		559,233

				1,205,513

	Equity Real Estate Investment Trusts (REITs) – 0.3%
	40,779	Equity Commonwealth*		1,231,934
	31,743	NorthStar Realty Finance Corp.		460,908
	26,267	Ryman Hospitality Properties, Inc.^(g)		1,324,382
	15,356	Xenia Hotels & Resorts, Inc.		239,707

				3,256,931

	Food & Staples Retailing – 0.1%
	4,738	CVS Health Corp.		398,466
	38,910	Lenta Ltd.*^(a)		281,842
	8,259	Walgreens Boots Alliance, Inc.		683,267

				1,363,575

	Food Products – 0.1%
	22,154	Nestle SA		1,606,472


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND


Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Supplies^(g) – 0.1%
	6,296	Becton Dickinson & Co.	$	1,057,161

	Health Care Providers & Services – 0.8%
	9,678	Acadia Healthcare Co., Inc.*		348,021
	19,482	Aetna, Inc.^(h)		2,091,393
	110,479	Brookdale Senior Living, Inc.*		1,594,212
	32,746	HCA Holdings, Inc.*^(g)(h)		2,506,051
	2,287	Humana, Inc.		392,289
	5,645	McKesson Corp.^(h)		717,875
	5,365	Millennium Health LLC		9,389
	16,971	Universal Health Services, Inc. Class B^(g)(h)		2,048,569

				9,707,799

	Hotels, Restaurants & Leisure – 0.5%
	104,704	Aramark^(g)(h)		3,898,130
	2,613	Marriott International, Inc. Class A		179,513
	13,145	McDonald’s Corp.^(g)		1,479,733
	12,153	Six Flags Entertainment Corp.		676,314

				6,233,690

	*Independent Power and Renewable Electricity Producers – 0.1%**
	88,362	Calpine Corp.		1,051,508

	Industrial Conglomerates – 0.1%
	35,370	General Electric Co.^(g)		1,029,267
	12,790	Jardine Strategic Holdings Ltd.		448,767

				1,478,034

	Insurance – 1.0%
	732	Alleghany Corp.*		377,866
	78,300	American International Group, Inc.^(h)		4,831,110
	7,432	AmTrust Financial Services, Inc.		196,131
	43,810	Aon PLC^(g)		4,855,462
	2,919	Endurance Specialty Holdings Ltd.		268,402
	1,606	Loews Corp.		69,106
	4,092	MetLife, Inc.		192,160
	6,924	Willis Towers Watson PLC		871,732

				11,661,969

	*Internet & Direct Marketing Retail – 0.2%**
	51,014	Liberty Interactive Corp. QVC Group Class A^(g)		943,249
	6,481	Liberty Ventures Series A		258,592
	533	The Priceline Group, Inc.		785,764

				1,987,605

	Internet Software & Services – 0.5%
	3,452	Alphabet, Inc. Class A*^(h)		2,795,775
	1,054	Alphabet, Inc. Class C*		826,905
	3,410	Baidu, Inc. ADR*		603,093
	647	CommerceHub, Inc. Class A*		9,718
	1,295	CommerceHub, Inc. Class C*		19,490
	35,133	IAC/InterActiveCorp.^(g)		2,263,970

				6,518,951

	Common Stocks – (continued)
	IT Services – 0.1%
	17,109	Cognizant Technology Solutions Corp. Class A*	$	878,547
	18,248	CSRA, Inc.		457,842

				1,336,389

	Life Sciences Tools & Services – 0.4%
	38,442	Quintiles IMS Holdings, Inc.*^(g)		2,757,829
	5,750	Thermo Fisher Scientific, Inc.		845,423
	35,302	VWR Corp.*		971,158

				4,574,410

	Machinery – 0.1%
	1,669	Fortive Corp.		85,203
	2,988	Joy Global, Inc.		82,080
	12,948	Pentair PLC		713,823

				881,106

	Media – 2.0%
	5,025	Charter Communications, Inc. Class A*		1,255,697
	26,118	Discovery Communications, Inc. Class A*^(g)		681,941
	30,473	DISH Network Corp. Class A*^(g)		1,784,499
	35,501	JCDecaux SA		1,085,693
	25,735	Liberty Global PLC Class A*		838,961
	51,986	Liberty Global PLC LiLAC Class A*		1,436,893
	7,833	Liberty Global PLC LiLAC Class C*		216,504
	53,976	Liberty Global PLC Series C*		1,716,437
	31,761	Liberty Media Corp.-Liberty Media Class A*		883,909
	54,673	Liberty Media Corp.-Liberty SiriusXM Class A*		1,818,971
	15,598	Naspers Ltd.		2,612,357
	75,412	News Corp. Class A		913,993
	997	Quebecor, Inc. Class B		27,978
	46,955	Regal Entertainment Group Class A		1,010,002
	36,572	Sinclair Broadcast Group, Inc. Class A		917,957
	6,037	The Madison Square Garden Co. Class A*		999,063
	30,141	Time Warner, Inc.^(g)		2,682,248
	64,111	Twenty-First Century Fox, Inc. Class A		1,684,196
	49,570	WPP PLC		1,076,316

				23,643,615

	Metals & Mining – 0.1%
	56,328	Ferroglobe PLC		521,034
	20,890	MMC Norilsk Nickel PJSC ADR		316,170

				837,204

	Mortgage Real Estate Investment Trusts (REITs) – 0.0%
	7,697	Colony Capital, Inc. Class A		146,320

	Oil, Gas & Consumable Fuels – 0.2%
	7,382	CONSOL Energy, Inc.		125,125
	118	Energy & Exploration Partners, Inc.*		41,300


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

October 31, 2016


Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	60,550	Gazprom PJSC ADR	$	262,181
	6,940	LUKOIL PJSC ADR		337,578
	3,850	Midstates Petroleum Co., Inc.*		72,265
	2,960	Occidental Petroleum Corp.		215,814
	930	Phillips 66		75,470
	27,250	Rosneft PJSC GDR		148,512
	2,009	SandRidge Energy, Inc.*		46,267
	187,630	Surgutneftegas OJSC		85,075
	23,744	TransCanada, Corp.		1,075,128

				2,484,715

	*Paper & Forest Products – 0.0%**
	4,546	Clearwater Paper Corp.		241,393

	Personal Products – 0.0%
	8,380	Unilever NV		350,502

	Pharmaceuticals – 0.5%
	24,164	Allergan PLC*^(h)		5,048,826
	7,635	Bristol-Myers Squibb Co.^(g)		388,698

				5,437,524

	Real Estate Management & Development – 0.0%
	29,313	Countrywide PLC		64,322

	Semiconductors & Semiconductor Equipment – 0.2%
	17,810	Analog Devices, Inc.		1,141,621
	8,401	Mellanox Technologies Ltd.*		364,604
	1,646	MModal, Inc.		26,328
	8,660	QUALCOMM, Inc.		595,115
	3,491	Synaptics, Inc.*		181,951

				2,309,619

	Software – 0.8%
	536	CommVault Systems, Inc.*		28,676
	30,190	Microsoft Corp.^(g)		1,808,985
	111,630	Oracle Corp.^(g)		4,288,824
	33,378	PTC, Inc.*^(g)		1,583,452
	26,321	Verint System, Inc.*^(g)		947,556
	16,233	VMware, Inc. Class A*^(g)		1,275,914

				9,933,407

	Technology Hardware, Storage & Peripherals – 0.3%
	3,216	Diebold, Inc.		70,109
	62,306	NetApp, Inc.^(g)		2,114,666
	33,637	Western Digital Corp.^(g)		1,965,746

				4,150,521

	*Trading Companies & Distributors – 0.2%**
	2,091	AerCap Holdings NV		85,961
	64,473	HD Supply Holdings, Inc.^(g)		2,127,609

				2,213,570

	Transportation Infrastructure – 0.2%
	22,848	Macquarie Infrastructure Corp.		1,869,195

	Common Stocks – (continued)
	Wireless Telecommunication Services – 0.0%
	108,409	VimpelCom Ltd. ADR	$	362,086

	TOTAL COMMON STOCKS
	(Cost $163,866,869)		$	181,187,647


Principal Amount		Interest Rate			Maturity Date		Value
	Bank Loans⁽ⁱ⁾ – 5.0%
	Automotive – Parts – 0.1%
	Evergreen Skills Lux S.a.r.l.
$	1,233,268		5.837	%		04/28/21	$	1,096,585
	Gates Global LLC
	97,217		4.250			07/06/21		95,768

								1,192,353

	Building Materials – 0.3%
	Engility Corp.
	395,294		5.750			08/12/23		399,907
	Headwaters, Inc.
	148,125		4.000			03/24/22		148,820
	Jeld-Wen, Inc.
	1,762,274		5.250			10/15/21		1,774,398
	MX Holdings US, Inc.
	195,050		4.000			08/14/20		195,904
	Preferred Proppants LLC
	833,270		8.750			07/27/20		666,616
	Wilsonart LLC
	693,251		4.000			10/31/19		693,036

								3,878,681

	Chemicals – 0.0%
	SK Spice S.a.r.l.
EUR	167,886		6.750			06/12/21		185,218

	Commercial Services & Supplies – 0.1%
	Fort Dearborn Co.
$	764,877		5.000			10/19/23		768,227

	Consumer Cyclical Services – 0.1%
	Monitronics International, Inc.
	899,647		6.500			09/30/22		893,179

	Consumer Products – Household & Leisure – 0.1%
	Calceus Acquisition, Inc.
	432,973		5.000			01/31/20		386,429
	Serta Simmons Holdings LLC
	741,947		4.250			10/01/19		739,691

								1,126,120

	Consumer Products – Industrial – 0.0%
	Harbor Freight Tools USA, Inc.
	129,426		4.137			08/19/23		130,275

	Diversified Manufacturing – 0.0%
	Emerald US Inc.
	131,826		5.000			05/09/21		119,303


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Bank Loans⁽ⁱ⁾ – (continued)
	Diversified Manufacturing – (continued)
	KP Germany Erste GmbH
$	183,639		5.000	%		04/28/20	$	184,337

								303,640

	Energy – 0.2%
	Chief Exploration & Development LLC
	138,129		7.753			05/16/21		132,000
	Drillships Ocean Ventures, Inc.
	1,000,563		5.500			07/25/21		709,329
	Energy Transfer Equity LP
	165,796		4.042			12/02/19		165,826
	Gulf Finance LLC
	254,508		6.250			08/25/23		248,464
	KCA Deutag US Finance LLC
	1,265,579		6.250			05/15/20		1,120,038
	Seadrill Partners Finco LLC
	1,034,549		4.000			02/21/21		574,826

								2,950,483

	Energy – Exploration & Production – 0.0%
	Energy & Exploration Partners, Inc.
	82,084		13.000			11/12/21		77,159
	45,763		5.000			05/13/22		20,593
	Murray Energy Corp.
	514,305		8.250			04/16/20		470,106

								567,858

	Finance – 0.2%
	CeramTec Acquisition Corp.
	974,852		4.250			08/30/20		979,317
	New Millennium Holdco, Inc.
	675,101		7.500			12/21/20		424,186
	Quality Care Properties, Inc.
	902,215		6.250			09/12/22		899,211

								2,302,714

	Gaming – 0.4%
	Affinity Gaming LLC
	599,954		9.250			09/14/24		587,205
	Boyd Gaming Corp.
	60,889		4.000			08/14/20		61,346
	67,500		3.534			09/15/23		67,968
	Cowlitz Tribal Gaming Authority
	1,145,386		11.500			12/04/21		1,214,109
	Mashantucket (Western) Pequot Tribe
	415,622		5.000			07/01/18		375,099
	2,481,341		9.375			06/30/20		2,179,437

								4,485,164

	Health Care – Medical Products – 0.3%
	Carestream Health, Inc.
	614,343		5.000			06/07/19		569,612
	2,459,465		9.500			12/07/19		2,180,734

	Bank Loans⁽ⁱ⁾ – (continued)
	Health Care – Medical Products – (continued)
	Endo Luxembourg Finance Co. I S.A.R.L.
$	957,427		3.750	%		09/26/22	$	955,876

								3,706,222

	Health Care – Services – 0.6%
	Air Medical Group Holdings, Inc.
	865,055		4.250			04/28/22		856,949
	American Renal Holdings, Inc.
	1,450,599		4.750			09/20/19		1,432,467
	BioClinica, Inc.
	445,056		5.250			10/20/23		444,224
	BPA Laboratories, Inc.
	160,673		2.500			07/01/17		124,521
	Community Health Systems, Inc.
	912,092		4.000			01/27/21		860,331
	Envision Healthcare Corp.
	488,396		4.250			05/25/18		488,830
	Ortho-Clinical Diagnostics, Inc.
	1,731,604		4.750			06/30/21		1,689,751
	U.S. Renal Care, Inc.
	1,711,243		5.250			12/31/22		1,636,907

								7,533,980

	Media – Broadcasting & Radio – 0.2%
	AP NMT Acquisition BV
	453,264		6.750			08/13/21		413,889
	Cumulus Media Holdings, Inc.
	1,411,602		4.250			12/23/20		970,476
	EIG Investors Corp.
	574,980		6.480			11/09/19		558,449
	iHeart Communications, Inc.
	234,313		7.284			01/30/19		177,012

								2,119,826

	Media – Non Cable – 0.1%
	Affinion Group, Inc.
	850,481		6.750			04/30/18		827,629
	210,000		8.500			10/31/18		191,976
	Media General, Inc.
	58,634		4.000			07/31/20		58,621

								1,078,226

	Packaging – 0.1%
	Ardagh Holdings USA, Inc.
	277,539		4.000			12/17/21		280,053
	Expera Specialty Solutions LLC
	908,885		5.000			10/27/23		899,795
	Klockner-Pentaplast of America, Inc.
	429,715		5.000			04/28/20		431,348

								1,611,196

	Pharmaceuticals – 0.1%
	Lantheus Medical Imaging, Inc.
	908,021		7.000			06/30/22		889,860


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

October 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value
	Bank Loans⁽ⁱ⁾ – (continued)
	Pharmaceuticals – (continued)
	Valeant Pharmaceuticals International, Inc.
$	642,316		5.500	%		04/01/22	$	639,908

								1,529,768

	Property/Casualty Insurance – 0.1%
	York Risk Services Holding Corp.
	905,005		4.750			10/01/21		837,699

	Real Estate – 0.1%
	Empire Generating Co. LLC
	1,394,605		5.250			03/14/21		1,276,064

	Restaurants – 0.1%
	Red Lobster Management LLC
	763,203		6.250			07/28/21		766,065

	Retailers – 0.2%
	Academy Ltd.
	374,252		5.000			07/01/22		362,672
	Claire’s Stores, Inc.
	782,800		9.000			08/12/21		490,870
	Container Store, Inc.
	300,061		4.250			04/06/19		258,052
	Dollar Tree, Inc.
	82,307		4.250			07/06/22		83,371
	Gymboree Corp.
	2,323,729		5.000			02/23/18		1,461,044
	The Talbots, Inc.
	154,900		9.500			03/19/21		143,024
	True Religion Apparel, Inc.
	96,500		5.875			07/30/19		24,814

								2,823,847

	Services Cyclical – Business Services – 0.2%
	Koosharem LLC
	1,156,424		7.500			05/16/20		1,026,326
	Redtop Acquisition Ltd.
	97,252		4.500			12/03/20		96,887
	Tribune Publishing Co.
	1,273,857		5.750			07/07/21		1,238,826
	Weight Watchers International, Inc.
	229,641		4.000			04/02/20		174,298

								2,536,337

	Technology – Hardware – 0.2%
	Diebold, Inc.
	515,000		5.250			11/06/23		520,366
	MKS Instruments, Inc.
	299,735		4.250			05/01/23		301,857
	ON Semiconductor Corp.
	1,036,000		3.777			03/31/23		1,041,698

								1,863,921

	Technology – Software – 0.1%
	Aricent Technologies Ltd.
	732,964		5.500			04/14/21		682,441

	Bank Loans⁽ⁱ⁾ – (continued)
	Technology – Software/Services – 0.5%
	Applied Systems, Inc.
$	905,591		4.000	%		01/25/21	$	906,950
	BMC Software, Inc.
	802,518		5.000			09/10/20		789,725
	Ion Trading Finance Ltd.
	369,250		4.250			08/11/23		368,788
	MModal Inc.
	2,087,785		9.000			01/31/20		1,945,127
	Syniverse Holdings, Inc.
	1,672,439		4.000			04/23/19		1,538,587
	Western Digital Corp.
	215,460		4.500			04/29/23		217,768

								5,766,945

	Telecommunications – Internet & Data – 0.2%
	Asurion LLC
	438,467		5.000			05/24/19		438,546
	482,955		4.338			07/08/20		483,158
	1,575,000		8.500			03/03/21		1,586,151

								2,507,855

	Textiles – 0.1%
	Indra Holdings Corp.
	635,308		5.250			05/01/21		508,247
	Nine West Holdings, Inc.
	478,876		4.750			10/08/19		274,554

								782,801

	Transportation – 0.1%
	Syncreon Group Holdings B.V.
	737,389		5.250			10/28/20		659,042

	Utilities – 0.2%
	Longview Power LLC
	1,362,750		7.000			04/13/21		1,175,372
	TEX Operations Co. LLC
	1,334,702		5.000			08/04/23		1,346,381

								2,521,753

	Wireless Telecommunications – 0.0%
	Intelsat Jackson Holdings SA
	400,000		3.750			06/30/19		382,044

	TOTAL BANK LOANS
	(Cost $66,749,619)						$	59,769,944


	Asset-Backed Securities^(a)(c) – 0.1%
	Collateralized Loan Obligations – 0.1%
	Battalion CLO IX Ltd. Series 15-9A, Class D
$	255,000		4.780	%		07/15/28	$	236,401
	TICP CLO II Ltd. Series 14-2A, Class C
	540,000		4.181			07/20/26		499,641

								736,042


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Asset-Backed Securities^(a)(c) – (continued)
	Home Equity – 0.0%
	ALM XIV Ltd. Series 14-14A, Class D
$	625,000		5.740	%		07/28/26	$	553,707

	TOTAL ASSET-BACKED SECURITIES
	(Cost $1,296,530)						$	1,289,749


	Foreign Debt Obligation^(a) – 0.1%
	Provincia de Buenos Aires
$	855,000		9.125	%		03/16/24	$	945,745
	(Cost $844,827)


	Municipal Debt Obligations^(b) – 0.3%
	Puerto Rico^(d) – 0.1%
	Puerto Rico Commonwealth GO Bonds (Unrefunded) (Balance- Public Improvement) Series A
$	115,000		5.000	%		07/01/33	$	73,456
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2011 A
	5,000		6.500			07/01/40		3,287
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2012 A
	420,000		5.750			07/01/28		271,425
	70,000		5.125			07/01/37		44,450
	245,000		5.500			07/01/39		157,412
	20,000		5.000			07/01/41		12,500
	Puerto Rico Commonwealth GO Bonds Series 2007 A
	5,000		5.250			07/01/29		3,188
	5,000		5.250			07/01/33		3,188
	85,000		5.250			07/01/37		54,187
	Puerto Rico Commonwealth GO Bonds Series 2014 A
	1,075,000		8.000			07/01/35		731,000

								1,354,093

	Texas – 0.2%
	Texas State Public Finance Authority RB (Taxable Windstrom Insurance) Series 2014
	1,670,000		8.250			07/01/24		1,735,965

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $3,188,939)						$	3,090,058


	U.S. Treasury Obligation^(g) – 1.3%
	United States Treasury Note
$	15,900,000		0.500	%		11/30/16	$	15,902,544
	(Cost $15,902,355)


Shares	Rate			Value
Preferred Stock – 0.0%
Energy Equipment & Services – 0.0%
Te Holdcorp LLC/Te Holdcorp
35,662		0.000	%	$	213,974
(Cost $707,758)


Units	Expiration Date		Value
*Rights – 0.0%**
Energy – 0.0%
TCEH Corp.^(j)
138,462			$	242,309

Hotels, Restaurants & Leisure – 0.0%
Caesars Entertainment Operating Co., Inc.
225,290		03/30/16		—

TOTAL RIGHTS
(Cost $206,894)			$	242,309


*Warrants – 0.0%**
Energy Equipment & Services – 0.0%
Seventy Seven Energy, Inc.
1,768		08/01/21	$	11,382

Oil, Gas & Consumable Fuels – 0.0%
SandRidge Energy, Inc.
1,740		10/04/22		8,439
SandRidge Energy, Inc.
732		10/04/22		3,331

				11,770

Semiconductors & Semiconductor Equipment – 0.0%
MModal, Inc. Warrant A
516		07/31/17		129
MModal, Inc. Warrant B
681		07/31/17		43

				172

TOTAL WARRANTS
(Cost $74,993)			$	23,324


Shares	Distribution Rate			Value
Investment Company^(k) – 2.4%
Goldman Sachs Financial Square Government Fund – Institutional Shares
28,130,434		0.300	%	$	28,130,434
(Cost $28,130,434)


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

October 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment^(l) – 44.8%
	Repurchase Agreements – 44.8%
	Joint Repurchase Agreement Account II
$	536,500,000		0.338	%		11/01/16	$	536,500,000
	(Cost $536,500,000)

	TOTAL INVESTMENTS BEFORE SHORT POSITIONS – 90.0%
	(Cost $1,069,823,482)						$	1,076,579,180


Shares		Description	Value
	Common Stocks Sold Short – (0.6)%
	Aerospace & Defense – (0.0)%
	2,047	The Boeing Co.	$	(291,554	)

	Air Freight & Logistics – (0.1)%
	6,821	United Parcel Service, Inc. Class B		(735,031	)

	Automobiles – (0.0)%
	2,384	Ford Motor Co.		(27,988	)

	Chemicals – (0.0)%
	2,043	The Dow Chemical Co.		(109,934	)

	Commercial Services & Supplies – (0.0)%
	1,940	Pitney Bowes, Inc.		(34,610	)

	Diversified Telecommunication Services – (0.0)%
	4,256	AT&T, Inc.		(156,578	)
	1,670	Verizon Communications, Inc.		(80,327	)

				(236,905	)

	Electronic Equipment, Instruments & Components – (0.0)%
	2,444	Amphenol Corp. Class A		(161,133	)
	1,230	Belden, Inc.		(79,716	)

				(240,849	)

	Equity Real Estate Investment Trusts (REITs) – (0.0)%
	7,887	DiamondRock Hospitality Co.		(72,166	)
	4,576	Host Hotels & Resorts, Inc.		(70,837	)
	5,979	LaSalle Hotel Properties		(142,001	)
	11,680	Sunstone Hotel Investors, Inc.		(146,701	)

				(431,705	)

	Food & Staples Retailing – (0.1)%
	10,377	Wal-Mart Stores, Inc.		(726,597	)

	Insurance – (0.0)%
	1,688	CNA Financial Corp.		(61,730	)

	Internet & Direct Marketing Retail – (0.0)%
	1,542	Expedia, Inc.		(199,273	)

	Common Stocks Sold Short – (continued)
	Internet Software & Services – (0.3)%
	114,000	Tencent Holdings Ltd.	$	(3,021,265	)

	Machinery – (0.1)%
	7,171	Caterpillar, Inc.		(598,492	)
	2,988	Joy Global, Inc.		(82,080	)

				(680,572	)

	*Marine – (0.0)%**
	844	Kirby Corp.		(49,754	)

	Media – (0.0)%
	1,588	Meredith Corp.		(72,016	)
	20,809	Sirius XM Holdings, Inc.*		(86,773	)

				(158,789	)

	Trading Companies & Distributors – (0.0)%
	138	W.W. Grainger, Inc.		(28,720	)

	TOTAL COMMON STOCKS SOLD SHORT
	(Cost $(6,788,687))		$	(7,035,276	)


	Exchange Traded Funds Sold Short – (2.1)%
	13,234	Consumer Discretionary Select Sector SPDR Fund	$	(1,033,575	)
	6,646	Health Care Select Sector SPDR Fund		(447,675	)
	20,988	Industrial Select Sector SPDR Fund		(1,200,723	)
	10,520	iShares Core Russell U.S. Growth ETF		(436,159	)
	15,289	iShares Russell 2000 ETF		(1,811,747	)
	2,650	iShares US Real Estate ETF		(203,096	)
	12,826	Materials Select Sector SPDR Fund		(599,616	)
	76,391	SPDR S&P 500 ETF Trust		(16,236,907	)
	21,921	SPDR S&P Regional Banking ETF		(959,921	)
	46,232	Technology Select Sector SPDR Fund		(2,192,321	)

	TOTAL EXCHANGE TRADED FUNDS SOLD SHORT
	(Cost $(25,060,164))		$	(25,121,740	)

	TOTAL SECURITIES SOLD SHORT – (2.7)%
	(Cost $(31,848,851))		$	(32,157,016	)

	OTHER ASSETS IN EXCESS OF LIABILITIES – 12.7%			152,609,886

	NET ASSETS – 100.0%		$	1,197,032,050


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		Exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be deemed liquid by an Underlying Manager and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $129,130,228, which represents approximately 10.8% of net assets as of October 31, 2016.
(b)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(c)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on October 31, 2016.
(d)		Security is currently in default.
(e)		Pay-in-kind securities.
(f)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on October 31, 2016.
(g)		All or portion of security is pledged as collateral for short sales. Total market value of securities pledged as collateral on short sales amounts to $33,554,874, which represents approximately 2.8% of net assets as of October 31, 2016.
(h)		A portion of this security is pledged as collateral for initial margin requirements on over the counter swap transactions. Total market value pledged as collateral amounts to $12,014,873, which represents approximately 1.0% of net assets as of October 31, 2016.
(i)		Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. The stated interest rate represents the weighted average interest rate of all contracts within the bank loan facility on October 31, 2016. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(j)		Expiration date occurs on payment date.
(k)		Represents an affiliated fund.
(l)		Joint repurchase agreement was entered into on October 31, 2016. Additional information appears on page 48.



Currency Abbreviations:
AUD		—Australian Dollar
BRL		—Brazilian Real
CAD		—Canadian Dollar
CHF		—Swiss Franc
CNY		—Chinese Yuan Renminbi
EUR		—Euro
GBP		—British Pound
INR		—Indian Rupee
JPY		—Japanese Yen
MXN		—Mexican Peso
NOK		—Norwegian Krone
NZD		—New Zealand Dollar
RUB		—Russian Ruble
SEK		—Swedish Krona
USD		—U.S. Dollar

Investment Abbreviations:
ADR		—American Depositary Receipt
CLO		—Collateralized Loan Obligation
ETF		—Exchange Traded Fund
GDR		—Global Depository Receipt
GO		—General Obligation
GP		—General Partnership
LLC		—Limited Liability Company
LP		—Limited Partnership
PLC		—Public Limited Company
RB		—Revenue Bond
SpA		—Stand-by Purchase Agreement


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

October 31, 2016

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At October 31, 2016 the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:


Borrower	Principal Amount		Current Value		Unrealized Gain (Loss)
Energy & Exploration Partners, Inc.	$	31,571	$	29,677	$	(1,894	)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At October 31, 2016, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
Bank of America Securities LLC	AUD	10,870,000	USD	8,115,495	$	8,257,451		12/23/16	$	141,956
	EUR	1,849,000	USD	2,025,329		2,034,887		12/23/16		9,559
	GBP	1,884,000	USD	2,300,250		2,309,131		12/23/16		8,884
	JPY	24,325,000	USD	232,163		232,483		12/22/16		320
	MXN	5,032,000	USD	260,704		264,653		12/23/16		3,948
	NZD	69,000	USD	49,154		49,243		12/23/16		89
	USD	98,825	AUD	130,000		98,755		12/23/16		70
	USD	27,892,033	CAD	36,726,000		27,392,630		12/23/16		499,405
	USD	19,577,331	CHF	18,972,000		19,234,292		12/23/16		343,039
	USD	43,741,840	EUR	39,550,000		43,526,119		12/23/16		215,722
	USD	22,596,382	GBP	17,220,000		21,105,753		12/23/16		1,490,631
	USD	7,837,403	JPY	805,896,000		7,702,245		12/22/16		135,157
	USD	37,445	MXN	700,000		36,816		12/23/16		629
	USD	53,629	NZD	74,000		52,811		12/23/16		818
Barclays Bank PLC	USD	1,147,245	EUR	1,020,000		1,122,025		12/15/16		25,220
JPMorgan Securities, Inc.	AUD	25,110,712	USD	18,879,617		19,076,449		12/21/16		196,836
	EUR	15,298,235	USD	16,685,838		16,834,281		12/21/16		148,442
	GBP	2,340,190	USD	2,842,711		2,868,070		12/21/16		25,360
	JPY	508,478,064	USD	4,837,981		4,859,424		12/21/16		21,443
	NOK	37,834,554	USD	4,566,464		4,579,650		12/21/16		13,189
	NZD	13,142,792	USD	9,322,532		9,380,123		12/21/16		57,594
	USD	23,352,886	AUD	30,462,429		23,142,114		12/21/16		210,770
	USD	16,615,316	CAD	21,948,590		16,370,348		12/21/16		244,973
	USD	50,157,708	EUR	44,930,712		49,442,054		12/21/16		715,656
	USD	8,101,655	GBP	6,342,560		7,773,260		12/21/16		328,395
	USD	19,055,740	JPY	1,955,481,813		18,688,154		12/21/16		367,585
	USD	25,362,420	NOK	209,367,675		25,342,739		12/21/16		19,681
	USD	8,365,034	NZD	11,690,218		8,343,410		12/21/16		21,624
	USD	31,995,385	SEK	273,858,979		30,401,854		12/21/16		1,593,527
Morgan Stanley & Co. International PLC	USD	1,036,481	CHF	1,017,000		1,028,611		11/17/16		7,870
	USD	4,551,010	EUR	4,090,000		4,492,839		11/17/16		58,172
UBS AG (London)	CNY	177,026,477	USD	26,063,969		26,065,888		11/30/16		1,919
	INR	58,115,249	USD	867,972		870,204		11/01/16		2,231
	USD	289,847	BRL	917,597		284,791		11/30/16		5,055
	USD	1,074,953	RUB	68,130,521		1,066,456		11/30/16		8,496
TOTAL									$	6,924,265


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Bank of America Securities LLC	AUD	17,408,000	USD	13,320,448	$	13,224,075		12/23/16	$	(96,373	)
	CAD	7,702,000	USD	5,839,801		5,744,651		12/23/16		(95,150	)
	CHF	3,967,000	USD	4,099,916		4,021,845		12/23/16		(78,072	)
	EUR	19,201,000	USD	21,601,468		21,131,353		12/23/16		(470,115	)
	GBP	4,216,000	USD	5,354,329		5,167,355		12/23/16		(186,976	)
	JPY	2,719,323,000	USD	26,640,357		25,989,569		12/22/16		(650,788	)
	NZD	12,527,000	USD	9,104,303		8,940,020		12/23/16		(164,283	)
	USD	5,635,460	AUD	7,550,000		5,735,395		12/23/16		(99,935	)
	USD	88,813	CHF	88,000		89,217		12/23/16		(403	)
	USD	7,750,128	EUR	7,090,000		7,802,787		12/23/16		(52,659	)
	USD	2,729,644	GBP	2,233,000		2,736,884		12/23/16		(7,241	)
	USD	310,439	JPY	32,641,000		311,962		12/22/16		(1,523	)
	USD	6,466,216	MXN	125,364,000		6,593,391		12/23/16		(127,176	)
	USD	304,523	NZD	428,000		305,446		12/23/16		(925	)
Barclays Bank PLC	USD	99,138	EUR	91,000		100,102		12/15/16		(964	)
JPMorgan Securities, Inc.	AUD	3,422,015	USD	2,611,490		2,599,684		12/21/16		(11,807	)
	CAD	101,812,988	USD	77,089,624		75,937,181		12/21/16		(1,152,461	)
	EUR	8,168,405	USD	9,183,590		8,988,566		12/21/16		(195,023	)
	GBP	14,262,722	USD	18,264,455		17,479,984		12/21/16		(784,468	)
	JPY	4,249,483,862	USD	41,344,891		40,611,481		12/21/16		(733,411	)
	NOK	126,023,451	USD	15,363,207		15,254,403		12/21/16		(108,801	)
	NZD	36,471,146	USD	26,431,260		26,029,776		12/21/16		(401,484	)
	USD	5,263,083	AUD	6,994,466		5,313,652		12/21/16		(50,569	)
	USD	11,279,037	EUR	10,278,965		11,311,039		12/21/16		(32,005	)
	USD	3,583,052	GBP	2,931,150		3,592,333		12/21/16		(9,282	)
	USD	49,867	JPY	5,226,456		49,948		12/21/16		(81	)
	USD	5,725,012	NZD	8,027,245		5,729,114		12/21/16		(4,103	)
Morgan Stanley & Co. International PLC	CHF	348,000	USD	355,052		351,973		11/17/16		(3,078	)
	EUR	2,325,000	USD	2,587,976		2,553,998		11/17/16		(33,976	)
	USD	713,733	EUR	652,000		716,218		11/17/16		(2,485	)
UBS AG (London)	USD	70,164,107	CNY	476,659,858		70,184,769		11/30/16		(20,662	)
	USD	868,796	INR	58,115,248		870,205		11/01/16		(1,409	)
	USD	567,344	RUB	36,247,608		567,388		11/30/16		(44	)
TOTAL									$	(5,577,732	)

FUTURES CONTRACTS – At October 31, 2016, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Amsterdam Exchanges Index		21		November 2016	$	2,080,281		$	(5,126	)
Australian Dollar		(1	)	December 2016		(75,920	)		(10	)
Australian 3 Year Government Bonds		551		December 2016		47,177,377			(265,616	)
Australian 10 Year Government Bonds		(647	)	December 2016		(65,273,140	)		639,955
Brent Crude		42		November 2016		2,041,620			(204,173	)
British Pound		35		December 2016		2,680,563			16,325
CAC40 Index		(11	)	November 2016		(544,171	)		210
CAC40 Index		73		November 2016		3,611,318			(15,918	)
Canada 10 Year Government Bonds		213		December 2016		22,965,824			(244,871	)


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

October 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)


Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Canadian 3-Month Bankers Acceptance		(115	)	March 2017	$	(21,247,950	)	$	(7,931	)
Canadian Dollar		(22	)	December 2016		(1,639,550	)		476
Cocoa		81		December 2016		2,242,639			(115,490	)
Coffee		33		March 2017		2,073,431			(8,157	)
Copper		75		December 2016		8,232,575			95,681
Copper		(134	)	December 2016		(16,244,150	)		(590,885	)
Corn		(158	)	December 2016		(2,802,525	)		(159,476	)
Cotton No. 2		29		March 2017		1,005,865			(4,672	)
Crude Oil		(83	)	November 2016		(3,889,380	)		263,290
DAX Index		70		December 2016		20,511,189			139,554
DJIA E-Mini Index		(83	)	December 2016		(7,495,730	)		26,350
Euro FX		(57	)	December 2016		(7,828,237	)		(28,834	)
Euro Stoxx 50 Index		29		December 2016		971,915			(1,759	)
Euro Stoxx 50 Index		(151	)	December 2016		(5,060,662	)		(22,233	)
Eurodollars		(1,336	)	September 2017		(330,376,100	)		114,558
Eurodollars		(646	)	December 2017		(159,658,900	)		66,957
FTSE 100 Index		382		December 2016		32,397,805			(68,114	)
FTSE/MIB Index		(74	)	December 2016		(6,948,715	)		(211,543	)
Gasoline RBOB		39		November 2016		2,325,141			(97,410	)
Gold 100 Oz		36		December 2016		4,583,160			(2,779	)
Gold 100 oz		(73	)	December 2016		(9,293,630	)		(69,111	)
Hard Red Winter Wheat		(62	)	December 2016		(1,285,725	)		68,375
Japan 10 Year Government Bonds		14		December 2016		20,253,075			59,664
Japan 10 Year Government Bonds		(21	)	December 2016		(30,379,613	)		21,580
Japanese Yen		16		December 2016		1,909,100			5,595
Low Sulphur Gas Oil		35		December 2016		1,544,375			(94,436	)
MSCI Singapore Index		(87	)	November 2016		(1,927,288	)		18,652
NASDAQ 100 E-Mini Index		266		December 2016		25,518,710			(195,162	)
Natural Gas		146		November 2016		4,417,960			(360,639	)
Nikkei 225 Index		6		December 2016		997,807			14,864
Nikkei 225 Index		(28	)	December 2016		(4,656,432	)		(51,783	)
NY Harbor ULSD		6		November 2016		378,983			(16,659	)
OMXS 30 Index		560		November 2016		8,957,557			(40,238	)
Primary Aluminum		161		December 2016		6,977,338			167,304
Primary Aluminum		(65	)	December 2016		(2,816,937	)		(159,485	)
Russell 2000 Mini Index		100		December 2016		11,893,000			(448,489	)
S&P 500 E-Mini Index		(300	)	December 2016		(31,801,500	)		343,262
S&P Toronto Stock Exchange 60 Index		51		December 2016		6,589,354			(4,693	)
SPI 200 Index		(150	)	December 2016		(15,090,383	)		356,653
Sugar No. 11		81		February 2017		1,956,830			116,808
Swiss Market Index		(49	)	December 2016		(1,548,890	)		(42,509	)
Topix Index		139		December 2016		18,490,035			453,063
Topix Index		(13	)	December 2016		(1,729,284	)		(103,835	)
U.S. Dollar Index Future		62		December 2016		6,102,164			95,768
Wheat		(83	)	December 2016		(1,727,437	)		106,020
Zinc		109		December 2016		6,698,050			416,982
Zinc		(44	)	December 2016		(2,703,800	)		(155,852	)
30 Day Federal Funds Futures		(75	)	December 2016		(31,096,237	)		(2,859	)
3 Month Bank Bills		74		March 2017		56,054,056			(4,853	)


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)


Type	Number of Contracts Long (Short)			Expiration Date		Current Value			Unrealized Gain (Loss)
3 Month Euribor Interest Rate		(233	)		September 2017	$	(64,119,799	)	$	44,494
3 Month Euribor Interest Rate		322			December 2017		88,607,493			(54,416	)
3 Month Euroswiss		(20	)		March 2017		(5,091,708	)		2,175
3 Month Euroyen Future		(5	)		March 2017		(1,191,416	)		887
3 Month Sterling Interest Rate		15			September 2017		2,284,444			(689	)
3 Month Sterling Interest Rate		484			December 2017		73,689,187			(125,207	)
5 Year German Euro-Bobl		338			December 2016		48,647,001			(185,816	)
5 Year German Euro-Bobl		(567	)		December 2016		(81,606,064	)		277,781
10 Year German Euro-Bund		122			December 2016		21,718,704			(192,942	)
10 Year German Euro-Bund		(148	)		December 2016		(26,347,280	)		272,617
2 Year German Euro-Schatz		338			December 2016		41,549,013			(17,489	)
2 Year German Euro-Schatz		(178	)		December 2016		(21,880,841	)		11,308
10 Year Mini Japanese Government Bonds		12			December 2016		1,735,749			424
10 Year U.K. Long Gilt		280			December 2016		42,956,549			(983,231	)
10 Year U.K. Long Gilt		(100	)		December 2016		(15,341,625	)		2,209
2 Year U.S. Treasury Notes		(741	)		December 2016		(161,642,204	)		46,212
5 Year U.S. Treasury Notes		368			December 2016		44,453,250			(968	)
5 Year U.S. Treasury Notes		(419	)		December 2016		(50,613,891	)		(8,739	)
10 Year U.S. Treasury Notes		1,236			December 2016		160,216,500			(921,030	)
20 Year U.S. Treasury Bonds		219			December 2016		35,635,406			(508,115	)
TOTAL									$	(2,538,189	)

SWAP CONTRACTS — At October 31, 2016, the Fund had the following swap contracts:

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


												Market Value
Counterparty	Referenced Obligation^(a)	Notional Amount (000s)		Rates Received (Paid)			Termination Date		Credit Spread at October 31, 2016^(a)			Upfront Payments Made (Received)		Unrealized Gain (Loss)
Protection Purchased:
Bank of America Securities LLC	Macy’s, Inc., 7.450%, 07/15/17	$	95		(1.000	)%		06/20/21		2.170	%	$	6,054	$	(3,185	)
Barclays Bank PLC	BHP Billiton, Ltd., 6.500%, 04/01/19		625		(1.000	)		12/20/20		0.853			25,634		(30,042	)
	Nordstrom, Inc., 6.950%, 03/15/28		1,318		(1.000	)		12/20/20		1.154			16,437		(9,843	)
	Nordstrom, Inc., 6.950%, 03/15/28		47		(1.000	)		12/20/20		1.154			1,136		(902	)
	Macy’s, Inc., 7.450%, 07/15/17		55		(1.000	)		06/20/21		1.714			3,558		(1,897	)
JPMorgan Securities, Inc.	Macy’s, Inc., 7.450%, 07/15/17		1,285		(1.000	)		12/20/20		1.457			68,397		(46,600	)
	Nordstrom, Inc., 6.950%, 03/15/28		555		(1.000	)		12/20/20		1.154			11,547		(8,770	)
	Nordstrom, Inc., 6.950%, 03/15/28		265		(1.000	)		06/20/21		1.382			7,907		(3,730	)
	Macy’s, Inc., 7.450%, 07/15/17		60		(1.000	)		06/20/21		1.714			3,360		(1,548	)
	Rio Tinto Ltd., 6.500%, 07/15/18		290		(1.000	)		06/20/21		1.080			10,419		(9,726	)
	Rio Tinto Ltd., 6.500%, 07/15/18		1,200		(1.000	)		06/20/21		1.080			53,250		(50,382	)
	BHP Billiton, Ltd., 6.500%, 04/01/19		850		(1.000	)		06/20/21		0.980			30,638		(32,400	)
TOTAL												$	238,337	$	(199,025	)

(a)

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 the 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.


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

October 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAPS#


						Market Value
Counterparty	Notional Amount (000s)			Reference Security	Termination Date	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc.	$	4		3M Co	7/6/2018 - 8/9/2018	$	—	$	(16,367	)
		1		ABC-Mart Inc	8/20/2018 - 9/18/2018		—		(1,150	)
		106		Abertis Infraestructuras SA	7/2/2018 - 10/9/2018		—		(23,591	)
		16		ABIOMED Inc	6/29/2018 - 8/9/2018		—		(366,185	)
		4		Acacia Communications Inc	8/20/2018 - 10/31/2018		—		73,160
		39		Acadia Healthcare Co Inc	7/2/2018 - 10/31/2018		—		312,073
		16		ACADIA Pharmaceuticals Inc	6/29/2018 - 10/19/2018		—		37,323
		3		Acciona SA	10/9/2018		—		5,368
		241		Acom Co Ltd	7/27/2018 - 10/11/2018		—		(39,624	)
		54		ACS Actividades de Construccion y Servicios SA	7/6/2018 - 7/27/2018		—		59,356
		48		Activision Blizzard Inc	6/29/2018 - 8/9/2018		—		7,783
		5		Acuity Brands Inc	7/2/2018 - 10/31/2018		—		112,717
		50		Admiral Group PLC	6/29/2018 - 10/31/2018		—		47,511
		9		Advance Auto Parts Inc	9/14/2018 - 10/31/2018		—		64,457
		48		Advanced Micro Devices Inc	6/29/2018 - 8/17/2018		—		28,452
		8		AerCap Holdings NV	9/14/2018 - 10/9/2018		—		4,509
		27		AGCO Corp	6/29/2018 - 9/4/2018		—		(25,355	)
		1		Ageas	10/19/2018		—		28
		7		Agilent Technologies Inc	6/29/2018 - 10/9/2018		—		12,493
		57		AGL Energy Ltd	8/7/2018 - 9/14/2018		—		11,062
		10		Airbus Group SE	9/27/2018		—		(15,710	)
		15		Ajinomoto Co Inc	11/1/2018 - 11/1/2018		—		(2,594	)
		11		Akamai Technologies Inc	9/4/2018		—		171,242
		68		Akorn Inc	6/29/2018 - 9/4/2018		—		(205,388	)
		20		Akzo Nobel NV	6/29/2018 - 7/26/2018		—		(31,962	)
		5		Albemarle Corp	9/27/2018		—		(12,683	)
		16		Alfresa Holdings Corp	7/27/2018 - 9/4/2018		—		6,758
		7		Align Technology Inc	6/29/2018 - 8/9/2018		—		(30,981	)
		7		Alimentation Couche-Tard Inc	10/9/2018		—		(8,122	)
		66		Ally Financial Inc	9/4/2018 - 10/19/2018		—		(92,372	)
		1		Alphabet Inc	8/9/2018		—		1,377
		10		Altria Group Inc	6/29/2018 - 8/9/2018		—		34,918
		1,152		Alumina Ltd	7/16/2018 - 9/14/2018		—		(122,350	)
		—	*	Amazon.com Inc	10/31/2018		—		(7,707	)
		13		AMC Entertainment Holdings Inc	10/31/2018		—		(5,708	)
		158		Amcor Ltd/Australia	9/4/2018 - 10/31/2018		—		49,168
		2		AMERCO	9/4/2018 - 9/14/2018		—		24,399
		110		American Eagle Outfitters Inc	7/16/2018 - 8/9/2018		—		(74,244	)
		3		Amphenol Corp	10/31/2018		—		(1,180	)
		10		ANDRITZ AG	6/29/2018 - 7/16/2018		—		10,604
		28		Anglo American PLC	6/29/2018 - 10/31/2018		—		(61,587	)
		267		Antofagasta PLC	6/29/2018 - 10/31/2018		—		(25,387	)
		10		AO Smith Corp	10/9/2018 - 10/31/2018		—		(42,241	)
		6		Aon PLC	9/4/2018 - 9/14/2018		—		(2,676	)
		—	*	AP Moller - Maersk A/S	10/19/2018		—		(26,703	)
		16		Apache Corp	9/4/2018 - 9/27/2018		—		47,580
		6		APERAM SA	8/6/2018 - 10/19/2018		—		1,980
		3		Apple Inc	8/9/2018		—		10,253


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAPS (continued)#


					Market Value
Counterparty	Notional Amount (000s)		Reference Security	Termination Date	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)	$	43	Aqua America Inc	10/9/2018 - 10/19/2018	$	—	$	(47,477	)
		119	ArcelorMittal	6/29/2018 - 10/19/2018		—		(66,628	)
		41	Aristocrat Leisure Ltd	6/29/2018 - 7/26/2018		—		(11,045	)
		4	Arkema SA	6/29/2018 - 7/26/2018		—		14,848
		198	Asahi Glass Co Ltd	7/2/2018 - 10/22/2018		—		119,381
		30	Ashtead Group PLC	9/14/2018 - 10/19/2018		—		17,188
		14	Asics Corp	7/2/2018 - 10/11/2018		—		(13,814	)
		43	Aspen Technology Inc	9/4/2018		—		134,805
		98	Assa Abloy AB	6/29/2018 - 10/31/2018		—		147,427
		27	Associated British Foods PLC	10/19/2018		—		4,006
		123	Astellas Pharma Inc	7/2/2018 - 9/6/2018		—		2,586
		15	AT&T Inc	6/29/2018 - 8/9/2018		—		(31,324	)
		18	Atco Ltd/Canada	10/9/2018		—		6,981
		24	Atlas Copco AB	6/29/2018 - 8/9/2018		—		24,518
		39	Atlassian Corp PLC	6/29/2018 - 9/27/2018		—		(44,952	)
		2	Atos SE	6/29/2018 - 7/26/2018		—		(2,012	)
		80	Aurizon Holdings Ltd	10/9/2018		—		10,113
		18	Avery Dennison Corp	7/26/2018 - 10/19/2018		—		(117,641	)
		28	Avis Budget Group Inc	8/17/2018 - 10/9/2018		—		2,167
		103	Aviva PLC	6/29/2018 - 7/26/2018		—		9,035
		15	B&G Foods Inc	7/16/2018 - 10/9/2018		—		80,245
		79	Banco Bilbao Vizcaya Argentaria SA	10/19/2018		—		(72,314	)
		754	Banco Popular Espanol SA	8/10/2018 - 10/19/2018		—		80,414
		56	Banco Santander SA	7/2/2018		—		(27,992	)
		56	Banco Santander SA	10/22/2018		—		(3,105	)
		23	Bandai Namco Holdings Inc	8/13/2018 - 9/28/2018		—		11,831
		330	Bank Leumi Le-Israel BM	6/29/2018 - 7/27/2018		—		(15,171	)
		10	Bank of Montreal	7/6/2018 - 8/9/2018		—		9,363
		27	Bank of New York Mellon Corp/The	6/29/2018 - 7/26/2018		—		88,716
		17	Bank of the Ozarks Inc	10/9/2018		—		25,085
		17	Barrick Gold Corp	10/31/2018		—		16,819
		405	BBA Aviation PLC	10/9/2018 - 10/19/2018		—		(17,586	)
		14	BCE Inc	6/29/2018 - 8/9/2018		—		16,092
		13	Bed Bath & Beyond Inc	6/29/2018 - 10/9/2018		—		(23,870	)
		26	Bellway PLC	10/9/2018 - 10/31/2018		—		18,085
		41	Berkeley Group Holdings PLC	7/26/2018 - 10/31/2018		—		25,205
		3	Berkshire Hathaway Inc	7/6/2018 - 8/9/2018		—		(2,159	)
		18	Best Buy Co Inc	6/29/2018 - 7/26/2018		—		(15,609	)
		239	Bezeq The Israeli Telecommunication Corp Ltd	8/10/2018		—		(5,974	)
		101	BHP Billiton Ltd	6/29/2018 - 10/31/2018		—		(37,136	)
		12	BillerudKorsnas AB	9/14/2018 - 9/27/2018		—		(9,930	)
		2	Biogen Inc	6/29/2018 - 9/27/2018		—		(22,691	)
		22	Black Hills Corp	7/16/2018 - 9/4/2018		—		(88,333	)
		20	Blackbaud Inc	6/29/2018 - 10/19/2018		—		52,691
		18	BLACKBERRY LTD	7/2/2018 - 7/16/2018		—		9,774
		20	BOK Financial Corp	6/29/2018 - 7/26/2018		—		(22,014	)


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

October 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAPS (continued)#


						Market Value
Counterparty	Notional Amount (000s)			Reference Security	Termination Date	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)	$	50		Boliden AB	6/29/2018 - 9/27/2018	$	—	$	(5,845	)
		1,407		Bombardier Inc	7/5/2018 - 10/19/2018		—		7,715
		396		Booker Group PLC	7/26/2018 - 8/6/2018		—		22,304
		10		Boskalis Westminster	6/29/2018 - 7/26/2018		—		(23,339	)
		—	*	bpost SA	7/5/2018		—		(104	)
		135		Brambles Ltd	7/26/2018 - 9/14/2018		—		(37,441	)
		3		Brembo SpA	7/5/2018		—		14,933
		17		Bristol-Myers Squibb Co	6/29/2018 - 7/26/2018		—		(21,638	)
		10		British American Tobacco PLC	7/27/2018 - 9/4/2018		—		22,804
		12		Broadcom Ltd	6/29/2018 - 8/9/2018		—		2,339
		7		Brookfield Asset Management Inc	10/31/2018		—		2,548
		86		Bruker Corp	7/6/2018 - 9/27/2018		—		(40,976	)
		8		Brunswick Corp/DE	10/31/2018		—		(27,516	)
		69		BT Group PLC	8/9/2018		—		(7,161	)
		183		BTG PLC	6/29/2018 - 8/17/2018		—		(59,759	)
		42		Bunzl PLC	7/16/2018 - 10/9/2018		—		60,531
		36		Burberry Group PLC	7/5/2018 - 9/14/2018		—		(10,519	)
		22		Buzzi Unicem SpA	6/29/2018 - 7/16/2018		—		1,275
		16		BWX Technologies Inc	7/26/2018 - 10/31/2018		—		18,975
		1		Cable One Inc	7/16/2018 - 9/4/2018		—		(7,114	)
		37		Cabot Corp	8/6/2018 - 10/31/2018		—		32,287
		30		Cadence Design Systems Inc	6/29/2018 - 7/16/2018		—		(5,358	)
		76		CAE Inc	10/31/2018		—		12,982
		237		CaixaBank SA	7/2/2018 - 8/10/2018		—		(101,960	)
		23		Calbee Inc	11/1/2018		—		16,762
		4		Cameco Corp	7/6/2018		—		127
		6		Canadian Imperial Bank of Commerce/Canada	6/29/2018 - 8/9/2018		—		8,752
		11		Canadian Pacific Railway Ltd	6/29/2018 - 10/31/2018		—		81,177
		23		Canon Inc	7/6/2018 - 8/10/2018		—		(3,749	)
		222		Capita PLC	7/16/2018 - 10/19/2018		—		(53,700	)
		10		Cargotec Oyj	8/17/2018		—		(46,527	)
		36		CarMax Inc	6/29/2018 - 10/19/2018		—		57,125
		38		Casio Computer Co Ltd	9/4/2018 - 10/22/2018		—		6,650
		7		CCL Industries Inc	9/4/2018 - 10/31/2018		—		38,698
		26		CenterPoint Energy Inc	6/29/2018 - 10/19/2018		—		11,919
		10		Central Japan Railway Co	7/2/2018 - 10/22/2018		—		50,176
		497		Centrica PLC	6/29/2018 - 10/19/2018		—		56,047
		31		CenturyLink Inc	6/29/2018 - 10/19/2018		—		(30,149	)
		10		Cerner Corp	9/4/2018		—		(24,220	)
		62		CF Industries Holdings Inc	7/2/2018 - 10/31/2018		—		(55,234	)
		34		CGI Group Inc	6/29/2018 - 10/19/2018		—		25,668
		41		Challenger Ltd/Australia	10/31/2018		—		8,674
		14		Charles River Laboratories International Inc	6/29/2018 - 7/26/2018		—		(66,997	)
		8		Charter Communications Inc	6/29/2018 - 8/9/2018		—		56,130
		29		Chemical Financial Corp	9/14/2018 - 10/9/2018		—		41,064
		46		Cheniere Energy Inc	6/29/2018 - 10/31/2018		—		180,907


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAPS (continued)#


						Market Value
Counterparty	Notional Amount (000s)			Reference Security	Termination Date	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)	$	135		Chesapeake Energy Corp	7/26/2018	$	—	$	(105,803	)
		6		Chevron Corp	7/6/2018 - 10/19/2018		—		17,830
		34		Chicago Bridge & Iron Co NV	7/2/2018 - 8/17/2018		—		(139,906	)
		3		Chipotle Mexican Grill Inc	7/26/2018 - 8/17/2018		—		185,814
		—	*	Chocoladefabriken Lindt & Spruengli AG	6/29/2018 - 10/31/2018		—		47,283
		16		Chr Hansen Holding A/S	6/29/2018 - 9/4/2018		—		(35,066	)
		7		Christian Dior SE	7/26/2018 - 9/27/2018		—		44,346
		87		Chubu Electric Power Co Inc	7/27/2018 - 10/11/2018		—		79,014
		28		Chugai Pharmaceutical Co Ltd	8/8/2018 - 11/1/2018		—		28,907
		106		Chugoku Electric Power Co Inc/The	7/2/2018 - 8/8/2018		—		(13,346	)
		22		Cie Financiere Richemont SA	6/29/2018 - 7/26/2018		—		30,056
		—	*	CIMIC Group Ltd	10/31/2018		—		(80	)
		3		Cinemark Holdings Inc	10/31/2018		—		(258	)
		55		Citizens Financial Group Inc	6/29/2018 - 7/26/2018		—		65,458
		23		Citrix Systems Inc	6/29/2018 - 8/9/2018		—		32,526
		3		Clorox Co/The	10/9/2018		—		3,400
		26		CLP Holdings Ltd	6/29/2018		—		7,924
		15		CNA Financial Corp	10/9/2018		—		12,477
		29		CNH Industrial NV	7/5/2018		—		(11,911	)
		532		Cobham PLC	8/6/2018 - 10/9/2018		—		143,656
		206		Coca-Cola Amatil Ltd	7/16/2018 - 10/9/2018		—		(38,385	)
		15		Coca-Cola Co/The	6/29/2018 - 8/9/2018		—		8,926
		34		Coca-Cola European Partners PLC	7/26/2018		—		(17,646	)
		59		Coca-Cola HBC AG	6/29/2018 - 7/26/2018		—		(37,051	)
		47		Coca-Cola West Co Ltd	7/2/2018 - 7/27/2018		—		69,133
		9		Cochlear Ltd	7/16/2018 - 9/27/2018		—		(55,722	)
		12		Coloplast A/S	6/29/2018 - 10/19/2018		—		(17,980	)
		20		Colruyt SA	7/16/2018 - 7/26/2018		—		18,813
		9		Comcast Corp	6/29/2018 - 9/27/2018		—		(28,788	)
		11		Commonwealth Bank of Australia	8/9/2018		—		(3,589	)
		2		Concho Resources Inc	7/26/2018		—		25,781
		4		Constellation Software Inc/Canada	6/29/2018 - 10/31/2018		—		84,941
		12		Core Laboratories NV	6/29/2018 - 10/31/2018		—		168,767
		—	*	Costco Wholesale Corp	6/29/2018		—		(325	)
		3		Cotiviti Holdings Inc	9/14/2018		—		(9,642	)
		80		Coty Inc	10/19/2018 - 10/31/2018		—		25,870
		3		Crane Co	10/31/2018		—		1,449
		6		Credit Acceptance Corp	6/29/2018 - 10/19/2018		—		45,778
		11		Credit Saison Co Ltd	8/22/2018		—		(6,409	)
		93		Crescent Point Energy Corp	6/29/2018 - 10/31/2018		—		(96,089	)
		67		Crown Resorts Ltd	10/31/2018		—		14,243
		2		CSL Ltd	7/5/2018		—		(6,208	)
		33		CSRA Inc	7/2/2018 - 7/26/2018		—		28,099
		20		Curtiss-Wright Corp	6/29/2018 - 10/19/2018		—		49,472


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

October 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAPS (continued)#


						Market Value
Counterparty	Notional Amount (000s)			Reference Security	Termination Date	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)	$	56		CyberAgent Inc	7/2/2018 - 10/3/2018	$	—	$	12,407
		41		Cypress Semiconductor Corp	7/27/2018 - 8/9/2018		—		38,585
		126		Dai Nippon Printing Co Ltd	8/8/2018 - 10/11/2018		—		64,568
		21		Darden Restaurants Inc	6/29/2018 - 9/4/2018		—		53,424
		—	*	Dassault Aviation SA	10/31/2018		—		(5,850	)
		17		Davide Campari-Milano SpA	6/29/2018 - 7/16/2018		—		6,725
		10		DaVita HealthCare Partners Inc	7/26/2018 - 9/27/2018		—		(41,231	)
		1		DexCom Inc	10/19/2018		—		(4,141	)
		8		DiaSorin SpA	7/5/2018 - 7/16/2018		—		(20,043	)
		23		Dick’s Sporting Goods Inc	6/29/2018 - 10/31/2018		—		(27,179	)
		148		Direct Line Insurance Group PLC	7/16/2018 - 7/26/2018		—		(20,990	)
		206		Distribuidora Internacional de Alimentacion SA	7/2/2018 - 8/8/2018		—		161,344
		5		DKSH Holding AG	7/26/2018 - 8/6/2018		—		6,445
		14		Dolby Laboratories Inc	6/29/2018 - 8/17/2018		—		(70,195	)
		18		Dollar General Corp	10/31/2018		—		(12,603	)
		2		Dollarama Inc	6/29/2018 - 8/9/2018		—		(1,847	)
		24		Domino’s Pizza Enterprises Ltd	6/29/2018 - 10/19/2018		—		54,388
		1		dorma+kaba Holding AG	9/14/2018 - 10/19/2018		—		(7,683	)
		8		DST Systems Inc	10/31/2018		—		(24,978	)
		27		DSV A/S	6/29/2018 - 10/19/2018		—		(21,226	)
		21		Dunkin’ Brands Group Inc	6/29/2018 - 7/26/2018		—		61,150
		46		E*TRADE Financial Corp	6/29/2018 - 10/31/2018		—		(21,132	)
		93		easyJet PLC	8/9/2018 - 10/31/2018		—		(54,247	)
		6		EchoStar Corp	7/26/2018 - 8/6/2018		—		6,758
		56		Edenred	6/29/2018 - 10/19/2018		—		(26,713	)
		8		Edgewell Personal Care Co	8/9/2018		—		17,863
		108		EDP - Energias de Portugal SA	7/16/2018 - 7/26/2018		—		12,984
		55		Electrolux AB	7/26/2018 - 10/31/2018		—		(33,015	)
		235		Element Financial Corp	6/29/2018 - 10/19/2018		—		25,584
		4		Eli Lilly & Co	7/26/2018		—		25,966
		13		Ellie Mae Inc	10/9/2018 - 10/19/2018		—		(71,404	)
		23		EMCOR Group Inc	7/16/2018 - 10/31/2018		—		65,222
		65		Empire Co Ltd	7/16/2018 - 7/26/2018		—		19,714
		2		EMS-Chemie Holding AG	6/29/2018 - 7/26/2018		—		21,832
		18		Enagas SA	7/2/2018 - 9/17/2018		—		(9,956	)
		55		Encana Corp	7/6/2018 - 8/9/2018		—		78,573
		36		Endo International PLC	10/19/2018		—		(48,280	)
		51		Enel SpA	7/26/2018 - 7/26/2018		—		7,320
		19		Energen Corp	9/27/2018 - 10/19/2018		—		(155,219	)
		10		Energizer Holdings Inc	7/26/2018 - 10/31/2018		—		(17,567	)
		7		EnerSys	8/17/2018 - 9/4/2018		—		(16,237	)
		28		EPAM Systems Inc	7/2/2018 - 10/31/2018		—		8,205
		10		Equifax Inc	6/29/2018 - 10/19/2018		—		59,996
		33		Erste Group Bank AG	6/29/2018 - 7/26/2018		—		68,083
		21		Eurazeo SA	9/27/2018 - 10/9/2018		—		(36,582	)
		—	*	Eurofins Scientific SE	9/27/2018		—		203
		37		Exelixis Inc	9/27/2018		—		(49,570	)


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAPS (continued)#


						Market Value
Counterparty	Notional Amount (000s)			Reference Security	Termination Date	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)	$	7		Exxon Mobil Corp	7/6/2018 - 8/9/2018	$	—	$	(28,605	)
		16		F5 Networks Inc	6/29/2018 - 10/19/2018		—		330,523
		5		FactSet Research Systems Inc	10/19/2018 - 10/31/2018		—		1,606
		14		Fair Isaac Corp	8/6/2018 - 10/31/2018		—		(2,092	)
		8		FANUC Corp	7/2/2018 - 8/20/2018		—		(45,368	)
		17		Fastenal Co	10/9/2018 - 10/31/2018		—		(7,011	)
		10		Federated Investors Inc	10/9/2018		—		(10,988	)
		96		Ferrovial SA	7/2/2018 - 10/19/2018		—		44,097
		96		FERROVIAL SA	11/2/2018		—		(40,925	)
		49		Fingerprint Cards AB	6/29/2018 - 10/31/2018		—		(17,187	)
		26		Finisar Corp	9/27/2018 - 10/9/2018		—		(64,971	)
		78		Finning International Inc	9/14/2018 - 10/31/2018		—		(38,499	)
		4		First Citizens BancShares Inc/NC	10/9/2018 - 10/19/2018		—		(14,773	)
		44		First Data Corp	7/2/2018 - 10/9/2018		—		(28,844	)
		14		First Solar Inc	9/27/2018		—		(30,607	)
		19		Fisher & Paykel Healthcare Corp Ltd	6/29/2018		—		(9,061	)
		8		FleetCor Technologies Inc	6/29/2018 - 8/6/2018		—		(27,937	)
		17		Fletcher Building Ltd	6/29/2018		—		563
		94		Flex Ltd	9/4/2018 - 9/14/2018		—		33,500
		82		Flowers Foods Inc	10/31/2018		—		(8,073	)
		—	*	Flughafen Zuerich AG	7/5/2018		—		(502	)
		4		FMC Corp	7/2/2018 - 8/9/2018		—		(2,335	)
		9		Foot Locker Inc	7/6/2018 - 8/9/2018		—		(17,268	)
		172		Fortescue Metals Group Ltd	9/4/2018 - 10/9/2018		—		84,426
		13		Fortive Corp	7/5/2018 - 8/9/2018		—		26,998
		79		Fortum OYJ	7/26/2018 - 9/4/2018		—		(47,843	)
		9		Franco-Nevada Corp	7/6/2018 - 10/19/2018		—		(17,544	)
		11		Frank’s International NV	7/6/2018 - 7/26/2018		—		(17,800	)
		44		Freeport-McMoRan Inc	6/29/2018 - 10/19/2018		—		(53,294	)
		182		Frontier Communications Corp	6/29/2018 - 10/31/2018		—		3,117
		191		Fuji Electric Co Ltd	7/17/2018 - 9/28/2018		—		51,410
		268		Fujitsu Ltd	7/2/2018 - 7/27/2018		—		166,454
		2		Galenica AG	7/16/2018 - 8/20/2018		—		(40,182	)
		33		Gap Inc/The	6/29/2018 - 9/27/2018		—		31,269
		1		Garmin Ltd	8/17/2018 - 10/9/2018		—		114
		1		Geberit AG	6/29/2018 - 10/9/2018		—		4,561
		23		General Electric Co	7/6/2018 - 10/19/2018		—		6,075
		2		Genmab A/S	8/20/2018		—		1,733
		1		Georg Fischer AG	6/29/2018 - 8/17/2018		—		17,543
		13		George Weston Ltd	6/29/2018 - 10/31/2018		—		(5,649	)
		18		Gildan Activewear Inc	9/14/2018 - 10/9/2018		—		31,353
		68		Gjensidige Forsikring ASA	6/29/2018 - 8/17/2018		—		49,965
		35		GlaxoSmithKline PLC	7/5/2018 - 10/31/2018		—		32,235
		76		Glencore PLC	7/5/2018		—		(18,162	)
		26		Global Payments Inc	8/9/2018 - 10/31/2018		—		34,061
		74		GN Store Nord A/S	8/17/2018 - 10/31/2018		—		(66,132	)
		15		Groupon Inc	8/9/2018 - 10/31/2018		—		(37,079	)
		45		GrubHub Inc	8/6/2018 - 10/19/2018		—		101,945


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

October 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAPS (continued)#


						Market Value
Counterparty	Notional Amount (000s)			Reference Security	Termination Date	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)	$	1		Guidewire Software Inc	6/29/2018 - 7/16/2018	$	—	$	896
		69		GungHo Online Entertainment Inc	7/19/2018		—		16,598
		14		H Lundbeck A/S	6/29/2018 - 10/31/2018		—		183
		11		Hain Celestial Group Inc/The	10/31/2018		—		7,128
		68		Halma PLC	6/29/2018 - 10/31/2018		—		39,282
		44		Hamamatsu Photonics KK	7/2/2018 - 7/27/2018		—		(6,755	)
		54		Hanesbrands Inc	6/29/2018 - 10/31/2018		—		(29,933	)
		90		Hargreaves Lansdown PLC	7/26/2018 - 10/31/2018		—		35,591
		16		Harman International Industries Inc	10/19/2018 - 10/31/2018		—		(13,401	)
		12		Hartford Financial Services Group Inc/The	6/29/2018 - 9/14/2018		—		8,503
		6		Harvey Norman Holdings Ltd	10/19/2018		—		(381	)
		9		Hawaiian Electric Industries Inc	10/31/2018		—		4,938
		538		Healthscope Ltd	6/29/2018 - 9/27/2018		—		295,113
		31		HealthSouth Corp	6/29/2018 - 9/27/2018		—		(4,133	)
		19		HEICO Corp	8/6/2018 - 10/19/2018		—		(19,838	)
		6		Heineken Holding NV	7/5/2018 - 10/31/2018		—		(8,998	)
		18		Heineken NV	6/29/2018 - 8/9/2018		—		(55,554	)
		7		Helmerich & Payne Inc	10/19/2018		—		42,594
		—	*	Helvetia Holding AG	7/16/2018		—		(860	)
		22		Hennes & Mauritz AB	6/29/2018 - 8/9/2018		—		(10,835	)
		30		Herbalife Ltd	6/29/2018 - 10/31/2018		—		61
		1		Hermes International	10/19/2018		—		2,712
		—	*	Hirose Electric Co Ltd	7/27/2018		—		(2,199	)
		3		Hisamitsu Pharmaceutical Co Inc	7/2/2018 - 8/10/2018		—		17,646
		58		Hitachi Chemical Co Ltd	7/2/2018 - 8/8/2018		—		18,919
		28		Hitachi Construction Machinery Co Ltd	9/28/2018 - 10/22/2018		—		25,051
		181		Hitachi Ltd	7/2/2018 - 10/12/2018		—		65,254
		47		Home BancShares Inc/AR	8/17/2018 - 9/4/2018		—		(50,336	)
		14		Hoshizaki Electric Co Ltd	7/2/2018 - 8/20/2018		—		(28,326	)
		16		Hoya Corp	8/10/2018 - 9/6/2018		—		37,872
		7		Huntington Ingalls Industries Inc	6/29/2018 - 9/27/2018		—		34,932
		7		Huntsman Corp	10/31/2018		—		3,347
		6		Husky Energy Inc	9/14/2018		—		7,624
		33		Husqvarna AB	7/26/2018 - 9/14/2018		—		(21,886	)
		8		IAC/InterActiveCorp	9/4/2018		—		18,957
		4,640		iBoxx USD Liquid High Yield Index^	09/20/2016		—		(74,809	)
		4,079		iBoxx USD Liquid High Yield Index^	12/20/2016		—		(63,985	)
		2,290		iBoxx USD Liquid High Yield Index^	03/20/2017		—		(5,365	)
		7		ICON PLC	10/31/2018		—		(10,574	)
		6		IDEXX Laboratories Inc	7/6/2018 - 9/27/2018		—		(29,441	)
		131		IHI Corp	8/8/2018 - 9/18/2018		—		(24,133	)
		1		Iliad SA	6/29/2018		—		(9,242	)


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAPS (continued)#


						Market Value
Counterparty	Notional Amount (000s)			Reference Security	Termination Date	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)	$	—	*	Illinois Tool Works Inc	7/6/2018	$	—	$	(1,352	)
		4		Illumina Inc	6/29/2018 - 10/19/2018		—		(997	)
		48		Inchcape PLC	7/16/2018 - 7/26/2018		—		(12,225	)
		454		Incitec Pivot Ltd	6/29/2018 - 9/27/2018		—		(27,300	)
		7		Incyte Corp	6/29/2018 - 8/20/2018		—		(20,465	)
		4		Industria de Diseno Textil SA	7/6/2018		—		(912	)
		12		Industrial Alliance Insurance & Financial Services Inc	7/16/2018 - 9/27/2018		—		15,341
		10		Ingredion Inc	6/29/2018 - 8/6/2018		—		(25,668	)
		7		Interactive Brokers Group Inc	10/19/2018		—		19,049
		12		International Consolidated Airlines Group SA	7/5/2018		—		(9,486	)
		61		International Game Technology PLC	7/26/2018 - 8/6/2018		—		135,901
		56		Interpublic Group of Cos Inc/The	7/16/2018 - 10/9/2018		—		(13,872	)
		6		Intuit Inc	6/29/2018 - 8/9/2018		—		8,963
		123		Investec PLC	6/29/2018 - 7/26/2018		—		58,018
		7		Ipsen SA	7/16/2018		—		(4,099	)
		40		Israel Chemicals Ltd	8/10/2018		—		7,546
		34		ISS A/S	6/29/2018 - 7/26/2018		—		(10,213	)
		32		Isuzu Motors Ltd	7/17/2018 - 9/4/2018		—		(41,459	)
		16		Itochu Techno-Solutions Corp	10/22/2018 - 11/1/2018		—		(13,884	)
		40		ITV PLC	8/9/2018		—		(220	)
		13		Izumi Co Ltd	7/17/2018 - 8/20/2018		—		(51,041	)
		46		Japan Airlines Co Ltd	7/2/2018 - 10/22/2018		—		52,377
		33		Japan Airport Terminal Co Ltd	7/17/2018 - 10/22/2018		—		(78,526	)
		18		Japan Exchange Group Inc	10/22/2018		—		(3,927	)
		52		Japan Post Bank Co Ltd	11/1/2018		—		3,890
		12		Japan Tobacco Inc	10/22/2018		—		(16,969	)
		4		Jardine Strategic Holdings Ltd	7/2/2018 - 7/5/2018		—		5,505
		16		Jazz Pharmaceuticals PLC	6/29/2018 - 10/31/2018		—		(177,142	)
		43		JCDecaux SA	8/6/2018 - 10/31/2018		—		(23,627	)
		23		JD Sports Fashion PLC	10/9/2018		—		(18,719	)
		113		Jeronimo Martins SGPS SA	6/29/2018 - 10/31/2018		—		(24,634	)
		104		JetBlue Airways Corp	6/29/2018 - 10/31/2018		—		(26,292	)
		36		John Wiley & Sons Inc	7/16/2018 - 10/9/2018		—		18,443
		26		John Wood Group PLC	10/31/2018		—		(4,449	)
		11		Johnson & Johnson	6/29/2018 - 10/31/2018		—		21,124
		31		Johnson Matthey PLC	6/29/2018 - 7/26/2018		—		(27,773	)
		48		JTEKT Corp	7/2/2018 - 9/18/2018		—		(4,497	)
		31		Julius Baer Group Ltd	8/6/2018 - 10/9/2018		—		11,310
		293		Just Eat PLC	6/29/2018 - 10/31/2018		—		(83,087	)
		32		Kakaku.com Inc	9/6/2018 - 11/1/2018		—		(1,653	)
		12		Kaken Pharmaceutical Co Ltd	7/2/2018 - 11/1/2018		—		21,534
		8		Kao Corp	11/1/2018		—		(27,879	)
		210		Keihan Holdings Co Ltd	7/2/2018 - 11/1/2018		—		(4,765	)
		128		Keikyu Corp	7/2/2018 - 8/8/2018		—		(3,388	)
		28		Keio Corp	7/27/2018 - 9/18/2018		—		158
		105		Keppel Corp Ltd	7/2/2018 - 7/9/2018		—		8,724


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

October 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAPS (continued)#


					Market Value
Counterparty	Notional Amount (000s)		Reference Security	Termination Date	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)	$	29	Kesko OYJ	6/29/2018 - 9/4/2018	$	—	$	(78,017	)
		26	Kewpie Corp	11/1/2018		—		6,321
		3	Keyence Corp	7/2/2018 - 8/10/2018		—		6,194
		39	Keyera Corp	6/29/2018 - 10/19/2018		—		33,420
		24	Kinder Morgan Inc/DE	8/9/2018		—		4,634
		292	Kingfisher PLC	7/16/2018 - 7/26/2018		—		1,609
		77	Kirin Holdings Co Ltd	7/27/2018 - 9/4/2018		—		71,702
		42	Kohl’s Corp	8/17/2018 - 10/9/2018		—		(94,134	)
		14	Koito Manufacturing Co Ltd	7/27/2018 - 9/4/2018		—		(33,791	)
		16	Komatsu Ltd	9/28/2018		—		(6,192	)
		23	Konami Holdings Corp	7/2/2018 - 7/27/2018		—		25,079
		13	Kone OYJ	6/29/2018 - 8/9/2018		—		(33,471	)
		7	Koninklijke Philips NV	6/29/2018 - 8/17/2018		—		8,499
		14	Koninklijke Vopak NV	10/31/2018		—		3,568
		32	Kubota Corp	7/2/2018 - 8/10/2018		—		(35,996	)
		3	Kuehne + Nagel International AG	8/6/2018		—		(7,866	)
		2	L Brands Inc	6/29/2018 - 8/9/2018		—		1,652
		12	LafargeHolcim Ltd	6/29/2018 - 8/9/2018		—		(38,200	)
		13	Lancaster Colony Corp	6/29/2018 - 9/27/2018		—		(42,230	)
		14	Las Vegas Sands Corp	7/26/2018 - 10/19/2018		—		10,018
		9	Lear Corp	6/29/2018 - 8/9/2018		—		30,983
		452	Li & Fung Ltd	6/29/2018 - 7/5/2018		—		28
		31	Liberty Broadband Corp	6/29/2018 - 8/9/2018		—		38,120
		66	Liberty Global Plc LiLAC	6/29/2018 - 10/19/2018		—		27,384
		30	Liberty Interactive Corp QVC Group	8/9/2018 - 9/4/2018		—		10,596
		29	LINE Corp	8/6/2018		—		160,774
		11	Linear Technology Corp	6/29/2018 - 8/9/2018		—		13,626
		128	Lion Corp	7/2/2018 - 9/4/2018		—		62,698
		27	Lions Gate Entertainment Corp	6/29/2018 - 8/17/2018		—		(30,505	)
		45	Live Nation Entertainment Inc	9/14/2018 - 10/9/2018		—		9,931
		36	LKQ Corp	7/16/2018 - 10/31/2018		—		36,246
		3	Lockheed Martin Corp	7/6/2018 - 8/9/2018		—		36,000
		31	Logitech International SA	8/9/2018 - 10/31/2018		—		56,040
		6	Lonza Group AG	6/29/2018 - 10/31/2018		—		52,038
		5	LSC Communications Inc	10/9/2018		—		632
		13	Lundin Mining Corp	8/7/2018		—		(215	)
		37	M3 Inc	7/2/2018 - 11/1/2018		—		119,230
		20	Mabuchi Motor Co Ltd	8/20/2018 - 10/22/2018		—		(26,653	)
		2	Magellan Financial Group Ltd	9/4/2018 - 9/4/2018		—		173
		11	Magna International Inc	6/29/2018 - 7/16/2018		—		(17,086	)
		28	Mallinckrodt PLC	6/29/2018 - 10/31/2018		—		(189,879	)
		11	Manhattan Associates Inc	6/29/2018 - 8/9/2018		—		(65,619	)
		18	ManpowerGroup Inc	9/4/2018 - 10/19/2018		—		79,375
		22	Marathon Oil Corp	7/2/2018 - 8/9/2018		—		39,360
		1	Markel Corp	9/27/2018 - 10/9/2018		—		62,082
		8	MarketAxess Holdings Inc	9/4/2018 - 10/19/2018		—		50,481
		15	Marks & Spencer Group PLC	10/19/2018		—		3,330


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAPS (continued)#


					Market Value
Counterparty	Notional Amount (000s)		Reference Security	Termination Date	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)	$	4	Martin Marietta Materials Inc	10/19/2018	$	—	$	(47,368	)
		124	Marui Group Co Ltd	7/2/2018 - 10/22/2018		—		(102,918	)
		40	Maruichi Steel Tube Ltd	7/2/2018 - 10/22/2018		—		(23,369	)
		45	Marvell Technology Group Ltd	8/9/2018 - 9/27/2018		—		(6,731	)
		14	Maxim Integrated Products Inc	7/6/2018 - 9/27/2018		—		23,751
		6	McDonald’s Corp	7/6/2018 - 8/9/2018		—		(12,095	)
		44	McDonald’s Holdings Co Japan Ltd	9/18/2018 - 11/1/2018		—		(5,382	)
		24	MDU Resources Group Inc	6/29/2018 - 7/16/2018		—		32,588
		169	Mediaset Espana Comunicacion SA	7/2/2018 - 8/10/2018		—		(10,342	)
		232	Mediaset SpA	6/29/2018 - 8/6/2018		—		(4,901	)
		15	Mediclinic International PLC	6/29/2018 - 9/27/2018		—		(4,057	)
		11	Medidata Solutions Inc	9/4/2018 - 10/19/2018		—		(50,589	)
		16	Mediobanca SpA	6/29/2018		—		(10,256	)
		30	Medipal Holdings Corp	7/2/2018 - 7/27/2018		—		8,397
		1	MEDNAX Inc	10/31/2018		—		2,175
		3	MEIJI Holdings Co Ltd	8/10/2018		—		10,429
		45	Mentor Graphics Corp	10/19/2018		—		60,640
		8	MercadoLibre Inc	10/19/2018 - 10/31/2018		—		(9,181	)
		20	Merck & Co Inc	6/29/2018 - 10/19/2018		—		72,884
		16	Methanex Corp	10/19/2018 - 10/31/2018		—		10,061
		2	Mettler-Toledo International Inc	6/29/2018 - 8/9/2018		—		(10,368	)
		30	Micron Technology Inc	7/16/2018 - 8/9/2018		—		(11,560	)
		18	Middleby Corp/The	6/29/2018 - 10/31/2018		—		94,183
		11	MISUMI Group Inc	10/22/2018 - 11/1/2018		—		6,965
		191	Mitsubishi Chemical Holdings Corp	7/2/2018 - 7/27/2018		—		80,808
		141	Mitsubishi Electric Corp	7/2/2018 - 8/10/2018		—		143,454
		41	Mitsubishi Gas Chemical Co Inc	9/4/2018 - 10/11/2018		—		45,624
		100	Mitsubishi UFJ Lease & Finance Co Ltd	7/2/2018 - 7/19/2018		—		32,148
		71	Mitsui Chemicals Inc	7/17/2018 - 10/22/2018		—		22,360
		34	Mobileye NV	9/4/2018 - 10/31/2018		—		29,434
		31	Mondi PLC	9/4/2018		—		(102	)
		53	MonotaRO Co Ltd	7/6/2018 - 11/1/2018		—		113,115
		9	Monster Beverage Corp	6/29/2018 - 10/19/2018		—		7,373
		13	Murphy USA Inc	7/26/2018		—		(18,886	)
		46	Nankai Electric Railway Co Ltd	7/2/2018		—		3,920
		9	National Australia Bank Ltd	6/29/2018		—		(2,299	)
		17	Neste Oyj	8/9/2018		—		5,031
		8	Nestle SA	6/29/2018 - 8/9/2018		—		(22,844	)
		38	NetApp Inc	7/26/2018 - 10/19/2018		—		9,584
		22	Netflix Inc	6/29/2018 - 8/9/2018		—		(536,561	)
		24	New Jersey Resources Corp	6/29/2018 - 8/17/2018		—		(53,565	)
		89	New York Community Bancorp Inc	6/29/2018 - 10/9/2018		—		(27,540	)
		24	Newcrest Mining Ltd	8/9/2018		—		26,738


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

October 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAPS (continued)#


					Market Value
Counterparty	Notional Amount (000s)		Reference Security	Termination Date	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)	$	53	News Corp	9/27/2018 - 10/31/2018	$	—	$	(69,682	)
		53	Nexon Co Ltd	7/2/2018 - 9/18/2018		—		88,843
		21	Next PLC	10/9/2018		—		(61,033	)
		36	NGK Spark Plug Co Ltd	7/6/2018 - 11/1/2018		—		(46,691	)
		57	Nibe Industrier AB	10/31/2018		—		(3,067	)
		7	Nice Ltd	7/16/2018 - 9/4/2018		—		1,303
		22	Nikon Corp	9/28/2018		—		994
		2	Nintendo Co Ltd	8/10/2018 - 9/18/2018		—		12,214
		38	Nippon Paint Holdings Co Ltd	7/2/2018 - 9/6/2018		—		(9,085	)
		13	Nippon Shinyaku Co Ltd	7/2/2018 - 8/8/2018		—		11,035
		21	Nippon Telegraph & Telephone Corp	7/27/2018		—		10,694
		40	Nissan Chemical Industries Ltd	7/2/2018 - 10/22/2018		—		(134,127	)
		4	Nissin Foods Holdings Co Ltd	8/8/2018 - 9/18/2018		—		313
		6	Nitori Holdings Co Ltd	7/2/2018 - 8/10/2018		—		28,456
		38	Nokian Renkaat OYJ	6/29/2018 - 10/31/2018		—		(7,531	)
		75	Nordea Bank AB	8/9/2018		—		(40,186	)
		15	Nordstrom Inc	6/29/2018 - 8/9/2018		—		(37,128	)
		274	Norsk Hydro ASA	7/16/2018 - 10/9/2018		—		67,138
		7	Northern Trust Corp	6/29/2018 - 7/26/2018		—		9,053
		72	Northland Power Inc	7/26/2018 - 10/19/2018		—		(42,705	)
		49	Norwegian Cruise Line Holdings Ltd	8/9/2018 - 10/31/2018		—		(41,652	)
		19	Novartis AG	6/29/2018 - 10/31/2018		—		72,700
		15	Novo Nordisk A/S	6/29/2018 - 10/19/2018		—		(55,514	)
		26	NSK Ltd	9/28/2018		—		22,154
		26	NTT Data Corp	7/2/2018 - 7/27/2018		—		68,216
		11	NTT DOCOMO Inc	10/22/2018		—		8,902
		32	Nu Skin Enterprises Inc	8/20/2018 - 10/31/2018		—		(99,130	)
		12	Nucor Corp	8/9/2018		—		25,287
		48	Numericable-SFR SA	10/19/2018		—		(33,115	)
		54	Obayashi Corp	10/22/2018		—		11,831
		24	Obic Co Ltd	7/2/2018 - 9/28/2018		—		(31,494	)
		15	OC Oerlikon Corp AG	6/29/2018 - 7/26/2018		—		5,854
		64	OCI NV	10/9/2018		—		(22,357	)
		59	Odakyu Electric Railway Co Ltd	7/2/2018 - 10/22/2018		—		44,080
		4	OMV AG	10/31/2018		—		454
		21	ONE Gas Inc	6/29/2018 - 10/19/2018		—		72,807
		50	Ono Pharmaceutical Co Ltd	7/2/2018 - 10/22/2018		—		70,674
		18	Open Text Corp	6/29/2018 - 7/26/2018		—		(28,059	)
		71	Orica Ltd	9/4/2018 - 9/14/2018		—		(24,215	)
		192	Origin Energy Ltd	9/14/2018 - 10/31/2018		—		(10,445	)
		8	Orion Oyj	6/29/2018		—		37,346
		51	Orkla ASA	7/16/2018 - 10/31/2018		—		15,147
		9	Orpea	6/29/2018 - 7/16/2018		—		21,819
		14	Oshkosh Corp	10/9/2018 - 10/19/2018		—		329
		1	Otsuka Corp	10/22/2018		—		(5	)
		26	Oversea-Chinese Banking Corp Ltd	10/22/2018		—		1,258


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAPS (continued)#


					Market Value
Counterparty	Notional Amount (000s)		Reference Security	Termination Date	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)	$	14	Owens Corning	7/16/2018 - 7/26/2018	$	—	$	(54,537	)
		9	Palo Alto Networks Inc	6/29/2018 - 8/17/2018		—		3,717
		134	Pandora Media Inc	9/4/2018 - 10/19/2018		—		266,188
		4	Panera Bread Co	10/9/2018 - 10/19/2018		—		(2,348	)
		7	PAREXEL International Corp	10/19/2018 - 10/31/2018		—		(52,450	)
		12	Pargesa Holding SA	7/26/2018		—		13,277
		21	Park24 Co Ltd	7/6/2018 - 8/10/2018		—		2,448
		67	Parsley Energy Inc	7/2/2018 - 8/9/2018		—		227,169
		3	Partners Group Holding AG	6/29/2018 - 7/26/2018		—		(21,881	)
		3	Patheon NV	10/19/2018		—		(6,877	)
		25	Paycom Software Inc	10/31/2018		—		(400	)
		8	PayPal Holdings Inc	8/9/2018		—		(17,184	)
		9	Pembina Pipeline Corp	10/19/2018		—		(3,515	)
		8	Pentair PLC	10/19/2018		—		26,427
		6	PepsiCo Inc	6/29/2018 - 8/9/2018		—		6,521
		8	PerkinElmer Inc	8/9/2018 - 8/20/2018		—		(16,020	)
		6	Perrigo Co PLC	9/4/2018		—		29,711
		8	Persimmon PLC	7/16/2018		—		(2,701	)
		89	Peugeot SA	6/29/2018 - 10/19/2018		—		64,324
		40	Pfizer Inc	6/29/2018 - 10/31/2018		—		52,110
		7	Philip Morris International Inc	6/29/2018 - 8/9/2018		—		2,073
		8	Pigeon Corp	11/1/2018		—		6,481
		12	Pilgrim’s Pride Corp	7/16/2018 - 8/9/2018		—		11,054
		2	Pioneer Natural Resources Co	10/31/2018		—		4,656
		87	Plains GP Holdings LP	7/16/2018 - 10/9/2018		—		(79,886	)
		2	Playtech Plc	8/9/2018		—		(6,561	)
		77	Potash Corp of Saskatchewan Inc	7/5/2018 - 8/9/2018		—		(30,080	)
		25	PRA Health Sciences Inc	9/4/2018		—		(48,154	)
		98	PrairieSky Royalty Ltd	6/29/2018 - 8/9/2018		—		(37,665	)
		42	Premier Inc	6/29/2018 - 9/4/2018		—		18,926
		8	Procter & Gamble Co/The	6/29/2018 - 8/9/2018		—		(8,584	)
		45	Provident Financial PLC	6/29/2018 - 10/31/2018		—		38,646
		24	Prysmian SpA	6/29/2018 - 7/16/2018		—		(776	)
		13	PulteGroup Inc	6/29/2018 - 7/6/2018		—		15,176
		12	PVH Corp	10/31/2018		—		13,754
		286	Qantas Airways Ltd	6/29/2018 - 10/31/2018		—		(11,617	)
		33	QBE Insurance Group Ltd	10/19/2018		—		(1,500	)
		69	Quanta Services Inc	6/29/2018 - 10/31/2018		—		46,417
		93	Qube Holdings Ltd	8/17/2018		—		2,566
		50	Quebecor Inc	6/29/2018 - 10/31/2018		—		(27,397	)
		8	Quintiles Transnational Holdings Inc	6/29/2018 - 8/9/2018		—		(35,326	)
		3	Raiffeisen Bank International AG	6/29/2018		—		3,399
		51	Rakuten Inc	7/6/2018 - 8/20/2018		—		52,445
		13	Ralph Lauren Corp	10/19/2018 - 10/31/2018		—		(6,343	)
		1	Ramsay Health Care Ltd	7/16/2018		—		(2,349	)
		5	Randgold Resources Ltd	7/6/2018 - 9/4/2018		—		(20,660	)
		1	Randgold Resources Ltd	10/9/2018		—		(2,257	)
		2	Randstad Holding NV	10/19/2018		—		7,190


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

October 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAPS (continued)#


					Market Value
Counterparty	Notional Amount (000s)		Reference Security	Termination Date	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)	$	13	REA Group Ltd	6/29/2018 - 9/27/2018	$	—	$	30,961
		3	Reckitt Benckiser Group PLC	8/9/2018		—		399
		42	Recordati SpA	6/29/2018 - 10/31/2018		—		(68,735	)
		2	Recruit Holdings Co Ltd	9/4/2018		—		806
		17	Regal Entertainment Group	8/9/2018		—		(13,979	)
		132	Regions Financial Corp	6/29/2018 - 7/26/2018		—		61,519
		27	Reliance Steel & Aluminum Co	6/29/2018 - 10/19/2018		—		(29,917	)
		37	RELX NV	6/29/2018 - 8/9/2018		—		6,051
		35	RELX PLC	8/9/2018 - 8/9/2018		—		(4,254	)
		8	Remy Cointreau SA	6/29/2018 - 10/19/2018		—		7,980
		29	Restaurant Brands International Inc	6/29/2018 - 8/7/2018		—		(14,186	)
		32	Rexel SA	8/17/2018 - 9/14/2018		—		2,505
		38	Rightmove PLC	6/29/2018 - 10/19/2018		—		(80,435	)
		9	Rinnai Corp	7/27/2018 - 8/20/2018		—		(64,580	)
		51	Rio Tinto Ltd	7/16/2018 - 10/19/2018		—		(123,630	)
		8	Rio Tinto PLC	10/19/2018		—		23,721
		45	Ritchie Bros Auctioneers Inc	6/29/2018 - 8/17/2018		—		50,893
		18	RLI Corp	7/26/2018 - 10/19/2018		—		241,036
		6	Roche Holding AG	6/29/2018 - 10/31/2018		—		35,253
		9	Rogers Communications Inc	8/9/2018		—		(7,198	)
		2	Rohm Co Ltd	10/22/2018		—		1,757
		4	Roper Technologies Inc	9/14/2018 - 9/27/2018		—		11,538
		26	Royal Bank of Canada	7/6/2018 - 8/9/2018		—		30,191
		284	Royal Bank of Scotland Group PLC	8/9/2018 - 10/19/2018		—		(65,005	)
		9	Royal Caribbean Cruises Ltd	9/14/2018 - 10/19/2018		—		(50,436	)
		29	Royal Dutch Shell PLC	6/29/2018 - 10/31/2018		—		(5,116	)
		6	Royal Gold Inc	9/4/2018		—		(16,164	)
		161	RPC Group PLC	6/29/2018 - 8/9/2018		—		77,632
		26	RPC Inc	7/26/2018 - 10/19/2018		—		25,082
		14	RR Donnelley & Sons Co	6/29/2018 - 7/2/2018		—		(35,530	)
		36	Saab AB	7/26/2018 - 10/31/2018		—		20,890
		30	Salmar ASA	6/29/2018 - 10/9/2018		—		57,216
		13	Sampo Oyj	7/26/2018 - 9/4/2018		—		(10,299	)
		32	Saputo Inc	6/29/2018 - 10/31/2018		—		25,238
		5	Sarepta Therapeutics Inc	10/9/2018		—		69,377
		63	SATS Ltd	7/16/2018 - 8/20/2018		—		1,727
		11	SBA Communications Corp	6/29/2018 - 9/4/2018		—		(31,533	)
		11	SBM Offshore NV	8/20/2018 - 10/9/2018		—		3,652
		5	Schroders PLC	7/16/2018 - 10/9/2018		—		5,663
		2	SCREEN Holdings Co Ltd	11/1/2018		—		11,369
		17	Seagate Technology PLC	10/19/2018		—		(19,197	)
		8	SEEK Ltd	10/31/2018		—		(2,443	)
		71	Seibu Holdings Inc	8/8/2018 - 10/22/2018		—		(55,947	)
		107	Sembcorp Industries Ltd	7/2/2018 - 11/1/2018		—		683
		30	Sensata Technologies Holding NV	7/2/2018 - 9/14/2018		—		66,553
		3	Seria Co Ltd	11/1/2018		—		(3,240	)


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAPS (continued)#


						Market Value
Counterparty	Notional Amount (000s)			Reference Security	Termination Date	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)	$	38		ServiceMaster Global Holdings Inc	8/17/2018 - 10/19/2018	$	—	$	(83,935	)
		17		ServiceNow Inc	9/4/2018 - 10/19/2018		—		(212,470	)
		61		SES SA	6/29/2018 - 10/31/2018		—		(20,660	)
		13		Seven & i Holdings Co Ltd	10/11/2018 - 10/22/2018		—		(12,657	)
		406		Seven Bank Ltd	7/2/2018 - 10/22/2018		—		(19,095	)
		65		Shaw Communications Inc	6/29/2018 - 10/31/2018		—		7,251
		8		Shimamura Co Ltd	7/17/2018 - 10/11/2018		—		41,761
		8		Shimano Inc	7/2/2018 - 8/20/2018		—		(121,417	)
		9		Shizuoka Bank Ltd/The	7/17/2018 - 7/27/2018		—		(10,412	)
		16		Signet Jewelers Ltd	9/14/2018 - 10/31/2018		—		(6,374	)
		—	*	Sika AG	6/29/2018 - 7/2/2018		—		3,091
		63		Silver Wheaton Corp	6/29/2018 - 10/19/2018		—		(68,367	)
		44		Singapore Exchange Ltd	7/2/2018 - 7/16/2018		—		(6,064	)
		105		Singapore Telecommunications Ltd	10/22/2018		—		1,229
		25		Six Flags Entertainment Corp	8/17/2018 - 9/14/2018		—		(113,804	)
		158		Skandinaviska Enskilda Banken AB	6/29/2018 - 9/27/2018		—		(13,058	)
		53		Skechers U.S.A. Inc	10/31/2018		—		(44,749	)
		89		Sky PLC	6/29/2018 - 10/19/2018		—		(11,824	)
		1		SMC Corp/Japan	7/27/2018 - 8/10/2018		—		(7,877	)
		68		Snam SpA	7/26/2018		—		(8,433	)
		3		Sodexo SA	9/4/2018 - 9/27/2018		—		12,449
		25		Sohgo Security Services Co Ltd	7/2/2018 - 11/1/2018		—		125,156
		80		Sojitz Corp	7/27/2018		—		8,928
		1		Sony Corp	7/6/2018 - 8/10/2018		—		(714	)
		14		Sony Financial Holdings Inc	7/2/2018 - 7/27/2018		—		(10,422	)
		2		Sosei Group Corp	9/18/2018		—		19,618
		605		South32 Ltd	6/29/2018 - 9/27/2018		—		79,830
		—	*	Southern Co/The	6/29/2018		—		149
		14		Southwest Gas Corp	6/29/2018 - 9/27/2018		—		92,511
		71		Southwestern Energy Co	6/29/2018 - 10/19/2018		—		(202,555	)
		52		Spark New Zealand Ltd	6/29/2018		—		8,913
		9		Spectrum Brands Holdings Inc	10/9/2018		—		15,817
		22		Spirit Airlines Inc	6/29/2018 - 10/31/2018		—		(61,847	)
		95		Sprint Corp	10/31/2018		—		(21,277	)
		63		SS&C Technologies Holdings Inc	7/6/2018 - 8/9/2018		—		26,499
		37		SSE PLC	7/16/2018		—		30,118
		28		Stanley Electric Co Ltd	8/20/2018 - 10/22/2018		—		(13,593	)
		26		Star Entertainment Grp Ltd/The	9/14/2018		—		(15,333	)
		66		StarHub Ltd	7/2/2018 - 10/11/2018		—		(930	)
		38		Start Today Co Ltd	7/2/2018 - 10/3/2018		—		28,549
		4		State Street Corp	9/27/2018		—		(235	)
		51		Steel Dynamics Inc	6/29/2018 - 10/9/2018		—		163,395
		25		Stericycle Inc	6/29/2018 - 10/19/2018		—		(123,113	)
		19		STERIS PLC	7/16/2018 - 7/26/2018		—		55,173
		170		STMicroelectronics NV	6/29/2018 - 7/26/2018		—		282,052
		88		Stora Enso OYJ	6/29/2018 - 10/19/2018		—		50,076


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

October 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAPS (continued)#


						Market Value
Counterparty	Notional Amount (000s)			Reference Security	Termination Date	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)	$	—	*	Straumann Holding AG	7/5/2018	$	—	$	(9,144	)
		9		Stryker Corp	8/6/2018 - 9/4/2018		—		(16,627	)
		103		Subsea 7 SA	7/16/2018 - 9/27/2018		—		7,252
		23		Sugi Holdings Co Ltd	7/2/2018 - 11/1/2018		—		(6,175	)
		283		Sumitomo Chemical Co Ltd	7/17/2018 - 8/8/2018		—		49,479
		71		Sumitomo Dainippon Pharma Co Ltd	9/4/2018 - 11/1/2018		—		(65,423	)
		47		Sumitomo Heavy Industries Ltd	10/22/2018		—		18,267
		113		Sumitomo Metal Mining Co Ltd	8/20/2018 - 9/28/2018		—		(56,051	)
		48		Suncorp Group Ltd	10/19/2018		—		(14,133	)
		25		Suruga Bank Ltd	7/2/2018 - 8/8/2018		—		(27,739	)
		39		Suzuken Co Ltd/Aichi Japan	7/2/2018 - 9/18/2018		—		15,046
		5		Svenska Handelsbanken AB	10/19/2018		—		237
		4		Swatch Group AG/The	8/6/2018 - 9/14/2018		—		32,930
		22		Swedish Match AB	6/29/2018 - 10/31/2018		—		6,038
		5		Swiss Life Holding AG	7/16/2018 - 10/31/2018		—		42,987
		1		Swisscom AG	9/14/2018		—		(2,136	)
		90		Symantec Corp	6/29/2018 - 8/9/2018		—		7,273
		1		Synchrony Financial	8/9/2018		—		1,624
		16		SYNNEX Corp	6/29/2018 - 8/9/2018		—		(61,926	)
		23		Synopsys Inc	6/29/2018 - 7/26/2018		—		(11,021	)
		3		T-Mobile US Inc	10/9/2018		—		12,604
		9		Targa Resources Corp	7/6/2018 - 10/19/2018		—		30,424
		9		Taro Pharmaceutical Industries Ltd	6/29/2018 - 7/26/2018		—		(42,922	)
		53		Tate & Lyle PLC	7/26/2018		—		(9,080	)
		34		Team Health Holdings Inc	7/2/2018 - 7/26/2018		—		(154,351	)
		49		Teck Resources Ltd	6/29/2018 - 7/26/2018		—		143,994
		151		Tele2 AB	6/29/2018 - 8/6/2018		—		24,757
		151		Tele2 AB	11/2/2018		—		(45,244	)
		30		Telecom Italia SpA/Milano	10/9/2018		—		3,052
		2		Teleflex Inc	8/9/2018 - 10/9/2018		—		(48,704	)
		232		Telefonaktiebolaget LM Ericsson	6/29/2018 - 10/19/2018		—		(145,717	)
		22		Telefonica SA	9/17/2018		—		(11,036	)
		28		Telenet Group Holding NV	6/29/2018 - 7/26/2018		—		(41,110	)
		43		Telephone & Data Systems Inc	6/29/2018 - 8/17/2018		—		(46,660	)
		24		Telstra Corp Ltd	7/5/2018		—		(580	)
		17		Temenos Group AG	6/29/2018 - 9/27/2018		—		(75,476	)
		22		Tenneco Inc	8/6/2018 - 10/31/2018		—		(47,918	)
		62		Teradata Corp	6/29/2018 - 10/9/2018		—		(191,236	)
		85		Teradyne Inc	6/29/2018 - 10/19/2018		—		176,299
		6		Tesla Motors Inc	10/31/2018		—		23,896
		29		Texas Roadhouse Inc	6/29/2018 - 9/27/2018		—		61,898
		8		Thermo Fisher Scientific Inc	6/29/2018 - 9/4/2018		—		56,260
		4		Thomson Reuters Corp	10/19/2018		—		(2,374	)
		171		Toho Gas Co Ltd	7/2/2018 - 8/20/2018		—		74,781
		321		Tokyo Electric Power Co Holdings Inc	7/2/2018 - 7/27/2018		—		(27,905	)
		174		Tokyo Gas Co Ltd	9/18/2018 - 10/11/2018		—		30,344


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAPS (continued)#


						Market Value
Counterparty	Notional Amount (000s)			Reference Security	Termination Date	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)	$	38		Toppan Printing Co Ltd	10/22/2018	$	—	$	11,889
		4		Toro Co/The	10/19/2018		—		2,204
		15		Toronto-Dominion Bank/The	7/6/2018 - 8/9/2018		—		32,028
		195		Tosoh Corp	7/2/2018 - 10/22/2018		—		47,402
		39		Total System Services Inc	10/31/2018		—		45,403
		18		Toyo Seikan Group Holdings Ltd	8/20/2018		—		19,794
		7		Toyota Motor Corp	7/2/2018 - 8/10/2018		—		(7,346	)
		173		TPG Telecom Ltd	6/29/2018 - 10/31/2018		—		(31,277	)
		7		Tractor Supply Co	10/31/2018		—		3,886
		5		TransDigm Group Inc	6/29/2018 - 7/26/2018		—		(88,986	)
		35		Travis Perkins PLC	10/31/2018		—		(2,255	)
		5		Treasury Wine Estates Ltd	10/9/2018		—		2,001
		53		Trinity Industries Inc	7/26/2018 - 10/31/2018		—		(96,010	)
		70		Tryg A/S	6/29/2018 - 7/26/2018		—		35,219
		41		Tullow Oil PLC	7/5/2018		—		165
		12		Twitter Inc	6/29/2018		—		1,175
		12		Tyler Technologies Inc	6/29/2018 - 8/17/2018		—		116,667
		6		Ultimate Software Group Inc/The	6/29/2018 - 9/4/2018		—		(45,916	)
		6		United Parcel Service Inc	6/29/2018 - 8/9/2018		—		(5,691	)
		17		United Rentals Inc	7/6/2018 - 10/31/2018		—		(73,470	)
		5		United Therapeutics Corp	6/29/2018 - 8/9/2018		—		12,718
		69		United Utilities Group PLC	7/26/2018 - 10/19/2018		—		(1,140	)
		8		Universal Display Corp	6/29/2018 - 7/16/2018		—		(18,934	)
		16		Universal Health Services Inc	6/29/2018 - 9/4/2018		—		(19,073	)
		51		UPM-Kymmene OYJ	7/26/2018		—		133,671
		55		Urban Outfitters Inc	6/29/2018 - 10/31/2018		—		(133,766	)
		2		Vail Resorts Inc	10/31/2018		—		7,667
		40		Valeant Pharmaceuticals International Inc	9/27/2018 - 10/31/2018		—		(181,459	)
		24		VeriSign Inc	7/6/2018 - 9/14/2018		—		182,354
		8		Verisk Analytics Inc	10/19/2018		—		(15,900	)
		13		Vermilion Energy Inc	9/27/2018 - 10/31/2018		—		12,366
		—	*	Vestas Wind Systems A/S	9/4/2018		—		1,054
		14		ViaSat Inc	7/16/2018 - 10/19/2018		—		26,601
		9		VMware Inc	6/29/2018 - 8/9/2018		—		49,633
		212		Vodafone Group PLC	7/5/2018 - 8/9/2018		—		(3,140	)
		10		voestalpine AG	7/26/2018 - 10/19/2018		—		10,049
		43		Voya Financial Inc	6/29/2018 - 10/9/2018		—		(16,077	)
		11		Vulcan Materials Co	6/29/2018 - 9/27/2018		—		(65,641	)
		28		VWR Corp	7/6/2018 - 8/17/2018		—		(1,721	)
		9		Wal-Mart Stores Inc	7/6/2018 - 8/9/2018		—		22,647
		7		Walt Disney Co/The	6/29/2018 - 8/9/2018		—		8,453
		10		Waste Management Inc	7/6/2018 - 8/9/2018		—		27,884
		4		Waters Corp	6/29/2018 - 8/9/2018		—		(69,066	)
		65		Weatherford International PLC	7/2/2018 - 8/9/2018		—		75,079
		61		Weir Group PLC/The	9/14/2018 - 11/5/2018		—		9,356
		18		WellCare Health Plans Inc	6/29/2018 - 8/9/2018		—		(41,416	)
		9		Wesfarmers Ltd	6/29/2018		—		(25,146	)
		4		West Japan Railway Co	7/2/2018 - 7/17/2018		—		11,346


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

October 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAPS (continued)#


						Market Value
Counterparty	Notional Amount (000s)			Reference Security	Termination Date	Upfront Payments Made (Received)			Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)	$	1		West Pharmaceutical Services Inc	10/31/2018	$	—		$	(6,312	)
		1		Western Union Co/The	7/6/2018		—			3
		—	*	White Mountains Insurance Group Ltd	9/27/2018		—			(54	)
		3		Whitecap Resources Inc	9/14/2018		—			(1,532	)
		68		William Demant Holding A/S	6/29/2018 - 10/31/2018		—			79,240
		96		William Hill PLC	9/27/2018 - 10/9/2018		—			1,438
		12		Williams-Sonoma Inc	6/29/2018 - 8/9/2018		—			(27,673	)
		10		Willis Towers Watson PLC	6/29/2018 - 8/20/2018		—			33,814
		21		Woodward Inc	6/29/2018 - 10/31/2018		—			(7,862	)
		47		Woolworths Ltd	9/27/2018		—			(12,158	)
		7		Workday Inc	7/2/2018 - 8/17/2018		—			7,063
		29		World Fuel Services Corp	6/29/2018 - 9/4/2018		—			(163,948	)
		8		Worthington Industries Inc	10/9/2018		—			(11,984	)
		39		WPP PLC	7/26/2018		—			(5,487	)
		57		WPX Energy Inc	10/9/2018		—			(85,637	)
		11		Wynn Resorts Ltd	6/29/2018 - 7/26/2018		—			21,357
		131		Xerox Corp	6/29/2018 - 7/26/2018		—			5,743
		13		XL Group Ltd	7/25/2018		—			6,294
		12		XPO Logistics Inc	9/4/2018 - 10/19/2018		—			39,331
		152		Yahoo Japan Corp	7/2/2018 - 10/22/2018		—			12,168
		36		Yamaha Motor Co Ltd	7/5/2018 - 10/22/2018		—			(51,097	)
		13		Yamazaki Baking Co Ltd	10/11/2018		—			(19,215	)
		38		Yara International ASA	6/29/2018 - 10/9/2018		—			128,388
		27		Yue Yuen Industrial Holdings Ltd	6/29/2018		—			1,057
		41		Zayo Group Holdings Inc	6/29/2018 - 10/19/2018		—			(42,977	)
		8		Zimmer Biomet Holdings Inc	6/29/2018 - 7/26/2018		—			161,935
		46		Zions Bancorporation	6/29/2018 - 7/26/2018		—			45,290
		3		Zurich Insurance Group AG	10/19/2018		—			(15,304	)
Morgan Stanley & Co.		321		Advanced Drainage Systems, Inc.	12/18/17		(2,529	)		64,736
		379		Align Technology, Inc.	12/18/17		(491	)		(44,121	)
		442		Banco Santander SA	12/18/17		(1,918	)		10,138
		226		C.H. Robinson Worldwide, Inc.	12/18/17		(136	)		9,911
		723		Cardtronics, Inc.	12/18/17		(1,418	)		(235,949	)
		423		CGI Group Inc. — Class A	12/18/17		(4,037	)		(975	)
		393		Credit Acceptance Corp.	12/18/17		(2,362	)		8,719
		319		Cullen/Frost Bankers, Inc.	12/18/17		(2,063	)		(38,174	)
		314		Dean Foods Co.	12/18/17		(10,487	)		8,110
		734		Deere & Co.	12/18/17		—			(47,384	)
		556		Dollarama, Inc.	12/18/17		(15,339	)		(72,473	)
		508		Edgewell Personal Care Co.	12/18/17		(2,434	)		38,282
		271		Financial Engine, Inc.	12/18/17		—			(4,606	)
		215		Gogo, Inc.	12/18/17		(3,094	)		37,319
		273		HA CFD	12/18/17		—			18,133
		856		Healthcare Services Group	12/18/17		(45,677	)		(41,613	)
		484		Hormel Foods, Corp.	12/18/17		(34,457	)		30,960
		240		Idexx Laboratories, Inc.	12/15/17		(1,312	)		(27,547	)


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAPS (continued)#


					Market Value
Counterparty	Notional Amount (000s)		Reference Security	Termination Date	Upfront Payments Made (Received)			Unrealized Gain (Loss)
Morgan Stanley & Co. (continued)	$	297	Investors Real Estate Trust	12/18/17	$	(2,750	)	$	7,285
		568	iShares China Large Cap ETF	12/18/17		—			(108,267	)
		1,166	iShares MSCI Eurozone ETF	12/18/17		(10,585	)		(84,743	)
		758	iShares Nasdaq Biotechnology	12/18/17		—			72,286
		1,817	iShares Russell 2000	12/18/17		(11,130	)		(52,896	)
		213	Kilroy Realty Corp.	12/18/17		—			(7,711	)
		573	Lincoln Electric Holdings	12/18/17		(5,944	)		(147,960	)
		575	Now, Inc.	12/18/17		(33,185	)		(107,332	)
		664	Petmed Express, Inc.	12/18/17		(680	)		(91,143	)
		638	Primerica, Inc.	12/18/17		(167	)		11,142
		326	Ritchie Bros Auctioneers	12/18/17		(48	)		(43,669	)
		684	Sirius Xm Radio, Inc.	12/18/17		(395	)		(62,233	)
		448	Smith (A.O.) Corp.	12/18/17		(13,597	)		(31,673	)
		479	SPDR S&P Regional Banking	12/18/17		(40,104	)		(60,485	)
		177	Trupanion, Inc.	12/18/17		(430	)		(7,246	)
		499	United Parcel Service — Class B	12/18/17		(2,720	)		(26,479	)
		472	Western Union Co.	12/18/17		(608	)		(7,602	)
		169	World Wrestling Entertainment — Class A	12/18/17		(4,499	)		17,347
TOTAL					$	(254,596	)	$	489,397

Rounds to less than 1,000.

The Fund receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).

Contracts subject to $0.857 financing fee.


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

October 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)

JOINT REPURCHASE AGREEMENT ACCOUNT II — At October 31, 2016, the Fund had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of November 1, 2016, as follows:


Principal Amount	Maturity Value	Collateral Allocation Value
$ 536,500,000	$536,505,785	$ 547,230,010

REPURCHASE AGREEMENTS — At October 31, 2016, the Principal Amount of the Fund’s interest in the Joint Repurchase Agreement Account II was as follows:


Counterparty	Interest Rate			Principal Amounts
BNP Paribas Securities Co.		0.340	%	$	1,639,956
Citigroup Global Markets, Inc.		0.340			96,991,703
Merrill Lynch & Co., Inc.		0.340			388,123,000
Merrill Lynch & Co., Inc.		0.320			49,745,341
TOTAL				$	536,500,000

At October 31, 2016, the Joint Repurchase Agreement Account II was fully collateralized by:


Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		3.500% to 8.000	%		01/01/17 to 08/01/46
Federal National Mortgage Association		2.500 to 9.000			02/01/17 to 10/01/46
Government National Mortgage Association		2.500 to 7.500			02/15/25 to 10/20/46
United States Treasury Inflation Protected Securities		0.750			02/15/42
U.S. Treasury Bonds		3.125 to 8.750			08/15/20 to 05/15/44
U.S. Treasury Notes		0.875 to 4.250			11/15/17 to 07/31/23
United States Treasury Stripped Securities		0.000			02/15/29


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Statement of Assets and Liabilities^(a)

October 31, 2016


Assets:
Investments, at value (cost $505,193,048)	$	511,948,746
Investments of affiliated issuers, at value (cost $28,130,434)		28,130,434
Repurchase agreement, at value which equals cost		536,500,000
Cash		11,224,121
Foreign currencies, at value (cost $123,457)		118,199
Unrealized gain on swap contracts		15,197,409
Unrealized gain on forward foreign currency exchange contracts		6,924,265
Variation margin on certain derivative contracts		1,528,233
Receivables:
Collateral on certain derivative contracts^(b)		143,592,147
Dividends and interest		5,311,854
Investments sold		4,497,321
Investments sold on an extended settlement basis		1,676,066
Fund shares sold		1,547,955
Reimbursement from investment adviser		545,111
Upfront payments made on swap contracts		238,337
Foreign tax reclaims		87,680
Other assets		208,228
Total assets		1,269,276,106

Liabilities:
Securities sold short, at value (proceeds received $31,848,851)		32,157,016
Unrealized loss on swap contracts		14,907,037
Unrealized loss on forward foreign currency exchange contracts		5,577,732
Variation margin on certain derivative contracts		396,056
Unrealized loss on unfunded loan commitment		1,894
Payables:
Investments purchased on an extended settlement basis		7,940,804
Fund shares redeemed		4,448,128
Investments purchased		2,807,983
Management fees		1,878,691
Due to broker — upfront payment		332,385
Upfront payments received on swap contracts		254,596
Distribution and service fees and transfer agency fees		150,828
Dividend expense payable on securities sold short		51,542
Accrued expenses and other liabilities		1,339,364
Total liabilities		72,244,056

Net Assets:
Paid-in capital		1,263,888,533
Undistributed net investment income		17,379,101
Accumulated net realized loss		(89,770,405	)
Net unrealized gain		5,534,821
NET ASSETS	$	1,197,032,050
Net Assets:
Class A	$	134,843,470
Class C		49,333,685
Institutional		903,811,890
Class IR		108,924,086
Class R		118,919
Total Net Assets	$	1,197,032,050
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		13,156,840
Class C		4,925,478
Institutional		87,466,991
Class IR		10,576,616
Class R		11,686
Net asset value, offering and redemption price per share:^(c)
Class A		$10.25
Class C		10.02
Institutional		10.33
Class IR		10.30
Class R		10.18

(a)

Statement of Assets and Liabilities for the Fund is consolidated and includes the balances of two wholly-owned subsidiaries, Cayman Commodity — MMA, Ltd. and Cayman Commodity — MMA II, Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b)

Includes segregated cash of $22,050,416, $10,583,256, $ 98,270,000, and $12,688,475 relating to initial margin requirements and/or collateral on futures, forwards, swaps, and short sales transactions, respectively.

(c)

Maximum public offering price per share for Class A Shares is $10.85. 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.		49

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Statement of Operations^(a)

For the Fiscal Year Ended October 31, 2016


Investment income:
Interest	$	35,642,369
Dividends — unaffiliated issuers (net of foreign withholding taxes of $132,405)		7,294,642
Dividends — affiliated issuers		232
Total investment income		42,937,243

Expenses:
Management fees		26,794,403
Dividend expense for securities sold short		2,015,023
Custody, accounting and administrative services		1,342,978
Transfer Agency fees^(b)		1,077,011
Distribution and Service fees^(b)		1,066,354
Prime broker fees		1,353,423
Professional fees		879,726
Printing and mailing costs		452,949
Registration fees		272,906
Trustee fees		201,733
Other		537,227
Total expenses		35,993,733
Less — expense reductions		(2,856,696	)
Net expenses		33,137,037
NET INVESTMENT INCOME		9,800,206

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		(45,633,663	)
Securities short sales		(593,570	)
Futures contracts		(5,228,568	)
Swap contracts		(899,367	)
Forward foreign currency exchange contracts		(990,921	)
Foreign currency transactions		276,739
Net change in unrealized gain (loss) on:
Investments (including the effects of the net change in the foreign capital gains tax liability of $11,187)		30,280,532
Securities short sales		496,119
Unfunded loan commitments		(1,894	)
Futures contracts		(5,250,814	)
Swap contracts		355,591
Forward foreign currency exchange contracts		7,287,778
Foreign currency translation		(49,149	)
Net realized and unrealized loss		(19,951,187	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(10,150,981	)

(a)

Statement of Operations for the Fund is consolidated and includes the balances of two wholly-owned subsidiaries, Cayman Commodity — MMA, Ltd. and Cayman Commodity — MMA II, Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b)

Class specific Distribution and Service, and Transfer Agency fees were as follows:


Distribution and Service Fees						Transfer Agent Fees
Class A		Class C		Class R		Class A		Class C		Institutional		Class IR		Class R
$	431,815	$	633,672	$	867	$	328,179	$	120,398	$	423,692	$	204,412	$	330


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Statements of Changes in Net Assets^(a)


	For the Fiscal Year Ended October 31, 2016			For the Period January 1, 2015 - October 31, 2015^(b)			For the Fiscal Year Ended December 31, 2014
From operations:
Net investment income (loss)	$	9,800,206		$	(11,038	)	$	(1,200,803	)
Net realized gain (loss)		(53,069,350	)		(28,985,594	)		14,697,248
Net change in unrealized gain (loss)		33,118,163			(35,547,596	)		1,595,908
Net increase (decrease) in net assets resulting from operations		(10,150,981	)		(64,544,228	)		15,092,353

Distributions to shareholders:
From net investment income
Class A Shares		(204,033	)		—			(394,559	)
Class C Shares		—			—			(17,831	)
Institutional Shares		(4,424,446	)		—			(3,996,787	)
Class IR Shares		(288,398	)		—			(251,033	)
Class R Shares		(639	)		—			(9	)
From net realized gains
Class A Shares		(934,629	)		—			(1,229,026	)
Class C Shares		(351,627	)		—			(408,632	)
Institutional Shares		(5,388,275	)		—			(6,672,737	)
Class IR Shares		(511,792	)		—			(324,476	)
Class R Shares		(1,298	)		—			(326	)
Total distributions to shareholders		(12,105,137	)		—			(13,295,416	)

From share transactions:
Proceeds from sales of shares		557,864,388			1,468,001,874			814,465,224
Reinvestment of distributions		11,328,743			—			13,076,031
Cost of shares redeemed		(1,003,351,675	)		(576,132,576	)		(193,873,429	)
Net increase (decrease) in net assets resulting from share transactions		(434,158,544	)		891,869,298			633,667,826
TOTAL INCREASE (DECREASE)		(456,414,662	)		827,325,070			635,464,763

Net assets:
Beginning of year		1,653,446,712			826,121,642			190,656,879
End of year	$	1,197,032,050		$	1,653,446,712		$	826,121,642
Undistributed (distributions in excess of) net investment income (loss)	$	17,379,101		$	9,653,507		$	(724,059	)

(a)

Statements of Changes in Net Assets for the Fund is consolidated and includes the balances of two wholly-owned subsidiaries, Cayman Commodity — MMA, Ltd. and Cayman Commodity — MMA II, Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b)

The Fund changed its fiscal year end from December 31 to October 31.


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE FISCAL YEAR ENDED OCTOBER 31,
2016 - A	$	10.33	$	0.04		$	(0.06	)	$	(0.02	)	$	(0.01	)	$	(0.05	)	$	(0.06	)
2016 - C		10.16		(0.04	)		(0.05	)		(0.09	)		—			(0.05	)		(0.05	)
2016 - Institutional		10.40		0.08			(0.07	)		0.01			(0.03	)		(0.05	)		(0.08	)
2016 - IR		10.37		0.07			(0.07	)		—			(0.02	)		(0.05	)		(0.07	)
2016 - R		10.29		0.01			(0.05	)		(0.04	)		(0.02	)		(0.05	)		(0.07	)

FOR THE PERIOD JANUARY 1 , 2015 - OCTOBER 31,
2015 - A		10.58		(0.03	)		(0.22	)		(0.25	)		—			—			—
2015 - C		10.47		(0.09	)		(0.22	)		(0.31	)		—			—			—
2015 - Institutional		10.61		0.01			(0.22	)		(0.21	)		—			—			—
2015 - IR		10.60		—	^(e)		(0.23	)		(0.23	)		—			—			—
2015 - R		10.56		(0.04	)		(0.23	)		(0.27	)		—			—			—

FOR THE FISCAL YEAR ENDED DECEMBER 31,
2014 - A		10.46		(0.06	)		0.33			0.27			(0.03	)		(0.12	)		(0.15	)
2014 - C		10.40		(0.14	)		0.33			0.19			—	^(e)		(0.12	)		(0.12	)
2014 - Institutional		10.49		(0.01	)		0.31			0.30			(0.06	)		(0.12	)		(0.18	)
2014 - IR		10.48		(0.03	)		0.33			0.30			(0.06	)		(0.12	)		(0.18	)
2014 - R		10.44		(0.07	)		0.31			0.24			—	^(e)		(0.12	)		(0.12	)

FOR THE PERIOD ENDED DECEMBER 31,
2013 - A (Commenced April 30, 2013)		10.00		(0.03	)		0.55			0.52			—			(0.06	)		(0.06	)
2013 - C (Commenced April 30, 2013)		10.00		(0.08	)		0.54			0.46			—			(0.06	)		(0.06	)
2013 - Institutional (Commenced April 30, 2013)		10.00		(0.01	)		0.56			0.55			—			(0.06	)		(0.06	)
2013 - IR (Commenced April 30, 2013)		10.00		(0.01	)		0.55			0.54			—			(0.06	)		(0.06	)
2013 - R (Commenced April 30, 2013)		10.00		(0.06	)		0.56			0.50			—			(0.06	)		(0.06	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

(d)

Annualized.

(e)

Amount is less than $0.005 per share.


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND



Net asset value, end of year		Total return^(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets (including dividend expenses for securities sold short)			Ratio of net expenses to average net assets (excluding dividend expenses for securities sold short)			Ratio of total expenses to average net assets (including dividend expenses for securities sold short)			Ratio of total expenses (excluding dividend expenses for securities sold short)			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate^(c)

$	10.25		(0.23	)%	$	134,843		2.65	%		2.51	%		2.85	%		2.70	%		0.39	%		73	%
	10.02		(1.02	)		49,334		3.40			3.26			3.60			3.46			(0.35	)		73
	10.33		0.13			903,812		2.25			2.11			2.45			2.31			0.81			73
	10.30		(0.06	)		108,924		2.39			2.25			2.61			2.47			0.70			73
	10.18		(0.40	)		119		2.91			2.76			3.11			2.95			0.07			73


	10.33		(2.36	)		217,307		2.89	^(d)		2.71	^(d)		2.97	^(d)		2.78	^(d)		(0.29	)^(d)		130
	10.16		(2.87	)		79,891		3.64	^(d)		3.46	^(d)		3.72	^(d)		3.53	^(d)		(1.04	)^(d)		130
	10.40		(1.98	)		1,236,592		2.49	^(d)		2.31	^(d)		2.57	^(d)		2.39	^(d)		0.11	^(d)		130
	10.37		(2.08	)		119,570		2.64	^(d)		2.46	^(d)		2.72	^(d)		2.53	^(d)		(0.02	)^(d)		130
	10.29		(2.56	)		87		3.14	^(d)		2.96	^(d)		3.24	^(d)		3.05	^(d)		(0.49	)^(d)		130


	10.58		2.61			116,593		2.85			2.68			3.23			3.06			(0.53	)		144
	10.47		1.84			38,207		3.64			3.45			3.99			3.80			(1.33	)		144
	10.61		3.00			628,397		2.45			2.28			2.82			2.65			(0.11	)		144
	10.60		2.85			42,894		2.62			2.44			3.06			2.86			(0.27	)		144
	10.56		2.30			30		3.05			2.91			3.46			3.32			(0.69	)		144


	10.46		5.20			25,304		2.55	^(d)		2.55	^(d)		3.88	^(d)		3.88	^(d)		(0.42	)^(d)		102
	10.40		4.60			1,427		3.30	^(d)		3.30	^(d)		4.72	^(d)		4.72	^(d)		(1.19	)^(d)		102
	10.49		5.40			156,849		2.15	^(d)		2.15	^(d)		3.64	^(d)		3.64	^(d)		(0.17	)^(d)		102
	10.48		5.40			7,051		2.30	^(d)		2.30	^(d)		3.62	^(d)		3.62	^(d)		(0.19	)^(d)		102
	10.44		5.00			26		2.79	^(d)		2.79	^(d)		4.36	^(d)		4.36	^(d)		(0.90	)^(d)		102


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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Notes to Financial Statements

October 31, 2016

1. ORGANIZATION

Goldman Sachs Trust II (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 Trust includes the Goldman Sachs Multi-Manager Alternatives Fund (the “Fund”). The Fund is a non-diversified portfolio and currently offers five classes of shares: Class A, Class C, Institutional, Class IR, and Class R Shares. The Fund commenced operations on April 30, 2013.

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, Class IR and Class R Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), serves as investment adviser to the Fund pursuant to a management agreement (the “Agreement”) with the Trust. As of October 31, 2016, GSAM had sub-advisory agreements (the “Sub-Advisory Agreements”) for the Fund with Acadian Asset Management LLC (“Acadian”), Algert Global LLC (“Algert”), Ares Capital Management II LLC (“Ares”), Atreaus Capital, LP (“Atreaus”), Brigade Capital Management, LP (“Brigade”), Corsair Capital Management, L.P. (“Corsair”), First Pacific Advisors, LLC (“FPA”), Graham Capital Management, L.P. (“GCM”), New Mountain Vantage Advisers, L.L.C. (“New Mountain Vantage”), QMS Capital Management LP (“QMS”), Russell Implementation Services, LLC (“RIIS”), Sirios Capital Management, L.P. (“Sirios”) and Wellington Management Company LLP (“Wellington”) (the “Underlying Managers”). Each of Atreaus and GCM also serves as an Underlying Manager for a Subsidiary (as defined below). Pursuant to the terms of the Sub-Advisory Agreements, the Underlying Managers are responsible for making investment decisions and managing the investments of the Fund. GSAM compensates the Underlying Managers directly in accordance with the terms of the Sub-Advisory Agreements. The Fund is not charged any separate or additional investment advisory fees by the Underlying Managers. As of January 4, 2016, Lateef Investment Management, L.P. (“Lateef”) no longer served as an Underlying Manager of the Fund. As of June 24, 2016, Polaris Capital Management, LLC (“Polaris”) no longer served as an Underlying Manager of the Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

A. Basis of Consolidation for the Goldman Sachs Multi-Manager Alternatives Fund — The Cayman Commodity — MMA, Ltd. and the Cayman Commodity — MMA II, Ltd. (each a “Subsidiary” and together the “Subsidiaries”), Cayman Islands exempted companies, were incorporated on January 14, 2014 and March 2, 2016, respectively, and are wholly-owned subsidiaries of the Fund. The Subsidiaries act as investment vehicles for the Fund to enable the Fund to gain exposure to certain types of commodity-linked derivative instruments. The Fund is the sole shareholder of the Subsidiaries pursuant to subscription agreements dated as of September 3, 2015 and July 19, 2016, respectively, and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiaries. Under the Memorandum and Articles of Association of each Subsidiary, shares issued by the Subsidiary confer upon a shareholder the right to vote at general meetings of the Subsidiary and certain rights in connection with any winding-up or repayment of capital, as well as the right to participate in the profits or assets of the Subsidiary. All inter-fund balances and transactions have been eliminated in consolidation. As of October 31, 2016, the Fund’s net assets were $1,197,032,050, of which, $28,447,957, or 2.4%, represented the Cayman Commodity — MMA, Ltd.’s net assets and $8,346,776, or 0.7%, represented the Cayman Commodity — MMA II, Ltd.’s net assets.

B. Investment Valuation — The Fund’s valuation policy is to value investments at fair value.

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

business day for daily net asset value (“NAV”) calculations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Fund’s investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost basis of the REIT.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Consolidated Statement of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting interest rate swaps whose realized gains or losses are recognized from the effective start date.

For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

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

E. Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually.

Net capital losses 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 the Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital. Certain components of the Fund’s net assets on the Consolidated Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

F. Foreign Currency Translation — The accounting records and reporting currency of the 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 Consolidated Statement of Operations within net change in unrealized gain (loss) on foreign currency translations. 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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Notes to Financial Statements (continued)

October 31, 2016

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

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

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s portfolio 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:

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 of the Institutional Share class on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Fund invests in Underlying Funds that fluctuate in value, the Fund’s shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued using available market quotations as provided by a third party pricing vendor or broker. Prior to October 11, 2016, such securities were valued at amortized cost. With the exception of treasury securities of G8 countries (not held in money market funds), which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i. Bank Loans — Bank loans (“Loans”) are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions (“Lenders”). The 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, the 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. The 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 the 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.

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.

Securities Sold Short — Securities sold short are those securities which a Fund has sold but which it does not own. When a Fund sells a security it does not own, it must borrow the position that was sold and deliver it to the broker through which it made the short sale. In addition, cash and certain investments in securities may be used to collateralize the securities sold short. Each day the securities sold short transaction is open, the liability to replace the borrowed security is marked to market and an unrealized gain or loss is recorded. While the transaction remains open, a Fund may also incur expenses for any dividends or interest which will be paid to the lender of the securities as well as a fee to borrow the delivered security. During the term of the short sale, the value of the securities pledged as collateral on short sales is required to exceed the value of the securities sold short. The market value of securities pledged as collateral is included in the Consolidated Schedule of Investments.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers.

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Notes to Financial Statements (continued)

October 31, 2016

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

A forward foreign currency contract is a forward contract in which the Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked-to-market daily at the applicable forward rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security and are valued based on exchanged settlement prices or independent market quotes. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and at the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, the Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

iii. 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.

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

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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

A total return swap is an agreement that gives the Fund the right to receive the appreciation in the value of a specified security, index 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.

i. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Fund, including accrued interest is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Consolidated Statement of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Fund’s custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between the Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, the Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that the Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Fund, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Fund maintains pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Fund is not subject to any expenses in relation to these investments.

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Notes to Financial Statements (continued)

October 31, 2016

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

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. GSAM did not develop the unobservable inputs (examples include but are not limited to single source broker quotations, third party pricing, etc.) for the valuation of Level 3 Assets and Liabilities.

C. Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of October 31, 2016:



MULTI-MANAGER ALTERNATIVES

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	249,283,452		$	—
Bank Loans		—			54,465,146			5,304,798
Asset-Backed Securities		—			1,289,749			—
Foreign Debt Obligation		—			945,745			—
Municipal Debt Obligations		—			3,090,058			—
U.S. Treasury Obligations		15,902,544			—			—
Common Stock and/or Other Equity Investments^(a)
Africa		—			2,612,357			—
Asia		1,310,311			448,767			—
Australia and Oceania		—			136,002			—
Europe		16,953,052			9,238,024			—
North America		149,862,273			822,687			283,781
Investment Company		28,130,434			—			—
Short-term Investments		—			536,500,000			—
Total	$	212,158,614		$	858,831,987		$	5,588,579
Liabilities
Common Stock and/or Other Equity Investments^(a)
Asia	$	—		$	(3,021,265	)	$	—
North America		(29,135,751	)		—			—
Total	$	(29,135,751	)	$	(3,021,265	)	$	—

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



MULTI-MANAGER ALTERNATIVES (continued)

Derivative Type	Level 1			Level 2			Level 3
Assets^(b)
Forward Foreign Currency Exchange Contracts	$	—		$	6,924,265		$	—
Futures Contracts		4,266,053			—			—
Total Return Swap Contracts		—			15,197,409			—
Total	$	4,266,053		$	22,121,674		$	—
Liabilities^(b)
Forward Foreign Currency Exchange Contracts	$	—		$	(5,577,732	)	$	—
Futures Contracts		(6,804,242	)		—			—
Credit Default Swap Contracts		—			(199,025	)		—
Total Return Swap Contracts		—			(14,708,012	)		—
Total	$	(6,804,242	)	$	(20,484,769	)	$	—

(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 principle exchange or system on which they are traded, which may differ from country of domicile noted in table. The Funds utilize fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

(b)

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

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


4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts as of October 31, 2016. These instruments were used as part of the Fund’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the table below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Fund’s net exposure.

Risk

Consolidated Statement of Assets

and Liabilities

Assets

Consolidated Statement of Assets

and Liabilities

Liabilities

Interest rate

Variation margin on certain derivative contracts

1,560,821

^(a)

Variation margin on certain derivative contracts

(3,516,841)

^(a)

Credit

—

Payable for unrealized loss on swap contracts

(199,025)

^(b)

Equity

Receivable for unrealized gain on swap contracts; Variation margin on certain derivative contracts

16,645,785

^(a)

Payable for unrealized loss on swap contracts; Variation margin on certain derivative contracts

(15,927,345)

^(a)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts; Variation margin on certain derivative contracts

6,946,661

^(a)

Payable for unrealized loss on forward foreign currency exchange contracts; Variation margin on certain derivative contracts

(5,606,576)

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Notes to Financial Statements (continued)

October 31, 2016

4. INVESTMENTS IN DERIVATIVES (continued)


Risk	Consolidated Statement of Assets and Liabilities	Assets			Consolidated Statement of Assets and Liabilities	Liabilities
Commodity	Variation margin on certain derivative contracts	$	1,234,460	^(a)	Variation margin on certain derivative contracts	$	(2,039,224)	^(a)
Total		$	26,387,727			$	(27,289,011)

(a)

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

(b)

Aggregate of amounts include $14,628,783, which represents the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Fund’s performance, their failure to pay on their obligations or failure to pledge collateral. Such amount does not include incremental charges directly associated with the close-out of the agreements. It also does not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Fund is entitled to a full return.

The following table sets forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended October 31, 2016. 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 Consolidated Statement of Operations:


Risk	Consolidated Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from investments and futures contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts	$	2,909,766		$	(2,688,396	)		6,487
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(144,978	)		(199,025	)		11
Currency	Net realized gain (loss) from forward foreign currency exchange contracts and futures contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts and futures contracts		1,314,732			7,037,589			1,069
Equity	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts		(1,488,738	)		(896,671	)		1,924
Commodity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(9,752,716	)		(860,942	)		225
Total		$	(7,161,934	)	$	2,392,555			9,716

(a)

Average number of contracts is based on the average of month end balances for the period end October 31, 2016.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivatives’ counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives (including forward foreign currency exchange contracts, and certain options and swaps) and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

4. INVESTMENTS IN DERIVATIVES (continued)

excess of the minimum in certain circumstances. Collateral terms are contract-specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty. Additionally, the Fund may be required to post initial margin to the counterparty, the terms of which would be outlined in the confirmation of the OTC transaction.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately on the Consolidated Statement of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by the Fund, if any, is noted in the Consolidated Schedule of Investments. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that the Underlying Managers believe to be of good standing and by monitoring the financial stability of those counterparties.

The following table sets forth the Fund’s net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of October 31, 2016:


	Derivative Assets⁽¹⁾						Derivative Liabilities⁽¹⁾
Counterparty	Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾		Net Amount⁽²⁾
Bank of America Securities LLC	$	—	$	2,850,227	$	2,850,227	$	(3,185	)	$	(2,031,619	)	$	(2,034,804	)	$	815,423		$	—	$	815,423
Barclays Bank PLC		—		25,220		25,220		(42,684	)		(964	)		(43,648	)		(18,428	)		—		(18,428	)
JPMorgan Securities, Inc.		14,863,041		3,965,075		18,828,116		(13,508,887	)		(3,483,495	)		(16,992,382	)		1,835,734			—		1,835,734
Morgan Stanley & Co.		334,368		—		334,368		(1,352,281	)		—			(1,352,281	)		(1,017,913	)		1,017,913		—
Morgan Stanley & Co. International PLC		—		66,042		66,042		—			(39,539	)		(39,539	)		26,503			—		26,503
UBS AG (London)		—		17,701		17,701		—			(22,115	)		(22,115	)		(4,414	)		4,414		—
Total	$	15,197,409	$	6,924,265	$	22,121,674	$	(14,907,037	)	$	(5,577,732	)	$	(20,484,769	)	$	1,636,905		$	1,022,327	$	2,659,232

(1)

Gross amounts available for offset but not netted in the Consolidated Statement of Assets and Liabilities.

(2)

Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Notes to Financial Statements (continued)

October 31, 2016

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the fiscal year ended October 31, 2016, the contractual and effective net management fee with GSAM were at the following rates:


Contractual Management Rate										Effective Net Management Rate^^(b)*
First $2 billion^(a)		Next $3 billion		Next $3 billion		Over $8 billion		Effective Rate		Effective Net Management Rate^^(b)*
	1.90%		1.80%		1.71%		1.68%		1.92%		1.85%

GSAM has agreed to waive a portion of its management fee in order to achieve net management rates, as defined in the Fund’s most recent prospectus. This arrangement will be effective through at least February 28, 2017, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees.

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

(a)

Prior to December 1, 2015, the Fund’s contractual management fee rate was 2.00% on the first $2 billion of average daily net assets.

(b)

Reflects combined management fees paid to GSAM under the Agreement and the Subsidiary Agreements as defined below after waivers.

GSAM also provides management services to the Subsidiaries pursuant to the Subsidiary Management Agreements (the “Subsidiary Agreements”) and is entitled to a management fee accrued daily and paid monthly, equal to an annual percentage rate of 0.42% of each Subsidiary’s average daily net assets. In consideration of the Subsidiaries’ management fee, and for as long as the Subsidiary Agreements remain in effect, GSAM has contractually agreed to waive irrevocably a portion of the Fund’s management fee in an amount equal to the management fee accrued and paid to GSAM by the Subsidiaries under the Subsidiary Agreements. For the fiscal year ended October 31, 2016 GSAM waived $197,504 of the Fund’s management fee. This waiver represents an inter-fund transaction and, accordingly, has been eliminated in consolidation.

B. Distribution and Service Plans — The Trust, on behalf of the Fund, has adopted Distribution and Service Plans (the “Plans”). Under the 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, at the following annual rates calculated on the Fund’s average daily net assets of each respective share class:


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

With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution 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 Fund 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, 2016, Goldman Sachs advised that it retained $10,740 and $0, respectively.

D. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.19% of the average daily net assets of Class A, Class C, Class IR and Class R Shares; and 0.04% of the average daily net assets of Institutional Shares.

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

E. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Fund (excluding acquired fund fees and expenses, dividend and interest payments on securities sold short, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, shareholder meeting, litigation, indemnification and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Fund are 0.114% and the total annual operating expenses (excluding acquired fund fees and expenses, taxes, dividend and interest payments on securities sold short, interest, brokerage fees, shareholder meeting, litigation, indemnification and extraordinary expenses) of Class A, Class C, Institutional Class, Class IR, and Class R Shares are limited to 2.38%, 3.13%, 1.98%, 2.13% and 2.63%, respectively. The Other Expense limitations and the total operating expense limitation agreement will remain in place through at least February 28, 2017, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Fund may enter into certain offset arrangements with the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the Other Expense limitations described above. For the fiscal year ended October 31, 2016 these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Management

Fee Waiver

Other Expense

Reimbursements

Total Expense

Reductions

887,219

1,969,477

2,856,696

F. Line of Credit Facility — As of October 31, 2016, the Fund participated in a $1,100,000,000 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 (“Other Borrowers”). This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the fiscal year ended October 31, 2016, the Fund did not have any borrowings under the facility.

G. Other Transactions with Affiliates — For the fiscal year ended October 31, 2016, Goldman Sachs earned $1,014, in brokerage commissions from portfolio transactions. As of October 31, 2016, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 22% of Class R Shares of the Fund.

The table below shows the transaction in and earnings from investments in the Underlying Fund for the fiscal year ended October 31, 2016:

Underlying Fund

Market
Value
10/31/2015

Purchases
at Cost

Proceeds
from Sales

Market

Value
10/31/2016

Dividend
Income

Goldman Sachs Financial Square Government Fund — Institutional Shares

—

28,130,534

(100

)

28,130,434

232

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Notes to Financial Statements (continued)

October 31, 2016

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, 2016, were $522,666,436 and $917,134,008, respectively.

The following table sets forth the Fund’s net exposure for short securities that are subject to enforceable master netting arrangements or similar agreements as of October 31, 2016:


Counterparty	Securities Sold Short⁽¹⁾		Collateral Pledged⁽²⁾			Net Amount⁽³⁾
Deutsche Bank AG ⁽⁴⁾	$	14,803,363	$	(14,803,363	)	$	—
JPMorgan Chase Bank		13,339,169		(13,339,169	)		—
State Street Bank & Trust		4,014,484		(4,014,484	)		—
Total	$	32,157,016	$	(32,157,016	)	$	—

(1)

Gross amounts available for offset but not netted in the Consolidated Statement of Assets and Liabilities.

(2)

At October 31, 2016, the value of securities received pledged exceeded the value of the related securities sold short.

(3)

(4)

Securities sold short were executed through separate Underlying Managers.

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended October 31, 2016 was as follows:


Distribution paid from:
Ordinary income	$	10,147,452
Net long-term capital gains		1,957,685
Total taxable distributions	$	12,105,137

As of October 31, 2016, the components of accumulated earnings (losses) on a tax basis were as follows:


Undistributed ordinary income — net	$	20,812,376
Total undistributed earnings	$	20,812,376
Capital loss carryforwards:
Perpetual Short-Term		(62,516,733	)
Perpetual Long-Term		(18,357,246	)
Total capital loss carryforwards	$	(80,873,979	)
Timing differences (Straddle Loss Deferral)	$	(2,558,430	)
Unrealized gains (losses) — net		(4,236,450	)
Total accumulated earnings (losses) net	$	(66,856,483	)

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

7. TAX INFORMATION (continued)

As of October 31, 2016, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


Tax Cost	$	1,080,637,320
Gross unrealized gain		33,859,465
Gross unrealized loss		(37,823,581	)
Net unrealized gains (losses) on securities	$	(3,964,116	)
Net unrealized gain (loss) on other investments		(272,334	)
Net unrealized gains (losses)	$	(4,236,450	)

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures, net mark to market gains/(losses) on foreign currency contracts, and differences in the tax treatment of partnership investments, passive foreign investment company investments, swap transactions, material modification of debt securities and the recognition of income and gains/losses of certain bonds.

In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from differences in the tax treatment of swap transactions, foreign currency transactions, passive foreign investment company investments, underlying fund investments, material modification of debt securities and Short Sales.

Accumulated

Net Realized

Gain (Loss)

Undistributed

Net Investment

Income (Loss)

Paid in Capital

7,872,836

2,842,904

(10,715,740

)

GSAM has reviewed the Fund’s tax positions for all open tax years (the current and 2 prior years, as applicable) and has concluded that no provision for income tax is required in the Fund’s financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

8. OTHER RISKS

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

Derivatives Risk — Loss may result from the Fund’s investments in derivative instruments. These instruments may be illiquid, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. Losses from investments in 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 Custody Risk — The Fund that invests in foreign securities may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on the Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Notes to Financial Statements (continued)

October 31, 2016

8. OTHER RISKS (continued)

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions by the United States or other governments, or from problems in registration, settlement or custody. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with increasing rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with unpredictable effects on the markets and the Fund’s investments.

Investments in Other Investment Companies — As a shareholder of another investment company, including an exchange-traded fund (“ETF”), the Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

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

Liquidity Risk — The 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 the Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Loan-Related Investments Risk — In addition to risks generally associated with debt investments, loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be relatively illiquid, 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 may be relatively illiquid and difficult to value. There is less readily available, reliable information about most loan investments than is the case for many other

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

8. OTHER RISKS (continued)

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 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, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Multi-Manager Approach Risk — The Fund’s performance depends on the ability of the Investment Adviser in selecting, overseeing, and allocating Fund assets to the Underlying Managers. The Underlying Managers’ investment styles may not always be complementary. The Fund’s multi-manager approach may result in the Fund investing a significant percentage of its assets in certain types of investments, which could be beneficial or detrimental to the Fund’s performance depending on the performance of those investments and the overall market environment. The Fund’s Underlying Managers may underperform the market generally or underperform other investment managers that could have been selected for the Fund. Because the Fund’s Underlying Managers may trade with counterparties, prime brokers, clearing brokers or futures commission merchants on terms that are different than those on which the Investment Adviser would trade, and because each Underlying Manager applies its own risk analysis in evaluating potential counterparties for the Fund, the Fund may be subject to greater counterparty risk than if it were managed directly by the Investment Adviser.

Short Position Risk — The Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that the Fund may purchase for investment. Taking short positions involves leverage of the Fund’s assets and presents various risks. If the value of the underlying instrument or market in which the 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.

Tax Risk — The Fund will seek to gain exposure to the commodity markets primarily through investments in the Subsidiaries and/or commodity index-linked structured notes, as applicable. Historically, the Internal Revenue Service (“IRS”) issued private letter rulings (“PLRs”) in which the IRS specifically concluded that income and gains from investments in commodity index-linked structured notes or a wholly-owned foreign subsidiary that invests in commodity-linked instruments are “qualifying income” for purposes of compliance with Subchapter M of the Code. However, the Fund has not received a PLR, and is not able to rely on PLRs issued to other taxpayers. Additionally, the IRS has suspended the granting of such PLR, pending review of its position on this matter. The IRS also recently issued proposed regulations that, if finalized, would generally treat the Fund’s income inclusion with respect to a subsidiary as qualifying income only if there is a distribution out of the earnings and profits of a subsidiary that

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Notes to Financial Statements (continued)

October 31, 2016

8. OTHER RISKS (continued)

are attributable to such income inclusion. The proposed regulations, if adopted, would apply to taxable years beginning on or after 90 days after the regulations are published as final.

The IRS also recently issued a revenue procedure, which states that the IRS will not in the future issue PLRs that would require a determination of whether an asset (such as a commodity index-linked note) is a “security” under the Investment Company Act of 1940. In light of this, the Fund has obtained an opinion of counsel that the Fund’s income from such investments should constitute “qualifying income.” However, no assurances can be provided that the IRS would not be able to successfully assert that the Fund’s income from such investments was not “qualifying income”, in which case the Fund would fail to qualify as regulated investment company (“RIC”) under Subchapter M of the Code if over 10% of its gross income were derived from these investments. If the Fund failed to qualify as a RIC, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates. This would significantly adversely affect the returns to, and could cause substantial losses for, Fund shareholders.

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 Fund. Additionally, in the course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

10. SUBSEQUENT EVENTS

Subsequent events after the Consolidated Statement of Assets and Liabilities date have been evaluated through the date the financial statement were issued. On November 3, 2016, the Trustees approved One River Asset Management, LLC (“One River”) and YG Partners, LLC (“YG Partners”) as Underlying Managers of the Fund. One River will utilize a tactical trading strategy, and YG Partners will utilize an equity/long short strategy.

Other than the above, GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	For the Fiscal Year Ended October 31, 2016						For the Period January 1, 2015-October 31, 2015^(a)						For the Fiscal Year Ended December 31, 2014
	Shares			Dollars			Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		6,466,263		$	64,825,296			14,534,458		$	156,399,827			13,799,884		$	145,642,660
Reinvestment of distributions		111,867			1,130,892			—			—			152,647			1,623,453
Shares redeemed		(14,454,630	)		(144,922,875	)		(4,525,729	)		(48,066,121	)		(5,347,199	)		(57,009,892	)
		(7,876,500	)		(78,966,687	)		10,008,729			108,333,706			8,605,332			90,256,221
Class C Shares
Shares sold		855,964			8,456,479			4,843,529			51,853,444			3,684,774			38,725,099
Reinvestment of distributions		32,783			326,190			—			—			40,521			426,232
Shares redeemed		(3,823,802	)		(37,726,174	)		(632,424	)		(6,614,972	)		(213,013	)		(2,241,283	)
		(2,935,055	)		(28,943,505	)		4,211,105			45,238,472			3,512,282			36,910,048
Institutional Shares
Shares sold		39,736,722			402,931,900			106,511,467			1,158,260,742			55,682,719			592,272,239
Reinvestment of distributions		893,194			9,069,534			—			—			978,521			10,450,502
Shares redeemed		(72,045,143	)		(728,652,554	)		(46,837,742	)		(501,232,560	)		(12,411,833	)		(131,983,495	)
		(31,415,227	)		(316,651,120	)		59,673,725			657,028,182			44,249,407			470,739,246
Class IR Shares
Shares sold		8,068,352			81,443,001			9,391,066			101,423,885			3,568,379			37,822,254
Reinvestment of distributions		78,956			800,190			—			—			54,013			575,509
Shares redeemed		(9,097,182	)		(91,879,976	)		(1,912,439	)		(20,215,231	)		(247,339	)		(2,638,759	)
		(949,874	)		(9,636,785	)		7,478,627			81,208,654			3,375,053			35,759,004
Class R Shares
Shares sold		20,159			207,712			6,001			63,976			282			2,972
Reinvestment of distributions		193			1,937			—			—			32			335
Shares redeemed		(17,158	)		(170,096	)		(337	)		(3,692	)		—			—
		3,194			39,553			5,664			60,284			314			3,307
NET INCREASE (DECREASE)		(43,173,462	)	$	(434,158,544	)		81,377,850		$	891,869,298			59,742,388		$	633,667,826

(a)

The Fund changed its fiscal year end from December 31 to October 31.

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust II and Shareholders of

the Goldman Sachs Multi-Manager Alternatives Fund:

In our opinion, the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, and the related consolidated statements of operations and of changes in net assets and the consolidated financial highlights present fairly, in all material respects, the financial position of the Goldman Sachs Multi-Manager Alternatives Fund (the “Fund”), a fund of the Goldman Sachs Trust II, at October 31, 2016, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These consolidated financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2016 by correspondence with the custodian, brokers, transfer agent of the underlying funds and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 23, 2016

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND


Fund Expenses — Six Month Period Ended October 31, 2016 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Class IR or Class R Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C and Class R Shares); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Class IR or Class R Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.


	Multi Manager Alternatives Fund
Share Class	Beginning Account Value 5/1/16		Ending Account Value 10/31/16			Expenses Paid for the 6 months ended 10/31/16*
Class A
Actual	$	1,000.00	$	1,014.90		$	12.21
Hypothetical 5% return		1,000.00		1,013.02	+		12.19
Class C
Actual		1,000.00		1,011.10			16.03
Hypothetical 5% return		1,000.00		1,009.20	+		16.01
Institutional
Actual		1,000.00		1,015.70			10.29
Hypothetical 5% return		1,000.00		1,014.93	+		10.28
Class IR
Actual		1,000.00		1,015.80			11.25
Hypothetical 5% return		1,000.00		1,013.98	+		11.24
Class R
Actual		1,000.00		1,013.90			16.25
Hypothetical 5% return		1,000.00		1,009.00	+		16.21


Fund	Class A			Class C			Institutional			Class IR			Class R
Multi Manager Alternatives		2.41	%		3.17	%		2.03	%		2.22	%		3.21	%

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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

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

Background

The Goldman Sachs Multi-Manager Alternatives Fund (the “Fund”) is an investment portfolio of Goldman Sachs Trust II (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. The Fund employs a “manager of managers” structure, whereby Goldman Sachs Asset Management, L.P. and Goldman Sachs Asset Management International (collectively, the “Investment Adviser”) are responsible for selecting sub-advisers (subject to Board approval), allocating the Fund’s assets among them, and overseeing their day-to-day management of Fund assets. The Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with the Investment Adviser on behalf of the Fund.

(a)

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

(i)

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

(ii)

(iii)

trends in employee headcount;

(iv)

the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v)

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

(b)

(c)

(d)

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

(e)

fee and expense information for the Fund, including:

(i)

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

(ii)

comparative information on the advisory fees charged and services provided by the Investment Adviser to certain collective investment vehicles that it manages with comparable investment strategies;

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

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

(f)

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

(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;

(j)

(k)

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

(l)

(m)

(n)

The Trustees also received an overview of the Fund’s distribution arrangements. They received information regarding the Fund’s 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 presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Fund and its service providers operate, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates. In addition, the Trustees reviewed the Sub-Adviser oversight process that the Investment Adviser had employed, which included areas such as investment analytics, risk management and compliance.

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

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

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of June 30, 2016 or by the Investment Adviser using the Outside Data Provider peer groups. The information on the Fund’s investment performance was provided for the one-year period ending on June 30, 2016. The Trustees also reviewed the Fund’s investment performance relative to its performance benchmark. The Trustees considered the Investment Adviser’s representations that the Fund had significant differences from its Outside Data Provider peer group and/or benchmark index that caused them to be imperfect bases for comparison. As part of this review, they considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Fund’s performance to that of comparable unregistered funds for which the Investment Adviser also serves as investment adviser. They considered that the unregistered funds provide an imperfect performance comparison because they are not subject to the requirements of the 1940 Act.

In addition, the Trustees considered materials prepared and presentations made throughout the year by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

The Trustees noted that the Fund’s Class A Shares and Institutional Shares had placed in the third quartile of the Fund’s performance peer group, and had outperformed the Fund’s primary benchmark index.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement, the fee rates payable by the Fund thereunder, and the net amount retained by the Investment Adviser after payment of sub-advisory fees. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as a registered mutual fund.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared the Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing the Fund’s net expenses to the peer and category medians. The Trustees also considered comparative fee information for services provided by the Investment Adviser to collective investment vehicles having investment objectives and policies similar to those of the Fund. They considered information that indicated that services provided to the Fund differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive. They also noted that certain of these types of accounts have a compensation structure which includes performance fees, and also pay additional asset-based fees and performance fees to the managers of underlying hedge funds. The analyses also compared the Fund’s transfer agency, custody and distribution fees, other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. The Trustees noted that the Investment Adviser had agreed to waive a portion of its management fee in an amount equal to the aggregate management fees paid to the Investment Adviser as the investment adviser to the Fund’s wholly-owned subsidiaries. They also considered the Investment Adviser’s undertaking to waive a portion of the management fees payable by the Fund that exceed a specified level. The Trustees also considered the Investment Adviser’s undertaking to limit the Fund’s “other expenses” ratios (excluding certain expenses) to a specified level.

Profitability

The Trustees reviewed the Investment Adviser’s revenues and pre-tax profit margins with respect to the Fund. 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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

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

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 had audited the expense allocation methodology and was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. The Trustees considered profitability information for the Fund in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees considered the information that had been provided regarding the Investment Adviser’s profitability. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for the Fund at the following annual percentage rates of the average daily net assets of the Fund:


First $2 billion	1.90	%
Next $3 billion	1.80
Next $3 billion	1.71
Over $8 billion	1.68

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Fund and its shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Fund; the Fund’s recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser’s undertaking to waive a portion of its management fee and to limit certain expenses of the Fund 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. The Independent Trustees also considered the relationship between the advisory and sub-advisory fee rate schedules.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) transfer agency fees received by Goldman, Sachs & Co. (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Fund; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) Goldman Sachs’ retention of certain fees as Fund Distributor; (f) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; and (g) the possibility that the working relationship between the Investment Adviser and the Fund’s third-party service providers (including the Sub-Advisers) may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund receives certain potential benefits as a result of its relationship with the Investment Adviser, including: (a) enhanced servicing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (b) the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (c) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; (d) the Fund’s access, through the Investment Adviser, to certain firmwide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (e) the Fund’s access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Fund’s shareholders invested in the Fund in part because of the Fund’s relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

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

judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Management Agreement should be approved and continued with respect to the Fund until August 31, 2017.

Designated Sub-Advisory Agreements

Nature, Extent, and Quality of the Services Provided Under the Designated Sub-Advisory Agreements and Performance

In evaluating the Designated Sub-Advisory Agreements, the Trustees relied upon materials furnished and presentations made by the Investment Adviser and the Designated Sub-Advisers. In evaluating the nature, extent, and quality of services provided by each Designated Sub-Adviser, the Trustees considered information on the services provided to the Fund by each Designated Sub-Adviser, including information about each Designated Sub-Adviser’s (a) personnel and organizational structure; (b) track record in managing funds and/or accounts with investment strategies similar to those employed on behalf of the Fund; (c) policies and procedures in place to address potential conflicts of interest; and (d) compliance program and code of ethics. The Trustees also reviewed the operations and investment performance of each Designated Sub-Adviser’s respective sleeve of the Fund since its inception. In considering each Designated Sub-Adviser’s investment performance, the Trustees reviewed a comparison of each Designated Sub-Adviser to relevant benchmark indices based on various metrics, including realized beta, excess return, alpha, and volatility. The Trustees also reviewed the services provided to the Fund under each Designated Sub-Advisory Agreement.

Costs of Services Provided

The Trustees reviewed the terms of each Designated Sub-Advisory Agreement, including the fee schedules for the Designated Sub-Advisers. They considered the breakpoints (if applicable) in the sub-advisory fee rate payable under each Designated Sub-Advisory Agreement. The Trustees noted that the compensation paid to each Designated Sub-Adviser would be paid by the Investment Adviser, not by the Fund, and the retention of the Designated Sub-Advisers does not increase the fees incurred by the Fund for advisory services. They noted that the Investment Adviser believes that the relationship between the management fees paid by the Fund and the sub-advisory fees paid by the Investment Adviser is appropriate given the level of services the Investment Adviser provides to the Fund and significant differences in cost drivers and risks associated with the respective services offered by the Investment Adviser and each Designated Sub-Adviser, as well as the management fee waivers and expense limitations that substantially reduce the fees retained by the Investment Adviser. In this regard, the Trustees considered that certain Designated Sub-Advisers had agreed to reduce their sub-advisory fee rate, which benefited shareholders of the Fund in light of the existing management fee waiver arrangements. The Trustees reviewed the anticipated blended average of all sub-advisory fees to be paid by the Investment Adviser with respect to the Fund in light of the overall management fee to be paid by the Fund.

Conclusion

New Sub-Advisory Agreements

In addition to the actions taken by the Trustees to approve the continuation of the Management Agreement and the Designated Sub-Advisory Agreements, upon the recommendation of the Investment Adviser, at meetings held on May 4, 2016 and September 14, 2016, the Trustees, including all of the Independent Trustees present, approved sub-advisory agreements (each, a “New Sub-Advisory Agreement”) between the Investment Adviser and Algert Global LLC and Wellington Management Company LLP (each, a “New Sub-Adviser” and, collectively, the “New Sub-Advisers”). In connection with their evaluation of the New Sub-Advisory Agreements, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel. In addition, the Trustees received information prepared by each New Sub-Adviser in a written response to a formal request from the Investment Adviser.

Nature, Extent, and Quality of the Services Provided Under the New Sub-Advisory Agreements

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

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

Sub-Adviser’s (a) personnel and compensation structure; (b) track record in managing funds and/or accounts with investment strategies similar to those to be employed on behalf of the Fund; (c) policies and procedures in place to address potential conflicts of interest; and (d) compliance program and code of ethics. In this regard, they considered assessments provided by the Investment Adviser of each New Sub-Adviser, the New Sub-Adviser’s investment strategies and personnel and its compliance program. The Trustees considered that that certain of the New Sub-Advisers manage other assets for the Investment Adviser’s clients. They noted that, because none of the New Sub-Advisers had previously provided services to the Fund, there was no performance information to evaluate with respect to the Fund.

Costs of Services to be Provided

The Trustees reviewed the terms of the New Sub-Advisory Agreements and the proposed fee schedules, including any breakpoints. They noted that the compensation paid to the New Sub-Advisers would be paid by the Investment Adviser, not by the Fund. They also noted that the terms of the New Sub-Advisory Agreements were the result of arms’ length negotiations between the Investment Adviser and the applicable New Sub-Adviser. The Trustees reviewed the anticipated blended average of all sub-advisory fees to be paid by the Investment Adviser and how it would change upon hiring the New Sub-Advisers. They considered this information in light of the overall management fee to be paid by the Fund.

Conclusion

In connection with their consideration of the New Sub-Advisory Agreements, the Trustees gave weight to various factors, but did not identify any particular factor as controlling their decision. After deliberation and consideration of the information provided, the Trustees present concluded that each New Sub-Advisory Agreement should be approved for a period of two years from the time of its approval.

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Trustees and Officers (Unaudited)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴
Ashok N. Bakhru Age: 74	Chairman of the Board of Trustees	Since 2012	Mr. Bakhru is retired. He was formerly Director, Apollo Investment Corporation (a business development company) (2008-2013); President, ABN Associates (a management and financial consulting firm) (1994-1996 and 1998-2012); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-2008); Director, Private Equity Investors — III and IV (1998-2007), and Equity-Linked Investors II (April 2002-2007). Chairman of the Board of Trustees — Goldman Sachs Trust II; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	142	None
Cheryl K. Beebe Age: 60	Trustee	Since 2015	Ms. Beebe is retired. She is Director, Convergys Corporation (2015-Present); Director, Packaging Corporation of America (2008-Present); and was formerly Executive Vice President, (2010-2014); and Chief Financial Officer, Ingredion, Inc. (a global corn refining and manufacturing company) (2004-2014). Trustee — Goldman Sachs Trust II.	17	Convergys Corporation (a customer management company); Packaging Corporation of America (producer of container board)
John P. Coblentz, Jr. Age: 75	Trustee	Since 2012	Mr. Coblentz is retired. Formerly, he was Partner, Deloitte & Touche LLP (a professional services firm) (1975-2003); Director, Emerging Markets Group, Ltd. (a consulting company) (2004-2006); and Director, Elderhostel, Inc. (a not-for profit organization) (2006-2012). Previously, Mr. Coblentz served as Trustee of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (2003-2015). Trustee — Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	36	None
Lawrence Hughes Age: 58	Trustee	Since 2016	Mr. Hughes is retired. Formerly, he held senior management positions with BNY Mellon Wealth Management, a division of The Bank of New York Mellon Corporation (a financial services company) (1991-2015), most recently as Chief Executive Officer (2010-2015). He serves as Chairman of the Board of Directors, Ellis Memorial and Eldredge House (a not-for-profit organization) (2012-Present). Previously, Mr. Hughes served as an Advisory Board Member of Goldman Sachs Trust II (February 2016-April 2016). Trustee — Goldman Sachs Trust II.	17	None
John F. Killian Age: 61	Trustee	Since 2015	Mr. Killian is retired. He is Director, Consolidated Edison, Inc. (2007-Present); Director, Houghton Mifflin Harcourt Publishing Company (2011-Present); and formerly held senior management positions with Verizon Communications, Inc., including Executive Vice President and Chief Financial Officer (2009-2010); and President, Verizon Business, Verizon Communications, Inc. (2005-2009). Trustee — Goldman Sachs Trust II.	17	Consolidated Edison, Inc. (a utility holding company); Houghton Mifflin Harcourt Publishing Company

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Trustees and Officers (Unaudited) (continued)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴
Richard P. Strubel Age: 77	Trustee	Since 2012	Mr. Strubel is retired. Formerly, he served as Chairman of the Board of Trustees, Northern Funds (a family of retail and institutional mutual funds managed by Northern Trust Investments, Inc.) (2008-2014) and Trustee (1982-2014); Director, Cardean Learning Group (provider of educational services via the internet) (2003-2008); and Director, Gildan Activewear Inc. (a clothing marketing and manufacturing company) (2000-2014). He serves as Trustee Emeritus, The University of Chicago (1987-Present). Previously, Mr. Strubel served as Trustee of Goldman Sachs Trust (1987-2015) and Goldman Sachs Variable Insurance Trust (1997-2015). Trustee — Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	36	None
Westley V. Thompson Age: 61	Trustee	Since 2016	Mr. Thompson is retired. Formerly, he was President, Sun Life Financial, Inc. (a financial services company) (2008-2014); and held senior management positions at various insurance companies including affiliates of Lincoln National Corporation (1998-2008), Cigna Corporation (1994-1997), and Aetna, Inc. (1979-1994). Previously, Mr. Thompson served as an Advisory Board Member of Goldman Sachs Trust II (February 2016-April 2016). Trustee — Goldman Sachs Trust II.	17	None

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Trustees and Officers (Unaudited) (continued)

Interested Trustee*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴
James A. McNamara Age: 54	President and Trustee	Since 2012	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs Trust II; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	140	None

Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of October 31, 2016.

⁴

Additional information about the Trustees is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 54	President and Trustee	Since 2012	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust II; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 39	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). 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 Middle Market Lending LLC; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 45	Treasurer, Senior Vice President and Principal Financial Officer	Since 2012 (Principal Financial Officer since 2013)	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs Trust II; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.

Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.

Information is provided as of October 31, 2016.

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Goldman Sachs Trust II — Goldman Multi-Manager Alternatives Fund — Tax Information (Unaudited)

For the year ended October 31, 2016, 92.07% of the dividends paid from net investment company taxable income by the Multi-Manager Alternatives Fund, qualify for the dividends received deduction available to corporations.

For the year ended October 31, 2016, 65.24%, of the dividends paid from net investment company taxable income by the Multi-Manager Alternatives Fund, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

FUNDS PROFILE

Goldman Sachs Funds

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

Money Market

Financial Square Funds^SM

Financial Square Treasury Solutions Fund¹

Financial Square Government Fund¹

Financial Square Money Market Fund²

Financial Square Prime Obligations Fund²

Financial Square Treasury Instruments Fund¹

Financial Square Treasury Obligations Fund¹

Financial Square Federal Instruments Fund¹

Financial Square Tax-Exempt Money Market Fund²

Investor Funds^SM

Investor Money Market Fund³

Investor Tax-Exempt Money Market Fund^3,4

Fixed Income

Short Duration and Government

Enhanced Income Fund

High Quality Floating Rate Fund

Short-Term Conservative Income Fund⁵

Short Duration Government Fund

Short Duration Income Fund

Government Income Fund

Inflation Protected Securities Fund

Multi-Sector

Bond Fund

Core Fixed Income Fund

Global Income Fund

Strategic Income Fund

Municipal and Tax-Free

High Yield Municipal Fund

Dynamic Municipal Income Fund

Short Duration Tax-Free 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

Dynamic Emerging Markets Debt Fund

Fixed Income Alternatives

Long Short Credit Strategies Fund

Fixed Income Macro Strategies Fund

Fundamental Equity

Growth and Income Fund

Small Cap Value Fund

Small/Mid Cap Value Fund

Mid Cap Value Fund

Large Cap Value Fund

Focused Value Fund

Capital Growth Fund

Strategic Growth Fund

Focused Growth Fund

Small/Mid Cap Growth Fund

Flexible Cap Growth Fund

Concentrated Growth Fund

Technology Opportunities Fund

Growth Opportunities Fund

Rising Dividend Growth Fund

Dynamic U.S. Equity 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 Fund⁶

International Equity Insights Fund

Emerging Markets Equity Insights Fund

Fundamental Equity International

Strategic International Equity Fund

Focused International Equity Fund

Asia Equity Fund

Emerging Markets Equity Fund

N-11 Equity Fund

Select Satellite

Real Estate Securities Fund

International Real Estate Securities Fund

Commodity Strategy Fund

Global Real Estate Securities Fund

Dynamic Commodity Strategy Fund

Dynamic Allocation Fund

Absolute Return Tracker Fund

Long Short Fund

Managed Futures Strategy Fund

MLP Energy Infrastructure Fund

Multi-Manager Alternatives Fund

Multi-Asset Real Return Fund

Absolute Return Multi-Asset Fund

Global Infrastructure Fund

Total Portfolio Solutions

Global Managed Beta Fund

Multi-Manager Non-Core Fixed Income Fund

Multi-Manager U.S. Dynamic Equity Fund

Multi-Manager Global Equity Fund

Multi-Manager International Equity Fund

Tactical Tilt Overlay Fund⁷

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

Equity Growth Strategy Portfolio

Satellite Strategies Portfolio

Enhanced Dividend Global Equity Portfolio

Tax-Advantaged Global Equity Portfolio

Strategic Factor Allocation Fund

Target Date 2020 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

GQG Partners International Opportunities Fund

⁴

Effective on March 31, 2016, the Goldman Sachs Financial Square Tax-Free Money Market Fund was renamed the Goldman Sachs Investor Tax-Exempt Money Market Fund.

⁵

Effective on July 29, 2016, the Goldman Sachs Limited Maturity Obligations Fund was renamed the Goldman Sachs Short-Term Conservative Income Fund.

⁶

Effective at the close of business on February 5, 2016, the Goldman Sachs International Small Cap Fund was reorganized with and into the Goldman Sachs International Small Cap Insights Fund.

⁷

Effective on June 1, 2016, the Goldman Sachs Tactical Tilt Implementation Fund was renamed the Goldman Sachs Tactical Tilt Overlay Fund.

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

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


TRUSTEES Ashok N. Bakhru, Chairman Cheryl K. Beebe John P. Coblentz, Jr. Lawrence Hughes John F. Killian James A. McNamara Richard P. Strubel Westley V. Thompson		OFFICERS James A. McNamara, President Scott M. McHugh, Principal Financial Officer, Senior Vice President and Treasurer Caroline L. Kraus, Secretary

GOLDMAN, SACHS & CO. Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P. 200 West Street, New York, New York 10282

The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (I) without charge, upon request by calling 1-800-526-7384 (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 Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s web site at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Form N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

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

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. Past correlations are not indicative of future correlations, which may vary.

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 the Fund and may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

Goldman Sachs Funds

LOGO



Annual Report				October 31, 2016

				Strategic Multi-Asset Class Funds
				Multi-Manager Global Equity
				Multi-Manager Non-Core Fixed Income
				Multi-Manager Real Assets Strategy

LOGO

Goldman Sachs Strategic

Multi-Asset Class Funds

∎

MULTI-MANAGER GLOBAL EQUITY

∎

MULTI-MANAGER NON-CORE FIXED INCOME

∎

MULTI-MANAGER REAL ASSETS STRATEGY


TABLE OF CONTENTS

Market Review			1

Portfolio Management Discussion and Performance Summaries			4

Schedules of Investments			24

Financial Statements			68

Financial Highlights			72

Notes to Financial Statements			78

Report of Independent Registered Public Accounting Firm			96

Other Information			97



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

MARKET REVIEW

Goldman Sachs Strategic Multi-Asset Class Funds

Market Review

The 12 months ended October 31, 2016 (the “Reporting Period”) were marked by spans of uncertainty and market volatility, beginning with the Federal Reserve’s (the “Fed”) first interest rate increase in nearly a decade in December 2015. Shortly thereafter, the People’s Bank of China took the step of devaluing its currency, the renminbi, setting off a sharp worldwide sell-off in risk assets, as investors sought relative safety in the uncertainty surrounding the scale and impact of Chinese monetary policy. This “risk off” sentiment persisted into the middle of February 2016, then subsided until uncertainty around the U.K.’s June 2016 referendum on whether to remain a member of the European Union led to significant price action in U.K. assets. The U.K.’s unexpected decision to leave the European Union, popularly known as “Brexit”, set off another sharp sell-off in equity and currency markets in late June 2016. The British pound dropped precipitously versus the U.S. dollar and the euro, hitting levels not seen since the 1980s.

MARKET REVIEW

securities significantly outperforming. The markets experienced notable volatility during the Reporting Period, with a sell-off in U.S. office real estate investment trusts (“REITs”) at the beginning of 2016, a notable rally in Japanese REITs in the first quarter of 2016 despite concerns around quality and valuation following the Bank of Japan’s move to negative interest rates, and a sharp decline and subsequent rebound in U.K. real estate immediately following the European Union referendum vote in June 2016. In the third quarter of 2016 and in October 2016, we saw a rotation in the markets, as pockets that had previously outperformed took a pause while renewed flows into areas of the market that have previously been stressed, including Hong Kong, stood out to the upside.

Looking Ahead

At the end of the Reporting Period, we remained more constructive on equities than on credit and on credit relative to interest rates and increasingly on emerging markets over developed markets. While the economy appeared to us to be in the late stages of recovery, we maintained our belief that absent external shocks, the economy still has room to grow. As such, we remained cautiously supportive of risk assets at the end of the Reporting Period.

Equities

At the end of the Reporting Period, we believed continued economic expansion should be supportive for equities, and strategically, we favored the asset class. We expected a large part of the mis-valuation between asset classes to be resolved through higher bond yields rather than through a substantial rally in equities, and therefore expected muted, but positive, equity returns. However, in our view, the risks are to the upside. If bond yields stay around levels seen at the end of the Reporting Period, against our expectations, then we believe a substantial rally would be needed in equities to bring the pricing of equities in line with the bond market.

Emerging versus Developed Markets

Generally, we became more constructive on emerging markets versus developed markets from a cyclical perspective during the Reporting Period, as during the past five years, we think sufficient progress has been made on various fronts, including valuation, macro imbalances, dissipating challenges to growth, and improving perception of emerging markets. In the medium term, we believe this sets the scene for renewed emerging market outperformance, while in the near term, we are also positive but see the risk/reward balance as closer to balanced, due to the risk of temporary headwinds from a rise in bond yields in developed markets. We also remained concerned at the end of the Reporting Period about downside risks from China, but its renewed policy support has made those risks smaller for the time being, in our view.

MARKET REVIEW

Fixed Income

At the end of the Reporting Period, we saw U.S. corporate credit spreads, or yield differentials to U.S. Treasuries, as roughly in line with the current macro environment. We expected spreads to be largely range-bound, with a small drift higher, as the economic expansion matures. We were bearish on government bonds, as we believed the market was underpricing the short-term end of the yield curve and the pace of future interest rate hikes, while a potential curve sell-off at the long-term end could occur either due to a reassessment of the future path of interest rate hikes or due to the evolution of central bank policies in the U.S. and abroad. (If investors expect upward price movement in a particular market, the sentiment is said to be bullish. On the contrary, if the market sentiment is bearish, most investors expect downward price movement.)

With a focus on developed markets but acknowledging broader market implications, we would note policy disappointment as a core risk to markets, particularly given elevated expectations. Our models suggest the Fed is behind the curve, partially due to external drivers and partially because the need for further easing is limited, as supported by a tightening labor market and building inflationary pressures. In Japan and the periphery of Europe, inflation is low, but in these countries, debt levels are already high, making it hard to ease further. As such the bar for easing surprises, in our view, is high. In the U.S., markets were pricing in less than a 15% chance of more than two rate hikes by the end of 2017. On the fiscal side, the removal of past tightening has already supported economic growth and an even larger impact would require, we believe, an accelerating expansion of deficits.

On balance, we believe equities performing better than bonds may well be driven more by higher bond yields, rather than strong equity performance. In turn, we expect a more range-bound environment in equities but maintain conviction in a European recovery, with performance driven by improving economic growth, fundamentals, accommodative monetary policy, tailwinds from a weaker euro and thawing credit markets. We maintain that the U.S. economy is likely to be resilient, although U.S. equity returns are likely to be muted. Across emerging markets equity, we were, at the end of the Reporting Period, marginally constructive, as better economic data, dovish global central banks and a stabilizing U.S. dollar helped reverse sentiment across the emerging market complex toward the end of the Reporting Period.

From a longer-term strategic asset allocation perspective, we intend to finalize shifts within the Funds in line with our Global Portfolio Solutions (“GPS”) investment process.

PORTFOLIO RESULTS

Goldman Sachs Multi-Manager

Global Equity Fund

Investment Objective

The Fund seeks to provide long-term capital growth.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Portfolio Solutions (“GPS”) and Alternative Investments & Manager Selection (“AIMS”) Groups discuss the Goldman Sachs Multi-Manager Global Equity Fund’s (the “Fund”) performance and positioning for the 12-month period ended October 31, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional Shares generated an average annual total return of 0.74%. This return compares to the 2.72% average annual total return of the Fund’s benchmark, the MSCI All Country World Index Investable Market Index (“ACWI IMI”) (Net, USD, 50% Non-U.S. Developed Hedged to USD) (the “Index”), during the same time period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Fund posted positive absolute returns but underperformed the Index during the Reporting Period. The Fund’s performance during the Reporting Period can be attributed to the performance of the Fund’s Underlying Managers, who are unaffiliated investment managers that employ a global equity investment strategy. During the Reporting Period, the Fund allocated capital to ten Underlying Managers — Causeway Capital Management LLC (“Causeway”), Epoch Investment Partners, Inc. (“Epoch”), Fisher Asset Management, LLC (“Fisher”), GW&K Investment Management, LLC (“GW&K”), Parametric Portfolio Associates LLC (“Parametric”), Principal Global Investors, LLC (“Principal”), Robeco Investment Management, Inc. doing business as Boston Partners (“Boston Partners”), Scharf Investments, LLC (“Scharf”), Vulcan Value Partners, LLC (“Vulcan”) and WCM Investment Management (“WCM”). Parametric and Principal were each initially allocated assets during the Reporting Period, and each was added to replace positions held in passive exchange-traded funds (“ETFs”) that were redeemed earlier in the Reporting Period.

The ten Underlying Managers with assets allocated to them during the Reporting Period represented five asset classes across global equity as part of the Fund’s top-level strategy allocation — U.S. large cap (Scharf and Vulcan), Europe, Australasia and Far East (“EAFE”) large cap (Causeway and WCM), U.S. small cap (GW&K and Boston Partners), EAFE small cap (Epoch and Principal) and emerging markets (Fisher and Parametric). Of the ten Underlying Managers with allocated capital during the Reporting Period, three generated negative absolute returns and seven generated positive absolute returns. On a relative basis, seven Underlying Managers underperformed their respective strategy benchmark, while three outperformed their respective strategy benchmark.

The Fund additionally uses Russell Investments Implementation Services, LLC (“Russell”) for a currency overlay program given the hedged nature of the Fund’s benchmark.

The Fund’s performance relative to the Index was mainly driven by manager selection, which overall detracted during the Reporting Period. The largest contribution to underperformance came from U.S. large cap Underlying Managers Vulcan and Scharf, who underperformed the S&P 500 Index, the index to which we compare these Underlying Managers. On the positive side, the strongest relative performance came from international growth-oriented Underlying Manager WCM, who outperformed the MSCI ACWI ex-U.S. Index, the index to which we compare this Underlying Manager.

PORTFOLIO RESULTS

Strategic asset allocation, which reflects a longer-term perspective to diversify and invest across global equity markets, contributed positively to the Fund’s results during the Reporting Period. Strategic asset allocation performance relative to the Index benefited the Fund during the Reporting Period, driven by multiple factors but notably by allocation and timing of shifts within emerging and certain developed commodity-sensitive equity markets. Currency hedges also helped due to the strength of the U.S. dollar against non-U.S. developed market currencies.

Which global equity asset classes most significantly affected Fund performance?

In U.S. large cap, which we measure relative to the S&P 500 Index, both Underlying Managers produced negative absolute returns and underperformed the benchmark index. Vulcan was negatively impacted by stock selection in consumer discretionary, financials and information technology, which was partially offset by effective stock selection in industrials. Scharf underperformed the S&P 500 Index during the Reporting Period due to stock selection in health care and information technology. Stock selection in financials partially offset Scharf’s underperformance. Both Underlying Managers were also negatively affected by underweights to yield-oriented sectors — particularly consumer staples and utilities — as well as to energy, which rallied during the Reporting Period.

In U.S. small cap, performance was mixed, as one Underlying Manager outperformed and the other underperformed their respective benchmarks. GW&K outperformed the Russell 2000 Index due to positive stock selection within consumer discretionary. Stock selection within materials partially offset GW&K’s outperformance. Boston Partners, the value-oriented Underlying Manager, underperformed the Russell 2000 Value Index due to stock selection within materials and information technology. Positive stock selection within industrials slightly offset Boston Partners’ underperformance.

Performance was also mixed in EAFE large cap, with one Underlying Manager outperforming and the other underperforming their respective benchmarks. WCM, who we compare to the MSCI ACWI ex-U.S. Index, significantly outperformed due to stock selection in information technology and financials. WCM’s outperformance was partially offset by positioning in energy and materials. Causeway, who we compare to the MSCI EAFE Index, lagged during the Reporting Period due to poor stock selection in the financials, industrials and materials sectors. Strong stock selection in telecommunication services and consumer discretionary partially mitigated Causeway’s underperformance.

In EAFE small cap, both Epoch and Principal significantly underperformed the MSCI World ex-U.S. Small Cap Index during the Reporting Period. Epoch’s underperformance can be attributed to stock selection within financials and consumer discretionary. Principal underperformed due to stock selection within consumer discretionary and information technology, slightly offset by positive stock selection within financials.

In emerging markets, Fisher underperformed the MSCI Emerging Markets Index. Fisher’s underperformance can be attributed to its overweight to and stock selection within health care as well as to its underweights to materials and consumer staples, slightly offset by positive stock selection within information technology. Parametric posted positive absolute returns and outperformed the MSCI Emerging Markets Index during the Reporting Period due to its more diversified sector and country exposure and specifically to its significant underweight to China.

How did the Fund use derivatives and similar instruments during the Reporting Period?

Russell manages a currency overlay allocation that seeks to minimize unintended currency exposures that either reduce performance or increase risk of the Fund’s portfolio. Russell uses currency forwards as part of this strategy. Outside of Russell, the Fund did not use derivatives during the Reporting Period.

Were there any notable changes in the Fund’s allocations during the Reporting Period?

There were no changes made in the Fund’s allocations during the Reporting Period. Throughout the Reporting Period, the Fund’s assets were allocated 33% to U.S. large cap, 28% to EAFE large cap, 9% to U.S. small cap, 17% to EAFE small cap and 11% to emerging markets.

Were there any changes to the Fund’s management team during the Reporting Period?

Effective August 19, 2016, Jason Gottlieb was removed as a portfolio manager to the Fund, and Kent Clark and Tom Murray were added as portfolio managers, joining Neill Nuttall, Kate El-Hillow and Betsy Gorton.

PORTFOLIO RESULTS

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

Overall, we intend to continue to position the Fund in alignment with our longer-term strategic views within the equity complex as a complement to additional strategic market exposures. We further intend to continue to monitor allocations and Underlying Manager performance as we seek to generate long-term capital growth.

PORTFOLIO RESULTS

Index Definitions

The Fund’s benchmark index is the MSCI ACWI IMI (Net, USD, 50% Non-U.S. Developed Hedged to USD). This custom index comprises the MSCI ACWI IMI (which covers approximately 14,000 securities and includes large, mid, small and micro cap size segments for all developed markets countries in the index together with large, mid and small cap size segments for the emerging markets countries) and a currency hedge on 50% of the non-U.S. developed markets exposures back to U.S. dollars.

The S&P 500^® Index is an American stock market index based on the market capitalizations of 500 large companies listed on the NYSE or NASDAQ.

The Russell 2000^® Index is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000^® Index. The 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.

The MSCI^® EAFE^® Index is a stock market index that is designed to measure the equity market performance of developed markets in Europe, Australasia and the Far East, excluding the U.S. and Canada.

The MSCI Emerging Markets Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of April 30, 2016 the MSCI Emerging Markets Index (Net, USD, Unhedged) consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey.

The MSCI ACWI ex-U.S. Index is a market-capitalization weighted index maintained by MSCI and designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. It includes both developed and emerging markets. It holds 23 countries classified as developed markets and 23 classified as emerging markets.

The MSCI World ex-U.S. Small Cap Index is an unmanaged index maintained by MSCI and considered representative of small-cap stocks of global developed markets, excluding those of the U.S.

FUND BASICS

Multi-Manager Global Equity Fund

as of October 31, 2016

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PERFORMANCE REVIEW
November 1, 2015– October 31, 2016	Fund Total Return (based on NAV)¹			MSCI ACWI IMI (Net, USD, 50% Non-U.S. Developed Hedged to USD)²
Institutional		0.74	%		2.72	%

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

The MSCI ACWI IMI (Net, USD, 50% Non-U.S. Developed Hedged to USD) captures large, mid and small cap representation across 23 developed markets and 23 emerging markets. With 8,575 constituents, the MSCI ACWI IMI is comprehensive, covering approximately 99% of the global equity investment opportunity set. As of April 30, 2016, the 23 developed markets in the MSCI ACWI IMI include Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the U.K. and the U.S. The 23 emerging markets include Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, South Korea, Malaysia, Mexico, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The Index figures do not reflect any deductions for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS³

For the period ended 9/30/16

One Year

Since Inception

Inception Date

Institutional

9.31

-2.69

6/24/2015

The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. Because Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Institutional		0.88	%		1.38	%

⁴

FUND BASICS

FUND COMPOSITION (%)⁵

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⁵

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent repurchase agreements. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Performance Summary

October 31, 2016

The following graph shows the value, as of October 31, 2016, of a $1,000,000 investment made on June 24, 2015 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the MSCI All Country World Index Investable Market Index (Net, USD, 50% Non-US Developed Hedged to USD) is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. 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. In addition to the Underlying Managers’ decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Goldman Sachs Multi-Manager Global Equity Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from June 24, 2015 through October 31, 2016.

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Average Annual Total Return through October 31, 2016	One Year	Since Inception

Institutional (Commenced June 24, 2015)	0.74%	-3.48%

PORTFOLIO RESULTS

Goldman Sachs Multi-Manager Non-Core

Fixed Income Fund

Investment Objective

The Fund seeks a total return consisting of income and capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Portfolio Solutions (“GPS”) and Alternative Investments & Manager Selection (“AIMS”) Groups discuss the Goldman Sachs Multi-Manager Non-Core Fixed Income Fund’s (the “Fund”)

performance and positioning for the 12-month period ended October 31, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional Shares generated an average annual total return of 7.54%. This return compares to the 9.94% average annual total return of the Fund’s benchmark, the Multi-Manager Non-Core Fixed Income Composite Index (the “Index”), during the same time period.

The Index is composed 40% of the Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index (Gross, USD, Unhedged); 20% of the Credit Suisse Leveraged Loan Index (Gross, USD, Unhedged); 20% of the JP Morgan Emerging Market Bond Index (EMBI^SM) Global Diversified Index (Gross, USD, Unhedged); and 20% of the JP Morgan Government Bond Index-Emerging Markets (GBI-EM^SM) Global Diversified Index (Gross, USD, Unhedged), which returned 10.13%, 6.28%, 11.67% and 11.01%, respectively, during the Reporting Period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Fund posted positive absolute returns but underperformed the Index during the Reporting Period. The Fund’s performance during the Reporting Period can be attributed to the performance of the Fund’s Underlying Managers, who are unaffiliated investment managers that employ a non-core fixed income investment strategy. During the Reporting Period, the Fund allocated capital to four Underlying Managers — Ares Capital Management II LLC (“Ares”), BlueBay Asset Management LLP (“BlueBay”), Lazard Asset Management LLC (“Lazard”) and Symphony Asset Management LLC (“Symphony”). These four Underlying Managers represented four sectors across non-core fixed income as part of the Fund’s top-level strategy allocation — high yield (Ares), bank loans (Symphony), external emerging market debt (BlueBay and Lazard) and local emerging market debt (BlueBay and Lazard). Of the four Underlying Managers with allocated capital during the Reporting Period, all four generated positive absolute returns but all four underperformed their respective strategy benchmark on a relative basis.

Similarly, of the four sectors of the non-core fixed income market to which the Fund had exposure via Underlying Manager strategies during the Reporting Period, all four generated positive absolute returns but underperformed their respective strategy benchmark on a relative basis.

Performance relative to the Index was mainly driven by manager selection, which detracted during the Reporting Period. Underperformance relative to the Index primarily came from high yield Underlying Manager Ares, who underperformed the Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index. Symphony, the bank loans Underlying Manager, underperformed the Credit Suisse Leveraged Loan Index during the Reporting Period. Emerging market debt Underlying Managers BlueBay and Lazard each underperformed their custom benchmark (67% JP Morgan GBI EM Diversified/33% JP Morgan EMBI Global Diversified Index (the “EM Blended Index”)).

Strategic asset allocation, which reflects a longer-term perspective to diversify and invest in non-core fixed income sectors, also detracted from the Fund’s results, albeit more modestly. Strategic asset allocation detracted mainly driven by an underweight to emerging market hard currency debt relative to the Index. Such underperformance was partially offset by the overweight to emerging market local debt relative to the Index, which contributed positively. U.S. dollar-denominated debt, as measured by the JP Morgan

PORTFOLIO RESULTS

EMBI Global Diversified Index, returned more than 11% during the Reporting Period and outperformed the other asset classes in the Fund.

Which non-core fixed income sectors most significantly affected Fund performance?

Ares, the high yield Underlying Manager, underperformed the Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index during the Reporting Period, with its underperformance during the strong leveraged credit rebound from March through September 2016 more than offsetting outperformance in the prior months of the Reporting Period. The strategy’s defensive positioning, specifically an underweight to CCC-rated high yield bonds and an out-of-benchmark allocation to bank loans, added value during the Reporting Period through the beginning of February 2016, but was subsequently a drag on relative performance during the second half of February 2016 through October 2016 when lower-rated credit rallied.

Symphony, the bank loans Underlying Manager, underperformed the Credit Suisse Leveraged Loan Index during the Reporting Period. Symphony’s relative underperformance was due to security selection in the media/telecom and gaming/leisure industries and due to an overweight to transportation. Defensive cash spending also hurt Symphony’s results.

BlueBay, one of the emerging market debt Underlying Managers, underperformed the EM Blended Index during the Reporting Period due to country selection, specifically an underweighted allocation to Malaysia and positioning in Turkey, which was impacted by a coup earlier in the year.

Lazard, the other emerging market debt Underlying Manager, also underperformed the EM Blended Index during the Reporting Period. Its underperformance was driven by the portfolio’s overweight to the Mexican peso, which detracted most. Partially offsetting the underperformance was the portfolio’s overweighted positioning in Argentina and Brazil, which contributed positively. The portfolio’s asset allocation between hard currency and local currency debt was roughly neutral during the Reporting Period.

How did the Fund use derivatives and similar instruments during the Reporting Period?

The Fund’s Underlying Managers used currency forwards, bond futures, cross currency swaps and interest rate swaps during the Reporting Period to implement their strategies.

Were there any notable changes in the Fund’s allocations during the Reporting Period?

There were no changes made in the Fund’s allocations during the Reporting Period. Throughout the Reporting Period, the Fund’s assets were allocated 25% to local emerging market debt, 14% to external emerging market debt, 21% to bank loans and 39% to high yield.

Were there any changes to the Fund’s management team during the Reporting Period?

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

Overall, we intend to continue to position the Fund in alignment with our longer-term strategic views on the non-core fixed income market as a complement to additional strategic market exposures. We further intend to continue to monitor allocations and Underlying Manager performance as we seek to generate total return consisting of income and capital appreciation.

PORTFOLIO RESULTS

Index Definitions

The Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index (Gross, USD, Unhedged) is an issuer-constrained version of the U.S. Corporate High-Yield Index that measures the market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds. The index follows the same rules as the uncapped index but limits the exposure of each issuer to 2% of the total market value and redistributes any excess market value index-wide on a pro-rata basis.

The Credit Suisse Leveraged Loan Index (Gross, USD, Unhedged) is designed to mirror the investable universe of the U.S. dollar-denominated leveraged loan market.

The J.P. Morgan EMBI^SM Global Diversified Index (Gross, USD, Unhedged) tracks total returns for U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities.

The J.P. Morgan GBI-EM^SM Global Diversified Index (Gross, USD, Unhedged) is a comprehensive local emerging markets index, consisting of regularly traded, fixed-rate, local currency government bonds.

FUND BASICS

Non-Core Fixed Income Fund

as of October 31, 2016

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PERFORMANCE REVIEW
November 1, 2015– October 31, 2016	Fund Total Return (based on NAV)¹			Multi- Manager Non-Core Fixed Income Composite Index²			Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index (Gross, USD, Unhedged)			Credit Suisse Leveraged Loan Index (Gross, USD, Unhedged)			JP Morgan EMBI^SM Global Diversified Index (Gross, USD, Unhedged)			JP Morgan GBI-EM^SM Global Diversified Index (Gross, USD, Unhedged)
Institutional		7.54	%		9.94	%		10.13	%		6.28	%		11.67	%		11.01	%

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

The Multi Manager Non-Core Fixed Income Composite Index is comprised of the Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond (Gross, USD, Unhedged) Index (40%), the Credit Suisse Leveraged Loan (Gross, USD, Unhedged) Index (20%), the J.P. Morgan EMBI^SM Global Diversified (Gross, USD, Unhedged) Index (20%), and the J.P. Morgan GBI-EM^SM Global Diversified (Gross, USD, Unhedged) Index (20%). The index figures do not reflect any deductions for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS³

For the period ended 9/30/16

One Year

Since Inception

Inception Date

Institutional

10.21

3.57

3/31/2015


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Institutional		0.71	%		1.20	%

⁴

The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2017, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

FUND BASICS

FUND COMPOSITION (%)⁵

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⁵

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

Performance Summary

October 31, 2016

The following graph shows the value, as of October 31, 2016, of a $1,000,000 investment made on March 31, 2015 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, Multi Manager Non-Core Fixed Income Composite Index, which is comprised of the Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond (Gross, USD, Unhedged) Index (40%), the Credit Suisse Leveraged Loan (Gross, USD, Unhedged) Index (20%), the J.P. Morgan EMBI^SM Global Diversified (Gross, USD, Unhedged) Index (20%), and the J.P. Morgan GBI-EM^SM Global Diversified (Gross, USD, Unhedged) Index (20%), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. 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. In addition to the Underlying Managers’ decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Goldman Sachs Non-Core Fixed Income Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from March 31, 2015 through October 31, 2016.

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Average Annual Total Return through October 31, 2016	One year	Since Inception

Institutional (Commenced March 31, 2015)	7.54%	2.14%

PORTFOLIO RESULTS

Goldman Sachs Multi-Manager

Real Assets Strategy Fund

Investment Objective

The Fund seeks to provide long-term capital growth through investments related to real assets.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Portfolio Solutions (“GPS”) and Alternative Investments & Manager Selection (“AIMS”) Groups discuss the Goldman Sachs Multi-Manager Real Assets Strategy Fund’s (the “Fund”) performance and positioning for the 12-month period ended October 31, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional Shares generated an average annual total return of -2.14%. This return compares to the 1.28% average annual total return of the Fund’s benchmark, the Multi-Manager Real Assets Strategy Composite Index (the “Index”), during the same time period.

Effective December 31, 2015, commodities, as represented by the S&P GSCI (Net, USD, Unhedged), were removed from the Index. As of December 31, 2015, the Index is composed 50% of the FTSE EPRA/NAREIT Developed Index (Net, USD, Unhedged) and 50% of the Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged), which returned 2.64% and 4.97%, respectively, during the Reporting Period. The S&P GSCI (Net, USD, Unhedged), which until December 31, 2015, comprised 20% of the Index, returned -13.69% during the Reporting Period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Fund posted negative absolute returns that underperformed the Index on a relative basis. The Fund’s performance during the Reporting Period can be attributed to the performance of the Fund’s Underlying Managers, who are unaffiliated investment managers that employ a real assets investment strategy. Real assets are defined broadly by the Fund and include any assets that have physical properties or inflation sensitive characteristics, such as energy, real estate, infrastructure, commodities and inflation linked or floating rate fixed income securities. Inflation is a sustained increase in prices that erodes the purchasing power of money. Assets with inflation sensitive characteristics are assets that benefit from rising real cash flows in times of rising inflation.

In November and December 2015, the Fund (or its subsidiary) allocated capital to three Underlying Managers — PGIM Real Estate (formerly named Prudential Real Estate Investors), a business unit of PGIM, Inc. (“PRE”); RREEF America L.L.C. (“RREEF”) and Gresham Investment Management LLC (“Gresham”). These three Underlying Managers represented three asset classes across real assets as part of the Fund’s top-level strategy allocation — commodities (Gresham), global infrastructure (RREEF) and global real estate (PRE). We redeemed from Gresham, the commodities Underlying Manager, in January 2016, as commodities were removed from the Index on December 31, 2015. The decision to remove commodities from the Index was driven by the Fund’s long-term strategic asset allocation (“SAA”) investment process. While we have historically allocated strategically to commodities to serve as a hedge in our return-generating portfolios, high volatility and modest returns of the asset class, as well as the increased opportunity cost of holding commodities, diminished hedging properties and higher correlation to equities, drove the decision to remove the asset class. In May 2016, RARE Infrastructure was approved as an Underlying Manager by the Fund’s Board to manage an infrastructure value strategy, and in September 2016, Presima Inc. was approved as an Underlying Manager by the Fund’s Board to manage a global real estate securities concentrated strategy. However, neither of these Underlying Managers had been funded as of October 31, 2016.

Thus, as of October 31, 2016, the Fund allocated capital to two Underlying Managers representing two asset classes — real estate and global infrastructure. We maintain that commodities may be utilized for cycle-aware views in the future.

Of the three Underlying Managers with allocated capital during the Reporting Period overall, two generated negative absolute returns, and one posted positive absolute returns. On a relative basis, one of the Underlying Managers

PORTFOLIO RESULTS

outperformed their respective benchmark index and two underperformed their benchmark index during the Reporting Period.

Performance relative to the Index was driven by both strategic asset allocation, which reflects a longer-term perspective to diversify and invest across real assets, and manager selection. Strategic asset allocation detracted, heavily weighed down by residual exposure to commodities through mid-January 2016, when commodities were removed from the Fund’s allocation in line with long-term strategic views.

From a manager selection perspective, Fund underperformance relative to the Index was driven by PRE, the global real estate Underlying Manager, who underperformed the FTSE EPRA/NAREIT Developed Index (Net, USD, Unhedged) during the Reporting Period, followed by RREEF, the global infrastructure Underlying Manager, who underperformed the Dow Jones Brookfield Global Infrastructure Index during the Reporting Period.

Which real assets asset classes most significantly affected Fund performance?

Gresham, the commodities Underlying Manager, posted negative absolute returns but modestly outperformed the S&P GSCI (Net, USD, Unhedged) from November 1, 2015 through the time of its removal from the Fund, due to a change in the Fund’s strategic asset allocation, on January 12, 2016. Gresham’s outperformance was driven by favorable curve positioning across a number of commodities, particularly West Texas Intermediate crude oil.

RREEF, the global infrastructure Underlying Manager, posted positive absolute returns but underperformed the Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged) during the Reporting Period due to stock selection and positioning within the energy infrastructure (gas distribution and pipelines), stock selection in diversified infrastructure and water, and stock selection in toll roads. Its defensive cash positioning detracted as well.

PRE, the global real estate Underlying Manager, posted negative absolute returns and underperformed the FTSE EPRA/NAREIT Developed Index (Net, USD, Unhedged) during the Reporting Period due to an underweight to and stock selection within Asia and due to stock selection within the U.S. Within Asia, the majority of PRE’s underperformance came from Japan, while within the U.S., stock selection within the office REIT sector was the biggest detractor. An overweight to and positive stock selection within the U.S. residential REIT sector offset some of these losses.

How did the Fund use derivatives and similar instruments during the Reporting Period?

Gresham used commodity futures to implement its strategy in November and December 2015, which materially detracted from the Fund’s performance before being redeemed from the Fund in January 2016.

Were there any notable changes in the Fund’s allocations during the Reporting Period?

As mentioned earlier, commodities were removed from the Index as of December 31, 2015 and Gresham was redeemed from the Fund as of January 12, 2016.

At the beginning of the Reporting Period, the Fund’s assets were allocated 23% to commodities, 30% to global real estate and 46% to global infrastructure. As of October 31, 2016, the Fund’s assets were allocated 0% to commodities, 44% to global real estate and 54% to global infrastructure with the remainder in cash and cash equivalents.

Were there any changes to the Fund’s management team during the Reporting Period?

Effective August 19, 2016, Jason Gottlieb was removed as a portfolio manager to the Fund, and Kent Clark and Yvonne Woo were added as portfolio managers, joining Neill Nuttall, Kate El-Hillow and Betsy Gorton.

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

Overall, we intend to continue to position the Fund in alignment with our longer-term strategic views on the real assets complex as a complement to additional strategic market exposures. We further intend to continue to monitor allocations and Underlying Manager performance as we seek to generate long-term capital growth through investments related to real assets.

PORTFOLIO RESULTS

Index Definitions:

The S&P GSCI is a broad-based, production weighted index of global commodity market beta. The index consists of 24 commodity futures on physical commodities across five sectors: energy, agriculture, livestock, industrial metals, and precious metals. Each commodity in the index is weighted by world production, which is calculated as the average quantity produced over the last five years of available data.

The FTSE EPRA/NAREIT Developed Index is designed to track the performance of listed real estate companies and REITS worldwide. The index incorporates REITs and Real Estate Holding & Development companies.

The Dow Jones Brookfield Global Infrastructure Index intends to measure the stock performance of pure-play infrastructure companies domiciled globally. The index covers all sectors of the infrastructure market. Components are required to have more than 70% of cash flows derived from infrastructure lines of business.

FUND BASICS

Multi-Manager Real Assets Strategy Fund

as of October 31, 2016

LOGO


PERFORMANCE REVIEW
November 1, 2015– October 31, 2016	Fund Total Return (based on NAV)¹			Multi-Manager Real Assets Strategy Composite Index²			FTSE EPRA/ NAREIT Developed Index (Net, USD, Unhedged)			Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged)			S&P GSCI^® (Net, USD, Unhedged)
Institutional		-2.14	%		1.28	%		2.64	%		4.97	%		-13.69	%

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

The Fund’s benchmark index is the Multi-Manager Real Assets Strategy Composite Index, which is composed of the FTSE EPRA/NAREIT Developed Index (50%) (Net, USD, Unhedged) and the Dow Jones Brookfield Global Infrastructure Index (50%) (Net, USD, Unhedged). Until December 31, 2015, the S&P GSCI^® (Net, USD, Unhedged) comprised 20% of the Index (with each other index comprising 40% of the Index.). The index figures do not reflect any deductions for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS³

For the period ended 9/30/16

One Year

Since Inception

Inception Date

Institutional

5.97

-2.06

6/30/2015

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Institutional		0.90	%		1.27	%

⁴


TOP TEN EQUITY HOLDINGS AS OF 10/31/16⁵
Holding	% of Net Assets			Line of Business
National Grid PLC		3.8	%	Multi-Utilities
American Tower Corp.		2.8		Equity Real Estate Investment Trusts (REITs)
Crown Castle International Corp.		2.7		Equity Real Estate Investment Trusts (REITs)
Eversource Energy		2.3		Electric Utilities
Sempra Energy		2.2		Multi-Utilities
PG&E Corp.		2.1		Electric Utilities
Kinder Morgan, Inc.		2.1		Oil, Gas & Consumable Fuels
TransCanada Corp.		1.9		Oil, Gas & Consumable Fuels
Transurban Group		1.8		Transportation Infrastructure
Pembina Pipeline Corp.		1.7		Oil, Gas & Consumable Fuels

⁵

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

FUND BASICS

FUND COMPOSITION (%)⁶

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⁶

GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND

Performance Summary

October 31, 2016

The following graph shows the value, as of October 31, 2016, of a $1,000,000 investment made on June 30, 2015 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Multi-Manager Real Assets Strategy Composite Index, which is comprised of the FTSE EPRA/NAREIT Developed Index (50%) (Net, USD, Unhedged) and the Dow Jones Brookfield Global Infrastructure Index (50%) (Net, USD, Unhedged), is shown. Until December 31, 2015, the S&P GSCI^® Commodity Index (Net, USD, Unhedged) comprised 20% of the Index (with each other index comprising 40% of the Index.). This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. 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. In addition to the Underlying Managers’ decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Goldman Sachs Multi-Manager Real Asset Strategy Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from June 30, 2015 through October 31, 2016.

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Average Annual Total Return through October 31, 2016	One Year	Since Inception

Institutional (Commenced June 30, 2015)	-2.14%	-4.77%

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments

October 31, 2016


Shares		Description	Value

	Common Stocks – 100.3%
	Australia – 1.6%
	35,600	Aristocrat Leisure Ltd. (Hotels, Restaurants & Leisure)	$	414,485
	178,500	Asaleo Care Ltd. (Personal Products)		197,774
	58,037	BlueScope Steel Ltd. (Metals & Mining)		344,312
	79,015	Challenger Ltd. (Diversified Financial Services)		645,040
	48,615	CSL Ltd. (Biotechnology)		3,709,595
	94,376	Downer EDI Ltd. (Commercial Services & Supplies)		417,132
	73,773	Independence Group NL (Metals & Mining)		240,220
	139,764	Investa Office Fund (Equity Real Estate Investment Trusts (REITs))		450,167
	209,193	Nine Entertainment Co. Holdings Ltd. (Media)		136,461
	62,926	Northern Star Resources Ltd. (Metals & Mining)		203,530
	192,800	Orora Ltd. (Containers & Packaging)		424,850
	38,000	Pact Group Holdings Ltd. (Containers & Packaging)		189,428
	195,100	Spotless Group Holdings Ltd. (Commercial Services & Supplies)		148,002
	110,440	St. Barbara Ltd.* (Metals & Mining)		225,410
	146,214	The Star Entertainment Grp Ltd. (Hotels, Restaurants & Leisure)		553,265
	55,861	Treasury Wine Estates Ltd. (Beverages)		455,399
	159,650	Westfield Corp. (Equity Real Estate Investment Trusts (REITs))		1,078,894

				9,833,964

	Austria – 0.2%
	20,198	BUWOG AG* (Real Estate Management & Development)		488,182
	3,274	Lenzing AG (Chemicals)		426,432

				914,614

	Belgium – 0.1%
	15,617	Nyrstar NV* (Metals & Mining)		80,232
	6,500	Ontex Group NV (Personal Products)		196,613

				276,845

	Brazil – 0.8%
	413,810	Ambev SA ADR (Beverages)		2,441,479
	5,990	Banco Bradesco SA ADR (Banks)		62,356
	3,200	Banco do Brasil SA (Banks)		29,363
	4,100	BM&FBovespa SA – Bolsa de Valores Mercadorias e Futuros (Capital Markets)		24,148
	2,400	BRF SA (Food Products)		40,128
	12,000	CCR SA (Transportation Infrastructure)		65,226
	3,300	Cia de Saneamento Basico do Estado de Sao Paulo ADR (Water Utilities)		34,716
	3,200	Cia Hering (Specialty Retail)		19,408
	71,460	Cielo SA (IT Services)		725,346
	5,227	CPFL Energia SA (Electric Utilities)		39,661
	8,300	Cyrela Brazil Realty SA Empreendimentos e Participacoes (Household Durables)		27,953


	Common Stocks – (continued)
	Brazil – (continued)
	3,700	EDP – Energias do Brasil SA (Electric Utilities)	$	17,793
	2,300	Embraer SA ADR (Aerospace & Defense)		49,197
	2,000	Engie Brasil Energia SA (Independent Power and Renewable Electricity Producers)		25,407
	1,900	Equatorial Energia SA (Electric Utilities)		33,893
	2,000	Fibria Celulose SA ADR (Paper & Forest Products)		15,960
	3,100	Hypermarcas SA (Personal Products)		25,989
	4,600	JBS SA (Food Products)		13,993
	55,600	JSL SA (Road & Rail)		203,797
	6,000	Klabin SA (Containers & Packaging)		30,921
	12,100	Kroton Educacional SA (Diversified Consumer Services)		60,273
	2,600	Localiza Rent a Car SA (Road & Rail)		32,280
	4,300	Lojas Renner SA (Multiline Retail)		36,372
	4,100	MRV Engenharia e Participacoes SA (Household Durables)		15,876
	7,600	Odontoprev SA (Health Care Providers & Services)		28,571
	19,789	Petroleo Brasileiro SA ADR* (Oil, Gas & Consumable Fuels)		230,938
	6,400	Qualicorp SA (Health Care Providers & Services)		41,183
	1,400	Raia Drogasil SA (Food & Staples Retailing)		31,079
	9,800	Telefonica Brasil SA ADR (Diversified Telecommunication Services)		141,120
	4,000	Tim Participacoes SA ADR (Wireless Telecommunication Services)		55,400
	3,400	TOTVS SA (Software)		30,847
	15,600	Ultrapar Participacoes SA (Oil, Gas & Consumable Fuels)		353,492
	2,400	Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA (Commercial Services & Supplies)		22,489
	9,700	WEG SA (Machinery)		53,484

				5,060,138

	British Virgin Islands* – 0.0%
	4,600	Lenta Ltd. (Food & Staples Retailing)		33,320
	300	Luxoft Holding, Inc. (IT Services)		15,900
	2,550	Mail.Ru Group Ltd. GDR (Internet Software & Services)		41,743

				90,963

	Cambodia – 0.0%
	444,000	NagaCorp Ltd. (Hotels, Restaurants & Leisure)		273,911

	Canada – 3.3%
	20,500	Aecon Group, Inc. (Construction & Engineering)		265,019


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

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND


Shares		Description	Value

	Common Stocks – (continued)
	Canada – (continued)
	35,300	Algonquin Power & Utilities Corp. (Independent Power and Renewable Electricity Producers)	$	311,865
	10,100	Allied Properties Real Estate Investment Trust (Equity Real Estate Investment Trusts (REITs))		271,532
	36,692	Birchcliff Energy Ltd.* (Oil, Gas & Consumable Fuels)		233,616
	41,270	Canadian Pacific Railway Ltd. (Road & Rail)		5,899,959
	62,635	Cardinal Energy Ltd. (Oil, Gas & Consumable Fuels)		426,813
	1,275	CCL Industries, Inc. Class B (Containers & Packaging)		226,749
	2,352	Colliers International Group, Inc. (Real Estate Management & Development)		81,890
	22,729	Computer Modelling Group Ltd. (Software)		168,099
	5,600	Constellation Software, Inc. (Software)		2,623,395
	46,000	Corus Entertainment, Inc. Class B (Media)		379,647
	37,100	Crew Energy, Inc.* (Oil, Gas & Consumable Fuels)		182,278
	19,800	Detour Gold Corp.* (Metals & Mining)		377,459
	4,600	Dollarama, Inc. (Multiline Retail)		343,740
	17,035	Element Fleet Management Corp. (Diversified Financial Services)		165,994
	92,600	Encana Corp. (Oil, Gas & Consumable Fuels)		882,990
	45,563	HudBay Minerals, Inc. (Metals & Mining)		191,927
	9,700	Kinaxis, Inc.* (Software)		473,972
	30,200	Kirkland Lake Gold, Inc.* (Metals & Mining)		209,394
	228,308	Lundin Mining Corp.* (Metals & Mining)		893,623
	21,400	Manulife Financial Corp. (Insurance)		309,999
	18,300	Milestone Apartments Real Estate Investment Trust (Equity Real Estate Investment Trusts (REITs))		246,128
	14,117	Mullen Group Ltd. (Energy Equipment & Services)		195,657
	18,900	New Flyer Industries, Inc. (Machinery)		528,405
	89,500	OceanaGold Corp. (Metals & Mining)		273,578
	6,000	Open Text Corp. (Software)		372,534
	42,179	Parex Resources, Inc.* (Oil, Gas & Consumable Fuels)		485,217
	7,209	Pason Systems, Inc. (Energy Equipment & Services)		81,963
	48,300	Pure Industrial Real Estate Trust (Equity Real Estate Investment Trusts (REITs))		193,733
	48,400	Raging River Exploration, Inc.* (Oil, Gas & Consumable Fuels)		387,907
	19,060	Ritchie Bros. Auctioneers, Inc. (Commercial Services & Supplies)		659,285


	Common Stocks – (continued)
	Canada – (continued)
	16,400	Seven Generations Energy Ltd. Class A* (Oil, Gas & Consumable Fuels)		349,691
	65,401	Spartan Energy Corp.* (Oil, Gas & Consumable Fuels)		152,129
	158,800	Surge Energy, Inc. (Oil, Gas & Consumable Fuels)		324,396
	53,087	TORC Oil & Gas Ltd. (Oil, Gas & Consumable Fuels)		300,403
	90,854	Whitecap Resources, Inc. (Oil, Gas & Consumable Fuels)		726,128

				20,197,114

	Chile – 0.2%
	3,500	AntarChile SA (Industrial Conglomerates)		37,484
	421,710	Banco de Chile (Banks)		50,194
	529	Banco de Credito e Inversiones (Banks)		27,189
	650,000	Banco Santander Chile (Banks)		36,376
	25,900	Banmedica SA (Health Care Providers & Services)		54,316
	13,982	Cencosud SA (Food & Staples Retailing)		45,581
	2,500	Cia Cervecerias Unidas SA (Beverages)		26,852
	83,230	Colbun SA (Independent Power and Renewable Electricity Producers)		18,160
	27,172	Empresa Nacional de Electricidad SA (Independent Power and Renewable Electricity Producers)		18,744
	7,000	Empresa Nacional de Telecomunicaciones SA* (Wireless Telecommunication Services)		75,067
	24,443	Empresas CMPC SA (Paper & Forest Products)		52,948
	12,577	Empresas COPEC SA (Oil, Gas & Consumable Fuels)		126,379
	27,172	Endesa Americas SA (Independent Power and Renewable Electricity Producers)		12,644
	3,200	Enersis Americas SA ADR (Electric Utilities)		27,744
	3,200	Enersis Chile SA ADR (Electric Utilities)		15,904
	2,470,000	Itau CorpBanca (Banks)		22,453
	6,204	Latam Airlines Group SA* (Airlines)		59,546
	12,000	Quinenco SA (Industrial Conglomerates)		29,393
	17,220	SACI Falabella (Multiline Retail)		135,215
	2,320	Sociedad Quimica y Minera de Chile SA ADR (Chemicals)		67,883
	31,800	SONDA SA (IT Services)		65,721
	13,500	Vina Concha y Toro SA (Beverages)		23,560

				1,029,353


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

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

October 31, 2016


Shares		Description	Value

	Common Stocks – (continued)
	China – 4.5%
	19,000	3SBio, Inc.*^(a) (Biotechnology)	$	18,961
	6,122	Alibaba Group Holding Ltd. ADR* (Internet Software & Services)		622,546
	92,000	Aluminum Corp. of China Ltd. Class H* (Metals & Mining)		34,171
	11,000	Anhui Conch Cement Co. Ltd. Class H (Construction Materials)		30,403
	14,496	Baidu, Inc. ADR* (Internet Software & Services)		2,563,763
	71,000	Bank of China Ltd. Class H (Banks)		31,816
	37,000	Bank of Communications Co. Ltd. Class H (Banks)		28,123
	79,000	BBMG Corp. Class H (Construction Materials)		28,834
	4,500	Beijing Enterprises Holdings Ltd. (Industrial Conglomerates)		22,490
	40,000	Beijing Enterprises Water Group Ltd.* (Water Utilities)		28,934
	37,000	Belle International Holdings Ltd. (Textiles, Apparel & Luxury Goods)		22,344
	336,000	Brilliance China Automotive Holdings Ltd. (Automobiles)		399,674
	5,000	Byd Co. Ltd. Class H* (Automobiles)		32,917
	85,000	CGN Power Co. Ltd. Class H^(a) (Independent Power and Renewable Electricity Producers)		24,816
	200	China Biologic Products, Inc.* (Biotechnology)		23,622
	26,000	China Communications Construction Co. Ltd. Class H (Construction & Engineering)		28,549
	12,000	China Conch Venture Holdings Ltd. (Machinery)		22,402
	456,000	China Construction Bank Corp. Class H (Banks)		332,993
	18,000	China Everbright International Ltd. (Commercial Services & Supplies)		21,518
	21,000	China Hongqiao Group Ltd. (Metals & Mining)		18,765
	67,000	China Huishan Dairy Holdings Co. Ltd. (Food Products)		24,869
	8,000	China Life Insurance Co. Ltd. Class H (Insurance)		19,806
	34,000	China Longyuan Power Group Corp. Ltd. Class H (Independent Power and Renewable Electricity Producers)		25,923
	19,000	China Medical System Holdings Ltd. (Pharmaceuticals)		29,670
	20,000	China Mengniu Dairy Co. Ltd. (Food Products)		37,780
	11,000	China Merchants Bank Co. Ltd. Class H (Banks)		26,749
	319,264	China Merchants Holdings International Co. Ltd. (Transportation Infrastructure)		825,433
	344,000	China Mobile Ltd. (Wireless Telecommunication Services)		3,940,999


	Common Stocks – (continued)
	China – (continued)
	38,709	China Mobile Ltd. ADR (Wireless Telecommunication Services)		2,223,058
	54,000	China National Building Material Co. Ltd. Class H (Construction Materials)		24,642
	8,000	China Overseas Land & Investment Ltd. (Real Estate Management & Development)		24,559
	103,600	China Pacific Insurance Group Co. Ltd. Class H (Insurance)		373,518
	104,000	China Petroleum & Chemical Corp. Class H (Oil, Gas & Consumable Fuels)		75,213
	48,000	China Power International Development Ltd. (Independent Power and Renewable Electricity Producers)		17,455
	18,000	China Railway Construction Corp. Ltd. Class H (Construction & Engineering)		22,500
	34,000	China Railway Group Ltd. Class H (Construction & Engineering)		26,209
	14,000	China Resources Beer Holdings Co. Ltd.* (Beverages)		29,751
	10,000	China Resources Gas Group Ltd. (Gas Utilities)		31,356
	16,000	China Resources Power Holdings Co. Ltd. (Independent Power and Renewable Electricity Producers)		27,110
	20,000	China Shenhua Energy Co. Ltd. Class H (Oil, Gas & Consumable Fuels)		41,464
	14,000	China State Construction International Holdings Ltd. (Construction & Engineering)		20,424
	56,000	China Telecom Corp. Ltd. Class H (Diversified Telecommunication Services)		28,872
	22,000	China Unicom Hong Kong Ltd. (Diversified Telecommunication Services)		25,828
	25,000	CITIC Ltd. (Industrial Conglomerates)		35,874
	229,500	CITIC Securities Co. Ltd. Class H (Capital Markets)		507,555
	1,926,000	CNOOC Ltd. (Oil, Gas & Consumable Fuels)		2,423,436
	23,000	CRRC Corp. Ltd. Class H (Machinery)		20,825
	24,000	CSPC Pharmaceutical Group Ltd. (Pharmaceuticals)		24,850
	81,854	Ctrip.com International Ltd. ADR* (Internet & Direct Marketing Retail)		3,613,854
	18,000	Dongfeng Motor Group Co. Ltd. Class H (Automobiles)		18,761
	21,000	Great Wall Motor Co. Ltd. Class H (Automobiles)		20,495
	24,000	Guangdong Investment Ltd. (Water Utilities)		36,186


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

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND


Shares		Description	Value

	Common Stocks – (continued)
	China – (continued)
	36,500	Hengan International Group Co. Ltd. (Personal Products)	$	289,982
	34,000	Huaneng Power International Inc. Class H (Independent Power and Renewable Electricity Producers)		20,899
	90,000	Huaneng Renewables Corp. Ltd. Class H (Independent Power and Renewable Electricity Producers)		30,157
	503,000	Industrial and Commercial Bank of China Ltd. Class H (Banks)		301,920
	25,254	JD.com, Inc. ADR* (Internet & Direct Marketing Retail)		655,341
	23,000	Jiangxi Copper Co. Ltd. Class H (Metals & Mining)		27,151
	30,000	Kunlun Energy Co. Ltd. (Oil, Gas & Consumable Fuels)		22,604
	502,000	Lenovo Group Ltd. (Technology Hardware, Storage & Peripherals)		321,573
	26,000	Luye Pharma Group Ltd. (Pharmaceuticals)		17,476
	70	NetEase, Inc. ADR (Internet Software & Services)		17,989
	800	New Oriental Education & Technology Group, Inc. ADR* (Diversified Consumer Services)		40,104
	106,000	PetroChina Co. Ltd. Class H (Oil, Gas & Consumable Fuels)		72,529
	140,500	Ping An Insurance Group Co. of China Ltd. Class H (Insurance)		739,524
	6,200	Qinqin Foodstuffs Group Cayman Co. Ltd.* (Food Products)		2,138
	300,000	Shandong Weigao Group Medical Polymer Co. Ltd. Class H (Health Care Equipment & Supplies)		195,314
	9,000	Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H (Pharmaceuticals)		27,637
	462,000	Shanghai Jin Jiang International Hotels Group Co. Ltd. Class H (Hotels, Restaurants & Leisure)		134,967
	7,300	Shanghai Pharmaceuticals Holding Co. Ltd. Class H (Health Care Providers & Services)		18,785
	5,000	Shenzhou International Group Holdings Ltd. (Textiles, Apparel & Luxury Goods)		33,118
	72,000	Sinopec Shanghai Petrochemical Co. Ltd. Class H (Chemicals)		36,702
	11,200	Sinopharm Group Co. Ltd. Class H (Health Care Providers & Services)		54,387
	186,275	Tencent Holdings Ltd. (Internet Software & Services)		4,936,720
	18,000	Tingyi Cayman Islands Holding Corp. (Food Products)		19,404
	6,000	Tsingtao Brewery Co. Ltd. Class H (Beverages)		23,936


	Common Stocks – (continued)
	China – (continued)
	1,500	Vipshop Holdings Ltd. ADR* (Internet & Direct Marketing Retail)		20,505
	52,000	Want Want China Holdings Ltd. (Food Products)		31,656
	4,000	Zhuzhou CRRC Times Electric Co. Ltd. (Electrical Equipment)		19,341
	102,000	Zijin Mining Group Co. Ltd. Class H (Metals & Mining)		32,417

				27,106,941

	Colombia – 0.1%
	6,452	Almacenes Exito SA (Food & Staples Retailing)		32,187
	3,315	Bancolombia SA (Banks)		29,216
	1,300	Bancolombia SA ADR (Banks)		49,764
	3,184	Cementos Argos SA (Construction Materials)		12,601
	6,900	Ecopetrol SA ADR* (Oil, Gas & Consumable Fuels)		59,961
	48,898	Empresa de Energia de Bogota SA ESP (Gas Utilities)		30,899
	71,482	Empresa de Telecomunicaciones de Bogota (Diversified Telecommunication Services)		14,003
	5,718	Grupo Argos SA (Construction Materials)		37,083
	2,765	Grupo de Inversiones Suramericana SA (Diversified Financial Services)		35,662
	4,049	Grupo Nutresa SA (Food Products)		33,908
	11,857	Interconexion Electrica SA ESP (Electric Utilities)		39,395

				374,679

	Czech Republic – 0.0%
	5,267	CEZ AS (Electric Utilities)		99,342
	2,305	Komercni banka AS (Banks)		84,340

				183,682

	Denmark – 1.7%
	1,750	ALK-Abello A/S (Pharmaceuticals)		236,748
	38,161	Chr Hansen Holding A/S (Chemicals)		2,285,381
	37,843	Coloplast A/S Class B (Health Care Equipment & Supplies)		2,636,244
	68,050	Novo Nordisk A/S ADR (Pharmaceuticals)		2,418,497
	58,595	Novozymes A/S (Chemicals)		2,173,687
	10,116	Royal Unibrew A/S (Beverages)		473,241

				10,223,798

	Finland – 0.2%
	4,892	Cargotec Oyj Class B (Machinery)		200,622
	16,800	Cramo OYJ (Trading Companies & Distributors)		440,307
	18,736	Sanoma Oyj (Media)		175,202
	44,605	Sponda OYJ (Real Estate Management & Development)		211,180


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

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

October 31, 2016


Shares		Description	Value

	Common Stocks – (continued)
	Finland – (continued)
	9,592	Tieto OYJ (IT Services)	$	263,132

				1,290,443

	France – 4.8%
	4,955	Alten SA (IT Services)		354,031
	58,400	Altran Technologies SA* (IT Services)		833,278
	29,887	BNP Paribas SA (Banks)		1,732,946
	7,736	Eiffage SA (Construction & Engineering)		572,731
	29,300	Elior Group^(a) (Hotels, Restaurants & Leisure)		658,206
	152,990	Engie SA (Multi-Utilities)		2,206,379
	20,500	Essilor International SA (Health Care Equipment & Supplies)		2,303,655
	2,031	Eurofins Scientific SE (Life Sciences Tools & Services)		922,980
	5,081	Hermes International (Textiles, Apparel & Luxury Goods)		2,058,341
	5,300	IPSOS (Media)		173,101
	18,161	Legrand SA (Electrical Equipment)		1,026,039
	14,026	LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods)		2,553,589
	8,089	Nexans SA* (Electrical Equipment)		459,797
	12,800	Nexity SA* (Real Estate Management & Development)		642,669
	5,898	Orpea (Health Care Providers & Services)		490,879
	10,119	Plastic Omnium SA (Auto Components)		329,977
	8,265	Rubis SCA (Gas Utilities)		753,695
	25,832	Sanofi (Pharmaceuticals)		2,010,215
	48,118	Schneider Electric SE (Electrical Equipment)		3,235,939
	12,555	SCOR SE (Insurance)		406,576
	5,100	Sopra Steria Group (IT Services)		518,841
	5,885	Technip SA (Energy Equipment & Services)		390,587
	7,276	Teleperformance (Professional Services)		768,765
	70,891	TOTAL SA (Oil, Gas & Consumable Fuels)		3,396,026

				28,799,242

	Germany – 2.6%
	15,398	Aareal Bank AG (Thrifts & Mortgage Finance)		556,948
	12,371	adidas AG (Textiles, Apparel & Luxury Goods)		2,032,481
	3,374	ADVA Optical Networking SE* (Communications Equipment)		26,887
	6,058	AURELIUS Equity Opportunities SE & Co. KGaA (Capital Markets)		361,707
	20,318	BASF SE (Chemicals)		1,793,632
	2,148	Bechtle AG (IT Services)		225,907
	1,520	Bertrandt AG (Professional Services)		161,668
	6,790	Carl Zeiss Meditec AG (Health Care Equipment & Supplies)		244,421


	Common Stocks – (continued)
	Germany – (continued)
	4,598	Gerresheimer AG (Life Sciences Tools & Services)		346,827
	19,426	KION Group AG (Machinery)		1,173,724
	8,752	Linde AG (Chemicals)		1,445,538
	3,700	MorphoSys AG* (Life Sciences Tools & Services)		164,306
	4,900	ProSiebenSat.1 Media SE (Media)		211,181
	8,065	Rheinmetall AG (Industrial Conglomerates)		559,855
	24,876	SAP SE (Software)		2,191,561
	45,044	SAP SE ADR (Software)		3,956,665
	5,000	Stroeer SE & Co. KGaA (Media)		228,754
	13,536	TLG Immobilien AG (Real Estate Management & Development)		283,787

				15,965,849

	Greece – 0.1%
	2,925	Aegean Airlines SA (Airlines)		18,843
	2,500	Aegean Marine Petroleum Network, Inc. (Oil, Gas & Consumable Fuels)		21,500
	8,434	Alpha Bank AE* (Banks)		14,421
	2,300	Costamare, Inc. (Marine)		14,950
	6,000	Diana Shipping, Inc.* (Marine)		15,000
	2,588	Grivalia Properties REIC AE (Equity Real Estate Investment Trusts (REITs))		19,939
	4,471	Hellenic Exchanges – Athens Stock Exchange SA (Capital Markets)		22,075
	7,163	Hellenic Telecommunications Organization SA (Diversified Telecommunication Services)		65,686
	2,923	JUMBO SA (Specialty Retail)		41,537
	2,047	Motor Oil Hellas Corinth Refineries SA (Oil, Gas & Consumable Fuels)		24,511
	5,313	Mytilineos Holdings SA* (Industrial Conglomerates)		30,318
	6,090	OPAP SA (Hotels, Restaurants & Leisure)		51,942
	16,027	Public Power Corp. SA* (Electric Utilities)		52,361
	2,744	Titan Cement Co. SA (Construction Materials)		63,735
	3,100	Tsakos Energy Navigation Ltd. (Oil, Gas & Consumable Fuels)		13,950

				470,768

	Hong Kong – 0.3%
	18,000	China Gas Holdings Ltd. (Gas Utilities)		27,398
	344,000	Dawnrays Pharmaceutical Holdings Ltd. (Pharmaceuticals)		205,479
	22,000	Lee & Man Paper Manufacturing Ltd. (Paper & Forest Products)		16,530
	526,400	Man Wah Holdings Ltd. (Household Durables)		349,369
	25,000	Nine Dragons Paper Holdings Ltd. (Paper & Forest Products)		20,325


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

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND


Shares		Description	Value

	Common Stocks – (continued)
	Hong Kong – (continued)
	122,800	Sands China Ltd. (Hotels, Restaurants & Leisure)	$	532,922
	40,000	Sino Biopharmaceutical Ltd (Pharmaceuticals)		27,958
	34,500	Sun Art Retail Group Ltd. (Food & Staples Retailing)		24,301
	55,000	WH Group Ltd.^(a) (Food Products)		44,544
	438,000	Xinyi Glass Holdings Ltd.* (Auto Components)		376,609

				1,625,435

	Hungary – 0.0%
	15,273	Magyar Telekom Telecommunications PLC (Diversified Telecommunication Services)		25,252
	1,110	MOL Hungarian Oil & Gas PLC (Oil, Gas & Consumable Fuels)		71,196
	2,571	OTP Bank PLC (Banks)		72,050
	3,485	Richter Gedeon Nyrt (Pharmaceuticals)		74,813

				243,311

	India – 1.5%
	7,018	Adani Ports & Special Economic Zone Ltd. (Transportation Infrastructure)		32,120
	8,672	Ambuja Cements Ltd. (Construction Materials)		31,213
	19,130	Ashok Leyland Ltd. (Machinery)		26,191
	2,469	Asian Paints Ltd. (Chemicals)		39,773
	2,041	Aurobindo Pharma Ltd. (Pharmaceuticals)		25,008
	4,143	Axis Bank Ltd. (Banks)		30,306
	373	Bajaj Auto Ltd. (Automobiles)		15,825
	10,089	Bharat Heavy Electricals Ltd. (Electrical Equipment)		21,017
	20,816	Bharti Airtel Ltd (Wireless Telecommunication Services)		99,407
	8,610	Bharti Infratel Ltd. (Diversified Telecommunication Services)		44,846
	45	Bosch Ltd. (Auto Components)		14,765
	2,623	Cipla Ltd. (Pharmaceuticals)		22,750
	48,224	Cipla Ltd. GDR (Pharmaceuticals)		418,268
	6,313	Coal India Ltd. (Oil, Gas & Consumable Fuels)		30,793
	753	Container Corp. of India Ltd. (Road & Rail)		15,492
	6,148	Dabur India Ltd. (Personal Products)		26,902
	14,550	Dr. Reddy’s Laboratories Ltd. ADR (Pharmaceuticals)		717,170
	107	Eicher Motors Ltd. (Machinery)		38,501
	5,337	GAIL India Ltd. (Gas Utilities)		34,514
	1,947	Glenmark Pharmaceuticals Ltd. (Pharmaceuticals)		27,261
	1,279	Godrej Consumer Products Ltd. (Personal Products)		30,722
	1,974	HCL Technologies Ltd. (IT Services)		22,702
	58,993	HDFC Bank Ltd. ADR (Banks)		4,175,525


	Common Stocks – (continued)
	India – (continued)
	653	Hero MotoCorp Ltd. (Automobiles)		32,776
	4,223	Hindustan Unilever Ltd. (Household Products)		53,078
	2,532	Housing Development Finance Corp. Ltd. (Thrifts & Mortgage Finance)		52,291
	20,439	ICICI Bank Ltd. ADR (Banks)		169,439
	19,272	Idea Cellular Ltd. (Wireless Telecommunication Services)		22,187
	3,920	Indian Oil Corp. Ltd. (Oil, Gas & Consumable Fuels)		19,024
	61,232	Infosys Ltd. ADR (IT Services)		934,400
	17,034	ITC Ltd. (Tobacco)		61,678
	652	JSW Steel Ltd. (Metals & Mining)		16,203
	2,616	Kotak Mahindra Bank Ltd. (Banks)		32,131
	1,691	Larsen & Toubro Ltd. (Construction & Engineering)		37,394
	1,064	Lupin Ltd. (Pharmaceuticals)		24,199
	1,313	Mahindra & Mahindra Ltd. (Automobiles)		25,907
	491	Maruti Suzuki India Ltd. (Automobiles)		43,405
	29,291	NTPC Ltd. (Independent Power and Renewable Electricity Producers)		66,274
	8,997	Oil & Natural Gas Corp. Ltd. (Oil, Gas & Consumable Fuels)		38,894
	16,712	Power Grid Corp. of India Ltd. (Electric Utilities)		43,829
	6,875	Reliance Industries Ltd. (Oil, Gas & Consumable Fuels)		108,199
	3,486	Reliance Infrastructure Ltd. (Electric Utilities)		28,319
	66	Shree Cement Ltd. (Construction Materials)		16,697
	1,445	Siemens Ltd. (Industrial Conglomerates)		25,705
	7,679	State Bank of India (Banks)		29,664
	4,829	Sun Pharmaceutical Industries Ltd. (Pharmaceuticals)		54,138
	1,352	Tata Consultancy Services Ltd. (IT Services)		48,415
	95,091	Tata Global Beverages Ltd. GDR (Food Products)		198,638
	17,023	Tata Motors Ltd. ADR (Automobiles)		670,876
	13,736	Tata Power Co. Ltd. (Electric Utilities)		16,073
	625	UltraTech Cement Ltd. (Construction Materials)		37,129
	555	United Spirits Ltd.* (Beverages)		18,845
	2,089	UPL Ltd. (Chemicals)		21,810
	6,616	Vedanta Ltd. (Metals & Mining)		20,142
	3,001	Wipro Ltd. (IT Services)		20,937
	2,154	Zee Entertainment Enterprises Ltd. (Media)		16,727

				8,946,494

	Indonesia – 0.4%
	440,600	Adaro Energy Tbk PT (Oil, Gas & Consumable Fuels)		53,489


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

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

October 31, 2016


Shares		Description	Value

	Common Stocks – (continued)
	Indonesia – (continued)
	52,200	AKR Corporindo Tbk PT (Trading Companies & Distributors)	$	28,336
	135,600	Astra International Tbk PT (Automobiles)		85,551
	41,000	Bank Central Asia Tbk PT (Banks)		48,747
	3,821	Bank CIMB Niaga Tbk PT* (Banks)		280
	566,900	Bank Mandiri Persero Tbk PT (Banks)		499,353
	209,200	Bank Negara Indonesia Persero Tbk PT (Banks)		89,310
	622,600	Bank Rakyat Indonesia Persero Tbk PT (Banks)		581,365
	54,000	Charoen Pokphand Indonesia Tbk PT (Food Products)		15,282
	7,100	Gudang Garam Tbk PT (Tobacco)		36,941
	2,855,000	Hanson International Tbk PT* (Real Estate Management & Development)		30,600
	28,600	Indocement Tunggal Prakarsa Tbk PT (Construction Materials)		36,010
	72,000	Indofood Sukses Makmur Tbk PT (Food Products)		46,813
	36,900	Jasa Marga Persero Tbk PT (Transportation Infrastructure)		12,800
	618,200	Kalbe Farma Tbk PT (Pharmaceuticals)		82,375
	28,700	Matahari Department Store Tbk PT (Multiline Retail)		39,579
	157,500	Mitra Keluarga Karyasehat Tbk PT (Health Care Providers & Services)		33,553
	94,500	Pembangunan Perumahan Persero Tbk PT (Construction & Engineering)		29,804
	305,700	Perusahaan Gas Negara Persero Tbk (Gas Utilities)		59,880
	161,200	Semen Indonesia Persero Tbk PT (Construction Materials)		121,506
	940,300	Sugih Energy Tbk PT* (Oil, Gas & Consumable Fuels)		8,215
	28,500	Tambang Batubara Bukit Asam Persero Tbk PT (Oil, Gas & Consumable Fuels)		26,005
	1,697,100	Telekomunikasi Indonesia Persero Tbk PT (Diversified Telecommunication Services)		547,949
	46,100	Tower Bersama Infrastructure Tbk PT (Wireless Telecommunication Services)		21,104
	7,600	Unilever Indonesia Tbk PT (Household Products)		25,899
	34,400	United Tractors Tbk PT (Oil, Gas & Consumable Fuels)		56,906

				2,617,652

	Ireland – 1.2%
	23,698	Accenture PLC Class A (IT Services)		2,754,655
	6,008	DCC PLC (Industrial Conglomerates)		488,808
	3,445	Global Indemnity PLC* (Insurance)		103,488


	Common Stocks – (continued)
	Ireland – (continued)
	192,968	Hibernia REIT PLC (Equity Real Estate Investment Trusts (REITs))		271,779
	28,084	ICON PLC* (Life Sciences Tools & Services)		2,254,584
	3,400	Kingspan Group PLC (Building Products)		83,231
	14,156	Smurfit Kappa Group PLC (Containers & Packaging)		310,615
	98,674	UDG Healthcare PLC (Health Care Providers & Services)		788,577

				7,055,737

	Israel – 0.3%
	231,671	Israel Discount Bank Class A* (Banks)		425,494
	15,628	Orbotech Ltd.* (Electronic Equipment, Instruments & Components)		428,207
	35,138	Plus500 Ltd. (Diversified Financial Services)		266,010
	14,920	Tower Semiconductor Ltd.* (Semiconductors & Semiconductor Equipment)		232,006
	6,579	Wix.com Ltd.* (Internet Software & Services)		263,160

				1,614,877

	Italy – 0.9%
	57,357	Amplifon SpA (Health Care Providers & Services)		606,049
	32,400	Azimut Holding SpA (Capital Markets)		520,069
	10,700	Banca Generali SpA (Capital Markets)		237,932
	27,872	Banca Mediolanum SpA (Diversified Financial Services)		192,709
	24,167	Banca Popolare dell’Emilia Romagna SC (Banks)		113,562
	56,200	Banco Popolare SC (Banks)		162,210
	31,197	Buzzi Unicem SpA (Construction Materials)		606,710
	4,690	DiaSorin SpA (Health Care Equipment & Supplies)		288,236
	313,504	Hera SpA (Multi-Utilities)		801,333
	76,326	Infrastrutture Wireless Italiane SpA^(a) (Diversified Telecommunication Services)		360,830
	199,082	Iren SpA (Multi-Utilities)		357,243
	22,749	Moncler SpA (Textiles, Apparel & Luxury Goods)		378,724
	28,400	RAI Way SpA^(a) (Media)		111,126
	19,267	Recordati SpA (Pharmaceuticals)		544,849
	29,020	Societa Iniziative Autostradali e Servizi SpA (Transportation Infrastructure)		271,785

				5,553,367

	Japan – 9.4%
	14,000	Air Water, Inc. (Chemicals)		261,940
	11,600	Alps Electric Co. Ltd. (Electronic Equipment, Instruments & Components)		278,257


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

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND


Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	9,100	Amano Corp. (Electronic Equipment, Instruments & Components)	$	169,310
	21,200	Asahi Group Holdings Ltd. (Beverages)		756,224
	5,600	Asahi Holdings, Inc. (Metals & Mining)		100,851
	104,130	Ashikaga Holdings Co. Ltd. (Banks)		370,573
	37,000	Calsonic Kansei Corp. (Auto Components)		463,706
	21,600	Century Tokyo Leasing Corp. (Diversified Financial Services)		761,115
	13,600	Coca-Cola West Holdings Co. Ltd. (Beverages)		401,944
	27,100	Daifuku Co. Ltd. (Machinery)		489,665
	7,000	Daiichikosho Co. Ltd. (Media)		304,304
	69,000	Denka Co. Ltd (Chemicals)		313,024
	12,700	DIC Corp. (Chemicals)		384,706
	8,600	Doutor Nichires Holdings Co. Ltd. (Hotels, Restaurants & Leisure)		172,135
	17,100	DTS Corp. (IT Services)		378,834
	37,800	East Japan Railway Co. (Road & Rail)		3,327,475
	17,400	Ebara Corp. (Machinery)		516,553
	4,800	en-japan, Inc. (Professional Services)		92,487
	6,600	Ezaki Glico Co. Ltd. (Food Products)		375,183
	85,000	Fujikura Ltd. (Electrical Equipment)		499,418
	17,600	GMO internet, Inc. (Internet Software & Services)		234,948
	61,000	Gunze Ltd. (Textiles, Apparel & Luxury Goods)		204,743
	45,200	Haseko Corp. (Household Durables)		439,878
	32,300	Hazama Ando Corp. (Construction & Engineering)		208,222
	12,000	HIS Co. Ltd. (Hotels, Restaurants & Leisure)		327,515
	8,300	Hitachi High-Technologies Corp. (Electronic Equipment, Instruments & Components)		346,160
	18,900	Hitachi Kokusai Electric, Inc. (Communications Equipment)		377,509
	621,000	Hitachi Ltd. (Electronic Equipment, Instruments & Components)		3,310,484
	105,800	Ichigo, Inc. (Real Estate Management & Development)		458,706
	78,700	Japan Airlines Co. Ltd. (Airlines)		2,322,578
	506	Japan Hotel REIT Investment Corp. (Equity Real Estate Investment Trusts (REITs))		341,383
	24,700	K’s Holdings Corp. (Specialty Retail)		427,457
	12,800	Kaken Pharmaceutical Co. Ltd. (Pharmaceuticals)		806,046
	17,800	Kanamoto Co. Ltd. (Trading Companies & Distributors)		427,639
	14,900	Kansai Paint Co. Ltd. (Chemicals)		320,202
	117,800	KDDI Corp. (Wireless Telecommunication Services)		3,580,314
	4,500	Keyence Corp. (Electronic Equipment, Instruments & Components)		3,298,911


	Common Stocks – (continued)
	Japan – (continued)
	41,500	Kinden Corp. (Construction & Engineering)		499,789
	90,700	Komatsu Ltd. (Machinery)		2,018,901
	15,200	Kyudenko Corp. (Construction & Engineering)		489,694
	57,200	Leopalace21 Corp. (Real Estate Management & Development)		371,902
	41,000	Lion Corp. (Household Products)		670,555
	45,000	Maeda Corp. (Construction & Engineering)		416,900
	5,600	Matsumotokiyoshi Holdings Co. Ltd. (Food & Staples Retailing)		288,502
	85	MCUBS MidCity Investment Corp. (Equity Real Estate Investment Trusts (REITs))		276,399
	12,800	Megmilk Snow Brand Co. Ltd. (Food Products)		445,284
	23,700	MISUMI Group, Inc. (Trading Companies & Distributors)		432,239
	52,000	Nachi-Fujikoshi Corp. (Machinery)		197,216
	17,600	Nexon Co. Ltd. (Software)		299,605
	29,000	Nichias Corp. (Building Products)		258,025
	16,400	Nichiha Corp. (Building Products)		405,050
	16,600	Nichirei Corp. (Food Products)		362,986
	8,100	Nifco, Inc. (Auto Components)		466,493
	69,700	Nikon Corp. (Household Durables)		1,053,370
	7,000	Nippon Shinyaku Co. Ltd. (Pharmaceuticals)		355,339
	6,100	Nishio Rent All Co. Ltd. (Trading Companies & Distributors)		184,184
	9,500	Obic Co. Ltd. (IT Services)		493,510
	18,600	Okamura, Corp. (Commercial Services & Supplies)		182,482
	171	Orix JREIT, Inc. (Equity Real Estate Investment Trusts (REITs))		292,925
	41,000	Osaki Electric Co. Ltd. (Electronic Equipment, Instruments & Components)		393,503
	13,100	Paltac Corp. (Distributors)		321,475
	4,200	Pola Orbis Holdings, Inc. (Personal Products)		349,479
	101,000	Sankyu, Inc. (Road & Rail)		594,764
	7,400	Sanyo Chemical Industries Ltd. (Chemicals)		334,590
	5,800	Sawai Pharmaceutical Co. Ltd. (Pharmaceuticals)		374,809
	12,100	SCSK Corp. (IT Services)		451,365
	35,100	Seino Holdings Co. Ltd. (Road & Rail)		388,932
	2,400	Shimamura Co. Ltd. (Specialty Retail)		307,235
	30,000	Skylark Co. Ltd. (Hotels, Restaurants & Leisure)		421,847
	7,400	St Marc Holdings Co. Ltd. (Hotels, Restaurants & Leisure)		207,693
	7,400	Starts Corp., Inc. (Household Durables)		137,242
	69,400	Sumitomo Mitsui Financial Group, Inc. (Banks)		2,406,213


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

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

October 31, 2016


Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	7,600	Sundrug Co. Ltd. (Food & Staples Retailing)	$	597,831
	17,200	Suruga Bank Ltd. (Banks)		419,902
	32,400	Sysmex Corp. (Health Care Equipment & Supplies)		2,245,387
	10,300	TechnoPro Holdings, Inc. (Professional Services)		352,822
	23,500	Temp Holdings Co. Ltd. (Professional Services)		398,553
	2,000	Tenma Corp. (Chemicals)		34,641
	106,000	The 77 Bank Ltd. (Banks)		478,834
	12,200	TIS, Inc. (IT Services)		276,067
	72,000	Toda Corp. (Construction & Engineering)		390,244
	10,000	Tokyo Ohka Kogyo Co. Ltd. (Chemicals)		355,076
	8,400	Toridoll Holdings Corp. (Hotels, Restaurants & Leisure)		194,614
	13,100	Toshiba Plant Systems & Services Corp. (Construction & Engineering)		211,229
	3,300	Tosho Co. Ltd. (Hotels, Restaurants & Leisure)		142,873
	94,000	Tosoh Corp. (Chemicals)		613,867
	2,300	Towa Corp. (Semiconductors & Semiconductor Equipment)		26,467
	14,700	Toyo Tire & Rubber Co. Ltd. (Auto Components)		228,002
	4,800	Trusco Nakayama Corp. (Trading Companies & Distributors)		248,166
	19,600	TS Tech Co. Ltd. (Auto Components)		525,509
	53,000	Tsubakimoto Chain Co. (Machinery)		419,838
	3,000	Tsuruha Holdings, Inc. (Food & Staples Retailing)		346,149
	17,100	Ulvac, Inc. (Semiconductors & Semiconductor Equipment)		539,915
	21,900	Unipres Corp. (Auto Components)		422,635
	19,000	Valor Holdings Co. Ltd. (Food & Staples Retailing)		538,924
	74,900	Yamada Denki Co. Ltd. (Specialty Retail)		387,157
	26,000	Yokogawa Bridge Holdings Corp. (Construction & Engineering)		285,652
	22,000	Zenkoku Hosho Co. Ltd. (Diversified Financial Services)		945,886
	20,100	Zojirushi Corp. (Household Durables)		277,121

				56,904,257

	Luxembourg – 0.2%
	9,039	APERAM SA (Metals & Mining)		411,083
	125,079	ArcelorMittal* (Metals & Mining)		845,154
	1,209	Pegas Nonwovens SA (Textiles, Apparel & Luxury Goods)		38,795

				1,295,032

	Malaysia – 0.3%
	303,200	Astro Malaysia Holdings Bhd (Media)		206,029


	Common Stocks – (continued)
	Malaysia – (continued)
	26,100	Axiata Group Bhd (Wireless Telecommunication Services)		30,600
	1,500	British American Tobacco Malaysia Bhd (Tobacco)		17,707
	105,400	Bumi Armada Bhd* (Energy Equipment & Services)		17,673
	198,000	CIMB Group Holdings Bhd (Banks)		237,198
	26,200	DiGi.Com Bhd (Wireless Telecommunication Services)		31,415
	96,800	Genting Bhd (Hotels, Restaurants & Leisure)		180,889
	33,100	Genting Malaysia Bhd (Hotels, Restaurants & Leisure)		37,565
	17,900	Globetronics Technology Bhd (Semiconductors & Semiconductor Equipment)		15,568
	16,600	Hartalega Holdings Bhd (Health Care Equipment & Supplies)		19,390
	33,300	IHH Healthcare Bhd (Health Care Providers & Services)		50,803
	33,300	IJM Corp. Bhd (Construction & Engineering)		26,204
	32,600	IOI Corp. Bhd (Food Products)		34,942
	4,700	Kuala Lumpur Kepong Bhd (Food Products)		26,834
	12,200	Lafarge Malaysia Bhd (Construction Materials)		23,557
	89,200	Malayan Banking Bhd (Banks)		167,948
	13,800	MISC Bhd (Marine)		24,738
	39,200	My EG Services Bhd (IT Services)		22,759
	42,800	Petronas Chemicals Group Bhd (Chemicals)		71,418
	7,000	Petronas Dagangan Bhd (Oil, Gas & Consumable Fuels)		38,980
	4,100	Petronas Gas Bhd (Gas Utilities)		21,502
	4,100	PPB Group Bhd (Food Products)		15,755
	7,800	Public Bank Bhd (Banks)		36,927
	11,500	RHB Bank Bhd (Banks)		13,242
	65,500	SapuraKencana Petroleum Bhd* (Energy Equipment & Services)		25,185
	22,000	Sime Darby Bhd (Industrial Conglomerates)		42,963
	17,100	Telekom Malaysia Bhd (Diversified Telecommunication Services)		26,659
	17,300	Tenaga Nasional Berhad (Electric Utilities)		59,138
	15,800	Top Glove, Corp. Bhd (Health Care Equipment & Supplies)		18,631
	45,700	Unisem M Bhd (Semiconductors & Semiconductor Equipment)		27,746

				1,569,965

	Mexico – 0.9%
	53,200	Alfa SAB de CV Class A (Industrial Conglomerates)		80,668


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

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND


Shares		Description	Value

	Common Stocks – (continued)
	Mexico – (continued)
	7,900	Alsea SAB de CV (Hotels, Restaurants & Leisure)	$	29,483
	48,097	America Movil SAB de CV ADR Class L (Wireless Telecommunication Services)		631,995
	14,976	Cemex SA de CV ADR* (Construction Materials)		129,992
	576,332	Cemex SAB de CV* (Construction Materials)		498,851
	400	Coca-Cola Femsa SAB de CV ADR (Beverages)		30,004
	11,900	Concentradora Fibra Danhos SA de CV Class S (Equity Real Estate Investment Trusts (REITs))		21,790
	2,700	El Puerto de Liverpool SAB de CV Series C1 (Multiline Retail)		28,301
	21,000	Fibra Uno Administracion SA de CV (Equity Real Estate Investment Trusts (REITs))		40,076
	1,200	Fomento Economico Mexicano SA de CV ADR (Beverages)		114,804
	27,000	Fomento Economico Mexicano SAB de CV (Beverages)		258,986
	37,600	Genomma Lab Internacional SAB de CV Class B* (Pharmaceuticals)		44,978
	13,200	Gentera SAB de CV (Consumer Finance)		26,049
	1,800	Gruma SAB de CV Class B (Food Products)		24,975
	6,000	Grupo Aeroportuario del Pacifico SAB de CV Class B (Transportation Infrastructure)		57,994
	3,645	Grupo Aeroportuario del Sureste SAB de CV Class B (Transportation Infrastructure)		57,976
	100,200	Grupo Bimbo SAB de CV Series A (Food Products)		269,890
	7,900	Grupo Carso SAB de CV Series A1 (Industrial Conglomerates)		34,482
	24,900	Grupo Financiero Banorte SA de CV Class O (Banks)		146,639
	19,600	Grupo Financiero Inbursa SAB de CV Class O (Banks)		31,804
	157,900	Grupo Financiero Santander Mexico SAB de CV Class B (Banks)		285,792
	46,500	Grupo Mexico SAB de CV Series B (Metals & Mining)		114,571
	25,654	Grupo Televisa SAB ADR (Media)		629,293
	2,330	Industrias Penoles SAB de CV (Metals & Mining)		56,508
	8,500	Infraestructura Energetica Nova SAB de CV (Gas Utilities)		37,632
	10,600	Kimberly-Clark de Mexico SAB de CV Class A (Household Products)		22,859
	6,100	Megacable Holdings SAB de CV (Media)		22,178


	Common Stocks – (continued)
	Mexico – (continued)
	17,700	Mexichem SAB de CV (Chemicals)		42,328
	33,600	Nemak SAB de CV^(a) (Auto Components)		34,878
	12,600	PLA Administradora Industrial S de RL de CV* (Equity Real Estate Investment Trusts (REITs))		20,879
	4,000	Promotora y Operadora de Infraestructura SAB de CV (Transportation Infrastructure)		44,717
	852,070	Wal-Mart de Mexico SAB de CV (Food & Staples Retailing)		1,802,777

				5,674,149

	Netherlands – 2.3%
	26,485	Aalberts Industries NV (Machinery)		836,438
	55,359	Akzo Nobel NV (Chemicals)		3,576,802
	18,122	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)		590,358
	25,633	Core Laboratories NV (Energy Equipment & Services)		2,485,632
	9,114	Euronext NV^(a) (Capital Markets)		364,976
	65,834	ING Groep NV (Banks)		864,204
	178,302	PostNL NV* (Air Freight & Logistics)		839,742
	68,092	RELX NV (Professional Services)		1,148,204
	7,892	Steinhoff International Holdings NV (Household Durables)		42,575
	8,929	Wereldhave NV (Equity Real Estate Investment Trusts (REITs))		399,668
	19,347	Wright Medical Group NV* (Health Care Equipment & Supplies)		423,893
	102,675	Yandex NV Class A* (Internet Software & Services)		2,021,671

				13,594,163

	Netherlands Antilles – 0.5%
	41,405	Schlumberger Ltd. (Energy Equipment & Services)		3,239,113

	New Zealand – 0.2%
	62,154	Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Supplies)		393,524
	71,000	SKYCITY Entertainment Group Ltd. (Hotels, Restaurants & Leisure)		197,936
	193,997	Spark New Zealand Ltd. (Diversified Telecommunication Services)		507,377

				1,098,837

	Norway – 0.1%
	22,897	Aker BP ASA* (Oil, Gas & Consumable Fuels)		366,389
	41,800	SpareBank 1 SMN (Banks)		307,340

				673,729

	Pakistan – 0.1%
	16,000	DG Khan Cement Co. Ltd. (Construction Materials)		26,190


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

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

October 31, 2016


Shares		Description	Value

	Common Stocks – (continued)
	Pakistan – (continued)
	8,500	Engro Corp. Ltd. (Chemicals)	$	22,635
	25,400	Fauji Fertilizer Co. Ltd. (Chemicals)		25,141
	19,700	Habib Bank Ltd. (Banks)		42,030
	37,000	Kot Addu Power Co. Ltd. (Independent Power and Renewable Electricity Producers)		26,062
	5,600	Lucky Cement Ltd. (Construction Materials)		35,851
	20,100	MCB Bank Ltd. (Banks)		40,935
	22,000	Nishat Mills Ltd. (Textiles, Apparel & Luxury Goods)		28,984
	20,400	Oil & Gas Development Co. Ltd. (Oil, Gas & Consumable Fuels)		27,277
	16,200	Pakistan Petroleum Ltd. (Oil, Gas & Consumable Fuels)		22,896
	8,000	Pakistan State Oil Co. Ltd. (Oil, Gas & Consumable Fuels)		30,820
	33,500	The Hub Power Co. Ltd. (Independent Power and Renewable Electricity Producers)		34,117
	6,156	The Searle Co. Ltd. (Pharmaceuticals)		28,930
	77,500	TRG Pakistan* (Commercial Services & Supplies)		28,582
	15,900	United Bank Ltd. (Banks)		30,550

				451,000

	Panama – 0.0%
	1,107	Intercorp Financial Services, Inc. (Banks)		34,538

	Peru – 0.1%
	33,411	Alicorp SAA (Food Products)		77,480
	3,700	Cia de Minas Buenaventura SAA ADR* (Metals & Mining)		49,173
	26,722	Cia Minera Milpo SAA (Metals & Mining)		24,390
	3,479	Credicorp Ltd. (Banks)		517,258
	12,912	Engie Energia Peru SA (Independent Power and Renewable Electricity Producers)		36,546
	66,027	Ferreycorp SAA (Trading Companies & Distributors)		32,783

				737,630

	Philippines – 0.2%
	25,840	Aboitiz Equity Ventures, Inc. (Industrial Conglomerates)		41,598
	43,800	Aboitiz Power Corp. (Independent Power and Renewable Electricity Producers)		41,487
	76,000	Alliance Global Group, Inc. (Industrial Conglomerates)		22,372
	2,300	Ayala Corp. (Diversified Financial Services)		39,653
	54,100	Ayala Land, Inc. (Real Estate Management & Development)		40,466
	15,230	Bank of the Philippine Islands (Banks)		31,780
	13,690	BDO Unibank, Inc. (Banks)		31,884


	Common Stocks – (continued)
	Philippines – (continued)
	270,000	Bloomberry Resorts Corp.* (Hotels, Restaurants & Leisure)		32,954
	170,400	D&L Industries, Inc. (Chemicals)		38,605
	207,300	Energy Development Corp. (Independent Power and Renewable Electricity Producers)		25,246
	770	Globe Telecom, Inc. (Wireless Telecommunication Services)		28,321
	490	GT Capital Holdings, Inc. (Diversified Financial Services)		13,243
	29,750	JG Summit Holdings, Inc. (Industrial Conglomerates)		46,607
	11,670	Jollibee Foods Corp. (Hotels, Restaurants & Leisure)		57,312
	6,560	Manila Electric Co. (Electric Utilities)		37,419
	118,300	Metro Pacific Investments Corp. (Diversified Financial Services)		17,616
	172,510	Metropolitan Bank & Trust Co. (Banks)		289,710
	1,600	PLDT, Inc. (Wireless Telecommunication Services)		50,493
	35,400	Puregold Price Club, Inc. (Food & Staples Retailing)		29,791
	19,570	Robinsons Retail Holdings, Inc. (Food & Staples Retailing)		31,218
	11,950	Semirara Mining & Power Corp. (Oil, Gas & Consumable Fuels)		31,070
	26,060	SM Investments Corp. (Industrial Conglomerates)		361,247
	104,400	SM Prime Holdings, Inc. (Real Estate Management & Development)		57,971
	14,740	Universal Robina Corp. (Food Products)		55,390

				1,453,453

	Poland – 0.2%
	1,891	Alior Bank SA* (Banks)		22,766
	3,994	Asseco Poland SA (Software)		53,385
	7,292	Bank Pekao SA (Banks)		225,061
	440	Bank Zachodni WBK SA (Banks)		35,553
	619	Budimex SA (Construction & Engineering)		32,119
	890	CCC SA (Textiles, Apparel & Luxury Goods)		45,163
	1,470	Ciech SA (Chemicals)		23,975
	7,726	Cyfrowy Polsat SA* (Media)		47,748
	9,340	Enea SA* (Electric Utilities)		23,925
	8,100	Energa SA (Electric Utilities)		16,610
	4,088	Eurocash SA (Food & Staples Retailing)		41,402
	1,168	Grupa Azoty SA (Chemicals)		18,607
	497	ING Bank Slaski SA (Banks)		18,242
	2,216	Jastrzebska Spolka Weglowa SA* (Metals & Mining)		41,097
	2,970	KGHM Polska Miedz SA (Metals & Mining)		53,907
	17	LPP SA (Textiles, Apparel & Luxury Goods)		25,533
	180	mBank SA* (Banks)		16,254


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

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND


Shares		Description	Value

	Common Stocks – (continued)
	Poland – (continued)
	28,086	Orange Polska SA (Diversified Telecommunication Services)	$	40,099
	23,308	PGE Polska Grupa Energetyczna SA (Electric Utilities)		61,069
	5,652	Polski Koncern Naftowy ORLEN SA (Oil, Gas & Consumable Fuels)		111,979
	27,500	Polskie Gornictwo Naftowe i Gazownictwo SA (Oil, Gas & Consumable Fuels)		35,206
	42,007	Powszechna Kasa Oszczednosci Bank Polski SA (Banks)		294,269
	6,300	Powszechny Zaklad Ubezpieczen SA (Insurance)		43,743
	24,449	Tauron Polska Energia SA* (Electric Utilities)		16,521

				1,344,233

	Portugal – 0.1%
	119,900	Mota-Engil SGPS SA (Construction & Engineering)		234,084
	29,200	NOS SGPS SA (Media)		194,042
	374,992	Sonae SGPS SA (Food & Staples Retailing)		298,137

				726,263

	Russia – 0.3%
	38,600	Aeroflot PJSC* (Airlines)		79,079
	37,500	Alrosa PJSC (Metals & Mining)		52,454
	41,981	Gazprom PJSC ADR (Oil, Gas & Consumable Fuels)		181,017
	3,123	LUKOIL PJSC ADR (Oil, Gas & Consumable Fuels)		151,910
	1,100	Magnit PJSC (Food & Staples Retailing)		184,448
	7,539	Magnit PJSC GDR (Food & Staples Retailing)		298,980
	2,130	MegaFon PJSC GDR (Wireless Telecommunication Services)		20,286
	7,474	MMC Norilsk Nickel PJSC ADR (Metals & Mining)		112,734
	29,000	Mobile TeleSystems PJSC (Wireless Telecommunication Services)		102,313
	22,100	Moscow Exchange MICEX-RTS PJSC (Capital Markets)		40,709
	478	Novatek OJSC GDR (Oil, Gas & Consumable Fuels)		50,965
	10,940	PIK Group PJSC* (Household Durables)		49,221
	2,643	Polymetal International PLC (Metals & Mining)		28,817
	6,887	Rosneft PJSC GDR (Oil, Gas & Consumable Fuels)		37,453
	27,740	Rostelecom PJSC (Diversified Telecommunication Services)		34,611
	3,705,000	RusHydro PJSC (Electric Utilities)		46,504
	116,000	Sberbank of Russia PJSC (Banks)		270,007


	Common Stocks – (continued)
	Russia – (continued)
	3,293	Severstal PJSC GDR (Metals & Mining)		46,435
	123,000	Sistema PJSC FC (Wireless Telecommunication Services)		37,440
	6,543	Surgutneftegas OJSC ADR (Oil, Gas & Consumable Fuels)		28,063
	1,336	Tatneft PJSC ADR (Oil, Gas & Consumable Fuels)		44,592
	673,000	Unipro PJSC (Independent Power and Renewable Electricity Producers)		30,955
	2,256	Uralkali PJSC GDR* (Chemicals)		29,510
	48,620,000	VTB Bank PJSC (Banks)		51,988
	1,960	X5 Retail Group NV* (Food & Staples Retailing)		58,421

				2,068,912

	Singapore – 0.2%
	130,000	First Resources Ltd. (Food Products)		170,055
	401,121	Mapletree Commercial Trust (Equity Real Estate Investment Trusts (REITs))		441,125
	46,800	Sembcorp Industries Ltd. (Industrial Conglomerates)		84,746
	57,500	Silverlake Axis Ltd. (Software)		26,413
	150,300	Super Group Ltd. (Food Products)		104,784
	94,800	UOL Group Ltd. (Real Estate Management & Development)		385,569

				1,212,692

	South Africa – 0.8%
	3,994	AngloGold Ashanti Ltd.* (Metals & Mining)		54,381
	17,205	Aspen Pharmacare Holdings Ltd. (Pharmaceuticals)		374,804
	3,377	AVI Ltd. (Food Products)		23,733
	3,175	Barclays Africa Group Ltd. (Banks)		36,844
	7,250	Barloworld Ltd. (Trading Companies & Distributors)		46,829
	4,863	Bid Corp. Ltd. (Food & Staples Retailing)		85,397
	2,442	Clicks Group Ltd. (Food & Staples Retailing)		22,729
	7,400	DataTec Ltd. (Electronic Equipment, Instruments & Components)		24,636
	3,631	Discovery Ltd. (Insurance)		31,038
	3,400	EOH Holdings Ltd. (IT Services)		40,320
	13,188	FirstRand Ltd. (Diversified Financial Services)		47,289
	11,027	Gold Fields Ltd. (Metals & Mining)		45,478
	11,698	Growthpoint Properties Ltd. (Equity Real Estate Investment Trusts (REITs))		21,814
	5,594	Impala Platinum Holdings Ltd.* (Metals & Mining)		22,603
	65,600	KAP Industrial Holdings Ltd. (Industrial Conglomerates)		37,705


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

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

October 31, 2016


Shares		Description	Value

	Common Stocks – (continued)
	South Africa – (continued)
	15,600	Life Healthcare Group Holdings Ltd. (Health Care Providers & Services)	$	41,677
	1,691	Mondi Ltd. (Paper & Forest Products)		33,031
	15,113	MTN Group Ltd. (Wireless Telecommunication Services)		130,536
	12,002	Nampak Ltd. (Containers & Packaging)		16,738
	1,126	Naspers Ltd. (Media)		188,583
	18,094	Netcare Ltd. (Health Care Providers & Services)		46,467
	2,826	Pioneer Foods Group Ltd. (Food Products)		34,114
	1,812	Remgro Ltd. (Diversified Financial Services)		30,083
	6,600	Reunert Ltd. (Industrial Conglomerates)		30,201
	4,853	Sanlam Ltd. (Insurance)		23,506
	7,098	Sappi Ltd.* (Paper & Forest Products)		39,495
	7,522	Sasol Ltd. (Oil, Gas & Consumable Fuels)		207,720
	170,493	Shoprite Holdings Ltd. (Food & Staples Retailing)		2,516,038
	5,761	Sibanye Gold Ltd. (Metals & Mining)		16,026
	4,890	Standard Bank Group Ltd. (Banks)		51,909
	4,863	The Bidvest Group Ltd. (Industrial Conglomerates)		60,419
	2,456	The SPAR Group Ltd. (Food & Staples Retailing)		34,790
	2,593	Tiger Brands Ltd. (Food Products)		73,839
	6,200	Vodacom Group Ltd. (Wireless Telecommunication Services)		66,891
	4,673	Woolworths Holdings Ltd. (Multiline Retail)		27,064

				4,584,727

	South Korea – 2.4%
	118	Amorepacific Corp. (Personal Products)		36,969
	251	AMOREPACIFIC Group (Personal Products)		32,401
	3,609	Celltrion, Inc.* (Biotechnology)		334,357
	208	Coway Co. Ltd. (Household Durables)		16,271
	185	E-MART, Inc. (Food & Staples Retailing)		26,233
	606	GS Holdings Corp. (Oil, Gas & Consumable Fuels)		26,960
	1,061	GS Home Shopping, Inc. (Internet & Direct Marketing Retail)		162,925
	1,486	Hana Financial Group, Inc. (Banks)		42,503
	29	Hanmi Pharm Co. Ltd. (Pharmaceuticals)		9,156
	151	Hanmi Science Co. Ltd. (Pharmaceuticals)		10,016
	145	Hyosung Corp. (Chemicals)		16,938
	190	Hyundai Glovis Co. Ltd. (Air Freight & Logistics)		28,760
	2,290	Hyundai Heavy Industries Co. Ltd.* (Machinery)		290,419


	Common Stocks – (continued)
	South Korea – (continued)
	154	Hyundai Mobis Co. Ltd. (Auto Components)		36,730
	3,015	Hyundai Motor Co. (Automobiles)		368,100
	412	Hyundai Steel Co. (Metals & Mining)		17,753
	16,009	Industrial Bank of Korea (Banks)		184,281
	1,820	Innocean Worldwide, Inc. (Media)		110,123
	10,918	Jusung Engineering Co. Ltd.* (Semiconductors & Semiconductor Equipment)		90,013
	927	Kangwon Land, Inc. (Hotels, Restaurants & Leisure)		30,722
	1,220	KB Financial Group, Inc. (Banks)		45,160
	11,399	KB Financial Group, Inc. ADR (Banks)		421,535
	667	Kia Motors Corp. (Automobiles)		23,684
	1,646	KIWOOM Securities Co. Ltd. (Capital Markets)		95,378
	544	Komipharm International Co. Ltd.* (Pharmaceuticals)		18,378
	455	Korea Aerospace Industries Ltd. (Aerospace & Defense)		25,699
	2,770	Korea Electric Power Corp. (Electric Utilities)		119,832
	79	Korea Zinc Co. Ltd. (Metals & Mining)		31,368
	2,400	KT Corp. ADR (Diversified Telecommunication Services)		38,376
	8,100	KT&G Corp. (Tobacco)		798,904
	1,714	LG Chem Ltd. (Chemicals)		368,133
	612	LG Corp. (Industrial Conglomerates)		32,727
	371	LG Electronics, Inc. (Household Durables)		15,466
	248	LG Household & Health Care Ltd (Personal Products)		177,404
	77	Lotte Chemical Corp. (Chemicals)		19,346
	76	Medy-Tox, Inc. (Biotechnology)		26,965
	1,341	NAVER Corp. (Internet Software & Services)		1,003,290
	31	Orion Corp. (Food Products)		19,348
	13,226	Paradise Co. Ltd. (Hotels, Restaurants & Leisure)		149,975
	317	POSCO (Metals & Mining)		65,959
	474	S-Oil Corp. (Oil, Gas & Consumable Fuels)		32,392
	390	Samsung C&T Corp. (Industrial Conglomerates)		54,972
	113	Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals)		161,627
	6,033	Samsung Electronics Co. Ltd. GDR		4,252,913
	130	Samsung Fire & Marine Insurance Co. Ltd. (Insurance)		33,072
	332	Samsung Life Insurance Co. Ltd. (Insurance)		32,038
	1,425	Shinhan Financial Group Co. Ltd. (Banks)		54,512
	8,193	Shinhan Financial Group Co. Ltd. ADR (Banks)		316,578


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

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND


Shares		Description	Value

	Common Stocks – (continued)
	South Korea – (continued)
	159	SK Holdings Co. Ltd. (Industrial Conglomerates)	$	31,018
	17,481	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)		625,236
	2,518	SK Innovation Co. Ltd. (Oil, Gas & Consumable Fuels)		331,455
	523	SK Telecom Co. Ltd. (Wireless Telecommunication Services)		102,525
	129,500	SK Telecom Co. Ltd. ADR (Wireless Telecommunication Services)		2,829,575
	208	ViroMed Co. Ltd.* (Biotechnology)		16,596
	66	Yuhan Corp. (Pharmaceuticals)		12,101

				14,255,167

	Spain – 1.0%
	21,335	Atlantica Yield PLC (Independent Power and Renewable Electricity Producers)		383,603
	504,359	CaixaBank SA (Banks)		1,521,847
	19,957	Ebro Foods SA (Food Products)		430,340
	29,984	Gamesa Corp. Tecnologica SA (Electrical Equipment)		692,283
	40,170	Industria de Diseno Textil SA (Specialty Retail)		1,401,628
	169,576	Liberbank SA* (Banks)		168,197
	8,400	Mediaset Espana Comunicacion SA (Media)		93,737
	38,600	Melia Hotels International SA (Hotels, Restaurants & Leisure)		476,591
	53,300	Merlin Properties Socimi SA (Equity Real Estate Investment Trusts (REITs))		598,014

				5,766,240

	Sweden – 0.6%
	48,345	Alfa Laval AB (Machinery)		693,590
	27,413	BillerudKorsnas AB (Containers & Packaging)		450,161
	19,197	Boliden AB (Metals & Mining)		444,918
	44,566	Castellum AB (Real Estate Management & Development)		603,868
	45,834	Hemfosa Fastigheter AB (Real Estate Management & Development)		430,946
	18,118	Loomis AB Class B (Commercial Services & Supplies)		515,010
	17,932	Mycronic AB (Electronic Equipment, Instruments & Components)		187,169
	13,613	NetEnt AB* (Internet Software & Services)		107,269
	23,690	Scandic Hotels Group AB*^(a) (Hotels, Restaurants & Leisure)		206,644

				3,639,575

	Switzerland – 6.0%
	84,980	ABB Ltd.* (Electrical Equipment)		1,753,173
	45,712	Aryzta AG* (Food Products)		2,008,652
	4,680	Cembra Money Bank AG* (Consumer Finance)		357,705


	Common Stocks – (continued)
	Switzerland – (continued)
	32,030	Chubb Ltd. (Insurance)		4,067,810
	33,628	Cie Financiere Richemont SA (Textiles, Apparel & Luxury Goods)		2,161,940
	33,537	Clariant AG* (Chemicals)		555,354
	17,537	EFG International AG* (Capital Markets)		94,459
	738	Georg Fischer AG (Machinery)		654,308
	50,358	Nestle SA (Food Products)		3,651,653
	44,375	Novartis AG (Pharmaceuticals)		3,149,186
	24,559	Novartis AG ADR (Pharmaceuticals)		1,744,180
	11,574	Oriflame Holding AG* (Personal Products)		425,222
	12,052	Roche Holding AG (Pharmaceuticals)		2,768,122
	1,242	SGS SA (Professional Services)		2,513,923
	55,457	Swiss Re AG (Insurance)		5,147,059
	2,353	Tecan Group AG (Life Sciences Tools & Services)		387,728
	7,000	Temenos Group AG* (Software)		452,071
	66,050	UBS Group AG (Capital Markets)		933,792
	1,367	Valora Holding AG (Specialty Retail)		397,200
	863	Ypsomed Holding AG* (Health Care Equipment & Supplies)		164,784
	10,526	Zurich Insurance Group AG* (Insurance)		2,755,249

				36,143,570

	Taiwan – 1.5%
	70,196	Advanced Semiconductor Engineering, Inc. ADR (Semiconductors & Semiconductor Equipment)		410,647
	18,000	Asia Cement Corp. (Construction Materials)		15,693
	48,000	AU Optronics Corp. (Electronic Equipment, Instruments & Components)		18,231
	3,000	Catcher Technology Co. Ltd. (Technology Hardware, Storage & Peripherals)		23,484
	24,000	Cathay Financial Holding Co. Ltd. (Insurance)		31,060
	12,000	Cheng Shin Rubber Industry Co. Ltd. (Auto Components)		24,415
	90,000	China Airlines Ltd. (Airlines)		27,229
	116,000	China Development Financial Holding Corp. (Banks)		29,027
	46,000	China Steel Corp. (Metals & Mining)		33,224
	28,000	Chunghwa Telecom Co. Ltd. (Diversified Telecommunication Services)		95,877
	25,000	Compal Electronics, Inc. (Technology Hardware, Storage & Peripherals)		14,865
	371,520	CTBC Financial Holding Co. Ltd. (Banks)		199,801
	6,000	Delta Electronics, Inc. (Electronic Equipment, Instruments & Components)		31,587
	55,000	E.Sun Financial Holding Co. Ltd. (Banks)		31,235


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

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

October 31, 2016


Shares		Description	Value

	Common Stocks – (continued)
	Taiwan – (continued)
	2,045	Eclat Textile Co. Ltd. (Textiles, Apparel & Luxury Goods)	$	23,172
	63,000	Eva Airways Corp. (Airlines)		30,329
	64,000	Far Eastern New Century Corp. (Industrial Conglomerates)		49,520
	6,720	Feng TAY Enterprise Co. Ltd. (Textiles, Apparel & Luxury Goods)		28,030
	42,925	First Financial Holding Co. Ltd. (Banks)		22,485
	20,000	Formosa Chemicals & Fibre Corp. (Chemicals)		59,380
	13,000	Formosa Petrochemical Corp. (Oil, Gas & Consumable Fuels)		43,405
	19,000	Formosa Plastic Corp. (Chemicals)		51,345
	20,000	Fubon Financial Holding Co. Ltd. (Diversified Financial Services)		28,298
	5,000	Giant Manufacturing Co. Ltd. (Leisure Products)		35,366
	2,000	Ginko International Co. Ltd. (Health Care Equipment & Supplies)		18,649
	34,100	Hon Hai Precision Industry Co. Ltd. (Electronic Equipment, Instruments & Components)		92,110
	93,667	Hon Hai Precision Industry Co. Ltd. GDR (Electronic Equipment, Instruments & Components)		506,738
	4,000	Hotai Motor Co. Ltd. (Specialty Retail)		46,464
	43,000	Innolux Corp. (Electronic Equipment, Instruments & Components)		14,475
	2,000	King Slide Works Co. Ltd. (Machinery)		24,497
	1,000	Largan Precision Co. Ltd. (Electronic Equipment, Instruments & Components)		117,975
	21,000	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)		159,178
	484,788	Mega Financial Holding Co. Ltd. (Banks)		331,442
	26,000	Nan Ya Plastics Corp. (Chemicals)		53,995
	2,000	OBI Pharma, Inc.* (Biotechnology)		20,900
	13,000	Pegatron Corp. (Technology Hardware, Storage & Peripherals)		35,006
	32,000	Pou Chen Corp. (Textiles, Apparel & Luxury Goods)		43,177
	5,000	President Chain Store Corp. (Food & Staples Retailing)		37,358
	10,000	Quanta Computer, Inc. (Technology Hardware, Storage & Peripherals)		20,230
	15,000	Ruentex Industries Ltd. (Textiles, Apparel & Luxury Goods)		24,147
	10,000	Siliconware Precision Industries Co. Ltd. (Semiconductors & Semiconductor Equipment)		15,125
	5,550	Standard Foods Corp. (Food Products)		13,716
	19,000	Taiwan Cement Corp. (Construction Materials)		22,758
	12,000	Taiwan Fertilizer Co. Ltd. (Chemicals)		16,053
	15,000	Taiwan Mobile Co. Ltd. (Wireless Telecommunication Services)		52,483


	Common Stocks – (continued)
	Taiwan – (continued)
	37,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		222,050
	183,182	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment)		5,696,960
	40,000	Teco Electric and Machinery Co. Ltd. (Electrical Equipment)		35,462
	4,000	TTY Biopharm Co. Ltd. (Pharmaceuticals)		15,040
	35,000	Uni-President Enterprises Corp. (Food Products)		67,622
	82,000	United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		30,521
	80,000	Yuanta Financial Holding Co. Ltd. (Capital Markets)		29,861

				9,121,697

	Thailand – 0.3%
	10,300	Advanced Info Service PCL (Wireless Telecommunication Services)		45,145
	42,485	Advanced Info Service PCL ADR (Wireless Telecommunication Services)		192,032
	5,300	Airports of Thailand PCL (Transportation Infrastructure)		57,660
	13,466	Bangkok Bank PCL ADR (Banks)		306,658
	3,400	Bangkok Bank PCL. (Banks)		15,438
	627,000	Bangkok Dusit Medical Services PCL Class F (Health Care Providers & Services)		408,395
	33,500	BEC World PCL (Media)		19,615
	117,900	BTS Group Holdings PCL (Road & Rail)		28,806
	7,500	Bumrungrad Hospital PCL (Health Care Providers & Services)		39,180
	15,300	Charoen Pokphand Foods PCL (Food Products)		13,760
	27,700	CP ALL PCL (Food & Staples Retailing)		48,017
	15,200	Delta Electronics Thailand PCL (Electronic Equipment, Instruments & Components)		34,044
	7,300	Electricity Generating PCL (Independent Power and Renewable Electricity Producers)		40,629
	13,900	Glow Energy PCL (Independent Power and Renewable Electricity Producers)		30,528
	30,200	Hana Microelectronics PCL (Electronic Equipment, Instruments & Components)		27,580
	98,200	Home Product Center PCL (Specialty Retail)		28,277
	7,100	Kasikornbank PCL (Banks)		34,860
	8,000	KCE Electronics PCL (Electronic Equipment, Instruments & Components)		25,607
	32,000	Minor International PCL (Hotels, Restaurants & Leisure)		35,156


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

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND


Shares		Description	Value

	Common Stocks – (continued)
	Thailand – (continued)
	18,800	PTT Exploration & Production PCL (Oil, Gas & Consumable Fuels)	$	44,480
	24,900	PTT Global Chemical PCL (Chemicals)		42,530
	6,300	PTT PCL (Oil, Gas & Consumable Fuels)		62,032
	12,500	Ratchaburi Electricity Generating Holding PCL (Independent Power and Renewable Electricity Producers)		17,860
	39,500	Thai Beverage PCL (Beverages)		27,382
	233,600	Thaicom PCL (Diversified Telecommunication Services)		138,659
	3,400	The Siam Cement PCL (Construction Materials)		48,962
	9,100	The Siam Commercial Bank PCL (Banks)		37,259
	140,984	True Corp. PCL (Diversified Telecommunication Services)		27,163

				1,877,714

	Turkey – 0.2%
	21,000	Akbank TAS (Banks)		56,199
	4,800	Anadolu Efes Biracilik Ve Malt Sanayii AS (Beverages)		29,338
	7,668	Arcelik AS (Household Durables)		50,660
	3,743	Aygaz AS (Gas Utilities)		13,227
	3,796	BIM Birlesik Magazalar AS (Food & Staples Retailing)		61,883
	2,912	Cimsa Cimento Sanayi VE Ticaret AS (Construction Materials)		14,474
	16,053	Emlak Konut Gayrimenkul Yatirim Ortakligi AS (Equity Real Estate Investment Trusts (REITs))		16,403
	24,465	Enka Insaat ve Sanayi AS (Industrial Conglomerates)		37,366
	49,600	Eregli Demir ve Celik Fabrikalari TAS (Metals & Mining)		67,441
	2,085	Ford Otomotiv Sanayi AS (Automobiles)		21,301
	13,100	Haci Omer Sabanci Holding AS (Diversified Financial Services)		39,611
	8,363	KOC Holding AS (Industrial Conglomerates)		34,883
	18,787	Petkim Petrokimya Holding AS (Chemicals)		25,527
	2,161	TAV Havalimanlari Holding AS (Transportation Infrastructure)		8,884
	4,800	Tofas Turk Otomobil Fabrikasi AS (Automobiles)		36,170
	3,268	Tupras Turkiye Petrol Rafinerileri AS (Oil, Gas & Consumable Fuels)		66,647
	12,500	Turk Hava Yollari AO* (Airlines)		21,990
	27,090	Turkcell Iletisim Hizmetleri AS* (Wireless Telecommunication Services)		87,351
	135,340	Turkiye Garanti Bankasi A/S (Banks)		368,279
	8,400	Turkiye Halk Bankasi AS (Banks)		25,547


	Common Stocks – (continued)
	Turkey – (continued)
	19,300	Turkiye Is Bankasi Class C (Banks)		31,339

				1,114,520

	United Arab Emirates – 0.0%
	96,000	Air Arabia PJSC (Airlines)		33,930
	76,993	Arabtec Holding PJSC* (Construction & Engineering)		27,802
	21,366	DAMAC Properties Dubai Co. PJSC (Real Estate Management & Development)		12,760
	49,000	Dubai Investments PJSC (Capital Markets)		26,744
	20,000	Dubai Islamic Bank PJSC (Banks)		28,492
	85,000	DXB Entertainments PJSC* (Hotels, Restaurants & Leisure)		36,215
	23,611	Emaar Malls Group PJSC (Real Estate Management & Development)		16,493
	23,600	Emaar Properties PJSC (Real Estate Management & Development)		44,688

				227,124

	United Kingdom – 11.6%
	75,694	3i Group PLC (Capital Markets)		620,479
	36,891	Abcam PLC (Biotechnology)		392,860
	39,808	Aon PLC (Insurance)		4,411,921
	19,036	Ashtead Group PLC (Trading Companies & Distributors)		296,610
	8,124	ASOS PLC* (Internet & Direct Marketing Retail)		521,509
	530,060	Aviva PLC (Insurance)		2,872,276
	21,600	Babcock International Group PLC (Commercial Services & Supplies)		261,097
	344,729	Balfour Beatty PLC (Construction & Engineering)		1,142,951
	1,021,446	Barclays PLC (Banks)		2,366,493
	84,685	Beazley PLC (Insurance)		377,067
	11,163	Bellway PLC (Household Durables)		323,037
	180,145	boohoo.com PLC* (Internet & Direct Marketing Retail)		273,417
	55,069	British American Tobacco PLC (Tobacco)		3,156,166
	9,270	Cardtronics PLC Class A* (IT Services)		463,500
	47,337	Carnival PLC (Hotels, Restaurants & Leisure)		2,283,200
	362,388	Cobham PLC (Aerospace & Defense)		632,276
	151,546	Compass Group PLC (Hotels, Restaurants & Leisure)		2,742,115
	4,953	Consort Medical PLC (Health Care Equipment & Supplies)		69,252
	67,439	Diageo PLC (Beverages)		1,794,993
	2,020	Direct Line Insurance Group PLC (Insurance)		8,546
	124,788	Domino’s Pizza Group PLC (Hotels, Restaurants & Leisure)		518,854
	144,347	Experian PLC (Professional Services)		2,775,004


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

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

October 31, 2016


Shares		Description	Value

	Common Stocks – (continued)
	United Kingdom – (continued)
	17,993	Ferroglobe PLC (Metals & Mining)	$	166,435
	22,154	Fevertree Drinks PLC (Beverages)		261,303
	1,150,777	GKN PLC (Auto Components)		4,487,824
	82,078	GlaxoSmithKline PLC (Pharmaceuticals)		1,621,396
	61,423	Greencore Group PLC (Food Products)		247,866
	88,289	GVC Holdings PLC (Hotels, Restaurants & Leisure)		752,678
	8,407	Hill & Smith Holdings PLC (Metals & Mining)		103,429
	34,826	Hiscox. Ltd. (Insurance)		434,866
	40,902	HomeServe PLC (Commercial Services & Supplies)		305,141
	65,903	Inchcape PLC (Distributors)		523,976
	59,970	Indivior PLC (Pharmaceuticals)		230,326
	76,280	Informa PLC (Media)		627,563
	49,678	InterContinental Hotels Group PLC ADR (Hotels, Restaurants & Leisure)		1,959,797
	138,640	Intermediate Capital Group PLC (Capital Markets)		1,026,926
	18,030	JD Sports Fashion PLC (Specialty Retail)		335,220
	104,408	Just Eat PLC* (Internet Software & Services)		717,211
	251,600	Ladbrokes PLC (Hotels, Restaurants & Leisure)		410,776
	8,332	Lancashire Holdings Ltd. (Insurance)		71,049
	49,700	Lavendon Group PLC (Trading Companies & Distributors)		75,433
	2,685,448	Lloyds Banking Group PLC (Banks)		1,875,310
	4,491	Mediclinic International PLC (Health Care Providers & Services)		49,524
	20,600	Micro Focus International PLC (Software)		539,422
	106,398	National Express Group PLC (Road & Rail)		477,973
	81,528	Nielsen Holdings PLC (Professional Services)		3,670,391
	39,592	Northgate PLC (Road & Rail)		203,324
	48,976	Pagegroup PLC (Professional Services)		216,864
	10,293	Petrofac Ltd. (Energy Equipment & Services)		101,371
	20,868	Phoenix Group Holdings (Insurance)		186,421
	59,600	Playtech PLC (Software)		676,049
	366,565	Premier Oil PLC* (Oil, Gas & Consumable Fuels)		295,169
	134,673	Prudential PLC (Insurance)		2,197,711
	46,849	Reckitt Benckiser Group PLC (Household Products)		4,191,135
	40,086	Redrow PLC (Household Durables)		186,194
	239,685	Rentokil Initial PLC (Commercial Services & Supplies)		668,559
	9,645	Rightmove PLC (Internet Software & Services)		440,267


	Common Stocks – (continued)
	United Kingdom – (continued)
	148,333	Royal Dutch Shell PLC Class B (Oil, Gas & Consumable Fuels)		3,825,879
	51,997	RPC Group PLC (Containers & Packaging)		602,986
	127,100	Saga PLC (Insurance)		308,293
	21,500	Savills PLC (Real Estate Management & Development)		182,374
	82,948	SSE PLC (Electric Utilities)		1,612,762
	23,700	SThree PLC (Professional Services)		69,331
	72,344	Tullow Oil PLC* (Oil, Gas & Consumable Fuels)		233,579
	42,667	UNITE Group PLC (Real Estate Management & Development)		289,017
	30,891	Vedanta Resources PLC (Metals & Mining)		269,912
	33,000	Vesuvius PLC (Machinery)		147,295
	596,405	Vodafone Group PLC (Wireless Telecommunication Services)		1,637,922
	17,750	Willis Towers Watson PLC (Insurance)		2,234,725
	98,820	Worldpay Group PLC^(a) (IT Services)		343,442

				70,396,039

	United States – 36.0%
	5,220	ABM Industries, Inc. (Commercial Services & Supplies)		203,998
	27,692	Advance Auto Parts, Inc. (Specialty Retail)		3,879,095
	7,168	Aegion Corp.* (Construction & Engineering)		132,680
	20,654	Aetna, Inc. (Health Care Providers & Services)		2,217,207
	13,948	Air Lease Corp. (Trading Companies & Distributors)		422,066
	3,225	Alamo Group, Inc. (Machinery)		209,367
	17,489	Allergan PLC* (Pharmaceuticals)		3,654,152
	10,085	American Campus Communities, Inc. (Equity Real Estate Investment Trusts (REITs))		525,529
	13,217	American Eagle Outfitters, Inc. (Specialty Retail)		225,218
	4,481	American Homes 4 Rent Class A (Equity Real Estate Investment Trusts (REITs))		94,594
	71,100	American International Group, Inc. (Insurance)		4,386,870
	11,655	Ameris Bancorp (Banks)		423,076
	8,610	AMERISAFE, Inc. (Insurance)		478,716
	28,258	AmerisourceBergen Corp. (Health Care Providers & Services)		1,987,103
	15,265	Amplify Snack Brands, Inc.* (Food Products)		221,190
	2,624	Amsurg Corp.* (Health Care Providers & Services)		156,784
	4,460	Analogic Corp. (Health Care Equipment & Supplies)		365,051


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

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND


Shares		Description	Value

	Common Stocks – (continued)
	United States – (continued)
	1,590	Anixter International, Inc.* (Electronic Equipment, Instruments & Components)	$	104,543
	34,951	Anthem, Inc. (Health Care Providers & Services)		4,259,129
	13,007	Anworth Mortgage Asset Corp. (Mortgage Real Estate Investment Trusts (REITs))		63,864
	39,359	Apple, Inc. (Technology Hardware, Storage & Peripherals)		4,468,821
	10,953	Ares Commercial Real Estate Corp. (Mortgage Real Estate Investment Trusts (REITs))		143,703
	8,750	Assured Guaranty Ltd. (Insurance)		261,537
	76,371	Axis Capital Holdings Ltd. (Insurance)		4,350,856
	6,160	Balchem Corp. (Chemicals)		467,544
	8,375	Banc of California, Inc. (Banks)		111,388
	4,185	Belden, Inc. (Electronic Equipment, Instruments & Components)		271,230
	39,266	Berkshire Hathaway, Inc. Class B* (Diversified Financial Services)		5,666,084
	8,250	Blackbaud, Inc. (Software)		506,550
	4,660	Blackstone Mortgage Trust, Inc. Class A (Mortgage Real Estate Investment Trusts (REITs))		140,732
	7,389	BMC Stock Holdings, Inc.* (Trading Companies & Distributors)		122,288
	4,713	Booz Allen Hamilton Holding Corp. (IT Services)		143,605
	7,450	Bristow Group, Inc. (Energy Equipment & Services)		74,575
	10,946	Brooks Automation, Inc. (Semiconductors & Semiconductor Equipment)		142,626
	5,023	Builders FirstSource, Inc.* (Building Products)		48,572
	1,111	Cabot Corp. (Chemicals)		57,928
	13,814	CalAtlantic Group, Inc. (Household Durables)		446,468
	18,940	Callidus Software, Inc.* (Software)		345,655
	6,925	Cantel Medical Corp. (Health Care Equipment & Supplies)		493,268
	17,120	Catalent, Inc.* (Pharmaceuticals)		390,507
	19,320	Cathay General Bancorp (Banks)		578,634
	8,400	CEB, Inc. (Professional Services)		408,660
	46,710	Cerner Corp.* (Health Care Technology)		2,736,272
	5,916	Chatham Lodging Trust (Equity Real Estate Investment Trusts (REITs))		104,713
	1,825	Chemed Corp. (Health Care Providers & Services)		258,091
	74,155	Cisco Systems, Inc. (Communications Equipment)		2,275,075
	10,190	CLARCOR, Inc. (Machinery)		633,920
	20,589	ClubCorp Holdings, Inc. (Hotels, Restaurants & Leisure)		237,803
	10,730	Cognex Corp. (Electronic Equipment, Instruments & Components)		553,668


	Common Stocks – (continued)
	United States – (continued)
	32,850	Cognizant Technology Solutions Corp. Class A* (IT Services)		1,686,847
	12,070	Cohen & Steers, Inc. (Capital Markets)		448,763
	1,523	Coherent, Inc.* (Electronic Equipment, Instruments & Components)		158,575
	2,339	Colony Capital, Inc. Class A (Mortgage Real Estate Investment Trusts (REITs))		44,464
	4,679	Columbia Banking System, Inc. (Banks)		154,501
	69,140	Comcast Corp. Class A (Media)		4,274,235
	4,075	Compass Minerals International, Inc. (Metals & Mining)		292,789
	2,645	Convergys Corp. (IT Services)		77,234
	2,041	Cubic Corp. (Aerospace & Defense)		87,151
	1,126	Curtiss-Wright Corp. (Aerospace & Defense)		100,912
	84,701	CVS Health Corp. (Food & Staples Retailing)		7,123,354
	32,831	CYS Investments, Inc. (Mortgage Real Estate Investment Trusts (REITs))		283,003
	13,320	Diplomat Pharmacy, Inc.* (Health Care Providers & Services)		308,624
	135,952	Discovery Communications, Inc. Class C* (Media)		3,413,755
	43,389	Dollar General Corp. (Multiline Retail)		2,997,746
	3,884	Drew Industries, Inc. (Auto Components)		347,812
	6,890	Dril-Quip, Inc.* (Energy Equipment & Services)		327,275
	14,285	Education Realty Trust, Inc. (Equity Real Estate Investment Trusts (REITs))		608,398
	4,992	EnerSys (Electrical Equipment)		325,129
	6,620	EPAM Systems, Inc.* (IT Services)		426,129
	11,023	Essent Group Ltd.* (Thrifts & Mortgage Finance)		291,448
	4,639	Everest Re Group Ltd. (Insurance)		944,129
	7,919	ExlService Holdings, Inc.* (IT Services)		348,674
	3,546	FCB Financial Holdings, Inc. Class A* (Banks)		132,266
	3,673	Ferro Corp.* (Chemicals)		47,602
	8,884	First American Financial Corp. (Insurance)		347,009
	639	First Citizens BancShares, Inc. Class A (Banks)		185,949
	1,646	First Solar, Inc.* (Semiconductors & Semiconductor Equipment)		66,647
	2,941	FirstCash, Inc. (Consumer Finance)		138,815
	12,750	Five Below, Inc.* (Specialty Retail)		479,145
	19,840	Flotek Industries, Inc.* (Chemicals)		233,715
	17,770	Forum Energy Technologies, Inc.* (Energy Equipment & Services)		319,860
	104,384	Fossil Group, Inc.* (Textiles, Apparel & Luxury Goods)		2,846,552
	138,735	Franklin Resources, Inc. (Capital Markets)		4,669,820
	4,219	FTD Cos., Inc.* (Internet & Direct Marketing Retail)		84,886


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

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

October 31, 2016


Shares		Description	Value

	Common Stocks – (continued)
	United States – (continued)
	3,598	FTI Consulting, Inc.* (Professional Services)	$	140,178
	1,721	G&K Services, Inc. Class A (Commercial Services & Supplies)		162,979
	120,111	Gentex Corp. (Auto Components)		2,031,077
	10,580	Glacier Bancorp, Inc. (Banks)		298,991
	23,395	Globus Medical, Inc. Class A* (Health Care Equipment & Supplies)		517,731
	18,945	Grand Canyon Education, Inc.* (Diversified Consumer Services)		826,760
	4,307	Granite Construction, Inc. (Construction & Engineering)		211,732
	31,417	Graphic Packaging Holding Co. (Containers & Packaging)		392,712
	933	Group 1 Automotive, Inc. (Specialty Retail)		56,232
	3,582	Gulfport Energy Corp.* (Oil, Gas & Consumable Fuels)		86,362
	4,023	Hanmi Financial Corp. (Banks)		100,575
	14,600	Healthcare Services Group, Inc. (Commercial Services & Supplies)		539,762
	25,565	Heartland Express, Inc. (Road & Rail)		470,396
	7,405	HEICO Corp. (Aerospace & Defense)		500,282
	5,570	HEICO Corp. Class A (Aerospace & Defense)		334,200
	4,117	Heidrick & Struggles International, Inc. (Professional Services)		76,165
	3,595	Helen of Troy Ltd.* (Household Durables)		292,992
	9,370	Hibbett Sports, Inc.* (Specialty Retail)		364,024
	3,030	Hillenbrand, Inc. (Machinery)		91,961
	141,347	Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)		3,194,442
	8,165	HubSpot, Inc.* (Software)		428,254
	6,085	IBERIABANK Corp. (Banks)		399,480
	6,230	ICU Medical, Inc.* (Health Care Equipment & Supplies)		867,839
	6,423	IDACORP, Inc. (Electric Utilities)		503,499
	12,105	Impax Laboratories, Inc.* (Pharmaceuticals)		243,310
	13,655	INC Research Holdings, Inc. Class A* (Life Sciences Tools & Services)		624,033
	1,198	Infinity Property & Casualty Corp. (Insurance)		98,176
	5,067	Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components)		145,879
	3,010	Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies)		239,325
	11,900	Kansas City Southern (Road & Rail)		1,044,344
	16,145	KapStone Paper and Packaging Corp. (Paper & Forest Products)		292,870
	4,472	KAR Auction Services, Inc. (Commercial Services & Supplies)		190,418
	8,720	Kindred Healthcare, Inc. (Health Care Providers & Services)		85,892


	Common Stocks – (continued)
	United States – (continued)
	3,215	Korn/Ferry International (Professional Services)		65,554
	3,641	LaSalle Hotel Properties (Equity Real Estate Investment Trusts (REITs))		86,474
	3,256	LifePoint Health, Inc.* (Health Care Providers & Services)		194,872
	9,603	Lithia Motors, Inc. Class A (Specialty Retail)		823,745
	2,079	Live Nation Entertainment, Inc.* (Media)		57,526
	10,760	LogMeIn, Inc. (Internet Software & Services)		1,022,200
	11,245	MACOM Technology Solutions Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		413,366
	16,464	Maiden Holdings Ltd. (Insurance)		224,734
	6,410	MarketAxess Holdings, Inc. (Capital Markets)		966,372
	15,547	Marriott International, Inc. Class A (Hotels, Restaurants & Leisure)		1,068,079
	43,251	MasterCard, Inc. Class A (IT Services)		4,628,722
	27,378	Matador Resources Co.* (Oil, Gas & Consumable Fuels)		597,114
	3,312	MAXIMUS, Inc. (IT Services)		172,423
	57,685	McKesson Corp. (Health Care Providers & Services)		7,335,801
	10,110	Medidata Solutions, Inc.* (Health Care Technology)		485,179
	29,186	MFA Financial, Inc. (Mortgage Real Estate Investment Trusts (REITs))		213,350
	95,670	Microsoft Corp. (Software)		5,732,546
	2,539	Minerals Technologies, Inc. (Chemicals)		170,621
	10,445	Mobile Mini, Inc. (Commercial Services & Supplies)		264,781
	4,300	Monro Muffler Brake, Inc. (Specialty Retail)		236,500
	36,961	Motorola Solutions, Inc. (Communications Equipment)		2,682,629
	2,985	MTGE Investment Corp. (Mortgage Real Estate Investment Trusts (REITs))		50,894
	4,619	Multi Packaging Solutions International Ltd.* (Containers & Packaging)		62,403
	6,875	National Health Investors, Inc. (Equity Real Estate Investment Trusts (REITs))		520,850
	240,615	National Oilwell Varco, Inc. (Energy Equipment & Services)		7,723,741
	8,056	Nationstar Mortgage Holdings, Inc.* (Thrifts & Mortgage Finance)		121,726
	12,074	Navient Corp. (Consumer Finance)		154,306
	12,851	Navigant Consulting, Inc.* (Professional Services)		300,713
	6,694	Nelnet, Inc. Class A (Consumer Finance)		262,271
	3,102	NETGEAR, Inc.* (Communications Equipment)		156,651


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

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND


Shares		Description	Value

	Common Stocks – (continued)
	United States – (continued)
	38,400	NorthStar Realty Europe Corp. (Equity Real Estate Investment Trusts (REITs))	$	379,776
	11,765	NorthWestern Corp. (Multi-Utilities)		677,076
	2,810	Nu Skin Enterprises, Inc. Class A (Personal Products)		173,237
	37,743	Office Depot, Inc. (Specialty Retail)		118,890
	5,046	Olin Corp. (Chemicals)		110,659
	385,069	Oracle Corp. (Software)		14,794,351
	5,102	Owens & Minor, Inc. (Health Care Providers & Services)		165,560
	6,210	Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods)		389,491
	3,666	PAREXEL International Corp.* (Life Sciences Tools & Services)		213,581
	22,293	Parker-Hannifin Corp. (Machinery)		2,736,466
	1,639	Parsley Energy, Inc. Class A* (Oil, Gas & Consumable Fuels)		53,923
	10,975	Pebblebrook Hotel Trust (Equity Real Estate Investment Trusts (REITs))		266,473
	5,169	PharMerica Corp.* (Health Care Providers & Services)		123,022
	1,869	PNM Resources, Inc. (Electric Utilities)		61,397
	8,095	Power Integrations, Inc. (Semiconductors & Semiconductor Equipment)		521,723
	8,944	PRA Group, Inc.* (Consumer Finance)		285,314
	19,455	Primoris Services Corp. (Construction & Engineering)		389,684
	9,370	ProAssurance Corp. (Insurance)		499,421
	2,610	Proofpoint, Inc.* (Software)		204,572
	2,981	Proto Labs, Inc.* (Machinery)		133,251
	59,532	Qorvo, Inc.* (Semiconductors & Semiconductor Equipment)		3,312,956
	21,602	Radian Group, Inc. (Thrifts & Mortgage Finance)		293,571
	5,425	RBC Bearings, Inc.* (Machinery)		387,074
	10,624	RPX Corp.* (Professional Services)		103,690
	6,950	RSP Permian, Inc.* (Oil, Gas & Consumable Fuels)		250,895
	78,946	Sabre Corp. (IT Services)		2,039,175
	998	Safety Insurance Group, Inc. (Insurance)		67,565
	2,537	Scholastic Corp. (Media)		97,040
	3,598	Schweitzer-Mauduit International, Inc. (Paper & Forest Products)		132,802
	9,353	Select Medical Holdings Corp.* (Health Care Providers & Services)		121,589
	7,275	Shire PLC ADR (Biotechnology)		1,226,856
	6,955	Silgan Holdings, Inc. (Containers & Packaging)		354,357
	4,272	Silver Bay Realty Trust Corp. (Equity Real Estate Investment Trusts (REITs))		71,556
	8,131	Skechers U.S.A., Inc. Class A* (Textiles, Apparel & Luxury Goods)		170,995
	57,823	Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		4,448,902


	Common Stocks – (continued)
	United States – (continued)
	53,064	SLM Corp.* (Consumer Finance)		374,101
	3,400	Southern Copper Corp. (Metals & Mining)		96,526
	21,035	STAG Industrial, Inc. (Equity Real Estate Investment Trusts (REITs))		485,277
	6,019	Starwood Property Trust, Inc. (Mortgage Real Estate Investment Trusts (REITs))		133,863
	59,481	State Street Corp. (Capital Markets)		4,176,161
	3,984	Steel Dynamics, Inc. (Metals & Mining)		109,401
	5,743	Steven Madden Ltd.* (Textiles, Apparel & Luxury Goods)		191,816
	18,227	Stifel Financial Corp.* (Capital Markets)		713,405
	6,945	Sun Communities, Inc. (Equity Real Estate Investment Trusts (REITs))		534,279
	8,720	Sykes Enterprises, Inc.* (IT Services)		233,173
	1,313	SYNNEX Corp. (Electronic Equipment, Instruments & Components)		134,635
	29,606	T. Rowe Price Group, Inc. (Capital Markets)		1,895,080
	10,392	Tailored Brands, Inc. (Specialty Retail)		164,194
	9,465	Team Health Holdings, Inc.* (Health Care Providers & Services)		405,575
	6,588	TeleTech Holdings, Inc. (IT Services)		185,123
	1,114	Tempur Sealy International, Inc.* (Household Durables)		60,234
	5,764	Teradyne, Inc. (Semiconductors & Semiconductor Equipment)		134,244
	5,270	Tetra Tech, Inc. (Commercial Services & Supplies)		202,631
	9,370	Texas Capital Bancshares, Inc.* (Banks)		555,641
	17,580	Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure)		712,342
	78,303	The Bank of New York Mellon Corp. (Capital Markets)		3,388,171
	29,573	The Boeing Co. (Aerospace & Defense)		4,212,082
	10,876	The Finish Line, Inc. Class A (Specialty Retail)		214,148
	2,804	The Hanover Insurance Group, Inc. (Insurance)		213,637
	862	The Navigators Group, Inc. (Insurance)		80,338
	3,113	The Priceline Group, Inc.* (Internet & Direct Marketing Retail)		4,589,278
	4,275	The Sherwin-Williams Co. (Chemicals)		1,046,776
	9,730	The Toro Co. (Machinery)		465,872
	22,196	The Walt Disney Co. (Media)		2,057,347
	1,231	Thor Industries, Inc. (Automobiles)		97,631
	18,825	Time Warner, Inc. (Media)		1,675,237
	6,420	Tupperware Brands Corp. (Household Durables)		382,118
	4,277	Tutor Perini Corp.* (Construction & Engineering)		81,477
	26,683	Two Harbors Investment Corp. (Mortgage Real Estate Investment Trusts (REITs))		222,269
	5,070	Tyler Technologies, Inc.* (Software)		813,228


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

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

October 31, 2016


Shares		Description	Value

	Common Stocks – (continued)
	United States – (continued)
	10,793	United Technologies Corp. (Aerospace & Defense)	$	1,103,045
	11,365	UnitedHealth Group, Inc. (Health Care Providers & Services)		1,606,215
	2,493	Universal Corp. (Tobacco)		135,121
	6,520	Universal Forest Products, Inc. (Building Products)		560,655
	7,080	US Ecology, Inc. (Commercial Services & Supplies)		299,130
	39,503	Visa, Inc. Class A (IT Services)		3,259,393
	40,475	Walgreens Boots Alliance, Inc. (Food & Staples Retailing)		3,348,497
	9,492	Walker & Dunlop, Inc.* (Thrifts & Mortgage Finance)		228,472
	7,802	Washington Federal, Inc. (Thrifts & Mortgage Finance)		212,604
	2,640	WD-40 Co. (Household Products)		281,490
	12,270	Webster Financial Corp. (Banks)		495,708
	6,098	WESCO International, Inc.* (Trading Companies & Distributors)		330,512
	12,345	West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies)		938,590
	4,825	Western Refining, Inc. (Oil, Gas & Consumable Fuels)		139,201
	15,285	Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods)		326,335
	11,431	World Fuel Services Corp. (Oil, Gas & Consumable Fuels)		460,098

				217,862,499

	TOTAL COMMON STOCKS
	(Cost $599,193,809)		$	606,816,015


	Preferred Stocks – 1.0%
	Brazil – 0.1%
	23,680	Banco ABC Brasil SA (Banks)	$	114,097
	4,400	Centrais Eletricas Brasileiras SA Class B* (Electric Utilities)		37,701
	7,800	Cia Energetica de Minas Gerais (Electric Utilities)		23,825
	9,200	Gerdau SA (Metals & Mining)		31,762
	6,820	Itau Unibanco Holding SA (Banks)		82,045
	11,150	Itausa – Investimentos Itau SA (Banks)		32,975
	9,600	Lojas Americanas SA (Multiline Retail)		62,256
	35,300	Petroleo Brasileiro SA* (Oil, Gas & Consumable Fuels)		195,632
	5,400	Suzano Papel e Celulose SA Class A (Paper & Forest Products)		19,049
	79,100	Usinas Siderurgicas de Minas Gerais SA Class A* (Metals & Mining)		111,761
	24,500	Vale SA (Metals & Mining)		158,344

				869,447


	Preferred Stocks – (continued)
	Colombia – 0.0%
	2,928	Grupo Argos SA (Construction Materials)		17,918
	62,552	Grupo Aval Acciones y Valores SA (Banks)		25,796
	1,391	Grupo de Inversiones Suramericana SA (Diversified Financial Services)		17,580

				61,294

	Germany – 0.9%
	17,142	Jungheinrich AG (Machinery)		541,208
	6,463	Sartorius AG (Health Care Equipment & Supplies)		508,745
	32,021	Volkswagen AG (Automobiles)		4,414,912

				5,464,865

	Panama – 0.0%
	23,352	Avianca Holdings SA (Airlines)		18,640

	Russia – 0.0%
	67,200	Surgutneftegas OJSC (Oil, Gas & Consumable Fuels)		30,470
	14	Transneft PJSC (Oil, Gas & Consumable Fuels)		33,526

				63,996

	TOTAL PREFERRED STOCKS – 1.0%
	(Cost $6,419,697)		$	6,478,242

Units

Description

Expiration

Date

Value

Right^* – 0.0%

United Kingdom – 0.0%

12,173

Phoenix Group Holdings
(Insurance)

11/08/16

33,077

(Cost $37,473)


Shares		Description	Value
	Exchange Traded Fund – 0.1%
	18,600	iShares MSCI Frontier 100 ETF	$	460,722
	(Cost $465,694)

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $606,116,673)		$	613,788,056


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

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND


Principal Amount	Interest Rate			Maturity Date		Value
Short-term Investment^(b) – 5.8%
Repurchase Agreements – 5.8%
Joint Repurchase Agreement Account II
$35,100,000		0.338	%		11/01/16	$	35,100,000
(Cost $35,100,000)

TOTAL INVESTMENTS – 107.2%
(Cost $641,216,673)						$	648,888,056

LIABILITIES IN EXCESS OF OTHER ASSETS – (7.2)%							(43,835,214	)

NET ASSETS – 100.0%						$	605,052,842


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. Such securities may be deemed liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $2,168,423, which represents approximately 0.4% of net assets as of October 31, 2016.
(b)		Joint repurchase agreement was entered into on October 31, 2016. Additional information appears on pages 66-67.



Currency Abbreviations:
AUD		—Australian Dollar
CHF		—Swiss Franc
DKK		—Danish Krone
EUR		—Euro
GBP		—British Pound
HKD		—Hong Kong Dollar
ILS		—Israeli Shekel
JPY		—Japanese Yen
NOK		—Norwegian Krone
NZD		—New Zealand Dollar
SEK		—Swedish Krona
SGD		—Singapore Dollar
USD		—U.S. Dollar

Investment Abbreviations:
ADR		—American Depositary Receipt
ETF		—Exchange Traded Fund
GDR		—Global Depository Receipt
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust


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

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

October 31, 2016

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At October 31, 2016, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
Bank of America Securities LLC	DKK	894,890	USD	132,162	$	132,398		12/21/16	$	237
	GBP	391,540	USD	478,466		479,860		12/21/16		1,394
	ILS	1,725,770	USD	449,978		450,418		12/21/16		441
	SGD	92,770	USD	66,683		66,703		12/21/16		20
	USD	5,590,880	AUD	7,305,025		5,549,582		12/21/16		41,298
	USD	6,464,006	CHF	6,248,690		6,334,138		12/21/16		129,869
	USD	1,393,116	DKK	9,166,285		1,356,145		12/21/16		36,971
	USD	22,529,231	EUR	19,913,705		21,913,172		12/21/16		616,059
	USD	14,793,093	GBP	11,103,525		13,608,164		12/21/16		1,184,930
	USD	7,989,103	HKD	61,920,965		7,986,870		12/21/16		2,232
	USD	507,492	ILS	1,903,560		496,821		12/21/16		10,672
	USD	19,751,792	JPY	2,009,543,095		19,204,806		12/21/16		546,986
	USD	620,189	NOK	5,078,765		614,755		12/21/16		5,434
	USD	273,251	NZD	370,015		264,083		12/21/16		9,168
	USD	2,509,508	SEK	21,119,735		2,344,561		12/21/16		164,947
	USD	1,073,047	SGD	1,447,600		1,040,839		12/21/16		32,208
Commonwealth Bank of Australia	USD	5,555,057	AUD	7,261,645		5,516,626		12/21/16		38,431
	USD	6,470,666	CHF	6,248,690		6,334,138		12/21/16		136,529
	USD	1,393,815	DKK	9,166,285		1,356,145		12/21/16		37,670
	USD	22,525,587	EUR	19,913,705		21,913,172		12/21/16		612,415
	USD	14,652,926	GBP	11,000,695		13,482,138		12/21/16		1,170,788
	USD	7,572,376	HKD	58,676,525		7,568,386		12/21/16		3,990
	USD	508,461	ILS	1,903,560		496,821		12/21/16		11,640
	USD	18,842,271	JPY	1,916,447,385		18,315,109		12/21/16		527,162
	USD	580,751	NOK	4,748,525		574,781		12/21/16		5,969
	USD	273,097	NZD	370,015		264,083		12/21/16		9,014
	USD	2,428,276	SEK	20,398,705		2,264,518		12/21/16		163,758
	USD	1,029,380	SGD	1,387,300		997,483		12/21/16		31,898
State Street Bank and Trust	JPY	2,749,713	USD	26,193		26,224		11/04/16		30
TOTAL									$	5,532,160

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Bank of America Securities LLC	AUD	533,570	USD	405,534		405,350		12/21/16		(184	)
	CHF	457,430	USD	465,082		463,685		12/21/16		(1,396	)
	DKK	738,200	USD	111,829		109,216		12/21/16		(2,613	)
	EUR	118,120	USD	133,224		129,980		12/21/16		(3,244	)
	HKD	4,157,520	USD	536,384		536,257		12/21/16		(126	)
	ILS	125,440	USD	33,502		32,739		12/21/16		(763	)
	NZD	73,810	USD	53,033		52,679		12/21/16		(354	)
	USD	722,557	EUR	657,870		723,924		12/21/16		(1,367	)
	USD	1,152,371	JPY	120,909,190		1,155,505		12/21/16		(3,134	)
State Street Bank and Trust	JPY	12,308,727	USD	117,516		117,375		11/01/16		(143	)
	USD	24,768	JPY	2,601,609		24,811		11/04/16		(45	)
TOTAL									$	(13,369	)


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

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

Schedule of Investments

October 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value
	Foreign Debt Obligations – 33.7%
	Sovereign – 33.7%
	Brazil Letras do Tesouro Nacional^(a)
BRL	400,000		0.000	%		01/01/18	$	109,625
	530,000		0.000			01/01/19		131,263
	2,700,000		0.000			01/01/20		602,085
	Brazil Notas do Tesouro Nacional
	6,555,000		10.000			01/01/21		1,971,389
	1,000,000		10.000			01/01/23		295,844
	7,110,000		10.000			01/01/25		2,080,021
	4,500,000		10.000			01/01/27		1,298,864
	529,246		6.000			05/15/35		169,871
	1,058,493		6.000			08/15/50		344,172
	Dominican Republic
$	268,000		5.875			04/18/24		278,050
	390,000		5.500			01/27/25		394,875
	510,000		6.875	^(b)		01/29/26		562,275
	250,000		6.875			01/29/26		275,625
	630,000		6.850			01/27/45		655,200
	Ecuador Government International Bond
	220,000		10.750	^(b)		03/28/22		232,650
	850,000		7.950			06/20/24		799,000
	El Salvador Government International Bond
	10,000		7.625			02/01/41		10,275
	Federal Republic of Brazil
	100,000		6.000			04/07/26		110,200
	200,000		10.125			05/15/27		293,500
	160,000		8.250			01/20/34		200,800
	275,000		5.000			01/27/45		242,687
	400,000		5.625			02/21/47		383,000
	Government of Jamaica
	728,000		8.000			03/15/39		849,030
	Hungary Government Bond
HUF	136,490,000		6.750			02/24/17		494,711
	87,500,000		6.750			11/24/17		331,775
	9,640,000		2.500			06/22/18		35,319
	55,750,000		3.500			06/24/20		212,403
	162,710,000		6.000			11/24/23		713,944
	154,500,000		3.000			06/26/24		561,483
	242,190,000		5.500			06/24/25		1,037,206
	Indonesia Government Bond
IDR	2,718,000,000		5.625			05/15/23		190,671
	35,359,000,000		8.375			03/15/24		2,879,287
	6,601,000,000		9.000			03/15/29		559,894
	33,324,000,000		8.750			05/15/31		2,804,139
	2,807,000,000		8.375			03/15/34		226,154
	9,041,000,000		8.250			05/15/36		724,084
	Islamic Republic of Pakistan
$	110,000		8.250			04/15/24		123,718
	Jordan Government International Bond^(b)
	35,000		6.125			01/29/26		36,663
	415,000		5.750			01/31/27		412,925
	Malaysia Government Bond
MYR	365,000		4.012			09/15/17		88,076
	4,710,000		3.654			10/31/19		1,136,809
	1,760,000		4.048			09/30/21		430,350
	744,000		3.800			08/17/23		179,699
	9,794,000		4.181			07/15/24		2,400,658

Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Malaysia Government Bond – (continued)
MYR	6,196,000		3.955			09/15/25		1,497,305
	194,000		4.070			09/30/26		47,240
	1,013,000		4.245			09/30/30		243,651
	790,000		4.254			05/31/35		185,683
	Malaysia Treasury Bill^(a)
	455,000		0.000			03/10/17		107,498
	Mexican Udibonos
MXN	6,152,907		4.000			06/13/19		339,259
	Oman Government International Bond^(b)
$	140,000		3.625			06/15/21		140,875
	Perusahaan Penerbit SBSN
	160,000		4.325			05/28/25		167,619
	190,000		4.550	^(b)		03/29/26		200,239
	434,000		4.550			03/29/26		457,388
	Philippine Government Bond
PHP	6,780,000		3.625			09/09/25		137,151
	Poland Government Bond
PLN	2,928,000		2.500			07/25/18		755,854
	2,710,000		5.500			10/25/19		759,311
	80,000		1.500			04/25/20		19,923
	660,000		5.250			10/25/20		186,911
	5,390,000		5.750			09/23/22		1,602,416
	7,904,000		3.250			07/25/25		2,048,825
	3,056,000		2.500			07/25/26		740,591
	Provincia de Cordoba
$	385,000		7.125			06/10/21		397,512
	Provincia del Chubut Argentina
	545,000		7.750			07/26/26		550,450
	Republic of Angola
	150,000		9.500	^(b)		11/12/25		146,813
	75,000		9.500			11/12/25		73,406
	Republic of Argentina
	160,000		6.875	^(b)		04/22/21		172,800
	430,000		7.500	^(b)		04/22/26		469,775
	150,000		6.625	^(b)		07/06/28		153,900
EUR	144,491		7.820			12/31/33		170,511
$	551,001		8.280			12/31/33		617,121
	2,100,000		0.000	^(c)		12/15/35		220,500
EUR	475,000		0.000	^(c)		12/15/35		53,447
$	681,000		2.500	^(d)		12/31/38		463,080
	85,000		7.625	^(b)		04/22/46		92,650
	Republic of Azerbaijan
	175,000		4.750			03/18/24		180,863
	Republic of Belize^(d)
	150,000		5.000			02/20/38		84,375
	Republic of Chile
CLP	15,000,000		5.500			08/05/20		24,356
	Republic of Colombia
COP	1,539,000,000		7.000			05/04/22		514,049
	4,677,400,000		10.000			07/24/24		1,823,028
$	225,000		4.500	^(e)		01/28/26		240,187
COP	769,200,000		7.500			08/26/26		257,285
	163,000,000		9.850			06/28/27		64,607
	3,968,300,000		6.000			04/28/28		1,160,948
$	175,000		7.375			09/18/37		224,000


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

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

Schedule of Investments (continued)

October 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Republic of Costa Rica
$	225,000		7.158	%		03/12/45	$	236,250
	Republic of Croatia
	225,000		6.375			03/24/21		249,750
	200,000		5.500			04/04/23		218,000
	200,000		6.000			01/26/24		225,200
	Republic of Ecuador
	960,000		10.750			03/28/22		1,015,200
	Republic of Egypt
	100,000		5.750			04/29/20		102,125
	250,000		5.875			06/11/25		230,000
	100,000		6.875			04/30/40		91,000
	Republic of El Salvador
	65,000		7.375			12/01/19		68,494
	100,000		7.750			01/24/23		109,250
	480,000		5.875			01/30/25		475,800
	100,000		6.375			01/18/27		99,875
	68,000		7.650			06/15/35		70,550
	Republic of Ghana
	600,000		9.250			09/15/22		621,000
	750,000		8.125			01/18/26		718,125
	Republic of Guatemala
	100,000		4.500			05/03/26		101,625
	Republic of Honduras
	200,000		7.500			03/15/24		223,000
	Republic of Indonesia
	100,000		3.375			04/15/23		100,943
EUR	120,000		2.625			06/14/23		136,835
$	120,000		5.875			01/15/24		139,190
	165,000		4.125			01/15/25		172,940
	40,000		4.750			01/08/26		43,600
IDR	19,895,000,000		8.375			09/15/26		1,638,265
EUR	172,000		3.750			06/14/28		202,738
$	295,000		6.625			02/17/37		371,092
	60,000		7.750			01/17/38		84,149
	225,000		4.625			04/15/43		231,792
	180,000		5.125			01/15/45		195,982
	Republic of Iraq^(e)
	125,000		5.800			01/15/28		100,625
	Republic of Ivory Coast
	200,000		6.375			03/03/28		208,700
	1,187,010		5.750	^(d)(e)		12/31/32		1,163,270
	Republic of Kazakhstan
	300,000		4.875			10/14/44		302,250
	300,000		6.500			07/21/45		358,500
	Republic of Kenya
	400,000		5.875			06/24/19		412,500
	120,000		6.875			06/24/24		119,550
	Republic of Lebanon
	610,000		6.650			11/03/28		592,462
	Republic of Malaysia
MYR	1,321,000		4.498			04/15/30		325,842
	Republic of Mongolia
$	35,000		10.875			04/06/21		37,888
	70,000		5.125			12/05/22		61,584

Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Republic of Namibia^(b)
	55,000		5.250			10/29/25		57,200
	Republic of Panama
	107,000		7.125			01/29/26		141,240
	200,000		8.875			09/30/27		294,250
	Republic of Paraguay
	160,000		5.000	^(b)		04/15/26		172,000
	165,000		6.100			08/11/44		181,706
	Republic of Peru
PEN	679,000		5.700			08/12/24		206,717
$	130,000		4.125			08/25/27		144,463
PEN	345,000		6.350	^(b)		08/12/28		105,970
$	140,000		8.750			11/21/33		220,150
PEN	3,520,000		6.900			08/12/37		1,127,342
	Republic of Romania
RON	1,300,000		5.950			06/11/21		367,396
	2,505,000		4.750			02/24/25		682,519
	1,290,000		5.800			07/26/27		379,834
$	34,000		6.125			01/22/44		44,158
	Republic of Senegall
	200,000		8.750			05/13/21		225,000
	Republic of Serbia
	250,000		5.875			12/03/18		264,375
	215,000		7.250			09/28/21		246,712
	Republic of Slovenia
	290,000		4.125			02/18/19		303,397
	450,000		5.500			10/26/22		519,187
	Republic of South Africa
ZAR	5,915,000		8.250			09/15/17		441,036
	12,808,602		6.750			03/31/21		901,328
	1,560,000		7.750			02/28/23		112,039
$	165,000		5.875			09/16/25		184,800
ZAR	38,788,206		10.500			12/21/26		3,216,038
$	190,000		4.300			10/12/28		184,300
ZAR	7,916,667		8.000			01/31/30		537,012
	4,943,538		7.000			02/28/31		304,777
	7,371,373		8.250			03/31/32		503,492
	8,499,916		6.250			03/31/36		460,832
	27,100,000		6.500			02/28/41		1,464,307
	5,190,000		8.750			02/28/48		359,969
	Republic of Sri Lanka
$	100,000		5.750	^(b)		01/18/22		101,625
	105,000		6.125			06/03/25		105,631
	210,000		6.850	^(b)		11/03/25		221,592
	200,000		6.825			07/18/26		210,969
	Republic of Suriname^(b)
	190,000		9.250			10/26/26		198,550
	Republic of Turkey
TRY	1,270,000		0.000	^(a)		12/14/16		406,466
	790,000		9.000			03/08/17		255,379
	4,400,000		6.300			02/14/18		1,376,489
	1,750,000		8.500			07/10/19		555,102
	920,000		7.100			03/08/23		260,011
$	300,000		5.750			03/22/24		318,750
	160,000		7.375			02/05/25		187,200
	300,000		4.250			04/14/26		287,625


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

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Republic of Turkey – (continued)
$	330,000		4.875	%		10/09/26	$	328,762
	100,000		6.750			05/30/40		112,875
	615,000		4.875			04/16/43		545,812
	620,000		6.625			02/17/45		694,400
	Republic of Uruguay
	140,000		4.375			10/27/27		148,400
	420,789		5.100			06/18/50		418,685
	Republic of Venezuela
	39,000		7.000			12/01/18		23,644
	260,000		7.750			10/13/19		133,250
	35,000		6.000			12/09/20		15,750
	45,000		12.750			08/23/22		26,100
	302,700		9.000			05/07/23		137,350
	105,000		8.250			10/13/24		46,069
	55,000		7.650			04/21/25		23,513
	100,000		11.750			10/21/26		55,625
	70,000		9.250			05/07/28		32,288
	125,000		11.950			08/05/31		69,688
	Republic of Zambia
	400,000		8.500			04/14/24		389,000
	Russian Federation Bond
RUB	41,160,000		7.400			06/14/17		641,629
	5,590,000		7.500			02/27/19		86,262
	20,887,000		6.700			05/15/19		315,035
	9,740,000		7.600			04/14/21		147,964
$	200,000		4.500			04/04/22		210,600
RUB	39,550,000		7.600			07/20/22		596,020
	55,960,000		7.000			01/25/23		817,450
	84,443,000		7.000			08/16/23		1,229,780
$	200,000		4.750	^(b)		05/27/26		212,000
RUB	19,771,000		8.150			02/03/27		306,547
	6,120,000		7.050			01/19/28		86,975
$	136,425		7.500	^(d)		03/31/30		165,074
	400,000		5.625			04/04/42		441,400
	Socialist Republic of Vietnam
	80,000		4.800			11/19/24		84,660
	Thailand Government Bond
THB	11,890,000		3.250			06/16/17		343,336
	22,200,000		3.875			06/13/19		669,729
	18,680,000		3.650			12/17/21		578,939
	2,960,000		3.625			06/16/23		92,676
	23,330,000		3.850			12/12/25		758,169
	3,960,000		3.580			12/17/27		126,974
	11,989,000		4.875			06/22/29		433,755
	Turkey Government Bond
TRY	12,234,564		8.000			03/12/25		3,542,913
	Ukraine Government Bond
$	685,000		7.750			09/01/19		685,000
	165,000		7.750			09/01/20		163,350
	45,000		7.750	^(b)		09/01/22		44,044
	155,000		7.750			09/01/23		150,738
	20,000		7.750	^(b)		09/01/25		19,150
	90,000		7.750	^(b)		09/01/26		85,815
	25,000		7.750	^(b)		09/01/27		23,781
	1,312,000		0.000	^(c)		05/31/40		413,280

Foreign Debt Obligations – (continued)
Sovereign – (continued)
	United Mexican States
MXN	25,462,000		5.000			12/11/19		1,316,572
	16,950,000		6.500			06/10/21		916,527
$	334,000		4.000			10/02/23		350,366
MXN	5,750,000		8.000			12/07/23		336,825
	37,823,000		10.000			12/05/24		2,482,120
	3,500,000		10.000			12/05/24		229,686
$	500,000		3.600			01/30/25		508,750
MXN	2,130,000		5.750			03/05/26		108,431
	4,250,000		7.500			06/03/27		243,313
	3,500,000		8.500			05/31/29		215,863
	6,080,000		7.750			05/29/31		354,375
$	90,000		8.300			08/15/31		142,650
MXN	1,330,000		7.750			11/23/34		77,700
	11,760,000		10.000			11/20/36		843,179
$	116,000		6.050			01/11/40		137,750
MXN	1,900,000		7.750			11/13/42		112,175
$	280,000		4.750			03/08/44		278,600
	875,000		4.350			01/15/47		827,750

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $99,293,284)						$	102,515,435


	Corporate Obligations – 32.1%
	Aerospace & Defense^(b)(e) – 0.0%
	Bombardier, Inc.
$	120,000		6.000	%		10/15/22	$	106,650

	Automotive^(b)(e) – 0.2%
	Schaeffler Finance BV
	700,000		4.250			05/15/21		717,500

	Banks – 0.2%
	Banco Nacional de Comercio Exterior SNC^(b)(c)(e)
	140,000		3.800			08/11/26		138,075
	Banco Nacional de Costa Rica^(b)
	120,000		5.875			04/25/21		124,500
	BGEO Group JSC
	125,000		6.000			07/26/23		128,125
	Oschadbank Via SSB #1 PLC^(d)
	200,000		9.375			03/10/23		194,500

								585,200

	Building Materials^(e) – 0.8%
	American Builders & Contractors Supply Co., Inc.^(b)
	640,000		5.625			04/15/21		664,000
	Gibraltar Industries, Inc.
	500,000		6.250			02/01/21		517,500
	Masonite International Corp.^(b)
	1,000,000		5.625			03/15/23		1,040,000
	Mexico City Airport Trust^(b)
	50,000		4.250			10/31/26		50,750

								2,272,250


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

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

Schedule of Investments (continued)

October 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
	Chemicals – 0.1%
	OCP SA
$	150,000		5.625	%		04/25/24	$	161,475

	Consumer Cyclical Services^(e) – 0.7%
	CEB, Inc.^(b)
	36,000		5.625			06/15/23		35,055
	Ceridian HCM Holding, Inc.^(b)
	24,000		11.000			03/15/21		25,290
	First Data Corp.^(b)
	800,000		5.000			01/15/24		810,000
	LSC Communications, Inc.^(b)
	90,000		8.750			10/15/23		88,988
	Syniverse Holdings, Inc.
	245,000		9.125			01/15/19		197,837
	United Rentals North America, Inc.
	750,000		5.875			09/15/26		774,375
	86,000		5.500			05/15/27		86,000

								2,017,545

	Consumer Noncyclical^(e) – 0.2%
	NeuStar, Inc.
	775,000		4.500			01/15/23		722,688

	Consumer Products – Household & Leisure^(e) – 1.0%
	Newell Brands, Inc.
	667,000		5.000			11/15/23		716,164
	Spectrum Brands, Inc.
	1,015,000		5.750			07/15/25		1,101,275
	The Scotts Miracle-Gro Co.^(b)
	1,200,000		6.000			10/15/23		1,278,000

								3,095,439

	Diversified Financial Services – 0.4%
	Bankrate, Inc.^(b)(e)
	700,000		6.125			08/15/18		703,500
	Ukreximbank Via Biz Finance PLC
	375,000		9.625			04/27/22		369,375
	200,000		9.750			01/22/25		192,500

								1,265,375

	Energy – 1.8%
	Blue Racer Midstream LLC/Blue Racer Finance Corp.^(b)(e)
	1,300,000		6.125			11/15/22		1,278,875
	California Resources Corp.^(b)(e)
	301,000		8.000			12/15/22		204,680
	CITGO Petroleum Corp.^(b)(e)
	500,000		6.250			08/15/22		504,375
	Pertamina Persero PT
	90,000		4.875			05/03/22		95,951
	145,000		4.300			05/20/23		150,304
	Petrobras Global Finance BV
	1,235,000		8.375			05/23/21		1,366,280
	Petroleos de Venezuela SA
	147,442		9.000			11/17/21		72,984
	792,975		6.000			05/16/24		297,366
	263,354		6.000			11/15/26		96,901

Corporate Obligations – (continued)
	Energy – (continued)
	Petroleos Mexicanos
	85,000		6.375			02/04/21		92,778
	130,000		4.625	^(b)		09/21/23		129,061
	400,000		6.875			08/04/26		445,760
	56,000		6.750	^(b)		09/21/47		55,440
	Western Refining, Inc.^(e)
	202,000		6.250			04/01/21		202,000
	Whiting Petroleum Corp.^(e)
	395,000		6.250			04/01/23		363,400

								5,356,155

	Energy – Exploration & Production – 1.6%
	Chesapeake Energy Corp.^(b)(e)
	360,000		8.000			12/15/22		365,400
	Continental Resources, Inc.^(e)
	115,000		5.000			09/15/22		112,988
	439,000		4.500			04/15/23		421,440
	Diamondback Energy, Inc.^(b)(e)
	145,000		4.750			11/01/24		145,000
	Extraction Oil & Gas Holdings LLC/Extraction Finance Corp.^(b)(e)
	565,000		7.875			07/15/21		594,662
	Gulfport Energy Corp.^(b)(e)
	200,000		6.000			10/15/24		204,000
	Halcon Resources Corp.^(b)(e)
	375,000		8.625			02/01/20		378,750
	KazMunayGas National Co. JSC
	190,000		9.125			07/02/18		208,023
	200,000		7.000			05/05/20		222,000
	275,000		6.375			04/09/21		302,512
	Linn Energy LLC/Linn Energy Finance Corp.^(e)(f)
	955,000		6.250			11/01/19		317,538
	MEG Energy Corp.^(b)(e)
	450,000		6.375			01/30/23		369,000
	150,000		7.000			03/31/24		123,000
	Memorial Production Partners LP/Memorial Production Finance Corp.^(e)
	200,000		7.625			05/01/21		82,000
	Midstates Petroleum Co., Inc./Midstates Petroleum Co. LLC^(e)(f)
	700,000		10.000			06/01/20		—
	72,000		10.750			10/01/20		720
	300,000		9.250			06/01/21		3,000
	Newfield Exploration Co.^(e)
	380,000		5.375			01/01/26		389,500
	PDC Energy, Inc.^(e)
	500,000		7.750			10/15/22		531,250
	63,000		6.125	^(b)		09/15/24		65,205
	Peabody Energy Corp.^(f)
	40,000		6.250			11/15/21		17,700

								4,853,688

	Energy – Services^(b)(e) – 0.3%
	Hiland Partners Holdings LLC/Hiland Partners Finance Corp.
	757,000		5.500			05/15/22		785,058

	Entertainment^(b)(e) – 0.3%
	Six Flags Entertainment Corp.
	700,000		4.875			07/31/24		700,875


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

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
	Entertainment^(b)(e) – (continued)
	WMG Acquisition Corp.
$	110,000		5.000	%		08/01/23	$	111,650

								812,525

	Entertainment & Leisure^(e) – 1.0%
	AMC Entertainment, Inc.
	200,000		5.875			02/15/22		207,750
	294,000		5.750			06/15/25		294,735
	Cinemark USA, Inc.
	1,000,000		4.875			06/01/23		995,000
	ClubCorp Club Operations, Inc.^(b)
	700,000		8.250			12/15/23		747,250
	Sabre GLBL, Inc.^(b)
	800,000		5.250			11/15/23		816,000

								3,060,735

	Finance – 0.8%
	Ally Financial, Inc.
	1,000,000		4.125			03/30/20		1,011,250
	CIT Group, Inc.^(b)
	500,000		5.500			02/15/19		526,250
	Icahn Enterprises LP/Icahn Enterprises Finance Corp.^(e)
	1,000,000		5.875			02/01/22		951,250

								2,488,750

	Finance Insurance^(b)(e) – 0.2%
	HUB International Ltd.
	200,000		9.250			02/15/21		208,000
	400,000		7.875			10/01/21		409,000

								617,000

	Food & Beverage^(e) – 0.2%
	B&G Foods, Inc.
	700,000		4.625			06/01/21		721,000

	Gaming – 1.1%
	GLP Capital LP/GLP Financing II, Inc.
	250,000		4.375			04/15/21		263,437
	714,000		5.375			04/15/26		760,410
	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.^(b)(e)
	170,000		5.625			05/01/24		181,050
	MGM Resorts International
	1,000,000		6.625			12/15/21		1,115,000
	Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC^(b)(e)
	1,000,000		5.875			05/15/21		990,000

								3,309,897

	Health Care – Medical Products – 0.8%
	DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp.^(b)(e)
	191,000		8.125			06/15/21		177,630
	Fresenius Medical Care US Finance II, Inc.^(b)
	700,000		5.875			01/31/22		793,625
	Grifols Worldwide Operations Ltd.^(e)
	965,000		5.250			04/01/22		1,008,425

Corporate Obligations – (continued)
	Health Care – Medical Products – (continued)
	Kinetic Concepts, Inc.^(b)(e)
	500,000		7.875			02/15/21		541,250

								2,520,930

	Health Care – Pharmaceuticals – 0.7%
	Mallinckrodt International Finance SA
	678,000		4.750			04/15/23		584,775
	Mallinckrodt International Finance SA/Mallinckrodt CB LLC^(b)(e)
	300,000		5.500			04/15/25		277,500
	Quintiles IMS, Inc.^(b)(e)
	1,000,000		4.875			05/15/23		1,031,250
	Valeant Pharmaceuticals International, Inc.^(b)(e)
	187,000		6.125			04/15/25		147,730

								2,041,255

	Health Care – Services – 1.8%
	Acadia Healthcare Co., Inc.^(e)
	330,000		5.625			02/15/23		330,412
	Amsurg Corp.^(e)
	1,000,000		5.625			07/15/22		1,022,500
	BioScrip, Inc.^(e)
	535,000		8.875			02/15/21		494,875
	Centene Corp.^(e)
	235,000		5.625			02/15/21		247,044
	235,000		6.125			02/15/24		249,688
	380,000		4.750			01/15/25		379,050
	DaVita, Inc.^(e)
	1,000,000		5.125			07/15/24		972,500
	210,000		5.000			05/01/25		203,700
	HCA, Inc.
	114,000		5.375			02/01/25		116,565
	900,000		5.250			04/15/25		942,750
	133,000		7.690			06/15/25		148,960
	IASIS Healthcare LLC/IASIS Capital Corp.^(e)
	280,000		8.375			05/15/19		270,900

								5,378,944

	Internet^(e) – 0.5%
	Zayo Group LLC/Zayo Capital, Inc.
	1,500,000		6.375			05/15/25		1,576,875

	Lodging^(e) – 0.3%
	Interval Acquisition Corp.
	1,000,000		5.625			04/15/23		1,031,250

	Machinery^(b) – 0.1%
	Boart Longyear Management Pty Ltd.
	500,000		10.000			10/01/18		353,125

	Media – Broadcasting & Radio^(e) – 2.1%
	AMC Networks, Inc.
	1,000,000		5.000			04/01/24		1,017,500
	Gray Television, Inc.^(b)
	250,000		5.125			10/15/24		243,125
	Nexstar Escrow Corp.^(b)
	1,000,000		5.625			08/01/24		992,500


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

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

Schedule of Investments (continued)

October 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
	Media – Broadcasting & Radio^(e) – (continued)
	Sinclair Television Group, Inc.^(b)
$	1,000,000		5.625	%		08/01/24	$	1,015,000
	240,000		5.875			03/15/26		246,000
	Sirius XM Radio, Inc.^(b)
	1,200,000		4.625			05/15/23		1,206,000
	Townsquare Media, Inc.^(b)
	442,000		6.500			04/01/23		442,552
	Univision Communications, Inc.^(b)
	1,200,000		5.125			02/15/25		1,203,000

								6,365,677

	Media – Cable – 2.2%
	Altice US Finance I Corp.^(b)(e)
	900,000		5.375			07/15/23		922,500
	CCO Holdings LLC/CCO Holdings Capital Corp.^(e)
	600,000		5.125			02/15/23		621,000
	Charter Communications Operating LLC/Charter Communications Operating Capital^(b)(e)
	1,000,000		4.908			07/23/25		1,078,551
	CSC Holdings LLC
	1,100,000		6.750			11/15/21		1,157,750
	100,000		5.250			06/01/24		93,500
	SFR Group SA^(b)(e)
	200,000		6.000			05/15/22		204,500
	1,000,000		6.250			05/15/24		1,008,750
	Videotron Ltd.
	600,000		5.000			07/15/22		626,250
	Virgin Media Secured Finance PLC^(b)(e)
	1,100,000		5.250			01/15/26		1,090,375

								6,803,176

	Media – Non Cable^(e) – 1.4%
	Lee Enterprises, Inc.^(b)
	230,000		9.500			03/15/22		236,325
	LIN Television Corp.
	800,000		6.375			01/15/21		826,000
	Nielsen Finance LLC/Nielsen Finance Co.^(b)
	990,000		5.000			04/15/22		1,004,850
	Outfront Media Capital LLC/Outfront Media Capital Corp.
	1,090,000		5.875			03/15/25		1,133,600
	VeriSign, Inc.
	1,000,000		4.625			05/01/23		1,025,000

								4,225,775

	Metals & Mining^(e) – 0.8%
	Constellium NV^(b)
	120,000		5.750			05/15/24		108,300
	First Quantum Minerals Ltd.^(b)
	322,000		7.000			02/15/21		305,498
	Freeport-McMoRan, Inc.
	247,000		3.875			03/15/23		223,535
	240,000		5.400			11/14/34		206,700
	Hecla Mining Co.
	500,000		6.875			05/01/21		512,500
	New Gold, Inc.^(b)
	645,000		6.250			11/15/22		654,675

Corporate Obligations – (continued)
	Metals & Mining^(e) – (continued)
	Oshkosh Corp.
	41,000		5.375			03/01/25		42,794
	The Hillman Group, Inc.^(b)
	525,000		6.375			07/15/22		489,562

								2,543,564

	Packaging – 0.9%
	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.^(b)(e)
	350,000		7.250			05/15/24		369,250
	Ball Corp.
	775,000		5.250			07/01/25		825,375
	Owens-Brockway Glass Container, Inc.^(b)
	500,000		5.875			08/15/23		531,250
	Sealed Air Corp.^(b)(e)
	1,000,000		5.125			12/01/24		1,065,000

								2,790,875

	Pipelines – 1.9%
	Genesis Energy LP/Genesis Energy Finance Corp.^(e)
	283,000		6.750			08/01/22		292,905
	161,000		6.000			05/15/23		161,805
	500,000		5.625			06/15/24		495,000
	MPLX LP^(e)
	500,000		4.875			12/01/24		522,926
	ONEOK, Inc.^(e)
	375,000		7.500			09/01/23		429,844
	Regency Energy Partners LP/Regency Energy Finance Corp.^(e)
	1,000,000		5.000			10/01/22		1,073,130
	Sabine Pass Liquefaction LLC^(e)
	800,000		5.625			02/01/21		842,000
	300,000		5.625			03/01/25		317,250
	Southern Gas Corridor CJSC
	470,000		6.875			03/24/26		528,750
	Summit Midstream Holdings LLC/Summit Midstream Finance Corp.^(e)
	742,000		5.500			08/15/22		719,740
	Targa Resources Partners LP/Targa Resources Partners Finance Corp.^(e)
	500,000		5.250			05/01/23		497,500

								5,880,850

	Real Estate^(e) – 0.6%
	Communications Sales & Leasing, Inc./CSL Capital LLC^(b)
	550,000		6.000			04/15/23		570,625
	RHP Hotel Properties LP/RHP Finance Corp.
	940,000		5.000			04/15/23		956,450
	The GEO Group, Inc.
	347,000		6.000			04/15/26		300,155

								1,827,230

	Retailers – 1.0%
	Dollar Tree, Inc.^(e)
	1,000,000		5.750			03/01/23		1,065,000
	GameStop Corp.^(b)(e)
	600,000		5.500			10/01/19		618,000
	JC Penney Corp., Inc.^(b)(e)
	200,000		5.875			07/01/23		206,000


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

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
	Retailers – (continued)
	L Brands, Inc.
$	341,000		5.625	%		02/15/22	$	375,100
	795,000		6.875			11/01/35		842,700

								3,106,800

	Technology – Hardware – 0.9%
	CommScope, Inc.^(b)(e)
	390,000		5.500			06/15/24		407,550
	Diamond 1 Finance Corp./Diamond 2 Finance Corp.^(b)(e)
	120,000		6.020			06/15/26		130,807
	NCR Corp.^(e)
	1,000,000		5.000			07/15/22		1,010,000
	Sensata Technologies BV^(b)
	1,080,000		5.000			10/01/25		1,112,400

								2,660,757

	Technology – Software/Services^(e) – 0.8%
	Equinix, Inc.
	100,000		5.375			04/01/23		104,375
	800,000		5.750			01/01/25		848,000
	MSCI, Inc.^(b)
	1,000,000		5.250			11/15/24		1,050,000
	Open Text Corp.^(b)
	370,000		5.875			06/01/26		394,050
	Western Digital Corp.^(b)
	66,000		7.375			04/01/23		72,187

								2,468,612

	Telecommunications – Cellular – 0.7%
	SoftBank Group Corp.
	600,000		4.500	^(b)		04/15/20		618,750
	400,000		6.000	^(e)		07/30/25		430,500
	T-Mobile USA, Inc.^(e)
	500,000		6.625			04/01/23		530,000
	400,000		6.375			03/01/25		429,000

								2,008,250

	Transportation – 0.1%
	Air Medical Group Holdings, Inc.^(b)(e)
	240,000		6.375			05/15/23		231,600
	Pelabuhan Indonesia II PT
	200,000		4.250			05/05/25		200,750

								432,350

	Utilities – Electric – 0.7%
	Comision Federal de Electricidad^(b)
	80,000		4.750			02/23/27		81,400
	Eskom Holdings SOC Ltd.
	115,000		6.750			08/06/23		118,737
	Lamar Funding Ltd.
	200,000		3.958			05/07/25		191,000
	NRG Energy, Inc.^(e)
	570,000		6.250			05/01/24		551,475
	NRG Yield Operating LLC^(b)(e)
	500,000		5.000			09/15/26		483,750

Corporate Obligations – (continued)
	Utilities – Electric – (continued)
	Talen Energy Supply LLC^(b)(e)
	570,000		5.125			07/15/19		542,925

								1,969,287

	Wireless Telecommunications – 2.0%
	Altice Financing SA^(b)(e)
	600,000		6.500			01/15/22		627,000
	Altice Luxembourg SA^(b)(e)
	500,000		7.750			05/15/22		523,750
	250,000		7.625			02/15/25		259,688
	Digicel Group Ltd.^(b)(e)
	600,000		8.250			09/30/20		529,800
	Digicel Ltd.^(b)(e)
	400,000		6.000			04/15/21		356,880
	DigitalGlobe, Inc.^(b)(e)
	1,200,000		5.250			02/01/21		1,206,000
	Hughes Satellite Systems Corp.
	185,000		7.625			06/15/21		202,575
	165,000		5.250	^(b)		08/01/26		162,525
	Inmarsat Finance PLC^(b)(e)
	1,129,000		4.875			05/15/22		1,073,961
	Intelsat Jackson Holdings SA^(b)(e)
	240,000		8.000			02/15/24		243,000
	Sprint Corp.
	350,000		7.875			09/15/23		346,500
	500,000		7.625	^(e)		02/15/25		486,250
	Wind Acquisition Finance SA^(b)(e)
	100,000		4.750			07/15/20		100,875

								6,118,804

	Wirelines Telecommunications – 0.9%
	Anixter, Inc.
	500,000		5.125			10/01/21		523,125
	CenturyLink, Inc.
	483,000		5.625			04/01/20		514,395
	499,000		5.625	^(e)		04/01/25		470,307
	Frontier Communications Corp.^(e)
	470,000		11.000			09/15/25		480,575
	Level 3 Financing, Inc.^(e)
	100,000		5.375			05/01/25		102,125
	Ooredoo International Finance Ltd.
	150,000		3.750			06/22/26		153,188
	West Corp.^(b)(e)
	460,000		5.375			07/15/22		442,750

								2,686,465

	TOTAL CORPORATE OBLIGATIONS
	(Cost $95,803,089)						$	97,739,781


	Bank Loans^(g) – 23.8%
	Aerospace & Defense – 0.4%
	BE Aerospace, Inc.
$	400,000		3.850	%		12/16/21	$	402,252
	Engility Corp.
	240,000		5.750			08/12/23		242,801


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

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

Schedule of Investments (continued)

October 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans^(g) – (continued)
	Aerospace & Defense – (continued)
	Sequa Corp.
$	497,416		5.250	%		06/19/17	$	455,757
	Transdigm, Inc.
	246,222		3.750			06/04/21		245,668

								1,346,478

	Airlines – 0.9%
	American Airlines, Inc.
	987,500		3.250			06/27/20		988,063
	Delta Air Lines, Inc.
	742,288		3.250			10/18/18		745,999
	750,000		4.750			07/30/21		751,043
	US Airways Group, Inc.
	244,950		3.500			05/23/19		245,153

								2,730,258

	Automotive – Parts – 0.9%
	Capital Automotive LP
	179,773		4.000			04/10/19		181,235
	Chrysler Group LLC
	1,019,026		3.250			12/31/18		1,019,454
	Evergreen Skills Lux S.a.r.l.
	658,331		5.837			04/28/21		585,369
	Gates Global LLC
	183,418		4.250			07/06/21		180,685
	Jaguar Holding Company II
	741,862		4.250			08/18/22		740,668

								2,707,411

	Building Materials – 0.4%
	Jeld-Wen, Inc.
	990,000		4.750			07/01/22		995,771
	Wilsonart LLC
	308,808		4.000			10/31/19		308,712

								1,304,483

	Chemicals – 0.7%
	Avantor Performance Materials Holdings, Inc.
	500,000		6.000			06/21/22		503,125
	Ineos US Finance LLC
	408,590		3.750			05/04/18		409,215
	246,248		4.250			03/31/22		247,511
	Univar, Inc.
	500,000		4.250			07/01/22		500,625
	Versum Materials, Inc.
	565,000		3.340			09/29/23		567,588

								2,228,064

	Consumer Cyclical Services – 0.4%
	First Data Corp.
	1,000,000		3.750			07/08/22		1,006,880
	Monitronics International, Inc.
	350,000		6.500			09/30/22		347,483

								1,354,363

Bank Loans^(g) – (continued)
	Consumer Products – Household & Leisure – 0.6%
	Affinion Group, Inc.
	410,372		6.750			04/30/18		399,345
	130,000		8.500			10/31/18		118,842
	Life Time Fitness, Inc.
	946,093		4.250			06/10/22		945,356
	Revlon Consumer Products Corp.
	500,000		4.250			09/07/23		500,885

								1,964,428

	Diversified Manufacturing – 0.3%
	Emerald US Inc.
	98,870		5.000			05/09/21		89,477
	Gardner Denver, Inc.
	498,715		4.250			07/30/20		483,639
	Rexnord LLC
	234,462		4.000			08/21/20		234,990

								808,106

	Energy – 0.5%
	CJ Holding Co.
	495,000		8.000			03/23/20		448,718
	Dynegy Holdings, Inc.
	248,715		4.000			04/23/20		248,754
	Gulf Finance LLC
	159,068		6.250			08/25/23		155,290
	Seadrill Partners Finco LLC
	1,041,366		4.000			02/21/21		578,614

								1,431,376

	Energy – Exploration & Production – 0.7%
	EP Energy LLC
	714,808		9.750			06/30/21		730,891
	Fieldwood Energy LLC
	554,514		3.875			10/01/18		510,846
	250,000		8.000			08/31/20		216,250
	Murray Energy Corp.
	627,194		8.250			04/16/20		573,293
	Seventy Seven Operating LLC
	250,000		3.750			06/25/20		230,208

								2,261,488

	Entertainment – 0.2%
	Delta 2 (LUX) S.A.R.L.
	250,000		7.750			07/31/22		251,667
	Sabre, Inc.
	204,753		4.500			02/19/19		205,435

								457,102

	Environmental – 0.1%
	Tervita Corp.
	201,023		7.500			05/15/18		198,699

	Finance Insurance – 0.5%
	Alliant Holdings I, Inc.
	498,737		4.753			08/12/22		498,428


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

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans^(g) – (continued)
	Finance Insurance – (continued)
	Hub International Ltd.
$	1,085,105		4.000	%		10/02/20	$	1,084,356

								1,582,784

	Financial Services – 0.4%
	New Millennium Holdco, Inc.
	160,118		7.500			12/21/20		100,607
	Sophia LP
	491,474		4.750			09/30/22		491,937
	Walter Investment Management Corp.
	601,816		4.750			12/19/20		562,698

								1,155,242

	Food & Beverage – 0.7%
	NBTY, Inc.
	648,375		5.000			05/05/23		650,145
	US Foods, Inc.
	1,496,250		4.000			06/27/23		1,505,063

								2,155,208

	Food & Drug Retailers – 0.1%
	Rite Aid Corp.
	250,000		5.750			08/21/20		250,702

	Gaming – 0.3%
	Boyd Gaming Corp.
	81,694		4.000			08/14/20		82,306
	Scientific Games International, Inc.
	248,087		6.000			10/18/20		249,404
	724,612		6.000			10/01/21		727,330

								1,059,040

	Health Care – Medical Products – 0.5%
	Carestream Health, Inc.
	229,452		5.000			06/07/19		212,746
	250,000		9.500			12/07/19		221,667
	Kinetic Concepts, Inc.
	996,247		5.000			11/04/20		1,003,101

								1,437,514

	Health Care – Services – 1.9%
	Air Medical Group Holdings, Inc.
	798,641		4.250			04/28/22		791,157
	American Renal Holdings, Inc.
	645,636		4.750			09/20/19		637,565
	BPA Laboratories, Inc.
	80,336		2.500			07/01/17		62,261
	Community Health Systems, Inc.
	440,218		4.083			12/31/18		429,213
	239,975		4.000			01/27/21		226,356
	Iasis Healthcare LLC
	246,164		4.500			05/03/18		244,318
	inVentiv Health, Inc.
	750,000		4.750			09/28/23		749,595
	Kindred Healthcare, Inc.
	496,195		4.250			04/09/21		495,783

Bank Loans^(g) – (continued)
	Health Care – Services – (continued)
	Quorum Health Corp.
	640,660		6.750			04/29/22		594,212
	Select Medical Corp.
	493,248		6.000			06/01/18		494,175
	U.S. Renal Care, Inc.
	1,166,728		5.250			12/31/22		1,116,045

								5,840,680

	Home Construction – 0.1%
	The ServiceMaster Co.
	246,231		4.250			07/01/21		246,386

	Lodging – 0.2%
	Hilton Worldwide Finance LLC
	500,000		3.500			10/26/20		501,875

	Media – Broadcasting & Radio – 1.1%
	Cumulus Media Holdings, Inc.
	800,000		4.250			12/23/20		550,000
	EIG Investors Corp.
	356,863		6.480			11/09/19		346,603
	iHeart Communications, Inc.
	1,500,000		7.284			01/30/19		1,133,175
	250,000		8.034			07/30/19		188,332
	Townsquare Media, Inc.
	93,252		4.250			04/01/22		93,252
	Tribune Media Co.
	987,500		3.750			12/27/20		992,191

								3,303,553

	Media – Cable – 0.6%
	Charter Communications Operating LLC
	995,000		3.500			01/24/23		1,000,662
	Ziggo N.V.
	360,936		3.500			01/15/22		360,637
	295,655		3.500			01/15/22		295,410
	63,866		3.500			01/15/22		63,813

								1,720,522

	Media – Non Cable – 0.5%
	Advantage Sales & Marketing, Inc.
	246,231		4.250			07/23/21		243,665
	203,488		7.500			07/25/22		191,916
	Cengage Learning Acquisitions, Inc.
	997,500		5.250			06/07/23		974,019

								1,409,600

	Metals & Mining – 0.4%
	Fairmount Santrol, Inc.
	498,715		4.500			09/05/19		472,223
	FMG Resources (August 2006) Pty Ltd.
	730,765		3.750			06/30/19		730,078

								1,202,301

	Packaging – 1.1%
	Ardagh Holdings USA, Inc.
	1,031,451		4.000			12/17/21		1,040,796


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

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

Schedule of Investments (continued)

October 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans^(g) – (continued)
	Packaging – (continued)
	BWAY Holding Co., Inc.
$	395,175		5.500	%		08/14/20	$	397,562
	Klockner-Pentaplast of America, Inc.
	700,360		4.250			04/28/20		703,022
	Reynolds Group Holdings, Inc.
	1,250,000		4.250			02/05/23		1,252,788

								3,394,168

	Pharmaceutical – 0.6%
	Catalent Pharma Solutions, Inc.
	246,222		4.250			05/20/21		247,385
	DPx Holdings B.V.
	246,222		4.250			03/11/21		246,325
	PRA Holdings, Inc.
	241,247		4.500			09/23/20		242,151
	Valeant Pharmaceuticals International, Inc.
	956,897		5.500			04/01/22		953,308

								1,689,169

	Property/Casualty Insurance – 0.2%
	York Risk Services Holding Corp.
	687,075		4.750			10/01/21		635,977

	Real Estate – 0.2%
	Communications Sales & Leasing, Inc.
	500,000		3.500			10/24/22		501,625

	Restaurants – 0.6%
	1011778 B.C. Unlimited Liability Co.
	1,478,682		3.750			12/10/21		1,484,848
	Landry’s, Inc.
	200,000		4.000			10/04/23		201,084

								1,685,932

	Retailers – 1.2%
	Academy Ltd.
	371,183		5.000			07/01/22		359,699
	Albertsons LLC
	1,142,857		4.750			06/22/23		1,154,766
	BJ’s Wholesale Club, Inc.
	240,914		4.500			09/26/19		241,141
	Gymboree Corp.
	500,000		5.000			02/23/18		314,375
	Microsemi Corp.
	458,356		3.750			01/15/23		462,050
	Rite Aid Corp.
	750,000		4.875			06/21/21		752,190
	Supervalu, Inc.
	461,601		5.500			03/21/19		462,626

								3,746,847

	Services Cyclical – Business Services – 0.5%
	Ceridian LLC
	243,924		4.500			09/15/20		239,045
	TransUnion LLC
	392,912		3.500			04/09/21		393,894

Bank Loans^(g) – (continued)
	Services Cyclical – Business Services – (continued)
	Travelport Finance S.A.R.L.
	732,067		5.000			09/02/21		736,093

								1,369,032

	Special Purpose – 0.1%
	KP Germany Erste GmbH
	299,299		5.000			04/28/20		300,437

	Technology – Hardware – 0.4%
	Diebold, Inc.
	555,000		5.250			11/06/23		560,783
	Rackspace Hosting, Inc.
	750,000		5.000			10/26/23		753,870

								1,314,653

	Technology – Software/Services – 2.8%
	Ancestry.com Operations, Inc.
	250,000		5.250			10/19/23		250,390
	Applied Systems, Inc.
	761,331		4.000			01/25/21		762,473
	BMC Software Finance, Inc.
	1,087,231		5.000			09/10/20		1,069,900
	Dell, Inc.
	250,000		2.790			09/07/21		247,558
	1,000,000		4.000			09/07/23		1,006,830
	Emdeon, Inc.
	246,174		3.750			11/02/18		246,636
	Infor (US), Inc.
	727,032		3.750			06/03/20		724,698
	Informatica Corp.
	742,500		4.500			08/05/22		728,444
	Ion Trading Finance Ltd.
	226,586		4.250			08/11/23		226,303
	Kronos, Inc.
	750,000		5.000			10/04/23		752,985
	Magic NewCo. LLC
	246,159		6.500			12/12/18		247,759
	MKS Instruments, Inc.
	177,009		4.250			05/01/23		178,262
	ON Semiconductor Corp.
	579,600		3.777			03/31/23		582,788
	Syniverse Holdings, Inc.
	695,401		4.000			04/23/19		639,769
	321,860		4.000			04/23/19		295,911
	Tibco Software, Inc.
	498,734		6.500			12/04/20		498,734
	Western Digital Corp.
	123,690		4.500			04/29/23		125,015

								8,584,455

	Telecommunications – Internet & Data – 1.0%
	Asurion LLC
	451,128		5.000			05/24/19		451,209
	725,000		8.500			03/03/21		730,133


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

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans^(g) – (continued)
	Telecommunications – Internet & Data – (continued)
	Avaya, Inc.
$	803,526		5.390	%		10/26/17	$	696,770
	343,781		6.250			05/29/20		281,285
	Level 3 Financing, Inc.
	900,000		4.000			01/15/20		904,050

								3,063,447

	Telecommunications – Satellites – 0.7%
	Intelsat Jackson Holdings SA
	2,277,083		3.750			06/30/19		2,174,865

	Transportation – 0.4%
	CEVA Group PLC
	54,585		6.500			03/19/21		43,430
	CEVA Intercompany B.V.
	56,123		6.500			03/19/21		44,653
	Ceva Logistics Canada ULC
	9,676		6.500			03/19/21		7,699
	Ceva Logistics US Holdings, Inc.
	77,412		6.500			03/19/21		61,591
	Syncreon Group Holdings B.V.
	680,779		5.250			10/28/20		608,447
	Uber Technologies
	500,000		5.000			07/13/23		503,440

								1,269,260

	Utilities – 0.6%
	TEX Operations Co. LLC
	669,258		5.000			08/04/23		675,114
	152,638		5.000			08/04/23		153,973
	Texas Competitive Electric Holdings Co.
	185,714		5.000			10/17/17		187,070
	814,286		5.000			10/17/17		820,230

								1,836,387

	TOTAL BANK LOANS
	(Cost $72,827,568)						$	72,223,917


	U.S. Treasury Obligation – 0.8%
	United States Treasury Note
$	2,475,000		0.625	%		06/30/18	$	2,467,352
	(Cost $2,470,141)


	Structured Notes^(b) – 0.3%
	Republic of Indonesia (Issuer JPMorgan Chase Bank NA)
IDR	4,400,000,000		8.750	%		05/19/31	$	370,250
	7,855,000,000		8.375			03/17/34		632,861

	TOTAL STRUCTURED NOTES
	(Cost $853,645)						$	1,003,111


Shares		Description	Value
	Common Stocks – 0.3%
	Electric Utilities – 0.1%
	23,820	Te Holdcorp LLC/Te Holdcorp	$	256,066

	Health Care Services^(f) – 0.0%
	593	Millennium Health LLC		1,038

	Oil, Gas & Consumable Fuels^(f) – 0.2%
	26,950	Midstates Petroleum Co., Inc.		505,851

	TOTAL COMMON STOCKS
	(Cost $678,907)		$	762,955


Shares		Description	Value


	Preferred Stock – 0.0%
	Electric Utilities – 0.0%
	Te Holdcorp LLC/Te Holdcorp
$	16,329	0.000%	$	97,976
	(Cost $278,797)

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $272,205,431)		$	276,810,527


Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment^(h) – 11.7%
	Repurchase Agreements – 11.7%
	Joint Repurchase Agreement Account II
$	35,400,000		0.338	%		11/01/16	$	35,400,000
	(Cost $35,400,000)

	TOTAL INVESTMENTS – 102.7%
	(Cost $307,605,431)						$	312,210,527

	LIABILITIES IN EXCESS OF OTHER ASSETS – (2.7)%							(8,164,663	)

	NET ASSETS – 100.0%						$	304,045,864


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

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

Schedule of Investments (continued)

October 31, 2016


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(b)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $50,327,238, which represents approximately 16.6% of net assets as of October 31, 2016.
(c)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on October 31, 2016.
(d)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on October 31, 2016.
(e)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(f)		Security is currently in default and/or non-income producing.
(g)		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. The stated interest rate represents the weighted average interest rate of all contracts within the bank loan facility on October 31, 2016. 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.
(h)		Joint repurchase agreement was entered into on October 31, 2016. Additional information appears on pages 66-67.



Currency Abbreviations:
BRL		—Brazilian Real
CLP		—Chilean Peso
CNY		—Chinese Yuan Renminbi
COP		—Colombian Peso
EUR		—Euro
HKD		—Hong Kong Dollar
HUF		—Hungarian Forint
IDR		—Indonesian Rupiah
INR		—Indian Rupee
MXN		—Mexican Peso
MYR		—Malaysian Ringgit
PEN		—Peruvian Nuevo Sol
PHP		—Philippine Peso
PLN		—Polish Zloty
RON		—New Romanian Leu
RUB		—Russian Ruble
THB		—Thai Baht
TRY		—Turkish Lira
USD		—U.S. Dollar
ZAR		—South African Rand

Investment Abbreviations:
BUBOR		—Budapest Interbank Offered Rate
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
PLC		—Public Limited Company


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

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At October 31, 2016, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
Citibank NA (London)	BRL	9,097,550	USD	2,782,125	$	2,847,357		11/03/16	$	65,232
	CLP	27,782,377	USD	42,062		42,480		11/16/16		418
	EUR	1,364,701	HUF	419,860,890		1,499,054		11/16/16		6,225
	HUF	71,439,753	EUR	231,000		254,006		11/16/16		264
	IDR	1,775,867,880	USD	135,407		135,982		11/16/16		575
	MXN	35,618,711	USD	1,808,089		1,880,953		11/16/16		72,864
	PEN	6,027,146	USD	1,784,499		1,788,420		11/16/16		3,921
	PHP	7,802,981	USD	160,654		160,862		11/16/16		207
	PLN	4,866,300	EUR	1,125,000		1,239,879		11/16/16		4,124
	RON	180,811	USD	44,000		44,060		11/16/16		61
	RUB	77,853,564	USD	1,203,716		1,222,973		11/16/16		19,257
	THB	24,921,270	USD	711,385		711,818		11/16/16		433
	TRY	524,846	USD	169,000		169,046		11/16/16		46
	USD	2,612,120	BRL	8,315,430		2,602,569		11/03/16		9,552
	USD	680,748	BRL	2,183,235		677,186		12/02/16		3,562
	USD	1,807,801	CNY	12,124,016		1,787,674		11/16/16		20,126
	USD	669,000	COP	1,981,102,462		657,125		11/16/16		11,875
	USD	869,632	EUR	776,000		853,224		12/07/16		16,409
	USD	539,622	HKD	4,182,593		539,346		11/16/16		275
	USD	183,464	IDR	2,385,027,672		182,627		11/16/16		837
	USD	1,102,000	MXN	20,657,048		1,090,857		11/16/16		11,143
	USD	817,714	MYR	3,389,943		807,058		11/16/16		10,656
	USD	174,898	PLN	669,617		170,611		11/16/16		4,286
	USD	924,000	RUB	58,419,221		917,687		11/16/16		6,313
	USD	62,000	THB	2,150,265		61,417		11/16/16		583
	ZAR	11,582,568	USD	844,742		856,285		11/16/16		11,543
TOTAL									$	280,787

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Citibank NA (London)	BRL	1,566,889	USD	492,036	$	490,406		11/03/16	$	(1,630	)
	BRL	6,748,541	USD	2,100,321		2,093,233		12/02/16		(7,088	)
	COP	6,932,364,285	USD	2,373,487		2,299,440		11/16/16		(74,047	)
	HUF	309,123,197	USD	1,129,073		1,099,098		11/16/16		(29,976	)
	IDR	4,570,125,000	USD	350,000		349,945		11/16/16		(54	)
	MXN	16,756,970	USD	892,743		884,903		11/16/16		(7,842	)
	MYR	5,820,179	USD	1,411,366		1,385,635		11/16/16		(25,731	)
	PLN	7,677,010	USD	2,007,037		1,956,017		11/16/16		(51,022	)
	RON	2,268,689	USD	572,361		552,839		11/16/16		(19,522	)
	THB	69,022,236	USD	1,991,909		1,971,458		11/16/16		(20,451	)
	TRY	3,559,816	USD	1,187,163		1,146,572		11/16/16		(40,593	)
	USD	724,000	BRL	2,349,009		735,195		11/03/16		(11,195	)
	USD	293,000	BRL	945,335		293,220		12/02/16		(220	)
	USD	65,000	HUF	18,285,228		65,014		11/16/16		(14	)
	USD	2,693,102	IDR	35,359,555,744		2,707,560		11/16/16		(14,459	)
	USD	1,183,810	INR	79,444,310		1,188,378		11/16/16		(4,567	)


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

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

Schedule of Investments (continued)

October 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Citibank NA (London) (continued)	USD	1,800,914	MXN	35,289,445	$	1,863,566		11/16/16	$	(62,651	)
	USD	994,038	PEN	3,371,700		1,000,476		11/16/16		(6,438	)
	USD	13,000	THB	455,195		13,002		11/16/16		(2	)
	USD	1,311,767	ZAR	18,117,219		1,339,383		11/16/16		(27,616	)
TOTAL									$	(405,118	)

FUTURES CONTRACTS — At October 31, 2016, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Ultra Long U.S. Treasury Bonds		(2	)	December 2016	$	(351,875	)	$	21,747
10 Year German Euro-Bund		(3	)	December 2016		(534,066	)		7,566
10 Year U.S. Treasury Notes		(27	)	December 2016		(3,499,875	)		2,713
TOTAL								$	32,026

SWAP CONTRACTS — At October 31, 2016, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS


				Rates Exchanged
Counterparty	Notional Amount (000s)		Termination Date	Payments Received			Payments Made	Unrealized Gain (Loss)*
BNP Paribas SA	BRL	4,300	01/02/18		12.795	%	1 month Brazilian Interbank Deposit Average	$	3,987
HSBC Bank PLC		8,203	01/02/18		11.965		1 month Brazilian Interbank Deposit Average		(6,838	)
		6,852	01/02/18		12.625		1 month Brazilian Interbank Deposit Average		(486	)
		8,583	01/02/18		12.730		1 month Brazilian Interbank Deposit Average		(1,080	)
TOTAL								$	(4,417	)

There are no upfront payments on the swap contracts (s), therefore the unrealized gain (loss) on the swap contracts is equal to their market value.


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

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


				Rates Exchanged
Notional Amount (000s)		Termination Date		Payments Received		Payments Made		Unrealized Gain (Loss)*
	HUF 165,504		11/02/21		6 month BUBOR		1.220%	$	(629	)
	174,263		11/03/21		6 month BUBOR		1.230		—
	TOTAL							$	(629	)

There are no upfront payments on the swap contracts(s), therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


												Market Value
Counterparty	Referenced Obligation	Notional Amount (000s)		Rates Received (Paid)			Termination Date		Credit Spread at October 31, 2016^(a)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Purchased:
BNP Paribas SA	People’s Republic of China, 7.500%, 10/28/27	$	1,960		(1.000	)%		12/20/21		1.091	%	$	8,974		$	(2,581	)
	Republic of Colombia, 10.375%, 01/28/33		1,998		(1.000	)		12/20/21		1.735			83,840			(14,986	)
	Republic of Peru, 8.750%, 11/21/33		1,100		(1.000	)		12/20/21		1.035			12,521			(11,931	)
	Republic of South Africa, 5.500%, 03/09/20		950		(1.000	)		12/20/21		2.411			67,411			(4,453	)
	Russian Federation, 7.500%, 03/31/30		1,180		(1.000	)		12/20/21		2.215			72,283			(4,815	)
	State of Qatar, 9.750%, 06/15/30		990		(1.000	)		12/20/21		0.884			483			(7,330	)
Citibank NA	Republic of Chile, 3.875%, 08/05/20		900		(1.000	)		12/20/21		0.868			(1,540	)		(5,401	)
	Republic of Colombia, 10.375%, 01/28/33		900		(1.000	)		12/20/21		1.735			32,349			(1,334	)
TOTAL												$	276,321		$	(52,831	)

(a)

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 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.

OVER THE COUNTER CROSS CURRENCY SWAP CONTRACTS


							Rates Exchanged		Market Value
Counterparty	Notional Amount of Currency Received		Notional Amount of Currency Delivered		Termination Date^(b)		Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
BNP Paribas SA	TRY	10,063,972	$	3,271,612		11/21/17	8.56%	3 month LIBOR	$	5,167		$	(37,135	)
	$	4,104,113	RUB	263,484,055		01/11/18	3 month LIBOR	8.68%		(115,345	)		78,275
TOTAL									$	(110,178	)	$	41,140

(b)

At the termination date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered.


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

GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND

Consolidated Schedule of Investments

October 31, 2016


Shares		Description	Value
	Common Stocks – 96.2%
	Australia – 4.9%
	161,085	Dexus Property Group (Equity Real Estate Investment Trusts (REITs))	$	1,094,272
	326,021	Goodman Group (Equity Real Estate Investment Trusts (REITs))		1,680,481
	476,104	Mirvac Group (Equity Real Estate Investment Trusts (REITs))		755,260
	508,814	Stockland (Equity Real Estate Investment Trusts (REITs))		1,708,821
	323,102	Sydney Airport (Transportation Infrastructure)		1,535,959
	710,457	Transurban Group (Transportation Infrastructure)		5,605,875
	426,544	Vicinity Centres (Equity Real Estate Investment Trusts (REITs))		930,190
	286,939	Westfield Corp. (Equity Real Estate Investment Trusts (REITs))		1,939,097

				15,249,955

	Canada – 9.8%
	3,632	Allied Properties Real Estate Investment Trust (Equity Real Estate Investment Trusts (REITs))		97,644
	28,423	Boardwalk Real Estate Investment Trust (Equity Real Estate Investment Trusts (REITs))		1,043,003
	19,110	Brookfield Canada Office Properties (Equity Real Estate Investment Trusts (REITs))		378,125
	33,486	Canadian Apartment Properties REIT (Equity Real Estate Investment Trusts (REITs))		731,983
	27,300	Canadian National Railway Co. (Road & Rail)		1,716,198
	23,524	Canadian Pacific Railway Ltd. (Road & Rail)		3,362,991
	94,069	Chartwell Retirement Residences (Health Care Providers & Services)		1,047,783
	117,651	Enbridge, Inc. (Oil, Gas & Consumable Fuels)		5,080,404
	233,925	Inter Pipeline Ltd. (Oil, Gas & Consumable Fuels)		4,850,111
	27,200	Keyera Corp. (Oil, Gas & Consumable Fuels)		816,426
	166,796	Pembina Pipeline Corp. (Oil, Gas & Consumable Fuels)		5,124,628
	132,261	TransCanada Corp. (Oil, Gas & Consumable Fuels)		5,987,391

				30,236,687

	France – 3.5%
	8,419	Aeroports de Paris (Transportation Infrastructure)		850,378
	82,300	Eutelsat Communications SA (Media)		1,724,582
	5,209	Fonciere Des Regions (Equity Real Estate Investment Trusts (REITs))		455,244

	Common Stocks – (continued)
	France – (continued)
	333,414	Groupe Eurotunnel SE (Transportation Infrastructure)	$	3,120,536
	1,667	ICADE (Equity Real Estate Investment Trusts (REITs))		119,712
	30,903	Klepierre (Equity Real Estate Investment Trusts (REITs))		1,262,937
	24,255	Mercialys SA (Equity Real Estate Investment Trusts (REITs))		502,450
	11,609	Unibail-Rodamco SE (Real Estate Investment Trusts)		2,755,570

				10,791,409

	Germany – 1.4%
	52,186	alstria office REIT AG* (Equity Real Estate Investment Trusts (REITs))		673,159
	42,823	TLG Immobilien AG (Real Estate Management & Development)		897,799
	20,267	VIB Vermoegen AG (Real Estate Management & Development)		444,962
	64,328	Vonovia SE (Real Estate Management & Development)		2,267,876

				4,283,796

	Hong Kong – 4.4%
	336,500	Beijing Enterprises Holdings Ltd. (Industrial Conglomerates)		1,681,770
	262,900	Henderson Land Development Co. Ltd. (Real Estate Management & Development)		1,555,113
	1,358,000	Hong Kong & China Gas Co. Ltd. (Gas Utilities)		2,652,799
	229,000	Link REIT (Equity Real Estate Investment Trusts (REITs))		1,629,091
	611,000	New World Development Co. Ltd. (Real Estate Management & Development)		759,626
	278,000	Sun Hung Kai Properties Ltd. (Real Estate Management & Development)		4,139,732
	169,500	The Wharf Holdings Ltd. (Real Estate Management & Development)		1,270,861

				13,688,992

	Ireland – 0.7%
	416,201	Green REIT PLC (Equity Real Estate Investment Trusts (REITs))		621,363
	658,350	Hibernia REIT PLC (Equity Real Estate Investment Trusts (REITs))		927,229
	371,741	Irish Residential Properties REIT PLC (Equity Real Estate Investment Trusts (REITs))		479,493

				2,028,085

	Japan – 5.3%
	236	Activia Properties, Inc. (Equity Real Estate Investment Trusts (REITs))		1,145,170


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

GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND


Shares		Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	21	Frontier Real Estate Investment Corp. (Equity Real Estate Investment Trusts (REITs))	$	98,776
	51	GLP J-REIT (Equity Real Estate Investment Trusts (REITs))		63,909
	40	Hoshino Resorts REIT, Inc. (Equity Real Estate Investment Trusts (REITs))		234,518
	734	Invincible Investment Corp. (Equity Real Estate Investment Trusts (REITs))		355,835
	205	Japan Excellent, Inc. (Equity Real Estate Investment Trusts (REITs))		286,790
	331	Japan Hotel REIT Investment Corp. (Equity Real Estate Investment Trusts (REITs))		223,316
	162	Japan Real Estate Investment Corp. (Equity Real Estate Investment Trusts (REITs))		938,116
	683	Japan Retail Fund Investment Corp. (Equity Real Estate Investment Trusts (REITs))		1,553,822
	509	Kenedix Retail REIT Corp. (Equity Real Estate Investment Trusts (REITs))		1,228,593
	903	LaSalle Logiport REIT (Equity Real Estate Investment Trusts (REITs))		958,008
	131,000	Mitsubishi Estate Co. Ltd. (Real Estate Management & Development)		2,603,602
	60,000	Mitsui Fudosan Co. Ltd. (Real Estate Management & Development)		1,366,434
	111	Nippon Building Fund, Inc. (Equity Real Estate Investment Trusts (REITs))		659,588
	75	Nippon Prologis REIT, Inc. (Equity Real Estate Investment Trusts (REITs))		169,737
	81,547	Sumitomo Realty & Development Co. Ltd. (Real Estate Management & Development)		2,143,529
	479,400	Tokyo Gas Co. Ltd. (Gas Utilities)		2,175,262

				16,205,005

	Luxembourg^(a) – 0.2%
	19,870	Ado Properties SA (Real Estate Management & Development)		726,310

	Mexico – 1.6%
	1,140,530	Infraestructura Energetica Nova SAB de CV (Gas Utilities)		5,049,444

	Netherlands – 0.5%
	14,067	Eurocommercial Properties NV (Equity Real Estate Investment Trusts (REITs))		598,481

	Common Stocks – (continued)
	Netherlands – (continued)
	20,181	Koninklijke Vopak NV (Oil, Gas & Consumable Fuels)	$	1,018,586

				1,617,067

	Singapore – 2.0%
	828,600	Cache Logistics Trust (Equity Real Estate Investment Trusts (REITs))		494,744
	522,537	ENN Energy Holdings Ltd. (Gas Utilities)		2,456,613
	321,400	Frasers Logistics & Industrial Trust* (Equity Real Estate Investment Trusts (REITs))		222,853
	584,200	Global Logistic Properties Ltd. (Real Estate Management & Development)		743,366
	1,315,400	Keppel REIT (Equity Real Estate Investment Trusts (REITs))		1,031,705
	894,000	Suntec Real Estate Investment Trust (Equity Real Estate Investment Trusts (REITs))		1,079,775

				6,029,056

	Spain – 2.8%
	44,659	Axiare Patrimonio SOCIMI SA (Equity Real Estate Investment Trusts (REITs))		634,481
	117,400	Enagas SA (Gas Utilities)		3,365,265
	245,222	Ferrovial SA (Construction & Engineering)		4,764,137

				8,763,883

	Sweden – 0.6%
	20,501	Atrium Ljungberg AB (Real Estate Management & Development)		318,904
	25,964	Fabege AB (Real Estate Management & Development)		438,517
	29,919	Hufvudstaden AB Class A (Real Estate Management & Development)		463,070
	56,049	Kungsleden AB (Real Estate Management & Development)		353,407
	18,406	Pandox AB (Hotels, Restaurants & Leisure)		291,818

				1,865,716

	Switzerland – 1.1%
	13,500	Flughafen Zuerich AG (Transportation Infrastructure)		2,481,623
	8,645	PSP Swiss Property AG (Real Estate Management & Development)		773,542

				3,255,165

	United Kingdom – 8.1%
	66,433	Big Yellow Group PLC (Equity Real Estate Investment Trusts (REITs))		562,051
	5,426	Derwent London PLC (Equity Real Estate Investment Trusts (REITs))		160,464


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

GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND

Consolidated Schedule of Investments (continued)

October 31, 2016


Shares		Description	Value
	Common Stocks – (continued)
	United Kingdom – (continued)
	376,895	Empiric Student Property PLC (Equity Real Estate Investment Trusts (REITs))	$	510,912
	12,032	Great Portland Estates PLC (Equity Real Estate Investment Trusts (REITs))		87,303
	96,901	Hammerson PLC (Equity Real Estate Investment Trusts (REITs))		651,904
	52,423	Kennedy Wilson Europe Real Estate PLC (Real Estate Investment Trusts)		650,708
	75,969	Land Securities Group PLC (Equity Real Estate Investment Trusts (REITs))		927,627
	906,506	National Grid PLC (Multi-Utilities)		11,791,627
	69,930	Segro PLC (Equity Real Estate Investment Trusts (REITs))		374,549
	149,249	Severn Trent PLC (Water Utilities)		4,248,549
	62,042	Shaftesbury PLC (Equity Real Estate Investment Trusts (REITs))		696,026
	79,143	The British Land Co. PLC (Equity Real Estate Investment Trusts (REITs))		566,616
	351,565	Tritax Big Box REIT PLC (Equity Real Estate Investment Trusts (REITs))		584,369
	271,032	United Utilities Group PLC (Water Utilities)		3,115,478

				24,928,183

	United States – 49.3%
	20,135	Acadia Realty Trust (Equity Real Estate Investment Trusts (REITs))		678,348
	22,493	Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts (REITs))		2,424,970
	38,263	American Campus Communities, Inc. (Equity Real Estate Investment Trusts (REITs))		1,993,885
	73,700	American Tower Corp. (Equity Real Estate Investment Trusts (REITs))		8,636,903
	17,723	Care Capital Properties, Inc. (Equity Real Estate Investment Trusts (REITs))		470,900
	122,264	Cheniere Energy, Inc.* (Oil, Gas & Consumable Fuels)		4,609,353
	43,959	Chesapeake Lodging Trust (Equity Real Estate Investment Trusts (REITs))		954,350
	30,250	Community Healthcare Trust, Inc. (Equity Real Estate Investment Trusts (REITs))		676,995
	22,900	Consolidated Edison, Inc. (Multi-Utilities)		1,730,095
	9,523	CoreSite Realty Corp. (Equity Real Estate Investment Trusts (REITs))		702,226
	23,104	Cousins Properties, Inc. (Equity Real Estate Investment Trusts (REITs))		179,518
	90,002	Crown Castle International Corp. (Equity Real Estate Investment Trusts (REITs))		8,189,282
	28,285	CSX Corp. (Road & Rail)		862,975
	52,784	CubeSmart (Equity Real Estate Investment Trusts (REITs))		1,376,079

	Common Stocks – (continued)
	United States – (continued)
	26,115	CyrusOne, Inc. (Equity Real Estate Investment Trusts (REITs))	$	1,164,990
	58,073	DiamondRock Hospitality Co. (Equity Real Estate Investment Trusts (REITs))		531,368
	826	Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts (REITs))		77,173
	85,098	Duke Realty Corp. (Equity Real Estate Investment Trusts (REITs))		2,225,313
	53,235	Empire State Realty Trust, Inc. Class A (Equity Real Estate Investment Trusts (REITs))		1,041,809
	166,446	Enbridge Energy Management LLC* (Oil, Gas & Consumable Fuels)		4,064,611
	26,693	Equity LifeStyle Properties, Inc. (Equity Real Estate Investment Trusts (REITs))		2,024,397
	55,346	Equity One, Inc. (Equity Real Estate Investment Trusts (REITs))		1,577,361
	54,106	Equity Residential (Equity Real Estate Investment Trusts (REITs))		3,341,046
	13,341	Essex Property Trust, Inc. (Equity Real Estate Investment Trusts (REITs))		2,856,175
	129,827	Eversource Energy (Electric Utilities)		7,148,275
	37,096	Extra Space Storage, Inc. (Equity Real Estate Investment Trusts (REITs))		2,713,572
	21,114	Federal Realty Investment Trust (Equity Real Estate Investment Trusts (REITs))		3,066,386
	151,860	First Potomac Realty Trust (Equity Real Estate Investment Trusts (REITs))		1,354,591
	80,709	Four Corners Property Trust, Inc. (Equity Real Estate Investment Trusts (REITs))		1,620,637
	103,793	General Growth Properties, Inc. (Equity Real Estate Investment Trusts (REITs))		2,589,635
	9,498	HCP, Inc. (Equity Real Estate Investment Trusts (REITs))		325,307
	68,426	Hudson Pacific Properties, Inc. (Equity Real Estate Investment Trusts (REITs))		2,300,482
	14,733	Kilroy Realty Corp. (Equity Real Estate Investment Trusts (REITs))		1,058,271
	315,413	Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		6,443,888
	65,740	MedEquities Realty Trust, Inc.* (Equity Real Estate Investment Trusts (REITs))		761,927
	48,079	MGM Growth Properties LLC Class A (Equity Real Estate Investment Trusts (REITs))		1,265,439
	137,156	Monogram Residential Trust, Inc. (Equity Real Estate Investment Trusts (REITs))		1,445,624
	36,462	National Retail Properties, Inc. (Equity Real Estate Investment Trusts (REITs))		1,663,397
	158,541	New York REIT, Inc. (Equity Real Estate Investment Trusts (REITs))		1,493,456
	109,317	NiSource, Inc. (Multi-Utilities)		2,542,714
	61,199	NorthWestern Corp. (Multi-Utilities)		3,522,003


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

GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND


Shares		Description	Value
	Common Stocks – (continued)
	United States – (continued)
	114,104	Pattern Energy Group, Inc. (Independent Power and Renewable Electricity Producers)	$	2,550,224
	106,264	PG&E Corp. (Electric Utilities)		6,601,120
	77,581	Physicians Realty Trust (Equity Real Estate Investment Trusts (REITs))		1,533,776
	30,829	ProLogis, Inc. (Equity Real Estate Investment Trusts (REITs))		1,608,041
	5,167	Public Storage (Equity Real Estate Investment Trusts (REITs))		1,104,291
	14,430	Regency Centers Corp. (Equity Real Estate Investment Trusts (REITs))		1,039,970
	35,900	Republic Services, Inc. (Commercial Services & Supplies)		1,889,417
	134,895	Retail Properties of America, Inc. Class A (Equity Real Estate Investment Trusts (REITs))		2,100,315
	50,607	Rexford Industrial Realty, Inc. (Equity Real Estate Investment Trusts (REITs))		1,065,784
	30,913	SBA Communications Corp. Class A* (Diversified Telecommunication Services)		3,501,825
	64,203	Sempra Energy (Multi-Utilities)		6,876,141
	21,644	Simon Property Group, Inc. (Equity Real Estate Investment Trusts (REITs))		4,024,918
	4,731	SL Green Realty Corp. (Equity Real Estate Investment Trusts (REITs))		464,679
	56,048	STORE Capital Corp. (Equity Real Estate Investment Trusts (REITs))		1,529,550
	25,723	Sun Communities, Inc. (Equity Real Estate Investment Trusts (REITs))		1,978,870
	102,198	Sunstone Hotel Investors, Inc. (Equity Real Estate Investment Trusts (REITs))		1,283,607
	24,851	Taubman Centers, Inc. (Equity Real Estate Investment Trusts (REITs))		1,800,704
	25,735	The Macerich Co. (Equity Real Estate Investment Trusts (REITs))		1,821,523
	113,800	The Williams Cos., Inc. (Oil, Gas & Consumable Fuels)		3,322,960
	55,280	Union Pacific Corp. (Road & Rail)		4,874,590
	47,524	Ventas, Inc. (Equity Real Estate Investment Trusts (REITs))		3,219,751
	24,580	Vornado Realty Trust (Equity Real Estate Investment Trusts (REITs))		2,280,532
	26,683	Welltower, Inc. (Equity Real Estate Investment Trusts (REITs))		1,828,586

				152,006,900

	TOTAL COMMON STOCKS
	(Cost $285,697,312)		$	296,725,653


Units	Description	Expiration Month		Value
*Rights – 0.0%**
Spain – 0.0%
245,222	Ferrovial SA (Construction & Engineering)		11/18/16	$	104,985

TOTAL RIGHTS
(Cost $109,900)				$	104,985

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
(Cost $285,807,212)				$	296,830,638


Shares	Description	Expiration Month		Value
Short-term Investment^(b) – 3.5%
Joint Repurchase Agreement Account II
$10,600,000	0.338%		11/01/16	$	10,600,000
(Cost $10,600,000)

TOTAL INVESTMENTS — 99.7%
(Cost $296,407,212)				$	307,430,638

OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%					944,532

NET ASSETS — 100.0%				$	308,375,170


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)		Securities are exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $ 726,310, which represents approximately 0.2% of net assets as of October 31, 2016.
(b)		Joint repurchase agreement was entered into on October 31, 2016. Additional information appears on pages 66-67.


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

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

Consolidated Schedule of Investments (continued)

October 31, 2016

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II — At October 31, 2016, the Funds had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of November 1, 2016, as follows:


Fund	Principal Amount		Maturity Value		Collateral Allocation Value
Multi-Manager Global Equity	$	35,100,000	$	35,100,378	$	35,802,001
Multi-Manager Non-Core Fixed Income		35,400,000		35,400,382		36,108,001
Multi-Manager Real Assets Strategy		10,600,000		10,600,114		10,812,000

REPURCHASE AGREEMENTS — At October 31, 2016, the Principal Amount of the Funds’ interest in the Joint Repurchase Agreement Account II was as follows:


Counterparty	Interest Rate			Multi-Manager Global Equity		Multi-Manager Non-Core Fixed Income		Multi-Manager Real Assets Strategy
BNP Paribas Securities Co.		0.340	%	$	107,293	$	108,210	$	32,402
Citigroup Global Markets, Inc.		0.340			6,345,590		6,399,825		1,916,332
Merrill Lynch & Co., Inc.		0.340			25,392,576		25,609,607		7,668,413
Merrill Lynch & Co., Inc.		0.320			3,254,541		3,282,358		982,853
TOTAL				$	35,100,000	$	35,400,000	$	10,600,000


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

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

ADDITIONAL INVESTMENT INFORMATION (continued)

At October 31, 2016, the Joint Repurchase Agreement Account II was fully collateralized by:


Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		3.500% to 8.000	%		01/01/17 to 08/01/46
Federal National Mortgage Association		2.500 to 9.000			02/01/17 to 10/01/46
Government National Mortgage Association		2.500 to 7.500			02/15/25 to 10/20/46
United States Treasury Inflation Protected Securities		0.750			02/15/42
U.S. Treasury Bonds		3.125 to 8.750			08/15/20 to 05/15/44
U.S. Treasury Notes		0.875 to 4.250			11/15/17 to 07/31/23
United States Treasury Stripped Securities		0.000			02/15/29


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

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

Statements of Assets and Liabilities

October 31, 2016


	Multi-Manager Global Equity Fund			Multi-Manager Non-Core Fixed Income Fund			Multi-Manager Real Assets Strategy Fund^(a)
Assets:
Investments, at value (cost $606,116,673, $272,205,431 and $285,807,212)	$	613,788,056		$	276,810,527		$	296,830,638
Repurchase agreement, at value which equals cost		35,100,000			35,400,000			10,600,000
Cash		699,014			—			—
Foreign currencies, at value (cost $582,044, $666,110 and $90,159, respectively)		581,006			660,264			89,689
Unrealized gain on forward foreign currency exchange contracts		5,532,160			280,787			—
Variation margin on certain derivative contracts		—			201,707			—
Unrealized gain on swap contracts		—			82,262			—
Receivables:
Investments sold		4,285,283			4,528,114			2,725,723
Dividends and interest		665,411			3,523,608			444,309
Foreign tax reclaims		246,323			26,592			73,423
Reimbursement from investment adviser		135,075			113,587			—
Investments sold on an extended-settlement basis		—			2,900,320			—
Due from broker — upfront payment		—			70,842			—
Collateral on certain derivative contracts^(b)		—			120,031			—
Upfront payments made on swap contracts		—			283,028			—
Other assets		5,923			3,962			4,224
Total assets		661,038,251			325,005,631			310,768,006

Liabilities:
Due to custodian		—			2,599,083			75,021
Unrealized loss on forward foreign currency exchange contracts		13,369			405,118			—
Unrealized loss on swap contracts		—			98,370			—
Variation margin on certain derivative contracts		—			11,830			—
Payables:
Fund shares redeemed		50,514,921			6,201,961			—
Investments purchased		4,624,495			1,780,195			1,852,951
Management fees		320,969			142,174			157,831
Due to investment advisor		—			—			45,320
Transfer agency fees		11,279			5,259			5,283
Collateral on certain derivative contracts		—			300,000			—
Investments purchased on an extended-settlement basis		—			8,958,771			—
Upfront payments received on swap contracts		—			116,885			—
Accrued expenses and other liabilities		500,376			340,121			256,430
Total liabilities		55,985,409			20,959,767			2,392,836

Net Assets:
Paid-in capital		608,010,121			304,565,450			302,479,182
Undistributed (distributions in excess of) net investment income		2,856,628			(3,346,104	)		(98,606	)
Accumulated net realized loss		(18,980,134	)		(1,556,546	)		(5,021,494	)
Net unrealized gain		13,166,227			4,383,064			11,016,088
NET ASSETS	$	605,052,842		$	304,045,864		$	308,375,170
Shares Outstanding $0.001 par value (unlimited number of shares authorized):		63,762,142			31,685,607			33,649,786
Net asset value, offering and redemption price per share:		$9.49			$9.60			$9.17

(a)

Statement of Assets and Liabilities for the Multi-Manager Real Assets Strategy Fund is consolidated and includes the balances of a wholly-owned subsidiary, Cayman Commodity — MMRA, Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b)

Includes amounts segregated for initial margin and/or collateral on futures transactions and swaps transactions of $58,676, and $61,355, respectively, for Multi-Manager Non-Core Fixed Income Fund.


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

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

Statements of Operations

For the Fiscal Year Ended October 31, 2016


	Multi-Manager Global Equity Fund			Multi-Manager Non-Core Fixed Income Fund			Multi-Manager Real Assets Strategy Fund^(a)
Investment income:
Dividends (net of foreign withholding taxes of $856,130, $0 and $448,990)	$	12,558,357		$	108,102		$	8,351,772
Interest (net of foreign withholding taxes of $0, $199,738 and $0)		118,299			16,211,715			40,493
Total investment income		12,676,656			16,319,817			8,392,265

Expenses:
Management fees		6,393,585			2,469,231			2,972,336
Custody, accounting and administrative services		994,235			435,630			388,284
Professional fees		269,005			256,524			290,843
Trustee fees		126,830			109,513			102,221
Transfer Agency fees		124,147			58,100			59,447
Registration fees		78,128			57,675			50,859
Printing and mailing costs		39,158			14,533			20,119
Other		106,197			76,961			66,345
Total expenses		8,131,285			3,478,167			3,950,454
Less — expense reductions		(2,843,398	)		(1,433,576	)		(1,373,547	)
Net expenses		5,287,887			2,044,591			2,576,907
NET INVESTMENT INCOME		7,388,769			14,275,226			5,815,358

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		(17,619,579	)		(2,162,975	)		(1,494,060	)
Futures contracts		—			62,663			(13,365,473	)
Swap contracts		—			(165,154	)		—
Forward foreign currency exchange contracts		(2,974,663	)		(808,614	)		(3	)
Foreign currency transactions		(848,339	)		67,368			(233,020	)
Net change in unrealized gain (loss) on:
Investments		21,435,405			10,652,141			7,656,591
Futures contracts		—			3,445			(85,229	)
Swap contracts		—			(83,135	)		—
Forward foreign currency exchange contracts		5,153,952			106,144			—
Foreign currency translation		(22,323	)		(31,429	)		(8,021	)
Net realized and unrealized gain (loss)		5,124,453			7,640,454			(7,529,215	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	12,513,222		$	21,915,680		$	(1,713,857	)

(a)

Statement of Operations for the Multi-Manager Real Assets Strategy Fund is consolidated and includes the balances of a wholly-owned subsidiary, Cayman Commodity — MMRA, Ltd. Accordingly, all interfund balances and transactions have been eliminated.


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

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

Statements of Changes in Net Assets


	Multi-Manager Global Equity Fund
	For the Fiscal Year Ended October 31, 2016			For the Fiscal Year Ended October 31, 2015^(a)
From operations:
Net investment income	$	7,388,769		$	959,728
Net realized loss		(21,442,581	)		(404,386	)
Net change in unrealized gain (loss)		26,567,034			(13,400,807	)
Net increase (decrease) in net assets resulting from operations		12,513,222			(12,845,465	)

Distributions to shareholders:
From net investment income		(2,625,036	)		—
Total distributions to shareholders		(2,625,036	)		—

From share transactions:
Proceeds from sales of shares		232,750,015			453,850,015
Reinvestment of distributions		2,625,036			—
Cost of shares redeemed		(79,364,935	)		(1,850,010	)
Net increase in net assets resulting from share transactions		156,010,116			452,000,005
TOTAL INCREASE		165,898,302			439,154,540

Net assets:
Beginning of year		439,154,540			—
End of year	$	605,052,842		$	439,154,540
Undistributed net investment income	$	2,856,628		$	1,604,703

(a)

Commenced operations on June 24, 2015.


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

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS


	Multi-Manager Non-Core Fixed Income Fund						Multi-Manager Real Assets Strategy Fund^(a)
	For the Fiscal Year Ended October 31, 2016			For the Fiscal Year Ended October 31, 2015^(b)			For the Fiscal Year Ended October 31, 2016			For the Fiscal Year Ended October 31, 2015^(c)
From operations:
Net investment income	$	14,275,226		$	4,681,847		$	5,815,358		$	322,872
Net realized loss		(3,006,712	)		(3,180,605	)		(15,092,556	)		(7,646,597	)
Net change in unrealized gain (loss)		10,647,166			(6,264,102	)		7,563,341			3,452,747
Net increase (decrease) in net assets resulting from operations		21,915,680			(4,762,860	)		(1,713,857	)		(3,870,978	)

Distributions to shareholders:
From net investment income		(13,242,128	)		(4,430,278	)		(6,496,622	)		—
From Capital		(938,032	)		(181,066	)		—			—
Total distributions to shareholders		(14,180,160	)		(4,611,344	)		(6,496,622	)		—

From share transactions:
Proceeds from sales of shares		21,565,005			277,000,010			117,600,015			201,300,015
Reinvestment of distributions		14,180,160			4,611,344			6,496,622			—
Cost of shares redeemed		(10,121,966	)		(1,550,005	)		(4,940,015	)		(10	)
Net increase in net assets resulting from share transactions		25,623,199			280,061,349			119,156,622			201,300,005
TOTAL INCREASE		33,358,719			270,687,145			110,946,143			197,429,027

Net assets:
Beginning of year		270,687,145			—			197,429,027			—
End of year	$	304,045,864		$	270,687,145		$	308,375,170		$	197,429,027
Undistributed (distributions in excess of) net investment income:	$	(3,346,104	)	$	(1,244,225	)	$	(98,606	)	$	52,137

(a)

Statement of Changes in Net Assets for the Multi-Manager Real Assets Strategy Fund is consolidated and includes the balances of wholly-owned subsidiary, Cayman Commodity — MMRA, Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b)

Commenced operations March 31, 2015.

(c)

Commenced operations on June 30, 2015.


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

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


			Income from investment operations
Year - Share Class	Net asset value, beginning of year		Net investment income^(a)		Net realized and unrealized gain (loss)			Total from investment operations			Distribution to shareholders from net investment income
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2016 - Institutional	$	9.46	$	0.11	$	(0.04	)	$	0.07		$	(0.04	)

FOR THE PERIOD ENDED OCTOBER 31, 2015
2015 - Institutional (Commence June 24, 2015)		10.00		0.02		(0.56	)		(0.54	)		—

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.


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

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND



Net asset value, end of year		Total return^(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate^(c)

$	9.49		0.74	%	$	605,053		0.85	%		1.31	%		1.19	%		47	%


	9.46		(5.40	)		439,155		0.85	^(d)		1.34	^(d)		0.74	^(d)		10


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

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


			Income (loss) from investment operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income^(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From capital			Total distributions
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2016 - Institutional	$	9.37	$	0.46	$	0.23		$	0.69		$	(0.43	)	$	(0.03	)	$	(0.46	)

FOR THE PERIOD ENDED OCTOBER 31,
2016 - Institutional (Commenced March 31, 2015)		10.00		0.25		(0.63	)		(0.38	)		(0.24	)		(0.01	)		(0.25	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.


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

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND



Net asset value, end of year		Total return^(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate^(c)

$	9.60		7.54	%	$	304,046		0.70	%		1.20	%		4.91	%		96	%


	9.37		(3.84	)		270,687		0.70	^(d)		1.19	^(d)		4.45	^(d)		82


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

GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND

Consolidated Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of year		Net investment income^(a)		Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE FISCAL YEAR ENDED OCTOBER 31,
2016 - Institutional	$	9.57	$	0.18	$	(0.38	)	$	(0.20	)	$	(0.20	)

FOR THE PERIOD ENDED OCTOBER 31,
2015 - Institutional (Commenced June 30, 2015)		10.00		0.02		(0.45	)		(0.43	)		—

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

(d)

Annualized.


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

GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND



Net asset value, end of year		Total return^(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate^(c)

$	9.17		(2.14	)%	$	308,375		0.87	%		1.33	%		1.96	%		93	%


	9.57		(4.30	)		197,429		0.90	^(d)		1.42	^(d)		0.67	^(d)		35


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

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

Notes to Financial Statements

October 31, 2016

1. ORGANIZATION


Fund	Share Classes Offered	Diversified/ Non-diversified
Multi-Manager Global Equity (Commenced June 24, 2015)	Institutional	Diversified
Multi-Manager Non-Core Fixed Income (Commenced March 31, 2015)	Institutional	Non-diversified
Mutli-Manager Real Assets Strategy (Commenced June 30, 2015)	Institutional	Diversified

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), serves as investment adviser to the Fund pursuant to a management agreement (the “Agreement”) with the Trust. As of October 31, 2016, GSAM had sub-advisory agreements (the “Sub-Advisory Agreements”) for the Multi-Manager Global Equity Fund with Causeway Capital Management LLC, Epoch Investment Partners, Inc., Fisher Asset Management, LLC, GW&K Investment Management, LLC, Legal & General Investment Management America, Inc, Parametric Portfolio Associates LLC, Principal Global Investors, LLC, Robeco Investment Management, Inc., doing business as Boston Partners, Russell Investments Implementation Services, LLC, Scharf Investments, LLC, Vulcan Value Partners, LLC and WCM Investment Management; for the Multi-Manager Non-Core Fixed Income Fund with Ares Capital Management II, LLC, BlueBay Asset Management, LLP, Lazard Asset Management LLC and Symphony Asset Management LLC; and for the Multi-Manager Real Assets Strategy Fund with PGIM Real Estate, a business unit of PGIM, Inc. Presima Inc., RARE Infrastructure (North America) Pty Limited and RREEF America L.L.C. (the “Underlying Managers”). Pursuant to the terms of the Sub-Advisory Agreements, the Underlying Managers are responsible for making investment decisions and managing the investments of the Fund. GSAM compensates the Underlying Managers directly in accordance with the terms of the Sub-Advisory Agreements. The Funds are not charged any separate or additional investment advisory fees by the Underlying Managers.

2. SIGNIFICANT ACCOUNTING POLICIES

A. Basis of Consolidation for Goldman Sachs Multi-Manager Real Assets Strategy Fund — The Cayman Commodity- MMRA, Ltd., (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on June 30, 2015 and is currently a wholly-owned subsidiary of the Multi-Manager Real Assets Strategy Fund (the “Fund”). The Subsidiary acts as an investment vehicle for the Fund to enable the Fund to gain exposure to certain types of commodity-linked derivative instruments. The Fund is the sole shareholder of the Subsidiary pursuant to a subscription agreement dated as of June 30, 2015, and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiary. Under the Memorandum and Articles of Association of the Subsidiary, shares issued by the Subsidiary confer upon a shareholder the right to vote at general meetings of the Subsidiary and certain rights in connection with any winding-up or repayment of capital, as well as the right to participate in the profits or assets of the Subsidiary. All inter-fund balances and transactions have been eliminated in consolidation. As of October 31, 2016, the Fund’s net assets were $308,375,170, of which, $0, or 0.0%, represented the Subsidiary’s net assets.

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

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

C. Investment Income and Investments — Investment income includes interest income, dividend income, net of any foreign withholding taxes, less any amounts reclaimable, and securities lending income. 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. 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. 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 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, realized gains and losses are recorded upon settlement of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting interest rate swaps whose realized gains or losses are recognized from the effective start date.

D. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable funds of the Trust on a straight-line and/or pro-rata basis depending upon the nature of the expenses, and are accrued daily.


Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Multi-Manager Global Equity	Annually	Annually
Multi-Manager Non-Core Fixed Income	Daily/Monthly	Annually
Multi-Manager Real Asset Strategies	Quarterly	Annually

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

Notes to Financial Statements (continued)

October 31, 2016

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

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

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:

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. As of the date of the financial statements, short-term debt obligations that mature in sixty days or less and did not exhibit signs of credit deterioration were valued using available market quotations as provided by a third party pricing vendor or broker. Prior to October 11, 2016,

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

such securities were valued at amortized cost. With the exception of treasury securities of G8 countries (not held in money market funds), which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i. Bank Loans — Bank loans (“Loans”) are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions (“Lenders”). A Fund’s investments in Loans are in the form of either participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties (“Assignments”). With respect to 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.

ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security and are valued based on exchanged settlement prices or independent market quotes. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and at the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

iii. Option Contracts — When a Fund writes call or put option contracts, 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 interest rate swap contracts.

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

Notes to Financial Statements (continued)

October 31, 2016

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

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

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

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

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

Notes to Financial Statements (continued)

October 31, 2016

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of October 31, 2016:



MULTI-MANAGER GLOBAL EQUITY

Investment Type	Level 1		Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Africa	$	248,228	$	4,386,023		$	—
Asia		28,611,114		100,908,962			8,215
Australia and Oceania		273,578		10,932,801			—
Europe		34,789,216		171,895,724			—
North America		250,273,162		2,736,706			—
South America		7,181,298		1,082,307			—
Exchange Traded Fund		460,722		—			—
Short-term Investments		—		35,100,000			—
Total	$	321,837,318	$	327,042,523		$	8,215

Derivative Type
Assets^(b)
Forward Foreign Currency Exchange Contracts	$	—	$	5,532,160		$	—
Liabilities^(b)
Forward Foreign Currency Exchange Contracts	$	—	$	(13,369	)	$	—

MULTI-MANAGER NON-CORE FIXED INCOME

Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Foreign Debt Obligations	$	—	$	102,515,435		$	—
Corporate Obligations		—		97,739,781			—
Bank Loans		—		72,223,917			—
U.S. Treasury Obligations		2,467,352		—			—
Structured Notes		—		1,003,111			—
Common Stock and/or Other Equity Investments^(a)
North America		506,889		354,042			—
Short-term Investments		—		35,400,000			—
Total	$	2,974,241	$	309,236,286		$	—

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



MULTI-MANAGER NON-CORE FIXED INCOME (continued)

Derivative Type	Level 1		Level 2			Level 3
Assets^(b)
Forward Foreign Currency Exchange Contracts	$	—	$	280,787		$	—
Futures Contracts		32,026		—			—
Interest Rate Swap Contracts		—		3,987			—
Cross Currency Swap Contracts		—		78,275			—
Total	$	32,026	$	363,049		$	—
Liabilities^(b)
Forward Foreign Currency Exchange Contracts	$	—	$	(405,118	)	$	—
Interest Rate Swap Contracts		—		(9,033	)		—
Credit Default Swap Contracts		—		(52,831	)		—
Cross Currency Swap Contracts		—		(37,135	)		—
Total	$	—	$	(504,117	)	$	—

MULTI-MANAGER REAL ASSET STRATEGY

Investment Type	Level 1		Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	—	$	35,923,053		$	—
Australia and Oceania		—		15,249,955			—
Europe		4,179,050		54,080,564			—
North America		187,293,031		104,985			—
Short-term Investments		—		10,600,000			—
Total	$	191,472,081	$	115,958,557		$	—

(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. The Funds utilize fair value model prices provided by an independent fair value service for certain international equity securities, resulting in a Level 2 classification.

(b)

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

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

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

Notes to Financial Statements (continued)

October 31, 2016

4. INVESTMENTS IN DERIVATIVES

Multi-Manager Global Equity

Risk

Statements of Assets

and Liabilities

Assets

Statements of Assets

and Liabilities

Liabilities

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts

5,532,160

Payable for unrealized loss on forward foreign currency exchange contracts

(13,369)

Multi-Manager Non-Core Fixed Income

Risk

Statements of Assets

and Liabilities

Assets

Statements of Assets

and Liabilities

Liabilities

Interest rate

Receivable for unrealized gain on swap contracts; Variation margin on certain derivative contracts

36,013

Receivable for unrealized loss on swap Contracts; Variation margin on certain derivative contracts

(9,033)

^(a)

Credit

—

Payable for unrealized loss on swap contracts

(52,831)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts; Receivable for unrealized loss on swap contracts

359,062

Payable for unrealized loss on forward foreign currency exchange contracts; Payable for unrealized loss on swap contracts

(442,253)

Total

395,075

(504,117)

(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.



Multi-Manager Global Equity
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)		Average Number of Contracts^(a)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts	$	(2,974,663	)	$	5,153,952		61

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)



Multi-Manager Non-Core Fixed Income
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts	$	298,017		$	(81,110	)		69
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(288,837	)		(39,720	)		11
Currency	Net realized gain (loss) from forward foreign currency exchange contracts and swap contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts and swap contracts		(920,285	)		147,284			111
Total		$	(911,105	)	$	26,454			191

Multi-Manager Real Assets Strategy
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Commodity	Net realized gain (loss) from futures contracts/Net unrealized gain (loss) on futures contracts	$	(13,365,473	)	$	(85,229	)		348
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(3	)		—			1
Total		$	(13,365,476	)	$	(85,229	)		349

(a)

Average number of contracts is based on the average of month end balances for the fiscal year ended October 31, 2016.

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

Notes to Financial Statements (continued)

October 31, 2016

4. INVESTMENTS IN DERIVATIVES (continued)

contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. A Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that the Investment Adviser believes to be of good standing and by monitoring the financial stability of those counterparties.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

For the fiscal year ended October 31, 2016, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate																		Effective Net Management Rate*
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate*
Multi-Manager Global Equity		1.03	%		0.93	%		0.89	%		0.87	%		0.84	%		1.03	%		0.59	%
Multi-Manager Non-Core Fixed Income		0.85			0.85			0.77			0.73			0.71			0.85			0.54
Multi-Manager Real Asset Strategy		1.00			0.90			0.86			0.84			0.82			1.00			0.58	^

GSAM has agreed to waive a portion of its management fee for each Fund in order to achieve an effective net management fee rate that is equal to the actual cost of fees paid to the Fund’s Underlying Managers (including, with respect to the Multi-Manager Real Assets Strategy Fund, an Underlying Manager of the Subsidiary). These arrangements will remain in effect through at least February 28, 2017, and prior to such date GSAM may not terminate the arrangements without the approval of the Board of Trustees.

Reflects combined management fees paid to GSAM under the Agreement and the Fund’s Subsidiary Agreement (as defined below) after the waivers.

GSAM also provides management services to the Subsidiary of the Multi-Manager Real Assets Strategy Fund pursuant to a Subsidiary Management Agreement (the “Subsidiary Agreement”) and is entitled to a management fee accrued daily and paid monthly, equal to an annual percentage rate of 0.43% of the Subsidiary’s average daily net assets. In consideration of the Subsidiary’s management fee, and for as long as the Subsidiary Agreement remains in effect, GSAM has contractually agreed to waive irrevocably a portion of the Fund’s management fee in an amount equal to the management fee accrued and paid to GSAM by the Subsidiary under the Subsidiary Agreement. For the fiscal year ended October 31, 2016, GSAM waived $43,266 of the Fund’s management fee. This waiver represents an inter-fund transaction and, accordingly, has been eliminated in consolidation.

C. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit each Fund’s “Total Annual Operating Expenses” (excluding acquired fund fees and expenses, taxes, interest, brokerage fees, shareholder meeting, litigation, 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 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 Expense limitations as an annual percentage rate of average daily net assets for the Multi-Manager Global Equity, Non Core Fixed Income and

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Multi-Manager Real Asset Strategy are 0.85%, 0.70%, and 0.90% respectively. These Expense limitations will remain in place through at least February 28, 2017, and prior to such dates 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 “Total Annual Operating” limitations described above.

For the fiscal year ended October 31, 2016, these expense reductions, including any fee waivers, were as follows:


Fund	Management Fee Waiver		Other Expense Reimbursements		Total Annual Operating Expense Reductions
Multi-Manager Global Equity	$	2,708,324	$	135,074	$	2,843,398
Multi-Manager Non-Core Fixed Income		891,487		542,089		1,433,576
Multi-Manager Real Asset Strategy		1,253,208		120,339		1,373,547

D. Other Transactions with Affiliates — For the fiscal year ended October 31, 2016, Goldman Sachs earned $1,336 and $516 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of Multi-Manager Global Equity and Multi-Manager Real Assets Strategy respectively.

E. Line of Credit Facility — As of October 31, 2016, the Funds participated in a $1,100,000,000 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 (“Other Borrowers”). 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, 2016, the Funds did not have any borrowings under the facility.


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, 2016, were as follows:


Fund	Purchases of Government Securities		Purchases Excluding Government Securities		Sales of Government Securities		Sales Excluding Government Securities
Multi-Manager Global Equity	$	—	$	469,239,368	$	—	$	273,022,061
Multi-Manager Non-Core Fixed Income		16,030,931		258,958,025		13,852,592		237,034,869
Multi-Manager Real Assets Strategy		—		398,047,510		—		254,208,630

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

Notes to Financial Statements (continued)

October 31, 2016

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended October 31, 2016 was as follows:


	Multi-Manager Global Equity Fund		Multi-Manager Non-Core Fixed Income		Multi-Manager Real Assets Strategy
Distribution paid from:
Ordinary income	$	2,625,036	$	13,242,128	$	6,496,622
Tax return of capital	$	—	$	938,032	$	—

The tax character of distributions paid during the fiscal year ended October 31, 2015 was as follows:


	Multi-Manager Global Equity Fund		Multi-Manager Non-Core Fixed Income		Multi-Manager Real Assets Strategy
Distribution paid from:
Ordinary income	$	—	$	4,430,286	$	—
Tax return of capital	$	—	$	181,058	$	—

As of October 31, 2016, the components of accumulated earnings (losses) on a tax basis were as follows:


	Multi-Manager Global Equity Fund			Multi-Manager Non-Core Fixed Income			Multi-Manager Real Assets Strategy
Undistributed ordinary income — net	$	8,571,771		$	—		$	1,315,221
Total undistributed earnings	$	8,571,771		$	—		$	1,315,221
Capital loss carryforwards⁽¹⁾
Perpetual Short-Term		(13,909,366	)		(750,532	)		(194,674	)
Perpetual Long-Term		(3,494,098	)		(154,194	)		—
Total capital loss carryforwards	$	(17,403,464	)	$	(904,726	)	$	(194,674	)
Timing differences (Straddle Deferrals)	$	(80,839	)	$	(2,196,843	)	$	—
Unrealized gains — net		5,955,253			2,581,983			4,775,441
Total accumulated earnings (losses) net	$	(2,957,279	)	$	(519,586	)	$	5,895,988

(1)

The Multi-Manager Non-Core Fixed Income and Multi-Manager Real Asset Strategy Funds utilized $295,473 and $1,547,113, respectively of capital losses in the current fiscal year.

As of October 31, 2016, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Multi-Manager Global Equity Fund			Multi-Manager Non-Core Fixed Income			Multi-Manager Real Assets Strategy
Tax Cost	$	643,051,342		$	309,433,951		$	302,647,610
Gross unrealized gain		46,697,515			9,241,063			20,911,838
Gross unrealized loss		(40,860,801	)		(6,464,487	)		(16,128,810	)
Net unrealized gains on securities	$	5,836,714		$	2,776,576		$	4,783,028
Net unrealized gain (loss) on other investments		118,539			(194,593	)		(7,587	)
Net unrealized gains	$	5,955,253		$	2,581,983		$	4,775,441

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

7. 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, net mark to market gains/(losses) on foreign currency contracts, and differences in the tax treatment of underlying fund investments, passive foreign investment company investments, and swap transactions.

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 foreign currency transactions, underlying fund investments, swap transactions and passive foreign investment company investments.


Fund	Paid-in Capital			Accumulated Net Realized Gain (Loss)		Undistributed Net Investment Income (Loss)
Multi-Manager Global Equity Fund		—			3,511,808		(3,511,808	)
Multi-Manager Non-Core Fixed Income		—			3,134,977		(3,134,977	)
Multi-Manager Real Assets Strategy		(13,730,753	)		13,200,232		530,521

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

8. OTHER RISKS

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions by the United States or other governments, or from problems in registration, settlement or custody. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Industry Concentration — The Multi-Manager Real Assets Strategy Fund concentrates its investments in the real estate group of industries, which has historically experienced substantial price volatility. This concentration subjects the Fund to greater risk of

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

Notes to Financial Statements (continued)

October 31, 2016

8. OTHER RISKS (continued)

loss as a result of adverse economic, business or other developments than if its investments were diversified across different industries.

Investments in Other Investment Companies — As a shareholder of another investment company, including an exchange-traded fund (“ETF”), a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions may cause the 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 and is required to maintain a larger cash position than it ordinarily would.

Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make the Funds more volatile. When the Funds use leverage, the sum of each Fund’s investment exposure may significantly exceed the amount of assets invested in each Fund, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. Each Fund will identify liquid assets on its books or otherwise cover transactions that may give rise to such risk, to the extent required by applicable law. The use of leverage may cause the Funds to liquidate portfolio positions to satisfy their obligations or to meet segregation requirements when it may not be advantageous to do so. The use of leverage by each Fund can substantially increase the adverse impact to which each Fund’s investment portfolio may be subject.

Liquidity Risk — The Funds may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period 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. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

8. OTHER RISKS (continued)

difficult to value. 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 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.

Non-Diversification Risk — The Multi-Manager Non Core Fixed Income 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.

Tax Risk — The Multi-Manager Real Assets Strategy Fund may seek to gain exposure to the commodity markets through investments in the Subsidiary and/or commodity index-linked structured notes, as applicable. Historically, the Internal Revenue Service (“IRS”) issued private letter rulings (“PLRs”) in which the IRS specifically concluded that income and gains from investments in commodity index-linked structured notes or a wholly-owned foreign subsidiary that invests in commodity-linked instruments are “qualifying income” for purposes of compliance with Subchapter M of the Code. However, the Fund has not received a PLR, and is not able to rely on PLRs issued to other taxpayers. Additionally, the IRS has suspended the granting of such PLR, pending review of its position on this matter. The IRS also recently issued proposed regulations that, if finalized, would generally treat the Fund’s income inclusion with respect to a subsidiary as qualifying income only if there is a distribution out of

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

Notes to Financial Statements (continued)

October 31, 2016

8. OTHER RISKS (continued)

the earnings and profits of a subsidiary that are attributable to such income inclusion. The proposed regulations, if adopted, would apply to taxable years beginning on or after 90 days after the regulations are published as final.

The IRS also recently issued a revenue procedure, which states that the IRS will not in the future issue PLRs that would require a determination of whether an asset (such as a commodity index-linked note) is a “security” under the Investment Company Act of 1940. The Fund has obtained an opinion of counsel that the Funds’ income from such investments should constitute “qualifying income.” However, no assurances can be provided that the IRS would not be able to successfully assert that the Fund’s income from such investments was not “qualifying income”, in which case the Fund would fail to qualify as regulated investment company (“RIC”) under Subchapter M of the Code if over 10% of its gross income were derived from these investments. If the Fund failed to qualify as a RIC, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates. This would significantly adversely affect the returns to, and could cause substantial losses for, Fund shareholders.


9. INDEMNIFICATIONS


10. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated through the date the financial statements were issued. Effective December 1, 2016, Epoch Investment Partners, Inc. is no longer an Underlying Manager for the Goldman Sachs Multi-Manager Global Equity Fund. GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Multi-Manager Global Equity Fund

	For the Fiscal Year Ended October 31, 2016						For the Fiscal Year Ended October 31, 2015^(a)

	Shares			Dollars			Shares			Dollars

Institutional Shares
Shares sold		25,427,589		$	232,750,015			46,612,176		$	453,850,015
Reinvestment of distributions		284,095			2,625,036			—			—
Shares redeemed		(8,365,099	)		(79,364,935	)		(196,619	)		(1,850,010	)
NET INCREASE		17,346,585		$	156,010,116			46,415,557		$	452,000,005

(a)

Commenced operations on June 24, 2015.


	Multi-Manager Non-Core Fixed Income Fund

	For the Fiscal Year Ended October 31, 2016						For the Fiscal Year Ended October 31, 2015^(a)

	Shares			Dollars			Shares			Dollars

Institutional Shares
Shares sold		2,361,601		$	21,565,005			28,553,941		$	277,000,010
Reinvestment of distributions		1,515,954			14,180,160			482,606			4,611,344
Shares redeemed		(1,066,293	)		(10,121,966	)		(162,202	)		(1,550,005	)
NET INCREASE		2,811,262		$	25,623,199			28,874,345		$	280,061,349

(a)

Commenced operations March 31, 2015.


	Multi-Manager Real Assets Strategy Fund

	For the Fiscal Year Ended October 31, 2016						For the Fiscal Year Ended October 31, 2015

	Shares			Dollars			Shares			Dollars

Institutional Shares
Shares sold		12,846,967		$	117,600,015			20,625,771		$	201,300,015
Reinvestment of distributions		698,834			6,496,622			—			—
Shares redeemed		(521,785	)		(4,940,015	)		(1	)		(10	)
NET INCREASE		13,024,016		$	119,156,622			20,625,770		$	201,300,005

(a)

Commenced operations on June 30, 2015.

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust II and Shareholders of

the Goldman Sachs Strategic Multi-Asset Class Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Goldman Sachs Multi-Manager Global Equity Fund, Goldman Sachs Multi-Manager Non-Core Fixed Income Fund, and Goldman Sachs Multi-Manager Real Assets Strategy Fund (collectively the “Funds”), funds of the Goldman Sachs Trust II, at October 31, 2016, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (consolidated financial statements and financial highlights for Goldman Sachs Multi-Manager Real Assets Strategy Fund) (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2016 by correspondence with the custodian, brokers and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 23, 2016

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Fund Expenses — Period Ended October 31, 2016 (Unaudited)

As a shareholder of Institutional Shares of the Funds, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments, and (2) ongoing costs, including management fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.


	Multi-Manager Global Equity Fund						Multi-Manager Non-Core Fixed Income Fund							Multi-Manager Real Assets Strategy Fund
Share Class	Beginning Account Value 5/1/16		Ending Account Value 10/31/16		Expenses Paid for the 6 months ended 10/31/16*		Beginning Account Value 5/1/16		Ending Account Value 10/31/16			Expenses Paid for the 6 months ended 10/31/16*		Beginning Account Value 5/1/16		Ending Account Value 10/31/16		Expenses Paid for the 6 months ended 10/31/16*
Institutional
Actual	$	1,000.00	$	1,025.90	$	4.89	$	1,000.00	$	1,040.70		$	3.59	$	1,000.00	$	1,001.30	$	4.63
Hypothetical 5% return		1,000.00		1,020.31		4.88		1,000.00		1,021.62	+		3.56		1,000.00		1,020.51		4.67


Fund	Institutional
Multi-Manager Global Equity		0.85	%
Multi-Manager Non-Core Fixed Income		0.70
Multi-Manager Real Assets Strategy		0.85

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

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

Background

The Goldman Sachs Multi-Manager Non-Core Fixed Income Fund, Goldman Sachs Multi-Manager Global Equity Fund, and Goldman Sachs Multi-Manager Real Assets Strategy Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust II (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. Each Fund employs a “manager of managers” structure, whereby Goldman Sachs Asset Management, L.P. and Goldman Sachs Asset Management International (collectively, the “Investment Adviser”) are responsible for selecting sub-advisers (subject to Board approval), allocating the Fund’s assets among them, and overseeing their day-to-day management of Fund assets. The Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with the Investment Adviser on behalf of the Funds.

The Management Agreement was most recently approved for continuation until August 31, 2017 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) (the “1940 Act”), of any party thereto (the “Independent Trustees”), at a meeting held on August 3, 2016 (the “Annual Meeting”). At the Annual Meeting, the Board also considered the sub-advisory agreements (each a “Designated Sub-Advisory Agreement”) between the Investment Adviser and (i) each of Ares Capital Management II LLC, BlueBay Asset Management LLP, Lazard Asset Management LLC, and Symphony Asset Management LLC (on behalf of Goldman Sachs Multi-Manager Non-Core Fixed Income Fund); (ii) Causeway Capital Management LLC, Epoch Investment Partners, Inc., Fisher Asset Management, LLC, GW&K Investment Management, LLC, Parametric Portfolio Associates LLC, Principal Global Investors, LLC, Robeco Investment Management, Inc. d/b/a Boston Partners, Russell Investment Implementation Services, LLC, Scharf Investments, LLC, Vulcan Value Partners, LLC (“Vulcan”), and WCM Investment Management (on behalf of Goldman Sachs Multi-Manager Global Equity Fund); and (iii) PGIM Real Estate, a business unit of PGIM Inc. and RREEF America L.L.C. (on behalf of Goldman Sachs Multi-Manager Real Assets Strategy Fund) (collectively, the “Designated Sub-Advisers” and together with all sub-advisers serving from time to time, the Sub-Advisers).

(a)

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

(i)

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

(ii)

(iii)

trends in employee headcount;

(iv)

the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v)

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

(b)

(c)

(d)

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

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

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

(e)

fee and expense information for the Fund, including:

(i)

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

(ii)

comparative information on the advisory fees charged and services provided by the Investment Adviser to certain collective investment vehicles that it manages with comparable investment strategies;

(f)

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

(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 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;

(j)

(k)

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

(l)

(m)

(n)

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets and share purchase and redemption activity.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

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

Trustees reviewed the Sub-Adviser oversight process that the Investment Adviser had employed, which included areas such as investment analytics, risk management and compliance.

Investment Performance

The Trustees noted that Goldman Sachs Multi-Manager Non-Core Fixed Income Fund had placed in the second quartile of its performance peer group, and had underperformed its benchmark index. The Trustees noted that the Goldman Sachs Multi-Manager Global Equity Fund had placed in the second quartile of its performance peer group, and had underperformed its benchmark index. The Trustees noted that the Goldman Sachs Real Assets Strategy Fund had placed in the third quartile of its performance peer group, and had underperformed its benchmark index.

Costs of Services Provided and Competitive Information

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The Trustees also considered comparative fee information for services provided by the Investment Adviser to collective investment vehicles having investment objectives and policies similar to those of each Fund except Goldman Sachs Multi-Manager Real Assets Strategy Fund. They considered 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. They also noted that certain of these types of accounts have a compensation structure which includes performance fees, and also pay additional asset-based fees and performance fees to the managers of underlying hedge funds. The analyses also compared each Fund’s transfer agency and custody fees, 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.

100

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

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

Profitability

The Trustees reviewed the Investment Adviser’s revenues and pre-tax profit margins with respect to each of the Funds. 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 and transfer agency), 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 had audited the expense allocation methodology and was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. The Trustees considered profitability information for each Fund in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees considered the information that had been provided regarding the Investment Adviser’s profitability. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:


Average Daily Net Assets	Multi-Manager Non-Core Fixed Income Fund			Multi-Manager Global Equity Fund			Multi-Manager Real Assets Strategy Fund
First $1 billion		0.85	%		1.03	%		1.00	%
Next $1 billion		0.85			0.93			0.90
Next $3 billion		0.77			0.89			0.86
Next $3 billion		0.73			0.87			0.84
Over $8 billion		0.71			0.84			0.82

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. 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. The Independent Trustees also considered the relationship between the advisory and sub-advisory fee rate schedules.

Other Benefits to the Investment Adviser and Its Affiliates

101

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

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

Other Benefits to the Funds and Their Shareholders

Conclusion

Designated Sub-Advisory Agreements

Nature, Extent, and Quality of the Services Provided Under the Designated Sub-Advisory Agreements and Performance

In evaluating the Designated Sub-Advisory Agreements, the Trustees relied upon materials furnished and presentations made by the Investment Adviser and the Designated Sub-Advisers. In evaluating the nature, extent, and quality of services provided by each Designated Sub-Adviser, the Trustees considered information on the services provided to the Funds by each Designated Sub-Adviser, including information about each Designated Sub-Adviser’s (a) personnel and organizational structure; (b) track record in managing funds and/or accounts with investment strategies similar to those employed on behalf of the Funds; (c) policies and procedures in place to address potential conflicts of interest; and (d) compliance program and code of ethics. The Trustees also reviewed the operations and investment performance of each Designated Sub-Adviser’s respective sleeve of each Fund since its inception. In considering each Designated Sub-Adviser’s investment performance, the Trustees reviewed a comparison of each Designated Sub-Adviser to relevant benchmark indices based on various metrics, including realized beta, excess return, alpha, and volatility. The Trustees also reviewed the services provided to each Fund under each Designated Sub-Advisory Agreement.

Costs of Services Provided

The Trustees reviewed the terms of each Designated Sub-Advisory Agreement, including the fee schedules for the Designated Sub-Advisers. They considered the breakpoints (if applicable) in the sub-advisory fee rate payable under each Designated Sub-Advisory Agreement. The Trustees noted that the compensation paid to each Designated Sub-Adviser would be paid by the Investment Adviser, not by the Funds. They noted that the Investment Adviser believes that the relationship between the management fees paid by the Funds and the sub-advisory fees paid by the Investment Adviser is appropriate given the level of services the Investment Adviser provides to the Funds and significant differences in cost drivers and risks associated with the respective services offered by the Investment Adviser and each Designated Sub-Adviser, as well as the management fee waivers and expense limitations that substantially reduce the fees retained by the Investment Adviser. In this regard, the Trustees considered that at their meeting held on May 4, 2016, they had approved an amendment to the Sub-Advisory Agreement with Vulcan on behalf of Goldman Sachs Multi-Manager Global Equity Fund, which reflected a reduction from the prior fee schedule. They noted that the fee reduction benefitted shareholders of the Fund in light of the existing management fee waiver arrangement. The Trustees reviewed the anticipated blended average of all sub-advisory fees to be paid by the Investment Adviser with respect to each Fund in light of the overall management fee to be paid by each Fund.

Conclusion

102

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

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

information provided, the Trustees present concluded that each Designated Sub-Advisory Agreement should be approved and continued until August 31, 2017.

Amendment to Designated Sub-Advisory Agreements

Upon the recommendation of the Investment Adviser, at a meeting held on September 14, 2016, the Trustees, including all of the Independent Trustees present, approved amendments to the Sub-Advisory Agreements with RARE Infrastructure (North America) Pty Ltd (“RARE”) (on behalf of Goldman Sachs Multi-Manager Real Assets Strategy Fund) and WCM Investment Management (“WCM”) (on behalf of Goldman Sachs Multi-Manager Global Equity Fund). The Trustees considered that the amendment to the Sub-Advisory Agreement with WCM would reduce WCM’s sub-advisory fee after giving effect to breakpoints. They noted that the amended Sub-Advisory Agreement would benefit shareholders of Goldman Sachs Multi-Manager Global Equity Fund in light of the Fund’s existing management fee waiver arrangement. The Trustees noted that the fee schedule for the Sub-Advisory Agreement with RARE was being revised to remove the provision that total assets for purposes of applying breakpoints also included assets managed by RARE on behalf of any fund organized under the European Union Directive on Undertakings for Collective Investment in Transferable Securities (UCITS) pursuant to a sub-advisory agreement with the Investment Adviser. The Trustees considered that at the time of the approval of the amended Sub-Advisory Agreement RARE had not yet been allocated assets of Goldman Sachs Multi-Manager Real Assets Strategy Fund.

New Sub-Advisory Agreements

In addition to the actions taken by the Trustees to approve the continuation of the Management Agreement and the Designated Sub-Advisory Agreements, upon the recommendation of the Investment Adviser, at meetings held on May 4, 2016 and September 14, 2016, the Trustees, including all of the Independent Trustees present, approved sub-advisory agreements (each, a “New Sub-Advisory Agreement”) between the Investment Adviser and Legal & General Investment Management America, Inc. (“Legal & General”) (on behalf of Goldman Sachs Multi-Manager Global Equity Fund); and Presima Inc. and RARE Infrastructure (North America) Pty Ltd (on behalf of Goldman Sachs Multi-Manager Real Assets Strategy Fund) (each, a “New Sub-Adviser” and, collectively, the “New Sub-Advisers”). In connection with their evaluation of the New Sub-Advisory Agreements, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel. In addition, the Trustees received information prepared by each New Sub-Adviser in a written response to a formal request from the Investment Adviser.

Nature, Extent, and Quality of the Services Provided Under the New Sub-Advisory Agreements

In evaluating the New Sub-Advisory Agreements, they relied on the information provided by the Investment Adviser and each New Sub-Adviser. In evaluating the nature, extent, and quality of services to be provided by each New Sub-Adviser, the Trustees considered information on the services to be provided to the Fund by the New Sub-Adviser, including information about the New Sub-Adviser’s (a) personnel and compensation structure; (b) track record in managing funds and/or accounts with investment strategies similar to those to be employed on behalf of the Fund (or, with respect to Legal & General, its expected tracking error to the index used in managing its sleeve of the Fund); (c) policies and procedures in place to address potential conflicts of interest; and (d) compliance program and code of ethics. In this regard, they considered assessments provided by the Investment Adviser of each New Sub-Adviser, the New Sub-Adviser’s investment strategies and personnel and its compliance program. The Trustees considered that that certain of the New Sub-Advisers manage other assets for the Investment Adviser’s clients. They noted that, because none of the New Sub-Advisers had previously provided services to the Fund for which they were being proposed, there was no performance information to evaluate with respect to the Funds.

Costs of Services to be Provided

The Trustees reviewed the terms of the New Sub-Advisory Agreements and the proposed fee schedules, including any breakpoints. They noted that the compensation paid to the New Sub-Advisers would be paid by the Investment Adviser, not by the Fund. They also noted that the terms of the New Sub-Advisory Agreements were the result of arms’ length negotiations between the Investment Adviser and the applicable New Sub-Adviser. They considered GSAM’s undertaking to waive the portion of its management fee which is in excess of the weighted average of the Fund’s sub-advisory fees.

103

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

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

Conclusion

104

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

Trustees and Officers (Unaudited)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴
Ashok N. Bakhru Age: 74	Chairman of the Board of Trustees	Since 2012	Mr. Bakhru is retired. He was formerly Director, Apollo Investment Corporation (a business development company) (2008-2013); President, ABN Associates (a management and financial consulting firm) (1994-1996 and 1998-2012); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-2008); Director, Private Equity Investors — III and IV (1998-2007), and Equity-Linked Investors II (April 2002-2007). Chairman of the Board of Trustees — Goldman Sachs Trust II; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	142	None
Cheryl K. Beebe Age: 60	Trustee	Since 2015	Ms. Beebe is retired. She is Director, Convergys Corporation (2015-Present); Director, Packaging Corporation of America (2008-Present); and was formerly Executive Vice President, (2010-2014); and Chief Financial Officer, Ingredion, Inc. (a global corn refining and manufacturing company) (2004-2014). Trustee — Goldman Sachs Trust II.	17	Convergys Corporation (a customer management company); Packaging Corporation of America (producer of container board)
John P. Coblentz, Jr. Age: 75	Trustee	Since 2012	Mr. Coblentz is retired. Formerly, he was Partner, Deloitte & Touche LLP (a professional services firm) (1975-2003); Director, Emerging Markets Group, Ltd. (a consulting company) (2004-2006); and Director, Elderhostel, Inc. (a not-for profit organization) (2006-2012). Previously, Mr. Coblentz served as Trustee of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (2003-2015). Trustee — Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	36	None
Lawrence Hughes Age: 58	Trustee	Since 2016	Mr. Hughes is retired. Formerly, he held senior management positions with BNY Mellon Wealth Management, a division of The Bank of New York Mellon Corporation (a financial services company) (1991-2015), most recently as Chief Executive Officer (2010-2015). He serves as Chairman of the Board of Directors, Ellis Memorial and Eldredge House (a not-for-profit organization) (2012-Present). Previously, Mr. Hughes served as an Advisory Board Member of Goldman Sachs Trust II (February 2016-April 2016). Trustee — Goldman Sachs Trust II.	17	None
John F. Killian Age: 61	Trustee	Since 2015	Mr. Killian is retired. He is Director, Consolidated Edison, Inc. (2007-Present); Director, Houghton Mifflin Harcourt Publishing Company (2011-Present); and formerly held senior management positions with Verizon Communications, Inc., including Executive Vice President and Chief Financial Officer (2009-2010); and President, Verizon Business, Verizon Communications, Inc. (2005-2009). Trustee — Goldman Sachs Trust II.	17	Consolidated Edison, Inc. (a utility holding company); Houghton Mifflin Harcourt Publishing Company

105

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

Trustees and Officers (Unaudited) (continued)

Independent Trustees (continued)


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴
Richard P. Strubel Age: 77	Trustee	Since 2012	Mr. Strubel is retired. Formerly, he served as Chairman of the Board of Trustees, Northern Funds (a family of retail and institutional mutual funds managed by Northern Trust Investments, Inc.) (2008-2014) and Trustee (1982-2014); Director, Cardean Learning Group (provider of educational services via the internet) (2003-2008); and Director, Gildan Activewear Inc. (a clothing marketing and manufacturing company) (2000-2014). He serves as Trustee Emeritus, The University of Chicago (1987-Present). Previously, Mr. Strubel served as Trustee of Goldman Sachs Trust (1987-2015) and Goldman Sachs Variable Insurance Trust (1997-2015). Trustee — Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	36	None
Westley V. Thompson Age: 61	Trustee	Since 2016	Mr. Thompson is retired. Formerly, he was President, Sun Life Financial, Inc. (a financial services company) (2008-2014); and held senior management positions at various insurance companies including affiliates of Lincoln National Corporation (1998-2008), Cigna Corporation (1994-1997), and Aetna, Inc. (1979-1994). Previously, Mr. Thompson served as an Advisory Board Member of Goldman Sachs Trust II (February 2016-April 2016). Trustee — Goldman Sachs Trust II.	17	None

106

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

Trustees and Officers (Unaudited) (continued)

Interested Trustee*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴
James A. McNamara Age: 54	President and Trustee	Since 2012	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs Trust II; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	140	None

Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of October 31, 2016.

⁴

107

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 54	President and Trustee	Since 2012	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust II; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 39	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). 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 Middle Market Lending LLC; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 45	Treasurer, Senior Vice President and Principal Financial Officer	Since 2012 (Principal Financial Officer since 2013)	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs Trust II; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.

Information is provided as of October 31, 2016.

Goldman Sachs Trust II — Strategic Multi-Asset Class Funds — Tax Information (Unaudited)

For the year ended October 31, 2016, 26.36% and 21.67% of the dividends paid from net investment company taxable income by the Multi-Manager Global Equity and Multi-Manager Real Assets Strategy Funds, respectively, qualify for the dividends received deduction available to corporations.

For the year ended October 31, 2016, 100% and 51.92% of the dividends paid from net investment company taxable income by the Multi-Manager Global Equity, and Multi-Manager Real Assets Strategy, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

From distributions paid during the year ended October 31, 2016, the total amount of income received by the Multi-Manager Global Equity Fund from sources within foreign countries and possessions of the United States was $0.0125 per share, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the Multi-Manager Global Equity Fund was 39.18%. The total amount of taxes paid by the Multi-Manager Global Equity Fund to such countries was $0.0013 per share.

108

FUNDS PROFILE

Goldman Sachs Funds

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

Money Market

Financial Square Funds^SM

Financial Square Treasury Solutions Fund¹

Financial Square Government Fund¹

Financial Square Money Market Fund²

Financial Square Prime Obligations Fund²

Financial Square Treasury Instruments Fund¹

Financial Square Treasury Obligations Fund¹

Financial Square Federal Instruments Fund¹

Financial Square Tax-Exempt Money Market Fund²

Investor Funds^SM

Investor Money Market Fund³

Investor Tax-Exempt Money Market Fund^3,4

Fixed Income

Short Duration and Government

Enhanced Income Fund

High Quality Floating Rate Fund

Short-Term Conservative Income Fund⁵

Short Duration Government Fund

Short Duration Income Fund

Government Income Fund

Inflation Protected Securities Fund

Multi-Sector

Bond Fund

Core Fixed Income Fund

Global Income Fund

Strategic Income Fund

Municipal and Tax-Free

High Yield Municipal Fund

Dynamic Municipal Income Fund

Short Duration Tax-Free 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

Dynamic Emerging Markets Debt Fund

Fixed Income Alternatives

Long Short Credit Strategies Fund

Fixed Income Macro Strategies Fund

Fundamental Equity

Growth and Income Fund

Small Cap Value Fund

Small/Mid Cap Value Fund

Mid Cap Value Fund

Large Cap Value Fund

Focused Value Fund

Capital Growth Fund

Strategic Growth Fund

Focused Growth Fund

Small/Mid Cap Growth Fund

Flexible Cap Growth Fund

Concentrated Growth Fund

Technology Opportunities Fund

Growth Opportunities Fund

Rising Dividend Growth Fund

Dynamic U.S. Equity 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 Fund⁶

International Equity Insights Fund

Emerging Markets Equity Insights Fund

Fundamental Equity International

Strategic International Equity Fund

Focused International Equity Fund

Asia Equity Fund

Emerging Markets Equity Fund

N-11 Equity Fund

Select Satellite

Real Estate Securities Fund

International Real Estate Securities Fund

Commodity Strategy Fund

Global Real Estate Securities Fund

Dynamic Commodity Strategy Fund

Dynamic Allocation Fund

Absolute Return Tracker Fund

Long Short Fund

Managed Futures Strategy Fund

MLP Energy Infrastructure Fund

Multi-Manager Alternatives Fund

Multi-Asset Real Return Fund

Absolute Return Multi-Asset Fund

Global Infrastructure Fund

Total Portfolio Solutions

Global Managed Beta Fund

Multi-Manager Non-Core Fixed Income Fund

Multi-Manager U.S. Dynamic Equity Fund

Multi-Manager Global Equity Fund

Multi-Manager International Equity Fund

Tactical Tilt Overlay Fund⁷

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

Equity Growth Strategy Portfolio

Satellite Strategies Portfolio

Enhanced Dividend Global Equity Portfolio

Tax-Advantaged Global Equity Portfolio

Strategic Factor Allocation Fund

Target Date 2020 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

GQG Partners International Opportunities Fund

⁴

Effective on March 31, 2016, the Goldman Sachs Financial Square Tax-Free Money Market Fund was renamed the Goldman Sachs Investor Tax-Exempt Money Market Fund.

⁵

Effective on July 29, 2016, the Goldman Sachs Limited Maturity Obligations Fund was renamed the Goldman Sachs Short-Term Conservative Income Fund.

⁶

Effective at the close of business on February 5, 2016, the Goldman Sachs International Small Cap Fund was reorganized with and into the Goldman Sachs International Small Cap Insights Fund.

⁷

Effective on June 1, 2016, the Goldman Sachs Tactical Tilt Implementation Fund was renamed the Goldman Sachs Tactical Tilt Overlay Fund. Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman, Sachs & Co.

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


TRUSTEES Ashok N. Bakhru, Chairman Cheryl K. Beebe John P. Coblentz, Jr. Lawrence Hughes James A. McNamara John F. Killian Richard P. Strubel Westley V. Thompson		OFFICERS James A. McNamara, President Scott M. McHugh, Principal Financial Officer, Senior Vice President, and Treasurer Caroline L. Kraus, Secretary

GOLDMAN, SACHS & CO. Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Funds uses to determine how to vote proxies relating to portfolio securities and information regarding how Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (I) without charge, upon request by calling 1-800-621-2550; and (II) on the Securities and Exchange Commission (’’SEC’’) web site at http://www.sec.gov.

Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Qs are available on the SEC’s web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. The Funds’ Form N-Qs may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Form N-Q may be obtained upon request and without charge by calling 1-800-621-2550.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. Diversification does not protect an investor from market risk and does not ensure a profit. Past correlations are not indicative of future correlations, which may vary.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider the Funds’ 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 each Fund and may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling 1-800-621-2550.

Goldman Sachs Funds

LOGO



Annual Report				October 31, 2016

				Target Date Portfolios
				Target Date 2020
				Target Date 2025
				Target Date 2030
				Target Date 2035
				Target Date 2040
				Target Date 2045
				Target Date 2050
				Target Date 2055

LOGO

Goldman Sachs Target Date Portfolios

∎

TARGET DATE 2020

∎

TARGET DATE 2025

∎

TARGET DATE 2030

∎

TARGET DATE 2035

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TARGET DATE 2040

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TARGET DATE 2045

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TARGET DATE 2050

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TARGET DATE 2055


TABLE OF CONTENTS

Market Review			1

Portfolio Management Discussions and Performance Summaries			7

Schedules of Investments			40

Financial Statements			48

Financial Highlights			58

Notes to Financial Statements			74

Report of Independent Registered Public Accounting Firm			94

Other Information			95



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

MARKET REVIEW

Target Date Portfolios

Market Review

During the 12-month period ended October 31, 2016 (the “Reporting Period”), U.S. and emerging markets equities recorded positive returns, while international equities declined. Spread, or non-government bond, sectors posted gains. As explained further below, for certain share classes of Target Date 2020 Portfolio, Target Date 2030 Portfolio, Target Date 2040 Portfolio and Target Date 2050 Portfolio, the Reporting Period is from each class’s inception on August 22, 2016 through October 31, 2016. The Reporting Period for all classes of Target Date 2025 Portfolio, Target Date 2035 Portfolio, Target Date 2045 Portfolio and Target Date 2055 Portfolio is also from their inception on August 22, 2016 through October 31, 2016.

U.S. Equities

Monetary policy and economic data were among the biggest themes dominating the U.S. equity markets during the Reporting Period. After leaving the targeted federal funds rate unchanged at its September and October 2015 policy meetings, the Federal Reserve (“the Fed”) voted unanimously for a 25 basis point interest rate increase in December 2015, a move largely expected by the markets. (A basis point is 1/100th of a percentage point.) However, the fairly dovish language in the announcement, which emphasized “gradual” future adjustments to policy, helped to somewhat assuage the markets. (Dovish language tends to imply lower interest rates; opposite of hawkish.)

At the beginning of 2016, U.S. equities were embroiled in a rout that encompassed the broad global equity market, triggered by investor concerns of an intensifying economic slowdown in China and exacerbated by an oil price plunge. In its January 2016 policy statement, the Fed acknowledged these external risks and tightening financial conditions. U.S. equity markets stabilized in mid-February 2016, as market sentiment improved on the more dovish tone set by global central banks broadly. U.S. equities were also supported by stronger economic data, rallying as the fourth quarter 2015 U.S. Gross Domestic Product (“GDP”) came in above expectations. In March 2016, the Fed kept interest rates on hold and surprised on the dovish side, reducing its forecast to two hikes in 2016, down from four. Along with receding global economic concerns, the dovish forecast helped to drive a recovery in U.S. equities.

Market sentiment appeared to remain optimistic in April 2016, as oil prices rose and Chinese economic growth concerns abated with modestly improving economic data. However, U.S. equities fell near the end of April 2016, as investors were disappointed by a lack of additional stimulus from the Bank of Japan (“BoJ”) and by first quarter 2016 U.S. GDP growth that was weaker than expected at 0.5%. In May 2016, weaker U.S. payrolls data drove expectations for a Fed hike during June 2016 temporarily lower, but subsequent hawkish Fed meeting minutes revived market expectations. The Fed ultimately held rates steady and signaled a slower pace of hikes, acknowledging the slowdown in the labor market. During June 2016, investors were focused on the U.K. referendum about whether to leave the European Union. Late in the month, after the surprise “leave” result, popularly known as “Brexit”, U.S. equities declined amid a broad global sell-off. The market later rebounded, owing to improving risk appetite, as investors digested the outcome and on dovish remarks from Bank of England (“BoE”) Governor Mark Carney.

U.S. equities were further buoyed in July 2016 by strong economic data and corporate earnings, though uncertainty generally increased following the Brexit vote. In her Jackson Hole speech toward the end of August 2016, Fed Chair Janet Yellen acknowledged that the case for an interest rate hike had strengthened in recent months. Along with strong labor data and other hawkish comments from the Fed, Yellen’s speech significantly increased market

MARKET REVIEW

expectations of an interest rate hike by year-end 2016, leading to a selloff in U.S. equities. In early September 2016, U.S. equities declined as the European Central Bank (“ECB”) disappointed markets with its lack of commitment to extending monetary easing beyond March 2017. However, U.S. equities rebounded after the Fed’s decision to leave interest rates unchanged.

In October 2016, a combination of a hawkish Fed commentary and stronger U.S. economic data heightened market expectations of a December 2016 interest rate hike. Third quarter 2016 U.S. GDP increased at a 2.9% annual rate, higher than consensus expectations and the strongest growth rate in two years.

For the Reporting Period overall, the S&P 500^® Index returned 4.51%, with eight of the 11 sectors generating positive returns. (Effective after the market close on August 31, 2016, real estate was reclassified as an eleventh sector within the Global Industry Classification Standard (“GICS”).) The utilities and telecommunication services sectors generated double-digit gains, followed by the information technology and consumer staples sectors. The health care, consumer discretionary and financials sectors posted declines.

In terms of market capitalization, large-cap stocks outperformed small-cap stocks. The Russell 2000^® Index, which measures the small-cap universe, returned 4.10% during the Reporting Period. In the style arena, value stocks outperformed growth stocks overall. The Russell 1000^® Value Index, representing large-cap value stocks, rose 6.35% during the Reporting Period, while the Russell 1000^® Growth Index, representing large-cap growth stocks, returned 2.28%.

International Equities

Divergent monetary policy between international developed market central banks and an increasingly hawkish Fed were key themes at the beginning of the Reporting Period. When the Fed hiked interest rates by 25 basis points in December 2015, the fairly dovish language in the statement, which emphasized “gradual” future adjustments to policy, helped to somewhat assuage market sentiment. Meanwhile, the BoJ announced supplementary support for its quantitative and qualitative easing programs in the same month. While the ECB also lowered its deposit rate by 10 basis points and announced an extension of its quantitative easing program at its December 2015 meeting, market reaction was one of disappointment as more had been expected.

International equities suffered a rout at the beginning of 2016, triggered by investor concerns of an intensifying economic slowdown in China and exacerbated by an oil price plunge. Sentiment improved following a dovish January ECB press conference and the BoJ’s introduction of negative interest rates. In turn, international equities stabilized a bit in February 2016. During March 2016, further central bank dovishness, along with receding global economic concerns and oil price stabilization, helped to finally drive a global equity market recovery. Notably, the ECB implemented heavy easing, cutting its deposit rate to -40 basis points, raising its monthly quantitative easing purchases, including corporate bonds, and unveiling a new series of four-year loans to banks. The BoJ left its monetary policy unchanged in March 2016, but its rhetoric about negative interest rates heightened expectations for further easing to come.

Market sentiment appeared to remain optimistic in April 2016, as oil prices rose and Chinese economic growth concerns abated with modestly improving economic data. Both the ECB and BoJ were on hold in April 2016, not making any changes to their monetary policies. BoJ inaction came as a major disappointment against expectations of further easing, causing international equities to sell off once again and the yen to appreciate. Relative currency appreciation was exacerbated by U.S. dollar weakness following a weaker than expected

MARKET REVIEW

first quarter U.S. GDP release and an uneventful Fed meeting during which rates were left unchanged. In May 2016, disappointing U.S. payrolls data drove expectations for a Fed hike in June 2016 temporarily lower, but subsequent hawkish Fed meeting minutes revived the market-implied probability. Equities rallied toward month-end on anticipation of better economic data, rising oil prices and optimism that the economy could withstand interest rate hikes. Japanese equities also benefited from stronger than expected first quarter 2016 GDP growth and a weaker yen. Markets were dominated in June 2016 by the U.K. referendum on whether to leave the European Union. International equities declined in the global sell-off in late June 2016 following the surprise “leave” result, popularly known as Brexit. Markets later rebounded, amid improving risk appetite, as markets digested the outcome and on dovish remarks from BoE Governor Carney.

International equities rallied strongly in July 2016, buoyed by expectations of easier monetary policy and a rebound in risk appetite, despite the increased uncertainty post Brexit. Sentiment was propped up as BoE Governor Carney hinted at monetary easing during the summer. In August 2016, the BoE delivered, cutting U.K. policy rates by 25 basis points and introducing a significant extension to its quantitative easing program. However, investor concerns about the impending U.S. interest rate hike intensified following a strong July 2016 U.S. jobs report and Fed Chair Yellen’s hawkish Jackson Hole speech. In September 2016, equities fell on the ECB’s lack of commitment to extending monetary easing beyond March 2017. However, there was a subsequent rebound following Fed and BoJ decisions, which markets viewed as generally benign—the Fed left rates unchanged, while the BoJ introduced a 0% target for its 10-year government bond yield to exercise “yield curve control.” (Yield curve indicates the spectrum of maturities within a particular sector.)

In October 2016, ECB minutes stressed a commitment to continued monthly bond-buying of 80 billion euros at least through March 2017, helping to dispel earlier concerns about potential tapering. The U.K.’s first official GDP growth figure since the Brexit vote was more robust than the consensus expected at 0.5%. Japanese equities enjoyed strong performance owing to weakness of the Japanese yen, as BoJ governor Kuroda stated there was room for further easing if necessary to achieve its 2% inflation target.

During the Reporting Period overall, international equities, as represented by the MSCI^® Europe, Australasia, Far East (“EAFE”) Index (Net, USD, Unhedged) (the “MSCI^® EAFE Index”), posted a return of -3.22%. Materials, industrials, energy, information technology and real estate were the only sectors in the MSCI^® EAFE Index to post a positive return. The weakest performing sectors in the MSCI^® EAFE Index during the Reporting Period were health care, financials and consumer discretionary.

From a country perspective, Australia and Japan were the only constituents of the MSCI^® EAFE Index to post a positive return during the Reporting Period. Italy was the weakest individual country constituent in the MSCI^® EAFE Index during the Reporting Period, followed at some distance by the U.K., Ireland and Spain.

Emerging Markets Equities

When the Reporting Period began in November 2015, there was broad emerging market “risk off” sentiment based on a combination of Fed interest rate hike concerns and disappointing macroeconomic data and negative news flow from China. When the Fed finally raised U.S. interest rates by 25 basis points in December 2015, the fairly dovish language in its statement, which emphasized “gradual” future adjustments to policy, helped to somewhat assuage market sentiment.

MARKET REVIEW

Emerging market equities suffered a rout at the beginning of 2016, triggered by investor concerns of an intensifying economic slowdown in China and exacerbated by an oil price plunge. Market sentiment improved in February 2016, and emerging market equities stabilized as global central banks set a more accommodative tone. For example, the BoJ introduced negative interest rates in late January 2016 and the People’s Bank of China resumed quantitative easing, while the Fed released dovish remarks in February 2016. In March 2016, further central bank dovishness, along with receding global economic concerns and a commodity price rebound, helped to drive a strong recovery in emerging market equities. Notably, the ECB implemented heavy monetary policy easing, cutting its deposit rate to -40 basis points and raising its monthly quantitative easing purchases. The BoJ left its monetary policy unchanged in March 2016, but its rhetoric about negative interest rates heightened expectations for further easing to come.

Market sentiment appeared to remain optimistic in April 2016, as oil prices rose and Chinese economic growth concerns abated with modestly improving economic data. The Fed left rates unchanged but expressed less concern about market volatility and global economic growth, opening up the possibility of a June 2016 rate hike. However, global sentiment moderated near the end of April 2016, as the BoJ disappointed markets by not implementing an additional monetary stimulus. Emerging market equities declined in May 2016, as they were affected by hawkish Fed meeting minutes that resulted in U.S. dollar strength against emerging market currencies. Moreover, disappointing April 2016 economic data from China, which indicated a slowdown in both consumption and industrial activity, fueled investor concerns of an economic slowdown within the emerging markets more broadly. Markets around the world were dominated in June 2016 by the U.K.’s referendum decision to leave the European Union, popularly known as Brexit. Emerging market equities shrugged off the initial risk-off response and rebounded quickly, outperforming developed market equities.

In July 2016, emerging market equities were buoyed by rebounding risk appetite and expectations of easier monetary policy following Brexit. Moreover, China’s economic data indicated improving momentum. Emerging market equities continued their ascent in August 2016, as China performed better than consensus expectations on a robust earnings season and on encouraging consumption and industrial data. While investor concerns about an impending U.S. interest rate hike intensified after a strong July 2016 U.S. jobs report and Fed Chair Yellen’s hawkish speech at Jackson Hole, there was limited impact on sentiment toward emerging market equities, which rallied further. In September 2016, emerging market equities maintained their uptrend, as the Fed left interest rates unchanged amidst much anticipation, citing concerns over low inflation. In October 2016, despite the headwinds from a stronger U.S. dollar that resulted from hawkish Fed commentary and strong U.S. economic data, emerging market equities, led by Latin America, outperformed their developed market counterparts.

During the Reporting Period overall, emerging market equities, as measured by the MSCI^® Emerging Markets Index (Net, USD, Unhedged) (the “MSCI^® EM Index”), generated a return of 9.24%. Energy, materials and information technology were the best performing sectors in the MSCI^® EM Index during the Reporting Period. Health care, industrials and telecommunication services were the weakest sectors in the MSCI^® EM Index, the only three sectors in the MSCI^® EM Index to post negative returns during the Reporting Period.

From a country perspective, Brazil, Hungary, Indonesia and Peru were by a wide margin the best performing individual country constituents of the MSCI^® EM Index for the Reporting Period. Conversely, Greece was by far the weakest individual country constituent of the MSCI^® EM Index, followed at some distance by Poland, Qatar, Turkey, the Czech Republic and Mexico, which also significantly lagged the MSCI^® EM Index during the Reporting Period.

MARKET REVIEW

Fixed Income Markets

Spread sectors started off the Reporting Period on a positive note, performing well during November and December 2015. Spread sectors then sold off in January 2016 through mid-

February 2016. The sell-off was driven by an increase in a number of perceived risks, such as slowing Chinese economic activity, the possibility of persistent oil oversupply and concerns about the effect of negative interest rates on the banking system after the BoJ surprised markets by cutting interest rates into negative territory. Some of these risks eased in the second half of the first quarter of 2016, as economic news from China improved, U.S. oil production showed signs of slowing and commodity prices appeared to stabilize. As a result, spread sectors largely retraced their earlier losses by the end of March 2016.

During the second quarter of 2016, spread sectors rallied on stabilization of commodities prices as well as on declining fears about slowing Chinese economic growth and the potential for a U.S. economic recession. Global interest rates broadly declined amid continued accommodative monetary policy from the world’s central banks. In the U.S., minutes from the Fed’s April 2016 policy meeting, released in mid-May 2016, suggested to many observers that policymakers might raise interest rates in June 2016 if U.S. economic growth strengthened, employment data firmed and inflation rose toward the Fed’s 2% target. In early June 2016, however, the release of weak May 2016 employment data raised concerns about the health of the U.S. economy, pushing down market expectations of a Fed interest rate hike. Indeed, the Fed did not raise interest rates at its June 2016 policy meeting. In the last week of June 2016, Brexit renewed investor uncertainty about the path of global economic growth. Spread sectors withstood the “leave” vote relatively well, selling off at first but then recovering most of their losses afterwards.

During the third calendar quarter and through the end of the Reporting Period, spread sectors generally advanced. Overall, global interest rates remained low, as the world’s central banks remained broadly accommodative. However, the Fed’s July 2016 policy statement was more hawkish than most observers expected, reflecting cautious optimism amid the market’s relatively muted reaction to the Brexit outcome and strengthening U.S. economic data. The July 2016 U.S. non-farm payrolls report showed 255,000 new jobs added, exceeding market expectations and countering a disappointing second quarter 2016 U.S. GDP report that showed growth of 1.2%. In the Eurozone, the ECB kept interest rates unchanged during July 2016. The BoJ, meanwhile, fell short of market expectations with the announcement of an equity purchase program and the lack of key monetary measures, such as an interest rate cut and increased government bond purchases. In August 2016, the BoE unveiled a “timely, coherent and comprehensive package,” as described by Governor Mark Carney, which included a number of measures intended to help the U.K. economy navigate a post-Brexit environment. Although the ECB kept monetary policy unchanged that same month, the European and U.K. credit markets received support from the ongoing corporate bond purchases of central banks. In the U.S., non-farm payroll gains moderated in August 2016, and manufacturing and services data weakened, but continued hawkish comments from the Fed boosted market expectations of an interest rate hike by the end of 2016. However, at its September 2016 policy meeting, the Fed kept short-term interest rates unchanged. In Japan, the BoJ announced a new “yield curve control” framework designed to steepen Japan’s government bond yield curve and alleviate the impact on financial institutions of low longer-term rates. During October 2016, the ECB kept monetary policy unchanged and offered little guidance on the possibility of an extension to its asset purchase program. Other central banks, including those in Australia, Canada and Sweden, also kept policy rates unchanged at their October 2016 meetings. In the U.S., the October 2016 non-farm payrolls report indicated 161,000 new jobs

MARKET REVIEW

were added, below market consensus, although August and September 2016 figures were revised upwards.

The broad U.S. fixed income market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, generated a return of 4.36% for the Reporting Period overall. High yield corporate bonds and sovereign emerging markets debt outperformed U.S. Treasuries, followed at some distance by investment grade corporate bonds. Commercial mortgage-backed securities, asset-backed securities and agency mortgage-backed securities also outperformed U.S. Treasuries, albeit more modestly. The U.S. Treasury yield curve, or spectrum of maturities, flattened during the Reporting Period, as yields on maturities of two years and less edged up and yields on maturities of three years and longer fell. The yield on the bellwether 10-year U.S. Treasury dropped approximately 32 basis points to end the Reporting Period at 1.84%. (A basis point is 1/100th of a percentage point. A flattening yield curve is one wherein the differential in yields between longer-term and shorter-term maturities narrows.)

Looking Ahead

At the end of the Reporting Period, we expected the economic growth outlook for the U.S., Japan and China to improve. In the U.S., a strong labor market appeared to be supporting consumption, and a slower pace of monetary policy normalization should, in our view, prevent a sharp tightening of financial conditions. We also believed that positive developments in the manufacturing sector, arising from a decline in inventories as well as a boost in consumer spending due to a strengthening labor market, may further support U.S. economic growth for the rest of 2016. Looking to 2017, we expect President-elect Donald Trump’s administration to pursue tax cuts and increased fiscal spending, which could lead to an acceleration in both U.S. economic growth and inflation. As a result, we believe the Fed is likely to raise interest rates at its December 2016 meeting.

In Japan, we believe the continuation and expansion of the BoJ’s accommodative monetary policy means economic growth could potentially surprise to the upside, though we believe Abenomics is running out of ammunition. (Abenomics refers to the multi-pronged economic program of Japanese Prime Minister Shinzo Abe. It seeks to remedy two decades of economic stagnation by increasing Japan’s money supply, boosting government spending and enacting reforms to make the economy more competitive.) In China, the government’s rapid fiscal policy response to the economic slowdown earlier in 2016 suggests to us that the country’s positive growth impulses are likely to continue in the near term.

In Europe, we expect the ECB to extend its quantitative easing program beyond March 2017, when it is currently scheduled to end, to address a weak economic growth and inflation outlook. We believe Eurozone inflation will likely continue to be disappointing and that economic growth may slow in 2017. While the U.K. appears to have avoided the worst immediate near-term Brexit scenario, we expect additional easing from the BoE in the coming months. Political uncertainty arising from negotiations on issues such as immigration and access to the European Union’s single market are likely, in our view, to provide challenges for the U.K.’s economic outlook, and thus we anticipate weak economic growth in the U.K. during 2017.

In the months ahead, global political uncertainty has the potential to increase market volatility. These uncertainties include the December 2016 Italian referendum on constitutional reform and 2017 elections in Germany and France.

PORTFOLIO RESULTS

Goldman Sachs Target Date 2020 Portfolio, Goldman Sachs Target Date 2030 Portfolio, Goldman Sachs Target Date 2040 Portfolio and Goldman Sachs Target Date 2050 Portfolio

Investment Process and Principal Strategies

The Goldman Sachs Target Date 2020 Portfolio, the Goldman Sachs Target Date 2030 Portfolio, the Goldman Sachs Target Date 2040 Portfolio and the Goldman Sachs Target Date 2050 Portfolio (collectively, the “Portfolios”) seek to provide capital appreciation and current income consistent with each respective Portfolio’s current asset allocation. The Portfolios employ asset allocation strategies designed for investors who plan to retire and to begin gradually withdrawing their investment beginning on or around 2020, 2030, 2040 and 2050, respectively (the “Target Dates”). The Portfolios generally seek to achieve their investment objective by investing in shares of exchange-traded funds (“ETFs”) and other registered investment companies (collectively, the “Underlying Funds”), according to an asset allocation strategy developed by Madison Asset Management, LLC, the sub-adviser, which is unaffiliated with Goldman Sachs Asset Management, L.P., the investment adviser for the Portfolios.

Portfolio Management Discussion and Analysis

Below, the Madison Asset Management, LLC portfolio management team, the Portfolios’ sub-adviser, discusses the Portfolios’ performance and positioning for the 12-month period ended October 31, 2016 (the “Reporting Period”). Effective August 22, 2016, Madison Target Retirement 2020 Fund, Madison Target Retirement 2030 Fund, Madison Target Retirement 2040 Fund, and Madison Target Retirement 2050 Fund (each, a “Predecessor Fund”) were reorganized into a corresponding Portfolio. Each Portfolio has assumed the applicable Predecessor Fund’s historical performance. Therefore, the performance information reported below for each Portfolio is the combined performance of the Portfolio and its Predecessor Fund (except for Class A, Institutional, Service, IR and R Shares, which were not offered by the Predecessor Fund).

How did the Portfolios perform during the Reporting Period?

Goldman Sachs Target Date 2020 Portfolio — During the Reporting Period, the Target Date 2020 Portfolio’s Class R6 Shares generated an average annual total return of 3.65%. This compares to the 3.48% average annual total return of the Portfolio’s benchmark, the S&P Target Date To 2020 Index (Total Return, Unhedged, USD) during the same period. For the period since their inception on August 22, 2016 through October 31, 2016, the Target Date 2020 Portfolio’s Class A, Institutional, Service, IR, and R Shares generated cumulative total returns of -1.49%, -1.39%, -1.49%, -1.39% and -1.49%, respectively. This compares to the -1.37% cumulative total return of the S&P Target Date To 2020 Index (Total Return, Unhedged, USD) during the same period.

Goldman Sachs Target Date 2030 Portfolio — During the Reporting Period, the Target Date 2030 Portfolio’s Class R6 Shares generated an average annual total return of 3.23%. This compares to the 3.43% average annual total return of the Portfolio’s benchmark, the S&P Target Date To 2030 Index (Total Return, Unhedged, USD) during the same period. For the period since their inception on August 22, 2016 through October 31, 2016, the Target Date 2030 Portfolio’s Class A, Institutional, Service, IR, and R Shares generated cumulative total returns of -1.91%, -1.81%, -1.91%, -1.81% and -1.91%, respectively. This compares to the -1.63% cumulative total return of the S&P Target Date To 2030 Index (Total Return, Unhedged, USD) during the same period.

Goldman Sachs Target Date 2040 Portfolio — During the Reporting Period, the Target Date 2040 Portfolio’s Class R6

PORTFOLIO RESULTS

Shares generated an average annual total return of 3.33%. This compares to the 3.23% average annual total return of the Portfolio’s benchmark, the S&P Target Date To 2040 Index (Total Return, Unhedged, USD) during the same period. For the period since their inception on August 22, 2016 through October 31, 2016, the Target Date 2040 Portfolio’s Class A, Institutional, Service, IR, and R Shares generated cumulative total returns of -1.94%, -1.94%, -1.94%, -1.94% and -2.05%, respectively. This compares to the -1.89% cumulative total return of the S&P Target Date To 2040 Index (Total Return, Unhedged, USD) during the same period.

Goldman Sachs Target Date 2050 Portfolio — During the Reporting Period, the Target Date 2050 Portfolio’s Class R6 Shares generated an average annual total return of 3.37%. This compares to the 3.13% average annual total return of the Portfolio’s benchmark, the S&P Target Date To 2050 Index (Total Return, Unhedged, USD) during the same period. For the period since their inception on August 22, 2016 through October 31, 2016, the Target Date 2050 Portfolio’s Class A, Institutional, Service, IR, and R Shares generated cumulative total returns of -2.00%, -2.00%, -2.10%, -2.00% and -2.10%, respectively. This compares to the -1.96% cumulative total return of the S&P Target Date To 2050 Index (Total Return, Unhedged, USD) during the same period.

What key factors affected the Portfolios’ performance during the Reporting Period?

During the Reporting Period, the Portfolios benefited from our strategic allocation decisions to favor certain asset classes through the Underlying Funds. The implementation of our tactical allocation decisions produced mixed results. Overall, the performance of the Underlying Funds hurt the Portfolios’ returns during the Reporting Period.

How did the Portfolios’ strategic allocations affect performance during the Reporting Period?

Within the Portfolios’ strategic allocations, our preference for U.S. equities over international equities added to performance as U.S. stocks outperformed international equities during the Reporting Period. Within U.S. stocks, the Portfolios’ allocations to large-cap and mid-cap stocks contributed positively to results. The Portfolios also benefited from allocations to the information technology and energy sectors as well as to the regional banking industry. However, the Portfolios were hampered by stock selection within their strategic allocations to the PowerShares BuyBack Achievers™ Portfolio, the SPDR^® S&P^® Homebuilders ETF and the Vanguard Health Care ETF.

Overall, the Portfolios’ limited exposure to fixed income did not have meaningful impact on performance. Within fixed income, the Portfolios were biased toward U.S. Treasury securities, which hurt returns overall. On the positive side, allocations to long duration U.S. Treasury securities, bank loans and Treasury inflation-protected securities (“TIPS”) added to results.

How did your tactical allocation decisions help or hurt performance during the Reporting Period?

Our tactical allocation decisions to focus on certain asset classes through the Underlying Funds generated mixed results during the Reporting Period.

The Portfolios were hindered overall by our preference for U.S. Treasury securities. Although our emphasis on long-duration Treasuries added to performance, these results were more than offset by large allocations to three- to seven-year Treasuries as well as to corporate credit, which detracted from performance. In addition, the Portfolios were hurt by their large cash positions. The Portfolios’ limited exposure to emerging market equities also dampened results.

The Portfolios’ allocations to TIPS bolstered returns as inflation expectations increased throughout the Reporting Period. In addition, allocations to bank loans performed well as spreads (or yield differentials) narrowed between U.S. Treasuries and high yield corporate bonds of comparable maturity. The Portfolios were also helped by their allocations to gold. Within U.S. equities, a bias toward information technology stocks contributed positively.

Did the Underlying Funds help or hurt the Portfolios’ performance during the Reporting Period?

During the Reporting Period, the performance of the Portfolios’ Underlying Funds overall detracted from returns.

Of the Portfolios’ equity-related Underlying Funds, the Portfolios’ weakest performers were the iShares^® Edge MSCI^® Min Vol EAFE ETF (EFAV), the WisdomTree Japan Hedged Equity Fund (DXJ) and the PowerShares BuyBack Achievers™ Portfolio (PKW). EFAV, which was rather conservatively positioned, lagged as riskier asset classes rallied during the last six months of the Reporting Period. DXJ’s hedged U.S. dollar positions were hurt by the strength of the Japanese yen. PKW was hampered by its emphasis on consumer discretionary stocks. The Portfolios’

PORTFOLIO RESULTS

strongest performers were the Vanguard Information Technology ETF (VGT), the Energy Select Sector SPDR^® ETF (XLE) and the SPDR^® S&P^® Regional Banking ETF (KRE). VGT performed well as large-cap technology companies maintained strong earnings. XLE benefited from rising oil prices. KRE gained as interest rates rose during the last three months of the Reporting Period.

Of the Portfolios’ fixed income-related Underlying Funds, the iShares^® TIPS Bond ETF (TIP) and the PowerShares Senior Loan Fund (BKLN) posted solid results. TIP gained as inflation expectations increased throughout the Reporting Period. BKLN benefited as spreads narrowed between U.S. Treasuries and high yield corporate bonds. Although the iShares^® 20+ Year Treasury Bond ETF performed well, the iShares^® 3-7 Year Treasury Bond ETF retreated.

Of the Portfolios’ Underlying Funds focused on alternative investments, the SPDR^® Gold Shares ETF generated positive returns as gold prices rose during the Reporting Period.

How did the Portfolios use derivatives and similar instruments during the Reporting Period?

The Portfolios do not directly invest in derivatives. However, some of the Underlying Funds used derivatives during the Reporting Period to allow them to track their respective benchmark indices with more precision. These included options, forwards, futures, swaps, structured securities and other derivative instruments.

What changes did you make to the Portfolios’ strategic allocations during the Reporting Period?

During the Reporting Period, we modestly increased the Portfolios’ strategic allocations to international equities. In addition, we modestly reduced the Portfolios’ strategic allocations to U.S. equities as we considered non-U.S. equities somewhat more attractive after the uncertainty of the Brexit vote had passed.

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

In the near term, we expect to see low returns from virtually all asset classes. Therefore, we believe managing risk is likely to be of greater importance going forward. We plan to maintain a defensive posture in the Portfolios, with a continued emphasis on seeking to generate strong risk-adjusted returns.

FUND BASICS

Target Date 2020 Portfolio

as of October 31, 2016

LOGO


PERFORMANCE REVIEW
November 1, 2015–October 31, 2016	Portfolio Total Return (based on NAV)¹			S&P Target Date To 2020 (Total Return, Unhedged, USD)²
Class R6		3.65	%		3.48	%


August 22, 2016–October 31, 2016
Class A		-1.49	%		-1.37	%
Institutional		-1.39			-1.37
Service		-1.49			-1.37
Class IR		-1.39			-1.37
Class R		-1.49			-1.37

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

The S&P Target Date Index Series is a component of the S&P Target Allocation Index Family, and is related to the S&P Target Risk Index Series. Both series are broadly representative of the investment opportunity available to investors in target risk and target date funds, respectively. The index series reflects the market consensus for asset allocations for different target date horizons. In particular, each index is representative of the investment opportunity available to investors for the corresponding target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon.

Effective August 22, 2016, the Madison Target Retirement 2020 Fund (the “Predecessor Fund”) was reorganized into the Portfolio. The Portfolio has assumed the Predecessor Fund’s historical performance. The returns for the Predecessor Fund for periods prior to August 29, 2014 reflect the performance of the Madison Target Retirement 2020 Fund’s Class I Shares, a series of Ultra Series Fund (the “Ultra Predecessor Fund”). As of August 29, 2014, the inception date of the Predecessor Fund, the Ultra Predecessor Fund exchanged in kind substantially all of its portfolio holdings for Class R6 shares of the Predecessor Fund. As a result, the Predecessor Fund assumed the performance of the Ultra Predecessor Fund. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Portfolio’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Returns less than 12 months are cumulative, not annualized.

FUND BASICS

STANDARDIZED TOTAL RETURNS³

For the period ended 09/30/16

One Year

Five Years

Since Inception

Inception Date

Class A

N/A

-5.74

8/22/16

Institutional

N/A

-0.20

8/22/16

Service

N/A

-0.30

8/22/16

Class IR

N/A

-0.20

8/22/16

Class R

N/A

-0.30

8/22/16

Class R6

7.60

7.92

2.60

10/01/07

The Standardized Total Returns are average annual or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares. Because Institutional, Service, Class IR, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

Effective

August 22, 2016, the Madison Target Retirement 2020 Fund (the “Predecessor Fund”) was reorganized into the Portfolio. The Portfolio has assumed the Predecessor Fund’s historical performance. The returns for the Predecessor Fund for periods prior to August 29, 2014 reflect the performance of the Madison Target Retirement 2020 Fund’s Class I Shares, a series of Ultra Series Fund (the “Ultra Predecessor Fund”). As of August 29, 2014, the inception date of the Predecessor Fund, the Ultra Predecessor Fund exchanged in kind substantially all of its portfolio holdings for Class R6 shares of the Predecessor Fund. As a result, the Predecessor Fund assumed the performance of the Ultra Predecessor Fund. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.

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


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.96	%		1.06	%
Institutional		0.56			0.66
Service		1.06			1.16
Class IR		0.71			0.81
Class R		1.21			1.31
Class R6		0.54			0.64

⁴

The expense ratios of the Portfolio, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Portfolio and will differ from the expense ratios disclosed in the Financial Highlights in this report due to the inclusion of Underlying Fund fees and expenses, which are not included in the operating expenses of the Portfolio reflected in the Financial Highlights. Pursuant to a contractual arrangement, the Portfolio’s waivers and/or expense limitations will remain in place through at least August 22, 2018, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Portfolio’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

FUND BASICS


TOP TEN HOLDINGS AS OF 10/31/16⁵
Holding	% of Net Assets			Line of Business
iShares 3-7 Year Treasury Bond ETF		17.5	%	Exchange Traded Funds
iShares TIPS Bond ETF		15.0		Exchange Traded Funds
iShares 7-10 Year Treasury Bond ETF		10.0		Exchange Traded Funds
iShares Core S&P 500 ETF		8.6		Exchange Traded Funds
Vanguard Short-Term Corporate Bond ETF		7.0		Exchange Traded Funds
PowerShares Senior Loan Portfolio		7.0		Exchange Traded Funds
SPDR S&P 500 ETF Trust		4.9		Exchange Traded Funds
Vanguard FTSE All-World ex-U.S. ETF		3.5		Exchange Traded Funds
PowerShares DB Gold Fund		2.5		Exchange Traded Funds
iShares Core S&P Mid-Cap ETF		2.3		Exchange Traded Funds

⁵

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


PORTFOLIO COMPOSITION⁶
	As of October 31, 2016			As of October 31, 2015
Bond Funds		59.6	%		60.6	%
Stock Funds		25.5			27.4
Foreign Stock Funds		8.5			7.5
Alternative Funds		2.5			2.5
Investment Companies		—			2.0

⁶

The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each fund type reflects the value of that fund type as a percentage of the Portfolio’s net assets. Figures above may not sum to 100% due to rounding and/or exclusion of other assets and liabilities.

GOLDMAN SACHS TARGET DATE 2020 PORTFOLIO

Performance Summary

October 31, 2016

The following graph shows the value, as of October 31, 2016, of a $10,000 investment made on October 1, 2007 (commencement of operations of the Ultra Predecessor Fund) in Class R6 Shares. For comparative purposes, the performance of the Portfolio’s benchmark, the S&P Target Date to 2020 Index (Total Return, Unhedged, USD), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations currently in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Performance of Class A, Institutional, Service, Class IR and Class R Shares will vary from Class R6 Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding underlying fund selection and allocations among them, other factors may affect Portfolio performance. These factors include, but are not limited to, portfolio operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Portfolio.

Target Date 2020 Portfolio’s Lifetime Performance

Performance of a $10,000 investment, with distributions reinvested, from October 1, 2007 through October 31, 2016.

LOGO


Average Annual Total Return through October 31, 2016	One Year	Five Years	Since Inception
Class A (Commenced August 22, 2016)
Excluding sales charges	N/A	N/A	-1.49%*
Including sales charges	N/A	N/A	-6.87%*

Institutional Class (Commenced August 22, 2016)	N/A	N/A	-1.39%*

Service Class (Commenced August 22, 2016)	N/A	N/A	-1.49%*

Class IR (Commenced August 22, 2016)	N/A	N/A	-1.39%*

Class R (Commenced August 22, 2016)	N/A	N/A	-1.49%*

Class R6 (Commenced October 1, 2007)	3.65%	6.56%	2.44%

Total return for periods of less than one year represents cumulative total return.

FUND BASICS

Target Date 2030 Portfolio

as of October 31, 2016

LOGO


PERFORMANCE REVIEW
November 1, 2015–October 31, 2016	Portfolio Total Return (based on NAV)¹			S&P Target Date To 2030 (Total Return, Unhedged, USD)²
Class R6		3.23	%		3.43	%


August 22, 2016–October 31, 2016
Class A		-1.91	%		-1.63	%
Institutional		-1.81			-1.63
Service		-1.91			-1.63
Class IR		-1.81			-1.63
Class R		-1.91			-1.63

Effective August 22, 2016, the Madison Target Retirement 2030 Fund (the “Predecessor Fund”) was reorganized into the Portfolio. The Portfolio has assumed the Predecessor Fund’s historical performance. The returns for the Predecessor Fund for periods prior to August 29, 2014 reflect the performance of the Madison Target Retirement 2030 Fund’s Class I Shares, a series of Ultra Series Fund (the “Ultra Predecessor Fund”). As of August 29, 2014, the inception date of the Predecessor Fund, the Ultra Predecessor Fund exchanged in kind substantially all of its portfolio holdings for Class R6 shares of the Predecessor Fund. As a result, the Predecessor Fund assumed the performance of the Ultra Predecessor Fund. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.

FUND BASICS

STANDARDIZED TOTAL RETURNS³

For the period ended 09/30/16

One Year

Five Years

Since Inception

Inception Date

Class A

N/A

-5.80

8/22/16

Institutional

N/A

-0.30

8/22/16

Service

N/A

-0.30

8/22/16

Class IR

N/A

-0.30

8/22/16

Class R

N/A

-0.30

8/22/16

Class R6

9.25

9.59

2.89

10/01/07

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


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.96	%		1.06	%
Institutional		0.56			0.66
Service		1.06			1.16
Class IR		0.71			0.81
Class R		1.21			1.31
Class R6		0.54			0.64

⁴

FUND BASICS


TOP TEN HOLDINGS AS OF 10/31/16⁵
Holding	% of Net Assets			Line of Business
SPDR S&P 500 ETF Trust		14.0	%	Exchange Traded Funds
iShares TIPS Bond ETF		11.0		Exchange Traded Funds
iShares 7-10 Year Treasury Bond ETF		9.0		Exchange Traded Funds
iShares Core S&P 500 ETF		8.5		Exchange Traded Funds
Vanguard FTSE All-World ex-U.S. ETF		5.8		Exchange Traded Funds
PowerShares Senior Loan Portfolio		5.5		Exchange Traded Funds
Vanguard Short-Term Corporate Bond ETF		4.0		Exchange Traded Funds
iShares Core S&P Mid-Cap ETF		3.8		Exchange Traded Funds
iShares Edge MSCI^® Minimum Volatility EAFE ETF		3.3		Exchange Traded Funds
iShares 3-7 Year Treasury Bond ETF		3.0		Exchange Traded Funds

⁵

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


PORTFOLIO COMPOSITION⁶
	As of October 31, 2016			As of October 31, 2015
Stock Funds		43.5	%		43.8	%
Bond Funds		35.0			39.1
Foreign Stock Funds		14.3			12.0
Alternative Funds		2.5			3.1
Investment Companies		0.8			2.0

⁶

GOLDMAN SACHS TARGET DATE 2030 PORTFOLIO

Performance Summary

October 31, 2016

The following graph shows the value, as of October 31, 2016, of a $10,000 investment made on October 1, 2007 (commencement of operations of the Ultra Predecessor Fund) in Class R6 Shares. For comparative purposes, the performance of the Portfolio’s benchmark, the S&P Target Date to 2030 Index (Total Return, Unhedged, USD), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations currently in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Performance of Class A, Institutional, Service, Class IR and Class R Shares will vary from Class R6 Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding underlying fund selection and allocations among them, other factors may affect Portfolio performance. These factors include, but are not limited to, portfolio operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Portfolio.

Target Date 2030 Portfolio’s Lifetime Performance

Performance of a $10,000 investment, with distributions reinvested, from October 1, 2007 through October 31, 2016.

LOGO


Average Annual Total Return through October 31, 2016	One Year	Five Years	Since Inception
Class A (Commenced August 22, 2016)
Excluding sales charges	N/A	N/A	-1.91%*
Including sales charges	N/A	N/A	-7.33%*

Institutional Class (Commenced August 22, 2016)	N/A	N/A	-1.81%*

Service Class (Commenced August 22, 2016)	N/A	N/A	-1.91%*

Class IR (Commenced August 22, 2016)	N/A	N/A	-1.81%*

Class R (Commenced August 22, 2016)	N/A	N/A	-1.91%*

Class R6 (Commenced October 1, 2007)	3.23%	7.91%	2.69%

Total return for periods of less than one year represents cumulative total return.

FUND BASICS

Target Date 2040 Portfolio

as of October 31, 2016

LOGO


PERFORMANCE REVIEW
November 1, 2015–October 31, 2016	Portfolio Total Return (based on NAV)¹			S&P Target Date To 2040 (Total Return, Unhedged, USD)²
Class R6		3.33	%		3.23	%


August 22, 2016–October 31, 2016
Class A		-1.94	%		-1.85	%
Institutional		-1.94			-1.85
Service		-1.94			-1.85
Class IR		-1.94			-1.85
Class R		-2.05			-1.85

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

Effective August 22, 2016, the Madison Target Retirement 2040 Fund (the “Predecessor Fund”) was reorganized into the Portfolio. The Portfolio has assumed the Predecessor Fund’s historical performance. The returns for the Predecessor Fund for periods prior to August 29, 2014 reflect the performance of the Madison Target Retirement 2040 Fund’s Class I Shares, a series of Ultra Series Fund (the “Ultra Predecessor Fund”). As of August 29, 2014, the inception date of the Predecessor Fund, the Ultra Predecessor Fund exchanged in kind substantially all of its portfolio holdings for Class R6 shares of the Predecessor Fund. As a result, the Predecessor Fund assumed the performance of the Ultra Predecessor Fund. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.

FUND BASICS

STANDARDIZED TOTAL RETURNS³

For the period ended 09/30/16

One Year

Five Years

Since Inception

Inception Date

Class A

N/A

-5.80

8/22/16

Institutional

N/A

-0.31

8/22/16

Service

N/A

-0.41

8/22/16

Class IR

N/A

-0.31

8/22/16

Class R

N/A

-0.41

8/22/16

Class R6

10.28

10.50

2.61

10/01/07

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


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.96	%		1.06	%
Institutional		0.56			0.66
Service		1.06			1.16
Class IR		0.71			0.81
Class R		1.21			1.31
Class R6		0.54			0.64

⁴

FUND BASICS


TOP TEN HOLDINGS AS OF 10/31/16⁵
Holding	% of Net Assets			Line of Business
SPDR S&P 500 ETF Trust		15.5	%	Exchange Traded Funds
iShares Core S&P 500 ETF		10.0		Exchange Traded Funds
iShares 7-10 Year Treasury Bond ETF		8.0		Exchange Traded Funds
iShares TIPS Bond ETF		7.0		Exchange Traded Funds
Vanguard FTSE All-World ex-U.S. ETF		5.8		Exchange Traded Funds
PowerShares Senior Loan Portfolio		4.5		Exchange Traded Funds
iShares Core S&P Mid-Cap ETF		4.3		Exchange Traded Funds
Schwab U.S. Dividend Equity ETF		4.0		Exchange Traded Funds
Vanguard Information Technology ETF		4.0		Exchange Traded Funds
iShares Edge MSCI^® Minimum Volatility EAFE ETF		3.8		Exchange Traded Funds

⁵

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


PORTFOLIO COMPOSITION⁶
	As of October 31, 2016			As of October 31, 2015
Stock Funds		50.5	%		51.4	%
Bond Funds		25.0			29.1
Foreign Stock Funds		16.8			14.5
Alternative Funds		2.5			3.0
Investment Companies		1.3			2.0

⁶

GOLDMAN SACHS TARGET DATE 2040 PORTFOLIO

Performance Summary

October 31, 2016

The following graph shows the value, as of October 31, 2016, of a $10,000 investment made on October 1, 2007 (commencement of operations of the Ultra Predecessor Fund) in Class R6 Shares. For comparative purposes, the performance of the Portfolio’s benchmark, the S&P Target Date to 2040 Index (Total Return, Unhedged, USD), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations currently in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Performance of Class A, Institutional, Service, Class IR and Class R Shares will vary from Class R6 Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding underlying fund selection and allocations among them, other factors may affect Portfolio performance. These factors include, but are not limited to, portfolio operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Portfolio.

Target Date 2040 Portfolio’s Lifetime Performance

Performance of a $10,000 investment, with distributions reinvested, from October 1, 2007 through October 31, 2016.

LOGO


Average Annual Total Return through October 31, 2016	One Year	Five Years	Since Inception
Class A (Commenced August 22, 2016)
Excluding sales charges	N/A	N/A	-1.94%*
Including sales charges	N/A	N/A	-7.35%*

Institutional Class (Commenced August 22, 2016)	N/A	N/A	-1.94%*

Service Class (Commenced August 22, 2016)	N/A	N/A	-1.94%*

Class IR (Commenced August 22, 2016)	N/A	N/A	-1.94%*

Class R (Commenced August 22, 2016)	N/A	N/A	-2.05%*

Class R6 (Commenced October 1, 2007)	3.33%	8.62%	2.41%

Total return for periods of less than one year represents cumulative total return.

FUND BASICS

Target Date 2050 Portfolio

as of October 31, 2016

LOGO


PERFORMANCE REVIEW
November 1, 2015–October 31, 2016	Portfolio Total Return (based on NAV)¹			S&P Target Date To 2050 (Total Return, Unhedged, USD)²
Class R6		3.37	%		3.13	%


August 22, 2016–October 31, 2016
Class A		-2.00	%		-1.96	%
Institutional		-2.00			-1.96
Service		-2.10			-1.96
Class IR		-2.00			-1.96
Class R		-2.10			-1.96

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

Effective August 22, 2016, the Madison Target Retirement 2050 Fund (the “Predecessor Fund”) was reorganized into the Portfolio. The Portfolio has assumed the Predecessor Fund’s historical performance. The returns for the Predecessor Fund for periods prior to August 29, 2014 reflect the performance of the Madison Target Retirement 2050 Fund’s Class I Shares, a series of Ultra Series Fund (the “Ultra Predecessor Fund”). As of August 29, 2014, the inception date of the Predecessor Fund, the Ultra Predecessor Fund exchanged in kind substantially all of its portfolio holdings for Class R6 shares of the Predecessor Fund. As a result, the Predecessor Fund assumed the performance of the Ultra Predecessor Fund. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.

FUND BASICS

STANDARDIZED TOTAL RETURNS³

For the period ended 09/30/16

One Year

Five Years

Since Inception

Inception Date

Class A

N/A

-5.77

8/22/16

Institutional

N/A

-0.30

8/22/16

Service

N/A

-0.30

8/22/16

Class IR

N/A

-0.30

8/22/16

Class R

N/A

-0.40

8/22/16

Class R6

11.36

11.55

8.16

10/01/07

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


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.96	%		1.06	%
Institutional		0.56			0.66
Service		1.06			1.16
Class IR		0.71			0.81
Class R		1.21			1.31
Class R6		0.54			0.64

⁴

FUND BASICS


TOP TEN HOLDINGS AS OF 10/31/16⁵
Holding	% of Net Assets			Line of Business
iShares Core S&P 500 ETF		21.5	%	Exchange Traded Funds
SPDR S&P 500 ETF Trust		6.5		Exchange Traded Funds
iShares 7-10 Year Treasury Bond ETF		6.0		Exchange Traded Funds
Vanguard FTSE All-World ex-U.S. ETF		5.8		Exchange Traded Funds
Schwab U.S. Dividend Equity ETF		5.0		Exchange Traded Funds
iShares Core S&P Mid-Cap ETF		4.8		Exchange Traded Funds
Vanguard Information Technology ETF		4.7		Exchange Traded Funds
iShares Edge MSCI^® Minimum Volatility EAFE ETF		4.3		Exchange Traded Funds
iShares TIPS Bond ETF		4.0		Exchange Traded Funds
PowerShares Buyback Achievers Portfolio		3.5		Exchange Traded Funds

⁵

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


PORTFOLIO COMPOSITION⁶
	As of October 31, 2016			As of October 31, 2015
Stock Funds		58.0	%		58.9	%
Foreign Stock Funds		19.3			17.0
Bond Funds		15.0			19.1
Alternative Funds		2.5			3.0
Investment Companies		1.3			2.0

⁶

GOLDMAN SACHS TARGET DATE 2050 PORTFOLIO

Performance Summary

October 31, 2016

The following graph shows the value, as of October 31, 2016, of a $10,000 investment made on January 3, 2011 (commencement of operations of the Ultra Predecessor Fund) in Class R6 Shares. For comparative purposes, the performance of the Portfolio’s benchmark, the S&P Target Date to 2050 Index (Total Return, Unhedged, USD), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations currently in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Performance of Class A, Institutional, Service, Class IR and Class R Shares will vary from Class R6 Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding underlying fund selection and allocations among them, other factors may affect Portfolio performance. These factors include, but are not limited to, portfolio operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Portfolio.

Target Date 2050 Portfolio’s Lifetime Performance

Performance of a $10,000 investment, with distributions reinvested, from January 3, 2011 through October 31, 2016.

LOGO


Average Annual Total Return through October 31, 2016	One Year	Five Years	Since Inception
Class A (Commenced August 22, 2016)
Excluding sales charges	N/A	N/A	-2.00%*
Including sales charges	N/A	N/A	-7.37%*

Institutional Class (Commenced August 22, 2016)	N/A	N/A	-2.00%*

Service Class (Commenced August 22, 2016)	N/A	N/A	-2.10%*

Class IR (Commenced August 22, 2016)	N/A	N/A	-2.00%*

Class R (Commenced August 22, 2016)	N/A	N/A	-2.10%*

Class R6 (Commenced January 3, 2011)	3.37%	9.37%	7.72%

Total return for periods of less than one year represents cumulative total return.

PORTFOLIO RESULTS

Goldman Sachs Target Date 2025 Portfolio, Goldman Sachs Target Date 2035 Portfolio, Goldman Sachs Target Date 2045 Portfolio and Goldman Sachs Target Date 2055 Portfolio

Investment Process and Principal Strategies

The Goldman Sachs Target Date 2025 Portfolio, the Goldman Sachs Target Date 2035 Portfolio, the Goldman Sachs Target Date 2045 Portfolio and the Goldman Sachs Target Date 2055 Portfolio (collectively, the “Portfolios”) seek to provide capital appreciation and current income consistent with each respective Portfolio’s current asset allocation. The Portfolios employ asset allocation strategies designed for investors who plan to retire and to begin gradually withdrawing their investment beginning on or around 2025, 2035, 2045 and 2055, respectively (the “Target Dates”). The Portfolios generally seek to achieve their investment objective by investing in shares of exchange-traded funds (“ETFs”) and other registered investment companies (collectively, the “Underlying Funds”), according to an asset allocation strategy developed by Madison Asset Management, LLC, the sub-adviser, which is unaffiliated with Goldman Sachs Asset Management, L.P., the investment adviser for the Portfolios.

Portfolio Management Discussion and Analysis

Below, the Madison Asset Management, LLC portfolio management team, the Portfolios’ sub-adviser, discusses the Portfolios’ performance and positioning for the period since inception on August 22, 2016 through October 31, 2016 (the “Reporting Period”).

How did the Portfolios perform during the Reporting Period?

Goldman Sachs Target Date 2025 Portfolio — During the Reporting Period, the Target Date 2025 Portfolio’s Class A, Institutional, Service, IR, R and R6 Shares generated cumulative total returns of -1.70%, -1.70%, -1.80%, -1.70%, -1.80% and -1.70%, respectively. This compares to the -1.51% cumulative total return of the Portfolio’s benchmark, the S&P Target Date To 2025 Index (Total Return, Unhedged, USD) during the same period.

Goldman Sachs Target Date 2035 Portfolio — During the Reporting Period, the Target Date 2035 Portfolio’s Class A, Institutional, Service, IR, R and R6 Shares generated cumulative total returns of -1.90%, -1.90%, -2.00%, -1.90%, -2.00% and -1.90%, respectively. This compares to the -1.74% cumulative total return of the Portfolio’s benchmark, the S&P Target Date To 2035 Index (Total Return, Unhedged, USD) during the same period.

Goldman Sachs Target Date 2045 Portfolio — During the Reporting Period, the Target Date 2045 Portfolio’s Class A, Institutional, Service, IR, R and R6 Shares generated cumulative total returns of -2.00%, -1.90%, -2.00%, -2.00%, -2.10% and -2.00%, respectively. This compares to the -1.91% cumulative total return of the Portfolio’s benchmark, the S&P Target Date To 2045 Index (Total Return, Unhedged, USD) during the same period.

Goldman Sachs Target Date 2055 Portfolio — During the Reporting Period, the Target Date 2055 Portfolio’s Class A, Institutional, Service, IR, R and R6 Shares generated cumulative total returns of -2.10%, -2.00%, -2.10%, -2.00%, -2.10% and -2.00%, respectively. This compares to the -1.99% cumulative total return of the Portfolio’s benchmark, the S&P Target Date To 2055 Index (Total Return, Unhedged, USD) during the same period.

PORTFOLIO RESULTS

What key factors affected the Portfolios’ performance during the Reporting Period?

During the Reporting Period, the Portfolios were hurt by our strategic allocation decisions to favor certain asset classes through the Underlying Funds. The implementation of our tactical allocation decisions added to returns. Overall, the performance of Underlying Funds detracted from results during the Reporting Period.

How did the Portfolios’ strategic allocations affect performance during the Reporting Period?

The Portfolios’ limited exposure to fixed income and international equities detracted from performance. U.S. stocks outperformed both the broad fixed income market and international equities during the Reporting Period.

Within U.S. equities, the Portfolios benefited from their allocations to information technology and regional banks as well as to the S&P 500^® Index and dividend-paying stocks. However, stock selection within the Portfolios’ strategic allocation to the SPDR^® S&P^® Homebuilders ETF detracted from results.

Within international equities, security selection with the Portfolios’ strategic allocations to the iShares^® Edge MSCI^® Min Vol EAFE ETF and the VanEck Vectors™ Gold Miners ETF hurt performance. On the other hand, the Portfolios were helped by their U.S. dollar-hedged positions in the Japanese and European stock markets.

Within fixed income, security selection within the Portfolios’ strategic allocations to the iShares^® 20+ Year Treasury Bond ETF dampened returns. However, allocations to Treasury inflation-protected securities (“TIPS”) and bank loans bolstered performance.

How did your tactical allocation decisions help or hurt performance during the Reporting Period?

Our tactical allocation decisions to focus on certain asset classes through the Underlying Funds added to relative performance during the Reporting Period.

The Portfolios’ tactical allocations to TIPS and bank loans contributed positively. Within U.S. equities, the Portfolios’ emphasis on information technology and regional bank stocks added to returns. In addition, a bias toward Japanese stocks produced gains.

The Portfolios were hurt by their tactical allocations to longer-duration U.S. Treasury securities. In addition, exposure to rising interest rates through the iShares^® Edge MSCI^® Min Vol EAFE ETF had negative impact on the performance of the Portfolios’ non-U.S. tactical allocations. Our preference for U.S. homebuilders detracted from overall results.

Did the Underlying Funds help or hurt the Portfolios’ performance during the Reporting Period?

During the Reporting Period, the performance of the Underlying Funds detracted overall from the Portfolios’ returns.

Of the Portfolios’ equity-related Underlying Funds, the weakest performers were the SPDR^® S&P^® Homebuilders ETF and the Vanguard Health Care ETF. Health care stocks struggled during the Reporting Period on a combination of political uncertainty going into the November 2016 U.S. election and downgrades to forward guidance by certain companies (Forward guidance is information a company provides as an indication or estimate of its future earnings.). The Portfolios’ strongest performers were the Vanguard Information Technology ETF (VGT) and the SPDR^® S&P^® Regional Banking ETF (KRE). VGT performed well as large-cap technology companies maintained strong earnings. KRE gained as interest rates rose during the Reporting Period.

Of the Portfolios’ fixed income-related Underlying Funds, the weakest performer was the iShares^® 20+ Year Treasury Bond ETF, which retreated as long-term interest rates rose during the Reporting Period. The strongest performers were the iShares^® TIPS Bond ETF (TIP) and the PowerShares Senior Loan Fund (BKLN). TIP gained as inflation expectations increased. BKLN benefited as spreads (or yield differentials) narrowed between U.S. Treasuries and high yield corporate bonds of comparable maturity.

Of the Portfolios’ Underlying Funds focused on alternative investments, the SPDR^® Gold Shares ETF was hurt as interest rates rose and gold prices fell during the Reporting Period.

How did the Portfolios use derivatives and similar instruments during the Reporting Period?

The Portfolios do not directly invest in derivatives. However, some of the Underlying Funds used derivatives during the Reporting Period to allow them to track their respective benchmark indices with more precision. These may have included options, forwards, futures, swaps, structured securities and other derivative instruments.

PORTFOLIO RESULTS

What changes did you make to the Portfolios’ strategic allocations during the Reporting Period?

During the Reporting Period, we reduced the Portfolios’ strategic allocations to long-duration U.S. Treasuries and increased their strategic allocations to TIPS because we expected the U.S. Treasury yield curve to steepen and inflation expectations to rise. (Yield curve is a spectrum of maturities. A steepening yield curve is one wherein the differential in yields between longer-term and shorter-term maturities widens.)

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

FUND BASICS

Target Date 2025 Portfolio

as of October 31, 2016

LOGO


PERFORMANCE REVIEW
August 22, 2016–October 31, 2016	Portfolio Total Return (based on NAV)¹			S&P Target Date To 2025 (Total Return, Unhedged, USD)²
Class A		-1.70	%		-1.51	%
Institutional		-1.70			-1.51
Service		-1.80			-1.51
Class IR		-1.70			-1.51
Class R		-1.80			-1.51
Class R6		-1.70			-1.51


STANDARDIZED TOTAL RETURNS³
For the period ended 09/30/16	Since Inception			Inception Date
Class A		-5.77	%	8/22/16
Institutional		-0.30		8/22/16
Service		-0.30		8/22/16
Class IR		-0.30		8/22/16
Class R		-0.30		8/22/16
Class R6		-0.30		8/22/16

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Portfolio’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Returns less than 12 months are cumulative, not annualized.

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.96	%		1.06	%
Institutional		0.56			0.66
Service		1.06			1.16
Class IR		0.71			0.81
Class R		1.21			1.31
Class R6		0.54			0.64

⁴


TOP TEN HOLDINGS AS OF 10/31/16⁵
Holding	% of Net Assets			Line of Business
SPDR S&P 500 ETF Trust		18.9	%	Exchange Traded Funds
iShares TIPS Bond ETF		12.9		Exchange Traded Funds
iShares 7-10 Year Treasury Bond ETF		9.4		Exchange Traded Funds
iShares 3-7 Year Treasury Bond ETF		6.5		Exchange Traded Funds
PowerShares Senior Loan Portfolio		6.0		Exchange Traded Funds
Vanguard FTSE All-World ex-U.S. ETF		5.7		Exchange Traded Funds
Vanguard Short-Term Corporate Bond ETF		5.0		Exchange Traded Funds
iShares Core S&P Mid-Cap ETF		3.4		Exchange Traded Funds
iShares Edge MSCI^® Minimum Volatility EAFE ETF		2.6		Exchange Traded Funds
PowerShares DB Gold Fund		2.5		Exchange Traded Funds

⁵

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


PORTFOLIO COMPOSITION⁶
	As of October 31, 2016
Bond Funds		42.2	%
Stock Funds		37.9
Foreign Stock Funds		12.3
Alternative Funds		2.5
Investment Companies		0.5

⁶

FUND BASICS

Target Date 2035 Portfolio

as of October 31, 2016

LOGO


PERFORMANCE REVIEW
August 22, 2016–October 31, 2016	Portfolio Total Return (based on NAV)¹			S&P Target Date To 2035 (Total Return, Unhedged, USD)²
Class A		-1.90	%		-1.74	%
Institutional		-1.90			-1.74
Service		-2.00			-1.74
Class IR		-1.90			-1.74
Class R		-2.00			-1.74
Class R6		-1.90			-1.74


STANDARDIZED TOTAL RETURNS³
For the period ended 09/30/16	Since Inception			Inception Date
Class A		-5.77	%	8/22/16
Institutional		-0.30		8/22/16
Service		-0.40		8/22/16
Class IR		-0.30		8/22/16
Class R		-0.40		8/22/16
Class R6		-0.30		8/22/16

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

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.96	%		1.06	%
Institutional		0.56			0.66
Service		1.06			1.16
Class IR		0.71			0.81
Class R		1.21			1.31
Class R6		0.54			0.64

⁴


TOP TEN HOLDINGS AS OF 10/31/16⁵
Holding	% of Net Assets			Line of Business
SPDR S&P 500 ETF Trust		21.8	%	Exchange Traded Funds
iShares TIPS Bond ETF		9.0		Exchange Traded Funds
iShares 7-10 Year Treasury Bond ETF		8.5		Exchange Traded Funds
Vanguard FTSE All-World ex-U.S. ETF		5.7		Exchange Traded Funds
PowerShares Senior Loan Portfolio		5.0		Exchange Traded Funds
iShares Core S&P Mid-Cap ETF		4.0		Exchange Traded Funds
Vanguard Information Technology ETF		3.5		Exchange Traded Funds
Schwab U.S. Dividend Equity ETF		3.5		Exchange Traded Funds
iShares Edge MSCI^® Minimum Volatility EAFE ETF		3.5		Exchange Traded Funds
Vanguard Short-Term Corporate Bond ETF		3.0		Exchange Traded Funds

⁵

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


PORTFOLIO COMPOSITION⁶
	As of October 31, 2016
Stock Funds		46.7	%
Bond Funds		29.8
Foreign Stock Funds		15.4
Alternative Funds		2.5
Investment Companies		1.0

⁶

FUND BASICS

Target Date 2045 Portfolio

as of October 31, 2016

LOGO


PERFORMANCE REVIEW
August 22, 2016–October 31, 2016	Portfolio Total Return (based on NAV)¹			S&P Target Date To 2045 (Total Return, Unhedged, USD)²
Class A		-2.00	%		-1.91	%
Institutional		-1.90			-1.91
Service		-2.00			-1.91
Class IR		-2.00			-1.91
Class R		-2.10			-1.91
Class R6		-2.00			-1.91

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

FUND BASICS


STANDARDIZED TOTAL RETURNS³
For the period ended 09/30/16	Since Inception			Inception Date
Class A		-5.77	%	8/22/16
Institutional		-0.30		8/22/16
Service		-0.40		8/22/16
Class IR		-0.30		8/22/16
Class R		-0.40		8/22/16
Class R6		-0.30		8/22/16

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


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.96	%		1.06	%
Institutional		0.56			0.66
Service		1.06			1.16
Class IR		0.71			0.81
Class R		1.21			1.31
Class R6		0.54			0.64

⁴

FUND BASICS


TOP TEN HOLDINGS AS OF 10/31/16⁵
Holding	% of Net Assets			Line of Business
SPDR S&P 500 ETF Trust		25.3	%	Exchange Traded Funds
iShares 7-10 Year Treasury Bond ETF		7.5		Exchange Traded Funds
iShares TIPS Bond ETF		6.0		Exchange Traded Funds
Vanguard FTSE All-World ex-U.S. ETF		5.7		Exchange Traded Funds
Schwab U.S. Dividend Equity ETF		4.5		Exchange Traded Funds
iShares Core S&P Mid-Cap ETF		4.5		Exchange Traded Funds
Vanguard Information Technology ETF		4.5		Exchange Traded Funds
PowerShares Senior Loan Portfolio		4.0		Exchange Traded Funds
iShares Edge MSCI^® Minimum Volatility EAFE ETF		4.0		Exchange Traded Funds
Vanguard Growth ETF		3.0		Exchange Traded Funds

⁵

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


PORTFOLIO COMPOSITION⁶
	As of October 31, 2016
Stock Funds		53.9	%
Bond Funds		19.9
Foreign Stock Funds		17.8
Alternative Funds		2.5
Investment Companies		1.3

⁶

FUND BASICS

Target Date 2055 Portfolio

as of October 31, 2016

LOGO


PERFORMANCE REVIEW
August 22, 2016–October 31, 2016	Portfolio Total Return (based on NAV)¹			S&P Target Date To 2055 (Total Return, Unhedged, USD)²
Class A		-2.10	%		-1.99	%
Institutional		-2.00			-1.99
Service		-2.10			-1.99
Class IR		-2.00			-1.99
Class R		-2.10			-1.99
Class R6		-2.00			-1.99

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

FUND BASICS


STANDARDIZED TOTAL RETURNS³
For the period ended 09/30/16	Since Inception			Inception Date
Class A		-5.77	%	8/22/16
Institutional		-0.30		8/22/16
Service		-0.30		8/22/16
Class IR		-0.30		8/22/16
Class R		-0.40		8/22/16
Class R6		-0.30		8/22/16

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


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.96	%		1.06	%
Institutional		0.56			0.66
Service		1.06			1.16
Class IR		0.71			0.81
Class R		1.21			1.31
Class R6		0.54			0.64

⁴

FUND BASICS


TOP TEN HOLDINGS AS OF 10/31/16⁵
Holding	% of Net Assets			Line of Business
SPDR S&P 500 ETF Trust		27.4	%	Exchange Traded Funds
Vanguard FTSE All-World ex-U.S. ETF		6.0		Exchange Traded Funds
Schwab U.S. Dividend Equity ETF		5.0		Exchange Traded Funds
iShares Core S&P Mid-Cap ETF		5.0		Exchange Traded Funds
Vanguard Information Technology ETF		5.0		Exchange Traded Funds
iShares 7-10 Year Treasury Bond ETF		4.5		Exchange Traded Funds
iShares Edge MSCI^® Minimum Volatility EAFE ETF		4.5		Exchange Traded Funds
PowerShares Buyback Achievers Portfolio		4.0		Exchange Traded Funds
Vanguard Growth ETF		3.5		Exchange Traded Funds
PowerShares DB Gold Fund		2.5		Exchange Traded Funds

⁵

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


PORTFOLIO COMPOSITION⁶
	As of October 31, 2016
Stock Funds		61.4	%
Foreign Stock Funds		20.3
Bond Funds		9.9
Alternative Funds		2.5
Investment Companies		1.3

⁶

FUND BASICS

Index Definitions

The S&P 500^® Index is the Standard & Poor’s 500 composite index of 500 stocks, an unmanaged index of common stock prices.

The MSCI^® EAFE Index is an equity index that captures large-cap and mid-cap representation across 21 developed markets countries around the world, excluding the U.S. and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country. Developed markets countries in the index include 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 U.K.

The MSCI^® Emerging Markets Index captures large-cap and mid-cap representation across 23 emerging markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country. Emerging markets countries in the index include Brazil, Chile, China, Colombia, the Czech Republic, Egypt, Greece, Hungary, India, Indonesia, South Korea, Malaysia, Mexico, Peru, the Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged, broad-based index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes U.S. Treasury, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-through securities), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).

The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000^® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000^® Index represents approximately 92% of the U.S. market.

The Russell 1000^® Growth Index is an unmanaged index of common stock prices that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

The Russell 1000^® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000^® Index companies with lower price-to-book ratios and lower expected growth values.

The Russell 2000^® Index is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000 Index.

The Russell 2000^® Growth Index 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^® Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect value characteristics.

GOLDMAN SACHS TARGET DATE 2020 PORTFOLIO

Schedule of Investments

October 31, 2016


Shares		Description	Value
	Exchange Traded Funds – 96.1%
	Alternative Funds* – 2.5%
	32,691	PowerShares DB Gold Fund	$	1,350,138

	Bond Funds – 59.6%
	4,108	iShares 20+ Year Treasury Bond ETF		539,175
	74,912	iShares 3-7 Year Treasury Bond ETF		9,410,446
	48,879	iShares 7-10 Year Treasury Bond ETF		5,379,623
	69,650	iShares TIPS Bond ETF		8,069,649
	162,232	PowerShares Senior Loan Portfolio		3,760,538
	12,140	Vanguard Intermediate-Term Corporate Bond ETF		1,075,118
	46,857	Vanguard Short-Term Corporate Bond ETF		3,763,554

				31,998,103

	Foreign Stock Funds – 8.5%
	16,738	iShares Edge MSCI Minimum Volatility EAFE ETF		1,076,086
	5,080	iShares Edge MSCI Minimum Volatility Emerging Markets ETF		268,377
	10,500	iShares MSCI Canada ETF		266,175
	17,833	iShares MSCI United Kingdom ETF		267,495
	42,111	Vanguard FTSE All-World ex-U.S. ETF		1,880,677
	7,376	WisdomTree Europe Hedged Equity Fund		400,664
	8,914	WisdomTree Japan Hedged Equity Fund		402,467

				4,561,941

	Stock Funds – 25.5%
	3,910	Energy Select Sector SPDR Fund		268,304
	4,691	Industrial Select Sector SPDR Fund		268,372
	21,602	iShares Core S&P 500 ETF		4,616,131
	8,066	iShares Core S&P Mid-Cap ETF		1,214,498
	17,166	PowerShares Buyback Achievers Portfolio		804,055
	25,781	Schwab U.S. Dividend Equity ETF		1,073,779
	12,378	SPDR S&P 500 ETF Trust		2,630,944
	8,497	SPDR S&P Homebuilders ETF		268,675
	15,333	SPDR S&P Regional Banking ETF		671,432
	6,139	Vanguard Growth ETF		671,484
	2,177	Vanguard Health Care ETF		268,533
	7,830	Vanguard Information Technology ETF		937,408

				13,693,615

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $48,618,783)		$	51,603,797

	TOTAL INVESTMENTS – 96.1%
	(Cost $48,618,783)		$	51,603,797

	OTHER ASSETS IN EXCESS OF LIABILITIES – 3.9%			2,116,786

	NET ASSETS – 100.0%		$	53,720,583


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



Investment Abbreviations:
ETF		—Exchange Traded Fund


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

GOLDMAN SACHS TARGET DATE 2025 PORTFOLIO

Schedule of Investments

October 31, 2016


Shares		Description	Value
	Exchange Traded Funds – 94.9%
	*Alternative Funds – 2.5%**
	5,960	PowerShares DB Gold Fund	$	246,148

	Bond Funds – 42.2%
	745	iShares 20+ Year Treasury Bond ETF		97,781
	5,056	iShares 3-7 Year Treasury Bond ETF		635,135
	8,436	iShares 7-10 Year Treasury Bond ETF		928,466
	10,968	iShares TIPS Bond ETF		1,270,753
	25,286	PowerShares Senior Loan Portfolio		586,130
	1,663	Vanguard Intermediate-Term Corporate Bond ETF		147,275
	6,082	Vanguard Short-Term Corporate Bond ETF		488,506

				4,154,046

	Foreign Stock Funds – 12.3%
	3,995	iShares Edge MSCI Minimum Volatility EAFE ETF		256,839
	1,371	iShares Edge MSCI Minimum Volatility Emerging Markets ETF		72,430
	2,827	iShares MSCI Canada ETF		71,664
	3,208	iShares MSCI United Kingdom ETF		48,120
	12,570	Vanguard FTSE All-World ex-U.S. ETF		561,376
	2,235	WisdomTree Europe Hedged Equity Fund		121,405
	1,621	WisdomTree Japan Hedged Equity Fund		73,188

				1,205,022

	Stock Funds – 37.9%
	1,066	Energy Select Sector SPDR Fund		73,149
	590	Guggenheim S&P 500 Equal Weight ETF		48,114
	1,282	Industrial Select Sector SPDR Fund		73,343
	685	iShares Core S&P 500 ETF		146,378
	2,198	iShares Core S&P Mid-Cap ETF		330,953
	3,642	PowerShares Buyback Achievers Portfolio		170,591
	5,865	Schwab U.S. Dividend Equity ETF		244,277
	8,733	SPDR S&P 500 ETF Trust		1,856,199
	2,306	SPDR S&P Homebuilders ETF		72,916
	2,787	SPDR S&P Regional Banking ETF		122,043
	1,963	VanEck Vectors Agribusiness ETF		96,795
	1,563	Vanguard Growth ETF		170,961
	593	Vanguard Health Care ETF		73,147
	2,051	Vanguard Information Technology ETF		245,546

				3,724,412

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $9,465,474)		$	9,329,628

	Investment Company – 0.5%
	3,232	Schwab Fundamental U.S. Large Company Index Fund Institutional Shares (Cost $50,021)	$	48,866

	TOTAL INVESTMENTS – 95.4%
	(Cost $9,515,495)		$	9,378,494

	OTHER ASSETS IN EXCESS OF LIABILITIES – 4.6%			453,821

	NET ASSETS – 100.0%		$	9,832,315


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



Investment Abbreviations:
ETF		—Exchange Traded Fund


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

GOLDMAN SACHS TARGET DATE 2030 PORTFOLIO

Schedule of Investments

October 31, 2016


Shares		Description	Value
	Exchange Traded Funds – 95.3%
	*Alternative Funds – 2.5%**
	45,206	PowerShares DB Gold Fund	$	1,867,008

	Bond Funds – 35.0%
	5,681	iShares 20+ Year Treasury Bond ETF		745,631
	17,782	iShares 3-7 Year Treasury Bond ETF		2,233,775
	60,810	iShares 7-10 Year Treasury Bond ETF		6,692,749
	70,607	iShares TIPS Bond ETF		8,180,527
	176,349	PowerShares Senior Loan Portfolio		4,087,770
	12,587	Vanguard Intermediate-Term Corporate Bond ETF		1,114,705
	37,017	Vanguard Short-Term Corporate Bond ETF		2,973,205

				26,028,362

	Foreign Stock Funds – 14.3%
	37,561	iShares Edge MSCI Minimum Volatility EAFE ETF		2,414,797
	14,051	iShares Edge MSCI Minimum Volatility Emerging Markets ETF		742,314
	29,245	iShares MSCI Canada ETF		741,361
	37,015	iShares MSCI United Kingdom ETF		555,225
	95,728	Vanguard FTSE All-World ex-U.S. ETF		4,275,212
	20,476	WisdomTree Europe Hedged Equity Fund		1,112,256
	16,444	WisdomTree Japan Hedged Equity Fund		742,447

				10,583,612

	Stock Funds – 43.5%
	10,814	Energy Select Sector SPDR Fund		742,057
	4,556	Guggenheim S&P 500 Equal Weight ETF		371,542
	12,974	Industrial Select Sector SPDR Fund		742,242
	29,525	iShares Core S&P 500 ETF		6,309,197
	18,509	iShares Core S&P Mid-Cap ETF		2,786,900
	31,795	PowerShares Buyback Achievers Portfolio		1,489,278
	53,549	Schwab U.S. Dividend Equity ETF		2,230,316
	48,907	SPDR S&P 500 ETF Trust		10,395,183
	23,404	SPDR S&P Homebuilders ETF		740,034
	25,444	SPDR S&P Regional Banking ETF		1,114,193
	15,034	VanEck Vectors Agribusiness ETF		741,326
	15,291	Vanguard Growth ETF		1,672,530
	6,020	Vanguard Health Care ETF		742,567
	18,619	Vanguard Information Technology ETF		2,229,067

				32,306,432

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $63,606,603)		$	70,785,414

	Investment Company – 0.8%
	36,883	Schwab Fundamental U.S. Large Company Index Fund Institutional Shares
		(Cost $505,943)	$	557,665

	TOTAL INVESTMENTS – 96.1%
	(Cost $64,112,546)		$	71,343,079

	OTHER ASSETS IN EXCESS OF LIABILITIES – 3.9%			2,930,062

	NET ASSETS – 100.0%		$	74,273,141


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



Investment Abbreviations:
ETF		—Exchange Traded Fund


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

GOLDMAN SACHS TARGET DATE 2035 PORTFOLIO

Schedule of Investments

October 31, 2016


Shares		Description	Value
	Exchange Traded Funds – 94.4%
	*Alternative Funds – 2.5%**
	5,931	PowerShares DB Gold Fund	$	244,950

	Bond Funds – 29.8%
	738	iShares 20+ Year Treasury Bond ETF		96,862
	1,548	iShares 3-7 Year Treasury Bond ETF		194,460
	7,546	iShares 7-10 Year Treasury Bond ETF		830,513
	7,587	iShares TIPS Bond ETF		879,030
	21,078	PowerShares Senior Loan Portfolio		488,588
	1,642	Vanguard Intermediate-Term Corporate Bond ETF		145,416
	3,632	Vanguard Short-Term Corporate Bond ETF		291,722

				2,926,591

	Foreign Stock Funds – 15.4%
	5,300	iShares Edge MSCI Minimum Volatility EAFE ETF		340,737
	2,281	iShares Edge MSCI Minimum Volatility Emerging Markets ETF		120,505
	3,837	iShares MSCI Canada ETF		97,268
	6,491	iShares MSCI United Kingdom ETF		97,365
	12,552	Vanguard FTSE All-World ex-U.S. ETF		560,572
	3,132	WisdomTree Europe Hedged Equity Fund		170,130
	2,718	WisdomTree Japan Hedged Equity Fund		122,718

				1,509,295

	Stock Funds – 46.7%
	1,419	Energy Select Sector SPDR Fund		97,372
	591	Guggenheim S&P 500 Equal Weight ETF		48,196
	1,705	Industrial Select Sector SPDR Fund		97,543
	911	iShares Core S&P 500 ETF		194,672
	2,590	iShares Core S&P Mid-Cap ETF		389,976
	4,676	PowerShares Buyback Achievers Portfolio		219,024
	8,197	Schwab U.S. Dividend Equity ETF		341,405
	10,083	SPDR S&P 500 ETF Trust		2,143,142
	3,079	SPDR S&P Homebuilders ETF		97,358
	3,917	SPDR S&P Regional Banking ETF		171,525
	1,974	VanEck Vectors Agribusiness ETF		97,338
	2,229	Vanguard Growth ETF		243,808
	790	Vanguard Health Care ETF		97,447
	2,856	Vanguard Information Technology ETF		341,920

				4,580,726

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $9,416,396)		$	9,261,562


Shares		Description	Value
	Investment Company – 1.0%
	6,517	Schwab Fundamental U.S. Large Company Index Fund Institutional Shares (Cost $100,963)	$	98,532

	TOTAL INVESTMENTS – 95.4%
	(Cost $9,517,359)		$	9,360,094

	OTHER ASSETS IN EXCESS OF LIABILITIES – 4.6%			453,588

	NET ASSETS – 100.0%		$	9,813,682


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



Investment Abbreviations:
ETF		—Exchange Traded Fund


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

GOLDMAN SACHS TARGET DATE 2040 PORTFOLIO

Schedule of Investments

October 31, 2016


Shares		Description	Value
	Exchange Traded Funds – 94.8%
	*Alternative Funds – 2.5%**
	28,850	PowerShares DB Gold Fund	$	1,191,505

	Bond Funds – 25.0%
	3,625	iShares 20+ Year Treasury Bond ETF		475,781
	3,779	iShares 3-7 Year Treasury Bond ETF		474,718
	34,496	iShares 7-10 Year Treasury Bond ETF		3,796,630
	28,675	iShares TIPS Bond ETF		3,322,285
	92,082	PowerShares Senior Loan Portfolio		2,134,461
	8,033	Vanguard Intermediate-Term Corporate Bond ETF		711,402
	11,818	Vanguard Short-Term Corporate Bond ETF		949,222

				11,864,499

	Foreign Stock Funds – 16.8%
	27,659	iShares Edge MSCI Minimum Volatility EAFE ETF		1,778,197
	13,450	iShares Edge MSCI Minimum Volatility Emerging Markets ETF		710,564
	18,664	iShares MSCI Canada ETF		473,132
	39,465	iShares MSCI United Kingdom ETF		591,975
	61,063	Vanguard FTSE All-World ex-U.S. ETF		2,727,074
	17,472	WisdomTree Europe Hedged Equity Fund		949,079
	15,742	WisdomTree Japan Hedged Equity Fund		710,751

				7,940,772

	Stock Funds – 50.5%
	6,901	Energy Select Sector SPDR Fund		473,547
	2,890	Guggenheim S&P 500 Equal Weight ETF		235,679
	8,301	Industrial Select Sector SPDR Fund		474,900
	22,168	iShares Core S&P 500 ETF		4,737,080
	13,387	iShares Core S&P Mid-Cap ETF		2,015,681
	25,317	PowerShares Buyback Achievers Portfolio		1,185,848
	45,566	Schwab U.S. Dividend Equity ETF		1,897,824
	34,556	SPDR S&P 500 ETF Trust		7,344,878
	14,976	SPDR S&P Homebuilders ETF		473,541
	21,651	SPDR S&P Regional Banking ETF		948,097
	9,580	VanEck Vectors Agribusiness ETF		472,390
	11,927	Vanguard Growth ETF		1,304,575
	3,842	Vanguard Health Care ETF		473,911
	15,843	Vanguard Information Technology ETF		1,896,724

				23,934,675

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $39,431,799)		$	44,931,451

	Investment Company – 1.3%
	39,230	Schwab Fundamental U.S. Large Company Index Fund Institutional Shares (Cost $459,973)	$	593,160

	TOTAL INVESTMENTS – 96.1%
	(Cost $39,891,772)		$	45,524,611

	OTHER ASSETS IN EXCESS OF LIABILITIES – 3.9%			1,867,109

	NET ASSETS – 100.0%		$	47,391,720


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



Investment Abbreviations:
ETF		—Exchange Traded Fund


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

GOLDMAN SACHS TARGET DATE 2045 PORTFOLIO

Schedule of Investments

October 31, 2016


Shares		Description	Value
	Exchange Traded Funds – 94.1%
	Alternative Funds* – 2.5%
	5,927	PowerShares DB Gold Fund	$	244,785

	Bond Funds – 19.9%
	745	iShares 20+ Year Treasury Bond ETF		97,781
	6,644	iShares 7-10 Year Treasury Bond ETF		731,239
	5,052	iShares TIPS Bond ETF		585,325
	16,814	PowerShares Senior Loan Portfolio		389,748
	1,816	Vanguard Short-Term Corporate Bond ETF		145,861

				1,949,954

	Foreign Stock Funds – 17.8%
	6,061	iShares Edge MSCI Minimum Volatility EAFE ETF		389,662
	3,210	iShares Edge MSCI Minimum Volatility Emerging Markets ETF		169,584
	3,834	iShares MSCI Canada ETF		97,192
	9,729	iShares MSCI United Kingdom ETF		145,935
	12,537	Vanguard FTSE All-World ex-U.S. ETF		559,902
	4,022	WisdomTree Europe Hedged Equity Fund		218,475
	3,794	WisdomTree Japan Hedged Equity Fund		171,299

				1,752,049

	Stock Funds – 53.9%
	1,418	Energy Select Sector SPDR Fund		97,303
	591	Guggenheim S&P 500 Equal Weight ETF		48,196
	1,702	Industrial Select Sector SPDR Fund		97,371
	683	iShares Core S&P 500 ETF		145,950
	2,912	iShares Core S&P Mid-Cap ETF		438,460
	6,230	PowerShares Buyback Achievers Portfolio		291,813
	10,531	Schwab U.S. Dividend Equity ETF		438,616
	11,679	SPDR S&P 500 ETF Trust		2,482,372
	3,077	SPDR S&P Homebuilders ETF		97,295
	5,026	SPDR S&P Regional Banking ETF		220,089
	1,959	VanEck Vectors Agribusiness ETF		96,598
	2,673	Vanguard Growth ETF		292,373
	789	Vanguard Health Care ETF		97,323
	3,662	Vanguard Information Technology ETF		438,415

				5,282,174

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $9,390,214)		$	9,228,962


	Investment Company – 1.3%
	8,123	Schwab Fundamental U.S. Large Company Index Fund Institutional Shares (Cost $125,879)	$	122,827

	TOTAL INVESTMENTS – 95.4%
	(Cost $9,516,093)		$	9,351,789

	OTHER ASSETS IN EXCESS OF LIABILITIES – 4.6%			453,678

	NET ASSETS – 100.0%		$	9,805,467


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



Investment Abbreviations:
ETF		—Exchange Traded Fund


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

GOLDMAN SACHS TARGET DATE 2050 PORTFOLIO

Schedule of Investments

October 31, 2016


Shares		Description	Value
	Exchange Traded Funds – 94.8%
	Alternative Funds* – 2.5%
	13,219	PowerShares DB Gold Fund	$	545,945

	Bond Funds – 15.0%
	1,661	iShares 20+ Year Treasury Bond ETF		218,006
	11,854	iShares 7-10 Year Treasury Bond ETF		1,304,651
	7,514	iShares TIPS Bond ETF		870,572
	23,439	PowerShares Senior Loan Portfolio		543,316
	4,051	Vanguard Short-Term Corporate Bond ETF		325,377

				3,261,922

	Foreign Stock Funds – 19.3%
	14,366	iShares Edge MSCI Minimum Volatility EAFE ETF		923,590
	8,197	iShares Edge MSCI Minimum Volatility Emerging Markets ETF		433,047
	8,551	iShares MSCI Canada ETF		216,768
	25,315	iShares MSCI United Kingdom ETF		379,725
	27,988	Vanguard FTSE All-World ex-U.S. ETF		1,249,944
	10,006	WisdomTree Europe Hedged Equity Fund		543,526
	9,617	WisdomTree Japan Hedged Equity Fund		434,208

				4,180,808

	Stock Funds – 58.0%
	3,952	Energy Select Sector SPDR Fund		271,186
	1,332	Guggenheim S&P 500 Equal Weight ETF		108,625
	4,752	Industrial Select Sector SPDR Fund		271,862
	21,837	iShares Core S&P 500 ETF		4,666,348
	6,855	iShares Core S&P Mid-Cap ETF		1,032,157
	16,238	PowerShares Buyback Achievers Portfolio		760,588
	26,097	Schwab U.S. Dividend Equity ETF		1,086,940
	6,640	SPDR S&P 500 ETF Trust		1,411,332
	6,862	SPDR S&P Homebuilders ETF		216,976
	12,400	SPDR S&P Regional Banking ETF		542,996
	4,399	VanEck Vectors Agribusiness ETF		216,915
	6,458	Vanguard Growth ETF		706,376
	2,200	Vanguard Health Care ETF		271,370
	8,612	Vanguard Information Technology ETF		1,031,029

				12,594,700

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $18,762,014)		$	20,583,375

	Investment Company – 1.3%
	17,974	Schwab Fundamental U.S. Large Company Index Fund Institutional Shares
		(Cost $195,584)	$	271,774

	TOTAL INVESTMENTS – 96.1%
	(Cost $18,957,598)		$	20,855,149

	OTHER ASSETS IN EXCESS OF LIABILITIES – 3.9%			850,556

	NET ASSETS – 100.0%		$	21,705,705


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



Investment Abbreviations:
ETF		—Exchange Traded Fund


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

GOLDMAN SACHS TARGET DATE 2055 PORTFOLIO

Schedule of Investments

October 31, 2016


Shares		Description	Value
	Exchange Traded Funds – 94.1%
	*Alternative Funds – 2.5%**
	5,923	PowerShares DB Gold Fund	$	244,620

	Bond Funds – 9.9%
	746	iShares 20+ Year Treasury Bond ETF		97,912
	3,983	iShares 7-10 Year Treasury Bond ETF		438,369
	1,682	iShares TIPS Bond ETF		194,877
	4,181	PowerShares Senior Loan Portfolio		96,916
	1,816	Vanguard Short-Term Corporate Bond ETF		145,861

				973,935

	Foreign Stock Funds – 20.3%
	6,811	iShares Edge MSCI Minimum Volatility EAFE ETF		437,879
	4,129	iShares Edge MSCI Minimum Volatility Emerging Markets ETF		218,135
	4,762	iShares MSCI Canada ETF		120,717
	12,938	iShares MSCI United Kingdom ETF		194,070
	13,060	Vanguard FTSE All-World ex-U.S. ETF		583,259
	4,474	WisdomTree Europe Hedged Equity Fund		243,028
	4,323	WisdomTree Japan Hedged Equity Fund		195,183

				1,992,271

	Stock Funds – 61.4%
	1,771	Energy Select Sector SPDR Fund		121,526
	591	Guggenheim S&P 500 Equal Weight ETF		48,196
	2,552	Industrial Select Sector SPDR Fund		146,000
	1,138	iShares Core S&P 500 ETF		243,179
	3,233	iShares Core S&P Mid-Cap ETF		486,793
	8,305	PowerShares Buyback Achievers Portfolio		389,006
	11,692	Schwab U.S. Dividend Equity ETF		486,972
	12,616	SPDR S&P 500 ETF Trust		2,681,531
	3,113	SPDR S&P Homebuilders ETF		98,433
	5,537	SPDR S&P Regional Banking ETF		242,465
	1,971	VanEck Vectors Agribusiness ETF		97,190
	3,105	Vanguard Growth ETF		339,625
	1,175	Vanguard Health Care ETF		144,936
	4,057	Vanguard Information Technology ETF		485,704

				6,011,556

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $9,384,422)		$	9,222,382

	Investment Company – 1.3%
	8,053	Schwab Fundamental U.S. Large Company Index Fund Institutional Shares
		(Cost $124,907)	$	121,767

	TOTAL INVESTMENTS – 95.4%
	(Cost $9,509,329)		$	9,344,149

	OTHER ASSETS IN EXCESS OF LIABILITIES – 4.6%			453,306

	NET ASSETS – 100.0%		$	9,797,455


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



Investment Abbreviations:
ETF		—Exchange Traded Fund


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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Statements of Assets and Liabilities

October 31, 2016


	Target Date 2020 Portfolio
Assets:
Investments, at value (cost $48,618,783, $9,515,495, $64,112,546, $9,517,359, $39,891,772, $9,516,093, $18,957,598 and $9,509,329, respectively)	$	51,603,797
Cash		1,914,831
Deferred offering costs		—
Receivables:
Investments sold		2,376,390
Reimbursement from investment adviser		113,785
Total assets		56,008,803

Liabilities:
Payables:
Investments purchased		2,140,182
Management fees		11,552
Distribution and Service fees and Transfer Agency fees		939
Organization costs		—
Accrued offering costs		—
Accrued expenses		135,547
Total liabilities		2,288,220

Net Assets:
Paid-in capital		48,471,069
Undistributed net investment income		747,818
Accumulated net realized gain (loss)		1,516,682
Net unrealized gain (loss)		2,985,014
NET ASSETS	$	53,720,583
Net Assets:
Class A	$	9,852
Institutional		9,861
Service		9,850
Class IR		9,857
Class R		9,848
Class R6		53,671,315
Total Net Assets	$	53,720,583
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		995
Institutional		995
Service		995
Class IR		995
Class R		995
Class R6		5,415,393
Net asset value, offering and redemption price per share:^(a)
Class A		$9.90
Institutional		9.91
Service		9.90
Class IR		9.91
Class R		9.90
Class R6		9.91

(a)

Maximum public offering price per share for Class A Shares of the Target Date 2020, Target Date 2025, Target Date 2030, Target Date 2035, Target Date 2040, Target Date 2045, Target Date 2050, and Target Date 2055 Portfolios is $10.48, $10.40, $10.31, $10.38, $10.14, $10.37, $10.37 and $10.36, respectively.


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

GOLDMAN SACHS TARGET DATE PORTFOLIOS


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

$	9,378,494		$	71,343,079	$	9,360,094		$	45,524,611	$	9,351,789		$	20,855,149	$	9,344,149
	355,455			2,671,796		355,005			1,718,711		355,936			774,334		387,670
	136,049			—		136,049			—		136,049			—		136,321

	121,409			826,029		135,002			678,182		158,358			525,907		227,255
	36,523			112,988		36,524			113,368		36,524			114,651		36,523
	10,027,930			74,953,892		10,022,674			48,034,872		10,038,656			22,270,041		10,131,918



	86,329			524,033		99,712			497,571		123,908			429,365		224,910
	2,092			15,967		2,090			10,330		2,089			4,690		2,089
	350			1,292		348			841		348			390		348
	12,000			—		12,000			—		12,000			—		12,000
	58,027			—		58,027			—		58,027			—		58,298
	36,817			139,459		36,815			134,410		36,817			129,891		36,818
	195,615			680,751		208,992			643,152		233,189			564,336		334,463


	9,999,493			64,693,058		9,999,493			39,835,129		9,999,493			19,083,144		9,999,493
	27,333			1,109,790		27,791			738,785		27,605			333,260		27,485
	(57,510	)		1,239,760		(56,337	)		1,184,967		(57,327	)		391,750		(64,343	)
	(137,001	)		7,230,533		(157,265	)		5,632,839		(164,304	)		1,897,551		(165,180	)
$	9,832,315		$	74,273,141	$	9,813,682		$	47,391,720	$	9,805,467		$	21,705,705	$	9,797,455

$	9,824		$	9,811	$	9,806		$	12,663	$	9,798		$	9,796	$	9,790
	9,783,185			9,820		9,764,645			9,812		9,756,471			9,804		9,748,499
	9,823			9,810		9,804			9,801		9,796			9,794		9,788
	9,830			9,816		9,811			9,808		9,803			9,801		9,795
	9,820			9,807		9,802			9,798		9,793			9,791		9,785
	9,833			74,224,077		9,814			47,339,838		9,806			21,656,719		9,798
	$9,832,315		$	74,273,141	$	9,813,682		$	47,391,720	$	9,805,467		$	21,705,705	$	9,797,455

	1,000			1,007		1,000			1,322		1,000			1,000		1,000
	995,000			1,007		995,000			1,024		995,000			1,000		995,000
	1,000			1,007		1,000			1,024		1,000			1,000		1,000
	1,000			1,007		1,000			1,024		1,000			1,000		1,000
	1,000			1,007		1,000			1,024		1,000			1,000		1,000
	1,000			7,615,752		1,000			4,936,947		1,000			2,209,136		1,000

	$9.82			$9.74		$9.81			$9.58		$9.80			$9.80		$9.79
	9.83			9.75		9.81			9.58		9.81			9.80		9.80
	9.82			9.74		9.80			9.58		9.80			9.79		9.79
	9.83			9.75		9.81			9.58		9.80			9.80		9.79
	9.82			9.74		9.80			9.57		9.79			9.79		9.79
	9.83			9.75		9.81			9.59		9.81			9.80		9.80


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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Statements of Operations

For the Fiscal Year Ended October 31, 2016


	Target Date 2020 Portfolio
Investment income:
Dividends	$	1,133,681
Interest		2,967
Total investment income		1,136,648

Expenses:
Management fees		159,742
Registration fees		103,913
Professional fees		98,339
Printing and mailing costs		26,841
Trustee fees		10,142
Custody, accounting and administrative services		8,073
Transfer Agency fees^(b)		2,172
Distribution and Service fees^(b)		25
Organization Costs		—
Amortization of offering costs		—
Other		4,243
Total expenses		413,490
Less — expense reductions		(246,152	)
Net expenses		167,338
NET INVESTMENT INCOME		969,310

Realized and unrealized gain (loss):
Capital gain distributions from Underlying Funds		135,945
Net realized gain (loss) from investments		2,168,805
Net change in unrealized gain (loss) on investments		(1,317,333	)
Net realized and unrealized gain (loss)		987,417
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,956,727

(a)

Commenced operations on August 22, 2016.

(b)

Class specific Distribution and Service and Transfer Agency fees were as follows:


	Distribution and Service Fees						Transfer Agent Fees
Portfolio	Class A		Service		Class R		Class A		Institutional		Service		Class IR		Class R		Class R6
Target Date 2020	$	5	$	10	$	10	$	4	$	1	$	1	$	4	$	4	$	2,158
Target Date 2025		5		10		10		4		755		1		4		4		1
Target Date 2030		5		10		10		4		1		1		4		4		3,005
Target Date 2035		5		10		10		4		755		1		4		4		1
Target Date 2040		5		10		10		4		1		1		4		4		1,978
Target Date 2045		5		10		10		4		755		1		4		4		1
Target Date 2050		5		10		10		4		1		1		4		4		881
Target Date 2055		5		10		10		4		755		1		4		4		1


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

GOLDMAN SACHS TARGET DATE PORTFOLIOS


Target Date 2025 Portfolio^(a)			Target Date 2030 Portfolio			Target Date 2035 Portfolio^(a)			Target Date 2040 Portfolio			Target Date 2045 Portfolio^(a)			Target Date 2050 Portfolio			Target Date 2055 Portfolio^(a)

$	33,312		$	1,694,381		$	33,763		$	1,134,608		$	33,575		$	512,196		$	33,456
	—			4,079			—			2,660			—			1,168			—
	33,312			1,698,460			33,763			1,137,268			33,575			513,364			33,456


	4,744			226,031			4,741			147,269			4,740			63,738			4,740
	4,373			103,913			4,373			103,913			4,373			103,913			4,373
	21,969			98,339			21,969			98,339			21,969			98,339			21,969
	7,500			26,839			7,500			26,839			7,500			27,369			7,500
	9,877			10,209			9,877			10,138			9,877			10,057			9,877
	5,789			8,124			5,789			7,413			5,789			5,901			5,789
	769			3,019			769			1,992			769			895			769
	25			25			25			25			25			25			25
	12,000			—			12,000			—			12,000			—			12,000
	32,282			—			32,282			—			32,282			—			32,281
	750			4,243			747			4,242			746			4,242			747
	100,078			480,742			100,072			400,170			100,070			314,479			100,070
	(93,591	)		(244,151	)		(93,592	)		(245,937	)		(93,592	)		(247,616	)		(93,591	)
	6,487			236,591			6,480			154,233			6,478			66,863			6,479
	26,825			1,461,869			27,283			983,035			27,097			446,501			26,977


	—			242,271			—			192,305			—			95,186			—
	(57,510	)		2,494,888			(56,337	)		2,008,437			(57,327	)		749,735			(64,343	)
	(137,001	)		(1,710,529	)		(157,265	)		(1,495,190	)		(164,304	)		(529,507	)		(165,180	)
	(194,511	)		1,026,630			(213,602	)		705,552			(221,631	)		315,414			(229,523	)
$	(167,686	)	$	2,488,499		$	(186,319	)	$	1,688,587		$	(194,534	)	$	761,915		$	(202,546	)


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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Statements of Changes in Net Assets


	Target Date 2020 Portfolio
	For the Fiscal Year Ended October 31, 2016			For the Fiscal Year Ended October 31, 2015
From operations:
Net investment income	$	969,310		$	872,479
Net realized gain (loss)		2,304,750			1,693,559
Net change in unrealized loss		(1,317,333	)		(984,069	)
Net increase (decrease) in net assets resulting from operations		1,956,727			1,581,969

Distributions to shareholders:
From net investment income
Class R6 Shares		(899,589	)		(537,568	)
From net realized gains
Class R6 Shares		(1,764,331	)		(604,745	)
Total distributions to shareholders		(2,663,920	)		(1,142,313	)

From share transactions:
Proceeds from sales of shares		5,445,589			1,965,286
Reinvestment of distributions		2,663,920			1,142,314
Cost of shares redeemed		(7,300,343	)		(11,892,996	)
Net increase (decrease) in net assets resulting from share transactions		809,166			(8,785,396	)
TOTAL INCREASE (DECREASE)		101,973			(8,345,740	)

Net assets:
Beginning of year		53,618,610			61,964,350
End of year	$	53,720,583		$	53,618,610
Undistributed net investment income	$	747,818		$	624,905

(a)

Commenced operations on August 22, 2016.


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

GOLDMAN SACHS TARGET DATE PORTFOLIOS


Target Date 2025 Portfolio^(a)			Target Date 2030 Portfolio
For the Period Ended October 31, 2016			For the Fiscal Year Ended October 31, 2016			For the Fiscal Year Ended October 31, 2015

$	26,825		$	1,461,869		$	1,234,059
	(57,510	)		2,737,159			2,099,659
	(137,001	)		(1,710,529	)		(1,065,611	)
	(167,686	)		2,488,499			2,268,107



	—			(1,258,551	)		(781,023	)

	—			(2,672,152	)		(1,632,546	)
	—			(3,930,703	)		(2,413,569	)


	10,000,066			2,761,285			2,827,154
	—			3,930,703			2,413,569
	(65	)		(9,983,568	)		(8,940,513	)
	10,000,001			(3,291,580	)		(3,699,790	)
	9,832,315			(4,733,784	)		(3,845,252	)


	—			79,006,925			82,852,177
$	9,832,315		$	74,273,141		$	79,006,925
$	27,333		$	1,109,790		$	815,924


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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Statements of Changes in Net Assets (continued)


	Target Date 2035 Portfolio^(a)
	For the Fiscal Year Ended October 31, 2016
From operations:
Net investment income	$	27,283
Net realized gain (loss)		(56,337	)
Net change in unrealized loss		(157,265	)
Net increase (decrease) in net assets resulting from operations		(186,319	)

Distributions to shareholders:
From net investment income
Class R6 Shares		—
From net realized gains
Class R6 Shares		—
Total distributions to shareholders		—

From share transactions:
Proceeds from sales of shares		10,000,066
Reinvestment of distributions		—
Cost of shares redeemed		(65	)
Net increase (decrease) in net assets resulting from share transactions		10,000,001
TOTAL INCREASE (DECREASE)		9,813,682

Net assets:
Beginning of year		—
End of year	$	9,813,682
Undistributed (distributions in excess of) net investment income (loss)	$	27,791

(a)

Commenced operations on August 22, 2016.


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

GOLDMAN SACHS TARGET DATE PORTFOLIOS


Target Date 2040 Portfolio						Target Date 2045 Portfolio^(a)
For the Fiscal Year Ended October 31, 2016			For the Fiscal Year Ended October 31, 2015			For the Period Ended October 31, 2016

$	983,035		$	839,055		$	27,097
	2,200,742			1,997,182			(57,327	)
	(1,495,190	)		(1,252,918	)		(164,304	)
	1,688,587			1,583,319			(194,534	)



	(839,070	)		(588,549	)		—

	(2,209,026	)		(1,513,221	)		—
	(3,048,096	)		(2,101,770	)		—


	1,187,738			1,322,699			10,000,066
	3,048,096			2,101,769			—
	(5,514,019	)		(11,779,177	)		(65	)
	(1,278,185	)		(8,354,709	)		10,000,001
	(2,637,694	)		(8,873,160	)		9,805,467


	50,029,414			58,902,574			—
$	47,391,720		$	50,029,414		$	9,805,467
$	738,785		$	522,865		$	27,605


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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Statements of Changes in Net Assets (continued)


	Target Date 2050 Portfolio
	For the Fiscal Year Ended October 31, 2016			For the Fiscal Year Ended October 31, 2015
From operations:
Net investment income	$	446,501		$	326,330
Net realized gain (loss)		844,921			416,075
Net change in unrealized loss		(529,507	)		(90,904	)
Net increase (decrease) in net assets resulting from operations		761,915			651,501

Distributions to shareholders:
From net investment income
Class R6 Shares		(348,249	)		(227,101	)
From net realized gains
Class R6 Shares		(629,298	)		(463,433	)
Total distributions to shareholders		(977,547	)		(690,534	)

From share transactions:
Proceeds from sales of shares		1,728,932			2,060,597
Reinvestment of distributions		977,547			690,534
Cost of shares redeemed		(1,267,315	)		(3,495,489	)
Net increase (decrease) in net assets resulting from share transactions		1,439,164			(744,358	)
TOTAL INCREASE (DECREASE)		1,223,532			(783,391	)

Net assets:
Beginning of year		20,482,173			21,265,564
End of year	$	21,705,705		$	20,482,173
Undistributed net investment income	$	333,260		$	199,012

(a)

Commenced operations on August 22, 2016.


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

GOLDMAN SACHS TARGET DATE PORTFOLIOS


Target Date 2055 Portfolio^(a)
For the Period Ended October 31, 2016

$	26,977
	(64,343	)
	(165,180	)
	(202,546	)



	—

	—
	—


	10,000,066
	—
	(65	)
	10,000,001
	9,797,455


	—
$	9,797,455
$	27,485


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

GOLDMAN SACHS TARGET DATE 2020 PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


			Income (loss) from Investment Operations								Distributions to shareholders
	Net asset value, beginning of year		Net investment income^(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2016 - A (Commenced August 22, 2016)	$	10.05	$	0.02	$	(0.17	)	$	(0.15	)	$	—		$	—		$	—
2016 - Institutional (Commenced August 22, 2016)		10.05		0.03		(0.17	)		(0.14	)		—			—			—
2016 - Service (Commenced August 22, 2016)		10.05		0.02		(0.17	)		(0.15	)		—			—			—
2016 - IR (Commenced August 22, 2016)		10.05		0.02		(0.16	)		(0.14	)		—			—			—
2016 - R (Commenced August 22, 2016)		10.05		0.01		(0.16	)		(0.15	)		—			—			—
2016 - R6		10.07		0.18		0.16			0.34			(0.17	)		(0.33	)		(0.50	)
2015 - R6		10.00		0.16		0.10			0.26			(0.09	)		(0.10	)		(0.19	)

FOR THE PERIOD ENDED OCTOBER 31,
2014 - R6 (Commenced August 29, 2014)		10.00		0.03		(0.03	)		—			—			—			—

(a)

Calculated based on the average shares outstanding methodology.

(b)

Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized. The Goldman Sachs Target Date 2020 Portfolio’s Predecessor was the Madison Target Retirement 2020 Fund (the “Predecessor Fund”). On August 22, 2016, the Predecessor Fund was reorganized as a new series of the Goldman Sachs Trust II. Performance prior to August 22, 2016 is that of the Predecessor Fund. Total return information of the Predecessor Fund is included in the above table because the Predecessor Fund is considered the accounting survivor of the reorganization.

(c)

Annualized.

(d)

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


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

GOLDMAN SACHS TARGET DATE 2020 PORTFOLIO



Net asset value, end of year		Total return^(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate^(d)

$	9.90		(1.49	)%	$	10		0.74	%^(c)		3.01	%^(c)		0.94	%^(c)		204	%
	9.91		(1.39	)		10		0.34	^(c)		2.61	^(c)		1.34	^(c)		204
	9.90		(1.49	)		10		0.84	^(c)		3.11	^(c)		0.84	^(c)		204
	9.91		(1.39	)		10		0.48	^(c)		2.75	^(c)		1.19	^(c)		204
	9.90		(1.49	)		10		0.98	^(c)		3.25	^(c)		0.69	^(c)		204
	9.91		3.65			53,671		0.31			0.76			1.79			204
	10.07		2.61			53,619		0.30			0.30			1.46			207


	10.00		—			61,964		0.32	^(c)		0.32	^(c)		1.82	^(c)		48


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

GOLDMAN SACHS TARGET DATE 2025 PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout the Period


			Income (loss) from Investment Operations
Period - Share Class	Net asset value, beginning of period		Net investment income^(a)		Net realized and unrealized gain (loss)			Total from investment operations
FOR THE PERIOD ENDED OCTOBER 31,
2016 - A (Commenced August 22, 2016)	$	10.00	$	0.02	$	(0.20	)	$	(0.18	)
2016 - Institutional (Commenced August 22, 2016)		10.00		0.03		(0.20	)		(0.17	)
2016 - Service (Commenced August 22, 2016)		10.00		0.02		(0.20	)		(0.18	)
2016 - IR (Commenced August 22, 2016)		10.00		0.02		(0.19	)		(0.17	)
2016 - R (Commenced August 22, 2016)		10.00		0.01		(0.19	)		(0.18	)
2016 - R6 (Commenced August 22, 2016)		10.00		0.03		(0.20	)		(0.17	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS TARGET DATE 2025 PORTFOLIO



Net asset value, end of period		Total return^(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets^(c)			Ratio of total expenses to average net assets^(c)			Ratio of net investment income to average net assets^(c)			Portfolio turnover rate^(d)

$	9.82		(1.70	)%	$	10		0.75	%		4.23	%		1.01	%		33	%
	9.83		(1.70	)		9,783		0.34			3.85			1.42			33
	9.82		(1.80	)		10		0.84			4.32			0.91			33
	9.83		(1.70	)		10		0.49			3.97			1.27			33
	9.82		(1.80	)		10		0.99			4.47			0.77			33
	9.83		(1.70	)		10		0.33			3.92			1.43			33


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

GOLDMAN SACHS TARGET DATE 2030 PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


			Income (loss) from Investment Operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income^(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2016 - A (Commenced August 22, 2016)	$	9.93	$	0.02	$	(0.21	)	$	(0.19	)	$	—		$	—		$	—
2016 - Institutional (Commenced August 22, 2016)		9.93		0.03		(0.21	)		(0.18	)		—			—			—
2016 - Service ( Commenced August 22, 2016)		9.93		0.02		(0.21	)		(0.19	)		—			—			—
2016 - IR (Commenced August 22, 2016)		9.93		0.02		(0.20	)		(0.18	)		—			—			—
2016 - R (Commenced August 22, 2016)		9.93		0.02		(0.21	)		(0.19	)		—			—			—
2016 - R6		9.97		0.19		0.11			0.30			(0.17	)		(0.35	)		(0.52	)
2015 - R6		9.99		0.15		0.12			0.27			(0.09	)		(0.20	)		(0.29	)

FOR THE PERIOD ENDED OCTOBER 31,
2014 - R6 (Commenced August 29, 2014)		10.00		0.03		(0.04	)		(0.01	)		—			—			—

(a)

Calculated based on the average shares outstanding methodology.

(b)

Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized. The Goldman Sachs Target Date 2030 Portfolio’s Predecessor was the Madison Target Retirement 2030 Fund (the “Predecessor Fund”). On August 22, 2016, the Predecessor Fund was reorganized as a new series of the Goldman Sachs Trust II. Performance prior to August 22, 2016 is that of the Predecessor Fund. Total return information of the Predecessor Fund is included in the above table because the Predecessor Fund is considered the accounting survivor of the reorganization.

(c)

Annualized.

(d)


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

GOLDMAN SACHS TARGET DATE 2030 PORTFOLIO



Net asset value, end of year		Total return^(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate^(d)

$	9.74		(1.91	)%	$	10		0.74	%^(c)		2.33	%^(c)		1.01	%^(c)		176	%
	9.75		(1.81	)		10		0.34	^(c)		1.93	^(c)		1.41	^(c)		176
	9.74		(1.91	)		10		0.83	^(c)		2.43	^(c)		0.92	^(c)		176
	9.75		(1.81	)		10		0.48	^(c)		2.08	^(c)		1.27	^(c)		176
	9.74		(1.91	)		10		0.98	^(c)		2.57	^(c)		0.77	^(c)		176
	9.75		3.23			74,224		0.31			0.62			1.91			176
	9.97		2.76			79,007		0.30			0.30			1.49			156


	9.99		(0.10	)		82,852		0.32	^(c)		0.32	^(c)		1.87	^(c)		44


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

GOLDMAN SACHS TARGET DATE 2035 PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout the Period


			Income (loss) from Investment Operations
Year - Share Class	Net asset value, beginning of period		Net investment income^(a)		Net realized and unrealized gain (loss)			Total from investment operations
FOR THE PERIOD ENDED OCTOBER 31,
2016 - A (Commenced August 22, 2016)	$	10.00	$	0.02	$	(0.21	)	$	(0.19	)
2016 - Institutional (Commenced August 22, 2016)		10.00		0.03		(0.22	)		(0.19	)
2016 - Service (Commenced August 22, 2016)		10.00		0.02		(0.22	)		(0.20	)
2016 - IR (Commenced August 22, 2016)		10.00		0.02		(0.21	)		(0.19	)
2016 - R (Commenced August 22, 2016)		10.00		0.02		(0.22	)		(0.20	)
2016 - R6 (Commenced August 22, 2016)		10.00		0.03		(0.22	)		(0.19	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS TARGET DATE 2035 PORTFOLIO



Net asset value, end of period		Total return^(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets^(c)			Ratio of total expenses to average net assets^(c)			Ratio of net investment income to average net assets^(c)			Portfolio turnover rate^(d)

$	9.81		(1.90	)%	$	10		0.75	%		4.23	%		1.03	%		29	%
	9.81		(1.90	)		9,765		0.34			3.85			1.44			29
	9.80		(2.00	)		10		0.84			4.33			0.94			29
	9.81		(1.90	)		10		0.49			3.97			1.29			29
	9.80		(2.00	)		10		0.99			4.47			0.79			29
	9.81		(1.90	)		10		0.32			3.93			1.46			29


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

GOLDMAN SACHS TARGET DATE 2040 PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


			Income (loss) from Investment Operations								Distributions to shareholders
	Net asset value, beginning of year		Net investment income^(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR FISCAL YEARS ENDED OCTOBER 31,
2016 - A (Commenced August 22, 2016)	$	9.77	$	0.02	$	(0.21	)	$	(0.19	)	$	—		$	—		$	—
2016 - Institutional (Commenced August 22, 2016)		9.77		0.03		(0.22	)		(0.19	)		—			—			—
2016 - Service (Commenced August 22, 2016)		9.77		0.02		(0.21	)		(0.19	)		—			—			—
2016 - IR (Commenced August 22, 2016)		9.77		0.02		(0.21	)		(0.19	)		—			—			—
2016 - R (Commenced August 22, 2016)		9.77		0.01		(0.21	)		(0.20	)		—			—			—
2016 - R6		9.90		0.19		0.11			0.30			(0.17	)		(0.44	)		(0.61	)
2015 - R6		9.98		0.15		0.13			0.28			(0.10	)		(0.26	)		(0.36	)

FOR THE PERIOD ENDED OCTOBER 31,
2014 - R6 (Commenced August 29, 2014)		10.00		0.03		(0.05	)		(0.02	)		—			—			—

(a)

Calculated based on the average shares outstanding methodology.

(b)

Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized. The Goldman Sachs Target Date 2040 Portfolio’s Predecessor was the Madison Target Retirement 2040 Fund (the “Predecessor Fund”). On August 22, 2016, the Predecessor Fund was reorganized as a new series of the Goldman Sachs Trust II. Performance prior to August 22, 2016 is that of the Predecessor Fund. Total return information of the Predecessor Fund is included in the above table because the Predecessor Fund is considered the accounting survivor of the reorganization.

(c)

Annualized.

(d)


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

GOLDMAN SACHS TARGET DATE 2040 PORTFOLIO



Net asset value, end of year		Total return^(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate^(d)

$	9.58		(1.94	)%	$	13		0.74	%^(c)		3.23	%^(c)		0.98	%^(c)		174	%
	9.58		(1.94	)		10		0.34	^(c)		2.82	^(c)		1.41	^(c)		174
	9.58		(1.94	)		10		0.83	^(c)		3.31	^(c)		0.92	^(c)		174
	9.58		(1.94	)		10		0.48	^(c)		2.96	^(c)		1.27	^(c)		174
	9.57		(2.05	)		10		0.98	^(c)		3.46	^(c)		0.77	^(c)		174
	9.59		3.33			47,340		0.31			0.80			1.97	^(c)		174
	9.90		2.86			50,029		0.30			0.30			1.50			160


	9.98		(0.20	)		58,903		0.32	^(c)		0.32	^(c)		1.84	^(c)		46


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

GOLDMAN SACHS TARGET DATE 2045 PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout the Period


			Income (loss) from investment operations
Period - Share Class	Net asset value, beginning of period		Net investment income^(a)		Net realized and unrealized gain (loss)			Total from investment operations
FOR THE PERIOD ENDED OCTOBER 31,
2016 - A (Commenced August 22, 2016)	$	10.00	$	0.02	$	(0.22	)	$	(0.20	)
2016 - Institutional (Commenced August 22, 2016)		10.00		0.03		(0.22	)		(0.19	)
2016 - Service (Commenced August 22, 2016)		10.00		0.02		(0.22	)		(0.20	)
2016 - IR (Commenced August 22, 2016)		10.00		0.02		(0.22	)		(0.20	)
2016 - R (Commenced August 22, 2016)		10.00		0.01		(0.22	)		(0.21	)
2016 - R6 (Commenced August 22, 2016)		10.00		0.03		(0.22	)		(0.19	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS TARGET DATE 2045 PORTFOLIO



Net asset value, end of period		Total return^(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets^(c)			Ratio of total expenses to average net assets^(c)			Ratio of net investment income to average net assets^(c)			Portfolio turnover rate^(d)

$	9.80		(2.00	)%	$	10		0.75	%		4.23	%		1.02	%		29	%
	9.81		(1.90	)		9,756		0.34			3.85			1.43			29
	9.80		(2.00	)		10		0.84			4.33			0.93			29
	9.80		(2.00	)		10		0.49			3.97			1.28			29
	9.79		(2.10	)		10		0.99			4.48			0.78			29
	9.81		(2.00	)		10		0.32			3.93			1.45			29


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

GOLDMAN SACHS TARGET DATE 2050 PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


			Income (loss) from Investment Operations								Distributions to shareholders
	Net asset value, beginning of year		Net investment income^(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2016 - A (Commenced August 22, 2016)	$	10.00	$	0.02	$	(0.22	)	$	(0.20	)	$	—		$	—		$	—
2016 - Institutional (Commenced August 22, 2016)		10.00		0.03		(0.23	)		(0.20	)		—			—			—
2016 - Service (Commenced August 22, 2016)		10.00		0.02		(0.23	)		(0.21	)		—			—			—
2016 - IR (Commenced August 22, 2016)		10.00		0.02		(0.22	)		(0.20	)		—			—			—
2016 - R (Commenced August 22, 2016)		10.00		0.02		(0.23	)		(0.21	)		—			—			—
2016 - R6		9.95		0.20		0.11			0.31			(0.16	)		(0.30	)		(0.46	)
2015 - R6		9.98		0.15		0.13			0.28			(0.10	)		(0.21	)		(0.31	)

FOR THE PERIOD ENDED OCTOBER 31,
2014 - R6 (Commenced August 29, 2014)		10.00		0.03		(0.05	)		(0.02	)		—			—			—

(a)

Calculated based on the average shares outstanding methodology.

(b)

Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized. The Goldman Sachs Target Date 2050 Portfolio’s Predecessor was the Madison Target Retirement 2050 Fund (the “Predecessor Fund”). On August 22, 2016, the Predecessor Fund was reorganized as a new series of the Goldman Sachs Trust II. Performance prior to August 22, 2016 is that of the Predecessor Fund. Total return information of the Predecessor Fund is included in the above table because the Predecessor Fund is considered the accounting survivor of the reorganization.

(c)

Annualized.

(d)


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

GOLDMAN SACHS TARGET DATE 2050 PORTFOLIO



Net asset value, end of year		Total return^(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate^(d)

$	9.80		(2.00	)%	$	10		0.74	%^(c)		6.30	%^(c)		1.04	%^(c)		191	%
	9.80		(2.00	)		10		0.34	^(c)		5.90	^(c)		1.44	^(c)		191
	9.79		(2.10	)		10		0.83	^(c)		6.40	^(c)		0.95	^(c)		191
	9.80		(2.00	)		10		0.48	^(c)		6.04	^(c)		1.30	^(c)		191
	9.79		(2.10	)		10		0.98	^(c)		6.54	^(c)		0.80	^(c)		191
	9.80		3.37			21,657		0.31			1.45			2.07			191
	9.95		2.87			20,482		0.30			0.30			1.51			204


	9.98		(0.20	)		21,266		0.32	^(c)		0.32	^(c)		1.72	^(c)		52


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

GOLDMAN SACHS TARGET DATE 2055 PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout the Period


			Income (loss) from Investment Operations
Year - Share Class	Net asset value, beginning of period		Net investment income^(a)		Net realized and unrealized gain (loss)			Total from investment operations
FOR THE PERIOD ENDED OCTOBER 31,
2016 - A (Commenced August 22, 2016)	$	10.00	$	0.02	$	(0.23	)	$	(0.21	)
2016 - Institutional (Commenced August 22, 2016)		10.00		0.03		(0.23	)		(0.20	)
2016 - Service (Commenced August 22, 2016)		10.00		0.02		(0.23	)		(0.21	)
2016 - IR (Commenced August 22, 2016)		10.00		0.02		(0.23	)		(0.21	)
2016 - R (Commenced August 22, 2016)		10.00		0.01		(0.22	)		(0.21	)
2016 - R6 (Commenced August 22, 2016)		10.00		0.03		(0.23	)		(0.20	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS TARGET DATE 2055 PORTFOLIO



Net asset value, end of period		Total return^(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets^(c)			Ratio of total expenses to average net assets^(c)			Ratio of net investment income to average net assets^(c)			Portfolio turnover rate^(d)

$	9.79		(2.10	)%	$	10		0.75	%		4.23	%		1.02	%		34	%
	9.80		(2.00	)		9,748		0.34			3.85			1.43			34
	9.79		(2.10	)		10		0.84			4.33			0.92			34
	9.79		(2.00	)		10		0.49			3.97			1.28			34
	9.79		(2.10	)		10		0.99			4.48			0.77			34
	9.80		(2.00	)		10		0.32			3.92			1.45			34


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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements

October 31, 2016

1. ORGANIZATION

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


Portfolio	Share Classes Offered	Diversified/ Non-diversified
Target Date 2020	A, Institutional, Service, IR, R* and R6	Diversified
Target Date 2025*	A, Institutional, Service, IR, R and R6	Diversified
Target Date 2030	A, Institutional, Service, IR, R* and R6	Diversified
Target Date 2035*	A, Institutional, Service, IR, R and R6	Diversified
Target Date 2040	A, Institutional, Service, IR, R* and R6	Diversified
Target Date 2045*	A, Institutional, Service, IR, R and R6	Diversified
Target Date 2050	A, Institutional, Service, IR, R* and R6	Diversified
Target Date 2055*	A, Institutional, Service, IR, R and R6	Diversified

Commenced operations on August 22, 2016.

Class A Shares are sold with a front-end sales charge of up to 5.50%. Institutional, Service, Class IR, Class R and Class R6 Shares are not subject to a sales charge.

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

Pursuant to an Agreement and Plan of Reorganization (the “Reorganization Agreement”) approved by the Trust’s Board of Trustees, on August 22, 2016, all of the assets and liabilities of the Madison Target Retirement 2020 Fund, the Madison Target Retirement 2030 Fund, the Madison Target Retirement 2040 Fund, and the Madison Target Retirement 2050 Fund (“Predecessor Funds”) were transferred to Goldman Sachs Target Date 2020, Goldman Sachs Target Date 2030, Goldman Sachs Target Date 2040 and Goldman Sachs Target Date 2050 Portfolios (“Reorganized Portfolios”), respectively, in exchange for shares of beneficial interest of the corresponding Reorganized Portfolio on August 22, 2016, as of the close of business on August 19, 2016 (the “Reorganization”). Holders of Class R6 Shares of the Predecessor Funds received Class R6 Shares of the Reorganized Portfolios in an amount equal to the aggregate net asset value of their investment in the Predecessor Funds. The exchange was a tax-free event to shareholders. The Predecessor Funds were the accounting survivors in the Reorganization and as such, the financial statements and financial highlights include the financial information of the Predecessor Funds through August 19, 2016. On August 22, 2016, the Reorganized Portfolios also commenced offering Class A, Institutional, Service, Class IR, and Class R Shares. Subsequent to the Reorganization, Madison Asset Management, LLC, (“Madison” or “Sub Adviser”) serves as the sub-adviser to the Portfolios. GSAM compensates the Sub Adviser directly in accordance with the terms of the Sub-Advisory Agreement. The Portfolios are not charged any separate or additional investment advisory fees by the Sub Adviser.

GOLDMAN SACHS TARGET DATE PORTFOLIOS

2. SIGNIFICANT ACCOUNTING POLICIES

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

B. Investment Income and Investments — Investment income includes interest income, dividend income, net of any foreign withholding taxes, less any amounts reclaimable, and securities lending income. 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. 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. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Income distributions are recognized as capital gains or income in the financial statements in accordance with the character that is distributed.

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

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

D. Offering and Organization Costs — Offering costs paid in connection with the initial offering of shares of the Target Date 2025, Target Date 2035, Target Date 2045 and Target Date 2055 Portfolios are being amortized on a straight-line basis over 12 months from the date of commencement of operations. Organization costs paid in connection with the organization of Target Date 2025, Target Date 2035, Target Date 2045 and Target Date 2055 Portfolios were expensed on the first day of operations.

E. Federal Taxes and Distributions to Shareholders — It is each Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Portfolios are not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually.

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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements (continued)

October 31, 2016

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

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

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Portfolios’ policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Portfolios, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Portfolios’ portfolio 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:

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 of the Institutional Share class 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 Portfolios invest in Underlying Funds that fluctuate in value, the Portfolios’ shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Portfolios’ investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Portfolio’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

GOLDMAN SACHS TARGET DATE PORTFOLIOS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Portfolios’ investments classified in the fair value hierarchy as of October 31, 2016:



TARGET DATE 2020 PORTFOLIO

Investment Type	Level 1		Level 2		Level 3
Assets
Exchange Traded Funds	$	51,603,797	$	—	$	—
Total	$	51,603,797	$	—	$	—

TARGET DATE 2025 PORTFOLIO

Investment Type	Level 1		Level 2		Level 3
Assets
Exchange Traded Funds	$	9,329,628	$	—	$	—
Investment Companies		48,866		—		—
Total	$	9,378,494	$	—	$	—

TARGET DATE 2030 PORTFOLIO

Investment Type	Level 1		Level 2		Level 3
Assets
Exchange Traded Funds	$	70,785,414	$	—	$	—
Investment Companies		557,665		—		—
Total	$	71,343,079	$	—	$	—

TARGET DATE 2035 PORTFOLIO

Investment Type	Level 1		Level 2		Level 3
Assets
Exchange Traded Funds	$	9,261,562	$	—	$	—
Investment Companies		98,532		—		—
Total	$	9,360,094	$	—	$	—

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements (continued)

October 31, 2016

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



TARGET DATE 2040 PORTFOLIO

Investment Type	Level 1		Level 2		Level 3
Assets
Exchange Traded Funds	$	44,931,451	$	—	$	—
Investment Companies		593,160		—		—
Total	$	45,524,611	$	—	$	—

TARGET DATE 2045 PORTFOLIO

Investment Type	Level 1		Level 2		Level 3
Assets
Exchange Traded Funds	$	9,228,962	$	—	$	—
Investment Companies		122,827		—		—
Total	$	9,351,789	$	—	$	—

TARGET DATE 2050 PORTFOLIO

Investment Type	Level 1		Level 2		Level 3
Assets
Exchange Traded Funds	$	20,583,375	$	—	$	—
Investment Companies		271,774		—		—
Total	$	20,855,149	$	—	$	—

TARGET DATE 2055 PORTFOLIO

Investment Type	Level 1		Level 2		Level 3
Assets
Exchange Traded Funds	$	9,222,382	$	—	$	—
Investment Companies		121,767		—		—
Total	$	9,344,149	$	—	$	—

GOLDMAN SACHS TARGET DATE PORTFOLIOS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the period August 22, 2016 through October 31, 2016, the contractual and effective management fees with GSAM were at the following rates for each Portfolio:


Contractual Management Rate			Effective Management Fee Annual Rate
First $2 billion	Next $3 billion	Over $5 billion	Effective Management Fee Annual Rate
0.25%	0.23%	0.21%	0.25%

Prior to the Reorganization, Madison served as investment adviser to the Predecessor Funds. The Predecessor Funds paid Madison a fee computed and accrued daily and paid monthly at an annual rate of 0.30% of each Predecessor Fund’s average daily net assets. The 0.30% fee paid to Madison consist of a 0.25% Advisory fee and a 0.05% Administrative Services fee. Under the Administrative Services Agreement, Madison was responsible for paying substantially all of the expenses of the Predecessor Funds.

B. Distribution Plan — Effective August 22, 2016, the Trust, on behalf of each Portfolio, has adopted Distribution Plan (the “Plan”). Under the Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, at the following annual rates calculated on a Portfolio’s average daily net assets of each respective share class:


	Distribution Rates
	Class A*			Class R*
Distribution Plan		0.25	%		0.50	%

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Portfolios pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge. During the fiscal year ended October 31, 2016, Goldman Sachs did not retain any of the Class A Shares’ front end sales charge.

D. Service Plan and Shareholder Administration Plan — Effective August 22, 2016, the Trust, on behalf of each Portfolio that offers Service Shares, has adopted a Service Plan and a Shareholder Administration Plan. These plans allow for service organizations (including Goldman Sachs) to provide varying levels of personal and account maintenance and shareholder administration services to their customers who are beneficial owners of such shares. The Service Plan and Shareholder Administration Plan each provide for compensation to the service organizations which is accrued daily and paid monthly at an annual rate of 0.25% (0.50% in aggregate) of the average daily net assets of the Service Shares.

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements (continued)

October 31, 2016

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

E. Transfer Agency Agreement — Effective August 22, 2016, Goldman Sachs also serves as the transfer agent of the Portfolios for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.19% of the average daily net assets of Class A, Class IR and Class R Shares; 0.02% of the average daily net assets of Class R6 Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

F. Other Expense Agreements and Affiliated Transactions — Effective August 22, 2016, GSAM has agreed to limit certain “Other Expenses” of the Portfolios (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, shareholder meeting, litigation, indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Portfolios. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Portfolios are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for each Portfolio are 0.05%. These Other Expense limitations will remain in place through at least August 22, 2018, and prior to such dates GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Portfolios have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Portfolios’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the fiscal year ended October 31, 2016, these Other Expense reimbursements, were as follows:


Portfolio	Other Expense Reimbursements
Target Date 2020	$	246,152
Target Date 2025		93,591
Target Date 2030		244,151
Target Date 2035		93,592
Target Date 2040		245,937
Target Date 2045		93,592
Target Date 2050		247,616
Target Date 2055		93,591

GOLDMAN SACHS TARGET DATE PORTFOLIOS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of October 31, 2016, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following Portfolios:


Portfolio	Class A			Institutional			Service			Class IR			Class R			Class R6
Target Date 2020		100	%		100	%		100	%		100	%		100	%		—	%
Target Date 2025		100			100			100			100			100			100
Target Date 2030		100			100			100			100			100			—
Target Date 2035		100			100			100			100			100			100
Target Date 2040		77			100			100			100			100			—
Target Date 2045		100			100			100			100			100			100
Target Date 2050		100			100			100			100			100			—
Target Date 2055		100			100			100			100			100			100

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year or period ended October 31, 2016, were as follows:


Portfolio	Purchases		Sales and Maturities
Target Date 2020	$	106,243,199	$	108,173,665
Target Date 2025		12,653,775		3,080,768
Target Date 2030		129,811,621		136,915,022
Target Date 2035		12,297,877		2,724,181
Target Date 2040		83,613,535		87,829,199
Target Date 2045		12,337,079		2,763,658
Target Date 2050		40,345,787		39,878,356
Target Date 2055		12,753,223		3,179,551

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements (continued)

October 31, 2016

6. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended October 31, 2016 was as follows:


	Target Date 2020		Target Date 2030		Target Date 2040		Target Date 2050
Distribution paid from:
Ordinary income	$	1,207,803	$	1,551,992	$	1,118,464	$	469,675
Net long-term capital gains		1,456,117		2,378,711		1,929,632		507,872
Total taxable distributions	$	2,663,920	$	3,930,703	$	3,048,096	$	977,547

The tax character of distributions paid during the fiscal year ended October 31, 2015 was as follows:


	Target Date 2020		Target Date 2030		Target Date 2040		Target Date 2050
Distribution paid from:
Ordinary income	$	745,004	$	939,469	$	687,796	$	240,391
Net long-term capital gains		397,309		1,474,100		1,413,974		450,143
Total taxable distributions	$	1,142,313	$	2,413,569	$	2,101,770	$	690,534

As of October 31, 2016, the components of accumulated earnings (losses) on a tax basis were as follows:


	Target Date 2020		Target Date 2025			Target Date 2030		Target Date 2035			Target Date 2040		Target Date 2045			Target Date 2050		Target Date 2055
Undistributed ordinary income — net	$	884,799	$	27,333		$	1,157,215	$	27,791		$	894,024	$	27,605		$	419,793	$	27,485
Undistributed long-term capital gains		1,887,095		—			2,360,025		—			1,980,519		—			807,554		—
Total undistributed earnings	$	2,771,894	$	27,333		$	3,517,240	$	27,791		$	2,874,543	$	27,605		$	1,227,347	$	27,485
Capital loss carryforwards:
Perpetual Short-Term		—		(42,018	)		—		(43,545	)		—		(42,812	)		—		(42,112	)
Unrealized gains (losses) — net		2,477,620		(152,493	)		6,062,843		(170,057	)		4,682,048		(178,819	)		1,395,214		(187,411	)
Total accumulated earnings (losses) net	$	5,249,514	$	(167,178	)	$	9,580,083	$	(185,811	)	$	7,556,591	$	(194,026	)	$	2,622,561	$	(202,038	)

As of October 31, 2016, the Portfolios’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Target Date 2020			Target Date 2025			Target Date 2030			Target Date 2035			Target Date 2040			Target Date 2045			Target Date 2050			Target Date 2055
Tax Cost	$	49,126,177		$	9,530,987		$	65,280,236		$	9,530,151		$	40,842,563		$	9,530,608		$	19,459,935		$	9,531,560
Gross unrealized gain		3,063,444			18,007			7,410,423			26,902			5,753,559			35,488			1,938,634			39,924
Gross unrealized loss		(585,824	)		(170,500	)		(1,347,580	)		(196,959	)		(1,071,511	)		(214,307	)		(543,420	)		(227,335	)
Net unrealized gains (losses)	$	2,477,620		$	(152,493	)	$	6,062,843		$	(170,057	)	$	4,682,048		$	(178,819	)	$	1,395,214		$	(187,411	)

GOLDMAN SACHS TARGET DATE PORTFOLIOS

6. TAX INFORMATION (continued)

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

In order to present certain components of the Portfolios’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Portfolios’ accounts. These reclassifications have no impact on the net asset value of the Portfolios and result primarily from dividend redesignations, certain non-deductible expenses and differences in the tax treatment of underlying fund investments.


Portfolio	Paid-in Capital			Accumulated Net Realized Gain (Loss)			Undistributed Net Investment Income (Loss)
Target Date 2020	$	—		$	(53,192	)	$	53,192
Target Date 2025		(508	)		—			508
Target Date 2030		—			(90,548	)		90,548
Target Date 2035		(508	)		—			508
Target Date 2040		—			(71,955	)		71,955
Target Date 2045		(508	)		—			508
Target Date 2050		—			(35,996	)		35,996
Target Date 2055		(508	)		—			508

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

7. OTHER RISKS

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

Investments in Other Investment Companies — As a shareholder of another investment company, including an exchange-traded fund (“ETF”), a Portfolio will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Portfolio. 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.

The Portfolios may be indirectly exposed to the following risks through their investments in the Underlying Funds. For more information regarding the risks of an Underlying Fund, please see the Underlying Fund’s shareholder report.

Liquidity Risk — The Portfolios may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Portfolio will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Portfolio may be forced to sell investments at an unfavorable time and/or under unfavorable conditions.

Market and Credit Risks — In the normal course of business, the Portfolios trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Portfolios 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 Portfolios have unsettled or open transactions defaults.

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements (continued)

October 31, 2016

8. INDEMNIFICATIONS

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

9. OTHER MATTERS

At a meeting held on May 4, 2016, the Board of Trustees of the Trust approved the Reorganization Agreement providing for the tax-free acquisition by each Portfolio of the assets of it’s Predecessor Fund. The acquisition was completed on August 22, 2016, as of close of business on August 19, 2016.

Pursuant to the Reorganization Agreement, the assets and liabilities of the Predecessor Funds were transferred in exchange for the Reorganized Portfolios’ Class R6 Shares, which were then redistributed to the Predecessor Funds’ shareholders, in a tax-free exchange as follows:


*Predecessor Fund/The Portfolio**	Exchanged Shares of Survivor Issued		Value of Exchanged Shares		Acquired Fund’s Shares Outstanding as of August 22, 2016
Madison Target Retirement 2020 Fund, Class R6 / Goldman Sachs Target Date 2020 Portfolio, Class R6		5,656,518	$	56,798,406		5,656,518
Madison Target Retirement 2030 Fund, Class R6 / Goldman Sachs Target Date 2030 Portfolio, Class R6		8,078,424		80,128,305		8,078,424
Madison Target Retirement 2040 Fund, Class R6 / Goldman Sachs Target Date 2040 Portfolio, Class R6		5,420,189		52,950,565		5,420,189
Madison Target Retirement 2050 Fund, Class R6 / Goldman Sachs Target Date 2050 Portfolio, Class R6		2,327,735		23,271,762		2,327,735

Represents the accounting survivor.

GOLDMAN SACHS TARGET DATE PORTFOLIOS

9. OTHER MATTERS (continued)

Pursuant to the Reorganization Agreement, the assets and liabilities of the Predecessor Funds’ were transferred in exchange for the Reorganized Portfolios’ Class R6 Shares, in a tax-free exchange as follows:


*Predecessor Fund/The Portfolio**	The Portfolio’s Aggregate Net Assets before the Reorganization		The Predecessor Fund’s Aggregate Net Assets before the Reorganization		The Predecessor Fund’s Unrealized Appreciation		The Portfolio’s Aggregate Net Assets Immediately after the Reorganization
Madison Target Retirement 2020 Fund, Class R6 / Goldman Sachs Target Date 2020 Portfolio, Class R6	$	—	$	56,798,406	$	4,618,169	$	56,798,406
Madison Target Retirement 2030 Fund, Class R6 / Goldman Sachs Target Date 2030 Portfolio, Class R6		—		80,128,305		9,430,943		80,128,305
Madison Target Retirement 2040 Fund, Class R6 / Goldman Sachs Target Date 2040 Portfolio, Class R6		—		52,950,565		7,610,885		52,950,565
Madison Target Retirement 2050 Fund, Class R6 / Goldman Sachs Target Date 2050 Portfolio, Class R6		—		23,271,762		2,717,875		23,271,762

Represents the accounting survivor

10. SUBSEQUENT EVENTS

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements (continued)

October 31, 2016

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Target Date 2020 Portfolio

	For the Fiscal Year Ended October 31, 2016						For the Fiscal Year Ended October 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares^(a)
Shares sold		996		$	10,010			—		$	—
Shares redeemed		(1	)		(11	)		—			—
		995			9,999			—			—
Institutional Shares^(a)
Shares sold		996			10,010			—			—
Shares redeemed		(1	)		(10	)		—			—
		995			10,000			—			—
Service Shares^(a)
Shares sold		996			10,010			—			—
Shares redeemed		(1	)		(11	)		—			—
		995			9,999			—			—
Class IR Shares^(a)
Shares sold		996			10,010			—			—
Shares redeemed		(1	)		(11	)		—			—
		995			9,999			—			—
Class R Shares^(a)
Shares sold		996			10,010			—			—
Shares redeemed		(1	)		(11	)		—			—
		995			9,999			—			—
Class R6 Shares
Shares sold		556,157			5,395,539			194,179			1,965,286
Reinvestment of distributions		282,195			2,663,920			114,460			1,142,314
Shares redeemed		(745,292	)		(7,300,289	)		(1,184,264	)		(11,892,996	)
		93,060			759,170			(875,625	)		(8,785,396	)
NET INCREASE (DECREASE)		98,035		$	809,166			(875,625	)	$	(8,785,396	)

(a)

Commenced operations on August 22, 2016.

GOLDMAN SACHS TARGET DATE PORTFOLIOS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Target Date 2025 Portfolio^(a)

	For the Period Ended October 31, 2016

	Shares			Dollars

Class A Shares
Shares sold		1,001		$	10,011
Shares redeemed		(1	)		(11	)
		1,000			10,000
Institutional Shares
Shares sold		995,001			9,950,011
Shares redeemed		(1	)		(10	)
		995,000			9,950,001
Service Shares
Shares sold		1,001			10,011
Shares redeemed		(1	)		(11	)
		1,000			10,000
Class IR Shares
Shares sold		1,001			10,011
Shares redeemed		(1	)		(11	)
		1,000			10,000
Class R Shares
Shares sold		1,001			10,011
Shares redeemed		(1	)		(11	)
		1,000			10,000
Class R6 Shares
Shares sold		1,001			10,011
Shares redeemed		(1	)		(11	)
		1,000			10,000
NET INCREASE		1,000,000		$	10,000,001

(a)

Commenced operations on August 22, 2016.

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements (continued)

October 31, 2016

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Target Date 2030 Portfolio

	For the Fiscal Year Ended October 31, 2016						For the Fiscal Year Ended October 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares^(a)
Shares sold		1,008		$	10,010			—		$	—
Shares redeemed		(1	)		(11	)		—			—
		1,007			9,999			—			—
Institutional Shares^(a)
Shares sold		1,008			10,010			—			—
Shares redeemed		(1	)		(10	)		—			—
		1,007			10,000			—			—
Service Shares^(a)
Shares sold		1,008			10,010			—			—
Shares redeemed		(1	)		(11	)		—			—
		1,007			9,999			—			—
Class IR Shares^(a)
Shares sold		1,008			10,010			—			—
Shares redeemed		(1	)		(11	)		—			—
		1,007			9,999			—			—
Class R Shares^(a)
Shares sold		1,008			10,010			—			—
Shares redeemed		(1	)		(11	)		—			—
		1,007			9,999			—			—
Class R6 Shares
Shares sold		284,587			2,711,235			279,805			2,827,154
Reinvestment of distributions		422,202			3,930,703			243,549			2,413,569
Shares redeemed		(1,015,250	)		(9,983,514	)		(894,665	)		(8,940,513	)
		(308,461	)		(3,341,576	)		(371,311	)		(3,699,790	)
NET DECREASE		(303,426	)	$	(3,291,580	)		(371,311	)	$	(3,699,790	)

(a)

Commenced operations on August 22, 2016.

GOLDMAN SACHS TARGET DATE PORTFOLIOS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Target Date 2035 Portfolio^(a)

	For the Period Ended October 31, 2016

	Shares			Dollars

Class A Shares
Shares sold		1,001		$	10,011
Shares redeemed		(1	)		(11	)
		1,000			10,000
Institutional Shares
Shares sold		995,001			9,950,011
Shares redeemed		(1	)		(10	)
		995,000			9,950,001
Service Shares
Shares sold		1,001			10,011
Shares redeemed		(1	)		(11	)
		1,000			10,000
Class IR Shares
Shares sold		1,001			10,011
Shares redeemed		(1	)		(11	)
		1,000			10,000
Class R Shares
Shares sold		1,001			10,011
Shares redeemed		(1	)		(11	)
		1,000			10,000
Class R6 Shares
Shares sold		1,001			10,011
Shares redeemed		(1	)		(11	)
		1,000			10,000
NET INCREASE		1,000,000		$	10,000,001

(a)

Commenced operations on August 22, 2016.

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements (continued)

October 31, 2016

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Target Date 2040 Portfolio

	For the Fiscal Year Ended October 31, 2016						For the Fiscal Year Ended October 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares^(a)
Shares sold		1,323		$	12,879			—		$	—
Shares redeemed		(1	)		(11	)		—			—
		1,322			12,868			—			—
Institutional Shares^(a)
Shares sold		1,025			10,010			—			—
Shares redeemed		(1	)		(10	)		—			—
		1,024			10,000			—			—
Service Shares^(a)
Shares sold		1,025			10,010			—			—
Shares redeemed		(1	)		(11	)		—			—
		1,024			9,999			—			—
Class IR Shares^(a)
Shares sold		1,025			10,010			—			—
Shares redeemed		(1	)		(11	)		—			—
		1,024			9,999			—			—
Class R Shares^(a)
Shares sold		1,025			10,010			—			—
Shares redeemed		(1	)		(11	)		—			—
		1,024			9,999			—			—
Class R6 Shares
Shares sold		121,810			1,134,819			132,290			1,322,699
Reinvestment of distributions		333,125			3,048,096			213,378			2,101,769
Shares redeemed		(572,414	)		(5,513,965	)		(1,191,593	)		(11,779,177	)
		(117,479	)		(1,331,050	)		(845,925	)		(8,354,709	)
NET DECREASE		(112,061	)	$	(1,278,185	)		(845,925	)	$	(8,354,709	)

(a)

Commenced operations on August 22, 2016.

GOLDMAN SACHS TARGET DATE PORTFOLIOS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Target Date 2045 Portfolio^(a)

	For the Period Ended October 31, 2016

	Shares			Dollars

Class A Shares
Shares sold		1,001		$	10,011
Shares redeemed		(1	)		(11	)
		1,000			10,000
Institutional Shares
Shares sold		995,001			9,950,011
Shares redeemed		(1	)		(10	)
		995,000			9,950,001
Service Shares
Shares sold		1,001			10,011
Shares redeemed		(1	)		(11	)
		1,000			10,000
Class IR Shares
Shares sold		1,001			10,011
Shares redeemed		(1	)		(11	)
		1,000			10,000
Class R Shares
Shares sold		1,001			10,011
Shares redeemed		(1	)		(11	)
		1,000			10,000
Class R6 Shares
Shares sold		1,001			10,011
Shares redeemed		(1	)		(11	)
		1,000			10,000
NET INCREASE		1,000,000		$	10,000,001

(a)

Commenced operations on August 22, 2016.

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements (continued)

October 31, 2016

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Target Date 2050 Portfolio

	For the Fiscal Year Ended October 31, 2016						For the Fiscal Year Ended October 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares^(a)
Shares sold		1,001		$	10,010			—		$	—
Shares redeemed		(1	)		(11	)		—			—
		1,000			9,999			—			—
Institutional Shares^(a)
Shares sold		1,001			10,010			—			—
Shares redeemed		(1	)		(10	)		—			—
		1,000			10,000			—			—
Service Shares^(a)
Shares sold		1,001			10,010			—			—
Shares redeemed		(1	)		(11	)		—			—
		1,000			9,999			—			—
Class IR Shares^(a)
Shares sold		1,001			10,010			—			—
Shares redeemed		(1	)		(11	)		—			—
		1,000			9,999			—			—
Class R Shares^(a)
Shares sold		1,001			10,010			—			—
Shares redeemed		(1	)		(11	)		—			—
		1,000			9,999			—			—
Class R6 Shares
Shares sold		175,129			1,678,882			204,401			2,060,597
Reinvestment of distributions		104,550			977,547			69,681			690,534
Shares redeemed		(128,796	)		(1,267,261	)		(346,869	)		(3,495,489	)
		150,883			1,389,168			(72,787	)		(744,358	)
NET INCREASE (DECREASE)		155,883		$	1,439,164			(72,787	)	$	(744,358	)

(a)

Commenced operations on August 22, 2016.

GOLDMAN SACHS TARGET DATE PORTFOLIOS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Target Date 2055 Portfolio^(a)

	For the Period Ended October 31, 2016

	Shares			Dollars

Class A Shares
Shares sold		1,001		$	10,011
Shares redeemed		(1	)		(11	)
		1,000			10,000
Institutional Shares
Shares sold		995,001			9,950,011
Shares redeemed		(1	)		(10	)
		995,000			9,950,001
Service Shares
Shares sold		1,001			10,011
Shares redeemed		(1	)		(11	)
		1,000			10,000
Class IR Shares
Shares sold		1,001			10,011
Shares redeemed		(1	)		(11	)
		1,000			10,000
Class R Shares
Shares sold		1,001			10,011
Shares redeemed		(1	)		(11	)
		1,000			10,000
Class R6 Shares
Shares sold		1,001			10,011
Shares redeemed		(1	)		(11	)
		1,000			10,000
NET INCREASE		1,000,000		$	10,000,001

(a)

Commenced operations on August 22, 2016.

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust II and

Shareholders of the Goldman Sachs Target Date Portfolios:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Goldman Sachs Target Date 2020 Portfolio, Goldman Sachs Target Date 2025 Portfolio, Goldman Sachs Target Date 2030 Portfolio, Goldman Sachs Target Date 2035 Portfolio, Goldman Sachs Target Date 2040 Portfolio, Goldman Sachs Target Date 2045 Portfolio, Goldman Sachs Target Date 2050 Portfolio, and Goldman Sachs Target Date 2055 Portfolio (collectively the “Portfolios”), portfolios of the Goldman Sachs Trust II, at October 31, 2016, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Portfolios’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2016 by correspondence with the custodian, brokers, transfer agent of the underlying funds and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.

The statements of changes in net assets and the financial highlights for the year or periods ending October 31, 2015 or prior for the Goldman Sachs Target Date 2020 Portfolio, Goldman Sachs Target Date 2030 Portfolio, Goldman Sachs Target Date 2040 Portfolio, and Goldman Sachs Target Date 2050 Portfolio were audited by another independent registered public accounting firm, whose report dated December 18, 2015 expressed an unqualified opinion on those financial statements and financial highlights.

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 23, 2016

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Fund Expenses — Period Ended October 31, 2016 (Unaudited)

As a shareholder of Class A, Institutional, Service, Class IR, Class R, and Class R6 Shares of the Portfolios, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Service and Class R Shares); and other Portfolio expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Institutional, Service, Class IR, Class R or Class R6 Shares of the Portfolios and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2016 through October 31, 2016 (for Class R6, which represents a period of 184 Days) and from August 22, 2016 through October 31, 2016 (for Class A, Institutional, Service, Class R and Class IR, which represents a period of 71 Days), in a 366 day year for the Target Date 2020, Target Date 2030, Target Date 2040 and Target Date 2050 Portfolios. The Class A, Institutional, Service, Class R, Class IR and Class R6 Example is based on the period from August 22, 2016 through October 31, 2016 which represents a period of 71 days in a 366 day year for the Target Date 2025, Target Date 2035, Target Date 2045 and Target Date 2055 Portfolios.

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


	Target Date 2020 Portfolio							Target Date 2025 Portfolio^(a)							Target Date 2030 Portfolio							Target Date 2035 Portfolio^(a)
Share Class	Beginning Account Value 5/1/16		Ending Account Value 10/31/16			Expenses Paid for the 6 months ended 10/31/16*		Beginning Account Value 8/22/16		Ending Account Value 10/31/16			Expenses Paid for the 6 months ended 10/31/16*		Beginning Account Value 5/1/16		Ending Account Value 10/31/16			Expenses Paid for the 6 months ended 10/31/16*		Beginning Account Value 8/22/16		Ending Account Value 10/31/16			Expenses Paid for the 6 months ended 10/31/16*
Class A^(a)
Actual	$	1,000.00	$	985.10		$	1.42	$	1,000.00	$	983.00		$	1.42	$	1,000.00	$	980.90		$	1.42	$	1,000.00	$	981.00		$	1.42
Hypothetical 5% return		1,000.00		1,008.26	+		1.44		1,000.00		1,008.13	+		1.44		1,000.00		1,008.26	+		1.44		1,000.00		1,008.13	+		1.44
Institutional^(a)
Actual		1,000.00		986.10			0.65		1,000.00		983.00			0.64		1,000.00		981.90			0.65		1,000.00		981.00			0.64
Hypothetical 5% return		1,000.00		1,009.04	+		0.66		1,000.00		1,008.91	+		0.65		1,000.00		1,009.04	+		0.66		1,000.00		1,008.91	+		0.65
Service^(a)
Actual		1,000.00		985.10			1.62		1,000.00		982.00			1.59		1,000.00		980.90			1.59		1,000.00		980.00			1.59
Hypothetical 5% return		1,000.00		1,008.07	+		1.64		1,000.00		1,007.96	+		1.61		1,000.00		1,008.09	+		1.62		1,000.00		1,007.96	+		1.61
Class IR^(a)
Actual		1,000.00		986.10			0.92		1,000.00		983.00			0.93		1,000.00		981.90			0.92		1,000.00		981.00			0.93
Hypothetical 5% return		1,000.00		1,008.77	+		0.94		1,000.00		1,008.63	+		0.94		1,000.00		1,008.77	+		0.94		1,000.00		1,008.63	+		0.94
Class R^(a)
Actual		1,000.00		985.10			1.89		1,000.00		982.00			1.88		1,000.00		980.90			1.88		1,000.00		980.00			1.87
Hypothetical 5% return		1,000.00		1,007.80	+		1.91		1,000.00		1,007.67	+		1.90		1,000.00		1,007.80	+		1.91		1,000.00		1,007.67	+		1.90
Class R6
Actual		1,000.00		1,021.60			1.58		1,000.00		983.00			0.63		1,000.00		1,024.20			1.58		1,000.00		981.00			0.61
Hypothetical 5% return		1,000.00		1,023.58	+		1.58		1,000.00		1,008.93	+		0.63		1,000.00		1,023.58	+		1.58		1,000.00		1,008.95	+		0.61

Fund Expenses — Period Ended October 31, 2016 (Unaudited) (continued)


	Target Date 2040 Portfolio							Target Date 2045 Portfolio^(a)							Target Date 2050 Portfolio							Target Date 2055 Portfolio^(a)
Share Class	Beginning Account Value 5/1/16		Ending Account Value 10/31/16			Expenses Paid for the 6 months ended 10/31/16*		Beginning Account Value 8/22/16		Ending Account Value 10/31/16			Expenses Paid for the 6 months ended 10/31/16*		Beginning Account Value 5/1/16		Ending Account Value 10/31/16			Expenses Paid for the 6 months ended 10/31/16*		Beginning Account Value 8/22/16		Ending Account Value 10/31/16			Expenses Paid for the 6 months ended 10/31/16*
Class A^(a)
Actual	$	1,000.00	$	980.60		$	1.42	$	1,000.00	$	980.00		$	1.42	$	1,000.00	$	980.00		$	1.42	$	1,000.00	$	979.00		$	1.42
Hypothetical 5% return		1,000.00		1,008.26	+		1.44		1,000.00		1,008.13	+		1.44		1,000.00		1,008.26	+		1.44		1,000.00		1,008.13	+		1.44
Institutional^(a)
Actual		1,000.00		980.60			0.65		1,000.00		981.00			0.64		1,000.00		980.00			0.65		1,000.00		980.00			0.64
Hypothetical 5% return		1,000.00		1,009.04	+		0.66		1,000.00		1,008.91	+		0.65		1,000.00		1,009.04	+		0.66		1,000.00		1,008.91	+		0.65
Service^(a)
Actual		1,000.00		980.60			1.59		1,000.00		980.00			1.59		1,000.00		979.00			1.59		1,000.00		979.00			1.59
Hypothetical 5% return		1,000.00		1,008.09	+		1.62		1,000.00		1,007.96	+		1.61		1,000.00		1,008.09	+		1.62		1,000.00		1,007.96	+		1.61
Class IR^(a)
Actual		1,000.00		980.60			0.92		1,000.00		980.00			0.93		1,000.00		980.00			0.92		1,000.00		980.00			0.93
Hypothetical 5% return		1,000.00		1,008.77	+		0.94		1,000.00		1,008.63	+		0.94		1,000.00		1,008.77	+		0.94		1,000.00		1,008.63	+		0.94
Class R^(a)
Actual		1,000.00		979.50			1.88		1,000.00		979.00			1.87		1,000.00		979.00			1.88		1,000.00		979.00			1.87
Hypothetical 5% return		1,000.00		1,007.80	+		1.91		1,000.00		1,007.67	+		1.90		1,000.00		1,007.80	+		1.91		1,000.00		1,007.67	+		1.90
Class R6
Actual		1,000.00		1,027.90			1.58		1,000.00		980.00			0.61		1,000.00		1,030.50			1.58		1,000.00		980.00			0.61
Hypothetical 5% return		1,000.00		1,023.58	+		1.58		1,000.00		1,008.95	+		0.61		1,000.00		1,023.58	+		1.58		1,000.00		1,008.95	+		0.61

Expenses for each share class are calculated using each Portfolio’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended October 31, 2016. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:


Portfolio	Class A^(a)		Institutional^(a)		Service^(a)		Class IR^(a)		Class R^(a)		Class R6
Target Date 2020		0.74		0.34		0.84		0.48		0.98		0.31
Target Date 2025		0.75		0.34		0.84		0.49		0.99		0.33	^(a)
Target Date 2030		0.74		0.34		0.83		0.48		0.98		0.31
Target Date 2035		0.75		0.34		0.84		0.49		0.99		0.32	^(a)
Target Date 2040		0.74		0.34		0.83		0.48		0.98		0.31
Target Date 2045		0.75		0.34		0.84		0.49		0.99		0.32	^(a)
Target Date 2050		0.74		0.34		0.83		0.48		0.98		0.31
Target Date 2055		0.75		0.34		0.84		0.49		0.99		0.32	^(a)

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

(a)

Commenced operations on August 22, 2016.

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory Agreement (Unaudited)

Background

The Goldman Sachs Target Date 2020 Portfolio, Goldman Sachs Target Date 2025 Portfolio, Goldman Sachs Target Date 2030 Portfolio, Goldman Sachs Target Date 2035 Portfolio, Goldman Sachs Target Date 2040 Portfolio, Goldman Sachs Target Date 2045 Portfolio, Goldman Sachs Target Date 2050 Portfolio, and Goldman Sachs Target Date 2055 Portfolio (the “Portfolios”) are newly-organized investment portfolios of Goldman Sachs Trust II (the “Trust”) that commenced investment operations on June 23, 2016. At a meeting held on May 4, 2016 (the “Meeting”) in connection with the Portfolios’ launch, the Trustees, including all of the Trustees present who are not parties to the Portfolios’ investment management agreement or any sub-advisory agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), approved (i) the investment management agreement (the “Management Agreement”) between the Trust on behalf of the Portfolios and Goldman Sachs Asset Management, L.P. (the “Investment Adviser”); and (ii) the sub-advisory agreement (the “Sub-Advisory Agreement” and, collectively with the Management Agreement, the “Agreements”) between the Investment Adviser and Madison Asset Management, LLC (the “Sub-Adviser”), each for a term of two years.

In connection with their consideration of the Agreements, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities under applicable law. In evaluating the Agreements, the Trustees relied upon information included in presentations made by the Investment Adviser (and, with respect to the Sub-Advisory Agreement, materials furnished and presentations made by the Sub-Adviser) and other information received at the Meeting and at prior Board meetings.

Management Agreement

At the Meeting, the Trustees reviewed the Management Agreement, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser’s anticipated services; the fees and expenses to be paid by each Portfolio; a comparison of each Portfolio’s proposed management fees and anticipated expenses with those paid by other similar mutual funds; potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with the Portfolios; and potential benefits to be derived by the Portfolios from their relationship with the Investment Adviser and its affiliates.

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 to be provided to the Portfolios by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided by the Investment Adviser and its affiliates. The Trustees also considered information about the Portfolios’ structure, investment objectives, strategies and other characteristics. The Trustees noted the experience and capabilities of the Investment Adviser’s portfolio management team and other key personnel that would be providing services to the Portfolios.

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory Agreement (Unaudited) (continued)

The Trustees concluded that the Investment Adviser would be able to commit substantial financial and other resources to the Portfolios. They considered that although the Portfolios were new, certain of the Portfolios were the successors to mutual funds managed by the Sub-Adviser for which prior performance information was available. They also observed that the Investment Adviser had experience managing other sub-advised funds (including other series of the Trust), and has a team dedicated to sub-adviser oversight. The Trustees also reviewed the sub-adviser oversight process that the Investment Adviser had employed and was expected to employ going forward, which included areas such as investment analytics, risk management and compliance.

Costs of Services to be Provided and Profitability

The Trustees considered the contractual terms of the Management Agreement, the fee rates payable by each Portfolio thereunder, and the net amount expected to be retained by the Investment Adviser after payment of sub-advisory fees. In this regard, the Trustees considered information on the services to be rendered by the Investment Adviser to the Portfolios, which include both advisory and administrative services that were directed to the needs and operations of the Portfolios as registered mutual funds. The Trustees also reviewed each Portfolio’s projected total operating expense ratios (both gross and net of expense limitations). They compared each Portfolio’s projected fees and expenses to similar information for comparable mutual funds advised by other, unaffiliated investment management firms (including the predecessor target date funds managed by the Sub-Adviser), as well as the peer group and category medians. The comparisons of each Portfolio’s fee rates and total operating expense ratios were prepared by a third-party provider of mutual fund data. The Trustees believed that the comparisons were useful in evaluating the reasonableness of the management fees and total expenses expected to be paid by each Portfolio.

The Trustees recognized that there was not yet profitability data to evaluate for the Portfolios, but considered the Investment Adviser’s representations that such data would be provided after the Portfolios commenced operations.

Economies of Scale

The Trustees considered the breakpoints in the fee rate payable under the Management Agreement at the following annual percentage rates of the average daily net assets of each Portfolio:


Average Daily Net Assets	Management Fee Annual Rate
First $2 billion		0.25	%
Next $3 billion		0.23
Over $5 billion		0.21

The Trustees noted that the breakpoints were meant to share potential economies of scale, if any, with each Portfolio and its shareholders as assets under management reach those asset levels. The Trustees considered each Portfolio’s projected asset levels and information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group, as well as the Investment Adviser’s undertaking to limit certain expenses of each Portfolio that exceed a specified level. The Independent Trustees also considered the relationship between the advisory and sub-advisory fee rate schedules, including the terms of the minimum sub-advisory fee arrangement (described below). Upon reviewing these matters, 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.

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory Agreement (Unaudited) (continued)

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their relationships with the Portfolios, including: (a) transfer agency fees received by Goldman, Sachs & Co. (“Goldman Sachs”); (b) the Investment Adviser’s ability to leverage the infrastructure designed to service the Portfolios on behalf of the Investment Adviser’s other clients; (c) the Investment Adviser’s ability to cross-market other products and services to Portfolio shareholders; (d) Goldman Sachs’ retention of certain fees as Distributor; (e) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Portfolios; and (f) the possibility that the working relationship between the Investment Adviser and the Portfolios’ third party service providers (including the Sub-Adviser) may cause those service providers to be more likely to do business with other areas of Goldman Sachs.

Other Benefits to the Portfolios and Their Shareholders

The Trustees also noted that the Portfolios are expected to receive certain potential benefits as a result of their relationship with the Investment Adviser, including: (a) enhanced servicing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (b) the Investment Adviser’s ability to hire and retain qualified personnel, along with certain sub-advisers, to provide services to the Portfolios because of the reputation of the Goldman Sachs organization; and (c) the Portfolios’ access to certain affiliated distribution channels.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to various factors, but did not identify any particular factor as controlling their decision. After deliberation and consideration of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the investment management fees that would be payable by each Portfolio were reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser’s anticipated costs and each Portfolio’s reasonably anticipated asset levels. The Trustees present concluded that the Management Agreement should be approved for a period of two years.

Sub-Advisory Agreement with Madison Asset Management, LLC

Nature, Extent, and Quality of the Services Provided Under the Sub-Advisory Agreement

The Trustees, including all of the Independent Trustees present, concluded that the Sub-Advisory Agreement between the Investment Adviser and Madison Asset Management, LLC (the “Sub-Adviser”) with respect to the Fund should be approved. In reaching this determination, they relied on the information provided by the Investment Adviser and the Sub-Adviser. In evaluating the nature of the Sub-Adviser’s services, the Trustees considered that the Sub-Adviser currently manages other “target date” mutual funds, which were expected to be reorganized into certain of the Portfolios having corresponding target dates. In evaluating the extent and quality of services to be provided by the Sub-Adviser, the Trustees considered information on the respective services to be provided to the Portfolios by the Investment Adviser and the Sub-Adviser, including information about the Sub-Adviser’s (a) personnel and compensation structure; (b) track record in managing a suite of target date mutual funds; (c) policies and procedures in place to address potential conflicts of interest; and (d) compliance program and code of ethics. In this regard, they considered assessments provided by the Investment Adviser of the Sub-Adviser, the Sub-Adviser’s investment strategies and personnel, and its compliance program.

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory Agreement (Unaudited) (continued)

Costs of Services to be Provided

The Trustees reviewed the terms of the Sub-Advisory Agreement and the proposed fee schedule, including breakpoints, as well as the Investment Adviser’s agreement to pay the Sub-Adviser a minimum sub-advisory fee with respect to the Sub-Adviser’s first three years of service. They noted that the compensation paid to the Sub-Adviser would be paid by the Investment Adviser, not by the Portfolios. They also noted that the terms of the Sub-Advisory Agreement were the result of arms’ length negotiations between the Investment Adviser and the Sub-Adviser. The Trustees considered the amount of the management fee expected to be retained by the Investment Adviser.

Conclusion

In connection with their consideration of the Sub-Advisory Agreement at the Meeting, the Trustees gave weight to various factors, but did not identify any particular factor as controlling their decision. After deliberation and consideration of the information provided, including the factors described above, the Trustees present concluded that the Sub-Advisory Agreement should be approved.

100

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Trustees and Officers (Unaudited)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴
Ashok N. Bakhru Age: 74	Chairman of the Board of Trustees	Since 2012	Mr. Bakhru is retired. He was formerly Director, Apollo Investment Corporation (a business development company) (2008-2013); President, ABN Associates (a management and financial consulting firm) (1994-1996 and 1998-2012); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-2008); Director, Private Equity Investors — III and IV (1998-2007), and Equity-Linked Investors II (April 2002-2007). Chairman of the Board of Trustees — Goldman Sachs Trust II; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	142	None
Cheryl K. Beebe Age: 60	Trustee	Since 2015	Ms. Beebe is retired. She is Director, Convergys Corporation (2015-Present); Director, Packaging Corporation of America (2008-Present); and was formerly Executive Vice President, (2010-2014); and Chief Financial Officer, Ingredion, Inc. (a global corn refining and manufacturing company) (2004-2014). Trustee — Goldman Sachs Trust II.	17	Convergys Corporation (a customer management company); Packaging Corporation of America (producer of container board)
John P. Coblentz, Jr. Age: 75	Trustee	Since 2012	Mr. Coblentz is retired. Formerly, he was Partner, Deloitte & Touche LLP (a professional services firm) (1975-2003); Director, Emerging Markets Group, Ltd. (a consulting company) (2004-2006); and Director, Elderhostel, Inc. (a not-for profit organization) (2006-2012). Previously, Mr. Coblentz served as Trustee of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (2003-2015). Trustee — Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	36	None
Lawrence Hughes Age: 58	Trustee	Since 2016	Mr. Hughes is retired. Formerly, he held senior management positions with BNY Mellon Wealth Management, a division of The Bank of New York Mellon Corporation (a financial services company) (1991-2015), most recently as Chief Executive Officer (2010-2015). He serves as Chairman of the Board of Directors, Ellis Memorial and Eldredge House (a not-for-profit organization) (2012-Present). Previously, Mr. Hughes served as an Advisory Board Member of Goldman Sachs Trust II (February 2016-April 2016). Trustee — Goldman Sachs Trust II.	17	None
John F. Killian Age: 61	Trustee	Since 2015	Mr. Killian is retired. He is Director, Consolidated Edison, Inc. (2007-Present); Director, Houghton Mifflin Harcourt Publishing Company (2011-Present); and formerly held senior management positions with Verizon Communications, Inc., including Executive Vice President and Chief Financial Officer (2009-2010); and President, Verizon Business, Verizon Communications, Inc. (2005-2009). Trustee — Goldman Sachs Trust II.	17	Consolidated Edison, Inc. (a utility holding company); Houghton Mifflin Harcourt Publishing Company

101

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Trustees and Officers (Unaudited) (continued)

Independent Trustees (continued)


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴
Richard P. Strubel Age: 77	Trustee	Since 2012	Mr. Strubel is retired. Formerly, he served as Chairman of the Board of Trustees, Northern Funds (a family of retail and institutional mutual funds managed by Northern Trust Investments, Inc.) (2008-2014) and Trustee (1982-2014); Director, Cardean Learning Group (provider of educational services via the internet) (2003-2008); and Director, Gildan Activewear Inc. (a clothing marketing and manufacturing company) (2000-2014). He serves as Trustee Emeritus, The University of Chicago (1987-Present). Previously, Mr. Strubel served as Trustee of Goldman Sachs Trust (1987-2015) and Goldman Sachs Variable Insurance Trust (1997-2015). Trustee — Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	36	None
Westley V. Thompson Age: 61	Trustee	Since 2016	Mr. Thompson is retired. Formerly, he was President, Sun Life Financial, Inc. (a financial services company) (2008-2014); and held senior management positions at various insurance companies including affiliates of Lincoln National Corporation (1998-2008), Cigna Corporation (1994-1997), and Aetna, Inc. (1979-1994). Previously, Mr. Thompson served as an Advisory Board Member of Goldman Sachs Trust II (February 2016-April 2016). Trustee — Goldman Sachs Trust II.	17	None

102

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Trustees and Officers (Unaudited) (continued)

Interested Trustee*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴
James A. McNamara Age: 54	President and Trustee	Since 2012	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs Trust II; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	140	None

Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of October 31, 2016.

⁴

Additional information about the Trustees is available in the Portfolios’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

103

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 54	President and Trustee	Since 2012	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust II; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 39	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). 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 Middle Market Lending LLC; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 45	Treasurer, Senior Vice President and Principal Financial Officer	Since 2012 (Principal Financial Officer since 2013)	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs Trust II; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.

Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Portfolios’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.

Information is provided as of October 31, 2016.

Goldman Sachs Trust II — Goldman Sachs Target Date Portfolios — Tax Information (Unaudited)

For the fiscal year ended October, 2016, 18.05%, 32.53%, 31.68% and 32.58% of the dividends paid from net investment company taxable income by the Target Date 2020, Target Date 2030, Target Date 2040 and Target Date 2050 Portfolios, respectively, qualify for the dividends received deduction available to corporations.

For the fiscal year ended October, 2016, the Target Date 2020, Target Date 2030, Target Date 2040 and Target Date 2050 Portfolios designate 26.47%, 48.46%, 48.67% and 53.80%, respectively, of the dividends paid from net investment company taxable income as qualifying for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

Pursuant to Section 852 of the Internal Revenue Code, the Target Date 2020, Target Date 2030, Target Date 2040 and Target Date 2050 Portfolios designate $1,456,117, $2,378,711, $1,929,632 and $507,872, respectively, or, if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended October, 2016.

During the fiscal year ended October, 2016, the Target Date 2020, Target Date 2030, Target Date 2040 and Target Date 2050 Portfolios designate $342,597, $298,412, $283,125, and $123,040, respectively, as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

104

FUNDS PROFILE

Goldman Sachs Funds

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

Money Market

Financial Square Funds^SM

Financial Square Treasury Solutions Fund¹

Financial Square Government Fund¹

Financial Square Money Market Fund²

Financial Square Prime Obligations Fund²

Financial Square Treasury Instruments Fund¹

Financial Square Treasury Obligations Fund¹

Financial Square Federal Instruments Fund¹

Financial Square Tax-Exempt Money Market Fund²

Investor Funds^SM

Investor Money Market Fund³

Investor Tax-Exempt Money Market Fund^3,4

Fixed Income

Short Duration and Government

Enhanced Income Fund

High Quality Floating Rate Fund

Short-Term Conservative Income Fund⁵

Short Duration Government Fund

Short Duration Income Fund

Government Income Fund

Inflation Protected Securities Fund

Multi-Sector

Bond Fund

Core Fixed Income Fund

Global Income Fund

Strategic Income Fund

Municipal and Tax-Free

High Yield Municipal Fund

Dynamic Municipal Income Fund

Short Duration Tax-Free 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

Dynamic Emerging Markets Debt Fund

Fixed Income Alternatives

Long Short Credit Strategies Fund

Fixed Income Macro Strategies Fund

Fundamental Equity

Growth and Income Fund

Small Cap Value Fund

Small/Mid Cap Value Fund

Mid Cap Value Fund

Large Cap Value Fund

Focused Value Fund

Capital Growth Fund

Strategic Growth Fund

Focused Growth Fund

Small/Mid Cap Growth Fund

Flexible Cap Growth Fund

Concentrated Growth Fund

Technology Opportunities Fund

Growth Opportunities Fund

Rising Dividend Growth Fund

Dynamic U.S. Equity 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 Fund⁶

International Equity Insights Fund

Emerging Markets Equity Insights Fund

Fundamental Equity International

Strategic International Equity Fund

Focused International Equity Fund

Asia Equity Fund

Emerging Markets Equity Fund

N-11 Equity Fund

Select Satellite

Real Estate Securities Fund

International Real Estate Securities Fund

Commodity Strategy Fund

Global Real Estate Securities Fund

Dynamic Commodity Strategy Fund

Dynamic Allocation Fund

Absolute Return Tracker Fund

Long Short Fund

Managed Futures Strategy Fund

MLP Energy Infrastructure Fund

Multi-Manager Alternatives Fund

Multi-Asset Real Return Fund

Absolute Return Multi-Asset Fund

Global Infrastructure Fund

Total Portfolio Solutions

Global Managed Beta Fund

Multi-Manager Non-Core Fixed Income Fund

Multi-Manager U.S. Dynamic Equity Fund

Multi-Manager Global Equity Fund

Multi-Manager International Equity Fund

Tactical Tilt Overlay Fund⁷

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

Equity Growth Strategy Portfolio

Satellite Strategies Portfolio

Enhanced Dividend Global Equity Portfolio

Tax-Advantaged Global Equity Portfolio

Strategic Factor Allocation Fund

Target Date 2020 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

GQG Partners International Opportunities Fund

⁴

Effective on March 31, 2016, the Goldman Sachs Financial Square Tax-Free Money Market Fund was renamed the Goldman Sachs Investor Tax-Exempt Money Market Fund.

⁵

Effective on July 29, 2016, the Goldman Sachs Limited Maturity Obligations Fund was renamed the Goldman Sachs Short-Term Conservative Income Fund.

⁶

Effective at the close of business on February 5, 2016, the Goldman Sachs International Small Cap Fund was reorganized with and into the Goldman Sachs International Small Cap Insights Fund.

⁷

Effective on June 1, 2016, the Goldman Sachs Tactical Tilt Implementation Fund was renamed the Goldman Sachs Tactical Tilt Overlay Fund.

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

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


TRUSTEES Ashok N. Bakhru, Chairman Cheryl K. Beebe John P. Coblentz, Jr. Lawrence Hughes John F. Killian James A. McNamara Richard P. Strubel Westley V. Thompson		OFFICERS James A. McNamara, President Scott M. McHugh, Treasurer, Senior Vice President, and Principal Financial Officer Caroline L. Kraus, Secretary

GOLDMAN, SACHS & CO. Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our Web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P. 200 West Street, New York, New York 10282

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

The reports concerning the Portfolios included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Portfolios in the future. These statements are based on Portfolio management’s predictions and expectations concerning certain future events and their expected impact on the Portfolios, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Portfolios. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice.

A description of the policies and procedures that the Portfolios use to determine how to vote proxies relating to portfolio securities and information regarding how a Portfolio voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Forms N-Q. The Portfolios’ Forms N-Q will become available on the SEC’s website at http://www.sec.gov within 60 days after the Portfolios’ first and third fiscal quarters. When available, the Portfolios’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. When available, Forms N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Economic and market forecasts presented herein reflect 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.

Portfolio holdings and allocations shown are as of October 31, 2016 and may not be representative of future investments. Portfolio holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

ITEM 2.

CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(b) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(c) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(d) A copy of the Code of Ethics is available as provided in Item 12(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. John F. Killian is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by the Fund of the Goldman Sachs Trust II to which this certified shareholder report relates.


	2016			2015			Description of Services Rendered


Audit Fees:

• PricewaterhouseCoopers LLP (“PwC”)		$	266,060		$	58,926	Financial Statement audits.

Audit-Related Fees:

• PwC		$	11,328		$	0

Tax Fees:

• PwC		$	65,432		$	9,204

Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs Trust II’s service affiliates * that were pre-approved by the Audit Committee of the Goldman Sachs Trust II pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.


	2016			2015			Description of Services Rendered


Audit-Related Fees:

• PwC		$	1,428,616		$	1,658,616	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 Fund’s Adviser.

*	These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as “service affiliates”).

Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures

Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Trust II. The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee of Goldman Sachs Trust II (“GST II”) sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GST II may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission’s rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

De Minimis Waiver. The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GST II at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.

Pre-Approval of Non-Audit Services Provided to GST’s Investment Advisers. The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GST II, the Audit Committee will pre-approve those non-audit services provided to GST II’s investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GST II) where the engagement relates directly to the operations or financial reporting of GST II.

Item 4(e)(2) – 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GST II’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 II’s service affiliates listed in Table 2 were approved by GST II’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 II by PwC for the twelve months ended October 31, 2016 and October 31, 2015 were $76,760 and $9,204 respectively. The aggregate non-audit fees billed to GST II’s adviser and service affiliates by PwC for the twelve months ended October 31, 2016 and October 31, 2015 were approximately $14.4 million and $10.2 million respectively. With regard to the aggregate non-audit fees billed to GST II’s adviser and service affiliates, the 2016 and 2015 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 II’s operations or financial reporting.

Item 4(h) — GST II’s Audit Committee has considered whether the provision of non-audit services to GST II’s investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors’ independence.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s most recent fiscal quarter of 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.

EXHIBITS.


(a)(1)	Goldman Sachs Trust II’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 12(a)(1) of the registrant’s Form N-CSR filed on July 8, 2015 for its Multi-Manager Non-Core Fixed Income Fund.

(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.

(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


				Goldman Sachs Trust II

By:				/s/ James A. McNamara
				James A. McNamara
				President/Chief Executive Officer
				Goldman Sachs Trust II

Date:				January 5, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:				/s/ James A. McNamara
				James A. McNamara
				President/Chief Executive Officer
				Goldman Sachs Trust II

Date:				January 5, 2017

By:				/s/ Scott McHugh
				Scott McHugh
				Principal Financial Officer
				Goldman Sachs Trust II

Date:				January 5, 2017